NewzIntel.com

Category: Economics

  • MIL-OSI Economics: Tiff Macklem: Economic growth during uncertain times

    Source: Bank for International Settlements

    Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum.

    Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks.

    Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers.

    Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it.

    There is political uncertainty. And fiscal uncertainty.

    As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth.

    But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence.

    Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage.

    With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic.

    Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries.

    In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks of rapid advances in artificial intelligence. These are two key areas where we can reduce uncertainty through good policy and far-sighted business leadership.

    At the same time, we need to recognize that new uncertainties are a new reality, and we must be ready for the inevitable shocks in a more turbulent world. That puts a priority on risk management and investments in resilience.

    A key function of financial institutions is to help households and businesses manage the risks they face. Financial institutions also have a responsibility to manage their own risks prudently so that they do not themselves become a source of uncertainty and instability.

    As Canada’s central bank, we have a role to play in mitigating and managing risks and uncertainty. Our primary mandate is price stability-in other words, low, stable and predictable inflation. We also have mandates to foster a stable financial system and ensure safe and efficient payments.

    Let me say a few words on financial stability and payments. And then I’ll finish with some thoughts on monetary policy.

    Our financial stability focus is on risks that could lead to system-wide stress. And we publish these findings in our annual Financial Stability Report (FSR).1

    In our most recent FSR, published in May, we reported that Canadian mortgage holders had experienced a modest increase in levels of financial stress. Since then, we’ve observed that arrears on mortgages have continued to rise, although they remain below pre-pandemic levels. It also appears that these households have not leaned on revolving credit products such as lines of credit and credit cards to a greater degree than before the pandemic.

    But there is a notable increase in financial stress among borrowers without a mortgage, mainly renters. During the pandemic, for most credit products, the share of these borrowers missing payments reached historical lows. However, we’re now seeing a larger share of these borrowers lagging behind on credit card and auto loan payments. Over the past year the share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit has continued to climb. And this share is now above typical historical levels. This is concerning.

    Our responsibilities related to payments require us to adapt to increasing digitalization. Innovation in payments continues to accelerate.

    In 2021, the Bank assumed a new mandate for the supervision of retail payment service providers. Starting November 1st of this year, more than 3,000 service providers will need to register with the Bank and follow new rules aimed at safeguarding consumers and protecting the integrity of retail payments.  

    We are also looking at the bigger picture of payment innovation, both in Canada and around the world. As part of this work, in the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.

    But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.

    Now, let me circle back to monetary policy.

    In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.

    Our most recent decision on September 4th reflected two main considerations.

    First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.

    Since then, we’ve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%–3% inflation-control band. We need to stick the landing.

    What does this mean for interest rates? With the continued progress we’ve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.

    As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.

    Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.

    We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.

    Our next decision is October 23rd. And we will have a revised economic outlook at that time.

    With those introductory thoughts, let’s get the discussion started.

    I would like to thank Russell Barnett, Claudia Godbout and Brian Peterson for their help in preparing these remarks.

    MIL OSI Economics –

  • MIL-OSI Economics: Alessandra Perrazzelli: Steering the transition to a quantum-safe world. An internationally coordinated approach

    Source: Bank for International Settlements

    Introduction

    Good morning and a very warm welcome to this important workshop on how to build a quantum-safe financial system.* I would like to start by thanking Prof. Cirac Sasturain and all the participants in the panel sessions for their insightful and thought-provoking contributions. Let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in Rome. Your presence and contributions are vital for the success of this workshop. I am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system’s transition towards a quantum-safe world.

    Quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. Thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current ‘digital economy’ to a new era of ‘quantum economy’. Such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration.

    As central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. It is part of our duty to promote and actively participate in the discussion on how to ensure the financial system’s transition to the quantum era in the safest possible way, considering the limitations of current technology.

    Quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. In fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum-safe world.

    With today’s workshop, we intend to launch a discussion on a possible path for steering the financial system’s migration to quantum resilience, within the framework of an internationally coordinated approach involving all the stakeholders: authorities, financial industry, technology providers and academia.

    1. The quantum financial system of the future: timeline, opportunities and risks

    The quantum revolution is already happening, although the exact timeline for its full deployment can hardly be predicted. Innovation in this field is characterized by pivotal and often unexpected transformative breakthroughs leading to sudden acceleration, and sustained by consistent and sizeable public and private investments. The explosion of artificial intelligence technologies, whose interplay with quantum computing holds the potential for both steering and accelerating the development of far-reaching solutions, is making this path even more unpredictable. Against this backdrop of high uncertainty, we expect that the quantum machine capacity necessary to give rise to a significant cybersecurity threat will be achieved in a foreseeable future.1

    The financial sector plays a dual role that enables it to look at the quantum phenomenon from two distinct perspectives: firstly, as a user, keen on embracing the capacity of quantum computing for innovation, and secondly, as a highly vulnerable target for quantum-powered cyberattacks.

    Although the use of quantum computing in the financial sector is still at an immature stage, experimental results already highlight its ability to improve key financial processes, such as risk and portfolio management, payment services and computationally intensive simulation-based tasks (e.g. analyses related to fraud detection and prevention, and anti-money laundering).

    Exploiting the benefits of quantum computing also presents unique challenges for financial institutions. Like other enabling technologies, quantum computing raises issues related to equitable access and market competitiveness; the full integration of this technology into legacy systems poses significant hurdles. Furthermore, the very nature of quantum computing entails a substantial paradigm shift in how financial services operate. Regulators must carefully navigate the new environment to support the smooth adoption and avoid misuse of these technologies from the private and public sectors.

    Quantum technologies also bring new risks for the financial sector. In particular, such technologies could be exploited to break the encryption algorithms currently underpinning the security of critical communication systems and digital assets.

    Critical financial infrastructures are among the main targets of cyberattacks based on quantum computing. They include the financial infrastructures of the future – which will support, for instance, central bank digital currencies and crypto-assets – as the two techniques of key encapsulation and digital signature currently used are both based on asymmetric encryption, which is vulnerable to the quantum threat. It will be of outmost importance to factor in the risks stemming from quantum computing when designing the central bank digital currencies.

    This risk is already on the table with the practice of ‘harvest now, decrypt later’ used by malicious actors. Information embedded in contracts currently in force needs to be kept secret for years to come. Even just the possibility that some of it will be exposed – as soon as the technology becomes available – is already a potential blow to trust.

    2. The state of the art: one problem, many potential technical approaches

    As we will see through the lunch session, some solutions to mitigate cyber issues are already available. The heart of cybersecurity lies in cryptography, which – from encrypting data to securing online transactions – is the guardian of our digital world.

    As the financial industry and governments prepare to protect against quantum threats, it is necessary that they become ‘crypto-agile’, adopting a multifaceted security strategy that incorporates a range of easily upgradable quantum-resistant solution. The showcase exercise that will be performed in this session will demonstrate that there are two different but complementary approaches that can be used in order to deal with quantum-safe cryptography.

    On the one hand, we can take advantage of quantum properties to establish secure communication channels between parties, where any attempt to eavesdrop or intercept the exchange of encryption keys is detected. On the other hand, considering that the cryptography involves the use of mathematical algorithms to transform readable data into encrypted data and vice versa, it is possible to replace the current algorithms (unbreakable now, but solvable with quantum computing) with others that are more difficult to solve, even for a quantum computer.

    Each one of these technologies – or a combination of them – will allow full end-to-end security in our digital communications. At the same time, however, these technologies are all extremely demanding in terms of time and resources. At the current state of the technology, embracing the quantum physics approach is estimated to impose costs of a higher order of magnitude, though it appears to provide a definitive solution to the quantum threat. The showcase exercise will demonstrate how some solutions already available to the market work, leveraging the points I have just mentioned.

    Clearly, this is not a technological dilemma that can be solved with a black-or-white answer, and what is optimal now may not be optimal in the medium or long term. Migrating the whole financial system toward a quantum-safe setup is a dynamic process requiring a multifaceted approach. Whatever strategy is chosen, though, we need to have interoperable solutions working at all times for the financial industry within a single jurisdiction and between different jurisdictions.

    3. Why authorities should act now

    Numerous public and private initiatives have been launched to develop what are known as ‘quantum-safe’ solutions. However, some key elements of uncertainty are hampering the market’s ability to effectively embrace the migration to quantum-resilient solutions.

    First, while the implementation timeline for the quantum threat is by no means certain, short-term risk mitigation costs are significant. Second, there is a lack of agreement on a sound migration approach and on suitable interoperable technical standards. Third, the regulatory and capability landscape is fragmented across jurisdictions. These are all obstacles to a timely and orderly transition.

    Despite growing awareness of the quantum threat, a comprehensive and widely shared action plan in this area remains elusive. The lack of harmonized regulations and of clear international guidelines and standards concerning the transition to a quantum-safe world may induce protracted inertia in the financial system’s migration efforts.

    The global nature of the financial system, the interconnectedness of intermediaries within the financial industry, and between them and the technology providers, call for public authorities to take a whole-of-government approach towards addressing the common threat posed by quantum technology. This includes fostering a dialogue between all relevant public and private stakeholders, aimed at establishing priority areas of intervention and ensuring a common path towards a quantum-safe economy through proactive cooperation and international coordination.

    A systematic approach involving all international stakeholders is particularly important for financial infrastructures, given their high interconnectedness. We need to protect all links of the chain, especially the weakest.

    4. A common path to a quantum-resilient financial system

    All these elements make the discussion on the migration strategy something that cannot be put off any longer. The importance of preparing the financial system for the transition to quantum computing is at the heart of this workshop. This is the right time to address the challenges of the transition to quantum computing, to agree on the respective roles of public authorities and of the private sector, and to take concrete action.

    To protect the financial system from the threats posed by quantum computing, the Bank of Italy is proposing – in the context of the ongoing work on risks from emerging technologies affecting the financial system that is being carried out in the G7 Finance Track – that G7 member countries jointly develop a ‘common roadmap for quantum resilience’, providing a unified policy framework for the actions needed to steer the transition to a quantum-safe financial system through an international cooperation approach.

