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Category: Economics

  • MIL-OSI Economics: Dimitar Radev: Responding to policy volatility – the outlook for public investors

    Source: Bank for International Settlements

    The defining feature of our current environment is volatility. It dominates economic briefings, investment strategies and global outlooks.

    This volatility is not just market noise. It signals deeper, systemic shifts. We are no longer navigating temporary dislocations. We are operating in a fundamentally more uncertain world. Policy itself has become a source of volatility.

    This transformation has profound implications for how we think, plan and invest. To navigate this environment, we must rely on a strong conceptual framework – one grounded in economic reality and institutional adaptability.

    Five key assumptions

    My conceptual framework is based on five key assumptions.

    First, policy volatility is structural, not episodic. Geopolitical tensions are intensifying. Trade flows are becoming politicised. Financial sanctions are more frequent and increasingly targeted. These are not temporary disruptions – they are reshaping the global financial system.

    Second, in such an environment, strategic resilience must take precedence over tactical prediction. Diversification remains important, but it is no longer sufficient. We must embed optionality into our governance frameworks – ensuring that our policies and processes allow rapid adaptation to shifting conditions.

    Third, policy coordination is more essential than ever – both within institutions and externally. Reserve management cannot be isolated from monetary policy or financial stability. Our investment decisions must support, rather than complicate, broader policy objectives – especially during periods of stress. Externally, coordination with fiscal authorities and international institutions is critical. In a fragmented world, shared insight becomes a powerful source of stability.

    Fourth, we must re-examine the notion of strategic autonomy – not only at the European level but also nationally. In a climate of geopolitical uncertainty, it is not only what assets we hold, but whether we can access them when needed. This requires a renewed focus on exposures and counterparty risk, along with a serious evaluation of alternative reserve assets – including gold and exchange-traded funds – and a strategic effort to expand and strengthen regional currency arrangements, such as the euro area.

    Fifth, despite short-term noise, we must remain focused on the long term. Demographic aging, the climate transition and technological disruption are not distant threats – they are present investment realities. We must integrate these forces into public wealth management to preserve value and foster sustainable economic growth.

    Implications for Bulgaria and the CEE region

    The implications for Bulgaria may mirror broader trends across central and eastern Europe. While Bulgaria’s direct exposure to current trade tensions is limited, indirect effects could be significant. We are deeply integrated into European supply chains and heavily reliant on external demand from major euro area economies. A slowdown in these – driven by weakening global trade – poses real risks to our exports and investment flows.

    At the same time, the restructuring of global supply chains introduces uncertainty about future trade routes and production hubs. The full impact is difficult to quantify. But the risks are clearly tilted to the downside, with potential consequences for medium-term growth.

    One channel already in motion is commodities. Expectations of softer global demand – driven by trade tensions – have pushed oil prices down. For energy-intensive economies like Bulgaria, this has delivered a short-term disinflationary effect.

    However, the broader inflationary and investment implications of trade fragmentation remain uncertain and may evolve rapidly.

    Foreign exchange reserve management

    The optimal composition of foreign exchange reserves warrants renewed scrutiny. We now operate in an environment marked by heightened geopolitical tensions, weaker global growth, volatile capital flows and increased market instability

    Historically, confidence in the US economy and financial system has supported the dominance of the dollar. As of the end of 2024, there has been no major shift in global reserve currency allocations – the dollar remains dominant, underpinned by its liquidity, depth and perceived safety. Yet this may be beginning to change.

    Simultaneously, gold has re-emerged as a strategic reserve asset. Several central banks have significantly increased their gold holdings in recent years – not only as a hedge against financial risk, but also as protection against geopolitical shocks.

    These trends sharpen the focus on the euro’s role as a reserve currency – an increasingly relevant question.

    The euro and Bulgaria’s strategic path

    For Bulgaria, these developments make our long-standing ambition to join the euro area more relevant – and more urgent – than ever. This conclusion is clearly supported by the prevailing conceptual framework outlined here.

    Euro adoption will have five sets of repercussions. It will anchor Bulgaria’s monetary policy within the European Central Bank framework, and provide credibility, stability and predictability. Furthermore, it will reduce currency risk and protect the economy from speculative pressure; enhance investor confidence and deepen financial integration; and offer access to euro area mechanisms, such as the European Stability Mechanism.

    In a world where policy volatility is structural, euro area membership will strengthen Bulgaria’s strategic resilience – through institutional alignment and enhanced crisis response tools.

    Bulgaria’s reserve management strategy

    At present, the composition of Bulgaria’s foreign exchange reserves is shaped by our legal mandate and the operational logic of the currency board. About 90% of our reserves are held in euros, with the remaining 10% in gold.

    Credit and currency risks are tightly constrained. Eligible assets must carry a minimum AA– rating. This conservative, short-duration approach has served us well during periods of market stress.

    Looking ahead, euro area accession will mark a new phase in reserve management. The new law on the Bulgarian National Bank introduces greater flexibility. With the euro becoming our domestic currency, we will begin to diversify our foreign exchange reserves into other currencies.

    We are already laying the groundwork – developing new operational infrastructure, expanding our network of counterparties and building deeper market expertise.

    We will also adjust our risk framework, relaxing the credit threshold of the securities we hold from AA- to A- and extending the investment horizon from short-term to strategic, long-term. These reforms will broaden our investment universe – potentially including instruments such as ETFs. Naturally, any such instruments will be subject to rigorous assessment to ensure alignment with our core objectives: capital preservation and liquidity assurance.

    Central banks must adapt

    As global fragmentation becomes a defining feature of the international landscape, central banks must adapt. We must continue to uphold the core principles of reserve management – liquidity, safety and return – while increasingly addressing geopolitical and systemic risks.

    Strategic positioning will be just as important as financial fundamentals. For the Bulgarian National Bank, this means maintaining resilience under today’s currency board – while preparing for a more dynamic, risk-aware reserve management strategy in the very near future.

    The reforms ahead will require careful execution. But they also offer a timely opportunity to strengthen our capabilities, increase our adaptability and position ourselves for a more volatile, multipolar world.

    MIL OSI Economics –

  • MIL-OSI Economics: John C Williams: On the optimal supply of reserves

    Source: Bank for International Settlements

    As prepared for delivery 

    Let me start by personally welcoming you to the New York Fed. We have enjoyed a long and productive relationship with Columbia’s School of International and Public Affairs, or SIPA, and it’s great to be here to discuss timely and important issues.

    The topic of my talk today is the optimal supply of central bank reserves. Prior to the global financial crisis, this issue was more or less settled. Then, in response to that crisis and the ensuing economic downturn-and again following the COVID-19 pandemic-many central banks expanded their balance sheets through various quantitative easing programs funded for the most part by large-scale increases in central bank reserves. These increases resulted in fundamental changes in ways central banks have approached the provision of reserves while maintaining control of short-term interest rates set by the monetary policymaking body. As a result of these experiences in managing large balance sheets, many central banks have reviewed, and in some cases modified, their strategies for supplying reserves and controlling interest rates. Although their approaches have differed in specifics, they share common elements that reflect the fundamental factors that shape the supply and demand for reserves.

    Central banks have multiple goals in supplying reserves to the banking system that frequently involve trade-offs. First and foremost, they target a level of the policy interest rate and aim to minimize the variability of the policy rate around that target. In addition, they have goals related to supporting the functioning of financial markets and financial stability. For example, central banks may see advantages or disadvantages to interbank lending in money markets, as well as costs and benefits related to central bank lending into markets.

    In this talk, I will consider this question using a relatively simple analytical framework for the supply and demand of reserves that can be applied to various jurisdictions with differences in institutional arrangements and policy objectives. I see this exercise as being in the spirit of William Poole’s seminal analysis of the optimal instrument for monetary policy. My goal is to provide a useful background for the rich discussion ahead of us at this conference and elsewhere.

    MIL OSI Economics –

  • MIL-OSI Economics: Diogo Guillen: Speech – Thematic Workshop on Securities Statistics and DGI-3 Recommendation 4 on Climate Finance

    Source: Bank for International Settlements

    Good morning, everyone.

    It is with great pleasure that I welcome all participants to the Thematic Workshop on Securities Statistics and DGI-3 Recommendation 4 on Climate Finance.

    For all of you who are visiting us, I wish you have an excellent stay in Brasília. I would like also to thank Johannes, from the ECB, and Bruno, from the BIS, for co-organizing this workshop with the support from the Irving Fisher Committee on Central Bank Statistics.

    For the Banco Central do Brasil it is a privilege to host this important event, and we welcome the opportunity to bring this subject closer to us, furthering the engagement of our teams.

    I am confident that, just as happened last year when we also had the privilege of hosting the Global DGI Conference, in the context of the Brazilian Presidency of the G20, this engagement will not only be important for the activities we are currently developing but it will also bear fruit for years to come.

    Another special reason to welcome the holding of this workshop in Brazil is that it coincides with the 30th United Nations Climate Change Conference (COP30), which will be held in Belém in November.

    In this workshop, we will focus on the production of climate finance statistics. We are all aware of the importance of undertaking efforts to mitigate the effects of climate change and to promote socially and environmentally sustainable investments.

    The development of instruments and markets designed to channel resources into investments capable of generating positive impacts on the environment and society is an initiative with very good potential for success. Attracting investors’ interest to this cause may be a task for marketing professionals around the world. But an inescapable responsibility lies with us, as data producers.

    We have the ability and the duty to produce the necessary information to generate knowledge and provide visibility to this market, as well as support for analysis and policy decision-making.

    The data produced will provide insight into the current state of climate finance markets, allowing us to assess their growth pace and its relative significance. They will help to determine whether this market has already reached a significant scale-or, if not, when it might become truly impactful based on its current pace of growth.

    In this context, although it is not the responsibility of this Working Group or the DGI in general, it is worth emphasizing the importance of certification processes to ensure that the resources raised in climate finance markets are indeed directed toward the environmental and social purposes for which they were intended. It is essential to reduce the risk of greenwashing; otherwise, the proposed objectives will not be achieved, and statistics will give wrong or biased information for its users.

    I would like to make a brief comment on climate finance in Brazil and the statistics we need to produce. Monica will bring to you more details shortly in a presentation on this topic, but I just want to mention that Brazil has a flourishing market for green and sustainable bonds, with a significant number of companies having successfully issued such instruments. We have also had two sovereign issuances by the National Treasury, which were very well received, amounting to USD 4 billion (with a demand of above USD10 billion)

    Regarding the production of statistics, we still face some challenges, such as the convergence of taxonomies used across different data sources. In some of these sources, the taxonomy is well-established and well-aligned with international standards. It is our job to make sure that the taxonomies for the other ones will not stray from these standards. However, we understand that the availability of data that can be progressively expanded or refined is an important step in this process.

    It is also important to highlight that we have benefited directly from the results achieved in DGI Phase 2, when we began to produce and disseminate comprehensive statistics on debt securities issued and held by companies, households, and the government in Brazil.

    I conclude by emphasizing the importance of the work all of us are doing in this group and, of course, of the data we are going to make available. When it comes to raising funds for investment, it is clearly not possible to attract interest in a market segment that lacks data.

    It is our responsibility to produce and disseminate data that will enable the monitoring of the development of the climate finance market. It is our expectation that, by producing these statistics, we will be making a significant and indispensable contribution to the development of these markets and, consequently, to the building of a better world.

    I wish we all have an excellent workshop.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Robert Holzmann: Monetary policy and structural tectonic shifts

    Source: Bank for International Settlements

    Ladies and gentlemen, distinguished guests!

    Welcome to this year’s OeNB Annual Economics Conference in cooperation with SUERF.

    I would like to start by warmly welcoming everyone – whether you are joining us in person here at the OeNB or online. My sincere thanks go to our esteemed speakers, panelists and researchers for sharing their time and expertise. I would also like to extend my heartfelt appreciation to all those behind the scenes, whose hard work and dedication are making this event possible and enjoyable for us all.

