NewzIntel.com

Category: Economics

  • MIL-OSI Economics: DDG Hill stresses trade’s role in innovation at IP and Innovation Researchers of Asia event

    Source: WTO

    Headline: DDG Hill stresses trade’s role in innovation at IP and Innovation Researchers of Asia event

    DDG Hill reflected on the symbolic timing of the negotiations of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which coincided with the release into the public domain of the World Wide Web, developed at the European Organization for Nuclear Research (CERN) in Geneva. She noted how these two developments reshaped the global economy, embedding intellectual property into trade policy just as digital technology began redefining how knowledge is created and shared.
    DDG Hill also emphasized how a balanced IP framework can support innovation ecosystems and attract investment. “Well-conceived and balanced IP regimes enable global collaboration, particularly in regions that have embraced technology as a strategic driver of growth,” she noted.
    Now in its 7th year, the annual IPIRA conference serves as an important platform for supporting emerging IP scholarship and research. This year’s edition saw the presentations of over 200 papers from scholars from 150 institutions focusing on a wide range of themes related to IP and innovation. Hasan Kleib, Deputy Director General at the World Intellectual Property Organization (WIPO) also addressed participants in the conference. The event brought together over 300 legal scholars and intellectual property (IP) researchers from across Asia and beyond.
    Participants praised IPIRA’s role in shaping the regional intellectual property landscape. “IPIRA has significantly helped us refine our research and elevate the overall quality of our scholarship,” said Associate Professor Althaf Marsoof of the Nanyang Technological University, Singapore.
    Dr. Henny Marlyna, Assistant Professor at Universitas Indonesia, echoed this sentiment: “IPIRA has encouraged me to view intellectual property not just as a legal field, but as a powerful tool for shaping innovation policy and fostering economic and social development.”

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  • MIL-OSI Economics: Piero Cipollone: Empowering Europe: boosting strategic autonomy through the digital euro

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 8 April 2025

    It is a privilege to be here today to continue our discussion on the digital euro.

    There are many compelling arguments in favour of introducing a digital euro, and in my view they all converge on one fundamental principle: strengthening Europe’s strategic autonomy.

    Today I would like to discuss what strategic autonomy in day-to-day payments means in practice, looking at both the key role of cash and the benefits of a digital euro.

    Faced with a less predictable international environment, it is now time to take concrete action.

    Retail payments are becoming increasingly digital.[1] Consumers are increasingly choosing to use digital means of payment in shops, and they are also making ever more purchases online. Yet, a significant share of these transactions depend on non-European providers. Today, people in 13 euro area countries rely solely on international card schemes or mobile solutions for in-shop payments.[2] And even where national card schemes exist, they rely on co-badging with international card schemes to enable cross-border payments within the euro area. In the not so distant future, this could evolve into dependence on other private means of payment, for instance foreign stablecoins.

    Excessively relying on foreign providers undermines our resilience and compromises our monetary sovereignty.[3] It also underscores the urgent need for a digital euro. Failing to act would not only expose us to significant risks, but also deprive us of a great opportunity.

    The vital role of cash in ensuring financial inclusion and resilience

    Despite the rapid digitalisation of retail payments, cash remains a cornerstone of the European financial system and is currently our only sovereign means of payment.

    The continued strong demand for cash[4] highlights the importance of ensuring that it remains a convenient, secure and universally accepted means of payment and store of value.

    Cash ensures financial inclusion, but it also plays a crucial role in maintaining the resilience of our payment systems and economies. In times of crisis, for example during cyberattacks or power failures, cash provides a reliable fall-back option. We have also seen this during the natural disasters that have affected parts of the euro area over the past year.

    Against this background, the Eurosystem is fully committed to ensuring that cash remains a widely available and accepted means of payment for everyone in Europe. We have implemented a comprehensive cash strategy[5], and we are redesigning euro banknotes to make them fit for the future.

