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Category: Economics

  • MIL-OSI Economics: DG Okonjo-Iweala: MC14 must deliver outcomes on WTO reform

    Source: World Trade Organization

    Reporting to the meeting in her capacity as Chair of the Trade Negotiations Committee (TNC), the Director-General said that in recent meetings she had with leaders and ministers in Japan and the Republic of Korea, the issue of WTO reform “was front and centre” of the discussions.

    “Prime Minister Ishiba (of Japan) and his ministers of trade, foreign affairs and finance, along with virtually every APEC minister that I met in Jeju, have bought into the idea that we must not waste a crisis, and that we need deep and thorough reform of the WTO if it is to remain relevant,” DG Okonjo-Iweala said.

    “For a successful MC14, we must act here in Geneva to deliver a package of reform proposals for ministers to consider and bless at MC14,” she added. “Nothing short of this can reposition this organization in the way and form needed.”

    The Director-General met with Prime Minister Ishiba and other senior Japanese government officials in Tokyo on 13 May and then attended a meeting of trade ministers from the Asia-Pacific Economic Cooperation (APEC) forum in Jeju, Republic of Korea, on 15-16 May.

    At their 12th Ministerial Conference in 2022, WTO members for the first time agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.

    The Director-General said that while the ministers she met “made clear they value the system, they also admitted it cannot continue the way it is.”

    “Members keep sweeping things under the carpet and not solving problems,” she said. “I think what has brought us here is the inability to solve problems when they occur, and this has led to unilateral actions, instead of a cooperative approach to solve these problems.”

    “It has taken time for members to admit that things are not working as well as they should, and that they want solutions,” she continued.

    The Director-General said she was pleased work is continuing on possible deliverables for MC14, including further work on fisheries subsidies, agriculture, the Investment Facilitation for Development initiative, electronic commerce, and issues pertaining to least developed countries (LDCs).  Members will have a chance to assess progress on these issues at the next TNC meeting in July and decide later which packages are ready to take forward to MC14 for decision. 

    She welcomed the recent progress made on member acceptances of the Agreement on Fisheries Subsidies, noting that 99 members have now accepted the Agreement with only 12 more needed to bring it into force.

    Twenty-six delegations took the floor after the Director-General’s intervention, some of them speaking on behalf of groups of members.  Many members commented on a suggested road map for MC14 prepared by the WTO Secretariat and highlighted issues of interest, including WTO reform, new disciplines on fisheries subsidies, progress on agriculture, the e-commerce moratorium, and industrial policy, among others.

    General Council Chair to initiate MC14 consultations

    Under a separate agenda item, the General Council Chair, Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia), noted that discussions he had with delegations over the past weeks revealed various calls to proceed with work in three key areas, namely: WTO reform; dispute settlement reform; and the process towards preparing a possible MC14 outcome document.

    With MC14 taking place in 10 months, “time is not on our side,” he told members.  “Accordingly, immediately after this General Council meeting, I intend to consult interested delegations on how to take forward work in each of these areas.” 

    Investment facilitation for development

    On the Investment Facilitation for Development (IFD) initiative, members were once again unable to reach consensus on the request supported by 126 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the eighth time the proposal has been submitted to members for adoption.

    Speaking on behalf of the 126 co-sponsors, the Republic of Korea underlined the urgent need for incorporating the Agreement into the WTO framework in order to help members attract investment, in particular developing and least developed country members. IFD Agreement participants are also actively engaging with non-participating members to build understanding and highlight the Agreement’s benefit, the Republic of Korea said.

    Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework.

    Current trade tensions

    On behalf of 47 members, Singapore and Switzerland introduced a statement in support of the rules-based multilateral trading system. The statement cites the value and achievements of the WTO since it was established in 1995, underlining how the organization has contributed to the economic development of both developed and developing members by promoting trade liberalization and facilitating economic integration, fostering stability, predictability and consumers’ trust while preserving incentives for innovation. The WTO’s support for developing economies, including LDCs, has lifted millions out of poverty, the co-sponsors said.

    China introduced its communication regarding heightened trade turbulence and responses from the WTO.  Faced with the current situation of heightened trade turbulence, China said, members should safeguard the rules-based multilateral trading system with the WTO at its core. China proposed a “Stability, Development and Reform” (SDR) approach for the WTO and said it stands ready to work with all parties to safeguard the WTO rules system and inject more certainty and predictability into the global economy.

    The European Union introduced an item on fragmentation of global trade through tariffs and the global costs. The EU said the item was submitted in response to the economic and trade uncertainty created by recent tariff actions. The EU underlined its support for a rules-based multilateral trading system and highlighted the importance of ongoing dialogue on tariffs to assess impacts, monitor trade patterns, and consider systemic effects.

    WTO retreat on sustainable agriculture

    Brazil expressed its appreciation for the recent WTO retreat on sustainable agriculture and the broad engagement across regions and constituencies. It highlighted trends in agriculture production globally, including towards increased productivity and the search for greater resilience and sustainability.  Brazil said it saw value in further discussing this topic in a forward-looking manner as a conversational WTO exercise.

    Thirty-six delegations took the floor to comment.

    Electronic commerce

    Japan, on behalf of the co-sponsors of the Agreement on Electronic Commerce, informed members of the co-sponsors’ recent efforts to gather members’ support for incorporation of the Agreement into the WTO multilateral framework. Japan also reported that the co-sponsors are undertaking work to advance implementation of the Agreement, including a needs assessment survey to better understand priorities for implementation support.

    Several members reiterated their concerns about the Agreement and their objections to its incorporation into the WTO multilateral framework.

    Next meeting

    The next meeting of the General Council is tentatively scheduled for 22-23 July.

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    MIL OSI Economics –

  • MIL-OSI Economics: Tawazun Council and Thales Sign Agreement to Establish Ground Master Air Surveillance Radar Production Facility in UAE

    Source: Thales Group

    Headline: Tawazun Council and Thales Sign Agreement to Establish Ground Master Air Surveillance Radar Production Facility in UAE

    • As part of the Tawazun Economic Program, Thales Emarat Technologies announces its investment in a state-of-the-art factory to produce Ground Master series air surveillance radars.
    • The facility is expected to be fully operational by 2027, enhancing the UAE’s sovereign and manufacturing capabilities.
    • This strategic cooperation agreement signed between Tawazun Council and Thales aims to strengthen partnership and support local production.

    Abu Dhabi, 20 May 2025 – Tawazun Council and Thales, have signed a cooperation agreement to produce locally advanced Ground Master series air surveillance radars. This agreement supports the UAE’s vision to boost local manufacturing and develop national defence capabilities.

    The signing took place during the fourth edition of “Make it in the Emirates 2025,” with Matar Ali Al Romaithi, Sector Chief of Defence and Security Industry Affairs at Tawazun Council, and Abdelhafid Mordi, CEO of Thales in the UAE, alongside representatives from both sides.

    This reflects Thales’ commitment to supporting the UAE’s vision of advancing manufacturing capabilities through innovation and industrial excellence.

    The Ground Master radars are internationally recognized for their reliability, superior performance, mobility, and adaptability to diverse missions, positioning them amongst the world’s leading air surveillance and defence systems. The facility is scheduled to be fully operational by 2027, where it will assemble, test, and qualify advanced air surveillance radars to meet both domestic and export markets needs.

    This factory will serve as a strategic asset, bolstering the UAE’s defence manufacturing capabilities, enhancing self-sufficiency in critical technologies, and providing flexibility to address varying operational requirements.

    A core pillar of Thales Radar Centre of Excellence’s expansion is the development of Emirati talents. Thales places localization at the heart of its growth strategy through advanced training programs and sustainable professional career development, building specialized local expertise in advanced radar technologies in support of the UAE’s National Defence Strategy and its vision of a highly capable, future-ready national workforce. As the project is not only focused on building the radar system, but also on qualifying domestic suppliers, it further contributes to strengthening the national industrial base and promoting long-term self-reliance.

    Commenting on the agreement, Matar Ali Al Romaithi, Sector Chief of Defence and Security Industry Affairs at Tawazun Council, said: “The expansion of Thales’ Radar Centre of Excellence reflects the strength of the UAE’s defence industrial strategy and its regional leadership in advanced technologies. This initiative enhances national capabilities in air surveillance radar systems while creating significant opportunities for local companies to grow, innovate, and compete globally.”

    Abdelhafid Mordi, CEO of Thales in the UAE said: “Thales is proud to contribute to the growth of the UAE’s industrial defence ecosystem by advancing local capabilities, in-line with the national vision. The expansion of our Radar Centre of Excellence, through the establishment of a new production facility, marks a major milestone – from integration, testing, manufacturing to lifecycle support. This investment reinforces the UAE’s sovereignty in critical defence technologies, strengthens the national supply chain, embarks UAE talents and deepens local expertise in advanced radar systems.”

    About Thales

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

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

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

    About Thales in the UAE

    Thales has been present in the UAE for 50 years, providing customers with technologically advanced solutions in Defence and Security, Digital Identity and Security, Aerospace, and Space industries.

    Part of the Tawazun Economic Program, Thales Emarat Technologies (TET) is a fully-owned Thales Group entity that was established in 2019 to boost localization and the development of Emirati talent. It houses centres of excellence for critical systems and a variety of defence and digital aerospace technologies. Since its establishment in 2019, Tawazun Economic Council and TET have launched the Radar Centre of Excellence, the Defence Services Center and Digital Center of Excellence. 

    MIL OSI Economics –

  • MIL-OSI Economics: Microsoft leads global action that’s disrupting a favored cybercrime tool

    Source: Microsoft

    Headline: Microsoft leads global action that’s disrupting a favored cybercrime tool

    Microsoft’s Digital Crimes Unit (DCU) and international partners are disrupting the leading tool used to indiscriminately steal sensitive personal and organizational information to facilitate cybercrime. On Tuesday, May 13, Microsoft’s DCU filed a legal action against Lumma Stealer (“Lumma”), which is the favored info-stealing malware used by hundreds of cyber threat actors. Lumma steals passwords, credit cards, bank accounts, and cryptocurrency wallets and has enabled criminals to hold schools for ransom, empty bank accounts, and disrupt critical services.

    Via a court order granted in the United States District Court of the Northern District of Georgia, Microsoft’s DCU seized and facilitated the takedown, suspension, and blocking of approximately 2,300 malicious domains that formed the backbone of Lumma’s infrastructure. The Department of Justice (DOJ) simultaneously seized the central command structure for Lumma and disrupted the marketplaces where the tool was sold to other cybercriminals. Europol’s European Cybercrime Center (EC3) and Japan’s Cybercrime Control Center (JC3) facilitated the suspension of locally based Lumma infrastructure.