    At last year’s conference, we explored the theme “The central bank of the future: opportunities and challenges.” And our discussions then laid important groundwork for the issues we are facing today. Over the past year, we have witnessed a series of substantial challenges, each with the potential to reshape the global economic landscape and, in turn, the very framework in which monetary policy must operate.

    It is in this context that we are approaching this year’s theme: “Monetary policy and structural tectonic shifts.” Much like how we feel and see tectonic shifts through earthquakes and volcanic eruptions, our world has recently experienced economic and geopolitical tremors – disruptions that have shaken long-held assumptions and institutions. In my opening remarks, I will briefly highlight three key developments that reflect these shifts, offering insights into their implications and addressing the critical questions they pose for the future of monetary policy.

    Some reflections on the past twelve months

    Let me start by looking back. Since our last conference, the inflation landscape has shifted significantly. Following a period of sharp price increases, we took decisive monetary policy action that helped to stabilize the situation. Encouragingly, these efforts were fruitful, and in June 2024, we began a process of gradually reducing key interest rates. With seven consecutive rate adjustments, we brought the deposit facility rate down to its current level of 2.25%.

    However, the inflation surge and subsequent developments have also revealed new layers of complexity in maintaining price stability. Today, central banks must navigate an environment that is more intricate than ever before. Traditional tools often behave in unpredictable ways when used in times of global disruptions. During the recent inflationary period, the factors at the forefront of our concerns included disrupted supply chains, volatile energy markets and the ongoing unwinding of unconventional monetary policy instruments.

    As we look ahead, I believe we must approach the current challenges in two distinct blocks. First, what emerging trends would have shaped the economic and financial landscape if the current tectonic shifts originating in the United States had not occurred? In this context, I will touch on artificial intelligence, financial innovation and new insights into the natural rate of interest or r-star. Second, now, a couple of months into the second term of the Trump presidency, we find ourselves facing new challenges in truly uncharted territory. Frequently shifting economic signals from the United States continue to inject an added layer of unpredictability, further complicating the already complex task of policymaking.

    Three big challenges shaping the future of money and policy

    Let me briefly point out three big challenges we were already dealing with before Donald Trump got reelected. First, I would like to draw your attention to an innovation in the cryptocurrency sphere that has gained growing relevance and with a potential systemic impact: stablecoins. Unlike highly volatile crypto assets such as Bitcoin or Ethereum, stablecoins are pegged to reference assets like the US dollar, offering greater price stability and edging closer to meeting the traditional functions of money. Dollar-pegged stablecoins such as Tether and USDC have grown substantially in both market capitalization and global reach. Yet, as highlighted by Fed Board Governor Christoph Waller, this rapid growth brings with it serious regulatory and monetary policy implications.1

    Second, also in the realm of technology, recent developments in artificial intelligence (AI) have the potential to fundamentally alter the way we live – and, by extension, the structure of the global economy. I suspect that most of today’s audience has already interacted with AI in some form, whether for highly productive purposes or perhaps for more casual experimentation. Yet, the broader implications of AI extend far beyond personal use. From reshaping entire industries to transforming the very nature of work, AI introduces both unprecedented opportunities and significant challenges. One critical issue is that traditional economic indicators may fall short in capturing the true impact of AI-driven innovation, especially in knowledge-based sectors (see Baily, Brynjolfsson and Korinek, 2023).

    Third, and this is where many of the points I have raised are coming together, the natural rate of interest, or r-star, has returned to center stage, with recent estimates suggesting a modest upward shift. In a recent paper, we examined the key factors influencing r-star. While overall productivity remains a fundamental driver, demographic trends also play a crucial role. Here, the outlook remains largely unchanged: our societies continue to age, and uncertainty persists about the long-term economic impact of migration. Therefore, pension reforms, such as raising the retirement age, could generate meaningful, and potentially lasting, upward effects on r-star (Breitenfellner et al., 2024).

    Let me now briefly touch on the enormous global investment needed to fight climate change and how this connects to r-star. According to the International Energy Agency, annual investment in clean energy must reach USD 4.5 trillion by 2030 so that we stay on track for the 1.5-degree target.2 Closing this gap through targeted public and private investment is not just a moral imperative butcan also raise the global natural rate of interest. Productive, climate-aligned capital deepens investment demand and improves growth prospects, especially in regions with untapped potential. In this way, the green transition can contribute not only to achieving climate goals but also to ensuring macroeconomic sustainability.

    Finally, central banks are very aware of the changing world and thus regularly engage in thorough reviews of their strategies. The Federal Reserve’s current review, for instance, focuses on two main areas: an analysis of its policy approach, and its tools for communicating policy. Notably, the Federal Open Market Committee’s 2% long-run inflation target is not part of this review. The Bank of Canada has reviewed its extraordinary policy actions during the COVID-19 crisis (ranging from emergency rate cuts to quantitative easing and forward guidance) and found that they had been crucial in stabilizing financial markets, supporting economic recovery.3 Also, the Eurosystem is currently engaged in an intermediate strategy review, incorporating the lessons of recent years to refine and enhance our policy decisions. This ongoing process underscores our commitment to continuously improving decision-making in a rapidly evolving environment. While some of these reviews are still ongoing, I expect that many of the topics we are discussing today will be part of them.

    A new US administration and the dramatic shifts it has unleashed

    In my view, these were the pressing issues of our time even before US President Trump was reelected. And now, in his new term, we have already seen an unprecedented series of tectonic shifts, not only economically, but also in terms of global organization and institutional dynamics. To make sense of where we stand today, let me offer some structure, outlining four key challenges that have emerged since President Trump took office.

    First, current US foreign and trade policies have triggered a series of events that continue to reverberate across Europe and the global economy. Frequent shifts in trade policy have fueled economic uncertainty, undermining stability and resulting in tangible losses for all parties involved. Yet, there is currently no clear consensus in the academic literature on how monetary policy should best respond to such persistent and politically driven uncertainty.

    Second, the Trump administration has decided to withdraw from important supranational initiatives and bodies, like the Paris Agreement and the World Health Organization. Even membership in the International Monetary Fund is currently under question. The US leaving the IMF would drastically reduce the international role of the USA and the US dollar even more. When a major global economy becomes an unreliable partner, it puts significant additional strain on already fragile global markets, making economic forecasts more complex and policy decisions even more challenging in an already uncertain environment.

    Third, given this heightened uncertainty, the international role of the euro can be expected to grow. Amid erratic tariff decisions and threats to the Federal Reserve, global investors have shifted away from US assets toward gold, which leads to a depreciation of the US dollar. While this shift presents an opportunity for the euro to emerge as a more reliable and stable reserve currency, it also raises new questions for monetary policy. The well-known Triffin dilemma reminds us that countries issuing global reserve currencies are faced with the structural tension that builds when they must run trade deficits to provide global liquidity, even at the expense of long-term economic stability at home. For central banks, this creates a complex balancing act.

    Fourth, a United States that appears less committed to Western security significantly weakens the military capabilities of NATO and leaves Europe more vulnerable to external threats. In response to these shifting dynamics, European countries have initiated a review of their common defense strategy and announced substantial increases in defense spending. As these fiscal impulses begin to unfold across the economy, the Eurosystem must remain highly vigilant, closely monitoring any inflationary pressures and responding with determination if needed.

    How can we rethink monetary policy in a period of tectonic shifts?

    Central banks must constantly adapt to a changing environment. That is why the Eurosystem has committed to regularly reviewing its strategy. Indeed, as I have mentioned before, we are currently undertaking an intermediate strategy review. This process draws on the lessons of recent years to refine and strengthen our approach to policymaking. It reflects our firm commitment to continuously improving how we assess, decide and act in a rapidly evolving environment.

    In today’s sessions, we will hear from keynote speakers Daniel Gros of Bocconi University and Huw Pill of the Bank of England, alongside a panel of distinguished experts. Their insights will help bring together academic perspectives and policy practice, enriching our collective understanding. Tomorrow, we will delve deeper into recent academic research and consider its implications for the future of monetary policy.

    With that, I wish all of us a stimulating, thought-provoking and productive conference. I am confident that our discussions will not only deepen our understanding of the challenges ahead but also spark fresh ideas. Let us approach today’s tectonic shifts not merely as threats, but as opportunities to shape a more resilient and forward-looking monetary policy.

    Thank you!

    Bibliography

    Baily, M., E. Brynjolfsson and A. Korinek. 2023. Machines of mind: The case for an AI-powered productivity boom. Brookings Institution. https://www.brookings.edu/articles/machines-of-mind-the-case-for-an-ai-powered-productivity-boom/ (accessed on May 13, 2025).

    Bloom, N. 2009. The impact of uncertainty shocks. In: Econometrica, 77 (3). 623–685.

    Bloom, N., M. Floetotto, N. Jaimovich, I. Saporta-Eksten and S. J. Terry. 2018. Really uncertain business cycles. In: Econometrica. 86 (3). 1031–1065.

    Breitenfellner, A., R. Holzmann, W. Pointner, A. Raggl, R. Sellner, M. Silgoner, A. Stelzer and A. Stiglbauer. 2024. How can a decline in R* be reversed? Productivity,  retirement age, and the green transition. OeNB Occasional Paper No. 9.

    Holston, K., T. Laubach and J. C. Williams. 2023. Measuring the Natural Rate of Interest after COVID-19 (No. 1063). Federal Reserve Bank of New York.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB President Signals Bigger Singapore Presence in Talks with Prime Minister

    Source: Asia Development Bank

    ADB President Masato Kanda met Prime Minister Lawrence Wong in Singapore today, where he set out plans to double the size of ADB’s Singapore office. He also reaffirmed the bank’s $10 billion pledge to help finance the ASEAN Power Grid and underscored the importance of deeper regional cooperation as Singapore prepares to assume the ASEAN chair in 2027.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Empowering Women, Greening Urban Transport in Uzbekistan

    Source: Asia Development Bank

    Until recently, legal restrictions in Uzbekistan limited women’s access to many jobs. Although a 2019 presidential decree abolished a list of more than 300 professions where female labor was either completely or partially prohibited, legal restrictions remained and prevented women from driving buses or freight vehicles weighing over 2.5 tons or carrying more than 14 passengers. This changed with Cabinet of Ministers’ Resolution No. 85 in February 2024, which officially lifted the remaining barriers.

    While this legislative reform marks a significant step forward, there are still obstacles that limit women’s full participation in public transport employment, highlighting the need for coordinated and effective solutions.

    A key obstacle is the lack of public awareness regarding available opportunities in the transport sector. Although there is strong demand for skilled drivers, information about the benefits of working as an electric bus driver—particularly for women—is still limited.

    Targeted information campaigns, showcasing success stories of female drivers, and media visibility of their contributions to urban mobility could play a vital role in reshaping public perceptions of the profession and inspire more women to consider careers in public transport.

    Working conditions also need to be improved since bus driving is physically and mentally demanding. The World Bank report Closing Gender Gaps in Transport recommends measures such as better shift scheduling, access to clean and well-lit rest areas, provision of sanitary facilities, and implementation of safety programs, which can attract more women to the profession. Modern electric buses, designed with ergonomic driver workstations, also help reduce physical strain and make vehicle operation more comfortable.

    Access to quality training remains a significant barrier. Acquiring the necessary driver’s license and completing required certification courses involve financial costs, which can deter potential candidates. To address this, government support through training subsidies and incentives for companies that hire female drivers could overcome these barriers and encourage higher female participation in the transport sector.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Urges Customers to Activate Latest Anti-Theft Features to Help Tackle Phone Theft Crime

    Source: Samsung

    LONDON, U.K. – June 02, 2025: Samsung is today encouraging smartphone users across the UK to enable and update the latest anti-theft features available on Samsung Galaxy devices. This activity supports the UK Home Office’s ongoing work to drive new nationwide action to tackle mobile phone thefts.
     
    Samsung issued a public safety security message alert today, which will reach all over 40m Samsung Account holders in the UK this week, through customer communication channels and the Samsung Members platform.
     