    Moreover, the ECB strongly welcomes the proposed regulation governing the legal tender status of euro banknotes and coins. As we explained in our opinion, the regulation should clearly prohibit ex ante unilateral exclusions of cash by retailers or service providers. It should also ensure that Member States will hold the banking sector responsible for providing essential cash services to both private and corporate customers, ensuring good access to facilities for withdrawing and depositing euro cash across the euro area.[6]

    The need to enhance Europe’s strategic autonomy in digital payments in a changing geopolitical environment

    However, we must also ensure that Europeans have a secure and reliable digital means of payment that complements cash and extends its key benefits to the digital sphere. The growing preference for digital payments means that the acceptance and the availability of cash are no longer sufficient to cover a growing share of use cases. For example, online shopping accounts for more than one-third of our retail transactions, but cash cannot be used online and it is often not possible to pay using a European payment service[7], meaning we need to rely on non-European payment systems. This is a structural weakness that we need to address.

    Europe cannot afford to rely excessively on foreign payment solutions. Doing so makes us dependent on the kindness of strangers in a context of heightened geopolitical tensions. The urgency of preserving our autonomy in defence and energy is already extremely clear. But ensuring autonomy for essential services like daily payments is just as urgent. Without it, we are vulnerable to geopolitical threats and risk losing our monetary sovereignty. Recent international developments underscore these risks.

    Meanwhile, our reliance on foreign payment providers weakens our economic potential and our ability to compete. Owing to the fragmented payments market, European payment service providers often lack the scale to offer their services across the EU. This plays into the hands of non-European providers that can offer their services at the European level, and even internationally.

    Our fragmented market structure also comes with a large price tag. But it does not have to be this way – we have the power to decide how unified our payments market should be.

    Data show that domestic card schemes are losing market share across Europe[8], while international schemes charge high fees to European banks and merchants.[9]

    And the growing popularity of digital wallets like PayPal or Apple Pay is exposing European banks to further outflows of fees and data.

    Most recently, the measures taken by the new US Administration to promote crypto-assets and US dollar-backed stablecoins raise concerns for Europe’s financial stability and strategic autonomy. They could potentially result not just in further losses of fees and data, but also in euro deposits being moved to the United States and in a further strengthening of the role of the dollar in cross-border payments. At the same time, private businesses are increasingly open to accepting stablecoins for customer payments, which could have far-reaching implications for monetary sovereignty.[10]

    Faced with these challenges, we need a public-private partnership to retain our sovereignty. The digital euro – as a sovereign European means of payment based on EU legislation – would be the cornerstone of this partnership.

    It would ensure that the euro area retains control over its financial future. By offering a secure and universally accepted digital payment option which would be suitable for all use cases – and, crucially, under European governance – it would reduce our dependence on foreign providers. And it would limit the potential for foreign currency stablecoins to become a common medium of exchange within the euro area.[11]

    The digital euro would provide European consumers with a simple and safe digital payment option, free for basic use, that covers all their payment needs everywhere in the euro area while ensuring their privacy.[12] It would also protect European merchants from excessive charges imposed by international card schemes and put them in a stronger position to negotiate fees with these schemes.[13]

    In addition, the digital euro could be used offline, making our daily payments more resilient as both consumers and merchants would still be able to use the digital euro without a network connection.

    And, importantly, the digital euro would enable European payment service providers to operate autonomously once more.[14] The digital euro would not compete with private initiatives. Instead, it would exploit synergies and enable private initiatives to scale up more easily across the EU. This would help overcome the hurdles that have led to the current fragmentation.

    One example of these synergies is offering an integrated solution that enables private initiatives to provide services across the euro area and effectively cover all use cases thanks to the common digital euro standards.

    This would mean that people would not have to look for alternative foreign payment solutions. European banks would be able to retain their customers and be adequately compensated for their services.

    The world of payments is changing fast, which is why it is crucial to move forwards with the digital euro legislation now.

    The consequences of inaction are becoming increasingly apparent. Inaction could lead to a loss of control over our financial infrastructure, increased reliance on foreign systems and potential disruptions to our banking and credit systems. Delaying the digital euro would slow down our collective public-private response to these risks. European citizens are relying on us to secure Europe’s chance to drive change rather than watch from the sidelines.

