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Category: Economics

  • MIL-OSI Economics: New Release: The ASEAN Magazine’s latest edition “A Harvest of Plenty: Safe, Nourishing Food for All”

    Source: ASEAN

    JAKARTA, 30 April 2025– The ASEAN Secretariat proudly announces the release of The ASEAN Magazine Issue No. 43: A Harvest of Plenty: Safe, Nourishing Food for All. This edition focuses on ASEAN’s shared commitment to ensuring food security, food safety, and nutrition across the region.
     
    This edition features extensive discussions on ASEAN’s integrated approach, drawing on the expertise of those working across health, agriculture, and economic sectors, and reflects efforts to strengthen the region’s food systems through closer coordination and cooperation.
     
    The magazine explores how regional dialogue is laying the groundwork for its implementation, as Member States move closer to ratifying the ASEAN Food Safety Regulatory Framework Agreement. This edition also explores ASEAN’s work on risk assessment and emergency response, as well as regional strategies to end malnutrition, promote sustainable agriculture, and address illegal, unreported, and unregulated (IUU) fishing.
     
    The issue also reflects on the significance of food beyond its practical role—how it connects, heals, and shapes the cultural fabric of ASEAN communities.
     
    The ASEAN Magazine Issue No. 43 can be accessed and downloaded via https://asean.org/serial/a-harvest-of-plenty-safe-nourishing-food-for-all/  or on the official magazine website: https://theaseanmagazine.asean.org
     
    The ASEAN Magazine is an official publication of the ASEAN Secretariat, managed by the ASEAN Socio-Cultural Community Analysis Division with the support of the Indian Mission to ASEAN.
    The post New Release: The ASEAN Magazine’s latest edition “A Harvest of Plenty: Safe, Nourishing Food for All” appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Sanjay Malhotra: India – a partner in progress and prosperity

    Source: Bank for International Settlements

    I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

    The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).

    Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.

    No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.

    Policy continuity and stability

    First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space.

    MIL OSI Economics –

  • MIL-OSI Economics: Darryl Chan: Global outlook – unlocking market potential through financial connectivity

    Source: Bank for International Settlements

    Mr Peng Yang (CEO, Ant International), distinguished guests, ladies and gentlemen:

    Good morning.  To those of you who have travelled from far and wide, a very warm welcome to Hong Kong!

    It gives me great pleasure to join you today for MO·MENTS 2025 organised by Ant International.  This is a great gathering of forward-looking, innovative people who bring and share remarkable expertise, experience and ideas to shape the future of payments.  Indeed, payments is shaping the future of finance by unlocking the many possibilities and immense potential. 

    The theme of this event is global connectivity.  In my discussion today, I will share with you the exciting journey Hong Kong is going through to promote connectivity in the payments space, both locally and globally.  Our objective is to achieve cheaper, faster, more transparent, and more accessible payment services.  Before going global, we started with local.  There were two starting points: stored value facilities (or SVF in short) and faster payment system, or FPS.

    In 2015, the Hong Kong Monetary Authority (HKMA) introduced a regime to regulate SVF operators who take the form of e-wallets or prepaid cards.  Today we have a robust SVF ecosystem of 15 operators.  These operators serve a wide range of institutional and retail customers from mass market to more niched segments.  In less than a decade, the number of SVF accounts have doubled, from around 40 million in end 2016 to 80 million in end 2024; and the total number of transactions has grown by almost 60%, from around 15 million per day in Q4 2016 to 24 million in Q4 2024.   

    The FPS is another success story.  Launched in 2018, it is a platform that supports full connectivity among banks and SVFs.  It provides real-time, 24×7 interbank transfers with just a few clicks on mobile devices.  Since its launch, FPS has experienced phenomenal growth.  It now has 16.4 million registrations in total, on the back of a local population of 7.5 million.  

    The SVF and FPS, working individually or in combination, provide a powerful tool that facilitates cheaper, faster payments and enhances user experience.  They promote not just financial inclusion but also the growth of e-commerce.  

    The use of SVF and FPS goes beyond Hong Kong.  For example, Hong Kong e-wallets can now be used at over 30 million merchants in Mainland China.  Between 2021 and 2024, the number of cross-border transactions in the Mainland has grown by almost 50 times.  

    In the case of FPS, in 2023 the HKMA joined hands with the Bank of Thailand to link up FPS and Thailand’s PromptPay, enabling cross-border QR payments between the two jurisdictions.  Meanwhile, we are working closely with the People’s Bank of China to connect FPS with the Mainland’s Internet Banking Payment System.  Our plan is to formally roll out the link by the middle of this year.  Looking ahead, we are also exploring the possibility of further expanding the linkage of FPS with other fast payment systems in the region. 

    There is enough to keep us busy just by enhancing the interoperability and connectivity of the existing payment systems and networks.  Yet we are keenly aware of the need to keep taps on developments that bring new dimensions to the form and functioning of money.  Here I am referring to the emergence of central bank digital currency or CBDC, tokenised bank deposits, and stablecoins. 

    In terms of CBDC, our flagship project mBridge achieved the minimum viable product stage in 2024.  It is a seamless cross-border wholesale CBDC platform co-founded by the HKMA and several other central banks.  Supported by a comprehensive legal framework and a fit-for-purpose governance structure, the platform seeks to address the typical pain points in cross-border payments by enhancing efficiency and reducing costs through central bank digital money.  Going forward, the project will continue to expand the participation of public and private institutions with a view to achieving greater network effect.

    We also leverage on our CBDC research to support the development of the tokenisation market.  Last year, the HKMA initiated Project Ensemble and established an Architecture Community to develop common industry standards that support interoperability between CBDC, tokenised money and tokenised assets.  In August, we launched the Ensemble Sandbox, working with our securities regulator and the private sector to explore and experiment with tokenisation of financial assets and real-world assets.  Currently, the use cases cover liquidity management, supply chain finance, green finance, and investment funds. We are pleased that Ant Group is an active participant of the Sandbox.  Project Ensemble also goes beyond Hong Kong.  We are partnering with other central banks including Thailand, Brazil and France to explore cross-border tokenisation use cases. 

    On stablecoin, we are in the final stage of passing the law that empowers the HKMA to license and supervise stablecoin issuers in Hong Kong.  Together with other regulatory efforts governing the exchange, trading and custody of crypto assets, the stablecoin licensing regime is an important element to nurture a responsible and sustainable crypto ecosystem in Hong Kong.

    Running in parallel to the legislative process, a stablecoin sandbox was set up last year to provide a controlled environment for potential issuers to test the various features and controls of their proposed schemes, as well as their use cases that cover supply chain, capital market activities, cross-border payments, and Web3.0 applications.  The sandbox also enables the HKMA team to gain insights that inform the formulation of specific regulatory requirements and ensure they are fit-for-purpose.

    Ladies and gentlemen, the payments industry has seen exponential growth in recent years and we should expect the momentum to sustain-if we do the right things.  On this, I don’t think people in this room need to be convinced.  Let me share some thoughts on how to capture those opportunities.

    First is to make good use of technology.  Technology is the key driver in this growth story and it keeps pushing the possibility frontier.  Just imagine the potential of combining the ever growing computing power, artificial intelligence (A.I.), machine learning and big data. 

    What technology can deliver is amazing:

    • in terms of making payment so much easier through one-click payment or voice-automated payments;
    • in terms of capturing new customer demands such as buy-now-pay later or subscription payments; and
    • in terms of tailoring payment service to the needs of individual customers.

    What we need is to stretch our imagination and be innovative.

    In the process, one thing we always need to bear in mind is the fundamental value proposition of payment services-how payments can be made easier, faster, cheaper, and equally important, more accessible.  It is therefore heartening that we have a session today dedicated to inclusive growth. 

    Technology is a double-edged sword.  One increasingly troubling aspect related to banking and payments is the prevalence of fraud and scams.  In Hong Kong, more than 44,000 deception cases were reported last year, an increase of close to 12% year-on-year.  In a way we are victim of our own success by making payments much faster and more convenient.  This has now become one of the top challenges facing financial regulators across jurisdictions.  If unchecked, it will seriously undermine public confidence in the safety of the banking and payments sector, not to mention the issue of how to apportion the loss.

    The HKMA and the banking and payments industries have therefore been in close collaboration with law enforcement agencies to raise public awareness, share intelligence and good practices, and use Scameter data to alert potentially at-risk customers.  This is a never ending battle, and technology can help address the risk.  We look forward to payments operators leveraging A.I. and machine learning in fraud detection and prevention of money laundering.  We at the HKMA stand ready to work with the industry in testing and deploying such technology.

    My second point is about collaboration.  Deglobalisation, reglobalisation, fragmentation-it may take on different names or different forms, but one thing is for sure, the global economy is entering uncharted waters, in search of the more stable state when the dust gets a little settled. 

    For an industry like payments that thrives on interoperability and connectivity, this is not good news.  But the reshaping of the global economic order and the realignment of global supply chain can also mean new business opportunities for the payments sector:

    • think about the possible shifts, within a relatively short timeframe, in trade patterns and trade flows;
    • think about new relationships to be established between buyers and suppliers; and
    • think about the new payment corridors across countries and regions that may involve more local currencies. 

    These changes call for more timely, in-depth collaboration between different players in the payments space to better support customers.  And as long as payments remains a regulated space, we also need cross-border collaboration in the official sector, either through system linkage or policy coordination, to make this happen. 

    If I may quickly turn to my third point, which is the significance of operational resilience.  With increased connectivity and collaboration, system outage or cyber incidents will have much pronounced consequences.  It is crucial therefore, that operational resilience is a core objective and KPI.  And always have a contingency plan ready should anything untoward happen. 

    Ladies and gentlemen, as we look to the future, we need to be resilient, be agile, embrace technology, and, most importantly, remain customer-centric.  This should be the winning formula to unlock market potentials and promote a more efficient and inclusive financial ecosystem.

    With that, I wish the event a great success.  Thank you very much.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: Our payment system at a time of geopolitical risks

    Source: Bank for International Settlements

    Slides accompanying the speech

    [Slide 1 Cover slide]

    The payments sector has undergone significant changes in recent decades, driven by digitalisation and the rise of new technologies. While the latter provide opportunities, they also bring risks, particularly in terms of financial stability and sovereignty. These risks have been amplified since the inauguration of the new US administration and the upheavals to the international order that its challenges to multilateralism and its deregulatory and protectionist policies could cause. 

    Against this backdrop of great uncertainty and the major shocks to the financial system since the start of the month, the financial authorities have an important role to play in fostering stability and trust among the players in the French and European economy and financial system. Accordingly, in addition to ensuring price stability, the objective of the Banque de France, in keeping with its monetary and financial stability mandates, is to help maintain stable access to financial services, particularly credit, and to encourage innovation and diversification. It also strives to ensure the smooth functioning of our economy and the infrastructures on which it relies, and especially our payment system.

    In my presentation this morning, I would first like to review the main trends and challenges facing the European payments ecosystem, and then present the levers we are using at the Banque de France to ensure its efficient operation and the security of payment systems and payment means, and to help strengthen Europe’s sovereignty over its payment system. 

    [Slide 2 – I. Trends and challenges for payments in France and Europe]

    I. The digitalisation of payments and its implications    

    A. Progress in technology is leading to the rapid digitalisation of the payments ecosystem

    [Slide 3: A rapid payment digitalisation process]

    For a little over a decade now, we have been witnessing a strong move towards digitalisation and the increasing use of electronic payment solutions, with an attendant decrease in the use of cash. Payment cards are now the most commonly used means of payment at the points of sale, accounting for more than 48% of transactions in France in 2024. Conversely, cash payments are gradually decreasing, falling to 43% of point-of-sale transactions in France in 2024, whereas they stood at 50% in 2022, and as high as 68% in 2016.

    This trend accelerated even further with the rise of online shopping and the Covid pandemic. The share of e-commerce in the number of transactions thus doubled between 2019 and 2024 to reach a quarter of all transactions in France. At the same time, contactless payments and mobile payments have developed rapidly, with the aim of making payments increasingly seamless and almost invisible to consumers. This trend has been facilitated by the development of new technologies that have modernised payments, such as near-field communication (NFC) and QR codes, which have enabled the roll-out of contactless payments. 

    Against this backdrop, new players in payments have emerged, whose value added stems from technological innovation. These new players are now competing with traditional financial institutions such as banks. They include not only FinTechs but also “non-financial” players, namely telecom operators, technical service providers (specialising, for example, in the tokenisation of payment card data), and BigTechs, in particular the American GAFAMs – ApplePay, GooglePay – which dominate the mobile payments market. They also include Chinese and Korean platforms such as AliPay and WeChatPay.

    The growth in the tokenisation of financial instruments, driven by the use of distributed ledger technologies (DLT) such as blockchain, represents a significant opportunity for our markets. Significant benefits are expected: faster exchanges, lower operating costs and greater transparency of transactions. However, this trend is now going hand in hand with a plethora of uncoordinated DLT initiatives, giving rise to the emergence of new private settlement assets, most notably stablecoins. These initiatives are largely controlled by non-European players and mechanisms, whose reference currency is the dollar. 

    B. The challenges raised by changes in the payments landscape

    [Slide 4: Issues and challenges posed by the digitalisation of the European payments system]

    While the digitalisation of payment means has delivered many benefits, in particular by enabling simpler, faster, more convenient and more secure payments, it also poses challenges.

    The decline in the use of cash raises questions about the sustainability of some of its characteristics, particularly confidentiality, universal acceptance and accessibility, which are not currently available in the digital sphere. Furthermore, the increase in the use of digital payments raises questions about the role of central bank money, as opposed to commercial money used for card payments, even though central bank money plays a key role in anchoring confidence in our monetary system. 

