NewzIntel.com

Category: Economics

  • MIL-OSI Economics: Microsoft launches new European security initiative

    Source: Microsoft

    Headline: Microsoft launches new European security initiative

    As AI and digital technologies advance, the European cyber threat landscape continues to evolve, presenting new challenges that require stronger partnerships and enhanced solutions. Ransomware groups and state-sponsored actors from Russia, China, Iran, and North Korea continue to grow in scope and sophistication, and European cyber protection cannot afford to stand still.

    That is why, today, in Berlin, we are announcing a new Microsoft initiative to expand our longstanding work to help defend Europe’s cybersecurity. Implementing one of the five European Digital Commitments I shared in Brussels five weeks ago, we are launching a new European Security Program that adds to the company’s longstanding global Government Security Program.

    This new program expands the geographic reach of our existing work and adds new elements that will become critical to Europe’s protection. It puts AI at the center of our work as a tool to protect traditional cybersecurity needs and strengthens our protection of digital and AI infrastructure.

    We are launching the European Security Program with three new elements:

    • Increasing AI-based threat intelligence sharing with European governments;
    • Making additional investments to strengthen cybersecurity capacity and resilience; and
    • Expanding our partnerships to disrupt cyberattacks and dismantle the networks cybercriminals use.

    We are making this program available to European governments, free of charge, including all 27 European Union (EU) member states, as well as EU accession countries, members of the European Free Trade Association (EFTA), the UK, Monaco, and the Vatican.

    Together, these efforts reflect Microsoft’s long-term commitment to defending Europe’s digital ecosystem—ensuring that, no matter how the threat landscape evolves, we will remain a trusted and steadfast partner to Europe in securing its digital future.

    The need for new steps – the current threat environment

    Microsoft continues to observe persistent threat activity targeting European networks from nation state actors, with Russian and Chinese activity being particularly prolific in Europe. Unsurprisingly, Russia continues to be especially focused on targets in Ukraine and European nations providing support to Ukraine. Nation-state actors, including those engaging in malicious activity from Iran and North Korea, are predominantly pursuing espionage objectives in Europe through credential theft or the exploitation of vulnerabilities to gain access to corporate and government networks. Several campaigns, including those from China, have also targeted academic institutions, compromising accounts to access sensitive research data or conduct geopolitical espionage against think tanks. Cybercriminals continue to develop Ransomware-as-a-Service beyond nation-state threats. We have seen the emergence of illicit websites rapidly gaining followings by leaking ransomware insights to be used by criminal groups to conduct attacks across Europe.

    The rise of AI is also augmenting and evolving threat actor behavior. Microsoft has observed AI use by threat actors for reconnaissance, vulnerability research, translation, LLM-refined operational command techniques, resource development, scripting techniques, detection evasion, social engineering, and brute force attacks. This is why Microsoft now tracks any malicious use of new AI models we release and proactively prevents known threat actors from using our AI products. This also underscores the importance of secure development and rigorous testing of AI models, leveraging AI to benefit cyber defenders, and close public-private partnerships to share the latest insights about AI and cybersecurity.

    Increasing AI-based threat intelligence sharing with governments

    Microsoft’s Government Security Program (GSP) has long provided governments with confidential security information and resources to help them better understand our products and the evolving threat landscape, particularly threats from nation-state actors. Building on existing efforts, our new European Security Program will increase the flow and expand access to actionable threat intelligence to European governments. Tailored to discrete national threat environments using AI insights, and delivered, when possible, in real time, this program is designed to help governments stay ahead of advancing cyber threats through:

    • Leveraging threat intelligence insights – Microsoft tracks the most sophisticated nation-state cyber activity, offering timely insights into evolving global threats. We use AI to support our analysis, which has improved our visibility and accelerated our ability to share the latest intelligence on the tactics, techniques, and procedures used by advanced persistent threat actors, including the malicious use of AI. By providing more information and faster, Microsoft will help European governments strengthen their cyber resilience and enable proactive defense.
    • Expanding cybercrime reporting – The Microsoft Digital Crimes Unit (DCU) plays a critical role in detecting and disrupting global cybercriminal infrastructure, generating invaluable real-time intelligence in the process. As part of this new effort, we are expanding the availability of this intelligence to trusted European partners to support rapid response and coordinated enforcement action through the Cybercrime Threat Intelligence Program (CTIP).
    • Providing foreign influence operations updates – The Microsoft Threat Analysis Center (MTAC) continues to monitor influence operations in Europe, which are increasingly using AI to mislead and deceive with deepfake synthetic media. MTAC also uses AI to look for commonalities across operations and will provide regular intelligence briefings on foreign influence, offering timely insights into the tactics, narratives, and digital platforms leveraged by state-affiliated actors. These briefings help policymakers and security stakeholders stay ahead of evolving disinformation campaigns and hybrid threats targeting democratic institutions and public trust.
    • Identifying vulnerabilities and prioritizing security communications – Microsoft is committed to proactive and transparent security communications, particularly in the face of emerging threats and evolving vulnerabilities. We provide customers with timely, actionable intelligence through structured programs such as the Threat Microsoft Security Update Guide, Vulnerability Reporting process, and Microsoft Defender Vulnerability Management. As part of this expanded commitment, we will offer prioritized notice of security communications, including vulnerability remediation guidance to our European Security Program partners, helping to enhance situational awareness and enabling faster responses.

    Participating governments will have a dedicated Microsoft point of contact to coordinate responses and escalate concerns. These efforts are designed to improve situational awareness and to support faster, more coordinated action across borders.

    Making additional investments to strengthen cybersecurity capacity and resilience

    Digital resilience—the ability to anticipate, withstand, recover from, and adapt to cyber threats and disruptions—requires more than technology. It requires investment in people, institutions, and partnerships. As part of the European Security Program, we are investing additional resources to further our work with European governments, civil society, and innovators to strengthen local capabilities and build long-term resilience. Highlights include:

    • Strengthening public-private collaboration – Microsoft has launched a new pilot program with Europol’s European Cybercrime Centre (EC3), embedding Microsoft Digital Crimes Unit (DCU) investigators at EC3 headquarters in The Hague to enhance intelligence sharing and operational coordination. Through this enhanced collaboration, we will enable joint investigations, identify faster threat identification, and be better positioned to disrupt cybercriminal activity targeting European institutions and citizens more effectively.
    • Supporting civil society and defending against ransomware – Microsoft has renewed our three-year partnership with the CyberPeace Institute to support NGOs and to promote accountability for bad actors, including nearly 100 Microsoft employees volunteering their time and expertise to help defend the most vulnerable in cyberspace. We will continue to support the Institute’s efforts to trace ransomware origins, identify safe havens, and uncover potential links to nation-state actors.
    • Expanding cybersecurity support to the Western Balkans – Through a new collaboration with the Western Balkans Cyber Capacity Centre (WB3C), Microsoft will scale cybersecurity in a region where malicious actors have long sought to destabilize countries bordering the EU. Microsoft stands firmly in defense of Ukraine and is now extending that commitment with WB3C to help scale cybersecurity capabilities in a geopolitically sensitive and digitally under-resourced region, aligning with broader European cybersecurity priorities.
    • Advancing AI security and innovation – Microsoft is investing additional resources to support research, expand the cybersecurity talent pipeline, and test advanced AI-assisted security tools in real-world environments using Microsoft’s security stack and Azure and Copilot capabilities. We’re working with the UK’s Laboratory for AI Security Research (LASR), a public-private partnership established to advance AI security in support of UK’s national security and economic prosperity. Together, we’re launching a joint research program focused on AI-cybersecurity challenges with a focus on critical infrastructure and agentic AI security, with an initial investment from Microsoft and research-collaboration between LASR and Microsoft Security Research Center.
    • Securing open-source innovation – Through the recently launched GitHub Secure Open Source Fund, we will support open-source projects that underpin the digital supply chain, catalyze innovation, and are critical to the AI stack. By raising the security posture for European projects such as Log4J and Scancode, which are critical to the IT systems of governments and companies across the continent, the program aims to reduce future security vulnerabilities. Ensuring these tools can continuously withstand and sustainably defend against sophisticated cyber threats is essential to strengthening cyber resilience.

    These new and enhanced initiatives reflect our belief that cybersecurity is a collective endeavor—and that Europe’s digital resilience must be built from the ground up.

    Expanding partnerships to disrupt cyberattacks and dismantle cybercriminal networks

    Finally, as part of our European Security Program we are expanding our partnerships with law enforcement and regional actors to proactively identify new and innovative ways to disrupt malicious and criminal activity.

    For instance, last month, Microsoft’s Digital Crimes Unit (DCU) worked with Europol and others to take down Lumma, a prolific infostealer malware used to steal passwords, financial data, and crypto wallets. In just two months, Lumma infected nearly 400,000 devices globally, many of them in Europe. The operation seized or blocked over 2,300 command-and-control domains. Off the back of this action, we are working with Europol to identify new opportunities to continue to meaningfully disrupt and deter cybercrime.

    Lumma-infected devices by country in Europe

    To accelerate future takedowns, we also launched the Statutory Automated Disruption (SAD) Program in April 2025. This initiative automates legal abuse notifications to hosting providers, enabling faster removal of malicious domains and IP addresses. Focused initially on Europe and the U.S., SAD raises the cost of doing business for cybercriminals and makes it harder for them to operate at scale.

    In addition, we’re working with local internet service providers to help remediate affected users and ensure governments have greater visibility into emerging threats.

    The DCU has long played a leading role in proactively combating cyber threats, including those originating from nation-state actors. Since 2016, Microsoft has filed seven legal actions to spotlight and disrupt nation-state threat actors from countries such as Russia, China, Iran, and North Korea, which we refer to internally by the weather-themed names Blizzard, Typhoon, Sandstorm, and Sleet, respectively. Most recently, in September 2024, Microsoft initiated a disruption action against the Russian actor Star Blizzard, mentioned above, known for hacking political targets surrounding UK’s 2022 elections and targeting NATO countries to advance its geopolitical interests involving Ukraine. Microsoft exposed the Russian actors and directly seized over 140 malicious domains in total, substantially blunting ongoing campaigns and forcing Star Blizzard to significantly alter its attack methods to other platforms, which Microsoft Threat Intelligence thereafter publicly exposed in a security blog. We will continue to act against those seeking to harm customers, governments, and individual users. These efforts are part of our broader strategy to partner with law enforcement across Europe. We are already working on coordinated disruptions to protect the digital ecosystem, and we stand ready to provide robust incident response services during crises, ensuring our partners and customers are never alone in the face of cyber adversity.

    We also believe that deterrence is a critical pillar of modern cybersecurity. The EU’s Cyber Diplomacy Toolbox plays a vital role in this effort, helping to coordinate crisis response and send a clear message that malicious activity will not go unanswered—legally, operationally, or reputationally.

    Taken together, operations like the Lumma disruption, the launch of SAD, and future coordinated disruptions are helping to prevent cybercriminals and state actors from establishing malicious infrastructure in Europe.

    * * *

    At Microsoft, our commitment to Europe is deep, enduring, and unwavering. We believe that Europe’s digital future is one of the most important opportunities of our time—and protecting that future is a responsibility we share. We will stand shoulder to shoulder with European governments, institutions, and communities to defend against threats, build capacity, and strengthen resilience. We are proud to be a trusted partner to Europe, and we will continue to work every day to earn trust through transparency, collaboration, and a steadfast commitment to protecting what matters most.