    Digital euro project on track

    Let me now focus on the technical progress of our project.

    The legal framework is crucial in shaping how the digital euro operates, including its status as legal tender and how privacy is protected. In parallel, the digital euro project is progressing according to schedule and we are nearing the end of the preparation phase.[15]

    Together with market participants we are working on the digital euro rulebook – a single set of rules, standards and procedures for digital euro payments.[16] You have previously asked about the benefits a digital euro would have for the private sector. This rulebook will enable European payment providers to expand their services across the euro area by capitalising on the open standards and legal tender status of the digital euro. As soon as the legislation is adopted by the co-legislators, these standards can be finalised and market participants can use them, even before the potential issuance of a digital euro.[17] This would frontload the benefits for both merchants and consumers. Later this week we will publish an update on the progress we have made on developing the rulebook.

    It is vital that the digital euro ensures the stability of the financial system – we have heard your concerns on this topic, and it is one of our key priorities. As I mentioned the last time we met, we are currently developing the methodology that builds a solid analytical base to determine the digital euro holding limit.[18] This methodology is based on the three pillars indicated in the draft legislation – usability, monetary policy and financial stability. We are building on the feedback we have received from all market stakeholders, and we aim to publish the results in the summer. Preliminary findings already indicate that using the digital euro for daily payments will not harm financial stability, banking supervision or monetary policy.

    This public-private effort to regain our autonomy in the retail payment space will be more likely to succeed if it also fosters innovation, as some of you have mentioned previously. Therefore, last October we issued a call for expressions of interest in innovation partnerships for the digital euro.[19] The primary goal is to experiment with conditional payments and other innovative use cases. For example, we are exploring the possibility of allowing people to pay only if a given service is provided, thereby avoiding lengthy and uncertain reimbursement procedures.

    We have seen a lot of interest from various market sectors, with around 100 applicants wanting to experiment further with new use cases and technological solutions.[20] These innovation partnerships will ultimately benefit all digital euro providers and users. Providers will be able to expand their customer and revenue bases, while users will benefit from innovative payment options.

    In addition, technical work on privacy, offline functionality and operational resilience is progressing well. We are also in the middle of the procurement process to establish framework agreements with possible future providers of digital euro services.[21]

    Finally, we are conducting comprehensive user research to gather actionable insights into user preferences and ensure that the digital euro offers people clear benefits.[22] This is something you also raised in the European Parliament’s recent resolution on the ECB’s Annual Report.[23]

    Conclusion

    Let me conclude.

    The time to act is now. Making progress on both the digital euro regulation and the regulation on the legal tender status of cash has become urgent if we are to increase our resilience to possible disruptions and reverse our ever-increasing dependence on foreign companies.

    We have been highlighting the importance of Europe’s strategic autonomy since the very beginning of the digital euro project.[24] The good news is that both the co-legislators and the ECB have been working hard on this issue in recent years.

    This is a public-private common European project, and as co-legislators you are central to making it happen. Now is the moment to make Europe’s strategic autonomy in the critical area of payments a reality.

    For the digital euro to be successful, we need robust and forward-looking legislation. The ECB stands ready to support you with technical input as your deliberations progress, and we will of course continue to update you on the progress we are making.

    In a fast-changing world, let’s show all Europeans that we respond to challenges head-on, protect our currency and guarantee people’s freedom to pay as they choose.

    Thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: China initiates WTO dispute regarding US “reciprocal tariffs”

    Source: WTO

    Headline: China initiates WTO dispute regarding US “reciprocal tariffs”

    China claims the measures are inconsistent with the United States’ obligations under various provisions of the General Agreement on Tariffs and Trade (GATT) 1994, the Agreement on Customs Valuation, and the Agreement on Subsidies and Countervailing Measures.
    Further information is available in document WT/DS638/1
    What is a request for consultations?
    The request for consultations formally initiates a dispute in the WTO. Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel.