    Furthermore, expanding the use of digital solutions has steadily upped our reliance on non-European entities (particularly from the United States and China), which already leverage significant network effects, thanks notably to their ability to harness extensive datasets and customer bases. They also control a number of widely used proprietary standards (Visa, Mastercard). Beyond the question of operational resilience, this situation raises concerns over competition, strategic autonomy and data protection. With the emergence of these international players, European payment solutions appear highly fragmented and their market share has been eroding.1

    The growing digitalisation of payments also represents a challenge to maintain a high level of payment security. Fraud schemes are becoming increasingly complex, involving the manipulation of payers and the circumvention of the strong authentication mechanisms put in place to ensure the security of digital payments in Europe. In particular, artificial intelligence (AI) is a double-edged sword. 

    AI amplifies cyber risk and, in payments, it can considerably facilitate payment scams, for example through deepfakes. But this technology can also become an invaluable ally in the fight against fraud, by enabling fraud schemes to be more rapidly and effectively identified. Against this backdrop, integrating AI into anti-fraud models could help to improve the security of the digital payment means available to the public.

    It should also be noted that digitalisation could extend to financial assets, through tokenisation, although at present there are no suitable and really secure payment solutions available for these financial transactions. Therefore, without a central bank money-based payment solution for these “wholesale” transactions, private non-European solutions could become dominant, in particular stablecoins. However, almost all stablecoins are currently pegged to the dollar, and their issuance in the United States is not currently subject to any protective federal regulatory framework. If the tokenisation of financial assets were to gather pace, the lack of a central bank money payment solution in euro might therefore threaten the role of central bank money as the anchor of the euro area’s monetary architecture, with concrete adverse consequences: an increase in counterparty and liquidity risks, increased fragmentation of settlement, and ultimately a loss of sovereignty and a weakening of financial stability.

    In this context, the recent positions adopted by the new US administration, and in particular the adoption on 23 January of an Executive order, are likely to amplify these risks as this Executive Order (i) prohibits all work related to the development of a new form of central bank money compatible with technological changes, (ii) promotes the development of dollar-backed stablecoins, and (iii) encourages citizens and businesses to use public blockchains. This new political direction reinforces the need for Europe to preserve its monetary sovereignty, which means developing its payment sovereignty.

    II. To meet these challenges, the Banque de France is using several additional levers for action

    [Slide 5: Transition – Two additional responses: regulation/support and innovation.]

    A. Adapting regulatory frameworks and supporting innovation within a framework of trust

    [Slide 6: Adapting regulatory frameworks at national and international level]

    First and foremost, the Banque de France promotes clear, standardised and balanced regulatory frameworks that allow innovation to flourish within a framework of trust conducive to their sustainable deployment. It therefore supports and contributes to the development of frameworks that aim to:

    • Maintain a level playing field between players. For example, this has made it possible for operators other than Apple to have access to NFC antennae on iPhones at the European level to promote better competition.
       
    • Adapt to technological progress to support the development of new players, while ensuring they are adequately regulated, based on the principle of “same activity, same risk, same regulation”. This approach has guided the deployment of the Markets in Crypto-Assets (MiCA) regulation, which standardises the rules applicable to crypto-asset service providers, enabling them to develop their business while ensuring that risks to users and the financial system are properly managed. 
       
    • Protect consumers. This was, for example, the aim of the second European Payment Services Directive (PSD2), which introduced “strong customer authentication” (SCA) for more secure payments. The Instant Payment Regulation (IPR) follows the same logic, requiring payment service providers (PSPs) to deploy fraud protection measures (e.g. checking the name of the beneficiary against the IBAN) to ensure the orderly development of instant payments.

    [Slide 7: Strengthening the security of means of payment]

    As part of its statutory mission, which includes ensuring the security of means of payment, the Banque de France supports innovation by ensuring that it does not jeopardise the security of payment methods. The following tasks are performed within the framework of the Observatory for the Security of Payment Means (OSMP).

    • Communication campaigns targeting the general public, such as “never give out your data”, carried by various audio-visual media and radio, and aiming to raise awareness of the personal nature of passwords in particular,
    • Initiatives aimed at boosting cooperation with data protection, cybersecurity and telecommunications authorities to limit fraud as much as possible.

    [Slide 8: Promoting innovation by supporting private initiatives]

    Support for innovation also seeks to ensure that private initiatives help to strengthen European sovereignty over the euro payment system:

    • At the national level, this support aims to consolidate the position of high-performance French payment solutions, such as the Groupement carte bancaire (CB bank card group), which has been allocated specific support within the framework of the new national retail payments strategy for 2025-30, implemented by the National Payments Committee (CNMP) last October.
       
    • At the European level, pan-European solutions, such as the European Payments Initiative (EPI), are strongly supported. EPI launched the ‘Wero’ digital payment wallet for consumers last autumn, providing instant payments across five European countries (Belgium, France, Germany, Luxembourg and the Netherlands). This initiative with pan-European ambition aims to promote competition and strengthen Europe’s strategic autonomy in retail payments.

    B. The provision of new central bank money services to preserve the key role of central bank money in a digitalised world

    Alongside regulating and supporting private initiatives, the Banque de France is making a strong and decisive contribution to the Eurosystem’s work on developing its services through the creation of a central bank digital currency for both retail and wholesale transactions. This work has become more strategically important in terms of ensuring European sovereignty over its payment system since the policy shift initiated by the new US administration that I referred to a few minutes ago.

    [Slide 9: Innovating with the digital euro: a European payment solution] 

    1. The digital euro

    Given the strong dependence on American payment solutions and networks, the Banque de France thus supports and participates fully in the digital euro project spearheaded by the Eurosystem, which will constitute a public alternative, preserving the freedom to choose means of payment, sovereignty and competition in the euro area. 

    The digital euro aims to provide everyone with the possibility to use a ‘digital banknote’ in the digital payments sphere that incorporates the main features of a ‘physical’ banknote. Its off-line mechanism will provide a cash-like level of privacy and will be a guarantee of resilience. It will be free of charge for individuals. Its characteristics will foster digital financial inclusion, including for people without bank accounts or smartphones. It will also be a new form of public money, which will safeguard the anchoring role of central bank money and trust in our single currency.

    The digital euro also aims to strengthen European integration and strategic autonomy in payments thanks to the legal tender status it would be given, making it usable anywhere and in any circumstances within the euro area. It will also be based on open and harmonised standards, which private payment solutions such as Wero will be able to use to expand their reach. In this way, the digital euro aims to foster the development of private solutions under European governance, which can be used across the euro area, whereas most solutions are currently restricted to certain countries or use cases.

    The Eurosystem is currently in a preparation phase that will last until the end of 2025. At the same time, a democratic debate is taking place at the European level to define, by means of legislation, the conditions in which the digital euro may be used. A decision on issuance can be taken once this legislation has been approved by the European Parliament and the Council.

     [Slide 10: From Wholesale CBDC to a shared European ledger]

    2. Wholesale central bank digital currency

    With the development of tokenised assets, the Banque de France is also firmly committed to providing a payment solution in central bank money that includes making it available in tokenised form, in other words, a “wholesale CBDC”. 

    The Banque de France has been resolutely committed to this solution since 2020, playing a pioneering role at the European level in an experimental programme conducted between 2020 and 2022, in partnership with various private and institutional sector players. This work, which allowed the Banque de France to develop and test its own blockchain (DL3S), was followed by that of the Eurosystem in 2024. This was used to test three solutions for settling tokenised assets in central bank currency through around 40 or so experiments.

    Drawing on the lessons learned from these experiments and their confirmation of a demand for adapting central bank money services, in February 2025, the ECB Governing Council decided to quickly make available a settlement service in CB money adapted for tokenised assets, which will include money in token form, i.e. a “wholesale” CB digital currency. 

    This decision also paves the way for discussions on building a European shared ledger that could be used to adapt European payment infrastructures to the digital era to ensure sovereignty. By providing a credible alternative to non-European solutions, based on a standardised legal and regulatory framework, a European shared ledger could support financial integration within the EU and help strengthen the resilience and attractiveness of our financial market. 

    Conclusion : As a central bank tasked with safeguarding monetary and financial stability, and notably the security and efficiency of payment systems and means of payment for the euro, the Banque de France is fully committed to monitoring, understanding and supporting the major transformations currently taking place in the payments landscape. These transformations have recently assumed major strategic importance for the monetary sovereignty of euro area countries, necessitating the mobilisation of all the European players concerned to respond in an appropriate and adequate manner. This involves developing secure, efficient public and private pan-European payment solutions that contribute to European sovereignty over its payment system. As both supervisor and provider of central bank money services, we are determined to play our part.

    [Slide 11: Thank you for your attention]

    MIL OSI Economics –

  • MIL-OSI Economics: Public Statement concerning the imposition of a civil penalty on RL360

    Source: Isle of Man

    RL360 Insurance Company Limited and RL360 Life Insurance Company Limited (together referred to as “RL360”)

    1.  Action

    1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under each of section 35 of the Insurance Act 2008 (the “IA08”) and regulation 5(7) of the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (the “Regulations”).

    1.2 The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.

    1.3 Following an inspection of RL360 by the Authority under section 36 of the IA08 (the “Inspection”), which identified a number of contraventions by RL360 in relation to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the “Code”), the Authority has deemed it reasonable, appropriate and proportionate, in all the circumstances, that RL360 be required to pay a civil penalty imposed under the Regulations in the sum of £2,785,714, which is discounted by 30% to £1,950,000 (the “Civil Penalty”).

    1.4 RL360 has proactively brought about operational changes across its business to address the issues identified and it has already taken substantial steps to remediate matters. Further, the Authority acknowledges the constructive and pragmatic dialogue between RL360 and the Authority and gives credit for the engagement in this regard.

    1.5 The level of the Civil Penalty reflects the level of co-operation with the Authority and that a settlement was agreed at an early stage as well as RL360’s proactive implementation of operational enhancements to address the issues identified. As with all discretionary civil penalties issued by the Authority, the level of the Civil Penalty is calculated as a percentage of RL360’s relevant income at the time that the contraventions noted within this public statement were identified. The absolute amount of the Civil Penalty relative to other civil penalties that have been issued by the Authority previously is not necessarily indicative of the seriousness of the contraventions and is determined each time on the facts of a particular matter. The level of a civil penalty is determined each time on the facts of a particular matter and regard is had by the Authority to the level and the percentage of civil penalties imposed in other matters. In determining the Civil Penalty, the Authority considered mitigating factors specific to the circumstances of this case.     

    2. Background

    2.1 RL360 at all material times has been authorised with the Authority as an authorised insurer pursuant to Section 8 of the IA08.

    2.2 The Authority conducted the Inspection in February 2023 and identified a number of contraventions of the Code by RL360 (the “Contraventions”).

    2.3 RL360 has engaged positively with the Authority throughout this matter in a timely and constructive manner.

    2.4 RL360 undertook an extensive remediation programme to address the shortcomings identified and continues to enhance its related internal processes and procedures.

    2.5 The RL360 remediation programme has not resulted in the risk profile of the business changing materially.

    3. Key Findings from inspection report

    Contraventions of the Code identified by the Inspection included:

    • The Business Risk Assessment (the “BRA”) did not independently assess Money Laundering/Terrorist Financing (“ML/TF”) risks specific to each entity and failed to adequately incorporate customer risk assessments and relevant risk factors into RL360’s broader risk management framework. (Paragraph 5 of the Code)
    • The Customer Risk Assessment (“CRA”) process lacked sufficient detail, clarity, and a clear methodology. In some instances, high-risk customers were incorrectly classified, or their assessments failed to incorporate all relevant risk factors, including jurisdiction and product risk. (Paragraph 6 of the Code)
    • In some instances, RL360 could not evidence obtaining adequate documentation and sufficient due diligence collected at the point of onboarding. (Paragraph 8 of the Code)
    • RL360 conducted insufficient ongoing monitoring for high-risk customers, and trigger event reviews were often not carried out or were insufficient. This includes neglecting to reassess customer risk profiles when changes occurred. (Paragraph 13 of the Code)
    • For some matters, Customer Due Diligence (“CDD”) and Enhanced Customer Due Diligence (“ECDD”) records were insufficient, especially for high-risk customers such as PEPs. Missing or incomplete information, and a failure to evidence proactive assessment of customers’ source of funds and wealth, resulted in non-compliance with AML obligations. (Paragraph 14 & 15 of the Code)
    • In some instances, RL360 failed to adhere to internal policies, such as annual reviews of high-risk customers, and did not fully follow procedures for ensuring that required CDD/ECDD was obtained, resulting in significant compliance gaps. (Paragraph 4 of the Code)
    • Business relationships with certain high-risk jurisdictions were not properly documented or factored into the CRA process. This impacted RL360’s ability to appropriately risk-rate customers and properly assess and manage risk. (Paragraph 30 of the code)

    4. Key Learning Points for Industry

    4.1 Compliance with the Code is a legal requirement; all firms undertaking business in the regulated sector have an obligation to conduct their affairs in a manner that adequately mitigates the risks faced by it in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, international financial centre.

    4.2 It is imperative that firms conduct a comprehensive, independent, and detailed risk assessment for each entity within their group. The CRA must be based on accurate data, consider all relevant risk factors (including customer geography, product type, and business activities), and be updated regularly to reflect any changes. The results of the CRA should directly inform the BRA to ensure that identified risks are fully integrated into the firm’s broader risk management framework (particularly when dealing with higher risk jurisdictions which should be noted in the CRA with appropriate senior management approval). A failure to properly assess and address the specific risks posed by customers will lead to regulatory breaches and inadequate AML controls.