    Tags: Brad Smith, cybersecurity, Digital commitments, Europe

    MIL OSI Economics –

  • MIL-OSI Economics: How AI can support better customer experiences

    Source: Microsoft

    Headline: How AI can support better customer experiences

    CRM systems have come a long way since their inception in the 1990s. What began as digital rolodexes evolved over the decades to accommodate cloud hosting, mobile access, and integrations across an organization’s tech stack. But for many businesses, the core experience of using a CRM system hasn’t kept pace with the evolving expectations of modern customers, or the realities of the people managing those relationships.

    Legacy CRM systems often rely heavily on manual data entry. They’re difficult to adapt as businesses grow and are frequently designed more for reporting than for allowing sellers, marketers, and service teams to succeed in real time. While this might have sufficed when field reps had hours between customer visits or when service agents had time to type up detailed call notes, those conditions no longer exist.

    Discover a new AI-powered CRM solution with Dynamics 365 Sales

    Today’s customers do their homework. They research independently, engage across multiple digital channels, and expect seamless, personalized experiences. Meanwhile, customer-facing teams need tools that work in the flow of their day, not ones that add friction. Companies trying to meet these demands with yesterday’s systems are feeling the strain.

    With Microsoft Dynamics 365, organizations are embracing a modern, AI-first approach that redefines productivity and customer engagement. Embedded Microsoft Copilot capabilities help sellers and customer service agents work smarter by generating content, surfacing insights, and summarizing customer interactions.

    AI agents take this a step further, automating repetitive tasks and allowing teams to focus on what truly matters—building relationships and closing deals. In the near future, legacy CRM systems will become background systems, while AI-powered workflows will take center stage.

    Together, copilots and agents can accelerate your business outcomes. For example, imagine a sales rep preparing for a big client meeting. Copilot can pull together a summary of recent customer interactions, generate a tailored pitch based on account details, and suggest case studies that may be relevant to the customer. Meanwhile, an AI agent is working in the background, logging customer inquiries, triggering follow-up tasks, and updating the sales pipeline based on real-time interactions.

    Common CRM system challenges, and how an AI-first approach solves them

    Microsoft has worked with hundreds of companies navigating CRM system modernization, and while each journey is unique, several pain points come up time and again. Here’s a look at the most common challenges, and how organizations are overcoming them with Dynamics 365.

    The challenge: Disparate systems and data silos

    Legacy CRM systems often sit apart from the tools employees use every day. Sales leaders have to jump between systems to get a full view of the customer, resulting in time lost, inconsistent data, and disconnected experiences for both employees and customers.

    The solution: A unified platform

    Dynamics 365 provides a unified platform across sales, marketing, and service. It brings together internal and external data in one place through Microsoft Dataverse and connects with the Microsoft tools people already rely on, like Microsoft Teams, Outlook, and Microsoft Power BI. That means relevant insights are available in the flow of work and updates happen in real time, which can reduce manual effort and improve accuracy.

    The challenge: Lack of innovation

    Many organizations are trying to retrofit AI into systems that weren’t built for it. As a result, they miss out on the true potential of AI to personalize engagement, suggest next steps, and automate time-consuming work.

    The solution: AI integration

    Dynamics 365 is built with AI at its core. With embedded Copilot capabilities, sellers can draft emails, generate proposals, and summarize meetings based on real-time customer data. AI agents go even further by handling complete workflows, like qualifying leads or following up on customer inquiries. With tools like Sales Agent, Sales Chat, and Sales Qualification Agent, sales teams can scale their impact and focus on high-value interactions.

    The challenge: High total cost of ownership

    Legacy CRM systems often require costly add-ons, third-party integrations, and ongoing maintenance. The systems that once seemed quick to deploy become difficult to scale or adapt and drain resources instead of delivering value.

    The solution: Business value through consolidation

    Dynamics 365 consolidates capabilities on a single platform, reducing redundancy and unlocking efficiencies. Since it uses tools that many companies already use—like Microsoft 365, Microsoft Azure, and Power BI—organizations can get more from their existing investments.

    ABN AMRO, one of the largest banks in the Netherlands, embraced Microsoft Dynamics 365 Customer Service and Microsoft Dynamics 365 Sales and has lowered total cost of ownership for its customer engagement platform by up to 40%.

    Real-world results: What an AI-first CRM system looks like in action

    Companies that have made the leap to Dynamics 365 are already seeing measurable impact, including shortened sales cycles, improved responsiveness, and greater customer satisfaction.

    For instance, Lenovo, a global leader in technology solutions, used Dynamics 365 to build a unified global view of customer activity and power its digital sales transformation.

    “We’re seeing the benefit of having one standardized system and a global view to all geographies’ activities. This is the foundation for Lenovo’s sales digital transformation—enabling better connections and an increase in sales productivity and actionable insights.”

    Wei Bi, Business Strategy Senior Manager, Lenovo

    Lexmark, a global innovator in cloud-supported printing and internet of things (IoT) solutions, migrated from Salesforce to Dynamics 365 to streamline and modernize its sales operations.

    “We’ve been on the journey with Microsoft after moving from Salesforce to Dynamics 365 Sales. We’re excited to be one of the first customers to use Sales Qualification Agent and look forward to the ability to scale our sales team with agents and provide an exceptional experience to our customers.”

    Kyle Farmer, Vice President, Global Sales and Strategy, Lexmark

    Gardens Alive replaced its legacy CRM system with Dynamics 365 Customer Service, integrating voice, chat, and email channels through third-party connectors and unified routing. The result was a more than 7% improvement in customer service delivery.

    And the momentum continues. In our Fiscal Year 2025 Third Quarter Earnings, Satya Nadella stated: “When it comes to business applications, Dynamics 365 again took share as companies like Avaya, Brunswick, SoftCat, switched to (Dynamics 365) from legacy providers. Verizon, for example, chose Dynamics 365 Sales to improve the efficiency of its sellers”.

    More than a CRM system, Microsoft is a strategic resource in your transformation journey

    For CROs and CSOs, the decision to modernize CRM systems is about more than upgrading technology. It’s about unlocking new potential. Companies want more than just a vendor; they’re looking for a strategic partner to help them navigate change, scale intelligently, and lead with data and empathy.

    With Dynamics 365, Microsoft brings not only a powerful AI-first platform, but also a global ecosystem of expertise in sales, engineering, and business transformation. The result? A CRM system that’s intuitive, connected, and future-ready, so companies can deliver standout customer experiences and drive sustainable growth. 

    Ready to explore your own AI-first CRM system journey?

    Take a guided tour, see a demo, or start a free trial.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Secretary-General of OECD

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Secretary-General of OECD, Mathias Cormann, at the sidelines of the OECD Headquarters in Paris, France, on 4 June 2025. Their discussions explored opportunities to deepen ASEAN-OECD engagement and align OECD’s support with the ASEAN Community Vision 2045.

    The post Secretary-General of ASEAN meets with the Secretary-General of OECD appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Permanent Representative of Malaysia to the World Trade Organization (WTO)

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Permanent Representative of Malaysia to the World Trade Organization (WTO), H.E. Syahril Syazli Ghazali, at the OECD Headquarters, in Paris, France, on 4 June 2025. SG Dr. Kao congratulated Malaysia on the success of the recently-concluded 46th ASEAN Summit and Related Summits, in Kuala Lumpur, Malaysia, as well as underscored ASEAN’s commitment to upholding an open, transparent, rules-based multilateral trading system based on the WTO.

    The post Secretary-General of ASEAN meets with Permanent Representative of Malaysia to the World Trade Organization (WTO) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: IGNITE 2025: How Samsung’s Internship Programme Became a Launchpad for India’s Brightest Young Minds

    Source: Samsung

     
    One name that consistently rises to the top when it comes to career aspirations of some of India’s brightest minds is Samsung.
     
    This summer, as the IGNITE Internship 2025 drew to a close, a new generation of change makers walked out of Samsung’s offices with more than just project experience. They left with the spark of transformation in their hearts — a fire ignited by an immersive journey that redefined the way they saw themselves, their careers, and the world of innovation.
     
    These were not just interns. They were explorers. Listeners. Builders. Dreamers.
     
    Where Potential Met Purpose
    “I was a different person two months ago,” says Shanya Goyal from NMIMS Mumbai, reflecting on her journey. “As a fresher, getting firsthand insight into market dynamics and witnessing how Samsung uniquely caters to every Indian — from premium 8K TVs to flagship smartphones — was eye-opening. It’s not just a tech brand; it’s a brand that speaks the language of India.”
     
    Her words echo the experiences of many others who entered Samsung as students and emerged as future leaders.
     
    From Market Floors to Boardrooms: A Real-World MBA
    Samsung’s internship programme is not about presentations. It’s about plunging into the real world, understanding consumer behavior, navigating markets, and learning to lead from the ground up.
     
    For Nenavathu Divya from IIM Indore, the internship was anything but routine. “From day one, I was out in the field, discovering market insights, dodging Gurgaon traffic, and even unearthing the best street food spots on market duty! But what truly inspired me were the stories from Samsung leaders — people who began their journey as field executives and are now leading national teams. Their grit and growth mindset made me believe no role is ever too small.”
     
    Building the Future, Together
    Interns didn’t just learn from their managers; they belonged to their teams. For Ashmi Jain from IIM Ahmedabad, the Samsung experience was a testament to how culture and collaboration go hand in hand.
     
    “These two months have been unforgettable. The support I received from my mentors and teammates helped me push past my own limits. This wasn’t just a summer internship — it felt like joining a family.”
     
    And it wasn’t just about learning the ‘what’ — it was about understanding the ‘why.’ Whether in sales, marketing, or HR, interns saw firsthand what makes Samsung tick.
     
    “I interned with the People team,” says Garvika Agarwal from XLRI Jamshedpur. “It gave me real exposure to HR operations at scale. The warmth, mentorship, and real-world complexity helped me grow not just as a student of business, but as a professional ready to contribute from day one.”
     
    A Mentorship Model Like No Other
    At the heart of IGNITE lies Samsung’s belief: great mentorship changes lives.
     
    Every intern had direct access to leaders who didn’t just supervise — they coached, encouraged, and empowered. Whether it was one-on-one check-ins, leadership stories, or project reviews, each moment was a masterclass in excellence, empathy, and execution.
     
    And as the programme ends, one thing is clear — the real success of IGNITE isn’t measured by deliverables or deck submissions. It’s measured by confidence built, curiosity sparked, and careers kickstarted.
     
     
    A Legacy of Learning. A Future of Possibilities.
    As the IGNITE 2025 cohort turns the page to their next chapter, they carry with them not just the Samsung name on their resume, but the Samsung philosophy in their hearts: to do what can’t be done.
     
    Because when you work with a brand that dares to push boundaries, you begin to believe that you can, too.
     
    And that’s the true power of an internship at Samsung — it doesn’t just prepare you for the future. It transforms you into someone who’s ready to create it.

    MIL OSI Economics –

  • MIL-OSI Economics: Plastic-Free Living: Small Changes, Big Impact

    Source: Samsung

    On this year’s World Environment Day, we’re focusing on one of the most pressing environmental challenges: plastic pollution. While reducing plastic use may seem daunting, small changes in our daily routines can make a significant impact.
    At Samsung, sustainability isn’t just a buzzword – since 2009, we’ve reused over 567,000 tons of recycled plastics globally in our products, surpassing our 2030 goal of 500,000 tons. Our latest flagship Galaxy Smartphones also include ocean-bound plastics in certain parts of their design and components, helping reduce what winds up in our shared waters.
    From switching to the Less Microfiber Filter on your Samsung appliances to opting for eco-conscious devices, here are four practical ways you can reduce plastic waste with Samsung.
    1. Extending the Life of Your Devices
    Repairing what’s broken before buying new is still one of the best things you can do if you want to reduce your impact on the planet. That’s especially true when it comes to plastic use, which is used in the production and packaging of almost everything we buy.
    Samsung’s Mobile eXperience (MX) Customer Care has been ranked #1 in the 2025 American Customer Satisfaction Index (ACSI) survey for customer satisfaction, service quality, and ease of arranging service. That means Samsung’s customers can make their phones and tablets last longer in order to avoid buying new. After all, our devices are an investment, but so is our care for the planet.