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  • MIL-OSI Economics: Moldova formally accepts Agreement on Fisheries Subsidies

    Source: World Trade Organization

    DG Okonjo-Iweala said: “I thank Moldova for joining the collective effort to bring this historic Agreement into force. This is a signal of Moldova’s commitment to playing an active role in promoting ocean sustainability and safeguarding the livelihoods and food security of millions of people who depend on it. I encourage more members to promptly ratify this Agreement so that it can start delivering its full benefits – only 15 more are needed.”

    Ambassador Cuc said: “For a small and landlocked country like the Republic of Moldova, the WTO Agreement on Fisheries Subsidies is about protecting ecosystems and promoting fairness in global trade. As Moldova depends on fish imports, we are particularly interested in how to manage fisheries worldwide in a sustainable manner, in line with the 2030 Agenda for Sustainable Development. Our ratification of the Agreement also represents the Republic of Moldova’s efforts towards upholding the rules-based multilateral trading system.”

    Moldova’s instrument of acceptance brings to 96 the total number of WTO members that have formally accepted the Agreement. For it to enter into force, formal acceptances from two-thirds of WTO members are required.

    By adopting the Agreement on Fisheries Subsidies by consensus at the WTO’s 12th Ministerial Conference in Geneva in June 2022, ministers set new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas. In addition, the Agreement recognizes the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help them implement the new obligations, if they have formally accepted the Agreement. 

    The Agreement can be accessed here.

    At the 12th Ministerial Conference, members also agreed to continue negotiations on outstanding fisheries subsidies issues, with a view to adopting additional provisions that would further strengthen the Agreement’s disciplines.

    The list of members that have deposited their instruments of acceptance is available here.

    Information for members on how to accept the Protocol of Amendment is available here.

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  • MIL-OSI Economics: DDG Ellard: WTO a pillar of security and predictability amid global uncertainty

    Source: World Trade Organization

    Addressing an audience of trade and investment professionals, DDG Ellard underscored the WTO’s importance in providing security and predictability for businesses worldwide.  “The WTO has helped reduce the share of people living in extreme poverty from 40% in 1995 to under 11% in 2022,” she noted.

    DDG Ellard highlighted that the WTO’s work extends well beyond tariffs. From streamlining customs procedures and promoting digital trade to enforcing intellectual property rights and ensuring food safety rules are based on science, the WTO provides a framework that underpins cross-border commerce for its 166 members.

    DDG Ellard cautioned, however, that the system is under strain. The WTO Secretariat’s preliminary analysis suggests that recent tariff measures by the United States and others could lead to a contraction of global merchandise trade volumes of around 1% this year – a significant downward revision of nearly four percentage points from earlier projections.

    At the same time, she stressed that the WTO remains relevant, noting that despite new trade measures, 74% of global trade still flows under WTO Most-Favoured-Nation (MFN) terms. She emphasized that this demonstrates the multilateral system continues to function effectively and is worth preserving.

    DDG Ellard called for a level-headed approach, underscoring the need for calm and cooperation in today’s turbulent environment. She urged members to use WTO tools, including its committees and the dispute settlement system, for addressing trade concerns.

    “There is an opportunity for dialogue and cooperation to work through issues, including at the WTO,” DDG Ellard said, calling on businesses to advocate for the rules-based system.

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  • MIL-OSI Economics: Capetonians enjoy a Perfect Blend of Music and Technology at Galaxy KDay

    Source: Samsung

    Galaxy KDay made an extraordinary return on Saturday, 5 April 2025, setting the stage for a sensational celebration of music, technology, and lifestyle at the iconic Meerendal Wine Estate in Cape Town. A highly anticipated event on the entertainment calendar, Galaxy KDAY was a spectacular fusion of high-energy performances, cutting-edge technology, and vibrant cultural experiences, making it the ultimate destination for fans and tech enthusiasts alike.
     