    The roadmap should include all initiatives that are essential for a quantum-resilient financial system and could be implemented under the responsibility of different multinational organizations. The monitoring, coordination and governance of the overall roadmap should be undertaken at the highest political level. For example, a shared response at the level of G7 countries would provide a benchmark that could outline the way forward for other jurisdictions so as to cover, eventually, the global financial system.

    Whichever migration path we decide to adopt, it has to fulfil certain requirements. First, it needs to build on existing regulation in order to capitalize on best practices and, possibly, avoid over-regulation.

    Second, it will entail the standardization of the approaches taken to risk mitigation across jurisdictions, so as to enable synergies and speed up the transition, as the suppliers of technical solutions will work based on shared guidelines.

    Third, financial industry players as well as hardware and software providers must participate in the design of the strategy. Their involvement is necessary in order to devise a way forward that hinges on the best and most up-to-date technologies in a field where innovation is characterized by sudden accelerations.

    Fourth, preservation of interoperability and quality of services must remain the guiding principle of this transition process together with its gradual and safe implementation and with the principle of proportionality, to strike a balance between short-term fixes and long-term solutions. Continuous monitoring of the progress achieved and of the resources absorbed in this endeavour will be important: on this basis, the roadmap commitments can be reassessed along the way, including with respect to the timeline, by accelerating or delaying some milestones as needed.

    Finally, international coordination is a key aspect. The G7 Cyber Expert Group could be the right forum for operatively managing the quantum resilience migration roadmap, as well as for drafting policy guidelines. Other multinational institutions already involved in the adoption of quantum technologies in the financial system, such as the BIS and the standard setting bodies, could contribute proactively in defining guidelines and standards as cornerstones of the migration.

    Due to their critical role, financial markets and payment infrastructures, including those that will be supporting the central bank digital currencies, deserve particular attention. The CPMI-IOSCO could be the right organization to lead the work for the quantum resilience of these crucial nodes of the financial system.

    * * *

    Let me conclude by thanking you all for gathering today to discuss this extremely important topic. Hopefully, the discussion that we initiated today will continue in a fruitful way in the immediate future to deliver as quickly as possible a migration roadmap which can be embraced by all G7 members and possibly also shared with G20 and other countries for wider adoption.

    * I would like to thank Silvia Vori, Valerio Paolo Vacca, Giuseppe Bruno, Lorenzo Bencivelli, Mauro De Santis, Cristina Andriani, Sabina Marchetti, Antonio Castellucci and Giovanna Piantanida for their contributions to this speech.

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Energy performance data – a must-have for managing climate-related credit risk

    Source: Bank for International Settlements

    Good morning and a very warm welcome to all of you. It is a pleasure to see so many of you – bank representatives, journalists and supervisors – here in Frankfurt to discuss good practices for collecting and assessing climate-related data for the real estate sector.

    We have come a long way since 2019 when we first started to talk about climate-related and environmental risk management with you – the banks we supervise. Thanks to the tireless work of many dedicated climate risk experts in banks across Europe, jointly we have built up considerable expertise and made encouraging progress.

    Real estate lending represents a significant share of supervised banks’ banking books. The real estate sector is also a concrete example of how physical and transition risks affect traditional prudential risk categories, in this case credit risk. And just as we do for any other material risk, we expect banks to identify, measure and – most importantly – manage these risks.

    Good data are crucial for sound risk management

    In short, to manage your risks you need to know them. And to know your risks you need to have good data. The same holds true when integrating climate-related risk drivers into credit risk management.

    To manage credit risk in the real estate sector, we need data on buildings’ energy efficiency. This is crucial for collateral valuations or determining borrowers’ ability to pay back their loan, for example.

    With this in mind, back in 2021 ECB Banking Supervision started looking at energy performance data for the commercial and residential real estate sectors by conducting targeted reviews for a sample of banks that were most exposed to these sectors. Supervisors collected data from these banks and engaged with them on their practices. As expectations were not yet set on this specific topic, we let banks explain how they obtained energy performance data. We looked at new lending as well as existing loan stocks.

    Overall, our targeted review showed that more progress had been made for new lending, for which most data were based on real data from energy performance certificates. As a concrete outcome of our targeted review, we asked all banks in the sample to collect real energy performance data at loan origination. Our supervisory recommendation was well received by banks that were not yet doing it, showing banks’ willingness to integrate energy performance data into their credit risk management policies. This is good news.

    However, as supervisors, we are also concerned about the existing stock of loans. Most of the data on this are based on proxies, which makes it difficult for both banks and supervisors to design and implement proper risk management measures. Obtaining real data is admittedly challenging, yet many of the banks represented here today have made notable strides. You have found a way to collect energy performance data and use them effectively. And we invite all banks that have not yet advanced on collecting such data to learn from the good practices of those banks that have made critical leaps forward.

    Legislative changes will improve the availability of energy performance data

    Integrating climate-related data is also vitally important in view of impending legislative changes. The revised Energy Performance of Buildings Directive1, which includes common requirements for setting up national databases on the energy performance of buildings, is an important development that should help narrow the data gap. In the spirit of the Directive, further work is needed to ensure adequate data management and increase the reliability and consistency of climate-related real estate data across the European Union. Establishing a comprehensive European database of all buildings in the EU will take time. So banks cannot just sit back and wait. As supervisors we expect banks to manage all material risks. And this requirement is not conditional on the attainability of harmonised data.

    We therefore strongly encourage all efforts to improve data availability and welcome the successful strategies that some banks have implemented to address data gaps.

    Today’s agenda will focus on the collection of energy performance data for the commercial and residential real estate sectors. But this will not be the only topic. Properties in areas prone to hazard events such as floods, rising sea levels or wildfires are increasingly vulnerable and could see a decrease in their collateral value. Last week’s devastating floods in Austria, Czechia, Hungary, Italy, Poland, Romania and Slovakia were a stark reminder of that. Therefore, later in today’s programme we will discuss the challenges and potential solutions for monitoring physical risk. In the coming weeks, the ECB will publish an analytical paper focusing on whether residential mortgage rates in high climate risk areas are influenced by this risk. The paper finds evidence that climate-related risk is already priced into mortgages. In other words, we see that an average bank took climate-related risks into account as loans secured by real estate in high climate risk areas were more expensive than loans with the same characteristics but in safer regions. However, the effect we find is economically small, so it seems that the climate-related risk is still underpriced by the average bank.

    Let me conclude.

    Good, reliable data are a cornerstone of sound risk management. This also holds true for managing the risks stemming from climate change. Thanks to the ongoing dialogue between supervisors and banks, some major stumbling blocks have already been overcome. The good practices observed for collecting real data on energy performance show that, while the task is challenging, it is far from impossible. Sharing your practices with peers will help more banks to improve the availability of energy performance data. So we are all looking forward to hearing about your experiences and learning from what worked well.

    The ongoing climate and nature crises will inevitably render our economy more susceptible to shocks. From a risk-based perspective, let me reassure you that ECB Banking Supervision will continue to play our part in spurring on banks to prepare for these risks. To succeed in our common goal of making banks resilient to climate and nature-related risks, it is vital that we keep up this dialogue with you – the industry – and encourage the exchange of good practices in the years to come.

    I would like to thank you for coming to Frankfurt today to share your experiences.

    MIL OSI Economics –

  • MIL-OSI Economics: Nexomus GmbH: BaFin warns against website nexomus.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Economics: Luigi Federico Signorini: Building a quantum-safe financial system – what role for authorities and for the private sector?

    Source: Bank for International Settlements

    Ladies and Gentlemen,

    It is my pleasure to open this seminar on the implications of quantum technology for the financial sector.

    Experts agree that we are on the eve of a very significant technological change: one that will redefine our approach to data and to the tools we use to process them, and may well revolutionise important, even critical, aspects of the way financial institutions operate.

    Like all significant technological advances, the quantum revolution comes with both promises and threats. Massively enhanced computational power, algorithms that are far more efficient than existing ones, and a much stronger base for artificial intelligence, are expected to offer opportunities for better and cheaper services, but they will also introduce new challenges, not least for financial stability.

    Central banks and financial institutions have often been early adopters of technological innovations. To preserve trust, institutions should continue to be bold and imaginative, but at the same time fully aware of the risks. Prudent supervisory guidance is needed to preserve the stability, security and integrity of the financial system. Our seminar will be an opportunity to go beyond generalities and explore the most likely concrete challenges and trade-offs we need to face in the quantum era.

    The Bank of Italy has a tradition of actively and rapidly adapting its policies to changes in the data management landscape. Drawing on our experience, we have long contributed to the action of the European System of Central Banks. We continue to work in partnership with academia and in cooperation with national and international institutions.

    The most immediate threat most of us currently perceive concerns the protection of the integrity and confidentiality of data. We feel that such a threat calls for a coordinated response, within the G7 and beyond. We shall take the opportunity of this workshop to share our experiences and ongoing work at the Bank of Italy and to present some real-life examples of useful and feasible cooperation at the national, European and global level. We encourage all participants to do the same.

    Since Peter Shor demonstrated, in 1994, that a quantum computer could theoretically solve problems much faster than traditional ones, he has inspired scientists all over the world to imagine the countless possibilities of this technology, and technologists to look for ways to actually build a functioning machine based on it. Thirty years on, while we still lack a fully functional and reliable quantum computer, we seem to be actually getting closer and closer.

    As the cybersecurity threat is serious but there are potential ways to fend it off, we cannot afford to wait. Implementing quantum-resistant cryptography tools before quantum computers become practically operational is crucial for data longevity. Sensitive data that are encrypted using today’s technology could be stored now by malicious agents and decrypted later, once quantum tools become available; upgrading cryptographic tools as soon as possible is therefore necessary to ensure long-term data security. This is especially relevant for financial institutions. Their core business is ultimately based on the ability to create, manage and use sensitive data, and it is not unlikely that the quantum revolution will hit the financial sector faster and more intensively than other industries.