    2. Explore Sustainable, Certified Re-Newed Options
    With mobile phones being an essential part of modern life, choosing sustainable options can create significant environmental impact. While keeping your current device longer is ideal, Samsung’s Certified Re-Newed program offers expertly refurbished phones when an upgrade is needed. The selection now includes the sleek, powerful Galaxy S24 series, so you can keep up with the latest tech. Plus, the Galaxy S24 series was created using recycled materials. Not only has our engineering team come up with a way to use recycled plastic fishing net material in Galaxy devices’ construction, but there are certain other recycled plastics, glass, and aluminum applied to internal and external components.

    The Galaxy S25 takes this further, recently winning the 2025 ReMA Design for Recycling ® Award from the Recycled Materials Association. Its packaging is 100% recycled paper, completely eliminating single-use plastics. The phone also features recycled cobalt through Samsung’s innovative Circular Battery Supply Chain.1
    This World Environment Day, we’re here to help you trade-in and trade-up. Visit Samsung.com to save $300 toward your purchase of a Certified Re-Newed device when you trade in select and eligible devices.2
    3. Transform Your Laundry Routine
    Every load of laundry can contribute to plastic pollution through microfiber release. Samsung’s Bespoke Al Laundry Vented Combo addresses this with its Less Microfiber cycle setting, reducing microfiber release by 39% – helping prevent these plastic particles from entering our oceans3. The Less Microfiber Filter takes this a step further, preventing up to 98%4 of microplastics released during laundry from escaping into the sea – which is equivalent to eight 500ml plastic bottles per year when used four times a week.

    4. Make the Switch to Eco-Conscious Technology
    Here at Samsung, we’re taking our own steps where we can: our Solar Cell Remote, which was developed to combat the environmental impact of discarding used batteries, is made with 24% recycled plastic. This rechargeable remote control also features a solar panel (solar cell) that can be charged by sunlight or indoor lighting, or USB-C cable.

    We’re also cutting plastic packaging out for cell phones completely by the end of this year. Choosing the right technology can help reduce plastic waste without sacrificing performance or convenience – there’s still a long way to go, but every little bit along the way helps.
    For more ways to reduce plastic use and beyond, follow us on Instagram, Facebook, and YouTube and download SmartThings Energy to make the most sustainable use out of your appliances and devices.
    Visit Samsung.com for more on sustainability at Samsung.

    MIL OSI Economics –

  • MIL-OSI Economics: ​Bundeswehr and Lufthansa Group agree on partnership for the Heimatschutz​

    Source: Lufthansa Group

    The Landeskommando Hessen of the Bundeswehr and the Lufthansa Group have agreed on a partnership for reserve duty. The Lufthansa Group supports employees who decide to volunteer for the Heimatschutz – including by granting them time off for training and further education, as well as for possible deployments. With this partnership, the Lufthansa Group draws attention to the integral role of volunteers in the Heimatschutz and enables its employees to actively contribute to the security and protection of society.

    On June 4, Michael Niggemann, member of the Executive Board of Deutsche Lufthansa AG and responsible for Human Resources & Legal Affairs, accepted the partnership certificate from Brigadier General Holger Radmann. In his role as Labor Director, he says: 

    “We are looking forward to actively contributing to Germany’s security architecture as a new partner for Heimatschutz. In view of the current security policy situation and the often cited ‘Zeitenwende’, it is particularly important to us to sensitize our employees to the importance of the Heimatschutz.” 

    The Lufthansa Group informs its employees specifically about the new offer and works closely with the Landeskommando Hessen to ensure the best possible preparation and integration into the reserve service. The offer is open to all Lufthansa Group employees with a German passport. Whether leave of absence can be granted will be examined on a case-by-case basis. Due to the large number of Lufthansa Group employees in the Rhine-Main region, the Heimatschutzregiment 5 in Hesse in particular will be supported. This means that the Lufthansa Group joins around 250 employers in Hesse who are already partners for the Heimatschutz. 2,400 volunteers from Hesse have already signed up for the Heimatschutzregiment 5 in Hesse. Their tasks include protecting critical infrastructure, securing transport routes and providing regional assistance in disaster situations. 

    MIL OSI Economics –

  • MIL-OSI Economics: OEUK news OEUK Conference 2025: Speakers announced! 4 June 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK Conference 2025: Speakers announced!

    4 June 2025

    Accessibility Statement

    • oeuk.org.uk
    • 4 June 2025

    Compliance status

    We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.

    To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.

    This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.

    Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.

    If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email [email protected]

    Screen-reader and keyboard navigation

    Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:

    1. Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.

      These adjustments are compatible with all popular screen readers, including JAWS and NVDA.

    2. Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside it.

      Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.

    Disability profiles supported in our website

    • Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
    • Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
    • Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
    • ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
    • Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
    • Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.

    Additional UI, design, and readability adjustments

    1. Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
    2. Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over seven different coloring options.
    3. Animations – person with epilepsy can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
    4. Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
    5. Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
    6. Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
    7. Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.

    Browser and assistive technology compatibility

    We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers).

    Notes, comments, and feedback

    Despite our very best efforts to allow anybody to adjust the website to their needs. There may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to [email protected]

    MIL OSI Economics –

  • MIL-OSI Economics: ECB reports on Bulgaria’s progress towards euro adoption

    Source: European Central Bank

    4 June 2025

    • ECB report assesses Bulgaria’s progress towards Economic and Monetary Union
    • Positive assessment with respect to possible euro adoption on 1 January 2026

    Bulgaria has made good progress towards economic convergence with the euro area since 2024, according to the Convergence Report of the European Central Bank (ECB) published today.

    “This positive assessment of convergence paves the way for Bulgaria to introduce the euro as of 1 January 2026 and become the 21st EU Member State to join the euro area,” said Philip R. Lane, Member of the ECB Executive Board. “I wish to congratulate Bulgaria on its tremendous dedication to making the adjustments needed.”

    According to the ECB’s assessment, Bulgaria is within the reference values of the convergence criteria and complies with the legal requirements. Having participated in the exchange rate mechanism (ERM II) and the banking union since 10 July 2020, Bulgaria has made another step towards European integration under challenging economic conditions. Achieving an environment that is conducive to sustainable convergence in Bulgaria requires stability-oriented economic policies and wide-ranging structural reforms. These policies are discussed in more detail in the report.

    As regards the price stability criterion, in April 2025, the 12-month average rate of HICP inflation in Bulgaria stood at 2.7%, i.e. just below the reference value of 2.8% (Chart 1). The reference value is based on the three best performing Member States in terms of price stability, i.e. Ireland (1.2%), Finland (1.3%) and Italy (1.4%), taking their average inflation over the past 12 months and adding 1.5 percentage points.

    Chart 1

    HICP inflation and reference value

    (annual percentage changes)

    Sources: European Commission (Eurostat) and ECB calculations.
    Notes: 12-month moving average rounded to one decimal.

    Regarding the fiscal criterion, Bulgaria has not been subject to an excessive deficit procedure since 2012. The country’s general government budget deficit stood at 3.0% of GDP in 2024, i.e. at the level of the 3% reference value (Chart 2). Its general government gross debt-to-GDP ratio stood at 24.1%, i.e. well below the 60% reference value, and it has been well below 60% of GDP for the past 20 years.

    Chart 2

    General government balance and debt

    (as a percentage of GDP)

    Sources: European System of Central Banks and European Commission (Eurostat).

    As regards the exchange rate criterion, the Bulgarian lev participated in ERM II in the two-year reference period from 20 May 2023 to 19 May 2025. Over the reference period, the lev did not exhibit any deviation from the central rate of 1.95583 levs per euro. Bulgaria has completed almost all of its ERM II post-entry commitments, but further progress is needed to address the outstanding shortcomings in the area of anti-money laundering and countering the financing of terrorism.

    Long-term interest rates in Bulgaria stood at 3.9%, on average, over the reference period from May 2024 to April 2025 and were therefore below the 5.1% reference value for the interest rate convergence criterion.

    As for the compatibility of national legislation, Bulgarian law is compatible with the Treaties and the Statute of the ESCB, as required under Article 131 of the Treaty.

    Today’s report was published following Bulgaria’s request, the next regular Convergence Report of the ECB will be published in 2026.

    For media queries, please contact Benoit Deeg, tel.: +49 172 1683704.

    Notes

    • European Commission Convergence Report 2025
    • Close cooperation established between ECB and Bulgaria
    • The Convergence Report of the ECB reviews the economic and legal convergence of non-euro area EU Member States with a derogation every second year or at the request of a specific country. It assesses the degree of sustainable economic convergence with the euro area, whether the national legislation is compatible with the EU legal framework, and whether the statutory requirements are fulfilled for the respective national central banks. Given its “opt-out” clause, Denmark is not covered by this assessment unless this is specifically requested by the country.
    • The cut-off date for the statistics included in this Convergence Report was 19 May 2025. The reference period for the price stability criterion and the long-term interest rate criterion is from May 2024 to April 2025. Forecasts are based on the European Commission’s Spring 2025 Economic Forecast and other information relevant to a forward-looking assessment of the sustainability of convergence.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales Unveils State-of-the-Art Inflight Entertainment & Services Lab at its Engineering Competence Centre in Bengaluru

    Source: Thales Group

    Headline: Thales Unveils State-of-the-Art Inflight Entertainment & Services Lab at its Engineering Competence Centre in Bengaluru

    • The new lab, dedicated to development of Inflight Entertainment (IFE) solutions and advanced tools for support and services to airlines, reinforces India’s strategic position as an innovation hub for Thales.
    • Our engineers at Thales in India will design, develop, and test innovative solutions to support the needs of Indian airlines and global customers.
    • Aligned with Aatmanirbhar Bharat vision, the facility will significantly contribute to localisation of R&D activities along with job creation in India.

    Thales today unveiled a state-of-the-art Inflight Entertainment (IFE) and Services lab at its Engineering Competence Centre (ECC) in Bengaluru. Aligned with the vision of ‘Aatmanirbhar Bharat’, this lab will serve as a hub for the design, development, and testing of next-generation IFE systems. The lab is equipped with advanced tools to support and serve airlines in India and around the world.

    The inauguration ceremony was held in the presence of Honourable Minister of Industries, Government of Karnataka, Shri MB Patil, Consul General of France in Bengaluru Mr Marc Lamy, executives from Air India, Indo-French Chamber of Commerce & Industry, along with Olivier Flous, Senior Vice President, Engineering and Digital Transformation, and Francois Colonna, Director Engineering Competence Centre, Bengaluru from Thales, among other dignitaries.

    Thales’s Engineering Competence Centre in Bengaluru is a key force driving the development of advanced aerospace and defence solutions. With the addition of the new IFE and Services lab, Thales is further expanding its R&D capabilities in India supporting the country’s journey to become a global innovation hub for civil aviation. This state-of-the-art facility replicates an aircraft equipped with an IFE system, allowing for comprehensive testing and an immersive customer experience review. The lab is a hub for software design, development, and rigorous testing crucial for secured aircraft data deployment, alongside meticulous hardware inspection and testing.

    Commenting on the inauguration, Hon’ble Minister Shri MB Patil said, “Today’s inauguration of Thales’s Inflight Entertainment and Services Lab at its Engineering Competence Centre reinforces Bengaluru’s position as a global innovation hub. It’s a testament to Karnataka’s robust aerospace and defence ecosystem. Thales’s footprint in India, particularly here in Bengaluru, is already substantial and has been contributing significantly towards the growth of aerospace, defence and cybersecurity & digital identity for years. Their Engineering Competence Centre has become an integral part of the local industry. Many congratulations to the Thales team for this significant milestone that will strengthen the aviation sector not just within Karnataka, but across the nation.”