    As per tradition, the event was powered by the collaboration between Samsung and Kfm 94.5, uniting two industry leaders to offer a seamless blend of music and technology. The partnership aimed to create a fully immersive experience, where attendees could enjoy world-class performances while engaging with innovative Samsung mobile technology.
     

     
    Samsung showcased the Galaxy S25 Series, offering concert-goers an exclusive opportunity to experience the latest in AI-powered features that make it a true AI companion. These groundbreaking features, including its advanced Nightography capabilities powered by the new 50MP Ultra-wide camera, enhanced the concert videography experience, enabling fans to capture stunning, high-quality videos even in low-light environments and at more ranges and angles – a true game-changer for concert lovers. Plus, with up to 31 hours of video playback, users can enjoy extended entertainment without worrying about battery life, ensuring they never miss a moment of the action.
     
    The festival brought together some of South Africa’s most celebrated artists, including the iconic Nasty C, the legendary DJ Kent, the dynamic Youngsta CPT, the ever-popular Mi Casa, and more, delivering unforgettable live performances that resonated deeply with the crowd. The line-up of diverse talent celebrated the rich cultural tapestry of South Africa, offering a unique experience that transcended music.
     

     
    “Galaxy KDay represents more than just a concert; it’s a celebration of creativity, culture, and cutting-edge technology. Our partnership with Kfm 94.5 allows us to create an event that pushes boundaries and brings people together to experience the best of both worlds – live music and the latest in mobile tech innovation,” said Kgomotso Mannya, Head of Marketing for Mobile eXperience at Samsung Electronics South Africa.
     
    The cultural vibrancy of Galaxy KDay was evident in every aspect of the event, from the awesome music to the good food and interactive experiences that showcased South Africa’s diverse heritage. The fusion of these elements resulted in an immersive atmosphere, enhancing the overall enjoyment of the day for everyone in attendance.
     
    With an impressive line-up, innovative technology, and a sense of cultural unity, Galaxy KDay 2025 has once again delivered on its promise of premium entertainment and undoubtedly set a new standard for music and tech festivals in South Africa.

    MIL OSI Economics –

  • MIL-OSI Economics: What we shared about Microsoft Azure Storage at KubeCon Europe 2025

    Source: Microsoft

    Headline: What we shared about Microsoft Azure Storage at KubeCon Europe 2025

    Wow, KubeCon + CloudNativeCon Europe 2025 in London was a fantastic time! Our Azure Storage team was thrilled to exchange insights and success stories at this vibrant community event. If you missed it, don’t worry! We are here to share what we showed off at the con: how we are enhancing performance, cost-efficiency, and AI

    Wow, KubeCon + CloudNativeCon Europe 2025 in London was a fantastic time! Our Azure Storage team was thrilled to exchange insights and success stories at this vibrant community event. If you missed it, don’t worry! We are here to share what we showed off at the con: how we are enhancing performance, cost-efficiency, and AI capabilities for your workloads on Azure.

    Optimize your open-source databases with Azure Disks

    Open-source databases such as PostgreSQL, MariaDB, and MySQL are among the most commonly deployed stateful workloads on Kubernetes. For scenarios that demand extremely low latency and high input/output operations per second (IOPS)—such as running these databases for transactional workloads—Azure Container Storage enables you to tap into local ephemeral non-volative memory express (NVMe) drives within your node pool. This provides sub-millisecond latency and up to half a million IOPS, making it a strong fit for performance-critical use cases. In our upcoming v1.3.0 update, we have made significant optimizations specifically for databases.

    Compared to the previous v1.2.0 version, you can expect up to a 5 times increase in transactions per second (TPS) for PostgreSQL and MySQL deployments. If you’re looking for the best balance of durability, performance, and cost for storage, Premium SSD v2 disks remains our recommended default for database workloads. Premium SSD v2 offers a flexible pricing model that charges per gigabyte and includes generous baseline IOPS and throughput for free out of the box. You can dynamically scale IOPS and throughput as needed, allowing you to fine-tune performance while optimizing for price-efficiency.