    Between March 16, 2025, and May 16, 2025, Microsoft identified over 394,000 Windows computers globally infected by the Luma malware. Working with law enforcement and industry partners, we have severed communications between the malicious tool and victims. Moreover, more than 1,300 domains seized by or transferred to Microsoft, including 300 domains actioned by law enforcement with the support of Europol, will be redirected to Microsoft sinkholes. This will allow Microsoft’s DCU to provide actionable intelligence to continue to harden the security of the company’s services and help protect online users. These insights will also assist public- and private-sector partners as they continue to track, investigate, and remediate this threat. This joint action is designed to slow the speed at which these actors can launch their attacks, minimize the effectiveness of their campaigns, and hinder their illicit profits by cutting a major revenue stream.

    Heat map detailing global spread of Lumma Stealer malware infections and encounters across Windows devices.
    Splash page displayed on 900+ domains seized by Microsoft. 

    What is Lumma?

    Lumma is a Malware-as-a-Service (MaaS), marketed and sold through underground forums since at least 2022. Over the years, the developers released multiple versions to continually improve its capabilities. Microsoft Threat Intelligence shares more details around the delivery techniques and capabilities of Lumma in a recent blog.

    Typically, the goal of Lumma operators is to monetize stolen information or conduct further exploitation for various purposes. Lumma is easy to distribute, difficult to detect, and can be programmed to bypass certain security defenses, making it a go-to tool for cybercriminals and online threat actors, including prolific ransomware actors such as Octo Tempest (Scattered Spider). The malware impersonates trusted brands, including Microsoft, and is deployed via spear-phishing emails and malvertising, among other vectors.

    For example, in March 2025, Microsoft Threat Intelligence identified a phishing campaign impersonating online travel agency Booking.com. The campaign used multiple credential-stealing malware, including Lumma, to conduct financial fraud and theft. Lumma has also been used to target gaming communities and education systems and poses an ongoing risk to global security, with reports from multiple cybersecurity companies outlining its use in attacks against critical infrastructure, such as the manufacturing, telecommunications, logistics, finance, and healthcare sectors.

    Example of phishing email impersonating Booking.com and fake CAPTCHA verification prompt. (Source:Microsoft – Phishing campaign impersonates Booking .com, delivers a suite of credential-stealing malware)

    The primary developer of Lumma is based in Russia and goes by the internet alias “Shamel.” Shamel markets different tiers of service for Lumma via Telegram and other Russian-language chat forums. Depending on what service a cybercriminal purchases, they can create their own versions of the malware, add tools to conceal and distribute it, and track stolen information through an online portal.

    Different tiers of service for Lumma, as well as Lumma’s logo used on marketing material. (Source: Darktrace – The Rise of MaaS & Lumma Info Stealer)

    In an interview with cybersecurity researcher “g0njxa” in November 2023, Shamel shared that he had “about 400 active clients.” Demonstrating the evolution of cybercrime to incorporate established business practices, he effectively created a Lumma brand, using a distinctive logo of a bird to market his product, calling it a symbol of “peace, lightness, and tranquility,” and adding the slogan “making money with us is just as easy.”

    Shamel’s ability to operate openly underscores the importance for countries worldwide to address the issue of safe havens and to advocate for the rigorous enforcement of due diligence obligations under international law.

    Continuing to work together to disrupt prolific cybercrime tools

    Disrupting the tools cybercriminals frequently use can create a significant and lasting impact on cybercrime, as rebuilding malicious infrastructure and sourcing new exploit tools takes time and costs money. By severing access to mechanisms cybercriminals use, such as Lumma, we can significantly disrupt the operations of countless malicious actors through a single action.

    Continued collaboration across industry and government remains imperative. We are grateful for the partnership with others across government and industry, including cybersecurity companies ESET, Bitsight, Lumen, Cloudflare, CleanDNS, and GMO Registry. Each company provided valuable assistance by quickly taking down online infrastructure.

    Finally, we know cybercriminals are persistent and creative. We, too, must evolve to identify new ways to disrupt malicious activities. Microsoft’s DCU will continue to adapt and innovate to counteract cybercrime and help ensure the safety of critical infrastructure, customers, and online users.

    Organizations and individuals can protect themselves from malware like Lumma by using multi-factor authentication, running the latest anti-malware software, and being cautious with attachments and email links. More information for security professionals can be found here.

    Tags: cyberattacks, cybersecurity

    MIL OSI Economics –

  • MIL-OSI Economics: RBI Bulletin – May 2025

    Source: Reserve Bank of India

    Today, the Reserve Bank released the May 2025 issue of its monthly Bulletin. The Bulletin includes two speeches, four articles and current statistics.

    The four articles are: I. State of the Economy; II. Economic Activity and Banknotes: New Approaches; III. Digital Footprints: Decoding India’s Inbound Tourism through Internet Searches; and IV. Impact of Weather Anomalies on Vegetable Prices in India.

    I. State of the Economy

    Persistent trade frictions, heightened policy uncertainty, and weak consumer sentiment continue to create headwinds for global growth. Amidst these challenges, the Indian economy exhibited resilience. Various high frequency indicators of industrial and services sectors sustained their momentum in April. A bumper rabi harvest and higher acreage for summer crops, coupled with favourable southwest monsoon forecasts for 2025, augur well for the agriculture sector. Headline CPI inflation fell for the sixth consecutive month to its lowest since July 2019, primarily driven by the sustained easing in food prices. Domestic financial market sentiments, which remained on edge in April, witnessed a turnaround since the third week of May.

    II. Economic Activity and Banknotes: New Approaches

    by Gautham Udupa, Pradip Bhuyan, Dileep Kumar Verma and Nirupama Kulkarni

    This article investigates the impact of economic activity on banknotes in circulation, with a particular focus on the role of the formal sector. Leveraging high-frequency monthly nightlights data as a proxy for total economic activity and tax collection data as a measure of formal economic activity, the analysis isolates the effect of formalisation on Notes in Circulation (NiC), controlling for aggregate economic output.

    Highlights:

    • The growth rate in NiC (in value terms) during 2014 – 2024 was significantly lower as compared to that in the previous two decades.

    • The growth in NiC was noticeably higher than that in GDP during 1994 – 2004; the gap, however, has significantly reduced in the next two decades.

    • There exists positive relationship between nightlights and taxes and also between nightlights and GDP.

    • The article finds strong evidence that formal economic activity reduces the use of banknotes.

    III. Digital Footprints: Decoding India’s Inbound Tourism through Internet Searches

    By Lokesh and A R Jayaraman

    This article explores Destination Insights with Google (DIG), a non-traditional high-frequency data source, to track inbound tourism in India. DIG monitors global tourism trends through travel-related searches. The study examines the linkage between foreign tourist arrivals (FTA) and Google searches made for travel to India from the rest of the world.

    Highlights:

    • There is a strong association between FTA and travel-related search volume index.

    • The index captures directional changes in FTA reasonably well.

    • The index Granger causes FTA implying its ability to serve as a leading indicator to predict FTA.

    IV. Impact of Weather Anomalies on Vegetable Prices in India

    By Nishant Singh and Love Kumar Shandilya

    Vegetable prices exhibit high volatility and play a major role in driving India’s food and headline inflation. The volatility in vegetable prices is often exacerbated by supply-side disturbances, predominantly driven by weather shocks warranting regular monitoring of evolving weather conditions. This study investigates how weather anomalies, particularly in rainfall and temperature, affect vegetable prices in India.

    Highlights:

    • After controlling for seasonality in vegetables prices as well as movements in market arrivals and reservoir levels, empirical estimates suggest that weather anomalies add to price pressures in vegetables with temperature anomalies having a more immediate impact.

    • Moreover, the impact of temperature anomalies has increased in recent periods, highlighting the need for faster adoption of temperature-resistant crop varieties to support the objective of price stability.

    The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/384

    MIL OSI Economics –

  • MIL-OSI Economics: Phillips 66 Updates Preliminary Results on Election of Directors

    Source: Phillips

    Phillips 66 Shareholders Elect Robert W. Pease and Nigel Hearne Phillips 66 Directors as well as Sigmund L. Cornelius and Michael A. Heim Elliott Director Nominees

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today updated the preliminary results for the election of directors at its annual meeting of shareholders held on May 21, 2025. Based on estimates by the company’s proxy solicitor, shareholders are expected to elect two Phillips 66 nominees and two Elliott Management nominees.
    Based on the preliminary results, the elected Phillips 66 directors are expected to be Robert W. Pease and Nigel Hearne. The Elliott nominees expected to be elected are Sigmund L. Cornelius and Michael A. Heim. Phillips 66 nominees John E. Lowe and Howard Ungerleider were not elected.
    “We welcome our new directors and look forward to working constructively as a Board,” said Mark Lashier, Chairman and Chief Executive Officer of Phillips 66. “We thank all our shareholders for their engagement through this process and their careful analysis of the issues. This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business. As a Board, we are focused on creating meaningful long-term value for our shareholders.”
    Lashier continued, “On behalf of the Board and Company, I would like to thank John for his service with distinction and Howard for his commitment to this process. They each deserve significant appreciation for their terrific service to the company.”
    The company also noted that, based on estimates by the company’s proxy solicitor, the management proposal to declassify the Board was not approved by shareholders. While it received significant support, it did not receive the required affirmative vote of the holders of 80% of the outstanding shares of stock entitled to vote. The Board recognizes shareholder preference for annual elections and remains committed to declassification. Shareholders overwhelmingly voted against Elliott’s proposal requiring annual director resignations, in line with the Board’s recommendation.
    The results announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Election. Final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
    This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies,” “priorities” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; the company’s ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for the company’s products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating the company’s facilities or transporting its products; the company’s ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that it may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting the company’s products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around the company’s midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for the company’s NGL, crude oil, natural gas and refined petroleum or renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; the company’s ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to the company’s credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to the company’s facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to the company’s asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to the company’s business; political and societal concerns about climate change that could result in changes to the company’s business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of joint ventures that the company does not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting the company’s businesses generally as set forth in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI Economics: Basel Committee continues to prioritise Basel III implementation, progresses work to strengthen supervisory effectiveness and discusses finalisation of principles on third-party risks

    Source: Bank for International Settlements

    • The Basel Committee continues to prioritise the full and consistent implementation of Basel III.
    • Progresses work to strengthen supervisory effectiveness based on the lessons learned from the 2023 banking turmoil.
    • Aims to finalise principles for the sound management of third-party risk in the banking sector by the end of 2025.

    The Basel Committee on Banking Supervision met in Stockholm on 20 and 21 May 2025 to discuss a range of initiatives.

    Financial stability outlook

    Committee members exchanged views on recent market developments and the financial stability outlook for the global banking system. A heightened level of uncertainty and increased market volatility requires ongoing vigilance by banks and supervisors to ensure that the global banking system continues to maintain its resilience.