    Mr Marc Lamy, Consul General of France in Bengaluru, said, “Thales is a name synonymous with French excellence, a global leader at the forefront of advanced technologies. The inauguration of this IFE (Inflight Entertainment) and services lab is a moment of immense pride, reflecting the vibrant spirit of innovation and partnership that defines both our nations, France and India. This perfectly embodies the spirit of the upcoming year 2026 designated by President Emmanuel Macron and Prime Minister Narendra Modi as the ‘Indo-French Year of Innovation’.”

    Olivier Flous, Senior Vice President, Engineering & Digital Transformation, Thales, said, “The inauguration of our new lab dedicated to Inflight Entertainment solutions and support and services for airlines marks a significant step towards enhancing both the passenger experience and operational efficiency of carriers. This new facility at our Engineering Competence Centre in Bengaluru underscores our commitment to the ‘Aatmanirbhar Bharat’ vision, developing future-ready aviation technologies in India, for India, and for the world. We look forward to continue leveraging our global technological expertise and India’s vast talent pool to foster a robust local civil aviation ecosystem.”

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.

    The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.

    Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.

    About Thales in India

    Present in India since 1953, Thales is headquartered in Noida and has other operational offices and sites spread across Delhi, Gurugram, Bengaluru and Mumbai, among others. Over 2200 employees are working with Thales and its joint ventures in India. Since the beginning, Thales has been playing an essential role in India’s growth story by sharing its technologies and expertise in Defence, Aerospace and Cyber & Digital sectors. Thales has two engineering competence centres in India – one in Noida focused on Cyber & Digital business, while the one in Bengaluru focuses on hardware, software and systems engineering capabilities for both the civil and defence sectors, serving global needs. Thales significantly contributes to the growth of India’s aviation sector. Thales provides avionics and IFE systems for many Indian civil aircraft. It also provides solutions to enhance airport security and is working on an advanced UTM system for drone operations. The Group has also established an MRO facility in Gurugram to provide comprehensive avionics maintenance and repair services to Indian airlines.

    MIL OSI Economics –

  • MIL-OSI Economics: China commits USD 600,000 to support WTO accession and least-developed countries

    Source: WTO

    Headline: China commits USD 600,000 to support WTO accession and least-developed countries

    The China Programme — launched in July 2011 under the WTO-led Aid for Trade initiative — aims to enable LDCs to better integrate into the global economy by strengthening their participation in WTO activities and helping those not yet members join the Organization. The signing ceremony was held on the side of a meeting of trade ministers hosted by Australia on the sidelines of the annual Ministerial Council Meeting of the Organisation for Economic Co-operation and Development (OECD). 
    The China Programme finances activities to support, among others:

    An internship programme at the WTO
    China Round Tables on WTO accessions
    Increasing participation of LDCs in WTO meetings
    South-South dialogue on LDCs and development
    Follow-up workshops to LDCs’ Trade Policy Reviews
    LDCs Experience Sharing Programme

    The Programme has also contributed to financing the participation of LDC government officials in WTO ministerial conferences.
    More information can be found here.
    DG Okonjo-Iweala said: “I warmly welcome the renewal of this programme, which stands as testimony to China’s commitment to facilitating the integration of LDCs into global trade. A substantial part of this programme goes to support LDCs and other economies in the process of acceding to the WTO, an important step in using trade to meet their economic and development objectives. China’s contribution in current challenging times is mostly welcome.”
    Minister Wang said: “In the past years, by continuously funding various activities of the China Programme, China has been taking every solid step to help developing members, especially the LDCs, better integrate into the multilateral trading system. Noticing the technical assistance resource constraints WTO is currently facing, China raises its contribution to the China Programme to USD 600,000, demonstrating its firm support to WTO capacity building activities for developing members especially the LDCs. In the future, China is willing to continue making contributions, better operate the China Programme together with the Secretariat, and implement the Global Development Initiative (GDI) with practical actions.”
    Each year, the WTO Secretariat and the government of China review the contents and consider the renewal of the Memorandum of Understanding on the China Programme.
    Since 2008, China has contributed just around USD 11 million (approximately CHF 9.0 million) to assist developing economy members and observers , especially LDCs, in integrating more fully into the multilateral trade system.

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    MIL OSI Economics –

  • MIL-OSI Economics: Euro area bank interest rate statistics: April 2025

    Source: European Central Bank

    4 June 2025

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in April 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 13 basis points to 3.54%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 27 basis points to 3.51%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years remained broadly unchanged at 3.54%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 3.90%.
    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 17 basis points to 2.15% in April 2025. The interest rate on overnight deposits from corporations fell by 7 basis points to 0.60%.
    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 5 basis points to 4.31%, driven by both the interest rate and the weight effects.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in April 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 8 basis points to 3.84%. The rate on housing loans with an initial rate fixation period of over one and up to five years stayed almost constant at 3.48%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 4 basis points to 3.32%, driven by both the interest rate and the weight effects. The rate on housing loans with an initial rate fixation period of over ten years fell by 7 basis points to 3.03%, mainly driven by the weight effect. In the same period the interest rate on new loans to households for consumption showed no change at 7.52%.
    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 13 basis points to 1.96%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.50%. The interest rate on overnight deposits from households remained broadly unchanged at 0.29%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for April 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Economics –

  • MIL-OSI Economics: WTO upgrades e-Learning platform to enhance user experience and learning outcomes

    Source: WTO

    Headline: WTO upgrades e-Learning platform to enhance user experience and learning outcomes

    This upgrade marks a major step forward in expanding access to WTO e-Learning courses. Forming part of the technical assistance programmes delivered by the WTO Secretariat to build trade capacity in developing and least-developed members and observers, these courses are also freely accessible to the wider public across all sectors.
    “We are excited to launch the upgraded platform, which reflects our continued commitment to accessible and high-quality trade-related learning,” said Roberto Fiorentino, Head of the WTO e-Learning Unit. “The improvements will enable users to navigate more easily the e-Learning platform, manage their learning more effectively, and engage more deeply with the WTO’s online training.”
    Key upgrades to the platform include:

    A redesigned user interface featuring intuitive navigation, improved accessibility features and simplified access to the course catalogue, certificates and support resources.
    A refined course catalogue with advanced search and filtering options, making it easier to find courses by language, level, topic, training path and duration.
    Greater flexibility in assessments, including extended time limits, retake opportunities for final exams, and enhanced dashboard tools for tracking progress.
    Strengthened community engagement through updated discussion forums and mobile app notifications to foster collaboration among participants.
    Simplified access to learning reports, empowering learners to easily monitor their progress.
    A newly developed Help Centre offering comprehensive guidance on technical requirements, registration, eligibility, certification criteria and more.
    Enhanced data protection through advanced security measures to safeguard user information and ensure a safe digital learning environment.

    The WTO e-Learning platform currently offers 176 free courses covering various WTO agreements and trade-related issues, with additional courses under development. With over 13,000 government officials from developing and least-developed WTO members and observers enrolled in these courses, along with more than 9,000 e-learners from academia, the private sector and other professional communities, the upgraded e-Learning platform is designed to be more user-centric and responsive, ensuring that it meets the evolving needs of its diverse user base.

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  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Minister of Finance of Viet Nam

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Minister of Finance of Viet Nam, H.E. Nguyen Van Thang, at the OECD Headquarters in Paris, France, on 4 June 2025. They discussed current global economic developments, regional finance cooperation, and the formulation of the forthcoming sectoral plan on finance to support the implementation of the ASEAN Economic Community (AEC) Strategic Plan 2026–2030—an integral component of the ASEAN Community Vision 2045.

    The post Secretary-General of ASEAN meets with the Minister of Finance of Viet Nam appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung R&D Institute Noida Ignites India’s Tech Future with 3rd Startup Summit

    Source: Samsung

    Startup Summit 2025 at SRI Noida
     
    Samsung R&D Institute, Noida (SRI-Noida) successfully hosted its third Startup Summit, a dynamic event designed to showcase disruptive technologies, foster meaningful collaborations, and spark conversations on the future of innovation.
     
    The latest edition brought together AI-first startups and global tech leaders, focusing on cutting-edge advancements in healthcare, language models, audio deepfake detection, and extended reality (XR), among others.
     
    The Summit highlighted the critical need for ethical AI, digital trust, and next-generation innovation through cross-functional collaboration. It served as a testament to Samsung’s unwavering commitment to strengthening India’s innovation ecosystem by leveraging robust technology partnerships, cross-industry collaboration, and talent acceleration.
     
    This year’s event featured eight pioneering startups, including Sarvam AI, Jivi AI, HealthifyMe, ValidSoft, KOGO AI, NeoDocs, EnableX and Magnimus working at the intersection of AI, immersive technologies, healthcare, and natural language processing. These startups showcased their breakthrough products and explored potential pilot collaborations with teams from Samsung’s R&D centers, business units, and Samsung Ventures. The participating startups were carefully selected based on their innovation potential, strategic alignment with Samsung’s vision, and capacity to scale globally.
     
    “As SRI-Noida continues to drive the research and innovation agenda, the success of the third Startup Summit underscores our mission to empower next-generation technology leaders through meaningful upskilling, sustained collaboration, and deep ecosystem engagement. This year’s edition was bigger, bolder, and more impact-driven—addressing contemporary challenges while enabling entrepreneurs to create solutions that are globally competitive and locally relevant,” said Kyungyun Roo, Managing Director of SRI-Noida.
     
    List of participating startups included:

    Sarvam AI: A multilingual single model audio LLM platform
    Jivi AI: A large-language-model-based healthcare platform delivering AI doctor and analytics.
    HealthifyMe: An AI-driven nutrition intelligence engine for personalized dietary recommendations.
    ValidSoft: A cutting-edge audio liveness detection system designed to combat deepfake call threats.
    KOGO AI: Large Action Model (LAM) powering voice-driven applications.
    NeoDocs: Mobile-based diagnostics for real-time, point-of-care health assessments.
    EnableX: Real-time facial expression and feature-detection capabilities for enhanced user interaction.
    Magnimus: Gamified XR-based fitness experiences driving engagement and well-being.

     
    A standout moment of the event was a dynamic panel discussion featuring startup founders and SRI-Noida leadership. The conversation explored the rise of AI agents, the need for personalized engagement in digital health platforms, and the imperative of transparent data governance. Panellists also emphasized the ethical deployment of AI and the critical role of trust in shaping user adoption.
     
    Discussions reinforced the growing importance of tailored user experiences and personalized feedback in motivating behaviour change and improving health outcomes. The Summit’s immersive format offered a 360-degree view of Samsung’s innovation network in India, fostering cross-functional collaborations, unlocking new synergies, and aligning startups with global technology trends. Participants praised the platform for facilitating deep-dive conversations with Samsung experts and accelerating product development and market readiness.
     
    By spotlighting emerging technologies in healthcare AI, language processing, deepfake detection, visual AI, and XR, the Startup Summit reaffirmed SRI-Noida’s pivotal role in driving transformational innovation. The event exemplified Samsung’s larger vision—co-creating a future-ready startup ecosystem that delivers meaningful, human-centered impact at scale.