    This outreach will be reinforced through UK social channels and Samsung has also committed significant marketing spend this week, launching an awareness campaign around the privacy features available on the Samsung Knox Security Platform. The privacy campaign will feature at Samsung’s Piccadilly Lights space, through OOH adverts in tube stations and train stations in central London and content across OLV, CTV and BVOD channels.
     
    Samsung recently started rolling out One UI 7 with security updates to existing features, including additional theft-protection and security delay anti-robbery features. These features will now also be available to even more devices, having starting with the launch of the Galaxy S25 series in February, and now rolling out to further Galaxy series smartphones throughout this year.
     
    Annika Bizon, Mobile Experience (MX) VP of Product and Marketing, UK&I at Samsung, spoke on the issue of phone theft: “Samsung is deeply committed to working closely with the Home Office on the issue of mobile phone theft and related crimes and we’re in constant collaboration with our partners across the industry, to look at new and existing solutions to help combat this complex issue and ultimately help improve the safety of mobile phone users.
     
    “Our recent One UI 7 update built further on existing protections with new anti-theft features such as identity check, biometric authentication and security delay, all featured in our latest Galaxy S25 series. These features have now also been rolled out into a range of models across our devices and further updates will follow. We must do everything we can to ensure the safety and security of our customers when they are using their mobile devices and we will continue to work hard to ensure our customers are aware of the wide range of security features available to them.”
     
    Samsung is introducing new security updates to better protect users in the event of phone theft. One critical update is Theft Protection – a multi-layered suite of features developed to safeguard personal data, even in high-risk situations such as robbery.
     
    Theft Protection builds on standard Android safeguards, which are effective in typical theft scenarios where the thief doesn’t know the PIN. With One UI 7, Samsung goes further by introducing additional protections that anticipate more serious threats, including cases where access credentials may have been exposed.
     
    Galaxy users can now enable a range of new security measures, including Identity Check, designed to offer stronger protection in complex theft scenarios. These features respond automatically and intelligently to suspicious activity, helping ensure that personal data remains secure and under the user’s control in these critical moments.
    Existing and updated features in Theft Protection include:
     

    Theft Detection Lock: Uses machine learning to detect motions associated with theft such as snatching, and instantly locks the screen to stop unauthorised access.
    Offline Device Lock: Automatically locks the screen if the device is disconnected from the network for an extended period, ensuring protection even when the device is offline.
    Remote Lock: If the device has already been stolen, users can lock it remotely using their phone number and a quick verification step. Remote Lock also allows users to regain control of their account and explore additional recovery options.

     
    New Anti-Robbery Features released on One UI 7 include:

    Identity Check: In unfamiliar locations, the ‘Safe Places’ feature requires biometric authentication for any changes to sensitive security settings, adding an additional layer of protection when a PIN may have been compromised.
    Security Delay: If a robber attempts to reset biometric data, a one-hour delay immediately gets activated before any changes take effect. This crucial buffer gives Samsung customers time to lock the stolen phone from a connected device, such as a PC or tablet, before unauthorised access can occur.

     
    These updated theft features are now becoming available on previous flagship devices, starting with the Galaxy S24 series, Galaxy Z Fold6, Z Flip6, Z Fold5, Z Flip 5, S23 and S22 series currently,  with future updates planned for even more Galaxy smartphones.
     
    To set up the latest anti-theft features, users in the UK can contact Samsung here:

    Visit: samsung.com/uk/support/contact
    Call us: 0333 000 0333
    Live Chat: samsung.com/uk/support/chat-members

     
    For guidance on setting up a Galaxy device with the latest anti-theft features, please visit:
    How to use security settings on your phone | Samsung UK
     
    —————————————————————————————————————————————————————————————————————————
     
    Further steps to take if your Samsung Galaxy device is lost or stolen
     
    How to remotely lock your Samsung Galaxy device:

    Sign into Samsung Find using your Samsung account
    Select your phone on the left-hand side of the page, then choose Lost Mode in the device details section
    Create a PIN to unlock your phone if recovered, and enter it twice to confirm
    You will have the option to add an emergency contact and a custom message that will display on the locked screen (It’s recommended to skip this step to avoid sharing personal contact details)
    When you are ready, select the Lock button and verify your Samsung account to activate Lost mode
    If your device is recovered, you can unlock it using the PIN that was created when setting lost mode on your device

     
    How to remotely delete data on your Samsung Galaxy device: 

    Visit the Samsung Find website
    Select the phone you want to erase and choose Erase Data
    Verify your Samsung account credentials

    Review the information provided and tap Erase to confirm

    All the data on your mobile, including Samsung Pay information, will be permanently deleted and cannot be recovered
    This will also reset your phone, meaning you won’t be able to locate and control it via Samsung Find
    Make sure to regularly back up your data to the cloud so you can restore it to a new device if needed

     
    How to remotely change your Samsung and/or Google account passwords: 

    It is recommended to change the passwords for your Samsung and Google accounts (or whichever accounts are linked to your device) by signing in through their respective websites
    Once changed, you will be signed out of all connected devices, except the one you’re using
    This prevents unauthorised access to account-linked features and protects your personal information

     
    How to track your Galaxy device:
    If your device is turned on and connected to Wi-Fi or mobile data, its last known location will appear on a map 

    Visit the Samsung Find website
    Sign in with the Samsung account associated with your device (or a guardian’s account)
    If multiple devices are linked to your account, they will all appear – select the one you want to locate
    You’ll see its current or last known location

     
    Other remote features available: 

    Ring: Make your device ring even if it’s set to silent or vibrate
    Extend battery life: Activate power-saving settings to keep your device on longer and improve the chances of recovery
    Track location: Enable real-time location tracking and your phone’s location will update every 15 minutes until tracking is stopped

     
    Other ways to locate Galaxy devices
     
    Find your phone using your Galaxy watch (WearOS 5 or higher):

    Swipe down from the top of your Galaxy Watch to open Quick settings
    Tap the Find My Phone icon
    Tap Start to begin the search – your phone’s ringtone will sound
    Once found, tap Stop on your watch or the X icon on your phone

     
    Find your Galaxy Watch: 

    Open the Galaxy Wearable app on your phone
    Tap Find My Watch (or Find My Band / Find My Gear, depending on your device)
    If connected via Bluetooth, tap Start
    Your watch will vibrate and play a sound (depending on model)
    Once found, tap the X icon on your watch or Stop on your phone

     
    Find your Galaxy Buds: 

    Open the Galaxy Wearable app on your phone or tablet
    Tap Find My Earbuds
    Tap Start – your earbuds will begin beeping and gradually increase in volume for three minutes
    Once found, tap Stop

     
    Using Google’s Find My Device:

    Google’s Find My Device is built into Android via Google Play Services
    You will need a Google account to use it
    With this tool, you can set a new password, make your device ring, display a message, lock and wipe your device, and more

     
    Contact the authorities and your mobile network provider: 

    Once taken the steps above, report your lost or stolen device to the police and record a crime incident report
    Contact your mobile network provider to freeze your contract and prevent unauthorized usage

     
    For additional device protection, it is recommended to have insurance that covers accidental damage, loss, or theft. Samsung offers a variety of protection plans – visit Samsung.com to explore coverage options that best suit your needs.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Connect Announces Personnel Change of Leadership Team Members

    Source: Panasonic

    Headline: Panasonic Connect Announces Personnel Change of Leadership Team Members

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Group launched “Panasonic Stories,” a new owned communication platform

    Source: Panasonic

    Headline: Panasonic Group launched “Panasonic Stories,” a new owned communication platform

    Open in-house magazine “Panasonic Group Magazine” integrated into Panasonic Newsroom

    Osaka, Japan – June 1, 2025 – The Panasonic Group integrated its open in-house magazine “Panasonic Group Magazine,” which has been widely accessible to people outside the company, into the Panasonic Newsroom, the Group’s official news website, and launched “Panasonic Stories,” a new owned communication platform.
    Panasonic Group Magazine inherits the legacy of the company’s internal publications, which began nearly 100 years ago in 1927, when founder Konosuke Matsushita published the first issue. In March 2024, the Panasonic Group Magazine was launched online as an “open in-house magazine,” and has since been actively sharing a wide range of information. Its purpose is to share the Group’s Basic Business Philosophy and the activities of employees who embody this philosophy across the group, thereby contributing to the building of a strong corporate culture. At the same time, it aims to promote more active communication with employees’ families, customers, business partners, and others who are interested in learning more about the Group’s initiatives.
    Through the Panasonic Newsroom, the Panasonic Group’s official news site, the Group has been promptly delivering news—including press releases, topics, in-depth feature stories, and videos.
    The concept of “Panasonic Stories,” the new platform that was launched, is to communicate the Group’s vision in its own words and to share its initiatives through people. It combines the strengths of the Panasonic Group Magazine, which has conveyed the Group’s vision by highlighting individuals within the Group, and the Panasonic Newsroom, which has provided timely updates on the Group’s current activities in its own words.
    Panasonic Stories is featured as a section within the Panasonic Newsroom site. Archived articles from the Panasonic Group Magazine will be accessible from the Panasonic Stories homepage.
    The Panasonic Newsroom and Panasonic Stories will continue to be enhanced as media platforms that deliver the Group’s vision, initiatives, and commitment to embracing new challenges in a timely, in-depth, and reader-friendly manner.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on May 30, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 15,924.84 5.87 5.00-6.20
         I. Call Money 1,254.14 5.55 5.25-5.90
         II. Triparty Repo 13,228.50 5.90 5.00-6.10
         III. Market Repo 63.00 5.25 5.25-5.25
         IV. Repo in Corporate Bond 1,379.20 5.93 5.90-6.20
    B. Term Segment      
         I. Notice Money** 15,580.47 5.85 4.85-6.00
         II. Term Money@@ 977.00 – 5.75-6.15
         III. Triparty Repo 4,48,258.90 5.84 5.69-6.20
         IV. Market Repo 1,93,830.04 5.74 1.90-6.10
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 30/05/2025 3 Mon, 02/06/2025 8,721.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Fri, 30/05/2025 1 Sat, 31/05/2025 1,381.00 6.25
      Fri, 30/05/2025 2 Sun, 01/06/2025 0.00 6.25
      Fri, 30/05/2025 3 Mon, 02/06/2025 159.00 6.25
    4. SDFΔ# Fri, 30/05/2025 1 Sat, 31/05/2025 2,23,572.00 5.75
      Fri, 30/05/2025 2 Sun, 01/06/2025 0.00 5.75
      Fri, 30/05/2025 3 Mon, 02/06/2025 5,526.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,18,837.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,594.62  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,594.62  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,10,242.38  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 30, 2025 9,63,159.59  
         (ii) Average daily cash reserve requirement for the fortnight ending May 30, 2025 9,48,817.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 30, 2025 8,721.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 16, 2025 3,48,763.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/450

    MIL OSI Economics –

  • MIL-OSI Economics: Central Bank of Bahrain signs MOU with National Bank of the Kyrgyz Republic

    Source: Central Bank of Bahrain

    Published on 1 June 2025

    Manama, Bahrain – 1 June 2025: The Central Bank of Bahrain announced the signing of a Memorandum of Understanding (MoU) with the National Bank of the Kyrgyz Republic. The MoU was signed by HE Khalid Humaidan, Governor of the Central Bank of Bahrain, and HE Melis Turgunbaev, Chairman of the National Bank of the Kyrgyz Republic.

    Commenting on this occasion, HE Khalid Humaidan said: “We are honored to embark on this official partnership, which represents a strategic step toward strengthening bilateral relations and expanding opportunities for the advancement of the financial services sector, contributing to the growth and prosperity of both brotherly nations. We remain firmly committed to fostering such partnerships as part of our ongoing efforts to support the financial services ecosystem and to further solidify the Kingdom of Bahrain’s position as a leading global financial center.”