    2023 banking turmoil

    The Committee took stock of its work to develop a suite of practical tools to support supervisors in their day-to-day work as part of its efforts to strengthen supervisory effectiveness in the light of the lessons learned from the 2023 banking turmoil. The initial work covered the supervision of liquidity risk and interest rate risk in the banking book, the assessment of the sustainability of banks’ business models and the importance of effective supervisory judgment. The tools do not change or replace existing standards or guidelines and were designed to strengthen supervisory practices and effectiveness worldwide. The Committee will publish an update on the outcome of this work by the end of the year.

    Following the meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS) earlier this month, the Committee continues to prioritise the implementation of Basel III framework in full, consistently and as soon as possible. The Committee also discussed its analytical work to assess whether specific features of the Basel Framework performed as intended during the 2023 banking turmoil, such as liquidity risk and interest rate risk in the banking book.

    Digitalisation of finance

    The Committee reviewed the comments received on its consultation on supervisory principles for the sound management of third-party risk in the banking sector. It also discussed an analysis on the risks and benefits from banks’ reliance on third-party service providers.

    Building on the comments received and its own analysis, the Committee will publish a final version of the principles by the end of the year.

    Members also exchanged views on recent developments related to artificial intelligence and digital fraud. The Committee will continue to monitor developments in these areas.

    The Committee also discussed how best to use technological innovation for its Pillar 3 disclosure framework. The disclosure framework enables market participants to access key information about a bank’s risk profile. Making these data more easily accessible by publishing them in a machine-readable format would provide an important public good. The Committee will consult on such a proposal by the end of the year.

    Financial risks of extreme weather events

    At the GHOS meeting earlier this month, the Committee was tasked with prioritising its work to analyse the impact of extreme weather events on financial risks. The Committee will continue to work on operationalising this work over the coming months. The GHOS also tasked the Committee with publishing a voluntary disclosure framework for climate-related financial risks for jurisdictions to consider; the framework will be published in June.

    Note to editors: 

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Economics –

  • MIL-OSI Economics: South Korea spent $222 billion on defense from 2021 to 2025, reveals GlobalData

    Source: GlobalData

    The rising tensions with North Korea, coupled with China’s increasing assertiveness, have necessitated South Korea to bolster its military capabilities and readiness. These strategic enhancements include investments in advanced weapons systems, military preparedness, and fortification of cybersecurity infrastructure. In light of these developments, the country has allocated $222 billion for the period from 2021 to 2025, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “South Korea Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2025–30,” reveals that as part of its modernization drive, the country has undertaken significant acquisitions, including the KF-21 Boramae Multirole Aircraft, the K239 Chunmoo Multiple Rocket Launch System, and the K9 Self-Propelled Artillery Systems. Notably, all these military platforms are indigenously manufactured.

    Akash Pratim Debbarma, Aerospace & Defense Analyst at GlobalData, comments: “Over the years, South Korea has successfully diminished its reliance on imports and enhanced the capabilities of its armed forces through the indigenous development of several advanced military systems. The country’s allocation of funds toward acquisition and research, development, testing, and evaluation (RDT&E) underscores its commitment to addressing the evolving security challenges within the region.”

    The successful flight of the KF-21 prototype by Korea Aerospace Industries (KAI) in 2022 marks a significant stride toward self-reliance in combat aircraft production. While the induction of the KF-21 is slated for 2028, it is expected to considerably enhance South Korea’s aerial combat capabilities with advanced onboard avionics and near-stealth performance.

    Debbarma concludes: “As North Korea continues its nuclear-capable missile tests, South Korea remains steadfast in enhancing its deterrence strategies, bolstering its air, naval, and missile defense capabilities. However, South Korea is still mainly dependent on the 28,500 US troops to maintain a credible deterrence against potential hostilities from North Korea.

    “With looming uncertainties about the continuance of its reliance on US support following Trump’s return to office, South Korea will likely redirect most of its defense budgets into indigenization efforts. While supporting its armed forces, South Korea will also try to achieve economy of scale to keep the cost down for its domestic defense systems by exporting them to its allies worldwide.

    MIL OSI Economics –

  • MIL-OSI Economics: APAC deal activity down by 2.6% YoY during January-April 2025, finds GlobalData

    Source: GlobalData

    APAC deal activity down by 2.6% YoY during January-April 2025, finds GlobalData

    Posted in Business Fundamentals

    The overall deal activity (comprising mergers & acquisitions (M&A), private equity, and venture financing deals) in the Asia-Pacific (APAC) region has experienced a slight contraction in early 2025. Primarily driven by a downturn in venture financing activities, the total number of deals announced in the APAC region fell by 2.6% during January-April 2025 compared to the same period in the previous year, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that the total number of venture capital (VC) deals announced in the APAC region registered a year-on-year (YoY) decline of 8.2% in the first four months of 2025.

    Conversely, M&A and private equity transactions have remained stable. The number of M&A deals in the region increased by 2.4% during January-April 2025 compared to January-April 2024, whereas private equity deals volume was also up by around 2% YoY during the same period.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The APAC deal landscape is showcasing a mixed trend characterized by a blend of resilience in M&A and private equity, juxtaposed with a fall in VC funding activity. This mixed trend reflects the intricate economic dynamics at play across the region, with varying performances across key markets.”

    The performance of key markets within the APAC region reveals significant disparities. China, the top APAC market in deal-making, has experienced a decline in deal volume of more than 15% during January-April 2025 compared to the first four months of 2024. In contrast, India and Japan have seen an uptick in deal activity, with a YoY growth rate of around 13% and 25%, respectively. Meanwhile, other key APAC markets, including Australia, South Korea and Singapore, also showcased signs of contraction in deal activity.

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics –

  • MIL-OSI Economics: MPTS 2025 celebrates largest edition ever with record visitor numbers, reveals MBI, a GlobalData company

    Source: GlobalData

    The UK’s most powerful hub for the creative industries united for two days of engaged networking, passionate debate and exceptional insights into AI, the creator economy, production craft and more – helping attendees stay ahead-of-the-curve for the year ahead.

    London, United Kingdom, 21 May 2025 – After two exceptional days of conversation, collaboration and community, the biggest and buzziest MPTS yet welcomed a record 13,000 attendees from 50 countries, uniting the UK’s media and entertainment industry together in the heart of London, like never before. The exhibition is organized by Media Business Insight (MBI) Ltd, a GlobalData company.

    Hosted at London’s Olympia on 14-15 May, the red-hot editorially driven program delivered 100+ free-to-attend sessions across eight theatres, showcasing the insight and passion of more than 350 expert speakers and guest keynotes. The bustling show floor was packed with more than 300 exhibitors and sponsors, showcasing imagination, determination and standout talent of the UK’s creative and technical communities – at a time of both global challenge and immense opportunity.

    Setting the agenda for MPTS, a State of the Nation Production keynote outlined a media and entertainment landscape in which storytellers had to embrace screens, formats and creators of all kinds.

    Kate Beal, CEO, Woodcut Media, asserted: “TV doesn’t exist anymore in the way we knew it.”

    Derren Lawford, CEO, Dare Pictures, said: “We are in the middle of a decade of profound transition, and we are past the tipping point. TV is part of a wider, connected series of industries around the creation and distribution and funding of content.”

    Headliners at MPTS include:

    • Producer and presenter Ross Kemp, who took us on an exhilarating tour of investigative documentaries on the front lines of conflict, drug cartels and organised crime gangs. “They will know in a second if you are not telling the truth,” he said. “I specialize in telling the truth, it is as simple as that.”
    • Georgie Holt, whose company Flight Story produces the world’s second biggest podcast ‘Diary of a CEO’, declared: “We are in the era of the Founder Creator — creators who are now in charge of media content and able to monetise spectacularly outside of traditional gatekeepers.”
    • NFL professional turned American Football broadcaster Jason Bell explained how sports coverage was evolving into the F1 Drive To Survive model, in which athlete personalities and back stories were the keys to growing audiences.
    • Blockbuster editor Eddie Hamilton gave a masterclass about the precision involved in making Top Gun: Maverick and five Mission: Impossible movies with Tom Cruise. He said: “Every nuance is refined hundreds of times. Sometimes we watch a 10-minute scene 40 times in a day, checking to see where your eye is moving in the frame.”

    Diverse representation is a vital sign of the industry’s health and MPTS is proud to set the benchmark to secure equal representation and attendance from the next generation, not only across the program, but also something clearly witnessed across the show floor amongst exhibitors and attendees.

    MPTS also prioritizes the crucial importance of sustainability and, in continuing association with BAFTA albert brought this conversation to the fore with experts including Peter Okell, Sky Studios Elstree; Luke Seraphin, Sky Studios and Claire O’Neill, A Greener Future speaking in the Sustainability Series.

    Sam Street, Marketing Officer, BAFTA Albert commented: “MPTS is a really key moment in our calendar. It is always so great to connect with suppliers, companies, studios and creatives who share our common passion for sustainability within screen industries. It has also been really valuable to curate our sustainability series of panels across this year’s show, we’ve had some really insightful discussions and emphasised the importance of environmental focus throughout the screen industries.”

    We did not need a machine to predict the high demand for news and information about AI. The brand-new ticketed AI Training program and the expanded AI Media Zone drew exceptional attendance, with exhibitors such as Dot Group, Moments Lab and Software. Conversations in these packed-out sessions revolved around the impact of AI from ideation to VFX, featuring real-world insights and discussions on bridging the gap between theory and practice from speakers including Pete Archer, BBC; Jon Roberts, ITN and Damien Viel, Banijay Entertainment.

    With a record number of exhibitors already rebooking for 2026, MPTS continues to prove its value as the UK’s number one event for media and production professionals, where brands, creatives and decision-makers come together to connect, collaborate and grow.

    Jane Shepard, Senior Channel Marketing Manager, Sandisk, said: “MPTS 2025 was a spectacular showcase of innovation, bringing together the brightest minds and cutting-edge technology in the industry. An unforgettable experience for all attendees.”

    Tom Rundle, Application Engineer, Yamaha Music, said: “It has been very busy for us. We have seen a huge mix of customers from the broadcast sector here, but also customers from the other industries which we serve, whether that’s live or theatre who have deliberately come to the show to seek us out to speak to us. Will we be back next year? Yes, absolutely, this is the first year for us, so it was always a bit of a toe in the water, but it’s been vastly more successful than we thought it was going to be.”

    Peter Alderson, Business Manager, Nikon, said: “This is our second year at MPTS, we’ve gone a little bit bigger on our stands, almost doubling it, and I think it’s definitely been worthwhile doing. We’ve partnered with RED, who we recently purchased, and MRMC so it’s making a lovely statement about where we are in the market, and I think we’re in the right place to make that statement here at MPTS.”