    MIL OSI Economics –

  • MIL-OSI Economics: Group CEO Yuki Kusumi on the True Meaning of Structural Reform—Determination to Change and Grow

    Source: Panasonic

    Headline: Group CEO Yuki Kusumi on the True Meaning of Structural Reform—Determination to Change and Grow

    On May 9, 2025, Panasonic Holdings (PHD) announced its financial results for FY3/2025. On this occasion, Group CEO Yuki Kusumi communicated the progress being made on group management reforms, including planned optimization of 10,000 personnel, and expressed his firm resolve to undertake necessary initiatives to break free from 30 years of stagnation and position the Panasonic Group for strong and renewed growth for the future. We spoke with him to learn more about his intentions, his message to employees, and his determination for the future of the Panasonic Group.

    Why have you decided to carry out such large-scale structural reforms now, when the company is still profitable? Can you explain the background and need for these reforms?
    If we look at the current performance for fiscal 2025, particularly operating profit margin, it may not seem that bad relative to our past performance. However, compared to other companies in the same industry, our profitability remains low, and the Medium-Term Strategy for FY3/23 through FY3/25 fell far short of its goals.
    The biggest challenge facing the Panasonic Group is that we have not achieved any real growth over the last 30 years. While the Group has decisively implemented structural reforms many times in the past, a vicious cycle has repeated itself: adjusted operating profit margin would reach 5 percent, fixed costs would immediately rise to support growth strategies, and then operating profit margin would stagnate again.
    Lower profitability relative to our competitors means that we lag behind them in terms of returning value to shareholders and employees, and in investing for the future. If this continues, achieving growth in the face of stiff competition will be impossible. It is imperative that we get ourselves out of this situation.
    Our selling, general and administrative (SG&A) expenses ratio, in particular, is extremely high when compared to competitors who have already implemented reforms. Unless we immediately address this issue, we will not be able to return to growth. For this reason, profitability improvement has to be the top priority, and this includes reforming our fixed-cost structure. We cannot afford to waste any more time.
    The high SG&A ratio means that we have major issues with labor productivity, particularly in sales and indirect departments. I believe that this situation has emerged because many departments have continued to use business processes that were introduced more than 20 years ago. Basically, as long as a business achieved an operating profit margin of 5 percent, it was considered “good” and there was little interest in conducting operational reforms to achieve higher profits. So if you wanted to increase sales without making changes to the operation, then the only resort was to hire more people—and the result was an increase in fixed costs.
    Even if sales increase, fixed costs, including labor costs, should not increase; marginal profits should be increased by certain percentage each year, while fixed costs should be contained by a certain amount. This should be the basis of our management cycle Groupwide, and it is important that we follow this principle. Now, I would like to make it clear that we are going back to these fundamentals not just to reduce labor costs, but to modernize our business processes and workstyles.

    A major decision has been made to reduce the workforce by 10,000 people Groupwide. Can you explain the thinking behind this decision?
    Based on my direct experience with personnel optimization when I was in charge of loss-making businesses in the past, I thought that I would never again carry out employment structural reforms. This time, however, recognizing the critical need for change, this was an unavoidable decision. I felt that if we did not conduct reforms and change our management foundation now, then it would be impossible for us to grow sustainably over the next 10 to 20 years. After much deliberation, and discussions across the Group, including the presidents of our operating companies, we made the decision to proceed with these reforms.
    This figure of 10,000 employees is the aggregate result of careful consideration of the kind of fixed-cost structure that each operating company should have to achieve their respective profitability targets, and how they should address areas where labor productivity lags behind other companies. We would like every employee to understand that we do not intend to increase this figure.

    Panasonic Group’s history includes an episode when Founder Konosuke Matsushita ordered that “not a single employee be laid off” during the Great Depression, and some see employment structural reforms as the antithesis of this ideal. Please share your thoughts about protecting human resources and employment?
    Human resources are extremely important. The founder’s statement has significant meaning for all of us in the Panasonic Group. For that reason, there is a great deal of resistance within the Group toward optimization of personnel when we are profitable. However, the current business environment is very different from our founder’s era. Back then, there were great expectations for economic growth ahead, but the market we live in today is much more complex, and includes areas with growth potential, areas with no such potential, and areas we must move into. Under these circumstances, and with an eye on the future, we decided that optimizing our workforce was unavoidable.
    As Group CEO, I acknowledge the impact of the decision to carry out these reforms, especially personnel optimization on such a large scale. However, taking no action today would inevitably place a heavier burden on future employees. To put the Panasonic Group back on track for growth, I believe that instead of placing the burden on the next generation, the current senior management team, myself included, must pool their wisdom, make decisions, and take responsibility to get this done.

    Some employees are probably feeling anxious, so how do you intend to explain the reforms and seek their understanding?
    I understand that these changes may cause uncertainty, and it is a difficult period. We wanted to ensure that all employees correctly understood the situation, so the day the reforms were announced externally, I sent a video message to all employees, explaining the background of the reform and its goals. In addition, we provided a detailed explanation of the current situation to approximately 300 management executives, including division directors and business unit managers, asking for their understanding. However, I believe that employees and their families, especially those who have only been with the company for a short time, have serious concerns. I will continue to carefully explain the true meaning of the reforms and continue to communicate positive messages so that employees will not feel anxious. I truly want to help them find opportunities for their own growth and success as part of this transformation.

    Following the structural reform, what kind of future will Panasonic Group be aiming for?
    First and foremost, this structural reform is an initiative that must be carried out in order to rebuild the management foundation of the Panasonic Group and ensure strong growth for the future. We are determined to achieve a profitability improvement effect of 150 billion yen by FY3/27.
    Next, as I mentioned in my February 4 announcement, Panasonic Group will focus on the Solutions area while increasing the profitability of the Devices area and the Smart Life area centering on home appliances. The essence of the value that we provide to customers, including comfort and peace of mind, will not change, but by making full use of data and AI, the methods and substance of our offerings will become more sophisticated, thereby strengthening our competitiveness.
    The Solutions area has two main pillars: supply chain management solutions, and energy management. As for supply chain management solutions, at the ICON event in early May, Blue Yonder, our subsidiary with growth potential, announced its Cognitive Series—a suite of SaaS solutions for planning systems that deploy generative AI-based agents, which we expect to be a major strength in various supply chains where issues are becoming increasingly more complex.
    In energy management, in addition to energy storage solutions for data centers and AI-based home energy management systems (HEMS) for households, which already have a proven track record, we will develop Panasonic HX—a future-oriented decarbonization solution for factories, offices, and public facilities that controls pure hydrogen fuel cells, solar cells, and storage batteries by means of an AI-based energy management system.

    Will Panasonic Go, announced at CES this year, play an important role?
    Panasonic Go will play a role in accelerating these efforts. Blue Yonder’s Cognitive Series, which I mentioned earlier, is one such example. In addition, we are considering expanding the data platform that forms the basis of the AI agent service Umi, also announced at CES, into a variety of fields while considering privacy, security, and ethics. We are also actively promoting the use of generative AI within the Group, with a bottom-up approach, to thoroughly improve labor productivity as we move forward with the current management reforms.

    Following these reforms, what kind of company will the Panasonic Group become?
    We are now discussing this internally, but basically, we believe that the fundamental values we provide to customers can be summed up as “comfort,” “peace of mind,” and “reliability.” We cherish the long-standing trust of our customers—“You can count on Panasonic”—and no matter what business we develop in the future, we will continue to pursue contributions based on these values.
    As we look towards the future, 10 or 20 years from now, these structural reforms are merely the first step in our journey to break away from the stagnation of the past 30 years. Going forward, we will seek to achieve high labor productivity in every Group business and turnarounds in both new and existing areas. To further improve productivity and strengthen the competitiveness in our Solutions business, we must also be unrivaled in the use of AI.

    MIL OSI Economics –

  • MIL-OSI Economics: BOBC Auctions- 3 June 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 11 June 2025.  The summarised results of the auction held on 3 June 2025, are attached below:

    BOBC Results 3 June 2025.pdf

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: How to make European financial integration a strategic strength in which European citizens play a key role

    Source: Bank for International Settlements

    Ladies and gentlemen,

    It is a pleasure to welcome you to the Banque de France for this award ceremony for the 36th international economics and finance dissertation competition. Before going on to highlight the best dissertations and the most original work selected by the jury this year, I would like to specifically address all the students.

    As you start or prepare to start your professional life, I want to share with you a perspective and two certainties, which I hope could help you in the early years of your career and, maybe, beyond. (I) The perspective is that of a threshold between two eras. This eventually represents an opportunity and a responsibility. To make the most of the situation, I am convinced we need to change our mindset (II), first, to finally make financial integration a strategic strength for Europe, and second (III), to make Europeans masters of their own destiny rather than passive bystanders to a technocratic project.

    I. Standing at the threshold of a new era: taking the challenges seriously and seizing the opportunities

    I shall start with the analysis. It has become something of a cliché – but that does not make it any less true: we are on the verge of a new era. 

    Over the past 15 years, since the outbreak of the Great Financial Crisis, we have rediscovered the vital importance – as well as the fragility – of our financial systems, our economies, our democracies, of peace in Europe, of the climate and our ecosystems- the list goes on. 

    In a world that is changing before our very eyes, one thing is clear: Europe risks being left behind. Our economy is lagging in terms of growth, productivity and innovation. Between 1999 and 2024, GDP per capita grew by a cumulative 46% in the United States, compared with 30% in the euro area. As a share of GDP, European firms invest half as much in research and development (R&D) as their US counterparts.

    Reversing this loss of speed and returning to growth, innovation and productivity is the first of three interdependent challenges we need to meet in the very near term. We also finally need to build our European sovereignty and strategic autonomy, and move forward on the climate, environmental, digital and demographic transitions – which we must anticipate and support if we are to avoid merely suffering the consequences.

    The amount of investment needed to face up to the challenges is massive: if we add “ReArm Europe” to Draghi’s famous figures, the EU will have to invest an additional EUR 900 billion per year up to 2030. That’s over 5% of our GDP.

    II. Changing our European mindset: placing the ends rather than the means at the heart of the European financial integration agenda

    Meeting these challenges calls for huge efforts from each of us. From my perspective as a central banker, let me focus on the special role finance has to play in Europe’s response: for the past 50 years, we have worked steadily to build a European single market, notably for financial services, helped by powerful catalysts such as the creation of the single currency and ESAs, the establishment of the Banking Union and the SSM, and the current Capital Markets Union project.

    Each of these initiatives represents real progress. However, throughout these years, our mindset has remained primarily institutional, and basically bureaucratic. 

    For Europe to achieve full financial integration and reap all of its rewards – especially at a time the risk of a profound fracturing of the financial landscape has never been greater with the potential reconfiguration unleashed by the new US administration’s policy change – it seems appropriate to adopt a more “substantial” approach, to make the European financial system not just something that needs to be regulated, but rather an asset for the European economy. 

    To achieve this, in his recent Letter to the President of the French Republic, the Governor of the Banque de France firmly underlined the need to take concrete steps, backed by sufficient EU consensus, in three main areas: reducing market fragmentation, investing better and innovating faster. 

    At the heart of these three priorities is the Savings and Investments Union: its aim is to create a single market for financing that will improve the allocation of savings by exploiting the complementarity between the Banking Union and Capital Markets Union – because it’s clear that bank and market financing remain overly fragmented by national borders.

    We also, I think, need to shift from an obligation of means to an obligation of results. The projects we need to carry out are nothing new, but the approach is very different. Up to now, the European agenda has primarily been conceived as a regulatory one, on the basis that this is sufficient to achieve a final result for which we are not accountable. But public action is more than simply drafting legislation. It must be based on a clearly stated intent, have an explicit ambition, and achieve concrete results for which it remains fully accountable.

    Let me illustrate this with three examples:

    The first concerns the regulatory framework for the financial system. It is vital that it be simplified. Over time, our institutional approach and the primacy given to regulation have led to an excess of red tape and inconsistencies. It is possible to revisit this regulatory framework to make it more efficient and agile, without undermining the objectives pursued, which, on the whole, have been met – and so without being dragged into a regulatory race to the bottom by the new US administration.