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    MIL OSI Economics –

  • MIL-OSI Economics: ADB President Announces $10 Billion Plan for India’s Urban Transformation

    Source: Asia Development Bank

    ADB President Masato Kanda announced a 5-year initiative aimed at transforming urban infrastructure across India, directing up to $10 billion, including third-party capital, into urban transformation including metro extensions, new regional rapid transit system corridors, and urban infrastructure and services.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI: Stability, Trust, Growth –

    Source: Reserve Bank of India

    A strong and resilient financial system is the bedrock on which the edifice of economic prosperity of a nation is built. Reserve Bank of India is the custodian of our financial system. It completed 90 years of its journey yesterday. The theme for our 90th year was ‘Stability, Trust and Growth’.

    It embodies all that RBI stands for. It is apt we introspect on the past and how we can better discharge our mandate of ensuring monetary and financial stability; enhancing trust in the financial system; and supporting economic growth and improving the well-being of our people.

    Price stability

    Stability refers to stability of prices. This is important as inflation erodes the value of money. It hurts people; it hurts the poor even more. However, not all inflation is bad. Experts believe that a moderate level of inflation is healthy for economic growth. If inflation is too low, the economy faces stagnation risks. If it is too high, prices become unpredictable, making it difficult for consumers and businesses to plan and invest. We have chosen a target of 4% with a band of 2% for CPI inflation.

    CPI inflation has mostly stayed aligned with the target. The flexible inflation targeting is due for review. We will collaborate with govt to not only improve the framework but also to obtain, through appropriate monetary and fiscal policies, ‘Goldilocks conditions’ for inflation and growth.

    Financial stability

    Stability also refers to financial stability, which complements price stability in meeting growth and other developmental objectives. We have had a stable financial system – a system that has smoothly supported real sector economic activities even during periods of stress. Financial institutions have performed well. Banks and NBFCs are stronger and well capitalised to carry out financial intermediation effectively.

    External stability

    Stability includes stable foreign exchange rates, important for not only importers, exporters and investors but also the general public. India’s forex market has the required depth and liquidity to weather pressures, such as those seen in the last few months.

    Healthy levels of forex reserves and a manageable current account balance are also reassuring. Reserve Bank shall continue to be supportive, to manage excessive volatility without targeting any particular level or band of exchange rate.

    Trust

    Trust is important for multiple reasons to a central bank. Currency will serve its purpose only if the public trusts it to be safe to use. The public relies on trust when they deposit their hard-earned money in banks. Monetary policy requires trust to keep inflation expectations anchored. Trust is important for financial stability. It is integral to the integrity of financial markets and payments and settlement systems. We’ll continue to strengthen the trust the public has reposed in us. Ensuring quality customer service and experience is vital to retaining people’s trust. We’ll partner with financial institutions to improve services and reduce grievances.

    Independence of a central bank is important to generate trust. However, independence demands transparency. Independence doesn’t preclude consultation, whether with the general public, regulated entities, other financial regulators or govt. In fact, it becomes even more imperative. Independence also requires higher accountability. We have been deeply conscious of this and will endeavour to further improve transparency, enhance consultation, coordination and collaboration and raise accountability through various measures.

    Growth

    PM has envisioned a Viksit Bharat by 2047. This entails inclusive and accelerated economic growth. Policymaking has to be both pragmatic and visionary for India’s growth to leapfrog. RBI has a track record of introducing innovative policy measures while ensuring stability. Its response to the pandemic is a case in point.

    We’ll continue to be proactive, agile and flexible in our attempt to support economic growth. While we have come a long way in improving financial inclusion, we’ll work with financial institutions to expand access, especially to the bottom of the pyramid. We’ll encourage banks and NBFCs to leverage data and advanced tech to enhance their capacity for lending. This has the potential to accelerate supply of credit in the economy, without compromising on financial stability, to drive investment and economic growth.

    Moreover, as we grow and further integrate into the global economy in our journey of becoming a developed economy, our payment systems and currency have to be widely recognized worldwide. We’ve already taken some steps in this regard. We’ll continue to take initiatives to internationalise the rupee and globalise India’s payment systems.

    Tech

    Rapid advances in tech have facilitated RBI to fulfil its mandate of stability, trust and growth. Digitalisation of various banking services, UPI, and Account Aggregator are a few examples in this regard. It is imperative we harness tech and support innovation to further deepen and widen financial inclusion; improve monetary policy, banking, and currency management including central bank digital currency; universalise payment systems; expand credit including through Unified Lending Interface; and enhance customer experience.

    On this occasion, I would like to reassure all that we’ll continue to maintain the highest standards of professionalism and uphold the values of public service – integrity, impartiality, industriousness, objectivity, accountability, decisiveness, and transparency. We shall continue to foster a safe, secure and stable financial system to meet the aspirations of our country and its citizens. The aspirational goals Reserve Bank has set for itself to become a leading central bank are undeniably demanding, yet rewarding and inevitable.

    As Mahatma Gandhi had said, “The future depends on what we do in the present.” RBI rededicates itself in the service of the nation.

    (Published as a column in Times of India, on April 01, 2025)

    MIL OSI Economics –

  • MIL-OSI Economics: Shared Vision, Shared Responsibility – Strengthening NBFCs – Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India – March 28, 2025 – at the Conference of Non-Banking Financial Companies held at Chennai

    Source: Reserve Bank of India

    CA Shri Charanjot Singh Nanda, President, Institute of Chartered Accountants of India; Chairpersons of the Audit Committee of the Boards, MDs & CEOs of NBFCs, and Statutory Auditors of NBFCs, Executive Directors from RBI and my colleagues from the Reserve Bank of India, Ladies and Gentlemen. A very good morning to all of you.

    1. It is an honour to address this esteemed gathering representing the key pillars of the NBFC ecosystem —CEOs entrusted with driving business responsibly, Chairpersons of Audit Committees overseeing assurance, Statutory Auditors who ensure transparency and integrity, along with regulators and supervisors committed to maintaining financial stability and fostering a sound regulatory environment. The theme of our engagement today — “Shared Vision, Shared Responsibility – Strengthening the NBFCs” — could not be more timely or relevant.

    2. The evolution of the NBFC sector is indeed a story of entrepreneurial energy, innovation and social impact. However, as the sector grows in scale and systemic importance, so too must our efforts to reinforce its foundations. A resilient, customer-centric, and well-governed NBFC sector is a shared aspiration — and delivering on it our shared responsibility.

    3. NBFCs have emerged as powerful engines of credit. By complementing the traditional banking system, they have significantly expanded access to credit, particularly for segments that have historically been underserved or excluded. Through innovative credit delivery models that harness technology and local insights, NBFCs have been able to design customised financial products tailored to diverse borrower needs. Their agility and close connect with customers have enabled them to play a role that is not only complementary to the role traditionally played by banks but, in many instances, catalytic in building a financial ecosystem characterised by deeper intermediation and wider opportunity.

    4. The importance of NBFCs has only grown with time. In fact, over the past decade, their growth has consistently outpaced that of banks — a trend that has become even more pronounced in the last few years. This rapid growth is a testament to the sector’s relevance and resilience — but it also raises the stakes. As NBFCs become more systemically important, the standards of governance, risk management, and customer treatment must rise accordingly.

    Understanding the Risks- Need for Responsible Innovation

    5. The business model of NBFCs — while effective — comes with its own set of structural risks. Their funding is short-term as compared to the maturity of their lending or is directed towards higher-risk customer segments.

    6. This maturity and credit transformation is at the heart of the NBFC model — but it also demands a heightened focus on risk management. If not carefully managed, it can create vulnerabilities, especially during periods of market stress or liquidity shocks.

    7. Risk-taking must be intelligent and well planned, and never beyond the risk absorption capacity of the entity concerned. Liquidity and credit risks must be rigorously assessed and managed. Asset-liability mismatches, nature and tenor of the funding sources, and concentration risks all need board-level oversight which should be ably supported by robust internal controls.

    Growth with Fairness: Customer-Centricity is Non-Negotiable

    8. Most importantly, even as we pursue scale, speed, and profits, we must not lose sight of fairness to the customer — that is the cornerstone of a sustainable business model. The NBFC sector must live up to its promise of inclusion by treating customers with dignity, transparency, and care. This entails ensuring transparent and easy-to-understand pricing, free from hidden charges or usurious interest rates. In instances of default, recovery practices must be conducted in an empathetic and respectful manner.

    9. Unfortunately, some NBFCs think they can pursue a business model where it is par for the course to resort to weak underwriting in pursuit of quick growth, coupled with excessive and unsustainable interest rates — at times masked as upfront charges or processing fees — which is followed by aggressive recovery practices upon default. Let me state unequivocally: this is not an acceptable model. Financial inclusion cannot be used as a pretext for financial exploitation. I urge each one of you to commit your institutions to upholding fairness in all your dealings.

    10. This responsibility for fair conduct is shared commitment by the CEO, the Board, and assurance functions in any entity. A customer-centric culture must be driven from the top and embedded at all levels.

    11. How do we ensure that our shared vision is realised, and our collective responsibilities are fulfilled? One of the most effective ways is by strengthening both internal and external assurance mechanisms.

    Strengthening Oversight: the Role of Audit Committee

    12. Let me begin with the Audit Committee of the Board (ACB). Far from being a routine compliance requirement, the ACB is the lynchpin of institutional oversight and long-term financial health. It plays a critical role in reinforcing governance, guiding management on assurance, and ensuring the integrity of internal control systems. When functioning effectively, it becomes a proactive forum for identifying vulnerabilities and initiating timely corrective actions.

    13. The role of the Audit Committee Chairperson is particularly significant in setting the tone for effective governance. It is essential that committee meetings are held regularly, conducted with clear purpose, and thoroughly documented to ensure accountability and follow-through.

    14. The effectiveness of the Committee is in the substance of its deliberations. The ACB must actively monitor the adequacy and functioning of internal control systems — not merely to confirm their presence, but to ensure they are operating effectively in practice. Similarly, audit observations should not remain confined to meeting minutes; they must translate into timely and meaningful corrective actions. A strong ACB also tracks audit findings and ensures that corrective measures are implemented without delay.

    15. Equally important is the establishment of an effective whistleblower mechanism overseen by the Board or the ACB which empowers employees and grants them anonymity, to report unethical or non-compliant behaviour, without fear of reprisal.

    16. CEOs too have a crucial role in upholding the integrity of financial reporting. They must actively deter any attempts—whether deliberate or cleverly disguised—to misapply accounting standards or regulatory provisions. It is equally important to foster an environment where the Chief Financial Officer and Head of Internal Audit feel empowered to engage in open, honest, and transparent dialogue with the Audit Committee of the Board.

    The Crucial Role of Statutory Auditors

    17. Now let me come to the role of Statutory Auditors, who are an indispensable part of the assurance ecosystem. In fact, the role of auditors has never been more critical — not merely in checking compliance, but in upholding trust. And trust, once lost, is hard to rebuild.

    18. Auditors are expected to provide an independent, professional opinion on whether the financial statements present a true and fair view of the NBFC’s financial position and comply with regulatory and accounting standards. However, in today’s complex and dynamic environment, this is no longer enough.

    19. Recent incidents — both in India and abroad — have shown that traditional financial audits must evolve. Auditors must bring technical expertise, forensic insight, and an ethical lens to their work. Red flags must not be ignored. Complex structures, derivatives, off-balance sheet items, related party transactions, and provisioning policies must be closely examined.

    Facilitative Role of Regulators and Supervisors

    20. As regulators and supervisors, we shoulder a dual responsibility — to safeguard stability and discipline, while also fostering an environment that encourages innovation, inclusion, and sustainable growth. Contrary to perception in certain quarters, our approach actively seeks to strike the right balance. At the Reserve Bank of India, we are acutely aware that regulation is not merely about control; it is about enabling responsible financial intermediation within a well-defined and transparent framework. Several initiatives in recent years reflect this facilitative and proportionate approach to regulation. In my previous role as a commercial banker, I had the fortuitous opportunity to be closely associated with one such initiative -the Regulations Review Authority 2.0 – which reinforced the RBI’s strong commitment to easing the regulatory burden and streamlining compliance without compromising regulatory objectives.