    Jennifer Hudson, Marketing Executive, Videndum, said: “This show is really important in our calendar – we attend nearly every year and find so much value in it. We get to meet with so many different professionals within the industry, and this year has been really, really positive for us. We’ve walked away with quite a few leads and made new relationships. It’s a fantastic show, and we would thoroughly recommend anyone thinking about coming and having a stand here to definitely do it – you won’t regret it.”

    Will Pitt, Head of Sales Solutions, Techex, said: “My impression of the show is that it’s been incredibly busy and very positive. Techex particularly specialise in solving some of the headaches that a lot of the broadcast industry is grappling with at the moment, namely, how they transition into an IP-led architecture from a legacy architecture and what that journey looks like. As such, our standards have been packed pretty much throughout the show to come and look at products, but also to come and talk about ideas and lean into what that journey looks like specifically for them. So not a generic journey, but specific to their drivers and their wants and needs in the short and medium term. We particularly like MPTS because it’s London based and many of the engineers that we speak to and collaborate with are based here and therefore it’s an easy journey for them to take half a day, a day out to come and investigate what we have to offer, but also to have those conversations. And so for organisations like WBD or Sky, the BBC, ITV, etc. They can come here quite easily and engage with us, spend some time talking in real life and not over teams or Zoom.”

    Charlotte Wheeler, Event Director, MPTS said: “Without doubt, 2025 was the most stimulating, ahead-of-the-curve MPTS yet. At a time when we are seeing the industry under real pressure from budget cuts to talent shortages and perpetual change, the conversations and connections on the show floor were positive and demonstrated infectious community spirit. The level of attendance and the quality of attendees from across all sectors of the industry was incredible – not just stakeholders in technology but representatives from production and commissioning, the creator economy, those new to the industry and freelancers were all brought together by MPTS under one roof.

    “A huge amount of work goes into making sure that there is equal representation across our extensive conference programme. I am proud that MPTS is one of – if not the – most diverse shows both in terms of attendees and panellists.

    “Thank you to everyone for exhibiting, sponsoring, speaking, attending and engaging with the show to make MPTS such a thrilling success. We are already planning for 2026, which marks MPTS’ 10th edition, so look forward to a landmark celebration!”

    Save the date for MPTS 2026 when we return to Olympia Grand Hall, London on 13 – 14 May 2026.

    The conversation does not stop when the doors close. MPTS is more than just two days a year – it is a connected, year-round community for the broadcast and media industry. From on-demand content to exclusive events, there’s still so much to explore. Stay connected with us: https://www.mediaproductionshow.com/register-interest

    To enquire about exhibiting at our landmark 10th edition, please go to: https://www.mediaproductionshow.com/stand-enquiry

    MBI is the publisher of market-leading titles including Broadcast, Broadcast Sport, Broadcast Tech, KFTV, The Knowledge and Screen International.

     

    MIL OSI Economics –

  • MIL-OSI Economics: US VC funding more than doubles to $89 billion YoY during January-April 2025, finds GlobalData

    Source: GlobalData

    US VC funding more than doubles to $89 billion YoY during January-April 2025, finds GlobalData

    Posted in Business Fundamentals

    The venture capital (VC) landscape in the US has demonstrated remarkable resilience and growth in funding value in early 2025, despite a slight decline in deal volume. Between January and April 2025, the US recorded a modest decrease of around 4% in VC deal volume compared to the same period in 2024. Despite the fall in volume, the total funding value of these deals more than doubled to reach $89 billion during January-April 2025, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that the total VC funding value in the US was up by a massive year-on-year (YoY) growth of 151% during January-April 2025.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Despite the dip in deal volume, the surge in deal value indicates a strong appetite for larger investments in the US market. And this trend is likely to continue as investors seek to capitalize on high-potential startups.”

    The US continues to account for a significant share of global VC funding, maintaining its position as the top market in terms of both deal volume and value. However, the dominance in terms of value has now become even more pronounced with the massive surge in funding value.

    The US accounted for around 30% of the total number of VC deals announced globally during January-April 2025, while its share of the corresponding value stood much higher at around 70% compared to around 45% during January-April 2024.

    In contrast, other major markets such as China and the UK experienced double-digit declines in deal volume. Moreover, China saw its VC funding value also register a staggering drop of around 50% YoY during January-April 2025. This trend highlights the US’ unique position as a resilient market, attracting big investments even as some other key markets face challenges.

    The US continues to attract big-ticket investments, particularly in the technology sector. Start-ups focusing on technology-driven solutions, particularly in areas such as artificial intelligence (AI), are gaining significant investor traction.

    Some of the notable VC funding deals announced in the US during the first four months of 2025 include $40 billion secured by OpenAI, $3.5 billion raised by Anthropic, and $3 billion raised by Infinite Reality, among others.

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics –

  • MIL-OSI Economics: AI multi-agent orchestration drives more personalized cancer care

    Source: Microsoft

    Headline: AI multi-agent orchestration drives more personalized cancer care

    Every year, 20 million people globally are diagnosed with cancer.1 Every patient is unique, with hundreds of distinct tumor sub-types, each demanding treatment protocols involving new drugs, combinations, clinical trials, and device-based therapies. Top cancer centers rely heavily on multidisciplinary tumor boards—dedicated sessions where radiologists, pathologists, surgeons, oncologists, genetic counselors, and other specialists undertake sophisticated analysis of vast patient data and knowledge to align on personalized care plans.  

    Because of the immense preparation and specialization required, less than 1% of these patients have access to these personalized treatment plans, which have demonstrably improved patient outcomes.  

    A recent American Society of Clinical Oncology (ASCO) study highlighted that clinicians spend between 1.5 to 2.5 hours per patient, meticulously reviewing imaging, pathology slides, clinical notes, and genomic data.2 And cancer care is just one example of the complex data analysis healthcare requires. Agentic AI holds the potential to reduce administrative friction and further transform care delivery.

    The healthcare agent orchestrator is available now in the Azure AI Foundry Agent Catalog. It features pre-configured agents with multi-agent orchestration and open-source customization options that allow developers and researchers to build agents that coordinate multi-disciplinary multimodal healthcare data workflows, such as tumor boards, and streamline deployment into healthcare enterprise productivity tools (such as Microsoft Teams and Word). Modular, general reasoners as well as specialized, multimodal AI agents work together to address tasks that would take hours, with the goal to effectively augment clinician specialists with customized cutting-edge agentic AI.  

    Microsoft Build 2025 session: Transform Cancer Care Management with Multimodal AI Agents

    By integrating the latest capabilities from across Microsoft, the healthcare agent orchestrator can manage analysis and reasoning over diverse healthcare data types—ranging from imaging (DICOM files) and pathology (whole-slide images) to genomics data and clinical notes from electronic health records (EHRs). Each agent is equipped with advanced AI models from Azure AI Foundry, combining general-purpose reasoning capabilities with healthcare-specific modality models to drive actionable insights grounded in multimodal clinical data.

    Key capabilities of healthcare agent orchestrator

    • Orchestrating agentic capabilities that can reason over complex EHR data and augment time-consuming tasks like building a chronological patient timeline, determining cancer stage, using specific reference guidelines, reviewing radiology and pathology images, synthesizing current medical literature, referencing treatment guidelines, surfacing relevant clinical trials, and generating customized reports. 
    • Providing tools that connect enterprise healthcare data through Microsoft Fabric and the fast healthcare interoperability resources (FHIR) data service.  
    • Ensuring interoperability and integration into existing workflows, including distribution to familiar tools the majority of healthcare organizations already use—Teams, Word, PowerPoint, and Microsoft 365 Copilot—where users can interact with AI agents. 
    • Providing robust explainability capabilities in agentic AI-generated outputs, such as grounding responses to the source EHR data—critical for validation, trust, and adoption in high-stakes healthcare environments. 

    Researchers and developers at leading cancer care institutions—including Stanford University, Johns Hopkins, Providence Genomics, Mass General Brigham, and the University of Wisconsin School of Medicine and Public Health—are currently exploring the healthcare agent orchestrator to study how agentic AI could deliver value to complex clinical tasks such as cancer care. 

    “Stanford Medicine sees 4,000 tumor board patients a year, and our clinicians are already using foundation model generated summaries in tumor board meetings today (via a PHI safe instance of GPT on Azure). The new healthcare agent orchestrator has the power to streamline this existing workflow by reducing fragmentation (saving time by avoiding copy-pasting) and enables surfacing new insights from data elements that were challenging to search, such as trial eligibility criteria, treatment guidelines, and real-world evidence. Stanford Health Care is excited further research the potential of using the healthcare agent orchestrator to build the first generative AI agent solution used in a production setting for real-world care for our cancer patients.”

    —Dr. Mike Pfeffer, Chief Information Officer, Stanford Health Care and Stanford School of Medicine

    “The vision of the healthcare agent orchestrator is to rapidly surface, summarize, and take action on relevant multimodal medical information for each complex cancer case, so hours of review can become minutes. Collaborating with Microsoft allows us to explore the value of these models for tumor boards and beyond.”

    —Dr. Joshua Warner, Radiologist at UW Health and Assistant Professor of Radiology, UW School of Medicine and Public Health

    Early development collaborations featured the integration of this multi-agent workflow into Teams chats, where, for example, group chats enabled conversations between multiple human experts and specialized healthcare AI agents connected to specific healthcare data. It demonstrated the promise to significantly enhance efficiency and collaboration among clinical providers. This capability is already bringing clinicians and developers together to build the agentic healthcare applications of the future: the catalyst is the powerful combination of healthcare-specific agents using general reasoning models and multimodal healthcare foundation models alongside the ability to interact directly with custom agents using Teams.  

    For example, Johns Hopkins oncologists Dr. Vasan Yegnasubramanian, Dr. Elsa Anagnostou, and Dr. Taxiarchis Botsis and their developer teams in the Johns Hopkins inHealth Precision Medicine program and Molecular Tumor Board are providing their expertise to refine and test the system to ensure it would have high utility if used in their clinical and precision medicine applications.  

    Coordinating collaboration of specialized agents

    The healthcare agent orchestrator builds upon recent research and releases from Microsoft Research and our collaborators. It coordinates collaboration of specialized agents designed explicitly for complex multidisciplinary clinical workflows like cancer care.  

    • The orchestrator leverages Semantic Kernel and Magentic-One to coordinate agents, maintain shared memory, and interact with the human in the loop.  
    • The patient history agent leverages Universal Medical Abstraction to organize patient data chronologically.3 Manual work that can take experts over three hours happens in minutes.   
    • The radiology agent leverages customer fine-tuned models like CXRRepotGen/MAIRA-2 to analyze radiology images for a second read.4  
    • The pathology agent demonstrates how to connect to external agents like Paige.ai’s “Alba” pathology agent to address complex queries related to pathology images (available in preview).5  
    • The cancer staging agent refers to the American Joint Committee on Cancer (AJCC) clinical guidelines to support accurate cancer staging. 
    • The clinical guidelines agent refers to the National Comprehensive Cancer Network (NCCN) clinical guidelines to suggest recommended treatment plans.  
    • The clinical trials agent identifies eligible clinical trials by matching patient profiles against databases such as ClinicalTrials.gov. This can result in more than double the recall improvement compared to the publicly available Critera2Query baseline.6  
    • The medical research agent delivers actionable, evidence-based guidance grounded on graph-based knowledge from trusted medical journals.
    • The report creation agent automates comprehensive, integrated, richly formatted reporting that serves as a trusted reference during multidisciplinary meetings. 