    Awareness of the need to act is growing. In the spring of this year, the European Commission published a ‘Recommendation on a Coordinated Implementation Roadmap for the transition to Post-Quantum Cryptography’. In the US, the National Institute of Standards and Technology (NIST) officially released its first set of finalised post-quantum cryptography (PQC) algorithms last month. This is a major step forward.

    In the G7 Finance Track, the Italian presidency identified quantum computing as one of the key strategic cyber issues facing us. It may affect multiple policy areas, including national security, competitiveness, ethics, and skill development.

    While solutions to achieve quantum security are starting to become available, there are factors that can make market players reluctant to adopt them quickly. These include uncertainty about the actual urgency of the quantum threat, the fact that a common transition approach has not yet emerged, and the fragmentation of investments, responsibilities and regulatory frameworks across jurisdictions.

    The G7 has launched several technical initiatives to foster coordination among the main stakeholders. With today’s workshop, we aim to engage key experts in G7 countries, with a view to developing a shared understanding of the most urgent issues, a potential roadmap to address the transition to quantum resilience and, to the extent possible, an agreed policy agenda. We are fortunate today to have speakers and attendants from a wide range of backgrounds: academia, government institutions (including law-enforcement agencies), central banks, international organisations and the finance industry. This promises to be an ideal opportunity to exchange views, in that it brings together a set of distinguished experts with considerably diverse experience. I encourage all participants to be active, ask questions and share their insights.

    Ladies and gentlemen, we are also honoured to have Professor Juan Ignacio Cirac Sasturain with us today as a keynote speaker. As many of you will know, our speaker is one of the leading theorists in quantum computation. His contributions range from the physics of quantum computers to quantum algorithms and quantum information theory. Many here will be especially interested in his seminal work on quantum cryptography. Professor Cirac is the Director of the Theory Department at the Max Planck Institute of quantum optics in Garching bei München, Bavaria, and collaborates with many other academic institutions. He has received an impressive number of high-level awards, including the Prince of Asturias Award for Technical and Scientific Research (2006), the BBVA Frontiers of Knowledge Award (2008), the Benjamin Franklin Medal (2010), the Wolf Prize in Physics (2013), the Max Planck Medal (2018), and many others; more are sure to come. The subject of his talk is, very aptly, ‘opportunities and challenges of the next generation’s computers’. We are certain that his remarks on today’s central issue will set the stage for a very productive seminar.

    Please join me in welcoming Ignacio Cirac to the stage.

    MIL OSI Economics –

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

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the website coinaimex.net. According to information available to BaFin, Coinaimex Ltd, London, United Kingdom, offers financial and investment services there without authorization.

    BaFin has warned consumers about several almost identical websites that have come to its attention recently. The homepage of each website begins with the following sentence: “Step Into the Trading Arena With Confidence & [name of website]”.

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

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Economics: AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF THIRD QUARTER 2024 RESULTS AND CONFERENCE CALL

    Source: Agnico Eagle Mines

    Stock Symbol:  AEM (NYSE and TSX)

    TORONTO, Sept. 25, 2024 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company“) today announced that it will release its third quarter 2024 results on Wednesday, October 30, 2024, after normal trading hours.

    Third Quarter 2024 Results Conference Call and Webcast

    Agnico Eagle’s senior management will host a conference call on Thursday, October 31, 2024, at 11:00 AM (E.D.T.) to discuss the Company’s financial and operating results.

    Via Webcast:

    To listen to the live webcast of the conference call, you may register on the Company website at www.agnicoeagle.com, or directly via the link here.

    Via Phone:

    To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

    To join the conference call without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.

    Replay Archive:

    Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 80122#. The conference call replay will expire on November 30, 2024.

    The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    View original content:https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-third-quarter-2024-results-and-conference-call-302258002.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung’s Odyssey OLED G8 Joins the Journey of Creating ‘The First Descendant’ with Nexon Developers

    Source: Samsung

    Game development is an art, and like any masterpiece, it requires the right tools. Nexon’s upcoming title, The First Descendant, is set to redefine the looter-shooter genre with its stunning visuals and immersive gameplay. At the heart of this development process is Samsung’s Odyssey OLED G8 — a monitor that not only displays these graphics but elevates them to a new level of realism.
    Join us as we dive into the behind-the-scenes journey with the developers at Nexon Games, who reveal how this cutting-edge display technology has helped bring their ambitious vision to life. From the precision of color to the speed of response, discover why the Odyssey OLED G8 is more than just a monitor — it’s a game-changer in the industry.

    Founded in 1994, Nexon has become a global leader in online gaming. Known for creating popular titles like MapleStory, Dungeon & Fighter and KartRider, Nexon continues to push boundaries in the gaming world. This year, the company introduced The First Descendant, a looter-shooter that attracted 260,000 concurrent players at launch. Nexon is focused on expanding its global reach and adapting to the fast-changing gaming industry. In 2021, Nexon completed the acquisition of Embark Studios AB, a company based in Stockholm, Sweden, developing multiple projects for global release.
    ▲ (From left) Lead Engine Programmer Junhwan Kim from the Engine Program team and Lead World Concept Artist Sinwook Wi, from the Environmental Concept Design team at Nexon Games, sat down with Samsung to talk about their latest project, The First Descendant and how the Odyssey OLED G8 played a role in its development.
    Can you tell us about your role in developing The First Descendant and how you contributed to the game’s creation?
    Kim: I’m responsible for the game engine. I develop the software that integrates essential elements like graphics, sound and physics engines, make them work seamlessly together.
    Wi: I handle the environmental concept design. My role involves creating the overall concept of the game and designing the backgrounds and characters to fit within that environment.
    ▲ (From left) Gley, Blair and Enzo, key characters from Nexon’s looter-shooter game ‘The First Descendant’ (Image courtesy of Nexon)
    What sets The First Descendant apart? What were some of the key innovations and design choices that defined your approach?
    Kim: The First Descendant is a looter shooter that blends third-person shooter (TPS) mechanics with role-playing game (RPG) elements. It features spectacular combat scenes, high-quality graphics and a rich loot system filled with powerful guns and gear. The core of the game lies in its storytelling, character development and the pursuit of the best weapons and equipment.
    A major focus for us was bringing the open world of The First Descendant to life through cutting-edge graphics. Using Unreal Engine 5, we leveraged Nanite to achieve highly detailed environments, allowing us to render complex landscapes and objects with incredible precision. This was crucial for creating an immersive open-world experience where players can explore vast and visually stunning environments. Lumen played a significant role as well, enabling real-time lighting that reacts dynamically to the game’s world and characters, further enhancing the realism of the gameplay.
    * Open World: A game design element that allows players to freely explore most areas with minimal restrictions.
    * Unreal Engine 5: A game engine developed by Epic Games, known for key features like Nanite, which efficiently handles high-capacity graphics, and Lumen, which enhances lighting effects.
    ▲ Junhwan works on the development of ‘The First Descendant’ using the Odyssey OLED G8. The Odyssey OLED G8 delivers superb graphics with its high resolution and color accuracy.
    Wi: The game is set in an apocalyptic world where factions — each with their own traditions — battle for survival. The story follows humanity’s fight against the Vulgus, invaders who nearly wiped out the human race. Players take on the role of descendants, embarking on a quest to find the Iron Heart, the ultimate weapon to end the war.
    On the design front, our goal was to create an apocalyptic world that felt rich and immersive while avoiding the overly dark and futuristic look often seen in similar settings. The environment itself is a key part of the storytelling. So, we integrated colorful, future-oriented designs for city of Albion to balance the grim atmosphere with a sense of hope. This approach doesn’t just end at the visual appeal but also helps the game engage players on an emotional level, too.

    ▲ Sinwook works on the design for the city of Albion, a key area in ‘The First Descendant,’ using the Odyssey OLED G8. The monitor’s consistent colors and detailed contrast has helped bring out the intricate design elements.
    As a game developer, what do you consider the most important factors in creating a visually immersive gaming experience?
    Kim: A high-quality display is crucial to accurately present the game’s graphics and visuals. Today’s gaming standards demand seamless gameplay with vibrant graphics, high frame rates, detailed resolutions and minimal input lag. To fully experience these advancements, it’s crucial to use a gaming monitor with high resolution, a wide color gamut and fast response times.
    As part of our collaboration with Samsung, I received the Odyssey OLED G8 during the development of The First Descendant, and what stood out to me was the monitor’s awesome display quality — color accuracy, expressions and its quick response time. The monitor delivers colors and contrast with a high level of precision, which was crucial for developing the game. The 0.03ms (GTG) response time made a noticeable difference during our demonstrations as well.1