    21. The regulatory framework for NBFCs has evolved in the recent years with this understanding — gradually moving toward greater harmonisation with banks where warranted, while still preserving operational flexibility suited to the unique role NBFCs play in the financial system. The introduction of the scale-based regulatory framework explicitly recognises that the intensity of regulation and supervision must be proportionate to systemic importance. At the same time, the regulatory architecture encourages the development of responsible innovation and healthy competition in the sector.

    22. Similarly, the role of the supervisor has also become more interactive and forward-looking. It is not just about identifying compliance breaches after the fact, but about engaging with entities to strengthen internal systems, enhance governance, and build resilience against emerging risks. Through onsite inspections, offsite surveillance, thematic reviews, and structured engagements, the supervisory process aims to be a partner in the financial sector’s long-term soundness — not an impediment to its progress.

    Conclusion

    23. Our shared vision is clear: a dynamic, inclusive, and trusted NBFC sector that complements the banking system and serves the evolving needs of the Indian economy. And the way to achieve it is through shared responsibility — in governance, in customer protection, in financial prudence, and in ethical conduct.

    24. We in the regulatory community stand committed to supporting this journey. Our intent is not to stifle innovation but to ensure that growth is sustainable, risks are well-managed, and customer trust is never compromised. On behalf of the RBI, I can assure you that as regulators and supervisors we will remain committed to playing our part, not just as watchdogs, but as enablers of a robust, inclusive, and future-ready financial ecosystem.

    25. This conference gives us an opportunity to reflect on how we can contribute to this shared agenda. Whether making strategic decisions, chairing audit committees, or signing off on financials, drafting regulations or conducting supervision — we are shaping the sector’s future.

    26. Therefore, let us work together — with clarity of purpose and unity of action — to build a stronger, fairer, and more resilient NBFC ecosystem. Wealth creation should not just be for personal or institutional gain but to support the community, reflecting a sense of shared responsibility amongst all of us, in our pursuit to achieve an inclusive growth for all and realise the vision of Viksit Bharat 2047.

    27. With this I wish you all fruitful and enriching deliberations over the course of this conference and look forward to the ideas and insights that will emerge in pursuit of our shared vision. Thank you for this opportunity and wish you all good luck, Jai Hind!

    MIL OSI Economics –

  • MIL-OSI Economics: Jana Merunková receives the CNB Governor’s Award

    Source: Czech National Bank

    Jana Merunková is the winner of the third round of the CNB Governor’s Award for Outstanding Contribution to the Advancement of Financial and Economic Literacy. The Governor of the Czech National Bank Aleš Michl presented the award to her on Saturday, 31 May, during a ceremony held at the CNB’s Visitor Centre in Prague.

    The aim of the award is to highlight the importance of financial and economic literacy across all age groups. In this way, the CNB annually recognises and supports individuals who, with exceptional commitment, have long been engaged in raising awareness in this area and whose projects help promote greater financial responsibility among the public.

    “Financial literacy is not a theory – it’s a life skill. It helps people avoid debt, navigate contracts and plan for the future. At the CNB, we want money to be explained in plain language. A big thank you to those who put in the time and energy to do this. That’s one of the reasons this award was created,” said CNB Governor Aleš Michl.

    As in previous years, the public was involved in selecting the winner and could nominate candidates using an online form on the CNB website until 28 March. A total of 30 individuals received public support in this way. The final decision on the award was made by the Governor of the CNB at the recommendation of an advisory team.

    Jana Merunková has worked in the field of financial and economic literacy for more than fifteen years. After a successful business career, in 2009 she became the expert guarantor of the projects run by non-profit organisation yourchance o.p.s., which focuses on teaching financial literacy and fostering entrepreneurship among children, young people and socially disadvantaged groups. She has also been an active member of expert working groups at the Ministry of Finance and the Ministry of Education, Youth and Sports since 2013.

    “This award from the Governor is a strong affirmation that my work is meaningful. At the same time, I see it as an incentive to keep going, as there is still much to be done – whether we are talking about improving the practical grasp of financial literacy in schools or nurturing such skills across generations and other target groups,” added Jana Merunková upon receiving the award.

    The award ceremony for the CNB Governor’s Award for Outstanding Contribution to the Advancement of Financial and Economic Literacy took place on 31 May 2025 at the CNB Visitor Centre, which plays a key role in the central bank’s educational activities. The centre offers free exhibitions and programmes focusing on the world of money, the economy and monetary policy. Tens of thousands of people visit the centre every year, with primary and secondary school pupils making up roughly half of all visitors.

    Announcement of the fourth round of the CNB Governor’s Award for Outstanding Contribution to the Advancement of Financial and Economic Literacy

    The third round of the CNB Governor’s Award has its winner. Who will become the winner of the fourth round in 2026? Once again, the public can actively take part in the selection process by using the nomination form on the CNB’s website to highlight individuals who have long been dedicated to advancing financial and economic literacy. Nominations may be submitted until 28 March 2026. The winner will be selected by the CNB Governor at the recommendation of his advisory team.

    Jaroslav Krejčí
    CNB spokesperson

    MIL OSI Economics –

  • MIL-OSI Economics: Taking a Multi-Pathway Approach at Super Taikyu Fuji 24 Hours Race

    Source: Toyota

    Headline: Taking a Multi-Pathway Approach at Super Taikyu Fuji 24 Hours Race

    Toyota Motor Corporation (Toyota) will enter the ENEOS Super Taikyu Series 2025 Empowered by BRIDGESTONE Round 3 NAPAC Fuji 24 Hours Race, to be held from May 30 to June 1, with the #28 TGRR GR86 Future FR Concept running on low-carbon gasoline (E20) and the #32 TGRR GR Corolla H2 Concept running on liquid hydrogen.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 2025 Meeting of the OECD Council at Ministerial Level (MCM) and Related Meetings in Paris, France

    Source: ASEAN

    At the joint invitation of the Secretary-General of the OECD, Mathias Cormann, and the President of the Republic of Costa Rica, Rodrigo Chaves Robles, Secretary-General of ASEAN Dr. Kao Kim Hourn will participate in the 2025 Meeting of the OECD Council at Ministerial Level (MCM), which will take place at the OECD Headquarters in Paris, France, on 3-4 June 2025. Dr. Kao will be delivering remarks at the Opening Ceremony of the OECD MCM, during the handover ceremony from Australia and Viet Nam to Canada and the Philippines, as the incoming Chairs of OECD Southeast Asia Regional Programme (SEARP).
     
    Dr. Kao will also participate in several breakout sessions, highlighting ASEAN-OECD potential collaboration in advancing rules-based multilateral trading system, promoting inclusive and sustainable growth, and harnessing the opportunities of digital transformation. Taking the opportunity of his time in Paris, Dr. Kao will also engage with ministers and high-level officials from ASEAN and ASEAN’s external partners, business communities, as well as media representatives in Paris, on 5-6 June 2025.
    The post Secretary-General of ASEAN to participate in the 2025 Meeting of the OECD Council at Ministerial Level (MCM) and Related Meetings in Paris, France appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Fannie Mae Releases April 2025 Monthly Summary

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae’s (FNMA/OTCQB) April 2025 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae’s monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.

    MIL OSI Economics –

  • MIL-OSI Economics: Gliding to victory: How Special Olympics is using Copilot to empower its organization and athletes

    Source: Microsoft

    Headline: Gliding to victory: How Special Olympics is using Copilot to empower its organization and athletes

    Leaving it on the ice

    One by one, the athletes skated their routines to boisterous applause. And, one by one, the medal results rolled in.

    Beth Allen: Silver medal!
    Cody Wheatley: Gold medal!
    Deeb Habchi: Gold medal!
    Cori Piels: Bronze medal!

    As soon as she hit the ice, Cori instinctively felt she was going to crush it. “Right away, I knew that this was it—my dream coming true,” she says. Cori’s mom, Karalee, also felt the full-circle significance of it all. “To see her work for 20 years and achieve everything she wanted—from perfecting her routine to designing her dress—I don’t think I’ve ever been so emotional in my life.”

    By giving it their all, Beth, Cody, Deeb, and Cori proved what’s possible when everyone gets a fair shot. That with hard work, ambition, and the right support, no dream is too big. Heidi believes tools like Copilot will continue to amplify this potential. As she puts it: “I believe the partnership between Microsoft and Special Olympics has really married two worlds that will enrich and enhance any athlete’s life, from everyday activities to training in their specific sports. Copilot is for everyone.”

    Donate points to support Special Olympics.

    MIL OSI Economics –

  • MIL-OSI Economics: Introducing Sora and video playground in Azure AI Foundry

    Source: Microsoft

    Headline: Introducing Sora and video playground in Azure AI Foundry

    Introducing Sora and video playground in Azure AI Foundry

    [embedded content]

    The video playground in Azure AI Foundry is your high-fidelity testbed for prototyping with cutting-edge video generation models – like Sora from Azure AI Foundry Models – ready for commercial use. Read our Tech Community launch blog on gpt-image-1 and Sora.

    Modern development involves working across multiple systems—APIs, services, SDKs, and data models—often before you’re ready to fully commit to a framework, write tests, or spin up infrastructure. As the complexity of software ecosystems increases, the need for safe, lightweight environments to validate ideas becomes critical. Video playground was built to meet this need.

    Purpose-built for developers, video playground offers a controlled environment to experiment with prompt structures, evaluate model consistency relative to prompt adherence, and optimize outputs for industry use cases. Whether you’re building AI-native video products, tools, or transforming your enterprise workflows, video playground enhances your planning and experimentation — so you can iterate faster, de-risk your workflows, and ship with confidence.

    Rapidly prototype from prompt to playback to code

    Video playground offers an on-demand, low-friction-setup environment designed for rapid prototyping, API exploration and technical validation with video generation models. Think of video playground as your high-fidelity prototyping environment – built to help you build better, faster and smarter – with no configuration of localhost, importing clashing dependencies or worrying about compatibility between build and model.​

    Sora from Azure OpenAI is the first release for video playground – with the model coming with its own API – a unique offering available for Azure AI Foundry users. Using the API in VS Code allows for scaled development in your VS Code environment for your use case once your initial experimentation is done in the video playground.

    • Iterate faster: Experiment with text prompts and adjust generation controls like aspect ratio, resolution and duration.
    • Prompt optimization: Debug, tune and re-write prompt syntax with AI, visually compare outcomes across variations you’re testing with, use prebuilt industry prompts, and build your own prompt variations available in the playground, grounded in model behavior.
    • Consistent interface for API: Everything in video playground mirrors the model API structure, so what works here translates directly into code, with predictability and repeatability.

    Features

    We built video playground for developers who want to experiment with video generation. Video playground is a full featured controlled environment for high-fidelity experiments designed for model-specific APIs – and a great demo interface for your Chief Product Officer and Engineering VP.

    • Model-specific generation controls: Adjust key controls (e.g. aspect ratio, duration, resolution) to deeply understand specific model responsiveness and constraints.
    • Pre-built prompts: Get inspired on how you can use video generation models like Sora for your use case. In the pre-built prompts tab, there is a set of 9 curated videos by Microsoft.
    • Port to production with multi-lingual code samples: In the case of Sora from Azure OpenAI – this reflects the Sora API – a unique offering available to Azure AI Foundry users. Using the “View Code” multi-lingual code samples (Python, JavaScript, GO, cURL) for your video output, prompts and generation controls that reflect the API structure. What you create in the video playground can be easily ported into VS Code so that you can continue scaled development in VS Code with the API.
    • Side-by-side observations in grid view: Visually observe outputs across prompt tweaks or parameter changes.
    • Azure AI Content Safety integration: With all model endpoints integrated with Azure AI Content Safety, harmful and unsafe videos are filtered.

    See a demo of these features and Sora in video playground in our dedicated breakout session at Microsoft Build 2025 here.