    “As we progress towards the routine use of multi-agent systems, the healthcare agent orchestrator demonstrates the power to simplify the integration of various models and agents with productivity tools that clinicians are already using. The flexible orchestration framework will make it easy for us at Paige to continue to focus on our pathology agents while enabling their integration into the larger cancer care workflow and leverage access to multi-modal data.”

    —Razik Yousfi, Chief Executive Officer of Paige.ai

    The orchestrator is intentionally open-ended: any approved agent—including third-party—that exposes an API, tool wrapper, or MCP endpoint can be pulled into a Teams conversational thread. Paige.ai is shipping their Alba agent in preview, the first example of an external agent that can be connected to healthcare agent orchestrator. Built on Paige’s foundation-scale vision models and coupled with a conversational large language model (LLM) front-end, Alba delivers real-time conversational digital pathology insights such as tumor grade, morphology, and biomarker status directly from whole-slide images.  

    “Providence clinical researchers have begun leveraging advanced AI capabilities provided by the healthcare agent orchestrator to quickly and efficiently parse through large sets of publications, clinical trials and electronic health records. We are excited about its potential to enhance our ability to interpret genomics and match clinical trials in the molecular tumor boards, ultimately benefiting patient care by providing more precise and timely treatment options. Its integration into our workflows also will help streamline communication and collaboration among clinical providers, ensuring that critical clinical information is shared promptly and accurately. As we continue to explore new ways to understand the biology of cancer, its capabilities will be instrumental in driving medical discoveries and advancing cancer treatment.”

    —Carlo Bifulco, MD, Chief Medical Officer of Providence Genomics and research faculty at the Earle A. Chiles Research Institute

    Empowering developers to accelerate innovations for care teams

    As clinical care complexity escalates, the healthcare agent orchestrator empowers developers to confidently navigate the accelerating era of agentic AI, collaborate with clinicians, and democratize precision medicine tools by surfacing these capabilities into existing workflows. The initial framework is designed to study the opportunity of assisting tumor boards. The ultimate vision is to empower healthcare and life science developers to research how agentic AI capabilities could impact clinicians and patients more widely by providing real-time support to multidisciplinary care teams across the healthcare ecosystem. 

    Healthcare developers and clinical organizations are invited to explore healthcare agent orchestrator, available through the Azure AI Foundry Agent Catalog. Engage with the next generation of AI-powered healthcare agents today.  

    Contact Microsoft Healthcare AI Team

    1 Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries, CA: A Cancer Journal for Clinicians, April 4, 2024.

    2 Using an Adapted Tumor Board Evaluation Tool for Quality Assessment of a Thoracic Multidisciplinary Cancer Conference: A Pilot Study, JCO Clinical Cancer Informatics, October 5, 2023.

    3 Universal Abstraction: Harnessing Frontier Models to Structure Real-World Data at Scale, February 2, 2025

    4 MAIRA-2: Grounded Radiology Report Generation, June 6, 2024

    5 Nature Medicine, A foundation model for clinical-grade computational pathology and rare cancers detection, July 22, 2024

    6 Scaling Clinical Trial Matching Using Large Language Models: A Case Study in Oncology, August 4, 2023

    Disclaimer

    Healthcare agent orchestrator is intended for research and development use. It is not designed or intended to be deployed in clinical settings as-is nor is it intended for use in the diagnosis or treatment of any health or medical condition, and its performance for such purposes has not been established. You bear sole responsibility and liability for any use of healthcare agent orchestrator, including verification of outputs and incorporation into any product or service intended for a medical purpose or to inform clinical decision-making, compliance with applicable healthcare laws and regulations, and obtaining any necessary clearances or approvals. 

    Matthew Lungren, MD, MPH

    Chief Scientific Officer, Health and Life Sciences

    Dr. Matthew Lungren is the Chief Scientific Officer for Microsoft Health and Life Sciences, where he leads efforts to translate cutting-edge technologies—including generative AI and cloud services—into real-world healthcare applications. He is also a Clinical Associate Professor at UCSF and an Adjunct Professor in Biomedical Data Science at Stanford University.

    See more articles from this author

    MIL OSI Economics –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023, for a period of six months up to August 24, 2023, as modified from time to time, which were last extended up to close of business on May 24, 2025 vide Directive DOR.MON/D-73/12.23.292/2024-25 dated November 21, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond May 24, 2025.

    2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of six months from the close of business on May 24, 2025, to close of business on November 24, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/383

    MIL OSI Economics –

  • MIL-OSI Economics: Home Sales Forecast Upgraded in May Outlook

    Source: Fannie Mae

    WASHINGTON, DC – Total single-family home sales are expected to close 2025 at 4.92 million units, with existing home sales accounting for 4.24 million of those units, according to the May 2025 Economic and Housing Outlook from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. Revisions to the home sales forecast were driven in part by the ESR Group’s lower expectations for mortgage rates, which it now forecasts to end 2025 and 2026 at 6.1% and 5.8%, respectively. The latest outlook also projects real gross domestic product growing at 0.7% in 2025 and 2.0% in 2026 on a Q4/Q4 basis.

    Visit the Economic and Strategic Research site at fanniemae.com to read the full May 2025 Economic and Housing Outlook, including the Economic Developments Commentary, Economic Forecast, and Housing Forecast. To receive email updates with other housing market research from Fannie Mae’s Economic and Strategic Research Group, please click here.

    Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic and Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

    About the ESR Group
    Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lenders to inform forecasts and analyses on the economy, housing, and mortgage markets.

    MIL OSI Economics –

  • MIL-OSI Economics: Power Your Summer Plans with Hot Savings on Samsung Tech

    Source: Samsung

    Summer is heating up at Samsung – and so are the savings.
    The Discover Samsung Summer Sale is coming soon from June 2-8 with big savings on smart home essentials and mobile must-haves to power your summer. Mark your calendar for weeklong offers, curated bundles and new daily deals beginning at 9am ET each day. To get a head start on the savings, download the Samsung Shop App to unlock Early Access to exclusive offers beginning Friday, May 30 at 9am ET.
    Whether you’re planning the ultimate beach weekend, backyard staycation, or backpacking trip, Samsung AI features are here to help you make the most of your summer plans. Explore some of our favorite features for summer and take a peek at current and upcoming offers below.
    For summer travels, let Galaxy AI[1] take the lead on planning. Looking for flights? Hold the side button of your Galaxy S25 and ask Gemini[2] to find deals in real time before saving the results to your Samsung Notes app to easily reference later. Try out local cuisine with ease by pressing the side button of your Galaxy S25 and asking Galaxy AI to translate the menu before providing recommended meal options. And if you want the perfect photo to post, use Galaxy AI’s Generative Edit[3] feature to remove any unwanted background objects.

    Weeklong Deal: Save up to $300 on Galaxy S25 Ultra (promo price: starting at $1299.99)
    Weeklong Deal: Save $60 or up to $150 with eligible trade-in,[4] plus get a case on us with Galaxy Buds3 Pro (promo price: starting at $99.99)

    For backyard dinner parties, your connected kitchen is the ultimate sous chef. Use the AI Home screen[5] on select products in our 2025 Bespoke AI lineup to act as your personal assistant and convenient control center for your smart home. Plan your meals and create grocery lists or view your calendar and leave notes for your family, all from the screen. And once you finish dinner, tackle your sink full of dirty dishes with our latest Bespoke smart dishwasher, the quietest in its class.[6]

    Save up to $1,500 on Bespoke 4-Door French Door with AI Home & AI Vision Inside [7] (promo price: starting at $3,199)
    Save up to $400 on the 38 dBA Bespoke Smart Dishwasher with 3rd Rack Washing System (promo price: starting at $999)

    For movie marathons and more, experience the next big thing in television with Samsung Vision AI[8] on our 2025 TVs. The 2025 Samsung TV lineup offers breathtaking picture and immersive sound, paired with AI-backed features that take your TV to new heights. Use Click to Search[9] for instant info about your shows or movies, or enjoy content in your preferred language with Live Translate[10]. Universal Gestures even lets you control your TV with just a Galaxy Watch[11]. Plus, Samsung Vision AI helps upscale[12] everything you watch into crystal clear resolution, and even adapts your TV’s audio to your room for crisp dialogue and immersive sound. You can also pair your TV with a 2025 Samsung soundbar to amp up the audio even further.

    Happening NOW: Save up to $400 on S90F and S85F series OLED TVs (promo prices: starting at $1,399)
    Happening NOW: Save up to $500 on Q-series soundbars (promo prices: starting at $449)

    We’re also offering great savings on our 2024 OLED TVs, delivering pure blacks, bright whites and Pantone®-Validated color – all backed by powerful AI processors that optimize picture and sound as you watch. Whichever model you choose, you can shop with confidence from the #1 TV brand for 19 years running[13].

    Happening NOW: Save $1,400 on 65” Class OLED S90D (promo price: $1,299)
    Happening NOW: Save $2,100 on 77” Class OLED S95D (promo price: $2,499)

    Check back here next week for even more offers across our home entertainment lineup!
    For on-the-go smart home control, use the SmartThings app[14] on your mobile device. Seamlessly manage your compatible tech with automated routines, whether you’re turning on the lights for your arrival or cranking up the air conditioner on hot days. And with SmartThings Energy’s AI Energy Mode, you can receive personalized tips to help cut down on your energy usage and costs from your Samsung washer to your refrigerator to your TV and beyond.

    Save up to $1,100 on 3 cu. ft. Bespoke AI Laundry Ventless Heat Pump Dryer Combo All-in-One Ultra Capacity Washer with AI Home (promo price: starting at $2,199)
    Click here to download the SmartThings app

    For more on the Discover Samsung Summer Sale and details on the latest offers, visit Samsung.com.