    4.3 Higher risk customers must be subject to ongoing monitoring, with periodic reviews conducted as per the risk rating assigned during onboarding. Ongoing monitoring cannot be neglected or limited to PEPs and sanction-listed individuals; any customer with higher risk indicators must undergo enhanced scrutiny, and trigger event reviews must be conducted in a timely, thorough, and consistent manner. A failure to adequately monitor higher risk customers exposes the firm to significant compliance risk. Sector specific guidance can be found on the Authority’s website that recommends how this ongoing monitoring can occur.

    4.4 Firms are required to take a proactive approach to updating and maintaining accurate and complete customer information, not deferring CDD/ECDD updates until a trigger event occurs. Promptly obtaining and verifying missing or updated information where required ensures that customer profiles remain accurate and compliant with the AML Code[1].

    4.5 If Internal policies, such as conducting annual reassessments of high-risk customers, are in place they must be rigorously followed. Non-compliance with these policies not only breaches internal standards but also undermines the firm’s ability to manage its AML risks effectively. Failing to follow documented procedures, particularly in relation to high-risk customers or jurisdictions, can lead to serious regulatory and reputational consequences.

    [1] ‘Anti-Money Laundering and Countering the Financing of Terrorism Code 2019’ Para 10 Page 19 & Para 13 Page 23.

    MIL OSI Economics –

  • MIL-OSI Economics: Portfolios of Deputy Governors

    Source: Reserve Bank of India

    Consequent on the appointment and assumption of charge by Dr. Poonam Gupta as Deputy Governor, the distribution of portfolios among the Deputy Governors with effect from May 2, 2025 will be the following:

    Name Departments
    Shri M. Rajeshwar Rao 1. Co-ordination
    2. Department of Regulation
    3. Enforcement Department
    4. Legal Department
    5. Risk Monitoring Department
    6. Secretary’s Department
    Shri T Rabi Sankar 1. Central Security Cell
    2. Department of Currency Management
    3. Department of External Investments & Operations
    4. Department of Government and Bank Accounts
    5. Department of Information Technology
    6. Department of Payment and Settlement Systems
    7. Fintech Department
    8. Financial Markets Regulation Department
    9. Foreign Exchange Department
    10. Human Resource Management Department
    11. Internal Debt Management Department
    12. Right to Information (RIA) Division
    Shri Swaminathan Janakiraman 1. Consumer Education and Protection Department
    2. Department of Supervision
    3. Deposit Insurance and Credit Guarantee Corporation
    4. Financial Inclusion and Development Department
    5. Inspection Department
    6. Premises Department
    7. Rajbhasha Department
    Dr. Poonam Gupta 1. Corporate Strategy and Budget Department
    2. Department of Communication
    3. Department of Economic and Policy Research
    4. Department of Statistics and Information Management
    5. Financial Markets Operations Department
    6. Financial Stability Department
    7. International Department
    8. Monetary Policy Department

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/229

    MIL OSI Economics –

  • MIL-OSI Economics: Adnan Zaylani Mohamad Zahid: Next-generation fintech ecosystem – harnessing the full potential of innovation

    Source: Bank for International Settlements

    It is a privilege to be here at Money 20/20 Asia, joining these conversations and discussing the evolving roles of fintech and financial innovation in redefining the future of finance. It also gives me the opportunity to share some perspectives from Malaysia as well as what we gathered from ASEAN meetings that took place in recent weeks. We have only just come out of a series of ASEAN Finance Ministers’ and Central Bank Governors’ meetings held in Kuala Lumpur that focused much on sustainability, climate, and inclusion or well-being, certainly areas of great interest for fintech and financial innovation.

    Indeed, if we look at the past decade, the financial sector has experienced significant advancements in this space, and at the same time, the ASEAN region has emerged as a key player. Propelled by the digital revolution and evolving consumer expectations, technology has rapidly transformed financial services, unlocking new opportunities for inclusion, resilience and efficiency. Today, ASEAN stands as one of the world’s most dynamic regions with a GDP size of US$3.8 trillion1 and a population of more than 650 million. It is also becoming a vibrant fintech landscape that fuels economic activity with improving financial access for millions. The region’s fintech sector has demonstrated remarkable resilience in the face of uneven global funding trends, achieving a more than tenfold increase in fintech funding over the last decade.2 This surge in fintech activity has not only spurred growth in sectors like payments and alternative lending, enhancing financial inclusion, but also played a pivotal role in facilitating regional trade and investment across ASEAN.

    Progress does not come by chance. As a region, ASEAN has come together under the ASEAN Economic Community, aimed at fostering economic and financial advancements. Under Malaysia’s chairmanship this year, for example, we have committed focus towards catalysing financing for climate resilient and a just transition, accelerating growth of our regional capital markets and fostering inclusive instant payment connectivity in ASEAN. We have also committed to greater collaboration and strengthening integration, as a key strategy and mitigation in dealing with rising geopolitical and economic uncertainties.

    Looking ahead, the financial sector will need to play a critical role in supporting ASEAN’s continued economic integration and social advancement. The region is projected to need over USD3 trillion in infrastructure investment by 20403 to sustain growth and improve living standards. Meeting these demands – while also addressing climate goals, demographic shifts, and the digital economy – would require ASEAN’s financial ecosystem to be adaptive and future-ready. This means building a progressive financial sector that is not only resilient and inclusive, but also capable of harnessing the full potential of emerging technologies such as artificial intelligence (AI), cloud, blockchain, and quantum computing, while managing attendant risks.

    So, the question before us today is: how can we shape our financial ecosystem to further expand the frontiers of financing and meet our future needs as a region? Specifically, I believe this means strengthening the foundation for a collaborative environment that includes:

    1. First, facilitative regulatory frameworks;
    2. Second, fit-for-purpose ecosystem enablers; and
    3. Third, responsible innovation by ecosystem players.

    Allow me to share my reflections on these three aspects.

    Regulators play a vital role in enabling innovation through safeguarding market integrity and public trust. A credible and trusted regulatory framework goes some way in supporting confidence in something new. And as technology rapidly evolves, regulatory approaches must be agile, forward-looking, and anchored on clear principles. To fully harness innovation, a balanced ecosystem with a blend of future-proof technologies, inclusive innovation pathways, and a thriving mix of players is essential. This will go beyond updating rules and regulations. It may even require more principle-based frameworks that can offer clarity and confidence to investors and consumers, a direction increasingly embraced by regulators across ASEAN.

    In Malaysia, our regulatory philosophy is grounded by three key principles:

    1. Parity, to ensure a level playing field for all market participants;
    2. Proportionality, to calibrate regulatory rigour with the level of risk; and
    3. Neutrality, to prioritise desirable outcomes while remaining agnostic to different technologies, systems and approaches.

    This approach allows us to foster a regulatory environment that encourages responsible experimentation and healthy competition. At the same time, we remain alert to new and emerging risks – such as cyber threats, digital fraud, and data privacy concerns – which must be managed to ensure long-term resilience in the financial sector.

    To support innovation while managing the associated risks, an effective tool that has been widely adopted by regulators globally and regionally is the Regulatory Sandbox. The Sandbox model helps innovators refine their solutions while regulators assess its potential risks. Malaysia was among the early adopters of the Regulatory Sandbox globally. Since its inception in 2016, the Sandbox has played a pivotal role in shaping Malaysia’s fintech ecosystem by facilitating innovations such as fully digital account openings, digital insurance and takaful models as well as cross-border remittance solutions. These experiments have informed the development of new frameworks, including the newly launched licensing application for Digital Insurers and Takaful Operators (DITO) aimed at promoting greater inclusion, competition, and efficiency in the insurance and takaful sectors.

    Recognising the growing diversity of innovation, we recently refreshed the Sandbox initiative to introduce two distinct tracks:

    1. A Standard Sandbox with a simplified eligibility assessment process to encourage broader participation; and
    2. A Green Lane with an accelerated pathway for financial institutions with strong risk management capabilities, allowing them to test innovations more swiftly.

    This was followed by a significant increase in the volume and diversity of innovations submitted, with a total of 11 Standard Sandbox and three Green Lane applications received in 2024. Certainly, affirming our perspective that regulators and regulations also need to be agile.

    Looking ahead, we must also be prepared for transformative technologies on the horizon. These include not only AI and digital assets, but also more recent developments such as quantum computing. While at various stages of maturity, these technologies have the potential to further reshape the financial landscape and may require proportionate and appropriate regulatory responses that keep evolving alongside them.

    But none of us can do this alone. The pervasive reach and global nature of these transformative technologies necessitate cross-border approaches. For example, further exploration of joint innovation use cases through cross-border sandboxes can facilitate collaborative experimentation and mutual learning, while a coordinated approach to supervisory oversight is important to ensure a more holistic understanding of risk and collective resilience across economies.

    At the same time, the role of regulators needs to keep evolving. While mandates may remain, the delivery of such mandates in many cases now require whole-of-ecosystem approach, as regulators may need to collaborate more closely with other sectoral regulators or consider expanding the remit of its regulation when other parts in the supply chain can affect the performance of the mandates. A strong collaboration between regulators, industry players, and key stakeholders is also vital to fostering an ecosystem that is innovative and robust. By working together, we can build financial systems that not only embrace technology well but can channel it towards strengthening economic resilience and promoting long-term financial well-being.

    The second pillar underpinning a future-ready financial system is the digital infrastructure. As digital finance becomes increasingly embedded in our everyday life, we must ensure that the right foundational enablers are in place. These include robust digital identity systems that facilitate secured access to financial services, interoperable payment networks that expand inclusion and reduce costs, and real-time fraud prevention capabilities that sustain public trust. Together, I believe these elements lay the foundation for innovative growth.

    Across the globe, countries are at varying stages of developing capabilities for digital financial infrastructure. ASEAN is an active voice and proponent on this pursuit. In 2024, the region made notable strides in strengthening its digital financial infrastructure, focusing particularly on the payments sector. Efforts to enhance cross-border payments connectivity have gained significant momentum across the region, with many countries exploring real-time linkages and multi-currency settlements. Malaysia has been a contributor to this progress, establishing real-time QR payment linkages with Thailand, Indonesia, Singapore and Cambodia, alongside peer-to-peer (P2P) fund transfer capabilities with Singapore and Cambodia. Through these linkages, alongside other bilateral linkages within ASEAN and Asia, customers and businesses benefit from faster, cheaper and more seamless cross-border payments. Looking ahead, Project Nexus – a collaboration with the BIS Innovation Hub and central banks from Singapore, Thailand, the Philippines, and India, aims to create a multi-country instant payment network. This will allow users to send cross-border payments using proxies such as mobile phone numbers, reducing costs and promoting regional financial and economic integration.

    The adoption of digital payments – particularly QR-based payments – has also grown significantly in ASEAN. With over 80 e-wallets in ASEAN linking 205 million users and 25 million merchants4, the region is experiencing a transformative shift towards a more digital economy. Malaysia is no exception. Our interoperable QR payment standard, DuitNow QR, has seen widespread adoption, with a 30% increase of QR acceptance points across Malaysia that has contributed to more than two-fold increase in QR transactions in 2024. This success reflects a concerted effort to build an open and efficient payment ecosystem. At the same time, safeguarding public trust remains a top priority. The launch of the National Fraud Portal – a collaboration between Bank Negara Malaysia and Payments Network Malaysia (PayNet), the country’s retail payment system operator – has equipped financial institutions with tools to detect, trace, and freeze suspicious transactions instantaneously. Such initiatives have empowered financial institutions, including our Islamic finance players, to develop more digital and innovative solutions, ensuring the financial sector remains secure.

    Digital transformation is also unlocking unique opportunities to advance innovation in Islamic finance through value-based solutions. Globally, impact-driven finance is gaining traction as investors and institutions seek to better align financial activities with social and environmental outcomes. Islamic finance plays a crucial role in this shift, offering ethical and inclusive financial solutions grounded in principles of sustainability and social responsibility. In Southeast Asia, Islamic finance assets reached USD 859 billion or 17% of the global market in 2023, a growth of 11% from the previous year.5 Building on this momentum and leveraging on the Value-Based Intermediation (VBI) framework, Malaysia continues to support financial intermediation that promotes long-term positive impact. Since its inception in 2017, VBI-aligned initiatives have mobilised nearly RM650 billion (or USD140 billion) through various channels including social finance, impact-based lending, and sustainability-focused sukuk.

    Complementing these efforts, the Islamic fintech sector in ASEAN has experienced rapid growth in recent years, driven by strong demand for Shariah-compliant financial solutions. As of 2024, Southeast Asia is home to 145 Islamic fintech startups, with Malaysia and Indonesia emerging as key hubs. The region accounted for approximately 13.7% of the global Islamic fintech market size in 2024. This growth is now evolving with the entry and expansion of full-fledged Islamic digital banks. In Malaysia, an Islamic digital bank launched its operations last year and another has been approved to commence operations earlier this year, offering Shariah-compliant savings, financing, and lifestyle services entirely via mobile. Similarly in Indonesia, digital Islamic banking is featured to serve the underserved and promote financial inclusion. This trend signals a broader transformation of the Islamic finance landscape in ASEAN – blending tradition with innovation to meet the evolving needs of Muslim consumers.

    Ultimately, stronger regional integration will be a key to unlocking future growth, particularly within the ASEAN region. A well-developed financial ecosystem – comprising both conventional and Islamic finance, supported by digital readiness and progressive regulations – provides fertile ground for competition and innovation. Malaysia’s experience highlights how the right infrastructure and policy environment can empower institutions to build solutions that are not only technologically advanced but also socially meaningful. As we look to the future, the priority for regulators and industry alike is clear: to create a dynamic and inclusive financial sector – one that leverages innovation to strengthen resilience, promote prosperity, and leaves no one behind.

    Innovation flourishes in a collaborative environment where creativity is encouraged, risks are well-managed, and failures are seen as learning opportunities. While regulators establish the foundation for a stable and well-functioning financial system, industry players – including incumbent financial institutions, technology firms, and agile startups – are the true driving force behind financial innovation. Across ASEAN, several financial providers have successfully expanded into areas such as digital payments, micro-lending, and insurance, leveraging their extensive customer networks to enhance financial access for the unserved and underserved such as gig economy workers and small businesses.