    No need to find, build or configure a custom UI to localhost for video generation, hope that it will automatically work for the next state-of-the-art model, or spend time resolving cascading build errors due to packages or code changes required for new models. The video playground in Azure AI Foundry gives you version-aware access. Build with the latest models with API updates surfaced in a consistent UI.

    What to test for in video playground

    When using video playground, as you plan your production workload, consider the following as you’re visually assessing your generations:

    1. Prompt-to-Motion Translation
      • Does the video model interpret my prompt in a way that makes logical and temporal sense?
      • Is motion coherent with the described action or scene? How could I use Re-write with AI to improve my prompt?
    2. Frame Consistency
      • Do characters, objects, and styles remain consistent across frames?
      • Are there visual artifacts, jitter, or unnatural transitions?
    3. Scene Control
      • How well can I control scene composition, subject behavior, or camera angles?
      • Can I guide scene transitions or background environments?
    4. Length and Timing
      • How do different prompt structures affect video length and pacing?
      • Does the video feel too fast, too slow, or too short?
    5. Multimodal Input Integration
      • What happens when I provide a reference image, pose data, or audio input?
      • Can I generate video with lip-sync to a given voiceover?
    6. Post-Processing Needs
      • What level of raw fidelity can I expect before I need editing tools?
      • Do I need to upscale, stabilize, or retouch the video before using it in production?
    7. Latency & Performance
      • How long does it take to generate video for different prompt types or resolutions?
      • What’s the cost-performance tradeoff of generating 5s vs. 15s clips?

    Run Sora and other models at scale using Azure AI Foundry—no infrastructure needed. Learn more in our recent Microsoft Mechanics video that shares more about the Sora API in action:

    [embedded content]

    Get started now

    1. Sign-in or sign-up to Azure AI Foundry.
    2. Create a Foundry Hub and/or Project.
    3. Create a model deployment for Azure OpenAI Sora from the Foundry Model Catalog or directly from video playground.
    4. Prototype in video playground; iterate over text prompts and optimize generation controls for your use case.
    5. Prototype done? Switch to scaled development in VS Code with the Sora from Azure OpenAI API.

    Create with Azure AI Foundry

    MIL OSI Economics –

  • MIL-OSI Economics: Sibeprenlimab’s priority review highlights potential to differentiate in IgAN space, says GlobalData

    Source: GlobalData

    Sibeprenlimab’s priority review highlights potential to differentiate in IgAN space, says GlobalData

    Posted in Pharma

    Otsuka Pharmaceutical recently announced that the FDA has accepted for review the Biologics License Application (BLA) for sibeprenlimab, which acts as A Proliferation Inducing Ligand (APRIL) inhibitor in development for immunoglobulin A (IgA) nephropathy (IgAN). This followed sibeprenlimab’s 2024 FDA breakthrough designation for the same indication. The BLA was supported by the Phase III VISIONARY trial data. If approved, sibeprenlimab could provide patients with the first disease-modifying therapy that addresses both the clinical and practical challenges of living with IgAN, says GlobalData, a leading data and analytics company.

    VISIONARY is an ongoing, randomized, double-blind, placebo-controlled Phase III trial to evaluate the safety and efficacy of sibeprenlimab for IgAN. Interim results showed that sibeprenlimab demonstrated a statistically significant and clinically meaningful reduction in 24-hour urine protein-to-creatinine ratio compared to placebo after nine months of treatment. Additionally, sibeprenlimab demonstrated a favorable safety profile.

    Kajal Jaddoo, Senior Pharma Analyst at GlobalData, comments: “Sibeprenlimab is a single-dose prefilled syringe for subcutaneous injection every four weeks, intended for self-administration at home. This represents a substantial improvement over intravenous therapies that require clinical visits and healthcare facility resources. The self-administration at home provides patients with greater control over their treatment schedule and reduces the disruption to daily activities that often accompanies chronic disease management.”

    IgAN is a common cause of chronic kidney disease (CKD) and kidney failure. CKD is a condition characterized by a gradual loss of kidney function over time. This leads to the accumulation of excess fluid and waste in the body. In the early stages, CKD is a largely asymptomatic condition.

    Jaddoo concludes: “Sibeprenlimab’s latest priority review further signifies the drug’s major advantages over existing treatments and will provide enhanced support for its development for targeting a complex condition like IgAN.”

    MIL OSI Economics –

  • MIL-OSI Economics: Now Available: Galaxy S25 Edge, Beyond Slim

    Source: Samsung

    Understanding users’ evolving needs is key to developing technology that truly matters. The new Galaxy S25 Edge combines flagship-level performance with a portable design, serving as a powerful pocket-sized AI companion that pushes the boundaries of what a mobile device can be.
    The Galaxy S25 Edge is more than just a slim smartphone. Every curve, contour, and component reflects a breakthrough in precision engineering, delivering a premium experience befitting the S series’ legacy.
    Extensive experimentation was required to strike this balance, with numerous prototypes developed to test new combinations of components and structures — challenging established standards in mobile hardware design. The result is a smartphone, meticulously engineered for design, performance, and camera excellence.

    Ultra Thin Yet Built to Last
    The Galaxy S25 Edge continues the design language of the S series while achieving the slimmest profile in Galaxy S series history — measuring just 5.8mm thick1 and weighing only 163g.
    To make this possible, the S series experience was reimagined from the ground up. The Galaxy S25 Edge’s internal structure features a new mounting system, allowing components to be placed with precision down to 0.1mm.
    But the new device isn’t just slim — it’s tough as well. Premium materials, including a titanium frame as seen in the Galaxy S25 Ultra, make up the Galaxy S25 Edge’s robust exterior. It’s further reinforced by Corning® Gorilla® Glass Ceramic 2, a new display cover material strengthened with Samsung’s processing techniques.
    It’s a careful balance of design and durability.

    Cool Under Pressure
    The Galaxy S25 Edge may be the slimmest S series device yet, but there’s nothing light about its performance. From everyday responsiveness to intense multitasking, Samsung’s latest smartphone delivers the same power and speed found across the Galaxy S25 series.
    At its heart is the Snapdragon® 8 Elite Mobile Platform for Galaxy2 — a powerful processor customized by Qualcomm Technologies, Inc. to set new standards for on-device AI processing and daily performance. True performance, however, goes beyond the chipset, especially in a device so thin.

    MIL OSI Economics –

  • MIL-OSI Economics: Mining companies turn to AI and adoptive cloud to support global energy transition

    Source: Microsoft

    Headline: Mining companies turn to AI and adoptive cloud to support global energy transition

    As global demand for minerals and metals only intensifies, mining companies are turning to AI-powered solutions to enhance exploration accuracy, automate equipment, predict maintenance needs, help increase safety, and optimize energy use. Meeting net-zero targets is expected to require around 700,000 new workers in the critical minerals extraction industry by 2030, an 88% increase from 2022 levels.1 This is one area where AI comes in—82% of leaders say they’re confident that they’ll use digital labor to expand workforce capacity in the next 12 to 18 months.2

    Explore Microsoft for energy and resources

    As the mining industry undergoes its digital and AI transformation, Microsoft remains committed to delivering innovative and secure solutions. From adopting AI and agents to streamlining business processes and unlocking efficiency to moving legacy systems to the cloud—we’re dedicated to working together towards a powerful and sustainable future of mining.

    AI transformation for a more resilient future of mining

    As we are seeing across the energy and resources industry, the mining sector is facing growing pressure to support the global energy transition, with AI emerging as a prominent solution. With demand for critical minerals expected to quadruple by 20403, AI can help mining companies locate and extract resources more efficiently, with studies showing potential reductions of 20% to 30% in the time and cost of mineral discovery.4

    From early stage exploration to downstream processing and logistics, AI has the potential to be embedded throughout the mining value chain. In upstream operations, it can enhance mineral prospectivity mapping, resource estimation, and production planning. Downstream, it can optimize ore blending, recovery, and processing. Even side streams like supply chain logistics are beginning to see gains, as AI-powered efficiencies ripple across operations. And in exploration, AI unlocks insights from vast geoscientific datasets—both legacy and real-time—enabling faster, more accurate decision-making.

    The possibilities for AI use cases in the mining sector are abundant, and there are ways for organizations embarking on their digital transformation journey to get started today—such as with workforce productivity. AI adoption in this context is a powerful step towards the future of work, and Ma’aden, a mining company in Saudi Arabia, is a prime example of that. Ma’aden used Microsoft 365 Copilot, Microsoft Copilot Studio, and Microsoft Azure OpenAI Service to help employees be more productive in daily tasks, like getting quick answers on policies, summarizing content, and drafting presentations, emails, and meeting minutes. Ma’aden saw enhanced productivity, with Copilot users saving up to 2,200 hours monthly.

    In addition to workforce productivity, Microsoft AI solutions are also enabling operational transformation, as seen in Sandvik’s approach to equipment optimization. Sandvik created a cloud-based service solution that uses data and AI to generate insights on the state of their machines to support the optimization of the operation of equipment. Powered by Microsoft Azure Cloud and its analytics and AI services, the solution uses data to produce actionable insights into equipment performance and status—helping to drive transformation across its business.

    Foundations for AI-driven transformation in mining

    Unlocking potential: Bringing the cloud to mining operations

    As the mining industry advances efficiency, safety, and sustainability goals, the adaptive cloud has emerged as a critical piece of this journey. Microsoft’s adaptive cloud approach uses cloud-native and AI technologies across hybrid, multi-cloud, edge, and Internet of Things (IoT) environments. By making operational technology (OT) cloud-enabled, mining organizations can unlock real-time insights, streamline operations, and enhance resilience. This union of cloud and OT supports smarter decision-making and predictive maintenance, and lays the foundation for innovation and scalability.

    Boliden offers a compelling example of how cloud infrastructure can modernize mining operations at scale. The Swedish mining company needed to automate and centralize data collection, increase visibility across processes, and add new ways to analyze information. Boliden monitors the Garpenberg site with a network of 500 cameras that give management teams oversight of the mines, wells, and operations, helping to keep an eye on productivity and safety. The company now uses a combination of Microsoft Azure IoT Edge and Microsoft Azure IoT Hub to connect the cameras with other Boliden systems and the rest of its IoT network, which consists of thousands of sensors above and below ground, along with other devices. By working with a flexible, fully featured cloud infrastructure, the company can now bring more productivity and safety to all their sites.

    Emirates Global Aluminium (EGA) also exemplifies how adaptive cloud infrastructure can overcome the limitations of traditional on-premises environments to support scalable, intelligent operations. EGA deployed a hybrid environment that connected private cloud services through on-premises datacenters. Deploying a hybrid environment helped to optimize latency, support advanced AI and automation solutions, offer sustaining commercial savings by applying intelligence at the edge, and streamline processing for massive amounts of real-time readings from sensors, machinery, and production lines.

    Learn more about energy and resources solutions with Microsoft

    No matter what your organization’s digital transformation may look like, Microsoft is committed to helping to drive progress in the mining industry and working to grow sustainable, secure, AI-powered businesses. Microsoft has always been built on trust and a robust security suite, and is committed to prioritizing security in the design, build, and operation of our products and services. To take a deeper dive into cybersecurity in the age of generative AI and building a foundation for AI-powered transformation in mining, read our latest e-book.

    1 Tracking the Trends 2025 | Deloitte US, Deloitte 2025

    2 2025: The Year the Frontier Firm Is Born, Microsoft, April 2025

    3 The energy transition will need critical minerals and metals. Here’s how to mine responsibly, World Economic Forum, June 2024

    4 Now is the time to invest in sustainable mining technologies. Here’s why, World Economic Forum, September 2024

    Joseph Starwood

    Worldwide Mining Industry Leader, Microsoft

    Mr. Starwood serves as Worldwide Mining Industry Leader at Microsoft. He works with mining clients to align enterprise capabilities with business strategies to transform business models and operational processes and to realize value from technology investments and assets. He is a thought-leader on the Digital Sustainable Mine of the Future and his work utilizes digital twins, AI, industrial metaverse, edge computing, and more.