    “With the Odyssey OLED G8, you get two distinct display experiences with a single monitor—16:9 for working and 21:9 for playing,” said Wi Sinwook, Lead World Concept Artist, Environmental Concept Design team, Nexon Games.
    Wi: As a World Concept Artist, I constantly ask myself, “How can I best convey the immersive universe to players?” I want players to experience every detail of the environments and even the subtle expressions of the characters as they were intended. For that, a display accurately reproduces colors and fine details is crucial. When players can see the subtle nuances in shading and the vibrant colors, it significantly enhances their immersion in the game.
    ▲ Sinwook builds out the background concept designs for ‘The First Descendant’ using the Odyssey OLED G8.
    Other than picture quality, were there any other the Odyssey OLED G8 features that stood out when you were working on and demonstrating the game?
    Kim: The First Descendant is a multi-platform game, available on PC (Steam) and consoles. The fact that the Odyssey OLED G8 supports up to three external inputs,2 was especially helpful when we were testing across the different platforms. The sleek, metal design also saved space and complemented the game’s sci-fi aesthetic.
    ▲ Junhwan demonstrates the console version of ‘The First Descendant’ on the Odyssey OLED G8. The Odyssey OLED G8 offers enhanced convenience with 2 HDMI 2.1 ports, 1 DisplayPort 1.4 and a USB hub.
    Wi: Working on the design and demonstrating the game on the Odyssey OLED G8, I found the gameplay smoother and more comfortable compared to my previous monitor. The colors and contrast were balanced and accurate, even on the big screen.
    I also really appreciated the ability to switch the screen ratio between 16:9 and 21:9 with just a single setting change. Normally, I avoid wide monitors due to the viewing angle, but the Odyssey OLED G8 made it convenient to switch between ratios for different tasks — 16:9 for working and 21:9 for demonstrating the game. The big advantage is that you get two distinct display experiences with a single monitor.
    ▲ The Odyssey OLED G8’s Game Bar allows users to switch between 21:9 and 16:9 screen ratios, enabling them to enjoy games in their preferred ratio.
    “The fact that the Odyssey OLED G8 supports up to three external inputs, was especially helpful when we were testing across platforms like PCs and different consoles,” said Junhwan Kim, Lead Programmer, Engine Program team, Nexon Games.
    What features of the Odyssey OLED G8 do you think will elevate the experience for The First Descendant players?
    Kim: The First Descendant is the world’s first HDR10+ GAMING title. We collaborated with Samsung to implement this technology in our game, optimizing peak brightness of the monitor and supporting standard HDR without the need for manual adjustments.3 Playing The First Descendant on the Odyssey monitor with HDR10+ GAMING allows you to experience the game’s vivid, high-quality graphics at their best.
    * HDR10+ GAMING: A gaming technology that enhances image quality by analyzing game content to enhance the depth of graphics and supporting features like response time and Auto HDR.
    ▲ The Odyssey OLED G8 supports HDR10+ GAMING, allowing gamers to enjoy an optimized HDR gaming experience without manual adjustments in supported titles. ‘The First Descendant’ is the first game to feature HDR10+ GAMING technology.
    Wi: Unlike my previous monitor, where colors near the edges tended to darken, the Odyssey OLED G8 maintained consistent brightness across the entire screen. The thin frame and bezel also made it easier to focus on the game.

    ▲ The Odyssey OLED G8’s slim metal design and Core Lighting+ on the back enhance user immersion and create a stylish gaming space.
    Kim: I also found the Game Bar feature to be helpful. When the Odyssey OLED G8 is connected to a PC or console, it automatically calls up the Game Bar. Selecting FPS mode in the Game Bar brightens dark areas in the game, giving you an advantage over hidden enemies. Also, the sound becomes richer, further enhancing the immersion.
    ▲ (Left) Default Game Bar settings without a selected genre, (Right) FPS genre selected in Game Bar.
    Any final words for The First Descendant players?
    Kim: If you’re a fan of The First Descendant, or any third-person shooter (TPS) game with high-quality graphics, the Odyssey OLED G8 is an excellent choice. It has high refresh rate, wide color gamut and fast response time, which really enhance the gaming experience.
    Wi: I’ve always debated between choosing a monitor with high resolution and refresh rate for gameplay versus one with accurate colors and contrast for development. The Odyssey OLED G8 meets both needs perfectly, so I can confidently recommend it to any gamer…or developer!

    MIL OSI Economics –

  • MIL-OSI Economics: Resource Advisory: Tracking crude oil and natural gas production with EIA data

    Source: US Energy Information Administration – EIA

    Headline: Resource Advisory: Tracking crude oil and natural gas production with EIA data

    U.S. ENERGY INFORMATION ADMINISTRATION
    WASHINGTON DC 20585

    FOR IMMEDIATE RELEASE
    September 25, 2024

    The U.S. Energy Information Administration (EIA) has several sets of data on the domestic production of crude oil and natural gas. Depending on your interests, the resources below can help you find the crude oil and natural gas data you need.

    Table 1. Key production figures from the latest EIA data
      2023 annual June 2024
    Crude oil 12.9 million b/d 13.2 million b/d
    Dry natural gas 103.8 Bcf/d 103 Bcf/d

    Crude oil

    Crude oil production is typically measured in barrels or barrels per day. When EIA analyzes crude oil production, it relies on field production of crude oil and lease condensate, which is published at the national level, at the Petroleum Administration for Defense District (PADD) level, and at the state level.

    Crude oil is refined into a series of consumable petroleum products such as gasoline, diesel, and jet fuel. EIA publishes U.S. production of petroleum products in the Petroleum Supply and Disposition table, under the Refinery and Blender Net Production column.

    EIA publishes short-term forecasts of total U.S. crude oil production and forecasts of tight oil production (oil production by hydraulic fracturing, or fracking) by geologic formation.

    Natural gas

    Natural gas production is typically measured in billion cubic feet or billion cubic feet per day. Natural gas is unique in that its production can be measured in three ways:

    • Gross withdrawals of natural gas include everything pulled from the ground, including product that is ultimately flared or siphoned off to another product stream. EIA tracks gross withdrawals at the national level and by state.
    • Marketed or wet natural gas production is smaller than gross withdrawals because it does not include gas that was vented, flared, used for repressuring, or removed during treating and processing. EIA publishes historical and forecast marketed natural gas production at the national and regional level. Historical marketed production is also available by state.
    • Dry natural gas production is what goes to the consumer. It’s lower than wet production because it does not include natural gas plant liquids such as ethane and propane that are counted in marketed production. EIA publishes dry natural gas production at the national level and by state. EIA publishes dry natural gas production by hydraulic fracturing (fracking) by shale gas formation.

    EIA publishes varying data series of monthly and annual crude oil and natural gas production. The agency also publishes weekly estimates of some production measures. Members of the press can contact our media relations team with any questions at EIAMedia@eia.gov.

    The data described in this advisory were prepared by the U.S. Energy Information Administration, the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.

    EIA Press Contact: Chris Higginbotham, EIAMedia@eia.gov

    MIL OSI Economics –

  • MIL-OSI Economics: Behind the Scenes of Galaxy Ring: Product Planning a Game Changer in Health Management

    Source: Samsung

    Dating back more than 3,000 years to ancient Egypt, rings have symbolized different values throughout human history — including love, power and self-expression. With Samsung Electronics’ newly unveiled Galaxy Ring, health has now been added to that list.
    The smallest and most compact form factor in the Galaxy wearable portfolio, the Galaxy Ring fits comfortably on users’ fingers like a traditional ring. Equipped with cutting-edge sensors and Galaxy AI features, the Galaxy Ring offers a powerful health management experience.
    Samsung Newsroom sat down with Sungjin Kim and Yujin Roh from the Wearable Product Planning Group, Mobile eXperience Business at Samsung Electronics, to learn how the Galaxy Ring came to be.

    Ultra-Compact Form Factor Optimized for 24/7 Health Monitoring
    Q: What inspired the creation of the Galaxy Ring, a completely new addition to Samsung’s wearable lineup?
    Kim: We’ve been exploring new opportunities in the wearable market with a particular focus on the rapidly growing field of health management. This led us to look for the optimal form factor to provide more accurate, uninterrupted health data for personalized health solutions. After evaluating various form factors, we settled on the ring — a user-friendly, small and lightweight shape that can be worn 24/7.

    Q: What key health management benefits does the Galaxy Ring offer?Roh: Sleep is the foundation of health. The Galaxy Ring is comfortable enough to wear while sleeping and can last up to a week on a single charge,1 making it ideal for collecting detailed and in-depth sleep data. A powerful sleep AI algorithm provides advanced sleep insights to help users better understand and improve their sleep. Furthermore, Energy Score analyzes sleep quality, activity levels, sleeping heart rate and sleeping heart rate variability data to deliver a daily health index to users.
    Yujin Roh
    Q. What factors were considered during the design process?
    Kim: To maximize the advantages of the ring form, we examined the historical and biological significance of rings before incorporating these insights into the product. For example, we adopted a simple yet modern concave style to enhance the Galaxy Ring’s value as an everyday accessory. Moreover, the charging case and packaging have clamshell designs reminiscent of a jewelry box — elevating the quality of the product down to the finest details that users touch.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Launches 990 EVO Plus SSD With Improved Performance Speeds Supported by PCIe 4.0

    Source: Samsung

    Samsung Electronics America, the world leader in advanced memory technology, today announced the release of the 990 EVO Plus, adding to its lineup of leading SSD products. Featuring PCIe 4.0 support and the latest in NAND technology, the 990 EVO Plus is an ideal solution for buyers seeking enhanced performance and power efficiency across gaming, business and creative tasks.
    “The average person creates more than 100 megabytes of data every minute1,” said James Fishler, Senior Vice President of Home Entertainment, Samsung Electronics America. “Whether you’re taking photos, editing videos, or gaming on your favorite console, it’s clear that our daily activities demand more data than ever before. The new Samsung 990 EVO Plus provides the best solution for it all – from gaming and content creation, to business use cases. With expanded storage capacities and even faster processing speeds, the series can help you reliably power your day, and make the most of every minute.”

    Faster Performance and Greater Efficiency
    The 990 EVO Plus is backed by decades of pioneering semiconductor technology with proven reliability from Samsung. It offers sequential read speeds up to 7,250 megabytes-per-second (MB/s) and write speeds up to 6,300 MB/s, up to 50% faster than the previous 990 EVO. This performance boost is enabled by the latest Samsung 8th generation V-NAND technology and 5-nanometer (nm) controller, while an innovative nickel-coated heat shield minimizes overheating, delivering 73% greater power efficiency over the 990 EVO.
    The 4TB model of the 990 EVO Plus boasts an industry-leading random read speed of 1,050K input/output operations per second (IOPS) and 1,400K IOPS for random write. This remarkable feat nearly rivals that of SSD products with DRAM, despite not using a DRAM cache, making it an optimal solution for gaming and AI tasks that require high performance.
    Expanded Storage Capacity
    To meet today’s growing demand for high-capacity storage devices, the 990 EVO Plus offers ample capacity options of 1TB, 2TB and 4TB, exceeding the storage limits of the 990 EVO. The 990 EVO Plus is also equipped with the intelligent Samsung TurboWrite 2.0, revamped for maximized performance, offering rapid file transfer speeds and reduced lag, even when managing large files, editing high-res video or enjoying next-generation gaming.
    Samsung Magician Software Support
    Samsung Magician Software presents a suite of optimization tools for enhanced functionality for all Samsung SSDs, including the 990 EVO Plus. Users can streamline the data migration process for SSD upgrades effortlessly and securely. In addition, Samsung Magician protects valuable data, monitors drive health and offers customized performance optimization.
    The drives will be available this Fall at Samsung.com and other select retailers. They will have a manufacturer’s suggested retail price (MSRP) of $109.99 for the 1TB model, $184.99 for the 2TB model, and $344.99 for the 4TB model. For more information, please visit here.