    At the same time, growing collaborations between traditional financial institutions and fintech startups have led to innovative product offerings that blend conventional risk management expertise with the speed and adaptability of startups. However, as financial services evolve, these advancements have also introduced new challenges that must be carefully managed to ensure responsible and sustainable innovation.

    Responsible innovation, the third aspect in strengthening our foundations, requires strong governance, sound risk management, and an unwavering commitment to market integrity. Industry leaders must ensure that technological advancements are supported by robust safeguards while continuously strengthening talent and technological capabilities. By doing so, we can welcome new ideas responsibly, challenge the status quo, and continuously seek better ways to serve our customers and communities.

    One key area of focus is Open Finance, which aims to empower consumers by giving them greater control over their personal financial data in an increasingly interconnected financial ecosystem. The success of Open Finance relies on industry leadership in developing safe, responsible, and innovative products that maximise the benefits of data sharing while safeguarding consumer interests. By proactively shaping secure standards and building public confidence in an open ecosystem, financial players can unlock new opportunities for financial inclusion, efficiency and competition.

    Beyond Open Finance, emerging technologies such as alternative credit scoring models and AI-driven lending solutions present significant potential to address longstanding challenges, particularly in bridging financing and protection gaps for underserved communities. Thoughtful product design, strategic partnerships, and improved accessibility will be key to ensuring that these innovations reach those who need them most while maintaining financial system integrity.

    Ultimately, innovation should drive meaningful impact by fostering efficiency, financial inclusion, and economic resilience. However, success depends on two fundamental factors: accessibility and trust. It is crucial to bridge geographical, economic, and digital divides by integrating financial literacy into digital solutions to bring about real, positive change. While regulators will continue to promote financial literacy initiatives, it is equally important for innovators to embed educational elements into everyday financial interactions. Leveraging digital platforms, AI-driven advisory tools, and personalised financial solutions can empower individuals and businesses to navigate an increasingly digital economy – ensuring that innovation remains a force for good, benefiting society as a whole.

    Let me conclude. As we navigate this era of rapid technological transformation, innovation must be both inclusive and purposeful. The advancements we witness today – whether in AI, digital assets, or payments – underscore the importance of a collective commitment to shaping a fintech ecosystem that is dynamic, resilient, and responsive to the real needs of businesses and communities.

    At Bank Negara Malaysia, we believe that responsible innovation is best achieved through collaboration and co-creation – where key stakeholders are brought to the table early to jointly navigate trade-offs and shape practical solutions. Platforms such as the Regulatory Sandbox provide space for innovators to engage with regulators, test emerging technologies, and develop solutions that improve financial access and efficiency. On this, we actively support the exploration of innovative solutions that expand the frontiers of traditional finance in our Sandbox, including in the areas of AI, asset tokenisation, digital insurance, electronic Know-Your-Customer solutions and advanced income estimation models.

    Key global gatherings such as this demonstrate the promise of collaboration in driving progress and innovation. Similarly, throughout this year, events across ASEAN will serve as important platforms for effective dialogue and partnership. In Malaysia, we seek to contribute to this exchange at the MyFintech Week 2025, happening on 4–7 August in Kuala Lumpur. This event, which we organise alongside other regulators and industry players, will bring together thought leaders, innovators, and policymakers in conversation to collectively shape the future of finance.

    We will also have the 9th edition of the Global Islamic Finance Forum and the 2nd Impact Challenge Prize on 6–8 October 2025, aimed to sustain the momentum in advancing financial inclusion and impact-driven solutions by showcasing how Islamic finance can drive business progression while empowering societies. By blending ethical foundations with cutting-edge advancements, the event provides insight into the pathways to sustainable growth, fostering inclusivity, innovation and resilience.

    Finally, as the ASEAN chairman this year, Malaysia looks forward to further advancing ASEAN’s aspirations in deepening regional financial integration and advancing a more connected, sustainable, and inclusive ASEAN financial ecosystem. We all here today have an invaluable role to play in seizing these opportunities, embracing partnerships and ensuring that innovation is grounded in trust, security, and inclusivity.

    Together, we can shape a financial future that is progressive, resilient and forward-looking. Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the 14-day Variable Rate Repo (VRR) auction held on May 02, 2025

    Source: Reserve Bank of India

    Tenor 14-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 149
    Amount allotted (in ₹ crore) 149
    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: 2025-2026/228

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 02, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 6,231
    Amount allotted (in ₹ crore) 6,231
    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: 2025-2026/226

    MIL OSI Economics –

  • MIL-OSI Economics: Result of Underwriting Auction conducted on May 02, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on May 02, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)    		 Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)    		 Additional Competitive Underwriting Amount Accepted
    (₹ crore)    		 Total Amount underwritten
    (₹ crore)    		 ACU Commission Cut-off rate
    (paise per ₹100)
    6.64% GS 2027 6,000 3,003 2,997 6,000 0.04
    New GS 2035 30,000 15,015 14,985 30,000 0.07
    Auction for the sale of securities will be held on May 02, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/225

    MIL OSI Economics –

  • MIL-OSI Economics: Toyota Mobility Foundation and MaRS renew Mobility Unlimited Hub programming, announce call for second cohort applicants

    Source: Toyota

    Headline: Toyota Mobility Foundation and MaRS renew Mobility Unlimited Hub programming, announce call for second cohort applicants

    Toyota Mobility Foundation (TMF) in collaboration with MaRS Discovery District, is extending support for the inaugural cohort of the Mobility Unlimited Hub, a program designed to help startups scale groundbreaking active mobility solutions. Following a successful first year, the program is now seeking global applications for its second two-year-long cohort, offering innovative ventures the opportunity to develop and commercialize technologies to improve accessibility and active mobility worldwide. Applications open Thursday, May 1 and close Thursday, June 12, 2025, 11:59 p.m. EST. Applicants are encouraged to attend our virtual applicant webinar on May 30th at 10:00 a.m. EST to learn more about the program.

    MIL OSI Economics –

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

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,03,530.26 5.96 0.01-6.30
         I. Call Money 17,990.81 5.94 5.00-6.05
         II. Triparty Repo 3,94,904.10 5.95 5.70-6.05
         III. Market Repo 1,89,156.35 5.99 0.01-6.30
         IV. Repo in Corporate Bond 1,479.00 6.15 5.95-6.25
    B. Term Segment      
         I. Notice Money** 53.25 5.65 5.35-5.90
         II. Term Money@@ 600.00 – 6.15-6.15
         III. Triparty Repo 8,776.50 6.14 6.00-6.24
         IV. Market Repo 599.00 6.23 6.20-6.25
         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 Wed, 30/04/2025 2 Fri, 02/05/2025 14,952.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 30/04/2025 1 Thu, 01/05/2025 7,671.00 6.25
      Wed, 30/04/2025 2 Fri, 02/05/2025 800.00 6.25
    4. SDFΔ# Wed, 30/04/2025 1 Thu, 01/05/2025 1,78,695.00 5.75
      Wed, 30/04/2025 2 Fri, 02/05/2025 9,019.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,64,291.00  
    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$       9,479.16  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     35,210.16  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,29,080.84  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 30, 2025 9,38,624.04  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 30, 2025 14,952.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ 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: 2025-2026/224

    MIL OSI Economics –

  • MIL-OSI Economics: US diagnostic imaging market faces tariff-driven supply chain and capital risks, reveals GlobalData

    Source: GlobalData

    US diagnostic imaging market faces tariff-driven supply chain and capital risks, reveals GlobalData

    Posted in Medical Devices

    The US diagnostic imaging (DI) market is facing growing pressure as new US tariffs raise procurement risks and threaten supply chains. With high-value systems like computed tomography (CT) and magnetic resonance imaging (MRI) heavily reliant on global production, hospitals may delay capital spending amid uncertainty. Although domestic manufacturing offers some short-term protection, extended trade tensions could disrupt pricing, planning, and access to critical imaging equipment across the country, says GlobalData, a leading data and analytics company.

    Diagnostic imaging (DI), which is one of the MedTech industry’s most capital-intensive and strategically vital segments, relies on global production networks and long procurement cycles. Even in absence of major pricing shifts, the perceived instability surrounding policy may prompt hospitals to delay purchases or reassess capital planning, making the sector susceptible to long-term impacts.

    GlobalData projects the US diagnostic imaging market to grow from $10.4 billion in 2024 to $15 billion in 2034. While domestic manufacturing may initially protect some vendors from the impact of rising tariffs, they could still face supply chain disruptions, requiring adjustments to manufacturing strategies, pricing structures, and capital expenditure planning if trade tensions continue.

    Among the leading DI companies, GE Healthcare stands out with a comparatively large US production operation. GlobalData’s MedSource supply chain database shows that 21% of GE’s 510(k)-approved DI devices are manufactured exclusively in the US, well ahead of Siemens at 12% and Philips at 9%.

    Ashley Clarke, Senior Medical Analyst at GlobalData, comments: “While a bigger domestic footprint does not make GE immune, it may reduce tariff exposure in the short-term. Devices with US-based final assembly can qualify for origin exemptions, helping maintain competitive pricing if trade volatility continues. GE may have greater pricing flexibility and margin protection, giving it a tactical advantage, but like other companies will still face challenges in raw material and parts procurement and production.”

    High-value systems like CT and MRI systems, which together account for more than 20% of the US DI market, rely heavily on global production networks. According to MedSource, Siemens’ flagship SOMATOM CT systems are primarily built in Germany and China, while GE assembles its units in Wisconsin using international components. MRI systems follow similar trends, with components like coils sourced heavily from overseas.

    Clarke continues: “The procurement planning for 2025 and beyond could face more scrutiny if pricing or access to key components becomes less certain.”

    If trade disruptions extend into next year, both manufacturers and buyers will need to adapt. Vendors with high offshore exposure, particularly those relying on China, India, or EU-based services, may face pressure to localize or diversify production supply chains. With DI systems already representing one of the largest capital expenditures in hospital tech budgets, even modest cost shifts can trigger downstream effects.

    Clarke concludes: “Providers are navigating broader cost pressures on other essential medical supplies, so even if DI equipment costs hold, there is growing incentive to delay high-cost imaging upgrades or replacements. Such delays in imaging infrastructure can limit access to timely diagnostics, raising risks for patient outcomes and placing additional strain on the already overburdened healthcare sector.”

    MIL OSI Economics –

  • MIL-OSI Economics: Oil and gas companies add renewable fuels to low-carbon portfolio, says GlobalData

    Source: GlobalData

    Oil and gas companies add renewable fuels to low-carbon portfolio, says GlobalData

    Posted in Oil & Gas

    The global energy landscape is steadily moving toward cleaner sources, with a gradual decline in fossil fuel dependence. The share of fossil fuels in the world’s energy mix has declined from 82% in 2022 to 81.5% in 2023, indicating a gradual shift. This transition is driven by the need to cut greenhouse gas emissions and combat global warming. Against this backdrop, biofuels are emerging as a low-carbon alternative in transportation, with their share in total liquid fuel demand expected to grow to 6.4% in 2030, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s Strategic Intelligence report, “Biofuels,” evaluates the role of oil and gas companies in the biofuels theme. It benchmarks the efforts of oil majors, such as TotalEnergies, BP, Shell, and ExxonMobil, in the biofuels value chain. It also identifies the key developments influencing this theme and provides an outlook for renewable fuels – an emerging category of biofuels.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The oil and gas industry—including producers, contractors—are relatively new entrants in the biofuels space. Despite this, they are making notable movements in the competitive landscape for renewable fuels, such as renewable diesel and sustainable aviation fuels (SAF). Prominent refiner Neste is leading the renewable fuels segment, particularly renewable diesel with four active refineries around the world.”

    Despite their clean energy profile, biofuels face significant challenges related to production costs and competition with fossil fuels. Processing advanced biomass sources, such as agricultural and forestry waste, remains expensive, limiting large-scale viability. However, refiners like Neste, Valero, and Marathon Petroleum are making strategic investments to scale biofuel production and lower costs. Technological innovations in refining are also critical in improving biofuel affordability and availability.

    Puranik continues: “Although biofuels contribute towards energy security while reducing emissions, their adoption remains nascent and restricted to certain markets globally. As a result, companies are cautious while pledging investments for new facilities, and even halting project development, as was seen in the case of Shell’s upcoming facility in Rotterdam.”

    Global renewable refinery capacity is experiencing significant growth, with 15 new facilities under construction in 2025 while two already operational this year. By 2030, an additional 218 facilities are expected to come online, expanding global capacity from 9,340 million gallons per year (mmgy) in 2024 to a projected 32,618 mmgy. The US currently accounts for 51% share in global renewable fuel production, driven by policy incentives, but the recent political shifts, including Trump’s attempts to repeal parts of the Inflation Reduction Act (IRA), create uncertainty.

    Puranik concludes: “Policy approaches vary widely around the world. While the European Union (EU) enforce strict mandates, such as the ReFuelEU Aviation initiative requiring a minimum of 2% SAF blending by 2025, some of the other regions lack such clear policies, leading to disparities in biofuel adoption and investment. The commitment of a nation to achieve interim net-zero objectives, availability of biomass, and affordability of petroleum fuels are critical factors influencing policy support for biofuels.”

    MIL OSI Economics –

  • MIL-OSI Economics: Pharma M&A deal value surges by 101% QoQ in Q1 2025 despite US political turbulence, reveals GlobalData

    Source: GlobalData

    Pharma M&A deal value surges by 101% QoQ in Q1 2025 despite US political turbulence, reveals GlobalData

    Posted in Business Fundamentals

    Mergers and acquisitions (M&As) in the biopharmaceutical industry surged 101% in total deal value in Q1 2025 from $18.8 billion in Q4 2024 to $37.7 billion. However, drugmakers remain hesitant to pursue larger-scale transactions. The total deal value in Q1 2025 was 32% lower compared to Q1 2024, as larger M&As are seen as high risk due to the current US political landscape, according to GlobalData, a leading data and analytics company.