    See more articles from this author

    MIL OSI Economics –

  • MIL-OSI Economics: Deposits with Scheduled Commercial Banks – March 2025 (Annual BSR-2)

    Source: Reserve Bank of India

    Today, the Reserve Bank released1 the web publication ‘Deposits with Scheduled Commercial Banks2 – March 20253’ on its ‘Database on Indian Economy’ portal4 (https://data.rbi.org.in Homepage > Publications).

    Scheduled commercial banks (SCBs) (including regional rural banks) report branch-wise data on type of deposits (current, savings and term), its institutional sector wise ownership, age wise distribution of deposits pertaining to individuals, maturity pattern of term deposits as well as number of employees in the annual ‘Basic Statistical Return’ (BSR) – 2 return. These data are released at disaggregated level (viz., type of deposits, population groups5, bank groups, states, districts, centres, interest rate ranges, size, original and residual maturity).

    Highlights:

    • Bank deposits grew (y-o-y) by 10.6 per cent during FY 2024-25 as compared to 13.0 per cent, net of merger, in the previous year (Chart I).

    • Household sector6 accounted for the largest share of SCB’s deposits at 60.2 per cent; the share of female depositors was 20.7 per cent in March 2025 (Chart II).

    • Branches in metropolitan areas, which constituted the dominant share in deposits, recorded 11.7 per cent annual growth in March 2025; whereas rural, semi-urban and urban centres registered 10.1 per cent, 8.9 per cent, and 9.3 per cent annual growth, respectively.

    • The higher returns on term deposits led to higher accretion in such deposits as compared to other type of deposits; the share of saving deposits declined to 29.1 per cent in March 2025 as compared to 30.8 per cent a year ago and 33.0 per cent two years ago.

    • Nearly 68.4 per cent of term deposits were having the original maturity of one to three as on March 2025.

    • The share of term deposits bearing interest rate of ‘7 per cent and above’ increased and stood at 72.7 per cent in March 2025 as compared to 64.2 per cent a year ago and 33.5 per cent two years ago.

    • The share of term deposits of size ‘Rs. one crore and above’ increased to 45.1 per cent in March 2025 from 43.7 per cent in March 2024.

    • The share of senior citizens’ deposits was 20.2 per cent of total deposits as on March 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/448

    MIL OSI Economics –

  • MIL-OSI Economics: Credit by Scheduled Commercial Banks – March 2025 (Annual BSR-1)

    Source: Reserve Bank of India

    Today, the Reserve Bank released the web publication ‘Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India – March 2025’1 on its ‘Database on Indian Economy’ (DBIE) portal2 (https://data.rbi.org.in Homepage > Publications). The publication provides information on various characteristics of bank credit in India, based on data submitted by SCBs {including Regional Rural Banks (RRBs)} under the annual ‘Basic Statistical Return (BSR) – 1’ system, which collects information on type of account, organisation, occupation/activity and category of the borrower, district and population3 group of the place of utilisation of credit, rate of interest, credit limit and amount outstanding.

    Highlights:

    • Bank credit growth (y-o-y) decelerated to 11.1 per cent in March 2025 from 15.3 (net of merger4) per cent in the previous financial year.

    • The deceleration in credit growth (y-o-y) was observed across all bank groups during FY 2024-25. Private sector banks witnessed the steepest decline to 9.5 per cent in March 2025 after a sustained credit growth above 15 per cent for the preceding three years.

    • With higher credit growth in rural, semi-urban and urban areas compared to metropolitan area, the share of metropolitan branches in total credit declined to 58.7 per cent in March 2025 from 63.5 per cent five years ago.

    • The growth in personal loans,5 though moderated sharply to 13.2 per cent, continued to outpace headline credit growth, which has led to an increase in their share to 31.0 per cent (24.1 per cent five years ago).
    • Share of housing loans bearing interest rate 9 per cent and above came down to 36.8 per cent in March 2025 from 54.5 per cent a year ago which signifies decline in cost of housing loans.
    • Consumer durables and other personal loans accounted for nearly one third of total personal loans; the share of these loans bearing interest rate 11 per cent and above has declined to 47.4 per cent in March 2025 from 50.3 per cent in the previous year. 
    • Loans to industry accounted for nearly one fourth of total bank credit and increased at a (y-o-y) rate of 9.4 per cent in March 2025, down from 10.4 per cent a year earlier.
    • The share of Individuals in total credit maintained its increasing momentum and stood at 47.8 per cent in March 2025 as compared to 41.5 per cent in March 2020. Within individuals, the share of female borrowers also gradually rose to 23.8 per cent from 22.0 per cent in the said period.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/449

    MIL OSI Economics –

  • MIL-OSI Economics: Lending and Deposit Rates of Scheduled Commercial Banks – May 2025

    Source: Reserve Bank of India

    Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of May 2025 are set out in Tables 1 to 7.

    Highlights:

    Lending Rates:

    • The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.26 per cent in April 2025 (9.35 per cent in March 2025).

    • The WALR on outstanding rupee loans of SCBs declined to 9.70 per cent in April 2025 from 9.77 per cent in March 2025.1

    • 1-Year median Marginal Cost of Funds based Lending Rate (MCLR) of SCBs moderated to 8.95 per cent in May 2025 from 9.00 per cent in April 2025.

    Deposit Rates:

    • The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.30 per cent in April 2025 as compared to 6.65 per cent in March 2025.

    • The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was 7.01 per cent in April 2025 (7.03 per cent in March 2025).1

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/445

    MIL OSI Economics –

  • MIL-OSI Economics: Behind Slim: How Samsung Engineered the Galaxy S25 Edge To Break Boundarie

    Source: Samsung

    Understanding users’ evolving needs is key to developing technology that truly matters. The new Galaxy S25 Edge combines flagship-level performance with a portable design, serving as a powerful pocket-sized AI companion that pushes the boundaries of what a mobile device can be.
     
    The Galaxy S25 Edge is more than just a slim smartphone. Every curve, contour and component reflects a breakthrough in precision engineering, delivering a premium experience befitting the S series’ legacy.
     
    Extensive experimentation was required to strike this balance, with numerous prototypes developed to test new combinations of components and structures — challenging established standards in mobile hardware design. The result is a no-compromise smartphone, meticulously engineered for design, performance and camera excellence.
     

     
     
    Ultrathin Yet Built To Last
    The Galaxy S25 Edge continues the design language of the S series while achieving the slimmest profile in Galaxy S series history — measuring just 5.8mm thick and weighing only 163g.
     
    To make this possible, the idea of a smartphone was reimagined from the ground up. The Galaxy S25 Edge’s internal structure features a new mounting system, allowing components to be placed with precision down to 0.1mm.
     
    But the new device isn’t just slim — it’s tough as well. Premium materials, including a titanium frame as seen in the Galaxy S25 Ultra, make up the Galaxy S25 Edge’s robust exterior. It’s further reinforced by Corning® Gorilla® Glass Ceramic 2, a new display cover material strengthened with Samsung’s processing techniques.
     
    It’s a careful balance of design and durability – all without compromise.
     

     

     

     

     
     
    Cool Under Pressure
    The Galaxy S25 Edge may be the slimmest S series device yet, but there’s nothing light about its performance. From everyday responsiveness to intense multitasking, Samsung’s latest smartphone delivers the same power and speed found across the Galaxy S25 series.
     
    At its heart is the Snapdragon® 8 Elite Mobile Platform for Galaxy1 – a powerful processor customized by Qualcomm Technologies, Inc. to set new standards for on-device AI processing and daily performance. True performance, however, goes beyond the chipset, especially in a device so thin.
     
    A custom thermal system — featuring a reconfigured vapor chamber 10% larger than the one used in the Galaxy S25+ — was developed to suit the Galaxy S25 Edge’s slim profile. To maintain thinness while efficiently managing heat, Samsung introduced a new “hole structure” — a first for Galaxy smartphones — in which a portion of the front metal frame was removed to allow more direct heat transfer from the application processor to the vapor chamber.
     
    In addition, a precisely tailored thermal interface material helps absorb and disperse heat from surrounding components. The outcome? A phone that stays fast, cool and responsive — no matter the task.
     
    The Galaxy S25 Edge shows that power doesn’t need more space — just smarter engineering.
     

     
     
    Ultra-level Camera
    A hallmark of the Galaxy S25 Ultra is the premium camera experience, and the Galaxy S25 Edge brings that level of performance to a sleek new form. Its dual camera system with wide and ultra-wide lenses includes a 200MP main sensor that captures Galaxy S25 Ultra-level shots with extraordinary clarity, vibrant color and true-to-life detail, even in challenging lighting conditions.
     
    The thickness of the main camera was reduced by more than 10% through structural optimization of the autofocus and optical image stabilization. A two-layer camera housing design offsets the module’s height, allowing the 200MP sensor to sit naturally within the frame without disrupting the phone’s silhouette. The result is a Galaxy camera experience fit for pros, now in a slimmer, more compact form.
     

     
    The Galaxy S25 Edge embodies Samsung’s dedication to overcoming long-standing limitations in mobile engineering. By uniting flagship performance, intelligent experiences and a pro-grade camera system in a slimmer, more refined form, the device unlocks what’s possible when every detail is designed with intention. More than a design milestone, the Galaxy S25 Edge marks the next chapter in mobile innovation — where design and engineering move forward, together.
     
     
    1 Snapdragon is a trademark or registered trademark of Qualcomm Incorporated. Snapdragon is a product of Qualcomm Technologies, Inc. and/or its subsidiaries.

    MIL OSI Economics –

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of April 2025

    Source: Reserve Bank of India

    The value of exports and imports of services during April 2025 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    January – 2025 34,726
    (12.0)    		 16,706
    (12.6)
    February – 2025 31,625
    (11.6)    		 14,506
    (-4.8)
    March – 2025 35,600
    (18.6)    		 17,475
    (5.3)
    April – 2025 32,843
    (8.8)    		 16,909
    (0.9)
    Notes: (i) Data for January-April are provisional; and
    (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/444

    MIL OSI Economics –

  • MIL-OSI Economics: Exploits and vulnerabilities in Q1 2025

    Source: Securelist – Kaspersky

    Headline: Exploits and vulnerabilities in Q1 2025

    The first quarter of 2025 saw the continued publication of vulnerabilities discovered and fixed in 2024, as some researchers were previously unable to disclose the details. This partially shifted the focus away from vulnerabilities that received new CVE-2025-NNNNN identifiers. The nature of the CVE assignment process can result in a notable delay between problem investigation and patch release, which is mitigated by reserving a CVE ID early in the process. As for trends in vulnerability exploitation, we are seeing increasing rates of attacks targeting older operating system versions. This is mainly driven by two factors: users not installing updates promptly, and the ongoing rollout of new OS versions that include improved protections against the exploitation of vulnerabilities in certain subsystems.

    Statistics on registered vulnerabilities

    This section contains statistics on registered vulnerabilities. The data is taken from cve.org.

    Total number of registered vulnerabilities and number of critical ones, Q1 2024 and Q1 2025 (download)

    The first quarter of 2025, like previous ones, demonstrates a significant number of newly documented vulnerabilities. The trend largely mirrors previous years, so we will focus on new data that can be collected for the most popular platforms. This report examines the characteristics of vulnerabilities in the Linux operating system and Microsoft software, specifically the Windows OS. Given that the Linux kernel developers have obtained the status of a CVE Numbering Authority (CNA) and they can independently assign CVE identifiers to newly discovered security issues, all information about vulnerabilities can now be obtained firsthand.

    Let us look at the Linux kernel vulnerabilities registered in the first quarter of 2025 and categorized according to their Common Weakness Enumeration (CWE) types.