    [1] Galaxy AI features by Samsung are free through 2025 and require Samsung account login.
    [2] Compatible with select apps. Requires Google Gemini account. Results may vary based on input; check responses for accuracy. Google and Gemini are trademarks of Google LLC.
    [3] Generative Edit requires a Samsung account login. Editing with Generative Edit results in a resized photo up to 12MP. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by Galaxy AI. The accuracy and reliability of the generated output is not guaranteed.
    [4] For Samsung Trade-In terms and conditions, click here.
    [5] AI Home LCD Display on RF90F29/23BECRAA Refrigerators accesses AI Vision Inside , Bixby and personalized recipe recommendations based on AI algorithms. Wi-Fi connection and Samsung account required.
    [6] Together with DW90 models, compared to competitor models with MSRP $1399 or less.
    [7] AI Vision Inside can recognize and automatically label 37 unobscured fresh food items such as select fruits and vegetables; other items may be manually labeled. Results vary by manner of placement.
    [8] Samsung Vision Al is only available on 2025 Neo QLED 8K, Neo QLED, OLED, QLED and The Frame TV models. Samsung Vision Al features vary by TV model. (Excludes Crystal UHD, FHD and HD TV models).
    [9] Available on certain models only, and on terrestrial, cable TV and Samsung TV Plus.
    [10] Works with antenna broadcast only. Available languages vary and may require download. Translation accuracy not guaranteed.
    [11] Available apps and services may vary and are subject to change without notice. Only supported on Galaxy Watch4 and later models, and Wear OS 5 and higher versions. Galaxy Watch sold separately.
    [12] Viewing experience may vary according to types of content and format. Upscaling may not apply to PC connection and Game Mode.
    [13] Source: Omdia, Feb 2025. Results are not an endorsement of Samsung. Any reliance on these results is at the third party’s own risk.
    [14] Available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN shares insights with Vietnamese media ahead of 46th ASEAN Summit

    Source: ASEAN – Association of SouthEast Asian Nations

    In an exclusive interview with Vietnamese Media, Secretary-General of ASEAN, Dr. Kao Kim Hourn, shared that the upcoming 46th ASEAN Summit will deliberate on a wide-range of political, economic, and social issues that are vital to ASEAN Community building. Amidst geopolitical and economic dynamics, SG Dr. Kao emphasized ASEAN’s unwavering commitment to an open, rules-based multilateral trading system, highlighting efforts to deepen intra-regional integration and enhance partnership with different partners and stakeholders with a view to bolstering the region’s economic resilience, stability and long-term competitiveness.

    The post Secretary-General of ASEAN shares insights with Vietnamese media ahead of 46th ASEAN Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Dero miner zombies biting through Docker APIs to build a cryptojacking horde

    Source: Securelist – Kaspersky

    Headline: Dero miner zombies biting through Docker APIs to build a cryptojacking horde

    Introduction

    Imagine a container zombie outbreak where a single infected container scans the internet for an exposed Docker API, and bites exploits it by creating new malicious containers and compromising the running ones, thus transforming them into new “zombies” that will mine for Dero currency and continue “biting” new victims. No command-and-control server is required for the delivery, just an exponentially growing number of victims that are automatically infecting new ones. That’s exactly what the new Dero mining campaign does.

    During a recent compromise assessment project, we detected a number of running containers with malicious activities. Some of the containers were previously recognized, while others were not. After forensically analyzing the containers, we confirmed that a threat actor was able to gain initial access to a running containerized infrastructure by exploiting an insecurely published Docker API. This led to the running containers being compromised and new ones being created not only to hijack the victim’s resources for cryptocurrency mining but also to launch external attacks to propagate to other networks. The diagram below describes the attack vector:

    Infection chain

    The entire attack vector is automated via two malware implants: the previously unknown propagation malware nginx and the Dero crypto miner. Both samples are written in Golang and packed with UPX. Kaspersky products detect these malicious implants with the following verdicts:

    • nginx: Trojan.Linux.Agent.gen;
    • Dero crypto miner: RiskTool.Linux.Miner.gen.

    nginx: the propagation malware

    This malware is responsible for maintaining the persistence of the crypto miner and its further propagation to external systems. This implant is designed to minimize interaction with the operator and does not require a delivery C2 server. nginx ensures that the malware spreads as long as there are users insecurely publishing their Docker APIs on the internet.

    The malware is named “nginx” to masquerade as the well-known legitimate nginx web server software in an attempt to evade detection by users and security tools. In this post, we’ll refer to this malware as “nginx”.

    After unpacking the nginx malware, we parsed the metadata of the Go binary and were able to determine the location of the Go source code file at compilation time: “/root/shuju/docker2375/nginx.go”.

    Nginx source code file

    Infecting the container

    The malware starts by creating a log file at “/var/log/nginx.log”.

    Log file creation

    This log file will be used later to log the running activities of the malware, including data like the list of infected machines, the names of created malicious containers on those machines, and the exit status code if there were any errors.

    Malware operations log

    After that, in a new process, a function called main.checkVersion loops infinitely to make sure that the content of a file located at “/usr/bin/version.dat” inside the compromised container always equals 1.4. If the file contents were changed, this function overwrites them.

    Ensuring that version.dat exists and contains 1.4

    If version.dat doesn’t exist, the malicious function creates this file with the content 1.4, then sleeps for 24 hours before the next iteration.

    Creating version.dat if it doesn’t exist

    The malware uses the version.dat file to identify the already infected containers, which we’ll describe later.
    The nginx sample then executes the main.monitorCloudProcess function that loops infinitely in a new process making sure that a process named cloud, which is a Dero miner, is running. First, the malware checks whether or not the cloud process is running. If it’s not, nginx executes the main.startCloudProcess function to launch the miner.

    Monitoring and executing the cloud process

    In order to execute the miner, the main.startCloudProcess function attempts to locate it at “/usr/bin/cloud”.

    Executing the miner

    Spreading the infection

    Next, the nginx malware will go into an infinite loop of generating random IPv4 /16 network subnets to scan them and compromise more networks with the main.generateRandomSubnet function.

    Infinite loop of network subnets generation and scanning

    The subnets with the respective IP ranges will be passed to the main.scanSubnet function to be scanned via masscan, a port scanning tool installed in the container by the malware, which we will describe in more detail later. The scanner is looking for an insecure Docker API published on the internet to exploit by scanning the generated subnet via the following command: masscan -p 2375 -oL – –max-rate 360.

    Scanning the generated subnet via masscan

    The output of masscan is parsed via regex to extract the IPv4s that have the default Docker API port 2375 open. Then the extracted IPv4s are passed to the main.checkDockerDaemon function. It checks if the remote dockerd daemon on the host with a matching IPv4 is running and responsive. To do this, the malware attempts to list all running containers on the remote host by executing a docker -H PS command. If it fails, nginx proceeds to check the next IPv4.

    Remotely listing running containers

    Container creation

    After confirming that the remote dockerd daemon is running and responsive, nginx generates a container name with 12 random characters and uses it to create a malicious container on the remote target.

    Container name generation

    The malicious container is created with docker -H run -dt –name –restart always ubuntu:18.04 /bin/bash. The malware uses a –restart always flag to start the newly created containers automatically when they exit.

    Malicious container created on a new host

    Then nginx prepares the new container to install dependencies later by updating the packages via docker -H exec apt-get -yq update.

    Updating container packages

    Next, the malicious sample uses a docker -H exec apt-get install -yq masscan docker.io command to install masscan and docker.io in the container, which are dependencies for the malware to interact with the Docker daemon and to perform the external scan to infect other networks.

    Remotely installing the malware dependencies inside the newly created container

    Then it transfers the two malicious implants, nginx and cloud, to the container by executing docker -H cp -L /usr/bin/ :/usr/bin.

    Transferring nginx and cloud to the newly created container

    The malware maintains persistence by adding the transferred nginx binary to /root/.bash_aliases to make sure that it will automatically execute upon shell login. This is done via a docker -H exec bash –norc -c 'echo "/usr/bin/nginx &" > /root/.bash_aliases' command.

    Adding the nginx malware to .bash_aliases for persistence

    Compromising running containers

    Up until this point, the malware has only created new malicious containers. Now, it will try to compromise the ubuntu:18.04-based running containers. The sample first executes the main.checkAndOperateContainers function to check all the running containers on the remote vulnerable host for two conditions: the container has an ubuntu:18.04-base and it doesn’t contain a version.dat file, which is an indicator that the container had been previously infected.

    Listing and compromising existing containers on the remote target

    If these conditions are satisfied, the malware executes the main.operateOnContainer function to proceed with the same attack vector described earlier to infect the running container. The infection chain is repeated, hijacking the container resources to scan and compromise more containers and mining for the Dero cryptocurrency.

    That way, the malware does not require a C2 connection and also maintains its activity as long as there is an insecurely published Docker API that can be exploited to compromise running containers and create new ones.

    cloud – the Dero miner

    Executing and maintaining cloud, the crypto miner, is the primary goal of the nginx sample. The miner is also written in Golang and packed with UPX. After unpacking the binary, we were able to attribute it to the open-source DeroHE CLI miner project found on GitHub. The threat actor wrapped the DeroHE CLI miner into the cloud malware, with a hardcoded mining configuration: a wallet address and a DeroHE node (derod) address.

    If no addresses were passed as arguments, which is the case in this campaign, the cloud malware uses the hardcoded encrypted configuration as the default configuration. It is stored as a Base64-encoded string that, after decoding, results in an AES-CTR encrypted blob of a Base64-encoded wallet address, which is decrypted with the main.decrypt function. The configuration encryption indicates that the threat actors attempt to sophisticate the malware, as we haven’t seen this in previous campaigns.

    Decrypting the crypto wallet address

    Upon decoding this string, we uncovered the wallet address in clear text: dero1qyy8xjrdjcn2dvr6pwe40jrl3evv9vam6tpx537vux60xxkx6hs7zqgde993y.

    Behavioral analysis of the decryption function

    Then the malware decrypts another two hardcoded AES-CTR encrypted strings to get the dero node addresses via a function named main.sockz.

    Function calls to decrypt the addresses

    The node addresses are encrypted the same way the wallet address is, but with other keys. After decryption, we were able to obtain the following addresses: d.windowsupdatesupport[.]link and h.wiNdowsupdatesupport[.]link.

    Decoded addresses in memory

    The same wallet address and the derod node addresses had been observed before in a campaign that targeted Kubernetes clusters with Kubernetes API anonymous authentication enabled. Instead of transferring the malware to a compromised container, the threat actor pulls a malicious image named pauseyyf/pause:latest, which is published on Docker Hub and contains the miner. This image was used to create the malicious container. Unlike the current campaign, the attack vector was meant to be stealthy as threat actors didn’t attempt to move laterally or scan the internet to compromise more networks. These attacks were seen throughout 2023 and 2024 with minor changes in techniques.

    Takeaways

    Although attacks on containers are less frequent than on other systems, they are not less dangerous. In the case we analyzed, containerized environments were compromised through a combination of a previously known miner and a new sample that created malicious containers and infected existing ones. The two malicious implants spread without a C2 server, making any network that has a containerized infrastructure and insecurely published Docker API to the internet a potential target.

    Analysis of Shodan shows that in April 2025, there were 520 published Docker APIs over port 2375 worldwide. It highlights the potential destructive consequences of the described threat and emphasizes the need for thorough monitoring and container protection.