    According to GlobalData’s report “Pharma M&A Trends – Q1 2025,” oncology remains the leading therapeutic area in Q1 2025, with most of the deals targeting cancer-related assets.

    While billion-dollar acquisitions remain rare due to the current political turbulence, during Q1 2025, big pharma was involved in four billion-dollar deals valued at $1 billion or more, according to GlobalData’s Pharmaceutical Intelligence Center Deals Database. These included Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies, Novartis’ $3.1 billion acquisition of Anthos Therapeutics, GSK’s $1.15 billion buy of IDRx, and AstraZeneca’s $1 billion purchase of EsoBiotec.

    Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData, comments: “Apart from a flurry of large-scale deals driven by big pharma, the industry remains cautious given the uncertainty surrounding Trump’s as-yet-unspecified policies. So far, the start of 2025 continues to be shaped primarily by bolt-on transactions.”

    Chan continues: “Dealmakers are closely monitoring further details of new policies and awaiting greater clarity on forthcoming regulations. Some companies may adopt a wait-and-see approach, holding off on transactions until there is more insight into how Trump’s tariffs will affect industry, while others are awaiting what the administration will say on M&As.”

    Chan concludes: “Given that deregulation was a defining feature of Trump’s first term, it is anticipated that the administration will pursue measures to ease regulatory constraints. Such efforts aim to accelerate the M&A regulatory process, sparking more mega deals and overall increase in M&A activity.”

    To view further insights into M&A activity globally in Q1 2025 in the Pharma Sector, please see our Pharma M&A Trends – Q1 2025 report.

    Note: The data includes announced and completed M&A deals and buy-outs made by private equity firms involving biopharmaceutical companies with drugs headquartered globally which are announced between January 1, 2021 and March 31, 2025, where a deal value has been publicly disclosed.

    MIL OSI Economics –

  • MIL-OSI Economics: US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Source: GlobalData

    US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Posted in Consumer

    On 2 April 2025, the US administration announced tariffs on all imports, which included a notable 20% tariff on exports from the European Union (EU) to the US. This decision followed the imposition of 25% tariffs on all aluminum and steel imports into the US on 12 March 2025. These policies will significantly alter growth opportunities within food processing and packaging machinery companies supplying the US market. This is because of changes in the packaging formats used to package goods in the US and changes in where automation opportunities reside, says GlobalData, a leading data and analytics company.

    GlobalData’s recent report “Industry Insights: The impact of tariffs on consumer packaged goods” reveals which CPG-relevant sectors are most affected by tariffs within specific trade relationships and how companies within these sectors will be affected. It also provides insights into consumer reactions to changes in the market caused by the imposition of tariffs.

    Rory Gopsill, Senior Consumer Analyst at GlobalData, comments: “US tariffs have the potential to alter the demand for certain types of machinery within the US beverages market. Given the significant dependence of the US on aluminum imports to meet domestic needs, a 25% tariff on steel and aluminum imports is expected to increase the cost of beverage cans.

    “Consequently, soft drink manufacturers may consider transitioning to plastic bottles as a response to the heightened costs associated with metal packaging, a possibility acknowledged by Coca-Cola’s chief executive during a call with investors in February following the tariff announcement. This could result in an increased demand for the blow moulding machines used to produce plastic bottles.”

    In 2024, 126.2 billion soft drinks sold in the US were packaged in plastic bottles, and 60.5 billion were packaged in metal cans, according to GlobalData’s Primary Packaging and Outers database. These numbers are 60.0% and 28.8% of the US soft drinks market, respectively. The US tariffs could restrict the growth of rigid metal cans and promote the growth of rigid plastic bottles. This in turn could have knock-on effects for the machinery in the production of these packaging types.

    EU processing machinery manufacturers will be hurt by US tariffs

    Many of the largest manufacturers of packaging and food processing machinery are European. Krones, GEA, and Syntegon are all German companies, while Sacmi, Coesia, IMA, and PFM Group are all Italian companies. This strong ecosystem enabled the EU to export $3.4 billion worth of washing and bottling machines, $1.6 billion worth of industrial food preparation machinery, and $1.1 billion worth of industrial printers to the US in 2023, according to The Observatory of Economic Complexity. Germany alone accounted for 24% of the US’ industrial food preparation machinery imports in 2023, according to the same source. A 20% tariff on these EU exports to the US represents a serious problem for EU machinery manufacturers.

    Gopsill continues: “Other elements of the US’ current policy agenda could also create disruptions in the US packaging and food processing machinery market. The Trump administration is also pursuing a budget reconciliation bill aimed at securing between $90 billion and $175 billion in additional funding for immigration and border enforcement agencies before the end of the year. This funding would enhance the government’s capacity to conduct business raids and detain and deport undocumented immigrants.

    “Such actions could lead to labor shortages in various industries that heavily depend on packaging and food processing machinery. For instance, according to the American Immigration Council, approximately 23% of the workforce in the US meatpacking industry consists of undocumented immigrants, while this figure was around 62% in the seafood processing sector in 2017 (according to the New American Economy).  Furthermore, according to the American Immigration Council, about 5.5% of employees in transportation and warehousing are also undocumented immigrants.

    Gopsill concludes: “If a crackdown on immigrant labor creates workforce vacancies that companies are unable to fill, food processing and packaging machinery companies may be required to accelerate their innovation programs to supply the market with more automated packaging solutions.”

    MIL OSI Economics –

  • MIL-OSI Economics: Another big step forward for our SLM Phi family, with new reasoning models that once again redefine what is possible with small and efficient AI.

    Source: Microsoft

    Headline: Another big step forward for our SLM Phi family, with new reasoning models that once again redefine what is possible with small and efficient AI.

    Happy Birthday, Phi! To celebrate, we are introducing three new models in the Phi-4 reasoning family on Azure AI Foundry: 1️⃣Phi-4-reasoning (14B, SFT on curated reasoning demos) 2️⃣Phi-4-reasoning-plus (14B, SFT + RL, ~1.5x inference-time tokens) 3️⃣Phi-4-mini-reasoning (3.8B, distilled + SFT with DeepSeek-R1-generated math problems) These models leverage distillation, SFT, RL, and synthetic data pipelines to achieve frontier-level capability in compact form. They are optimized for multi-step reasoning, mathematical problem solving, and internal reflection—tasks traditionally dominated by much larger frontier models. News here: https://lnkd.in/gC_56Dfy

    MIL OSI Economics –

  • MIL-OSI Economics: Apple reports second quarter results

    Source: Apple

    Headline: Apple reports second quarter results

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    MIL OSI Economics –

  • MIL-OSI Economics: Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    Source: Moody’s

    Headline: Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) announced today that Noémie Heuland, Chief Financial Officer, will speak at the Barclays Americas Select Franchise Conference on Wednesday, May 7, 2025. The presentation will begin at approximately 6:30 a.m. Eastern Time and will be webcast live. The webcast will be accessible at Moody’s Investor Relations website, ir.moodys.com.

    This event is conducted in compliance with Regulation FD. Senior management may use this content during subsequent meetings with analysts and investors.

    ABOUT Moody’s

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI Economics: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Source: WTO

    Headline: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Participants focused on translating identified needs into actionable investment opportunities and presented findings from national and regional consultations. They also validated the terms of reference of the Partenariat, including its membership framework, geographical scope and core functions.
    In his opening remarks, WTO Deputy Director-General Jean-Marie Paugam emphasized the importance of strengthening the cotton–textile–garment value chains in the C-4+ countries through increased value addition, expanded trade opportunities and sustainable development outcomes. He noted that the objective of the meeting was threefold: to present the national and regional reports emerging from the consultations; to highlight national priorities and investment needs; and to explore the technical assistance and financing options proposed by financial institutions in response to these findings. His full remarks (in French) are here.
    Ms Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African and Export Development, underscored the need to address issues relating to low yields and processing capacity, climate change, climate variability, market fluctuations, global cotton prices, and limited infrastructure and technology, which hinder productivity and efficiency. To be able to upgrade and integrate into the global cotton value chain, the C-4+ countries need these issues to be tackled, she said.
    Over the two-day gathering, the Steering Committee engaged in thematic sessions on sustainable practices in cotton production and on financing mechanisms for value chain development aligned with the outcomes of the national consultations. A high-level panel explored strategies to unlock investment for cotton industrialization and local transformation in the C-4+ region.
    The meeting concluded with forward-looking discussions on supporting C-4+ priorities, including the establishment of a dedicated C-4+ Partenariat Support Fund to facilitate participation in capacity-building activities and key international meetings. Participants also discussed preparations for the upcoming World Cotton Day, to be hosted in October 2025 by Chad in collaboration with the International Trade Centre (ITC).
    Attendees included representatives from the WTO, United Nations Industrial Development Organization (UNIDO),the  International Labour Organization (ILO), Better Cotton (BC), the African Development Bank (AfDB), FIFA, the International Atomic Energy Agency (IAEA) and the International Cotton Advisory Committee (ICAC). Also present were representatives of the International Finance Corporation (IFC), the International Trade Centre (ITC), the United Nations Office on Drugs and Crime (UNODC), and development partners such as China and the European Union, as well as representatives of the C-4+ countries.
    The next opportunity to carry forward these discussions will be the Director-General’s Consultative Framework Mechanism on Cotton meeting scheduled for 14 May in Geneva.

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    MIL OSI Economics –

  • MIL-OSI Economics: Agriculture Chair urges innovative approaches to move talks forward

    Source: World Trade Organization

    The Chair reported on the consultations he held with various groups and individual members since he assumed the role as Chair on 1 April. He said that divergences in views continue to persist on how the shared goal of making progress on agriculture talks can be translated into a meaningful MC14 outcome. However, while MC14 might not be the conclusion of members’ efforts, it should result in a meaningful step forward. The credibility of the WTO depends on its ability to respond to real-world challenges, particularly in the current turbulent international context, he said.

    Moving forward, Ambassador Hussain encouraged members to engage constructively in an attempt to narrow differences and explore solutions. He committed to facilitating this effort through dialogue across all groups upon request. He noted that meetings of the Committee on Agriculture in Special Session (CoASS) will be held as needed to promote transparency and inclusivity. These meetings will serve to update members, allow feedback and share progress.

    Ambassador Hussain said he intends to pursue in the coming weeks his consultations in various configurations, starting with proponents on the various topics, to explore how concrete progress can be made on their topics of interest in a pragmatic and effective manner.

    The Chair also indicated that there will not be a facilitator-led process for now, but more technical discussions may be launched if needed. This phase will culminate in a stocktaking session after the summer, likely in late September or early October, to evaluate progress and collectively decide on the way forward and the expected outcome, setting the stage for final negotiations ahead of MC14.

    Members overall expressed support for the process outlined by Ambassador Hussain, urging a focus on achievable MC14 outcomes and aiming at a clear roadmap post-MC14 for more detailed negotiations. Innovative approaches in Geneva were advocated, avoiding ineffective past methods. Members also underlined the importance of the upcoming retreat on sustainable agriculture on 5-6 May, and of future meetings of the Committee on Agriculture, which should contribute to maximizing the effectiveness of discussions ahead of concrete ministerial action in 2026.

    Several members highlighted the on-going joint work between the Cairns Group of agricultural exporting economies and the African Group as a promising example of substantive discussions aimed at narrowing gaps. The two groups reported that since their last update to members in February, they have continued discussions, together with others, on a draft package that could form the basis of CoASS negotiations. These discussions aim to identify and work through areas of difference, identify and build on commonalities and make progress on a draft modalities package across all topics.

    The two groups noted that the goal is to continue this technical work and submit a document to CoASS for the membership’s consideration and further work. The process has been designed so that ideas can be put on the table and assessed without prejudice to final positions, in an effort to facilitate a constructive dialogue. Members participating in the process are doing so on the basis that there is no commitment to any elements where convergence may develop until an overall package that is satisfactory to all is reached, they said.

    Public stockholding and the Special Safeguard Mechanism

    Members held dedicated sessions on public stockholding (PSH) for food security purposes and on the Special Safeguard Mechanism (SSM) to have more focussed discussions on these topics.

    The Chair reported on his recent consultations, noting that he sensed a political will from many delegations to engage constructively on finding a way forward on PSH. However, significant disagreements remain, particularly regarding the sequencing of negotiations and concerns about expanding domestic support, he said. The concern about the impact of the current trade context on efforts to make meaningful progress was expressed by several members.

    The proponents stressed that securing a permanent solution on PSH was increasingly urgent, as it remained critical to global food security amid growing economic uncertainties and potential disruptions to food supply chains.

    Ambassador Hussain stressed that “there is no alternative to frank exchanges to achieve meaningful progress” on the key issue of PSH. He expressed his confidence that progress can be made “if we shift from fixed positions to shared solutions.”

    On SSM, discussions also reflected that members continue to hold different views regarding the linkage between SSM and market access. Given how important this file is for many developing economies, and the need to achieve a balanced outcome at MC14, the Chair urged members to think creatively to help break the impasse. He suggested identifying a pragmatic approach to foster a substantive technical dialogue on the various components of a potential SSM outcome.

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    MIL OSI Economics –

  • MIL-OSI Economics: Deepening our investment in our Cloud Solution Provider partners

    Source: Microsoft

    Headline: Deepening our investment in our Cloud Solution Provider partners

    The Microsoft mission is clear: empower every person and every organization on the planet to achieve more. Our partners enable us to deliver this mission in every customer segment, industry, and region.