    Top 10 CWEs for Linux kernel vulnerabilities registered in Q1 2025 (download)

    For Linux, the most common CWEs are those with the following identifiers:

    • CWE-476: Null Pointer Dereference
    • CWE-416: Use after Free
    • CWE-667: Improper Locking
    • CWE-125: Out-of-bounds Read
    • CWE-908: Use of Uninitialized Resource, most often referring to regions of system memory

    This set of vulnerability types is fairly common for system software. That said, exploiting vulnerabilities in these CWEs often demands complex read-and-write capabilities from attackers, due to Linux’s robust exploit mitigations such as kernel address space layout randomization (KASLR).

    Let us examine similar statistics for Microsoft software. Given the developer’s extensive product lineup, a variety of security issues have been identified. As a result, we will limit our analysis to the most common CWEs for vulnerabilities disclosed during the first quarter of 2025.

    TOP 10 CWEs for Microsoft product vulnerabilities registered in Q1 2025 (download)

    In addition to the CWEs described above, the following types of vulnerabilities were also frequently reported in the first quarter:

    In general, the TOP 10 CWEs for Microsoft products and the Linux kernel tend to be similar or overlap, which means the vulnerabilities are rooted in comparable principles. As a result, we often see attack techniques being “ported” from Linux to Windows and vice versa, with attackers modifying existing exploits to target a different operating system. This method is likewise applied to multiple products of the same software type.

    These CWEs have remained an issue for some time, in spite of ongoing efforts from the research and development community. Knowing the most frequently encountered vulnerabilities on a given platform provides insight into which tools attackers are likely to use to compromise it.

    Exploitation statistics

    This section presents statistics on vulnerability exploitation for the first quarter of 2025. The data draws on open sources and our telemetry.

    Windows and Linux vulnerability exploitation

    The first quarter of 2025 saw a year-over-year increase in attacks using Windows exploits. As before, the vast majority of detected exploits targeted Microsoft Office products. Even though office suite applications are now widely available as cloud services, vulnerable local versions remain popular with users.

    Historically, Kaspersky products have most often detected exploits targeting the Windows platform that leverage the following older vulnerabilities:

    • CVE-2018-0802: a remote code execution vulnerability in the Equation Editor component
    • CVE-2017-11882: another remote code execution vulnerability, also affecting Equation Editor
    • CVE-2017-0199: a vulnerability in Microsoft Office and WordPad allowing an attacker to gain control over the system

    These three vulnerabilities were the most prevalent throughout 2024, and we expect this trend to continue.

    Following the top three vulnerabilities, other commonly exploited issues include vulnerabilities in WinRAR and in the Windows operating system itself, such as:

    • CVE-2023-38831: a vulnerability in WinRAR involving improper handling of files within archive contents
    • CVE-2024-35250: a vulnerability in the ks.sys driver that stems from dereferencing an untrusted pointer, which can allow an attacker to execute arbitrary code
    • CVE-2022-3699: a vulnerability in the Lenovo Diagnostics Driver that allows improper issuance of IOCTL commands, enabling the attackers to read from or write to arbitrary kernel memory

    All of the vulnerabilities listed above can be used for privilege escalation, and those affecting the kernel and drivers can result in full system compromise. For this reason, we strongly recommend regularly installing updates for the relevant software.

    Dynamics of the number of Windows users encountering exploits, Q1 2024—Q1 2025. The number of users who encountered exploits in Q1 2024 is taken as 100% (download)

    For the Linux operating system, the most frequently exploited vulnerabilities in early 2025 targeted the following issues:

    • CVE-2022-0847, also known as Dirty Pipe: a widespread vulnerability that allows privilege escalation and enables attackers to take control of running applications
    • CVE-2019-13272: a vulnerability caused by improper handling of privilege inheritance, which can be exploited to achieve privilege escalation
    • CVE-2021-3156: a heap overflow vulnerability in the sudo utility that allows attackers to escalate privileges to root

    Dynamics of the number of Linux users encountering exploits, Q1 2024—Q1 2025. The number of users who encountered exploits in Q1 2024 is taken as 100% (download)

    It is essential to keep your operating system and software up to date by promptly installing all available patches and updates. However, updates for the Linux kernel and applications included with most distributions are critical, as a single vulnerability can lead to full system compromise.

    Most common published exploits

    Distribution of published exploits by platform, Q4 2024 (download)

    Distribution of published exploits by platform, Q1 2025 (download)

    In the first quarter of 2025, operating systems – among the most complex types of software – continued to account for the highest number of published exploits. This is due to the large codebase and numerous OS components, as well as the operating system’s critical role in device functionality. Furthermore, we are seeing a steady rise in the number of browser exploits, a trend that continued throughout the past year. The proportion of exploits targeting vulnerabilities in Microsoft Office products has also increased.

    Vulnerability exploitation in APT attacks

    We analyzed data on attacks carried out by APT groups and identified which vulnerabilities they most frequently exploited during the first quarter of 2025. The following rankings are informed by our telemetry, research, and open-source data.

    Top 10 vulnerabilities exploited in APT attacks, Q1 2025 (download)

    Most attacker techniques are designed to gain access to the victim’s local network. As a result, the most commonly targeted vulnerabilities are typically found in perimeter devices and software that can function as server. Notably, the well-known critical Zerologon vulnerability, which allows attackers to take over a domain controller, has reappeared in the TOP 10 most exploited vulnerabilities.

    The only exception to this trend is software used for accessing information, such as text editors and file-sharing applications.

    Interesting vulnerabilities

    This section covers the most noteworthy vulnerabilities published in the first quarter of 2025.

    ZDI-CAN-25373: a vulnerability in Windows that affects how LNK files are displayed

    The first vulnerability to make our list has been actively exploited against users for some time, yet it still lacks a CVE identifier. It affects LNK files in the Windows operating system. The main issue is that File Explorer does not fully display the data specified as parameters in application shortcuts. In the Target field, attackers add extra characters, such as spaces or line breaks, after a legitimate-looking path, followed by malicious commands that can compromise the system. At the same time, only the first part of the path is shown in the shortcut’s properties:

    Example of shortcut properties with additional characters that are not fully displayed in File Explorer

    Opening a shortcut like this executes commands that are hidden from the user. For example, the Target field might include arguments at the end of the line that trigger a request to download a payload using powershell.exe. It is important to consider the psychological aspect of this vulnerability: a file with hidden malicious activity like this can mislead users, since they cannot see the main actions that will be performed when the file is opened.

    CVE-2025-21333: a heap buffer overflow vulnerability in the vkrnlintvsp.sys driver

    This is a buffer overflow vulnerability in the kernel’s paged pool memory allocation that was actively exploited in zero-day attacks against end-user systems. The vulnerable vkrnlintvsp.sys driver, designed for Hyper-V, improperly handles pointers to kernel pool structures. This results in a paged pool overflow, allowing attackers to execute arbitrary code or escalate their privileges.

    Notably, this vulnerability can be exploited during process creation within Windows Sandbox. The name of the vulnerable function, VkiRootAdjustSecurityDescriptorForVmwp, suggests that providing a security descriptor that exceeds the allowed size is sufficient to trigger the vulnerability. In this scenario, the memory counter responsible for calculating the security descriptor’s length will overflow, enabling arbitrary read/write operations of 0xffff bytes and ultimately allowing attackers to escape the sandbox environment.

    CVE-2025-24071: a NetNTLM hash leakage vulnerability in the file system indexer

    A built-in feature of File Explorer in all Windows operating systems has become a common tool for stealing NetNTLM hashes. Attackers distributed a malicious file with a .library-ms extension that contained a specially crafted directory path. The appearance of this file in the victim’s file system triggers the indexing mechanism. It opens a specified directory, and the operating system automatically performs NTLM authentication in the background without notifying the user, which results in the disclosure of NetNTLM hashes.

    Conclusion and advice

    The number of vulnerabilities registered in the first quarter of 2025 might appear misleading. One possible reason for the decrease is that security research findings or vulnerability descriptions are sometimes published well after the vulnerabilities are initially discovered. Therefore, it is critically important to update all software and devices as soon as updates become available.

    To stay safe, it is essential to respond promptly to changes in the threat landscape. It is also recommended to ensure the following:

    • Maintain continuous, around-the-clock monitoring of your infrastructure, with particular attention to perimeter defenses.
    • Implement strong patch management process and apply security fixes without delay. Solutions like Kaspersky Vulnerability and Patch Management and Kaspersky Vulnerability Data Feed can be used to configure and automate vulnerability and patch management.
    • Use robust solutions that can detect and block malware on corporate devices, and comprehensive tools that include incident response plans, employee training programs, and an up-to-date cyberthreat database.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Releases the Slim Galaxy S25 Edge in Europe, Setting a New Standard for Premium Smartphones

    Source: Samsung

     
    Samsung Electronics Co., Ltd., a global leader in innovation and technology, proudly announces the availability of the Galaxy S25 Edge in Europe from May 30 2025. The latest addition to the Galaxy S series, the first-of-its-kind S25 Edge reinforces Samsung’s commitment to cutting-edge innovation, refined design and an exceptional user experience.
     
    At just 5.8mm thin and weighing 163g, the Galaxy S25 Edge redefines compact smartphone design while preserving the iconic Galaxy S series aesthetic. Its sleek, curved profile and titanium frame offer both style and durability, enhanced by the durable Corning® Gorilla® Glass Ceramic 2 for lasting display protection.
     
    With massive all-day battery life[1] and fast charging, whether you’re using it to capture incredible content, navigate around a new city, or watch your favorite TV series on a flight, you can get a lot out of a single charge[2].
     
    The Dynamic AMOLED 2X display, now with Adaptive Vision Booster, delivers stunning visuals and seamless multitasking. The device is available a range of stylish colorways: Titanium Silver, Titanium Jetblack and Titanium Icyblue.
     
    The Galaxy S25 Edge offers our most natural, context-aware mobile AI experience, with Galaxy AI integrated at almost every touchpoint with personalised, multimodal features. Like the rest of the S25 series, it delivers seamless AI across apps to simplify daily tasks. Features like Now Brief and Now Bar[3] integrate more deeply into routines and support third-party apps – for smarter reminders during everyday moments like commuting and dining.
     
    Photography enthusiasts will appreciate the upgraded camera system – a 200MP wide lens delivers the iconic Galaxy S camera experience, now enhanced with advanced Nightography for over 44% improved brightness[4] in low-light environments, thanks to its ultra-high resolution and large pixel size.
     
    Powered by the same ProVisual Engine as the Galaxy S25, the S25 Edge delivers pro-grade enhancements – sharper details in textures like clothing and plants, and lifelike skin tones in portraits.
     
    Crafted for performance, the Galaxy S25 Edge offers pro-level photography, personalised AI, and more – redefining what a smartphone can be in a sleek design.
     
    For more information about the new Samsung Galaxy S25 Edge, visit www.samsung.com/uk.
     
    Pricing
    Galaxy S25 Edge RRP:
     

    256 GB – £1099
    512GB – £1199

    Offer
    Claim a Galaxy Tab A9+ worth £259 when you purchase the Galaxy S25 Edge from a Participating Retailer[5]
     
    [1]Actual battery life varies by network environment, feature and apps used, frequency of calls and messages, the number of times charged, and many other factors. Estimated against the average usage profile compiled by UX Connect Research. Independently assessed by UX Connect Research between 2025.03.12-2025.03.20 in US with pre-release versions of SM-S937 under default setting using LTE and 5G Sub6 networks. NOT tested under 5G mmWave Network.
    [2]Typical value tested under third-party laboratory conditions. Typical value is the estimated average value considering the deviation in battery capacity among the battery samples tested under IEC 61960 standard. Rated (minimum) capacity is 3786mAh. Actual battery life may vary depending on network environment, usage patterns and other factors.
    [3]Samsung account login and network connection required.
    [4]Compared to Galaxy S25.
    [5]Purchase a Galaxy S25 Edge by 26/06/2025 from a Participating Retailer. Claim by visiting: www.samsungoffers.claims/summerupgrade within 30 days of purchase. UK/ROI. 18+ only. For full T&Cs, see www.samsungoffers.claims/summerupgrade.

    MIL OSI Economics –