    A prime example of this is the proposed ESG regulations recently submitted by the Commission with the Omnibus Directive project, and which the Banque de France largely supports. 

    Another obvious candidate for simplification is the entire bank prudential framework – its microprudential, macroprudential and resolution rules – where examples of overcomplexity, redundancy and overlapping international standards abound. The framework has become labyrinthine, and even the specialists get lost – to say nothing of the institutional challenges that make it impossible to take a holistic view of bank capital requirements and their appropriate level.

    A second example is the equity financing of the European economy. We have all the instruments we need – from venture capital to equity markets – but none of them are on a sufficient scale. We particularly need to make better use of European long-term investors, who together are regarded as leading players in global financial markets, but struggle to make up sufficient mass. This can be achieved through the revision of the Solvency II Directive, and by using national and European public financial institutions more effectively to develop public-private partnerships. 

    My last example relates to market infrastructures. We need to adapt our European infrastructures to the wave of technological innovations currently being deployed, based on distributed ledger technology and asset tokenisation. Our first objective is to develop a wholesale central bank digital currency (wCBDC) for use by market participants, followed by a CBDC for everyday retail payments (digital euro). Then, in the medium term, we need to develop a European unified ledger to modernise securities transactions. The US authorities’ recent announcements in support of crypto-assets and stablecoins make it even more vital we complete this project, to maintain our monetary and financial sovereignty in the new world we are entering. The goal now is to move as quickly as possible from experimentation to operationalisation. Rest assured that the Banque de France and other Eurosystem central banks are working very actively and resolutely to complete this project.

    III. We should not neglect the human side: savers and financiers as stakeholders

    One of the keys to deepening our European financial integration is to make things simpler and more strategic – scaling down to half a dozen objectives with clear purposes and impacts rather than having an action plan with 36 highly technocratic projects.

    But there is another challenge that is often overlooked: the human aspect of the project, since nothing can be achieved without mobilising our fellow citizens. In this case, it means mobilising savers and financial professionals.

    In France, and probably other European jurisdictions, things in this area are far from optimal. The regulations are well-meaning, but at the very least overly complex, and in some respects treat savers like children, while also encouraging intermediaries to take a by-the-book approach to customer interests rather than genuinely seeking to do what’s best for them. More generally, they tend to treat the symptoms rather than looking for actual causes – one of the main ones being financial illiteracy, a phenomenon that has been well-documented and leads to sub-optimal outcomes in terms of household wealth management (reduced returns) and for the financing of the economy (a relatively risk-averse supply of financing).

    To help resolve this situation, the Banque de France intends to fully play its role as the national steering body for financial education – a task entrusted to it by public authorities – and provide explanations, training and guidance. I would like to commend EDUCFI for its work providing accessible educational content for all audiences, to help them better understand money, savings, loans and the risk of scams. I encourage you to tell people about these resources and to use them as much as possible: they are an important lever for spreading economic knowledge.

    But we must go further. Improving financial education means giving everyone the means to understand their choices, protect their savings and make a bigger contribution – indirectly but effectively – to the financing of the economy. This is a prerequisite for social justice, economic efficiency and citizenship.

    To conclude, I would like to make a wish for you, as students about to embark on your careers. You will be the ones making tomorrow’s European financial sector a vibrant and effective financial system. May you always remain committed to the interests of your clients and have a broad understanding of the challenges we collectively face. Behind your profession lies a mission that is essential to our society. The quality of your work will also make a difference to the future of Europe and Europeans.

    MIL OSI Economics –

  • MIL-OSI Economics: Adriana D Kugler: Opening remarks

    Source: Bank for International Settlements

    Thank you, Olesya, and thank you for the invitation to speak to you today. It is such a pleasure to contribute to this conference.

    Our profession has increasingly recognized, especially after the Global Financial Crisis, that research in the interdisciplinary topics between macroeconomics and finance is indispensable both for monetary policy and for promoting financial stability. As a researcher myself, and having spent many years in academia, I place great value on the social contribution of research and its potential to improve policymaking.

    I want to express my appreciation for your efforts in using macro-financial data and theoretical models to enlighten us on several critical issues. For instance, let me cite a few topics of the conference that shed light on important issues:

    • The work on the transmission of monetary policy to both households and firms provides insights into how policy decisions ripple through the economy, a topic I recently addressed in a speech at the University of Minnesota. In this speech, I discussed my approach to monitoring monetary policy transmission and highlighted some of its key elements, such as the long and variable lags associated with policy effects.
    • The exploration of the neutral rate of interest-that which neither slows nor stimulates economic activity-provides another angle to this important concept. This is a topic I have addressed in previous remarks, and I am especially interested in the potential factors that can affect the neutral rate.
    • The work on how and why financial conditions faced by firms and households change with data releases and underlying macroeconomic conditions also enhances our grasp of the complex interplay between economic indicators and real-world financial experiences.
    • The research on the functioning of the Treasury securities market and how it is affected by regulatory constraints sheds light on a crucial aspect of our financial system.

    I commend you for pushing ahead with a research agenda that furthers our understanding of topics so relevant to our monetary policymaking.

    In the spirit of stimulating your research appetite, I’d like to mention some topics that have captured my attention recently. These represent emerging challenges and opportunities in the field, and I believe they warrant further investigation.

    First, recently, I have been paying attention to the possible interaction between the financial vulnerabilities of firms and their exposure to trade. As global economic tensions rise and supply chains evolve, understanding how a company’s financial health intersects with its international trade exposure becomes increasingly crucial. This research could provide valuable insights for both policymakers and business leaders navigating an uncertain global economic landscape.

    Second, lately, I have been monitoring the financial stability implications of the potential lower desirability of U.S. financial assets in flight-to-safety events. Traditionally, U.S. assets have been seen as a safe haven during times of global economic uncertainty. One notable example of this was during the Global Financial Crisis. However, we recently saw instances in which the VIX went up, stock prices went down, long-term yields from U.S. Treasury securities went up, and the U.S. dollar depreciated against the currencies of advanced foreign economies (AFEs), with a notable role for the euro. Importantly, the historical relationships and the observed moves in the VIX and interest rates of AFEs would have been associated with a decrease in long-term yields from U.S. Treasury securities and an appreciation of the dollar. As the global economic landscape shifts, it is crucial to examine how possible changes in the role of U.S. financial assets as a safe haven might affect financial stability both domestically and internationally.

    Lastly, I have been keenly interested, for some time now, in how stresses in the commercial real estate (CRE) sector could potentially spill over to the rest of the U.S. economy. The CRE sector continues to face challenges from low vacancy rates and valuation losses, especially in urban centers for the office sector. Another challenge is that some banks, insurers, and securitization vehicles continued to have concentrated exposures to CRE. As we have seen in past crises, such as the Global Financial Crisis, vulnerabilities in specific sectors can have far-reaching consequences for the financial system. Understanding potential vulnerabilities and potential domino effects are vital for maintaining overall economic stability and crafting preemptive policies.

    These, I believe, represent some of the most pressing questions facing our field today. They offer rich opportunities for groundbreaking research that could significantly influence future policy decisions.

    In conclusion, I want to reiterate my gratitude for the vital work you are all doing. Your research not only advances our understanding, but it also provides a solid foundation for informed policymaking. As we navigate the complex interplay of macroeconomics and finance in an ever-changing global landscape, the importance of your work cannot be overstated.

    I encourage you to continue pushing the boundaries of our knowledge, to ask the difficult questions, and to pursue the answers with rigor and dedication. Your efforts today will shape the policies of tomorrow, influencing the economic well-being of millions.

    Thank you for your attention, and I look forward to the insightful discussions and presentations that will unfold during this conference.

    MIL OSI Economics –

  • MIL-OSI Economics: Sarah Hunter: Joining the dots – exploring Australia’s economic links with the world economy

    Source: Bank for International Settlements

    Introduction

    I’d like to begin by acknowledging the Traditional Owners of the land on which we meet today, the Yuggera and Turrbal people of Meanjin and pay my respects to Elders past and present.

    And thank you to the Economic Society of Australia [Queensland Branch] for giving me this opportunity to talk to all of you.

    I’m sure many are familiar with the Lenin quote ‘There are decades where nothing happens; and there are weeks where decades happen’. It certainly feels like the last few months fit into the latter category. The broad-based nature of the proposed US tariffs, retaliation from major partners and other policy shifts all have the potential to structurally alter the world economy. As recently discussed by our Deputy Governor Andrew Hauser, what happens overseas matters for the Australian economy and is therefore a key factor in monetary policy settings.

    In the recently released Statement on Monetary Policy (SMP) we outlined our thinking on how recent developments will influence the Australian economy. To help us understand the implications for Australia, we have developed a framework that captures the key transmission channels and combined this with a set of alternative scenarios that flex key assumptions and judgements. Together they underpin our thinking about how this environment will flow through the global economy and how Australia is exposed.

    MIL OSI Economics –

  • MIL-OSI Economics: Kazuo Ueda: Economic activity and prices, and monetary policy in Japan

    Source: Bank for International Settlements

    Introduction

    Thank you for the opportunity to speak today at the Naigai Josei Chosa Kai. It was two years ago at this event that I gave my first speech after becoming Governor of the Bank of Japan. In that speech, I stated that I would endeavor to make logical decisions and provide explanations as clearly as possible in fulfilling my duties as Governor. Moreover, with a view to carrying out the Bank’s mandate of achieving price stability, I highlighted the importance of carefully supporting “nascent developments,” which were finally in sight at that time, in maturing toward achieving the price stability target of 2 percent.

    Fortunately, Japan’s economic activity and prices have continued to improve since then, and the “nascent developments” toward achieving the 2 percent target have steadily gained momentum, accompanied by wage increases. In March 2024, the Bank judged it was within sight that the price stability target of 2 percent would be achieved in a sustainable and stable manner, and changed its large-scale monetary easing framework, which had lasted for over a decade. Thereafter, it adjusted the degree of monetary accommodation by raising the policy interest rate in July 2024 and again in January 2025.

    However, the scale of the tariffs announced by the U.S. administration since early spring of this year was considerably larger than what many people had expected, and the environment surrounding economic activity and prices at home and abroad is changing significantly. While the environment surrounding Japan’s economic activity and prices also has become increasingly complex, today I would like to return to what I stated as my intention when I spoke here two years ago and explain, as clearly as possible, the Bank’s view on Japan’s economic activity and prices and its thinking on the conduct of monetary policy.

    MIL OSI Economics –

  • MIL-OSI Economics: Jerome H Powell: Opening remarks

    Source: Bank for International Settlements

    Thank you, Beth Anne.

    I want to start by offering my condolences to the family and friends of former Vice Chair Stanley Fischer. Stan was a colleague of ours at the Fed, and a giant in the field of international economics. In addition to reaching the highest levels of the field in his own right, he was a trusted and generous mentor and teacher to a generation of the most important economic thinkers, including many heads of global central banks, advisers to presidents, and countless economists. We will miss him.

    Congratulations to Division of International Finance (IF) on 75 years of outstanding work in service to the Federal Reserve Board and, by extension, to all Americans. Many current staff members are here to celebrate today, as well as a number of IF alumni, including past division directors Ted Truman, Karen Johnson, Nathan Sheets, and Steve Kamin. The division has produced many other notable alums, including Chair and Secretary Janet Yellen; professor, author, chess grandmaster, and our keynote speaker, Ken Rogoff; and humanitarian and economist Albert Hirschman, famous for the Herfindahl–Hirschman Index and more recently as a character in Netflix’s Transatlantic, to name just a few.