    At Microsoft Ignite 2024, we put a spotlight on the $661 billion total addressable market (TAM) opportunity for small and medium enterprise customer segments in FY25 and beyond.* Cloud Solution Provider (CSP) partners are the trusted advisors who serve these customers and enable them to accelerate their AI transformation with the value-added services and solutions that create real business impact. CSP is our hero motion that enables those partners to drive this transformation.

    Today, I’m pleased to announce additional updates designed to help CSP partners drive more renewals and upgrades, retain customers, upsell, and scale their businesses. At the same time, we will deepen our investment in the partners who are delivering transformational impact with customers, aligned to our strategic imperatives.

    Today’s announcements are a continuation of our investments in CSP offers, capabilities, and enablement for FY25, through which we:

    • Aligned incentives to our five strategic priorities: Copilot on every device across every role; AI design wins with every customer; securing the cyber foundation of every customer; migrations, migrations, migrations; and Microsoft 365 core execution.
    • Dedicated 70% of our total partner incentives to partners that serve the small and medium enterprise customer segments.
    • Launched new capabilities that help partners access, review, and respond to jointly planned leads shared by small and medium enterprise customer sellers and track progress and performance between Partner Center and MSX.
    • Introduced a series of new promotions, including our new-to-Microsoft 365 E5 offer to help CSP partners win new customers. 
       

    Introducing three-year subscription terms in CSP

    To expand deal-making capabilities and offer a more consistent experience across purchasing channels, including those transitioning from expiring Enterprise Agreements (EAs), we’re launching three-year subscription terms for Microsoft 365 E3 and E5, with or without Teams, as well as Teams Enterprise licenses in CSP on June 1, 2025. They will be available for purchase with three-year upfront or triennial/annual billing options only.

    The new three-year SKUs for E3 and E5 without Teams and Teams Enterprise standalone SKUs will be generally available on the CSP price list on June 1, 2025. These SKUs will appear on the May 1, 2025, CSP price list preview in the Partner Center pricing workspace.** The new three-year SKUs for E3 and E5 with Teams will only be available on the end of sale (EOS) price list in Partner Center on June 1, 2025. There is no price list preview for the EOS price list.

    At either midterm or renewal, you’ll be able to change E3 and E5 subscription terms for customers who have EOS SKUs of Microsoft 365 and Office 365 Enterprise suites with Teams to these new three-year EOS terms.

    In addition, effective July 1, 2025, a three-year subscription for Microsoft 365 E5 Security and E5 Compliance mini suites will also be available.

    And to help you transition customers from on-premises solutions or upgrade them from Office 365, we’re launching new 10% discount promotions for new-to-E3 or new-to-E5 customers on the CSP three-year subscription terms. The E3 and E5 promotion will be available on June 9, 2025, while the E5 mini suite promotion will be available on July 1, 2025.

    We’re also extending the Microsoft 365 Copilot Getting Started discount promotion through June 30, 2025. 
     

    Simplifying renewals and upgrades

    Based on partner feedback, we made two important process improvements on April 1, 2025, making it easier to transition customers from EA to CSP and reducing the processing time for midterm upgrades.

    • We launched a channel transfers interface in Partner Center that helps partners renew expiring EA offers for Microsoft 365 E3 and E5 with Teams and Office 365 E1, E3, and E5 with Teams—which are EOS—into CSP and maintain the customers’ Teams entitlements.
    • We also introduced AI-powered automation that streamlines midterm upgrades by handling subscription cancellations and credits automatically. The result: fewer duplicate SKUs and a reduction of support resolution times down to one day or less. 
       

    Introducing Net Paid Seat Adds reporting in Partner Center

    One of the frequent requests we get from partners is to help you understand the state of your Microsoft 365 install base and act when needed. We’re making Net Paid Seat Adds (NPSA) reporting available in Partner Center in June 2025. This reporting will provide visibility into the same performance metrics that Microsoft employees can access internally, creating more clarity during business reviews and stronger joint execution. 
     

    Deepening our investment in building a capable, sustainable CSP ecosystem

    We strive to provide partners with offers, capabilities, and enablement to make the TAM opportunity a reality. We want to ensure our CSP partner ecosystem is well-positioned to create the seamless solutions and experiences our customers have come to expect while accelerating growth opportunities. Starting October 1, 2025, we’re introducing new authorization requirements that will apply to direct bill partners, distributors (formerly indirect providers), and indirect resellers. 
     

    Eligibility thresholds

    We’ll also roll out updated eligibility requirements for CSP incentives in FY26. These updates will align with the CSP authorization changes, requiring CSP direct bill partners, distributors, and indirect resellers to have streamlined and relevant expertise by solution area.  
     

    Let’s achieve more—together

    I am continually inspired by our partners and the impact you’ve made for customers of all sizes as you empower them to succeed with Microsoft solutions. We continue to make investments such as these to make it easier for you to deliver innovation, drive impact, and build lasting customer relationships.

    Join us on May 6, 2025, for our Accelerate CSP Growth with Corporate customers and new Copilot value webinar to learn about the latest Microsoft 365 offers and promotions, get updates on Copilot and agents, and access resources to help you drive AI adoption.

    On July 15, 2025, MCAPS Start for Partners will go deeper on our priorities and GTM strategies and will have dedicated CSP breakout sessions. I encourage everyone to mark that date in your calendar and join us as we build excitement for FY26. Registration details will be sent soon.

    Together, we can shape the future of AI for small and medium enterprise customers in FY25 and beyond.

    Join the conversation on Microsoft Partner Community’s CSP partners discussion board.

    *Microsoft estimates based on IDC data, October 2024. Throughout this document, $ refers to US dollar (USD).

    **Note: There are two errors on the May 1, 2025, price list preview for non-European Economic Area markets.

    • The Microsoft 365 E5 no Teams – 3-Year SMC SKUs are absent from the May 1, 2025, price list preview.
    • The Microsoft Teams Enterprise – 3-Year SMC SKUs are mistakenly listed with a June 1, 2025, “EOS Start Date.” It should have a June 1, 2025, “GA Start Date.”

    The May 1, 2025, price list preview will be corrected and republished on May 8, 2025. These errors will not impact transactability beginning on June 1, 2025.

    MIL OSI Economics –

  • MIL-OSI Economics: Copilot research insights: 4 lessons for leaders

    Source: Microsoft

    Headline: Copilot research insights: 4 lessons for leaders

    This story is featured in the WorkLab newsletter. Sign up for it here.

    Over the past year, Microsoft researchers have been studying the effects of AI at work through a series of real-world experiments at companies that are using Copilot. The setup was simple: one group used Copilot, the other didn’t.  
     
    Across the board, people using Copilot worked faster and produced better results. But our findings also surfaced new patterns in how people work, learn, and adapt. Here are four takeaways that leaders can apply to their own AI adoption as we move into an era of intelligence on tap and increasing collaboration between humans and agents. 

    1. AI is already embedded in how we work 
    In many of our studies, members of the control group, who were not supposed to use AI, used it anyway. This is consistent with our data showing that employees who are not provided with AI at work will seek it out themselves (BYOAI). There’s no such thing as a “non-user” anymore: AI is already embedded in how people think, work, and get things done. 

    This presents an opportunity for every leader and company. Imagine you could go back to the early days of the internet, when individuals were already using it widely but companies were still figuring out how to apply it to business. What would you do differently? Frontier Firms—structured around on-demand intelligence and powered by “hybrid” teams of humans + agents—hold key lessons for how to grab this once-in-a-generation opportunity and are poised to get unprecedented value from AI. To seize the moment, start by hiring your first digital employees, setting your unique human-agent ratio, and driving broad, purposeful adoption. 

    2. Scale what works 
    To evaluate how well employees performed on complex, job-specific tasks, our researchers needed a way to assess quality—even though they weren’t experts in, say, root cause analysis. So they turned to Copilot, building an AI grader to help understand the quality of the responses they got. First, a leader at the company where the study took place validated what a high-quality version of the finished product looked like. Against that measuring stick, Copilot was able to objectively evaluate all study participants’ work and assign each a qualitative score. 

    This is a powerful AI use case for business leaders. According to our latest Work Trend Index, 55% of employees at Frontier Firms say they’re able to take on more work—partly because they use Copilot to pressure-test deliverables, benchmark quality, and surface blind spots without waiting for manager review. This can be as simple as training an agent on how you and other leaders have critiqued your team’s previous work so employees can run a first-pass review. 

    The overall takeaway: real AI transformation happens when organizations capture what works and scale it across teams. By formalizing best practices—as in the agent example above—and codifying them with AI, companies can ensure consistent quality and faster decision-making. This ability to operationalize AI learnings is what sets Frontier Firms apart from those still experimenting. 

    3. Skilling can’t be an afterthought 
    One theme that showed up across the Copilot research: the biggest performance gains actually came when study subjects received guidance on how to apply AI to specific job tasks. 

    In one study, our researchers developed optimal prompts that subjects could use. Employees provided with these prompts and tips on how best to leverage AI saw the biggest positive impact on performance. The key is making the connection between what someone needs to do and how AI can help them do it better. 
     
    To see meaningful results, leaders need to go beyond access and focus on enablement: clear guidance, real-world use cases, and training that connects AI directly to the work employees are doing. When people understand how to use AI with purpose, they’ll see better results. 

    4. Get your processes in order 
    Just as targeted guidance helps individuals, structured processes help teams get the most from AI. Across our experiments, the biggest improvements came when participants had clear goals, well-defined tasks, and access to organized resources—like structured SharePoint libraries or shared templates. In those cases, Copilot acted as a powerful amplifier. But when processes were disorganized—unclear roles, messy documents, lack of shared understanding—performance improvements were limited.  

    AI can accelerate work, but it can’t untangle dysfunction. Before layering on AI, clarify goals, align teams, and clean up the systems people rely on every day.  

    When it comes to AI transformation, we’re all learning as we go. Becoming a Frontier Firm is about experimentation, capturing what you learn, and quickly applying those lessons to scale fast—empowering everyone for a new world of work.  

    MIL OSI Economics –

  • MIL-OSI Economics: Déclaration d’ouverture du Président de la réunion du Comité directeur du Partenariat pour le coton

    Source: WTO

    Headline: Opening statement by the Chair of the meeting of the Steering Committee of the Partnership for Cotton

    S.E. Professeur Oramah, Président d’Afreximbank,S.E. Mme Alimatou Shadiya ASSOUMAN, Ministre du Commerce et de l’Industrie, BéninCher Eric Trachtenberg, Directeur exécutif du Comité consultatif international du coton,Cher Gunther Berger, Directeur général, ONUDIChère Mme Kanayo Awani, Vice-présidente exécutive, Commerce intra-africain et Développement des exportations, AfreximbankExcellences, distingués collègues, partenaires et parties prenantes,Mesdames et Messieurs
    Au nom de la Directrice générale de L’Organisation mondiale du commerce, Ngozi et en mon nom personnel, je vous souhaite la bienvenue à cette réunion du Comité de pilotage du Partenariat pour le Coton.
    Je vous présente toutes mes excuses de ne pouvoir être présent physiquement avec vous au Caire comme c’était initialement prévu.
    Je reste pleinement engagé dans le travail important que nous menons ensemble dans le cadre du Partenariat, et je me réjouis à l’avance des résultats de vos échanges.
    Permettez-moi de remercier chaleureusement les autorités égyptiennes et l’Afreximbank pour leur accueil et l’organisation de cette réunion importante.
    Mes remerciements s’adressent bien sur également à nos partenaires de l’ONUDI, pour leur rôle moteur dans notre partenariat, ainsi qu’à l’ensemble de ceux qui y participent — gouvernements, organisations internationales, institutions financières,  et acteurs du secteur privé — au premier rang desquels nous reconnaissons tous les pays du C4, qui en sont les inspirateurs et portent la cause de l’économie du coton depuis près d’un quart de siècle à l’OMC.  
    Pour nos discussions des deux prochains jours, notre objectif est clair : trouver les moyens de renforcer les chaînes de valeur du secteur coton–textile–habillement dans les pays du C4 «+»: le Bénin, le Burkina Faso, le Tchad, le Mali et la Côte d’Ivoire, en créant davantage de valeur ajoutée, en élargissant les opportunités commerciales, et en assurant des résultats de développement durables.
    Concrètement, il s’agira de :
    Présenter les rapports nationaux et celui régional issus des différentes consultations dans les pays du C4+ ;
    Identifier les priorités nationales ainsi que les besoins en matière d’assistance technique et de financement des investissements ;
    Échanger sur les mesures de soutien et les options de financement proposées par les institutions financières, sur la base des rapports issus des consultations nationales.
    Cette réunion du Comité de pilotage se tient à un moment charnière, au terme d’un travail collectif considérable de mise à jour de l’état des lieux de la filière coton et des enjeux de notre Partenariat. En juin 2024, le Comité de pilotage a validé les conclusions d’une étude de référence menée par l’ONUDI, avec l’appui du Centre du Commerce International. En septembre 2024, des consultations nationales se sont tenues sur cette base dans les cinq pays du C-4+. Ces consultations ont permis d’identifier les priorités du secteur coton-textile-habillement, sur lesquelles des présentations vous seront faites dans un instant.
    L’enthousiasme autour du Partenariat, la diversité des parties prenantes et institutions représentées ici aujourd’hui, les perspectives prometteuses que laissent espérer les études nationales ainsi, la mobilisation des institutions financières, montrent une dynamique tournée vers l’action.
    C’est cette dynamique que nous voulons nourrir, avec déjà, en ligne de mire, l’échéance de la prochaine conférence ministérielle de l’OMC, au printemps 2026, qui se tiendra en terre africaine, à Yaoundé, et pourrait représenter une nouvelle étape pour notre mobilisation. 
    C’est en nous plaçant dans cette perspective optimiste que j’ouvre la réunion de notre comité de pilotage. Je forme le vœu que nos échanges au cours de ces deux journées soient porteurs de résultats concrets pour l’industrialisation et la transformation locale du coton dans les pays partenaires.
    Nous pourrons rapporter ces résultats aux membres de l’OMC lors de notre prochaine discussion sur le coton, prévue le 14 mai à l’OMC, qui abordera toutes les problématiques auxquelles fait face l’industrie cotonnière dans les pays du C4 et les autres pays en développement.
    Je vous remercie de votre attention et cède à présent la parole à Son Excellence Madame Kanayo Awani, Vice-Présidente exécutive du Commerce intra-africain et du Développement des exportations à Afreximbank.
    A très bientôt à Genève.