    Docker APIs published over port 2375 ports worldwide, January–April 2025 (download)

    Building your containerized infrastructure from known legitimate images alone doesn’t guarantee security. Just like any other system, containerized applications can be compromised at runtime, so it’s crucial to monitor your containerized infrastructure with efficient monitoring tools like Kaspersky Container Security. It detects misconfigurations and monitors registry images, ensuring the safety of container environments. We also recommend proactively hunting for threats to detect stealthy malicious activities and incidents that might have slipped unnoticed on your network. The Kaspersky Compromise Assessment service can help you not only detect such incidents, but also remediate them and provide immediate and effective incident response activities.

    Indicators of compromise

    File hashes
    094085675570A18A9225399438471CC9  nginx
    14E7FB298049A57222254EF0F47464A7   cloud

    File paths
    NOTE: Certain file path IoCs may lead to false positives due to the masquerading technique used.
    /usr/bin/nginx
    /usr/bin/cloud
    /var/log/nginx.log
    /usr/bin/version.dat

    Derod nodes addresses
    d.windowsupdatesupport[.]link
    h.wiNdowsupdatesupport[.]link

    Dero wallet address
    dero1qyy8xjrdjcn2dvr6pwe40jrl3evv9vam6tpx537vux60xxkx6hs7zqgde993y

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary General of ASEAN meets with the Minister for Foreign Affairs of Mongolia

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Minister for Foreign Affairs of Mongolia Batmunkh Battsetseg, at the ASEAN Headquarters/ASEAN Secretariat, during the Minister’s official visit to Indonesia. During their meeting, they exchanged views on ways to enhance ASEAN-Mongolia relations, whereby Foreign Minister Battsetseg reaffirmed Mongolia’s commitment to enhancing cooperation with ASEAN and ASEAN Member States across various sectors.

    The post Secretary General of ASEAN meets with the Minister for Foreign Affairs of Mongolia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Monetary Bulletin 2025/2

    Source: Central Bank of Iceland

    _Monetary Bulletin_ is published four times a year. In early May and early November, it contains an inflation and macroeconomic forecast, together with an in-depth analysis of economic and monetary developments and prospects. The February and August issues include updated inflation and macroeconomic forecasts and an abbreviated report on economic and monetary developments and outlook. _Monetary Bulletin_ is also issued in Icelandic under the title _Peningamál._

    MIL OSI Economics –

  • MIL-OSI Economics: Alteration in the name of “North East Small Finance Bank Limited” to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/38
    DoR.RET.REC.20/12.07.160/2025-26

    May 21, 2025

    All Banks,

    Madam / Sir,

    Alteration in the name of “North East Small Finance Bank Limited” to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

    It is advised that the name of “North East Small Finance Bank Limited” has been changed to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DoR.LIC.No.S1134/16.13.216/2025-26 dated May 14, 2025, which is published in the Gazette of India (Part III-Section 4) dated May 16, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI Economics: Statement of the Monetary Policy Committee 21 May 2025

    Source: Central Bank of Iceland

    The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 7.50%. All Committee members voted in favour of the decision.

    MIL OSI Economics –

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

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today spoke with Reuters over a media interview on the global trade fluctuations, including the impact of U.S. tariffs on ASEAN. SG Dr. Kao also provided updates on the recent developments in ASEAN, including the ASEAN Community Vision 2045 and its Strategic Plans, the ongoing humanitarian assistance efforts in Myanmar and other important key deliverables of ASEAN this year.

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

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN shares perspectives on the Inaugural ASEAN-GCC-China Summit

    Source: ASEAN – Association of SouthEast Asian Nations

    In an interview with Channel News Asia today, Secretary-General of ASEAN, Dr. Kao Kim Hourn, outlined ASEAN’s strategic goals for the first-ever ASEAN-GCC-China Summit to be held in Malaysia next week, emphasising the importance of economic cooperation and regional resilience. The interview also covered ASEAN’s coordinated efforts to address the impacts of US tariffs, delivering humanitarian aid to Myanmar, and facilitating Timor-Leste’s full membership in ASEAN.

    The post Secretary-General of ASEAN shares perspectives on the Inaugural ASEAN-GCC-China Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 21, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 4,348
    Amount allotted (in ₹ crore) 4,348
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/378

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on May 20, 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) 5,74,008.90 5.67 0.01-6.75
         I. Call Money 16,733.50 5.79 4.85-5.85
         II. Triparty Repo 3,77,859.80 5.66 5.62-5.80
         III. Market Repo 1,77,682.60 5.69 0.01-6.75
         IV. Repo in Corporate Bond 1,733.00 5.87 5.82-6.75
    B. Term Segment      
         I. Notice Money** 131.30 5.76 5.40-5.85
         II. Term Money@@ 725.00 – 6.10-6.10
         III. Triparty Repo 2,185.00 5.83 5.70-5.90
         IV. Market Repo 1,031.95 5.68 5.35-5.98
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 20/05/2025 1 Wed, 21/05/2025 4,617.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 20/05/2025 1 Wed, 21/05/2025 435.00 6.25
    4. SDFΔ# Tue, 20/05/2025 1 Wed, 21/05/2025 2,24,630.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,19,578.00  
    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 Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,735.56  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,466.56  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,85,111.44  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 20, 2025 9,66,107.38  
         (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 20, 2025 4,617.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 02, 2025 2,34,873.00  
    @ 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: 2025-2026/377

    MIL OSI Economics –

  • MIL-OSI Economics: African Development Bank, DEG to deepen partnership in private sector development in Africa

    Source: African Development Bank Group
    The African Development Bank Group and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Development Finance Institution that is a subsidiary of  KfW, have reinforced their strategic partnership to enhance private sector development across Africa.
    Officials from both institutions met in Abidjan, Cote d’Ivoire, on…

    MIL OSI Economics –

  • MIL-OSI Economics: Morocco: Perforation of the Al Massira dam sets new civil engineering standard for Africa to meet the challenge of water stress in the Marrakech…

    Source: African Development Bank Group
    The question of water management is of paramount importance in debates on Africa’s development. It will be central to the upcoming Annual Meetings of the African Development Bank, to be held in Abidjan from 26 to 30 May 2025 under the banner, “Making Africa’s Capital Work Better for Africa’s Development.”

    MIL OSI Economics –

  • MIL-OSI Economics: Plastics Dialogue sharpens focus on transparency and standards

    Source: WTO

    Headline: Plastics Dialogue sharpens focus on transparency and standards

    Barbados and Morocco delivered opening remarks on behalf of the co-coordinators. They highlighted the successful midterm review in April of the DPP’s work in 2025 and underscored the importance of delving deeper into each focus area to advance potential outcomes. They noted co-sponsors’ interest in the ongoing global efforts to reduce plastics pollution, particularly the negotiations led by the Intergovernmental Negotiating Committee under the United Nations, which is scheduled to hold its next round of talks in August 2025 in Geneva.
    The co-coordinators reported on the productive discussions held during a workshop for Latin America and the Caribbean on 16 May, highlighting the DPP initiative’s continued efforts to incorporate regional perspectives and to hear from smaller delegations. The first region-focused workshop, held alongside the April DPP meeting, had centred on Africa.
    They noted that regional experts underscored the importance of boosting trade and strengthening institutional regulatory capacities to address plastics pollution. The workshop emphasized strong support for small businesses, calling for technical assistance and financial incentives to help them participate in a more sustainable economy.
    Participants also highlighted the need to promote locally sourced, sustainable substitutes — such as banana peel, bamboo and sugarcane byproducts — alongside green finance mechanisms, while considering consumer awareness of non-plastic substitutes and cultural preferences for certain alternative materials. The discussion further stressed the value of enhanced regional cooperation and a unified regulatory approach to single-use plastics, with platforms such as Mercosur (Southern Common Market) and ALADI (Latin American Integration Association) identified as key avenues for regulatory cooperation and aligning standards. 
    Switzerland and China facilitated thematic discussions on the two focus areas. On the first topic — enhancing cooperation on applicable standards for non-plastic substitutes and alternatives — members heard from a diverse range of institutions and companies. The Codex Alimentarius Committee under the UN Food and Agriculture Organization presented its work on food packaging standards for traded goods, with a focus on food safety.
    Representatives from companies and associations in Peru, the Philippines and the Netherlands shared their experiences and challenges in navigating domestic and international regulations while using nature-compatible and biodegradable materials to replace single-use plastics. The United States also provided a debrief on recent discussions in the WTO Committee on Technical Barriers to Trade, which explored domestic practices and the potential negative impacts of changes to food packaging regulations. The importance of cross-committee collaboration between the DPP and other WTO bodies was underscored.
    Participants expressed a shared commitment to addressing plastics pollution through the DPP, while cautioning against duplicating the work of existing WTO committees and international standard-setting organizations. Several emphasized the importance of the DPP focusing on its unique contributions — such as facilitating information exchange, sharing domestic experiences, and examining the commercial, environmental and safety dimensions of non-plastic alternatives. Many also underscored the need for international cooperation, the harmonization of standards and certification schemes, and equitable access to sustainable solutions, particularly for developing economies.
    On the second topic — enhancing transparency of trade flows of plastics — members received an update from the United Nations Institute for Training and Research (UNITAR), which presented its work on developing statistical guidelines for measuring plastic flows throughout the life cycle. The European Union’s Joint Research Centre also gave a presentation on the bloc’s evolving policy landscape and its strengthened measures to track material flows of plastics across its value chain.
    Participants welcomed the guidelines as useful tools for monitoring the trade flow of goods with embedded plastics, as well as single-use plastic items. They encouraged broader knowledge sharing to include guidelines developed by other organizations and called for greater support to developing and least-developed members in building capacity for data collection.
    In conclusion, Australia thanked members and stakeholders for their inputs, emphasizing that transparency is a critical step toward effective policy design. It noted that the discussions underscored the potential of non-plastic substitutes and alternative materials, while also acknowledging the remaining challenges.
    Co-coordinators will provide updates on the next steps following further consultations.
    More
    DPP co-sponsors have identified eight areas for achieving possible outcomes at MC14. The remaining six areas include: supporting ongoing multilateral negotiations under the United Nations to reduce plastics pollution; exploring strategies to harmonize trade-related measures for single-use plastics; identifying best practices; improving access to relevant technologies and services; building capacity for developing members; and considering the potential development of domestic inventories of trade-related plastic measures.
    Launched in November 2020 by a group of WTO members, the Dialogue on Plastics Pollution currently consists of 83 co-sponsors, representing almost 90 per cent of global trade in plastics.

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    MIL OSI Economics –

  • MIL-OSI Economics: Fish Fund Steering Committee advances work on Call for Proposals, welcomes new members

    Source: World Trade Organization

    The agreement on next steps brings the Steering Committee closer to opening its first Call for Proposals. The Fund will receive funding requests for project grants that will support developing and least developed country (LDC) members to implement the Agreement provided they have ratified it.