    In my time at the Fed, the IF division has provided invaluable insight into global economic activity, international trade and capital flows, and developments in foreign financial markets. Division staff have also played a key role during episodes of global financial stress. And your research and analysis are critical inputs into our monetary policy decisions. Thank you to all that have served in this division over the past 75 years. Today I will kick off this conference by briefly reviewing why the division was created and highlighting a few of its many accomplishments over the years, before turning you over to a robust set of presentations and panels.

    New Era for Global Economy

    The IF division was created on July 1, 1950, but the idea began to germinate a few years earlier. The U.S. emerged from World War II as a global economic superpower. The Bretton Woods Agreement placed the U.S., and the Fed, in a central position in the global economy. Our mission then, as it is now, was to serve the American people. But it was clear at that moment that the Fed needed to have better knowledge of global developments to achieve our dual-mandate goals.

    A 1948 memo proposing to create this division stated, “Problems of international economics and finance have become increasingly large, complex, and significant in recent years, and our foreign economic relations will undoubtedly continue to give rise to issues of the first magnitude.” That is the rare economic forecast that turned out to be spot on!

    Seventy-five years later, it remains critical that the Fed understand the policies and practices of other governments and central banks, and their implications for the U.S. economy and financial markets. Exchange rate policy, of course, is now firmly in the hands of the U.S. Treasury. However, the end of the Bretton Woods era in the 1970s fundamentally changed the conduct of monetary policy, as policymakers had to understand the effects of potentially more volatile movements of the U.S. dollar on American families and businesses.

    Understanding global trade and capital movements has only grown in importance since 1950, as we saw during the pandemic. The IF division helps produce the data on international capital flows, and has spent decades researching the effects of these flows and international trade on U.S. and foreign economies. Understanding this complex and interconnected web is essential for us to anticipate the path of employment and inflation.

    Another important development in the 1970s was the increasing use of macroeconomic modeling, which greatly influenced the division’s work. Under the direction of former Division Director Ralph Bryant, IF developed its first multicountry model. Always on the forefront, over the years, economists in the division-many of whom are in this room today-developed increasingly sophisticated models, with each new generation expanding the capability to tackle the international risks and issues of the day. These models have proven useful for understanding how international shocks transmit through the economy and financial markets, for assessing risks and uncertainties through alternative scenarios, and for better comprehending the implications of various shocks for the U.S. and global economy. The results have informed research papers, Board memos and briefings, as well as the risks and uncertainty assessment that Federal Open Market Committee members receive in advance of every meeting.

    Prepared for Crisis

    The IF division has also played an important role in responding to global economic turbulence. A prime example is the Latin American debt crisis of the 1980s. That episode required analytical thinking about the macroeconomic repercussions of the crisis as it played out around the world. Work by division, and by the International Monetary Fund and other institutions, led to the establishment of emergency facilities to prevent more dire financial outcomes. As global capital flows increased, other episodes of financial distress surfaced across the world, including in Mexico, Asia, and Russia. International capital flows and spillovers became, and remain, a recurrent feature in the division’s analytical and monitoring work.

    The expertise generated through study and response to those global challenges proved invaluable when stress hit closer to home during the Global Financial Crisis and the pandemic. Both of those events required immediate, broad, and, in many cases, unprecedented responses to avoid disrupting the availability of credit to American households and businesses. The nation, and the world, looked to the Federal Reserve to lead in these moments. During the Global Financial Crisis, when global funding markets came under stress, the IF division worked to establish swap line arrangements with several major central banks that helped restore stability in U.S. dollar funding markets. And during the pandemic, the IF division helped lead efforts to expand the provision of dollar liquidity by setting up the FIMA Repo Facility.1

    These periods of acute financial stress and uncertainty prompted the division to develop new tools and analytical products that could be used to understand and respond to the events unfolding on the ground. For instance, the division has devised new methods to measure and assess the effect of various types of uncertainty on economic activity, including new indexes that were built to track geopolitical risk, inflation, trade policy, and economic uncertainty. As we continue to navigate the current period of heightened uncertainty, this work is critical to understanding the quantitative implications of uncertainty shocks.

    Conclusion

    I will conclude by saying that, for 75 years, nine Fed chairs and countless Board members have greatly benefited from the guidance and counsel of IF staff-and not just when responding to crisis. This team helps assure we are well prepared for our international engagements, by providing detailed materials ahead of time and often by traveling with us. IF staff are always welcome and productive companions. In these and other endeavors, we benefit from the robust relationships you establish and maintain with our global counterparts.

    Thank you to Beth Anne and all the staff here that organized this wonderful event. And, finally, thank you again to all the current and former IF staff for what you have done and continue to do to help us be a globally knowledgeable and responsive central bank, so that we can deliver on our dual mandate for all Americans.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN has a pull-aside with the Coordinating Minister for Economic Affairs of Indonesia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, had a pull-aside with the Coordinating Minister for Economic Affairs of Indonesia, H.E. Airlangga Hartarto, at the OECD Headquarters in Paris, France, on 3 June 2025. They discussed Indonesia’s accession process to the OECD, current global economic developments, and the implementation of the ASEAN Community Vision 2045, among others.

    The post Secretary-General of ASEAN has a pull-aside with the Coordinating Minister for Economic Affairs of Indonesia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Deputy Prime Minister and Minister for Trade and Industry of Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Deputy Prime Minister and Minister for Trade and Industry of Singapore, H.E. Gan Kim Yong, at the OECD Headquarters in Paris, France, on 3 June 2025. The meeting discussed Singapore’s important contributions to the ASEAN Community-building efforts, as well as ways to advance ASEAN’s prosperity agenda, including through the ASEAN Trade in Goods Agreement (ATIGA) Upgrade and steps towards realising an ASEAN single market.

    The post Secretary-General of ASEAN meets with the Deputy Prime Minister and Minister for Trade and Industry of Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic HD develops multimodal generative AI “OmniFlow” which enables Any-to-Any generation between text, image, and audio

    Source: Panasonic

    Headline: Panasonic HD develops multimodal generative AI “OmniFlow” which enables Any-to-Any generation between text, image, and audio

    Osaka, Japan, June 4, 2025 – Panasonic Holdings Co., Ltd. (Panasonic HD) and Panasonic R&D Company of America (PRDCA), in collaboration with researchers at the University of California, Los Angeles (UCLA), have developed OmniFlow, a multimodal generative AI that can freely convert different data formats such as text, images, and audios (hereinafter referred to as “Any-to-Any”).
    In recent years, research on multimodal generative AI that realizes conversion between different data formats has been actively conducted, but since it is usually necessary to prepare all pairs of data to be handled for training data, the cost of acquiring data increases as the type of data to be handled increases. By flexibly combining generative AI (text audio, text image) specialized for each data format, OmniFlow can learn high-precision Any-to-Any models even with a small number of data (text audio images) consisting of all three sets of modalities, and has succeeded in significantly reducing the cost of creating training data. (Fig. 1)
    This technology has been internationally recognized for its advanced technology and has been accepted at CVPR 2025, a top conference for AI and Computer Vision. It will be presented at the plenary conference to be held in Nashville, USA from June 11, 2025 to June 15, 2025.

    ■Details of the technology

    Panasonic HD and PRDCA are working on research on multimodal generative AI. In recent years, multimodal generative AI that incorporates audio in addition to text and images has been attracting attention, but the method of obtaining data that includes all text, images, and audio has been limited, and it has been costly to increase variations.
    The solution to this problem is the key to accelerating the use of multimodal generative AI, and research has been actively conducted in recent years. In fact, a method that can learn even if the combination of different data including all the data formats you want to handle is not completely aligned has recently been proposed, but it is realized by averaging the input data. It can be said that there is still a lot of room for improvement in terms of expressive ability.
    On the other hand, we have developed OmniFlow, which extends the existing framework of image generation flow matching*, and can learn complex relationships between data that cannot be obtained by averaging by connecting and processing three different data features during the generation process. (Fig. 2)
    * A technology that uses Flow to find the optimal conversion path between arbitrary data.In recent years, it has been attracting attention as it has been adopted for various generative models, including image generation.

    A big advantage of OmniFlow is that you can easily connect AIs that specialize in text-to-image and text-to-audio generation into a single multimodal generative AI. (Fig. 3) Since specialized AI is excellent at generating each data, it was possible to obtain high multimodal performance without learning a large amount of data consisting of all modalities.

    In the evaluation experiment, the performance of the “text→image” and “text→audio” generation tasks was compared with existing methods. (Fig. 4) As a result, it was confirmed that OmniFlow has the best performance among any-to-any methods (Generalist) and specialized methods for each task. We also found that the data size required to train OmniFlow can be reduced to up to 1/60 compared to other any-to-any methods.

    ■Future prospects

    The newly developed OmniFlow is an any-to-any method that flexibly combines generative AI specialized for each data format (text→audio, text→image) and is highly accurate even if the number of training sheets for all three data pairs (text audio image) is small. By learning this technology in various fields such as factories and lifestyles, it will be possible to generate various types of data specialized in those sites, and it is expected to expand the range of applications of multimodal AI.
    Going forward, Panasonic HD will continue to accelerate the social implementation of AI and promote the research and development of AI technologies that contribute to the usefulness of our customers’ lives and workplaces.

    MIL OSI Economics –

  • MIL-OSI Economics: Celebrating Pride in every LGBTQIA+ story

    Source: Microsoft

    Headline: Celebrating Pride in every LGBTQIA+ story

    Animated Story

    Nurturing Inner Peace

    When Ethan started at Microsoft, he prioritized money over his wellbeing. Twelve years later, the senior customer success manager and ERG storytelling host knows that the only way to truly take care of others is to first take care of yourself. Discover his story of gratitude and growth, illustrated by Camila Abdanur.

    MIL OSI Economics –

  • MIL-OSI Economics: Apple unveils winners and finalists of the 2025 Apple Design Awards

    Source: Apple

    Headline: Apple unveils winners and finalists of the 2025 Apple Design Awards

    June 3, 2025

    UPDATE

    Apple unveils winners and finalists of the 2025 Apple Design Awards

    Winners and finalists will be recognized for their innovation, ingenuity, and technical achievement at WWDC25

    Today, Apple announced the winners and finalists of this year’s Apple Design Awards, celebrating 12 standout apps and games that set a high bar in design. This year’s winners include development teams spanning the world whose work was selected for excellence in innovation, ingenuity, and technical achievement.

    “Developers continue to push the boundaries of what’s possible, creating apps and games that are not only beautifully designed but also deeply impactful,” said Susan Prescott, Apple’s vice president of Worldwide Developer Relations. “We’re excited to celebrate this incredible group of winners and finalists at WWDC and spotlight the innovation and craftsmanship they bring to each experience.”

    The awards recognize one app and one game across six categories: Delight and Fun, Innovation, Interaction, Inclusivity, Social Impact, and Visuals and Graphics. The winners were chosen from 36 finalists from around the world who have all demonstrated outstanding design experiences across apps and games.

    Delight and Fun

    Winners and finalists in this category provide memorable, engaging, and satisfying experiences enhanced by Apple technologies.

    App: CapWords

    Developer: HappyPlan Tech (China)

    CapWords is a dynamic language learning tool that transforms images of everyday objects into interactive stickers — helping learners explore new words in a more intuitive and visual way. Supporting nine languages, the app is a delightful way to learn independently while immersing users in their surroundings.

    Game: Balatro

    Developer: LocalThunk (Canada)

    Balatro is a satisfying fusion of poker, solitaire, and deck-building with roguelike elements. Players combine poker hands with joker cards — each with their own unique abilities — to create varied synergies. Hallmarked by clever details, gripping gameplay challenges players to advance their scores by crafting original decks to beat devious blinds and secure victory.