    MIL OSI Economics –

  • MIL-OSI Economics: Agora Ltd

    Source: Isle of Man

    Notice is hereby given that Agora Ltd, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/09/2024.

    MIL OSI Economics –

  • MIL-OSI Economics: Update: Apply to secure your company’s spot for the Project Starline x HP product

    Source: Google

    Here’s a sneak peek at the upcoming product and how companies can be among the first to try it.

    Maz Khorasani – Group Product Manager, Project Starline

    Earlier this year, we announced Project Starline is coming out of the lab and into the world, with a focus on transforming the way distributed teams and individuals connect in the workplace. Through our partnership with HP, our technology will be commercially available starting in 2025.

    Today, we’re sharing a first look at the product design, built in collaboration with HP. The device’s design blends into meeting rooms, letting the experience take over so you can focus on what matters most: the other person. This helps make communication as natural as if two people were across from each other in the same room.

    Apply now to receive the Project Starline x HP product at launch

    We’ve seen incredible interest from companies eager to bring Project Starline to their employees. Starting today, companies can now apply to be among the first to receive the product when it launches in 2025. Through this program with HP, companies can sign up to secure their place in line and gain access to exclusive product information and updates.

    Learn more by visiting starline.google.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Energy Releases “Integrated Report 2024”

    Source: Panasonic

    Headline: Panasonic Energy Releases “Integrated Report 2024”

    Osaka, Japan – September 25, 2024 – Panasonic Energy Co., Ltd., a Panasonic Group company, has released Integrated Report 2024 on the Sustainability page of the Panasonic Energy corporate website.

    This report is intended to help our various stakeholders deepen their understanding of Panasonic Energy by disseminating financial and non-financial information, including details of the growth strategy, performance and financial status, and environmental, social and governance initiatives. Notably, this report explains Panasonic Energy’s competitive advantages and strengths and contains more non-financial information than before, such as disclosure based on the TCFD(*1) recommendations. 
    Panasonic Energy will continuously endeavor to upgrade the report and deepen communication with its stakeholders as a member of the Panasonic Group.
    *1: Abbreviation for “Task Force on Climate-related Financial Disclosures”

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Maintains PRC Growth Forecast at 4.8% this Year

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — The Asian Development Bank (ADB) has maintained its forecast of 4.8% economic growth in the People’s Republic of China (PRC) this year, according to the latest ADB report.

    The growth outlook remains balanced amid a prolonged correction in the property market and weak investor and consumer confidence, according to Asian Development Outlook (ADO) September 2024, released today. Economic activity in the PRC is expected to moderate to 4.5% growth next year, consistent with ADB’s projection in April.

    “ADB’s research indicates that investment will support domestic demand while the property market correction continues,” said ADB Country Director for the PRC Safdar Parvez. “Global demand and the domestic cost advantage in manufacturing should also bolster exports.”

    Inflation for 2024 is now forecast at 0.5%, lower than April’s 1.1% projection as the overall downtrend in food price persists. Strong global demand and increased credit availability for certain industries—including semiconductors; artificial intelligence; and low-carbon technologies such as electric vehicles, lithium-ion batteries, and renewables—will drive growth this year and next.

    Infrastructure investment should regain momentum with the expected acceleration of the local government special bond issuance in the second half of this year. However, the ongoing property sector correction is expected to slow growth. The contraction in real estate investment will likely continue into next year.

    Risks to the outlook include the deterioration in the property market, global fragmentation due to geopolitical issues, and the escalation of trade tensions. On the upside, acceleration and effective implementation of policy measures, including policies announced in the Third Plenum, could raise consumer and investor confidence faster than expected, resulting in higher growth and inflation than forecast.

    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 68 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Slower Inflation, Higher Investment and Consumption to Support Philippine Growth through 2024, 2025 — ADB

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — Moderating inflation, monetary easing, and sustained public spending particularly on major infrastructure projects, will support Philippine economic growth this year and the next, according to a report released by the Asian Development Bank (ADB) today.

    In its Asian Development Outlook (ADO) September 2024 report, ADB maintained its growth forecast for the Philippine economy at 6.0% for 2024 and 6.2% in 2025. The expansion in gross domestic product (GDP) will be driven by broad-based domestic demand, supported by lower inflation and interest rates, the report said.

    ADB lowered its inflation forecast to 3.6% in 2024 from its April estimate of 3.8%, reflecting the sustained deceleration in food prices partly due to lower tariffs on rice imports. Inflation is expected to ease further to 3.2% in 2025 compared to the previous estimate of 3.4%.

    “Most of the ingredients for the Philippines’ sustained economic growth are in place—rising government revenues are boosting public expenditures on infrastructure and social services, increasing employment is driving consumption, and reforms to open the economy to more investments are underway. With inflation slowing, the country is in a strong position to lead growth in Southeast Asia,” said ADB Philippines Country Director Pavit Ramachandran.

    However, risks remain from potential severe weather events which could drive inflation higher. External factors such as a sharper slowdown in major advanced economies and the People’s Republic of China, financial volatility due to US monetary policy decisions, geopolitical tensions, and rising global commodity prices also pose threats to growth, the report said.

    The Philippine government expects public infrastructure spending to range between 5.0%–6.0% of GDP annually from 2024 to 2028, after hitting 5.8% of GDP in 2023. The government’s “Build Better More” infrastructure program includes 66 ongoing projects and another 31 approved for implementation as of August 2024.

    The infrastructure program aims to enhance physical connectivity through railways, bridges, and airports, or strengthen water management through irrigation, water supply, and flood control. Climate change mitigation and adaptation, digital connectivity, energy, and agriculture projects, are also prioritized under this program.

    ADB is financing key infrastructure projects, such as the Malolos Clark Railway Project and the South Commuter Railway Project which will link Metro Manila to northern and southern provinces in the Luzon region. It is also supporting the Bataan-Cavite Interlink Bridge Project, and the Integrated Flood Resilience and Adaptation Project which aims to enhance flood and climate change resilience in three major river basins in the country.

    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 68 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Maintains Cambodia’s Growth Forecast for 2024-2025

    Source: Asia Development Bank

    PHNOM PENH, CAMBODIA (25 September 2024) —The Asian Development Bank (ADB) has maintained its growth forecast for Cambodia at 5.8% for 2024 and 6.0% for 2025. It has revised down its earlier inflation projection for 2024 from 2.0% to 0.5%, reflecting the slow increase in food prices and decline in fuel prices in the first half of 2024, according to the Asian Development Outlook (ADO) September 2024.

    “The rebound in the manufacturing sector— especially garments, footwear, and travel goods (GFT) — is powering the country’s economic growth,” said ADB Country Director for Cambodia Jyotsana Varma. “Agriculture and tourism are steadily gaining ground, while continued inflows of foreign direct investment are fueling the country’s economic momentum. Together, these forces are setting the stage for a promising 2024 and positioning Cambodia for robust growth in 2025 and beyond.”

    The lowering of inflation forecasts reflects reduced prices of fuel-related goods and services, along with decreased costs of fertilizers, providing support to agricultural production. This will provide much-needed relief for people, especially the most vulnerable, who have faced challenges in recent years due to rising food and fuel prices.

    The report highlighted that GFT exports rose by 16.9% year on year in the first half of 2024, rebounding from an 18.6% decline during the same period the previous year. Meanwhile, growth in exports of non-GFT products slowed to 1.3% year on year from 21.2%. Imports of construction materials and equipment surged by 23.3% year on year in the first half of 2024, driven by public infrastructure investment.

    Agriculture is projected to grow by 1.2% in 2024 and 1.3% in 2025. Services are forecast to grow by 5.4% in 2024 before tapering to 5.2% in 2025. This forecast is supported by a 22.7% year on year increase in tourist arrivals in the first half of 2024, reaching 94.8% of the pre-pandemic levels in the first half of 2019.

    Foreign investment inflows continued although they decelerated somewhat to $2 billion by mid-2024, from $2.1 billion during the same period last year. This was supported by growth in nonfinancial sectors. However, investment in the financial sector slowed appreciably due to lower banking profits.

    Potential risks to Cambodia’s economic outlook include weaker growth in major economies like the People’s Republic of China, Europe, and the United States, high private debt, volatile global fuel prices, and severe impact from extreme weather events.

    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 68 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Raises Economic Growth Forecast for Developing Asia and the Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — The Asian Development Bank (ADB) has raised its economic growth forecast for developing Asia and the Pacific this year, amid solid domestic demand and continued strength in exports. ADB has also lowered its forecast for regional inflation.

    The region is forecast to grow by 5.0% this year, compared with a projection of 4.9% in April, according to Asian Development Outlook (ADO) September 2024, released today. The forecast for next year is maintained at 4.9%. Inflation in developing Asia and the Pacific is expected to ease further to 2.8% in 2024, compared with a previous forecast of 3.2%.

    The improved economic outlook reflects stronger-than-expected expansions in East Asia, Caucasus and Central Asia, and the Pacific. Rising global demand for semiconductors, driven in part by the artificial intelligence boom, is boosting exports, while easing global food prices and the lagged effects of monetary policy tightening have brought inflation down to near pre-pandemic levels.