    The Committee welcomed Barbados, The Gambia, Haiti, Mauritius, Peru, the Philippines, Seychelles, and Sierra Leone as new members to represent beneficiary members while acknowledging the contributions of Djibouti, Fiji, Gabon, Ivory Coast, Nigeria, Peru, Saint Lucia, and Senegal, who served on the Committee since January 2024.

    Donor representatives to the Fish Fund will rotate at a later stage. Both donors and beneficiaries may rotate their delegates at any time, provided that at least two LDC members remain on the Committee. All Steering Committee members are required to serve a minimum term of one year.

    Eligible and interested members will be able to submit calls for proposals when 101 WTO members have deposited their instruments of ratification. Currently, 99 WTO members have deposited their instruments. After the Call for Proposals is launched, the Secretariat of the Fish Fund will receive proposals for a period of approximately three months, after which all applications will be reviewed and submitted to the Steering Committee.

    Deputy Director-General Angela Ellard said:

    “It is a pleasure to open today’s meeting and see the tremendous progress made as we near entry into force. Everyone’s hard work – donors, beneficiaries, and partners – has paid off.

    The Fund is ready to support the members that have deposited their instruments of ratification and, in so doing, committed to a more environmentally and economically sustainable future and healthier oceans.”

    The Steering Committee also approved the Monitoring, Evaluation, and Learning (MEL) Framework for the Fish Fund, a key tool to support the effective implementation of future projects.

    Known as the Fish Fund, the WTO Fisheries Subsidies Funding Mechanism was established under Article 7 of the WTO Agreement on Fisheries Subsidies, which was adopted at the 12th Ministerial Conference in 2022. Developing and LDC members that have ratified the Agreement are eligible to submit projects supporting implementation of the Agreement. The Fish Fund will operate in cooperation with relevant international organizations, such as the UN Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD), and the World Bank.

    This was the Steering Committee’s fifth meeting since the Fish Fund became ready to accept voluntary contributions from WTO members in November 2022. The contributing members thus far are Australia, Canada, the European Union, Finland, France, Germany, Iceland, Japan, the Republic of Korea, Liechtenstein, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, the United Arab Emirates, and the United Kingdom.

    A total of 111 ratifications from WTO members are needed for the Agreement to enter into force. So far,99 instruments of acceptance of the Agreement have been received. The full list is available here.

    More information on the Fish Fund is available here.

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    MIL OSI Economics –

  • MIL-OSI Economics: 2025 State of Small Business Survey: Surge in AI, cybersecurity and social media demand

    Source: Verizon

    Headline: 2025 State of Small Business Survey: Surge in AI, cybersecurity and social media demand

    What you need to know:

    • Nearly half (47%) of SMBs updated their cybersecurity solutions to further protect their business. More than a third (38%) are actively using AI across multiple business functions, such as data analysis, marketing and customer service.
    • Over 56% of SMBs believe AI can help address issues with employee management and overall employee headcount.
    • 3 in 4 (76%) of SMBs agree that social media positively impacts their business performance.
    • But more than half (54%) of SMBs struggle to keep online content fresh and stay up to date with social media trends.

    NEW YORK, NY – Verizon Business today announced the findings of its sixth annual State of Small Business Survey, conducted by Morning Consult. The report shows small and medium-sized businesses (SMBs) are aggressively adopting technology to drive market growth and operational efficiency. The surge is fueled by increasingly accessible artificial intelligence (AI) and content creation tools, empowering SMBs to expand their marketing and sales capabilities and reach new markets.

    Social media is a critical driver, with 58% of SMBs now on TikTok, while 38% are actively integrating AI into their operations. This isn’t just a trend; it’s a fundamental transformation of how SMBs compete and thrive in the modern digital economy.

    “Small business owners are entering a new chapter of digital business with the rise of AI,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, Verizon Business. “At Verizon, we are committed to supporting our SMB community in navigating their business through the latest technology to help deliver growth and protect their assets from emerging cyber threats.”

    Based on responses from 600 SMBs in the United States, the State of Small Business Survey identified the following key findings and insights:

    • Upgrading technology solutions for new ways of doing business. In the last year, almost half of small businesses (47%) implemented new technology platforms to bolster security for their increasingly digital operations. Social media continues to be a leading customer engagement tool among SMBs, with more than three in five decision-makers either launching content creation initiatives or increasing their investment in content creation during the past year.
    • AI adoption spreads in new ways. Today, 38% of SMBs are leveraging AI in one capacity or another. More than a quarter (28%) are using AI for marketing and social media, while 24% are using the technology for written communications. Nearly a quarter use AI to power digital personal assistants that can help them with customer service. Another 25% are using AI to boost their cybersecurity efforts. Meanwhile, SMBs are exploring AI for employee recruitment and retention, with 56% believing AI can help their business offset any pain points caused by reduced or frozen headcount and another 53% believing AI can help the business retain current staff.
    • SMBs turn to AI to help with employee management strategies. While more than two-thirds of decision makers surveyed believe employees need to be in-person for the business to function, they are turning to AI for support in navigating this new workforce. Nineteen percent (19%) of SMBs are using AI for recruitment and talent sourcing, and 56% believe AI can help their business offset any pain points caused by reduced or frozen headcount. More than half (53%) believe AI can help the business retain current staff.
    • Growing importance of cybersecurity. More than half of SMBs (52%) acknowledge that business growth likely increases the threat of cyberattacks on their business. Nearly half of the respondents (47%) invested in technologies to improve cybersecurity in the last year. A quarter of SMBs don’t believe their business is investing enough.
    • Content for social media continues to be king. Over the past year, SMBs have leaned heavily on social media as one of their leading customer outreach tactics. Facebook remains the number one most popular platform for these businesses, and 76% agree that social media positively impacts their business. A whopping 58% of them are on TikTok.

    As technology continues to evolve and become increasingly more accessible, many SMBs understand the vital importance of embracing the role of technology to grow and protect their business in this new era of digital transformation through AI.

    Visit our website to view the complete survey findings.

    For more information on Verizon’s Small Business Solutions, visit https://www.verizon.com/business/solutions/small-business/.

    MIL OSI Economics –

  • MIL-OSI Economics: Graduates and movers rejoice: Total Wireless introduces $35 home internet with special offer on router

    Source: Verizon

    Headline: Graduates and movers rejoice: Total Wireless introduces $35 home internet with special offer on router

    NEW YORK – As graduates embark on the exciting journey of moving to a new apartment or even a new city, Total Wireless, a leading prepaid brand powered by Verizon’s 5G network, ensures they can stay connected without breaking the bank. Total Wireless is in your corner, offering unbeatable home internet deals that combine affordability with top-notch quality.

    Unlimited Total Wireless Home Internet for Just $35 Per Month

    Customers can now enjoy unlimited home internet for just $35 per month with Auto Pay, when bundled with the Total Wireless 5G Unlimited Plan or higher*. Total Wireless is committed to providing a stress-free internet experience, featuring no long-term contracts, a 5-year price guarantee, and easy setup.

    Exclusive Discounts on Total Wireless Home Internet Routers

    To make the transition even smoother, for a limited time, customers can get a new Home Internet Router for just $24.99 when activating new services on the Total Wireless Home Internet plan. This offer provides exceptional, unrivaled prices and value, giving customers significant savings during moments that matter. Limit one device per account. For more details, visit TotalWireless.com

    Save More with Bundled Plans with Fios Service

    In addition to these fantastic deals, customers can access exclusive savings when combining eligible mobile and internet services. Beginning May 28, customers who have both an eligible Verizon Fios Home Internet plan and mobile phone plan – including from Total Wireless, Straight Talk Wireless, Tracfone, Simple Mobile, Walmart Family Mobile, Visible, or Verizon Prepaid — can enjoy a $15 per month discount on their Verizon Fios home internet bill, saving up to $180 per year. This discount can be combined with the $10 Auto-Pay discount for even greater savings, up to $300 per year. For more details, please visit https://www.verizon.com/discounts/phone-home-internet-bundle/?type=valueoffer.

    Fios Home Internet Available in Select Total Wireless Stores

    Starting June 5, qualified Total Wireless stores in the Fios footprint across New England and the Mid-Atlantic will begin offering Fios Home Internet plans for in-store purchase. This marks the first time Fios is available in select Total Wireless retail store locations, giving Total Wireless customers access to the fast and reliable speeds of fiber optic internet. Check www.totalwireless.com/stores/ to see if your local Total Wireless store offers Fios Home Internet, starting on 6/5.

    “We understand how stressful and financially straining it can be for anyone who’s moving, graduating, or starting a new chapter in their lives,” said David Kim, Chief Revenue Officer at Verizon Value. “Total Wireless is always in your corner, offering affordable home internet that fits your life. Whether it’s our $35 Total Wireless Home Internet plan or access to the fast, 100% fiber network of Fios, now also available in select Total Wireless stores, customers can enjoy even greater value during life’s big transitions.” 

    Total Wireless Home Internet empowers customers to stay connected with loved ones, stream their favorite shows and movies, and work or study from home effortlessly. Experience fast, reliable internet with Total Wireless, with connectivity for all your needs.

    For more information, visit totalwireless.com or your nearest Total Wireless store.

    About Total Wireless

    Total Wireless is a fast-growing, no-contract wireless provider covered by the Verizon 5G network, with over 1,000 exclusive stores across the country, and counting. On a mission to raise the bar in prepaid wireless, Total Wireless disrupts the status quo by offering more value than any other no-contract provider. Total Wireless offers plans with unlimited data and access to Verizon’s 5G Ultra-Wideband network, prices guaranteed for five years (taxes and fees included), select free 5G phones with qualifying purchase plans, and more.

    Total Wireless is part of the Verizon Value portfolio of prepaid brands, which includes Straight Talk, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid. Verizon Communications Inc. (NYSE, Nasdaq: VZ) is one of the world’s leading providers of technology, communications, information and entertainment products and services.

    For more information on Total Wireless, visit one of its exclusive storefronts across the country, or check out TotalWireless.com.

    *$15/mo discount when bundled with Total 5G Unlimited or Total 5G+ Unlimited plans; additional $10/mo Auto Pay discount upon enrollment. Auto Pay discount applies the month after you enroll.

    **$15/mo savings on Verizon Fios Home Internet plans when combined with any eligible Total Wireless mobile phone plan and $10/mo Auto Pay on Fios Home Internet plan. Separate enrollment required for Fios Home Internet plans and Auto Pay on Fios Home Internet plans required. Discount will be removed if you do not maintain service on an eligible phone plan or Fios Home Internet plan, or if you do not maintain Auto Pay on Fios Home Internet plan. Fios availability, coverage, and speeds may vary based on your address.

    MIL OSI Economics –