    At KubeCon, we demonstrated how developers could readily take advantage of local NVMe and Premium SSD v2 Disks to build their highly available and performant PostgreSQL deployments. If you want to follow along yourself, check out the newly republished PostgreSQL on AKS documentation below!

    Deploy PostgreSQL on AKS

    Accelerate your AI workflows with Azure Blob Storage

    Building an AI workflow demands scalable storage to host massive amounts of data—whether it’s raw sensor logs, high-resolution images, or multi-terabyte model checkpoints. Azure Blob Storage and BlobFuse2 with the Container Storage Interface (CSI) driver provide a seamless way to store and retrieve this data at scale. With BlobFuse2, you access blob storage just as a persistent volume, treating it like a local file system. With the latest version of Blobfuse2 – 2.4.1, you can:

    • Speed up model training and inference: BlobFuse2’s enhanced streaming support reduces latency for initial and repeated reads. Using BlobFuse2 to load large datasets or fine-tuned model weights directly from blob storage into local NVMe drives on GPU SKUs effectively optimizes the efficiency of your AI workflow.
    • Simplify data preprocessing: AI workflows often require frequent transformations—such as normalizing images or tokenizing text. By using BlobFuse2’s file-based access, data scientists can preprocess and store results directly in blob storage, keeping pipelines efficient.
    • Ensure data integrity at scale: When handling petabytes of streaming data, integrity checks matter. BlobFuse2 now includes improved CRC64 validation for data stored on local disk, ensuring reliable reads and writes, even when working with distributed AI clusters.
    • Parallel access of massive datasets: Implemented parallel downloads and uploads to significantly decrease the time required for accessing large datasets stored in blobs. This enhancement allows for faster data processing and increased efficiency, ensuring optimal utilization of GPU resources and improving training efficiency.
    Read the BlobFuse2 release notes

    Scale your stateful workloads with Azure Files

    Continuous Integration and Continuous Delivery/Deployment (CI/CD) pipelines, one of the popular stateful workloads, need shared persistent volumes to host artifacts in the repository, where Azure Premium Files is the storage of choice on Azure. These artifacts are stored in small files that incur heavy metadata operations on a file share. To speed up CI/CD workflows, the Azure Files team recently announced the general availability of metadata caching for premium SMB file shares. This new capability reduces metadata latency by up to 50 percent, benefiting metadata-intensive workloads that typically host many small files in a single share. At KubeCon, we showcased how metadata caching can accelerate repetitive build processes on GitHub, refer to the repo and try it out yourself.

    For less performance-demanding stateful workloads, Standard Files with the new Provisioned v2 billing model offers better cost predictability and control as shared persistent volumes. The Provisioned v2 model shifts from usage-based to provisioned billing, allowing you to specify required storage, IOPS, and throughput with greater scale. You can now expand your file share from 32 GiB to 256 TiB, 50,000 IOPS, and 5 GiB/sec throughput as your applications demand.

    Learn about v2 pricing

    KubeCon + CloudNativeCon was a wonderful opportunity to directly interact with developers and learn from our customers. As always, thanks to our customers and partners for contributing to the event’s value and significance, and we look forward to seeing you again in November for KubeCon North America!

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Announces Latest SmartThings Update

    Source: Samsung

    Samsung Electronics today announced an update to its global connected living platform, SmartThings — further enhancing the AI Home experience. SmartThings introduces new features and improvements each quarter to deliver a more convenient and seamlessly connected lifestyle for users.
     
    The highlight of this update is the integration of SmartThings with Samsung Health, designed to improve users’ sleep environments while enabling more personalized automation experiences. The update also expands Calm Onboarding to support a wider range of devices and adds compatibility with the Matter 1.4 standard.
     
    “SmartThings’ latest update represents our ongoing efforts to make the smart home more intuitive, connected and personalized,” said Jaeyeon Jung, Executive Vice President and Head of SmartThings at Samsung Electronics. “We’re excited to continue pushing the boundaries of smart home innovation by empowering users though enhanced personalization and automation, including sleep wellness.”
     