    “Strong economic fundamentals will continue to underpin expansion this year and next,” said ADB Chief Economist Albert Park. “Financial conditions are expected to improve as inflation moderates further and the US eases its monetary policy, and this will support the positive outlook for the region.”

    Risks to the outlook include a worsening of trade tensions between the United States (US) and the People’s Republic of China (PRC); further deterioration in the PRC property market; worsening geopolitical tensions; and the effects of climate change and adverse weather on commodity prices and food and energy security.

    The growth forecast for the PRC, the largest economy in developing Asia and the Pacific, remains at 4.8% this year and 4.5% next year. Lingering weakness in the PRC’s property sector has negatively affected household spending during 2024. This has been partially offset by higher investment, underpinned by stimulatory monetary and fiscal policies, and higher exports.

    India’s economy—the region’s second largest—is forecast to grow 7.0% in 2024, unchanged from April, amid strong domestic demand including an increase in government spending.

    The growth forecast for the Caucasus and Central Asia has been raised to 4.7% this year, compared with a 4.3% projection in April, thanks to improved domestic demand bolstered by remittances in some economies. The growth forecast for the Pacific is revised upward to 3.4%, from 3.3% in April, driven by the increase in tourist arrivals. The forecast for Southeast Asia has been lowered by 0.1 percentage points to 4.5%, due to a decline in public investments and slower-than-expected export recovery.

    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 68 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Forecasts 3.1% Economic Growth for Timor-Leste in 2024

    Source: Asia Development Bank

    DILI, TIMOR-LESTE (25 September 2024) — Timor-Leste’s economic growth momentum will continue in 2024–2025, though at a more modest pace than forecast in April 2024 due to lower government expenditure and weaker investment spending than previously expected, according to a report by the Asian Development Bank (ADB).  

    The Asian Development Outlook (ADO) September 2024 reports that robust private consumption, fueled by consumer credits, government transfers, personal remittances, and tourist arrivals should drive growth. However, the forecast has been revised down to 3.1% for 2024 and 3.9% for 2025 from the 3.4% and 4.1% projected in ADO April 2024, respectively, due to slower-than-expected budget spending.

    “Ensuring investment project readiness, improving public procurement practices, and strengthening institutional capacity are essential for maximizing the positive impact of public capital investments on economic growth,” said ADB Country Director for Timor-Leste Stefania Dina. “To sustain robust economic growth beyond 2024, we must embrace public financial management reforms and strategic policy shifts. By optimizing development finance opportunities and protecting government resources, such as the Petroleum Fund, we can build a brighter future for Timor-Leste.”

    Due to lower inflation in staple products and consumer durables and persistently low inflation in nontradables, average inflation will moderate to 3.4% in 2024, revised down slightly from the previous 3.5% forecast. The report’s  2.9% inflation forecast for 2025 remains unchanged from ADO April 2024. The current account deficits will remain large but slightly less than the previous forecasts due to lower imports of goods and services in line with slower budget spending.

    Risks to Timor-Leste’s growth outlook stem from lower public capital spending, climate-related disasters, and the impact of external shocks and spillovers mainly associated with prolonged global geopolitical tensions on trade conditions and inflation.

    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 68 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers opening remarks at the ASEAN-Plus Three Industrial Chain and Supply Chain Partnering Conference

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today addressed the ASEAN-Plus Three Industrial Chain and Supply Chain Partnering Conference held in Nanning, China. In his remarks, Dr. Kao strongly emphasized the implementation of the RCEP agreement and the implementation of Industrial Project-based Initiative (AIPBI) as the priorities for advancing industrial competitiveness and supply chain connectivity.

    Download the full opening remarks here.

    The post Secretary-General of ASEAN delivers opening remarks at the ASEAN-Plus Three Industrial Chain and Supply Chain Partnering Conference appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on September 24, 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) 574,172.54 6.68 5.10-6.95
         I. Call Money 11,157.67 6.69 5.10-6.80
         II. Triparty Repo 397,183.95 6.66 6.20-6.77
         III. Market Repo 164,382.92 6.74 6.25-6.95
         IV. Repo in Corporate Bond 1,448.00 6.85 6.80-6.90
    B. Term Segment      
         I. Notice Money** 97.25 6.18 5.95-6.50
         II. Term Money@@ 575.00 – 7.05-7.10
         III. Triparty Repo 3,300.00 6.74 6.67-6.80
         IV. Market Repo 1,395.96 6.71 6.70-6.77
         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 Tue, 24/09/2024 2 Thu, 26/09/2024 50,003.00 6.62
         (b) Reverse Repo          
    3. MSF# Tue, 24/09/2024 1 Wed, 25/09/2024 1,424.00 6.75
    4. SDFΔ# Tue, 24/09/2024 1 Wed, 25/09/2024 62,381.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -10,954.00  
    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          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
    Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
    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$       7,844.29  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*    

    37,336.29

    		  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     26,382.29  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 24, 2024 1,023,321.84  
         (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¥ September 24, 2024 50,003.00  
    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: 2024-2025/1157

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN addresses the 8th Jakarta Geopolitical Forum

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN Dr. Kao Kim Hourn delivered pre-recorded remarks on “ASEAN’s perspective on maritime whole-of-government approach in the region” at the 8th Jakarta Geopolitical Forum 2024, which is being convened from 25-26 September 2024 in Jakarta, Indonesia. Hosted by the National Resilience Institute of the Republic of Indonesia (Lembaga Ketahanan Nasional RI/LEMHANNAS RI), the Forum this year is held under the theme “Addressing Geo-Maritime Resilience Challenges in the Indo-Pacific.” The Forum serves as a platform for relevant stakeholders, including government officials, diplomats, academics, and industry leaders, for exchanging views on maritime issues in the Indo-Pacific region and exploring ways to address them.

    The post Secretary-General of ASEAN addresses the 8th Jakarta Geopolitical Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Active Chlorine Component of Hypochlorous Acid Solution Volatilized in the Air Eliminates Over 99% of Group A Streptococci

    Source: Panasonic

    Headline: Active Chlorine Component of Hypochlorous Acid Solution Volatilized in the Air Eliminates Over 99% of Group A Streptococci

    [Figure 1. Amount of bacteria adhered (group A streptococci) by time elapsed]

    Osaka, Japan – Panasonic Corporation (https://www.panasonic.com/global/home.html) today announced that its Heating & Ventilation A/C Company (hereinafter referred to as Panasonic) verified that the active chloride component volatilized from the hypochlorous acid solution, produced by electrolysis of salt water, effectively eliminates over 99% of group A streptococci (GAS) adhered in a space of approx. 25 m3 within 60 minutes(*2).
    The hypochlorous acid solution is produced through the electrolysis of salt water and demonstrates high efficacy in sterilization and deodorization. Since adopting the hypochlorous acid solution for the hygiene maintenance system of cup-dispensing vending machines in 1987(*3), Panasonic has been researching hypochlorous acid technology for over 30 years. The company verified in the past few years that the solution is effective in suppressing viruses, including the influenza virus (H1N1), novel coronavirus (SARS-CoV-2) Omicron variant, and enterovirus and coxsackievirus, which can cause hand-foot-and-mouth disease, as well as herpangina.
    GAS is mainly transmitted via droplet infection (coughing and sneezing) and direct contact. These bacteria can cause a wide range of infections, such as strep throat and skin infections, and in severe cases, necrotizing fasciitis. Specifically, they are responsible for group A streptococcal pharyngitis, which primarily affects children with symptoms such as fever, sore throat, reddened tongue, and a red rash on the body. It can also cause sepsis and multiple organ failure, as exemplified by the streptococcal toxic shock syndrome, which has shown an increasing trend in recent years.
    Based on the current verification results, the active chloride component volatilized from the hypochlorous acid solution is expected to eliminate GAS adhered to tables, railings, and other objects.
    ■Verification methodTwo cases were verified: one by soaking the rotary sterilization filter in a hypochlorous acid solution of approx. 100 mg/L, exposing the filter to a given amount of wind (3.8 m3/min) to volatilize the active chloride component, and then exposing the specimens with GAS to the volatilized substance; and the other by not exposing the specimens to the active chloride component (natural attenuation).
    ■Verification resultsThe effect of suppressing 99% of GAS within 60 minutes was confirmed (Figure 1).

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Impact Webinar 79: Key Indicators for Asia and the Pacific 2024 Launch

    Source: Asia Development Bank

    Video | 25 September 2024

    SHARE THIS PAGE

    Climate change poses a growing threat to people and their livelihoods in Asia and the Pacific. Record heat waves, catastrophic floods, prolonged droughts, and extreme weather events are becoming more frequent. Yet critical data gaps hinder our understanding of climate impacts, particularly on vulnerable populations in developing Asia. Drawing on insights from Key Indicators 2024: Data for Climate Action, panelists highlight the importance of granular data in capturing the nuanced effects of climate change on different regions and communities. Additionally, the discussion will explore policies and strategies aimed at enhancing data systems to foster inclusive and sustainable development.

    SHARE THIS PAGE
    Series
    Countries
    Subjects

    Climate change poses a growing threat to people and their livelihoods in Asia and the Pacific. Record heat waves, catastrophic floods, prolonged droughts, and extreme weather events are becoming more frequent. Yet critical data gaps hinder our understanding of climate impacts, particularly on vulnerable populations in developing Asia. Drawing on insights from Key Indicators 2024: Data for Climate Action, panelists highlight the importance of granular data in capturing the nuanced effects of climate change on different regions and communities. Additionally, the discussion will explore policies and strategies aimed at enhancing data systems to foster inclusive and sustainable development.