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    MIL OSI Economics –

  • MIL-OSI Economics: IADC Commences Creation of New KREW Continuous Online Learning System

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Commences Creation of New KREW Continuous Online Learning System

    HOUSTON (1 May 2025) – The International Association of Drilling Contractors (IADC) has officially begun to create an entirely new version of its continuous learning system, Knowledge Retention & Education for our Workforce (KREW). IADC is partnering with 3t Drilling Systems on the development of this ground-up rebuild.

    The intention behind this project is to develop completely IADC-owned content that raises the bar on retention of well control training knowledge while creating a greater level of standardized content across the industry.

    Key system enhancements of this all-new platform will include:

    • an IADC-branded custom app and web portal with 268 eLearning modules and 11 3D models across Driller and Supervisor levels of the WellSharp® accreditation program curriculum;
    • direct user engagement and unique learning pathway intentions;
    • the ability to link simulation exercises; and
    • WellSharp sample assessments automatically delivered to users every four months throughout the two-year recertification cycle.

    Originally launched to the industry in April 2021, KREW is being completely reimagined as a new-generation online learning tool designed to provide continuous learning opportunities for well control concepts to improve knowledge retention and, ultimately, to enhance critical on-the-job skills. The development of this new KREW system represents a total replacement of the previous platform with advanced functionality, expanded capabilities, and novel content that will be centrally owned by IADC for the first time. The new system is projected to be completed in the first quarter of 2026.

    Brooke Polk, IADC Vice President – Accreditation Operations, stated, “IADC remains focused on industry-driven continual improvement that raises the bar on learning and retention in well control. KREW’s new innovative design and approach reshape workforce education with the aim to enhance competence. This initiative sparks change on a global scale and will shape the future of well control.”

    ABOUT IADC

    The International Association Drilling Contractors (IADC) is a non-profit trade association that is the global leader in advancing and promoting innovative technology and safe practices that bring oil and gas to the world’s consumers. More information.

    ###

    MIL OSI Economics –

  • MIL-OSI Economics: Meet our new Director for BC!

    Source: – Press Release/Statement:

    Headline: Meet our new Director for BC!

    As British Columbia Director, Patricia Lightburn will represent CanREA members and help advance policy outcomes in the province.

    Ottawa, May 1, 2025—The Canadian Renewable Energy Association CanREA) is excited to welcome Patricia Lightburn as our new Director, British Columbia. She will represent CanREA members in BC, lead the BC Network, engage with stakeholders and work with members to advance CanREA’s strategic policy priorities in the BC market.  

    “We are thrilled to welcome Patricia to CanREA, especially at this critical time for renewable energy and energy storage industry in BC,” said Vittoria Bellissimo, CanREA’s President and CEO. 

    Prior to joining CanREA, Lightburn was a managing consultant at Dunsky Energy and Climate Advisors. She has also held roles at Innergex Renewable Energy, the David Suzuki Foundation and the Ontario Power Authority (now the IESO).  

    “BC has embarked on a once-in-a-generation energy transition and I couldn’t be more excited to join the CanREA team, to support a thriving and sustainable renewable energy and storage industry in this province,” she said.   

    Lightburn holds a master’s degree from Sciences Politiques in Paris, France. She is based in Squamish, British Columbia.   

    To see CanREA’s growing roster of professionals serving Canada’s renewable energy industry, visit the “Our team” webpage.
    The post Meet our new Director for BC! appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Economics: AI agents in Copilot Chat are ready to assist teachers and students with routine tasks

    Source: Microsoft

    Headline: AI agents in Copilot Chat are ready to assist teachers and students with routine tasks

    Discover how Microsoft 365 Copilot Chat agents in education can enhance learning with personalized student support, instructor assistance, and more.

    AI is changing the way we work across a multitude of industries, and education is no exception. Agents—specialized AI assistants—take the power of generative AI a step further by allowing customization and the ability to work for you or alongside you. Agents in education can be tailored to support you with expertise in instructional design, unique student preferences, institutional data analysis, and many other tasks.

    Transforming education with Microsoft 365 Copilot Chat

    We believe there’s an opportunity to empower everyone with a copilot and transform education experiences with agents. That’s why we offer agents in Copilot Chat, available at no additional cost when referencing data from the web and on a pay-as-you-go basis when using institutional data. Agents are also available with a Microsoft 365 Copilot license.

    You can build an agent using natural language and additional configuration in Copilot Chat or get started with an agent template. With Copilot Chat, agents can be accessed and managed directly in the chat and enterprise data protection helps keep your experience safe and secure.

    Try agents in Copilot Chat

    Using Copilot Chat agents in education

    Whether you’re building a custom agent or taking advantage of agent templates, there are numerous ways that agents in Copilot Chat can make a positive impact on your day-to-day activities. Here are some of the ways eligible students, educators, administrators, and leaders can benefit from agents in Copilot Chat:

    • Provide immediate support – Answer commonly asked questions using your data sources and help navigate institutional resources in real-time. Agents can help troubleshoot IT issues, provide guidance from resources on school policies, programs, or processes like enrollment.
    • Generate tailored content – Create the materials you need based on your instructions and reference resources whether it’s a study guide, lesson plan, professional development, or school communication. Upload your files like standards, curriculum documents, guidelines, or requirements to tailor your agent for the task.
    • Test your knowledge – Build agents to help students succeed in their classes by designing them with specific instructions and materials. Agents can then support students as they study with custom quizzes, feedback, and practice through simulations of relevant real-world scenarios.
    • Uncover and dive into insights – Instantly summarize, analyze, and explore insights across multiple files or a folder of knowledge. Understand and ask questions about trends in your data across areas like student performance, finance, operations, or community feedback.
    Download the agent overview guide

    Using agent templates in Copilot Chat

    Microsoft 365 Copilot comes with a set of agent templates that are ready to use and perform a wide range of tasks to help support you. Here are a few existing agents that are ready to customize and use:

    • Idea Coach – Enhance brainstorming with fun and engaging agenda and action plans.
    • Prompt Coach – Create effective Copilot Chat prompts.
    • Writing Coach – Refine your writing to boost effectiveness.
    • Career Coach – Receive personalized career advice, goals, and action plans.

    Select “Get agents” in the right-side panel of Copilot Chat to find agent templates, including the ones above. You can search for specific agents or simply browse the library within Copilot Chat to find additional agents that work for you. Additionally, your institution may have created tailored agents for you to use.

    Creating agents in Copilot Chat

    It’s quick and easy to create customized agents in Copilot Chat. Here’s how to start building your own agents:

    1. Create an agent. Select “Create an agent” in the right-side pane of Copilot Chat to open the agent builder. You can create and name your new agent or choose a provided template.
    2. Define your agent’s instructions. Use the chat to describe what you’d like your agent to do. You should also include the style and tone it should use while completing tasks. For example: “Create an agent to help students in my Intro to Business Comms study and prepare for the midterm.”
    3. Configure your agent. If you’d like to make improvements or changes to your agent, you can add documents, data, and files to its knowledge base. You can also edit your agent’s instructions at any time to adjust its responses.
    4. Publish the agent. When you’re happy with your agent’s output, you can publish your agent for you and others in your institution to use. As the needs of your institution change, you can continue to adjust your agent or create new ones for different purposes.

    Here are some ways you can use your customized agents:

    • Answering frequently asked questions.
    • Helping new students navigate school resources.
    • Giving feedback based on existing rubrics or frameworks.
    • Explore insights from data in accessible ways.
    • Tailoring lessons to specific content, standards, or student needs.

    You can keep agents up to date by selecting “Create an agent” to open the agent builder and expanding the drop-down menu at the top to select “View all agents.” This will allow you to view, edit, and share agents within your institution and ensure they’re still meeting your needs.

    Managing agents in Copilot Chat for IT admins

    The key to successful agent management for IT administrators is understanding how agent usage is measured and billed. Each agent’s usage is tracked by the number of messages they handle, and the total cost for your institution is calculated based on the sum of these messages.

    For IT admins, purchasing messages is straightforward. You can buy them through the Copilot Studio meter in Microsoft Azure, which offers a convenient pay-as-you-go option. Once you’ve got your messages, Microsoft Power Platform admin center is where you’ll set up billing and assign message capacity to Copilot Chat and individual agents.

    Download the agent set up guide

    It’s important to note that agent message usage can vary. Factors such as an agent’s complexity, how frequently they’re used, and the specific features they employ all play a role in determining their message count. See a quick walkthrough of agent management within Microsoft Power Platform admin center and learn more about agent management.

    Agent innovation in education

    Agents in Copilot Chat offer ways to enhance and streamline your daily activities. You can build one using natural language or start with an agent template. Managing agents directly within Copilot Chat is designed to be seamless, and enterprise data protection helps keep your experience secure. Discover how agents can provide immediate support by answering common questions and navigating institutional resources, generate tailored content like study guides and lesson plans, and uncover valuable insights from your data.

    Try agents in Copilot Chat

    We’re excited to continue developing resources to support your use of AI in education. Whether you choose to create custom agents or use templates, Copilot Chat helps to ensure a secure and efficient way to make AI work for you. Explore how using agents in education can support your unique needs and help free up your time to focus on what matters most.

    MIL OSI Economics –

  • MIL-OSI Economics: Special Windows 365 offer helps secure organizations against changing conditions

    Source: Microsoft

    Headline: Special Windows 365 offer helps secure organizations against changing conditions

    In these uncertain times, marked by fluctuating economic conditions and supply chain concerns, businesses face numerous challenges. Amidst these complexities, it is even more important to adopt new technologies in the age of AI to stay competitive and secure. According to the 2025 Work Trend Index report, 82% of leaders say this is a pivotal year to rethink key aspects of strategy and operations.

    Another critical aspect that organizations must address is the impending end of support for Windows 10 in October 2025. As the deadline approaches, it is essential for companies to plan and strategize effectively to ensure streamlined operations and continued security.

    Windows 365 is your solution for a secure and reliable AI and cloud-powered future. In our ongoing commitment to support our commercial customers during these changing times, we’re excited to announce that starting today, Microsoft will be offering a 20% discount on all Windows 365 plans to new customers.*

    Cloud security and Windows 365 special offer: Rethinking IT strategies

    We want companies to be well-prepared to transition to Windows 11 with the most modern and secure computing experience possible. When moving to Windows 11, companies can check if their current Windows 10 PCs are eligible for a free upgrade to Windows 11, purchase a new and more secure Windows 11 PC, or move to the cloud with Windows 365. Learn more about preparing for the end of Windows 10 support.

    In the current economic climate, when businesses are looking for reliable and affordable alternatives to refreshing physical devices or extending the life of existing PCs, Windows 365 is a compelling option. It delivers a highly secure Windows 11 experience to your Cloud PC – your Windows in the cloud – that can be accessed from anywhere.  Built according to Zero Trust principles, Window 365 continuously verifies the identity and trustworthiness of every user, device and network attempting to access organizational resources so you can be confident your organization’s data is secure and protected against evolving threats. With the power of the cloud, Windows 365 provides the flexibility to access your Windows environment from anywhere, on any device. According to Gartner® analyst Stuart Downes, “Today, 95% of work could be cost-effectively performed using virtual desktops compared to 40% in 2019.”**

    Additionally, transitioning to Windows 365 can help reduce your carbon footprint and contribute to sustainability goals.  Microsoft commissioned a research study examining the potential for carbon emissions reductions and energy cost savings with Windows 365 and Azure Virtual Desktop. The study found that for high-intensity workloads, using Azure Virtual Desktop or Windows 365 on low-medium intensity physical machines results in lower emissions compared to using powerful laptops. Visit aka.ms/BeGreenWithWindowsCloud to learn more about how Windows 365 can help further your environmental goals.

    As the end of support for Windows 10 approaches on Oct. 14, 2025, organizations have an opportunity to rethink their IT strategies. Windows 365 is not only a cost-effective alternative to replacing physical devices, but Extended Security Updates (ESUs) are also available at no cost to Windows 365 customers. This means that Windows 10 PCs connecting to Windows 365 will continue to receive critical security updates beyond the official support deadline while workers enjoy the enhanced productivity and improved user experience of Windows 11 streamed from the Microsoft Cloud.

    Customers paving the way with Windows 365

    Windows 365 is a great option across various industries and use cases – from information workers who need access to Windows all the time to frontline workers that may only need it during their shift.

    Crocs, the popular shoe company, migrated to Windows 365 when looking for a solution that would not only ease their financial burden, but also improve the experience for administrators and employees. “After we fully cut everyone over to Windows 365, there was about $250,000 a year in cost savings alone, not to mention we were able to support our users more efficiently and effectively. It was a paradigm shift for the business,” said Scott Czarnecki, Crocs’ Senior Director of Global IT Infrastructure.

    “It was a paradigm shift for the business”

    – Scott Czarnecki, Crocs

    A global leader in leisure and corporate travel services, dnata Travel Group chose Windows 365 to provide secure access to corporate systems for their mobile workforce. “We performed several feasibility studies and ultimately landed on Windows 365 as the best choice to create a secure environment for Cloud PCs and enable employees to work from any device or location,” stated Sean Kelly, Vice President of Information Technology at dnata.