    Finalists for this category include Lumy by Raja V; Denim by Feel Good Tech; Thank Goodness You’re Here! by Panic; and Prince of Persia: The Lost Crown by Ubisoft Montpellier.

    Innovation

    Winners and finalists in this category provide a state-of-the-art experience through novel use of Apple technologies that set them apart in their genre.

    App: Play

    Developer: Rabbit 3 Times (United States)

    Play is a sophisticated yet accessible tool that lets users build interactive prototypes with SwiftUI frameworks. Its thoughtfully crafted user interface is both powerful and easy to navigate, helping designers create interactive prototypes and collaborate across Mac and iPhone, all synced in real time for seamless creativity.

    Game: PBJ — The Musical

    Developer: Philipp Stollenmayer (Germany)

    PBJ — The Musical is snack-based Shakespeare, a charming game that tells the story of Romeo and Juliet with condiments. PBJ creatively mixes rhythm-based gameplay with narrative storytelling and a wonderful soundtrack. And with haptic feedback, clever camera work, and fun dialogue, it’s joyful from the start.

    Finalists for this category include Moises by Music.AI; Capybara by Digital Workroom Ltd; Pawz by Bootloader Studio Holdings Private Limited; and Gears & Goo by Resolution Games AB.

    Interaction

    Winners and finalists in this category deliver intuitive interfaces and effortless controls that are perfectly tailored to their platform.

    App: Taobao

    Developer: Zhejiang Taobao Network (China)

    Taobao offers a convenient and engaging shopping experience on Apple Vision Pro, providing incredible 3D models comparable to their real-life counterparts. The immersive experience enhances shopping for users, taking into consideration placement, position, controls, size, and function, and giving people the ability to compare items side by side from an extensive selection of products.

    Game: DREDGE

    Developer: Black Salt Games (New Zealand)

    DREDGE blends slow-burn horror with exploration and adventure. Players take the helm of a fishing boat to navigate eerie islands, uncover strange wildlife, and piece together a haunting mystery. The game offers seamless interactions and a fun world of hidden treasures across iPhone, iPad, and Mac.

    Finalists for this category include iA Writer by Information Architects AG; Mela – Recipe Manager by Silvio Rizzi; Gears & Goo by Resolution Games AB; and Skate City: New York by Snowman.

    Inclusivity

    Winners and finalists in this category provide a great experience for all by reflecting a variety of backgrounds, abilities, and languages.

    App: Speechify

    Developer: Speechify (United States)

    With support for hundreds of voices in over 50 languages, Speechify is a powerful tool that transforms written text into audio with ease. Designed with accessibility at its core, and by offering features like Dynamic Type and VoiceOver, the app serves as a vital resource for people with dyslexia, ADHD, and low vision, as well as anyone who learns best by listening.

    Game: Art of Fauna

    Developer: Klemens Strasser (Austria)

    Beautifully illustrated and mindfully designed, Art of Fauna is a puzzle game that blends vintage-inspired wildlife imagery with a deep commitment to inclusivity and conservation. Players can solve puzzles by rearranging visual elements or reordering descriptive text, making gameplay uniquely interactive. With features like full VoiceOver support and haptic feedback, accessibility is woven throughout the experience.

    Finalists for this category include Evolve by GTA Solutions; Train Fitness by Train Fitness; puffies. by Lykke Studios; and Land of Livia by Split Atom Labs.

    Social Impact

    Winners and finalists in this category improve lives in a meaningful way and shine a light on crucial issues.

    App: Watch Duty

    Developer: Sherwood Forestry Service (United States)

    During devastating wildfires in Southern California, Watch Duty once again served as a lifeline, delivering up-to-the-minute updates, evacuation information, and critical resources with clarity and reliability. The app reports information like active fire perimeters and progress, wind speed and direction, and evacuation orders.

    Game: Neva

    Developer: Developer Digital (United States)

    Visually stunning and emotionally resonant, Neva is an action-adventure tale that follows a girl and her wolf companion through a beautiful world in decline. As the seasons shift, so does their relationship — offering a quiet meditation on care, connection, and the cost of environmental loss. With themes of friendship and leadership, players guide the pair through breathtaking landscapes, and a story that is as moving as it is timely.

    Finalists for this category include Ground News by Snapwise; Opal by Opal OS; Ahoy! From Picardy by Daniel Jones; and Art of Fauna by Klemens Strasser.

    Visuals and Graphics

    Winners and finalists in this category feature stunning imagery, skillfully drawn interfaces, and high-quality animations with a distinctive and cohesive theme.

    App: Feather: Draw in 3D

    Developer: Sketchsoft (South Korea)

    This drawing tool allows users to transform 2D designs into 3D masterpieces. Developed with a focus on creativity and user experience, Feather makes it easy for people of all skill levels to build advanced 3D modeling designs on iPad, drawing on touch and Apple Pencil interactions to help users bring their imaginations to life.

    Game: Infinity Nikki

    Developer: Infold Games (Singapore)

    With its enchanted realm of color, detail, and rendering, Infinity Nikki is a true visual achievement. This cozy open-world adventure challenges players to collect wonderful things, and is packed with magical outfits, whimsical creatures, and unexpected moments.

    Finalists for this category include Vocabulary by Monkey Taps; CellWalk by Timothy Davison; Control Ultimate Edition by Remedy Entertainment PLC; and Neva by Developer Digital.

    To learn more about the Apple Design Award winners and finalists, visit developer.apple.com/design/awards or the Apple Developer app.

    Press Contacts

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Economics: Xbox Games Showcase 2025 kicks off June 8

    Source: Microsoft

    Headline: Xbox Games Showcase 2025 kicks off June 8

    MIL OSI Economics –

  • MIL-OSI Economics: Foreign Exchange and Liquidity and Monthly Balance Sheet, May 2025

    Source: Danmarks Nationalbank

    THE FOREIGN-EXCHANGE RESERVE

    In May 2025, the foreign-exchange reserve decreased by kr. 0.5 billion to kr. 660.9 billion. The decrease reflects Danmarks Nationalbank’s net sale of foreign exchange for kr. 0.5 billion, and the central government’s net borrowing of foreign debt for kr. 0.1 billion, cf. table 1.

    For settlement in May, Danmarks Nationalbank has not intervened in the foreign exchange market.

    Danmarks Nationalbank’s net foreign-exchange purchases and the change in the foreign-exchange reserve – table 1

    Kr. billion May 2025 January – May 2025
    Danmarks Nationalbank’s interventions* to purchase foreign exchange, net 0.0 0.0
    Other** -0.5 5.6
    Danmarks Nationalbank’s net foreign-exchange purchases -0.5 5.6
    The central government’s net foreign borrowing*** 0.1 0.9
    Change in the foreign-exchange reserve -0.5 6.5

    Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

    * Intervention takes place when Danmarks Nationalbank purchases and sells foreign exchange for Danish kroner in the foreign-exchange market in order to stabilise the exchange rate.

    ** Comprises e.g. interest accrued on the foreign-exchange reserve, the central government’s net payments in foreign exchange, and changes in the banks’ deposits in euro-denominated accounts at Danmarks Nationalbank.

    *** Including net payments to the central government in foreign exchange as a result of currency swaps.

    DEVELOPMENT IN LIQUIDITY

    In May, the central government’s net financing requirement amounted to kr. -11.8 billion. Since the turn of the year, the central government’s net financing requirement has been kr. -50.8 billion, cf. table 2.

    The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 11.7 billion in May, to an outstanding amount of kr. 215.0 billion. In May, the central government’s liquidity impact decreased the net position by kr. 10.9 billion.

    Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank – table 2

    Kr. billion May 2025 January – May 2025
    The central government’s net financing -11.8 -50.8
    Redemption on domestic central-government debt* 4.4 30.3
    Net bond purchases by the government funds and own portfolio and financing of social housing 0.4 -2.7
    Other** 0.3 1.2
    The central government’s gross domestic financing requirement -6.7 -22.0
    The central government’s gross domestic borrowing*** 4.2 30.4
    The central government’s liquidity impact -10.9 -52.5
    Danmarks Nationalbank’s net foreign-exchange purchases -0.5 5.6
    Danmarks Nationalbank’s net bond purchases 0.1 -0.9
    Other factors**** -0.4 2.2
    Change in net position -11.7 -45.5

    Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

    * Including krone-denominated payments by the central government in currency swaps.

    ** Comprises foreign net financing requirement and changes in net collateral for the government’s swap portfolio.

    *** Gross long-term borrowing, net short-term borrowing and krone-denominated payments to the central government in currency swaps.

    **** Comprises e.g. changes in banknotes and coins in circulation.

    DANMARKS NATIONALBANK’S INTEREST RATES

    Since 22 April 2025 the discount rate has been 1.85 pct. p.a., since 22 April 2025 the current-account interest rate has been 1.85 pct. p.a., since 22 April 2025 the lending rate has been 2 pct. p.a. and since 22 April 2025 the rate of interest on certificates of deposit has been 1.85 pct. p.a.

    Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.

    BALANCE SHEET OF DANMARKS NATIONALBANK 31 MAY 2025

    Assets 2025 2025
    1000 kr. 31/05 30/04
    Stock of gold 40,309,044 40,309,044
    Foreign assets 566,881,908 567,242,187
    Claims on the International Monetary Fund 59,637,170 59,630,332
    Claims related to banks’ and mortgage credit institutes’ TARGET accounts in ECB 22,525 35,894
    Monetary-policy lending 30,000,000 1,000
    Other lending 994,843 1,160,292
    – Banks’1) 994,843 1,160,292
    – Miscellaneous loans – –
    Domestic bonds 32,964,923 32,869,523
    Financial fixed assets, etc. 131,550 131,550
    Tangible and intangible fixed assets 784,982 715,435
    Other assets 4,824,247 5,170,251
    736,551,192 707,265,508

    1) Other lending to banks include loans for cash deposits.

    Liabilities 2025 2025
    1000 kr. 31/05 30/04
    Banknotes 46,638,763 46,730,241
    Coins 6,082,989 6,088,949
    Monetary-policy deposits 244,974,905 226,668,294
    – Current accounts 244,974,905 226,668,294
    – Certificates of deposit – –
    Other deposits 15,143,360 15,175,216
    – Deposits related to banks’ and mortgage credit institutes’ TARGET accounts in ECB 22,525 35,894
    – Other deposits from banks’ and mortgage credit institutes’ 871,172 947,726
    – Miscellaneous deposits 14,249,663 14,191,596
    Central government 265,043,218 254,056,564
    Foreign liabilities 5,898,251 5,801,316
    Counterpart of Special Drawing Rights allocated by the IMF (SDR) 45,039,776 45,039,776
    Other liabilities 6,891,005 6,866,227
    Capital and reserves 100,838,925 100,838,925
    736,551,192 707,265,508

    Note: The monthly balance sheet is calculated at beginning of year values +/- accumulated transaction values. The monthly balance does not include value adjustments and accruals, as these are only calculated at year-end, cf. Danmarks Nationalbank’s accounting principles.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers interventions in Breakout Session on multilateral cooperation and rules-based international trading system at OECD Council at Ministerial Level (MCM)

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, on 3 June 2025, delivered interventions in Breakout Session 2.2 at the OECD Council at Ministerial Level (MCM), in Paris, France. In his interventions, SG Dr. Kao shared ASEAN’s perspectives on enhancing multilateral cooperation and rules-based international trading system to foster more stable and robust global value chains.

    The post Secretary-General of ASEAN delivers interventions in Breakout Session on multilateral cooperation and rules-based international trading system at OECD Council at Ministerial Level (MCM) appeared first on ASEAN Main Portal.

    MIL OSI Economics –