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    MIL OSI Economics –

  • MIL-OSI Economics: Verizon Business and SK Shieldus team up to bolster cybersecurity offerings

    Source: Verizon

    Headline: Verizon Business and SK Shieldus team up to bolster cybersecurity offerings

    SEOUL – Verizon Business and SK Shieldus have agreed to collaborate to deliver cybersecurity solutions to South Korean and Asian enterprises operating on a global scale. This strategic relationship will leverage Verizon Business’ extensive global reach and SK Shieldus’ deep-rooted expertise to provide comprehensive, world-class protection addressing the unique needs of Asian businesses.

    By combining their strengths in real-time threat intelligence, vulnerability assessment, incident response, and managed security services, Verizon Business and SK Shieldus aim to empower enterprises to confidently navigate the complex global threat landscape, safeguarding their operations and assets worldwide.

    Verizon Business works with 99% of Fortune 500 companies and governments worldwide and offers a suite of management and data security services. The company operates nine Security Operations Centers, six forensics labs and one of the largest IP networks in the world, monitoring 61 billion security events annually. In addition, Verizon’s investigative response team boasts more than 400 security experts and conducted 500+ IT investigations in 2023.

    “South Korea boasts one of the largest and most advanced economies in the world, and SK Shieldus has developed world-class cyber security capabilities in this market. We’re pleased to be working with them to enable businesses to further navigate the complexities of the digital landscape with confidence and resilience,” said Robert Le Busque, Regional Vice President for Asia Pacific at Verizon Business Group.

    Headquartered in South Korea, SK Shieldus is South Korea’s largest security services provider with a comprehensive suite of offerings, including physical security, security monitoring, consulting, system integration, solution supply, and operations. SK Shieldus was formed in 2021 following the merger of SK Infosec and ADT Caps. As a result, this integrated security provider, with physical and cybersecurity capabilities, has positioned itself as an industry leader by offering comprehensive security services. These services include security monitoring, consulting, system integration (SI), security solution supply, and security operations. With a customer base of over 1,800 across public, financial, and corporate sectors, including affiliates of the SK Group.

    SK Shieldus Chief Executive Officer, Dr. W.P. Hong stated that ‘Verizon is one of the world’s biggest technology providers with strong cyber capabilities. With the synergies and our capabilities in the Korea market, we will further strengthen cyber security capabilities for our customers in the market. As No.1 cyber security provider in Korea, we will utilise this collaboration to service our clients in Asia and globally’.

    To learn more about Verizon Business’ cybersecurity portfolio, visit https://www.verizon.com/business/en-sg/products/security/ .

    MIL OSI Economics –

  • MIL-OSI Economics: Microsoft Trustworthy AI: Unlocking human potential starts with trust

    Source: Microsoft

    Headline: Microsoft Trustworthy AI: Unlocking human potential starts with trust

    YouTube Video

    As AI advances, we all have a role to play to unlock AI’s positive impact for organizations and communities around the world. That’s why we’re focused on helping customers use and build AI that is trustworthy, meaning AI that is secure, safe and private.

    At Microsoft, we have commitments to ensure Trustworthy AI and are building industry-leading supporting technology. Our commitments and capabilities go hand in hand to make sure our customers and developers are protected at every layer.

    Building on our commitments, today we are announcing new product capabilities to strengthen the security, safety and privacy of AI systems.

    Security. Security is our top priority at Microsoft, and our expanded Secure Future Initiative (SFI) underscores the company-wide commitments and the responsibility we feel to make our customers more secure. This week we announced our first SFI Progress Report, highlighting updates spanning culture, governance, technology and operations. This delivers on our pledge to prioritize security above all else and is guided by three principles: secure by design, secure by default and secure operations. In addition to our first party offerings, Microsoft Defender and Purview, our AI services come with foundational security controls, such as built-in functions to help prevent prompt injections and copyright violations. Building on those, today we’re announcing two new capabilities:

    • Evaluations in Azure AI Studio to support proactive risk assessments.
    • Microsoft 365 Copilot will provide transparency into web queries to help admins and users better understand how web search enhances the Copilot response. Coming soon.

    Our security capabilities are already being used by customers. Cummins, a 105-year-old company known for its engine manufacturing and development of clean energy technologies, turned to Microsoft Purview to strengthen their data security and governance by automating the classification, tagging and labeling of data. EPAM Systems, a software engineering and business consulting company, deployed Microsoft 365 Copilot for 300 users because of the data protection they get from Microsoft. J.T. Sodano, Senior Director of IT, shared that “we were a lot more confident with Copilot for Microsoft 365, compared to other large language models (LLMs), because we know that the same information and data protection policies that we’ve configured in Microsoft Purview apply to Copilot.”

    Safety. Inclusive of both security and privacy, Microsoft’s broader Responsible AI principles, established in 2018, continue to guide how we build and deploy AI safely across the company. In practice this means properly building, testing and monitoring systems to avoid undesirable behaviors, such as harmful content, bias, misuse and other unintended risks. Over the years, we have made significant investments in building out the necessary governance structure, policies, tools and processes to uphold these principles and build and deploy AI safely. At Microsoft, we are committed to sharing our learnings on this journey of upholding our Responsible AI principles with our customers. We use our own best practices and learnings to provide people and organizations with capabilities and tools to build AI applications that share the same high standards we strive for.

    Today, we are sharing new capabilities to help customers pursue the benefits of AI while mitigating the risks:

    • A Correction capability in Microsoft Azure AI Content Safety’s Groundedness detection feature that helps fix hallucination issues in real time before users see them.
    • Embedded Content Safety, which allows customers to embed Azure AI Content Safety on devices. This is important for on-device scenarios where cloud connectivity might be intermittent or unavailable.
    • New evaluations in Azure AI Studio to help customers assess the quality and relevancy of outputs and how often their AI application outputs protected material.
    • Protected Material Detection for Code is now in preview in Azure AI Content Safety to help detect pre-existing content and code. This feature helps developers explore public source code in GitHub repositories, fostering collaboration and transparency, while enabling more informed coding decisions.

    It’s amazing to see how customers across industries are already using Microsoft solutions to build more secure and trustworthy AI applications. For example, Unity, a platform for 3D games, used Microsoft Azure OpenAI Service to build Muse Chat, an AI assistant that makes game development easier. Muse Chat uses content-filtering models in Azure AI Content Safety to ensure responsible use of the software. Additionally, ASOS, a UK-based fashion retailer with nearly 900 brand partners, used the same built-in content filters in Azure AI Content Safety to support top-quality interactions through an AI app that helps customers find new looks.

    We’re seeing the impact in the education space too. New York City Public Schools partnered with Microsoft to develop a chat system that is safe and appropriate for the education context, which they are now piloting in schools. The South Australia Department for Education similarly brought generative AI into the classroom with EdChat, relying on the same infrastructure to ensure safe use for students and teachers.

    Privacy. Data is at the foundation of AI, and Microsoft’s priority is to help ensure customer data is protected and compliant through our long-standing privacy principles, which include user control, transparency and legal and regulatory protections. To build on this, today we’re announcing:

    • Confidential inferencing in preview in our Azure OpenAI Service Whisper model, so customers can develop generative AI applications that support verifiable end-to-end privacy. Confidential inferencing ensures that sensitive customer data remains secure and private during the inferencing process, which is when a trained AI model makes predictions or decisions based on new data. This is especially important for highly regulated industries, such as health care, financial services, retail, manufacturing and energy.
    • The general availability of Azure Confidential VMs with NVIDIA H100 Tensor Core GPUs, which allow customers to secure data directly on the GPU. This builds on our confidential computing solutions, which ensure customer data stays encrypted and protected in a secure environment so that no one gains access to the information or system without permission.
    • Azure OpenAI Data Zones for the EU and U.S. are coming soon and build on the existing data residency provided by Azure OpenAI Service by making it easier to manage the data processing and storage of generative AI applications. This new functionality offers customers the flexibility of scaling generative AI applications across all Azure regions within a geography, while giving them the control of data processing and storage within the EU or U.S.

    We’ve seen increasing customer interest in confidential computing and excitement for confidential GPUs, including from application security provider F5, which is using Azure Confidential VMs with NVIDIA H100 Tensor Core GPUs to build advanced AI-powered security solutions, while ensuring confidentiality of the data its models are analyzing. And multinational banking corporation Royal Bank of Canada (RBC) has integrated Azure confidential computing into their own platform to analyze encrypted data while preserving customer privacy. With the general availability of Azure Confidential VMs with NVIDIA H100 Tensor Core GPUs, RBC can now use these advanced AI tools to work more efficiently and develop more powerful AI models.

    Achieve more with Trustworthy AI 

    We all need and expect AI we can trust. We’ve seen what’s possible when people are empowered to use AI in a trusted way, from enriching employee experiences and reshaping business processes to reinventing customer engagement and reimagining our everyday lives. With new capabilities that improve security, safety and privacy, we continue to enable customers to use and build trustworthy AI solutions that help every person and organization on the planet achieve more. Ultimately, Trustworthy AI encompasses all that we do at Microsoft and it’s essential to our mission as we work to expand opportunity, earn trust, protect fundamental rights and advance sustainability across everything we do.

    Related:

    Commitments

    Capabilities

    Tags: AI, Azure AI Content Safety, Azure AI Studio, Azure Confidential Computing, Azure OpenAI Service, Copilot, GitHub, Microsoft 365, Microsoft Defender, Microsoft Purview, Microsoft Trust Center, Responsible AI, Secure Future Initiative, Trustworthy AI

    MIL OSI Economics –

  • MIL-OSI Economics: Summit of the Future: Robust anti-corruption measures critical to Pact’s success

    Source: Transparency International

    Pact for the Future missed broader threats but recognised the role of anti-corruption in financing sustainable development

    From September 22 to 23, the United Nations convened world leaders to determine how they will work together to achieve the Sustainable Development Goals and secure a better future for all humanity. The Summit adopted the joint Pact for the Future, in which member states committed to a series of actions. Corruption was not mentioned in the zero draft, but member states corrected this and it was ultimately included – though only as part of commitments under the action focused on financing. This does not sufficiently represent the impact of corruption across the Pact’s purposes. Nonetheless, Transparency International welcomes the inclusion of corruption in the discussion and the Pact, but calls on governments to more deeply integrate anti-corruption efforts.