    By transitioning to Windows 365, it’s also possible to reduce your carbon footprint and contribute to sustainability goals. The Microsoft cloud infrastructure reduces the need for local hardware, for potential lower energy consumption and reduced electronic waste. Hamburg Commercial Bank first deployed Windows 365 to support hybrid work and now is making plans to roll out the solution more widely for a variety of reasons, including sustainability improvements, “The plan for the future is to go more and more into Windows 365. It’s of utmost importance for us at Hamburg Commercial Bank to pay greater attention to sustainability in everything we do. We expect that using Windows 365 will help us reduce our hardware needs and electricity consumption,” said Thorsten Lüdtke, Head of IT Infrastructure at Hamburg Commercial Bank.

    Embrace the future with Windows 365

    The future of end-user computing is AI and cloud, and Windows 365 is one of the leaders in this transformation. By adopting Windows 365, customers are enhancing productivity, reducing IT infrastructure costs, saving money on PC lifecycle management and improving security, while increasing their agility and resiliency. These are critical steps to prepare all organizations for the AI-powered future. Read the Total Economic Impact study conducted by Forrester Consulting to learn more about the transformative impact of cloud solutions like Windows 365 at aka.ms/WCTEI2025info.

    Take advantage of the promotional offer* and position your business for future success with Windows 365. The 20% discount on all Windows 365 plans for new customers underscores Microsoft’s unwavering commitment to supporting our customers during these uncertain times. Transition to Windows 365 and unlock the full potential of the cloud, enhanced security, predictable costs and operational efficiency that will propel your organization forward.

    * NOTICE: Microsoft reserves the right to discontinue this promotion, and to modify these policies and the promotion’s terms and conditions at any time.

    This offer runs from May 1, 2025 to Oct. 31, 2025 and is for customers not currently subscribing to Windows 365. The discount is good for either the remainder of the Enterprise Agreement contract period or the first year of the customer’s Windows 365 subscription, whichever is shorter. Transactions must be processed through Microsoft’s operations center before 11:00 p.m. Pacific Time on Oct. 31, 2025. This offer is non-transferable and cannot be combined with any other offer or discount on Windows 365. This offer is only available once per customer. Taxes, if any, are the sole responsibility of the recipient.

    ** Source: Gartner Conference Presentations: Gartner, Digital Workplace Summit Presentation, Assessing the Use and Future of Virtual Desktop Infrastructure and DaaS, Stuart Downes, 12-13 March 2025

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Deals this May Bank Holiday Weekend

    Source: Samsung

     
    LONDON, U.K. – April 30, 2025 – Samsung Electronics Co., Ltd is excited to announce an exceptional range of promotions available on Samsung.com across the May bank holiday weekend and beyond, offering UK customers the perfect opportunity to upgrade their tech and experience Samsung’s latest innovations.
     
    From smartphones and home appliances to wearables and entertainment solutions, Samsung’s curated selection of offers ensures there’s something for everyone. If you’re looking to enhance your daily life or explore cutting-edge technology, this is the ideal time to discover the best of Samsung, whether it’s for your spring cleaning or your upcoming holidays.
     
    Key Offers Include:
     
    Mobile and wearables
    Save £150 when you buy the Galaxy S25 Ultra, or save £100 when you buy the Galaxy S25 or S24[1]
    Save £75 when you buy the Galaxy A56 or A36[2]
    Save £150 on the Galaxy Watch Ultra, or Save £75 on the Galaxy Watch7[3]
    Save £200 when you buy a Galaxy Book5 plus get a guaranteed £100 off when you trade in any laptop, tablet or Android smartphone in any condition[4]

    Home Appliances:
    Save 20% when you buy 3 selected home appliances together, or 15% when you buy 2[5]
    Save 15% when you buy a selected oven & hob together[6]
    Save 15% when you buy a selected washing machine & tumble dryer together[7]
    Save up to £200 on selected Vacuum Cleaners1, plus get up to £200 off selected when you recycle your old one for free[8]

    TVs & Entertainment:
    Save up to £100 when you buy selected 4K Neo QLED TVs[9],  prices from £699
    Get a Free Freestyle when you buy a selected OLED TV[10]
    Save up to 20% on selected Monitors with discount code MAYMON[11]
    Claim up to £200 cashback on selected 2024 8K or 4K Neo QLED TVs[12]

     
    Customers can visit Samsung KX or shop online at Samsung.com/uk to enjoy these limited-time promotions.
     
     
    [1] Purchase from samsung.com by 13.05.25
    [2] Purchase from Samsung.com by 27.05.25
    [3] Purchase from Samsung.com by 03.06.25
    [4] Purchase from Samsung.com by 20.05.25. £100 value based on any laptop, tablet or Android smartphone, in any condition. Charges apply if you don’t send us your Trade In device. T&Cs apply.
    [5] Purchase from Samsung.com/uk by 03.06.25. Discount applied automatically at checkout when two or more qualifying products in basket. Excludes all Vacuum Cleaners, Microwaves & accessories. Not in conjunction with any other offer. While stocks last.
    [6] Purchase from Samsung.com/uk by 03.06.25. Discount applied automatically at checkout when two or more qualifying products in basket. Excludes all Vacuum Cleaners, Microwaves & accessories. Not in conjunction with any other offer. While stocks last.
    [7] Purchase from Samsung.com/uk by 03.06.25. Discount applied automatically at checkout when two or more qualifying products in basket. Excludes all Vacuum Cleaners, Microwaves & accessories. Not in conjunction with any other offer. While stocks last.
    [8] Only available at Samsung.com/uk. Customers must apply Trade Up discount on product page, before checking out. Recycled products are non-returnable and have zero value. You must make sure it is ready for collection at the same time we deliver your new product. We reserve the right to refuse the delivery if you fail to do so. You will be required to pay a surcharge equal to the amount of the discount you received, if you do not recycle or have your product ready for recycling. Offer cannot be combined with multi-buy promotions for Home Appliances. Each household may only recycle one of each type of product and will receive only one Trade Up discount for each product type recycled. The Trade Up discount is an incentive to recycle it is not a Trade In value for the recycled product.
    [9] Purchase from samsung.com/uk by 06.05.25.
    [10] Purchase from samsung.com by 06/05/2025. Free item automatically added at checkout. While stocks last.
    [11] Purchase from Samsung.com/uk by 06.05.25. Enter code at checkout. Not to be used in conjunction with any other offer.
    [12] Purchase from samsung.com/uk by 27/05/25. Claim between 30 & 60 days of purchase. To claim and for full T&Cs see https://samsungoffers.claims/preorder2025VisionAI.

    MIL OSI Economics –

  • MIL-OSI Economics: One year of Phi: Small language models making big leaps in AI

    Source: Microsoft

    Headline: One year of Phi: Small language models making big leaps in AI

    Microsoft continues to add to the conversation by unveiling its newest models, Phi-4-reasoning, Phi-4-reasoning-plus, and Phi-4-mini-reasoning. 

    A new era of AI 

    One year ago, Microsoft introduced small language models (SLMs) to customers with the release of Phi-3 on Azure AI Foundry, leveraging research on SLMs to expand the range of efficient AI models and tools available to customers. 

    Today, we are excited to introduce Phi-4-reasoning, Phi-4-reasoning-plus, and Phi-4-mini-reasoning—marking a new era for small language models and once again redefining what is possible with small and efficient AI. 

    Reasoning models, the next step forward

    Reasoning models are trained to leverage inference-time scaling to perform complex tasks that demand multi-step decomposition and internal reflection. They excel in mathematical reasoning and are emerging as the backbone of agentic applications with complex, multi-faceted tasks. Such capabilities are typically found only in large frontier models. Phi-reasoning models introduce a new category of small language models. Using distillation, reinforcement learning, and high-quality data, these models balance size and performance. They are small enough for low-latency environments yet maintain strong reasoning capabilities that rival much bigger models. This blend allows even resource-limited devices to perform complex reasoning tasks efficiently.

    Phi-4-reasoning and Phi-4-reasoning-plus 

    Phi-4-reasoning is a 14-billion parameter open-weight reasoning model that rivals much larger models on complex reasoning tasks. Trained via supervised fine-tuning of Phi-4 on carefully curated reasoning demonstrations from OpenAI o3-mini, Phi-4-reasoning generates detailed reasoning chains that effectively leverage additional inference-time compute. The model demonstrates that meticulous data curation and high-quality synthetic datasets allow smaller models to compete with larger counterparts.

    Phi-4-reasoning-plus builds upon Phi-4-reasoning capabilities, further trained with reinforcement learning to utilize more inference-time compute, using 1.5x more tokens than Phi-4-reasoning, to deliver higher accuracy.

    Despite their significantly smaller size, both models achieve better performance than OpenAI o1-mini and DeepSeek-R1-Distill-Llama-70B at most benchmarks, including mathematical reasoning and Ph.D. level science questions. They achieve performance better than the full DeepSeek-R1 model (with 671-billion parameters) on the AIME 2025 test, the 2025 qualifier for the USA Math Olympiad. Both models are available on Azure AI Foundry and HuggingFace.

    Figure 1. Phi-4-reasoning performance across representative reasoning benchmarks spanning mathematical and scientific reasoning. We illustrate the performance gains from reasoning-focused post-training of Phi-4 via Phi-4-reasoning (SFT) and Phi-4-reasoning-plus (SFT+RL), alongside a representative set of baselines from two model families: open-weight models from DeepSeek including DeepSeek R1 (671B Mixture-of-Experts) and its distilled dense variant DeepSeek-R1 Distill Llama 70B, and OpenAI’s proprietary frontier models o1-mini and o3-mini. Phi-4-reasoning and Phi-4-reasoning-plus consistently outperform the base model Phi-4 by significant margins, exceed DeepSeek-R1 Distill Llama 70B (5x larger) and demonstrate competitive performance against significantly larger models such as Deepseek-R1.
    Figure 2. Accuracy of models across general-purpose benchmarks for: long input context QA (FlenQA), instruction following (IFEval), Coding (HumanEvalPlus), knowledge & language understanding (MMLUPro), safety detection (ToxiGen), and other general skills (ArenaHard and PhiBench). 

    Phi-4-reasoning models introduce a major improvement over Phi-4, surpass larger models like DeepSeek-R1-Distill-70B and approach Deep-Seek-R1 across various reasoning and general capabilities, including math, coding, algorithmic problem solving, and planning. The technical report provides extensive quantitative evidence of these improvements through diverse reasoning tasks.

    Phi-4-mini-reasoning

    Phi-4-mini-reasoning is designed to meet the demand for a compact reasoning model. This transformer-based language model is optimized for mathematical reasoning, providing high-quality, step-by-step problem solving in environments with constrained computing or latency. Fine-tuned with synthetic data generated by Deepseek-R1 model, Phi-4-mini-reasoning balances efficiency with advanced reasoning ability. It’s ideal for educational applications, embedded tutoring, and lightweight deployment on edge or mobile systems, and is trained on over one million diverse math problems spanning multiple levels of difficulty from middle school to Ph.D. level. Try out the model on Azure AI Foundry or HuggingFace today.

    Figure 3. The graph compares the performance of various models on popular math benchmarks for long sentence generation. Phi-4-mini-reasoning outperforms its base model on long sentence generation across each evaluation, as well as larger models like OpenThinker-7B, Llama-3.2-3B-instruct, DeepSeek-R1-Distill-Qwen-7B, DeepSeek-R1-Distill-Llama-8B, and Bespoke-Stratos-7B. Phi-4-mini-reasoning is comparable to OpenAI o1-mini across math benchmarks, surpassing the model’s performance during Math-500 and GPQA Diamond evaluations. As seen above, Phi-4-mini-reasoning with 3.8B parameters outperforms models of over twice its size. 

    For more information about the model, read the technical report that provides additional quantitative insights.

    Phi’s evolution over the last year has continually pushed this envelope of quality vs. size, expanding the family with new features to address diverse needs. Across the scale of Windows 11 devices, these models are available to run locally on CPUs and GPUs.

    As Windows works towards creating a new type of PC, Phi models have become an integral part of Copilot+ PCs with the NPU-optimized Phi Silica variant. This highly efficient and OS-managed version of Phi is designed to be preloaded in memory, and available with blazing fast time to first token responses, and power efficient token throughput so it can be concurrently invoked with other applications running on your PC.

    It is used in core experiences like Click to Do, providing useful text intelligence tools for any content on your screen, and is available as developer APIs to be readily integrated into applications—already being used in several productivity applications like Outlook, offering its Copilot summary features offline. These small but mighty models have already been optimized and integrated to be used across several applications across the breadth of our PC ecosystem. The Phi-4-reasoning and Phi-4-mini-reasoning models leverage the low-bit optimizations for Phi Silica and will be available to run soon on Copilot+ PC NPUs.

    Safety and Microsoft’s approach to responsible AI 

    At Microsoft, responsible AI is a fundamental principle guiding the development and deployment of AI systems, including our Phi models. Phi models are developed in accordance with Microsoft AI principles: accountability, transparency, fairness, reliability and safety, privacy and security, and inclusiveness. 

    The Phi family of models has adopted a robust safety post-training approach, leveraging a combination of Supervised Fine-Tuning (SFT), Direct Preference Optimization (DPO), and Reinforcement Learning from Human Feedback (RLHF) techniques. These methods utilize various datasets, including publicly available datasets focused on helpfulness and harmlessness, as well as various safety-related questions and answers. While the Phi family of models is designed to perform a wide range of tasks effectively, it is important to acknowledge that all AI models may exhibit limitations. To better understand these limitations and the measures in place to address them, please refer to the model cards below, which provide detailed information on responsible AI practices and guidelines.

    Responsible AI at Microsoft

    Learn more here: 

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