    Maíra Martini, Head of Policy & Advocacy (Interim) at Transparency International, said:

    “We see time and again around the world how corruption and illicit financial flows stymie progress. At a time when humanity faces numerous challenges from climate change to violent conflict, world leaders have no time to waste in combating corruption. Transparency International commends the Summit of the Future for emphasising states’ responsibility to tackle our greatest issues. More specifically, we laud its acknowledgement that corruption and illicit financial flows rob essential resources that are needed for this development – but this is not enough.

    “The Pact for the Future does not sufficiently address the myriad ways corruption interferes with sustainable development. In particular it pays no heed to the pivotal role of transparency and accountability, nor to how corruption disrupts government’s effectiveness, impairs the equitable provision of services and erodes trust in institutions. Without due attention to these elements, progress is unlikely.

    “Member states must take corruption more deeply into account as they begin implementing the Pact’s commitments. Transparency International calls on them to consider the wide variety of corruption risks and take steps to mitigate them. In doing so, they must engage civil society, which with its expertise will play a central role in identifying liabilities and solutions, as well as conducting oversight to hold governments accountable.”

    Note to editors

    Ahead of the Summit, Transparency International urged leaders to meaningfully consider the role of corruption and the impact of failing to address it. Read more here: https://www.transparency.org/en/blog/corruption-must-take-centre-stage-summit-of-the-future

    MIL OSI Economics –

  • MIL-OSI Economics: OEUK news OEUK: GB Energy must build on Aberdeen’s industrial strengths 24 September 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK: GB Energy must build on Aberdeen’s industrial strengths

    24 September 2024

    Offshore Energies UK, the leading trade body welcomes the announcement that GB Energy will be located in Aberdeen. The city has been Europe’s energy capital for the last fifty years and with the right energy policies in place to back firms and their workers, it can continue to spearhead the UK’s homegrown energy transition. 

    OEUK says listening to industry’s experts and building partnerships will be key to determining GB Energy’s success. The UK’s transition to cleaner energy is not only the biggest engineering project the UK has seen since the Second World War. It is also the biggest financial undertaking.

    The government’s Office for Budgetary Responsibility (OBR) says net zero will cost the UK £1.4 trillion, and that the lion’s share must come from business.  

    The new government now needs partnerships with industry to put plans into action, unlock investment and kickstart economic growth.  

    While welcoming the announcement, OEUK reinforced its continued concerns over plans by the UK government to increase and extend the Energy Profits Levy.

    OEUK and its members work closely with policymakers of all parties to champion the UK’s energy security and low carbon future.

    David Whitehouse, CEO Offshore Energies UK comments: 

    “Aberdeen is an energy powerhouse and home to brilliant British engineering. It must and should be part of the UK’s energy future. The people of this city are rightly proud of their energy heritage and it’s imperative GB Energy helps to safeguard their jobs and build on their world class expertise to benefit the whole UK.  

    “Where GB Energy is located is important but what really matters is what is does. Success will be built on partnerships with industry unlocking the private sector investment needed to achieve the homegrown energy transition and economic growth we all want. This means listening to expert people across our sector, backing our supply chains and safeguarding the jobs of thousands of skilled workers across the UK.  

    “But I remain concerned the new government’s tax changes will have profound consequences for this sector and its people. The new government committed to safeguarding jobs in its manifesto and must listen to those working in the sector. Today’s announcement is welcomed, but it will do little to alleviate the very real concerns of the impact the government’s tax proposals will have on thousands of jobs and billions of pounds in future economic value.

    “I am asking the government to choose a homegrown energy transition that makes the most of our people and businesses. The alternative is importing ever more energy, skills and infrastructure and subtracting value from our economy.” 

    Ends.

    OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.

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  • MIL-OSI Economics: 3 imagery updates to Google Earth and Maps

    Source: Google

    Our world is in constant motion. Cities expand, landscapes evolve and the climate continues to reshape our globe. To help people visualize these changes and learn more about the world around them, we’re announcing new updates to Google Earth and Street View.

    Travel back in time with Earth — and plan projects more efficiently

    Maybe you want to travel back in time and see what your neighborhood looked like decades ago. Or you want to understand how forests have been affected by human activity and the changing climate. All of this will soon be possible thanks to our new historical imagery in Google Earth on web and mobile, which makes it easy to explore our library of satellite and aerial imagery — some of which goes as far back as 80 years.

    When exploring, you’ll see a sharp contrast in how geography has evolved in many places. Take this 2018 image of Lake Oroville, a reservoir in northern California that saw significant water reduction after multi-year droughts. Compare that with its 2023 image, which shows how a series of rains gradually filled the reservoir back to maximum capacity — providing water storage, electricity from power generation and a space for water activities, like swimming and kayaking. Historical imagery allows you to follow the lake’s evolution in striking detail.

    Lake Oroville experienced dire levels of water reduction (2018). By 2023, a series of rains gradually filled the reservoir back to maximum capacity.

    Historical imagery can also show dramatic changes over longer periods of time. In places like London, Berlin, Warsaw and Paris, you can even explore imagery from as far back as the 1930s. For example, below is a black-and-white photo of San Francisco in 1938, taken by Oakland Airport pilots. During this period, you can see that ports were mainly used for shipping and industry — compared to the 2022 image, where you see the piers dotted with restaurants and cruise ships docked in the harbor. Want to browse even more of the world’s changes? Check out Timelapse in Google Earth, an interactive experience built from millions of satellite images showing a stunning visualization of how our planet is changing over time.

    San Francisco in 1938, compared to San Francisco in 2022. Available in Google Earth historical imagery.

    In addition to helping you browse Earth’s changes, we’re also making it easier for researchers and organizations to use Google Earth for projects, like creating custom maps. Soon we’ll start showing projects right from a newly designed home screen in Google Earth, making it even easier to collaborate with your teams. You can learn more about these updates on our developer blog.

    Expanding Street View imagery in nearly 80 countries

    While Google Earth has a vast repository of satellite and aerial imagery, Street View displays over 280 billion images collected from our Street View cars and trekkers. With Street View, you can virtually explore every continent right from your living room — and even places like the Great Barrier Reef and the International Space Station. Now, we’re launching one of the biggest updates to Street View yet, with new imagery in almost 80 countries — some of which will have Street View imagery for the very first time.

    You’ll be able to explore the picturesque countryside of Bosnia and its medieval villages, the sandy mountains surrounding the capital of Namibia, the alps and castles of Liechtenstein and the beautiful rivers of Paraguay. You can even virtually wander the streets of foreign cities to see shops and buildings up close.

    Street View imagery taken from the bridge overlooking Diamond Beach in southeast Iceland, where icebergs float in the water.

    Keep an eye out for updated Street View images from around the world, in countries like Australia, Argentina, Brazil, Costa Rica, Denmark, France, Iceland, Japan, Mexico, New Zealand, Philippines, Rwanda, Serbia, Spain, South Africa, Switzerland, Uruguay and many more. And our newest camera — just 15 pounds and mountable on any car — will make it easier for us to bring Street View to even more places in the future. As our planet changes, this updated imagery helps keep the map fresh for people everywhere.

    Here are just a few Street View images we captured this year:

    • Street View image of Disappointment Bay, Tasmania

    • Street View image of Fukue Island, Japan

    • Street View image of Logstor, Denmark

    • Street View image of Skane county, Denmark

    • Street View image of Quai d’Honneur, France

    • Street View image of Mokau, New Zealand

    • Street View image of Tasman, New Zealand

    • Street View image of Rio de Janeiro, Brazil

    • Street View image of Oaxaca, Mexico

    Sharpening imagery with new AI models

    In addition to making imagery available in more places, we’re sharpening satellite imagery across Google Earth and Maps. Starting this week, you’ll see a brighter, more vibrant globe made possible thanks to our cloud-removal technology. We’ve used our Cloud Score+ AI model, trained on millions of images, to recognize and remove things like clouds, cloud shadows, haze and mist. At the same time, this model keeps real-world weather patterns — like ice, snow and mountain shadows — visible on the map. The result is a refreshed global mosaic that gives you a clearer, more accurate look at Earth.

    Egypt’s Toshka Lakes, recently formed in the Sahara Desert from Lake Nasser overflow. Composite image enhanced with Cloud Score+ .

    These updates help us understand our planet’s past and present, while also offering an expanded, more beautiful view of our world.

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    MIL OSI Economics –

  • MIL-OSI Economics: Regional Symposium and Policy Dialogue on Transforming Education

    Source: Caribbean Development Bank

    The Regional Symposium and Policy Dialogue on Transforming Education will take place from 2-4 October 2024 at the Ritz-Carlton Hotel, Cayman Islands.

    Hosted by the Caribbean Development Bank (CDB) in collaboration with the Caribbean Community (CARICOM), the Organisation of Eastern Caribbean States (OECS) Commission, UNESCO, and UNICEF, this event will bring together over 150 regional leaders, educators, and policymakers for thought-provoking discussions, expert presentations, and collaborative sessions aimed at addressing the most pressing challenges facing the Caribbean education sector.

    Held under the theme “Understanding, Leveraging, and Unlocking Our Full Potential”, the symposium will focus on leadership transformation, revamping teaching and learning methods, and expanding access to quality education. Key areas of focus are:

    1. Inclusive, equitable, safe, and healthy schools
    2. Learning and skills for life, work, and sustainable development
    3. Teachers and the teaching profession
    4. Digital learning and transformation
    5. Financing education

    The agenda will explore decolonising education, AI in education, building a culture of social and emotional learning, and the role of education in creating healthier societies, as well as other pressing issues impacting regional education systems.

    Regional leaders will use these discussions to develop the Agenda for Action, a consensus-driven roadmap for transforming education across the Caribbean.

    MIL OSI Economics –