    Samsung Newsroom outlines some of the key changes below.
     
    ▲ (Left) A sleep environment summary card displayed in Galaxy Now Briefing, (Right) a detailed sleep environment report
     
    ▲ (Left) The automation routine setup screen with Samsung TV Plus actions, (Right) a broadcasting feature using SmartThings linked speakers
    * The UI in the above image may differ from the actual app screen or may be subject to change.
     
     
    Smarter Sleep Environments With Samsung Health Integration
    Sleep environment reports1 from Samsung Health on Galaxy devices help users create optimal conditions for rest by providing detailed insights into key factors — such as temperature, humidity, carbon dioxide levels and light intensity — through connected devices and sensors. These reports summarize the previous night’s sleep conditions and offer personalized suggestions for improvement.
     
    When paired with a Galaxy Watch or Galaxy Ring, the latest update enables SmartThings to automatically adjust the environment based on the user’s actual sleep and wake times.2 For example, routines can be set to turn off lights and the TV at bedtime or to open curtains and play music in the morning.
     

    Greater Flexibility With SmartThings Routines
    With the latest update, SmartThings now supports automation routines based on recurring schedules — weekly, monthly or annual — offering added flexibility for a variety of scenarios. For instance, users can automatically change the color of smart lights to celebrate special occasions like family birthdays.
     
    In addition, SmartThings routines now integrate with Samsung TV Plus on 2025 Samsung TV models. This allows users to include entertainment preferences in their smart home routines — whether it’s setting the TV to turn on the news in the morning or switching to a favorite channel at a preset time to ensure they don’t miss a show.
     
     
    Broadcasting via SmartThings-Connected Speakers
    A new broadcasting feature allows users to send voice messages across SmartThings-connected speakers, making in-home communication more convenient. For example, if a parent is away and sends a voice message through the SmartThings app — “I’ll be home soon, but have a snack from the fridge if you’re hungry” — it will automatically play on the designated home speaker. With real-time message delivery, families can stay connected no matter where they are.
     

    Expanding Calm Onboarding to More Devices
    Samsung has offered the Calm Onboarding3 feature since late 2023, streamlining setup for Samsung home appliances purchased through Samsung.com or official Samsung stores by linking the entire product journey — from order and delivery to connection with the SmartThings app.
     
    In the latest SmartThings update, Samsung is expanding Calm Onboarding beyond its own products to include compatible third-party smart home devices for a more seamless and intuitive connectivity experience. Users who purchase SmartThings-compatible smart home devices directly from Samsung.com will now receive purchase and delivery updates within the SmartThings app. Additionally, users will receive step-by-step onboarding instructions to simplify product setup. The rollout will begin in Korea, with plans to expand to other countries.4
     

    Matter 1.4 Support
    SmartThings continues to advance the IoT landscape by expanding its support for Matter 1.4. The latest version of the standard includes a wide range of energy management devices — such as water heater, heat pump, solar power device, battery storage device, mounted on/off control switch and mounted dimmable load control device. These newly supported device categories build on existing popular device types like lights, thermostats, switches, air conditioners, air purifiers, fans, door locks and more.
     
    By integrating AI-powered routines, broadening device compatibility and adopting the latest Matter standard, SmartThings reinforces its ongoing commitment to innovation — making the connected home more intelligent, energy-efficient and seamless for users and their families.
     
     
    1 The Sleep environment report feature is available on Samsung Galaxy smartphones running One UI 7.0 or later and Samsung Health version 6.29 or later. Availability may expand in the future. For more information on compatible devices that can measure sleep environments, refer to the Sleep condition report under the “How to Use” section in the SmartThings app.2 Setting routines based on sleep conditions may not be supported in certain countries. This feature is available on Samsung Galaxy smartphones with One UI 7.0 or Samsung Health version 6.29 or later, with plans for future expansion. A connected device capable of detecting sleep and wakefulness — such as Galaxy Watch4/5/6/7, Galaxy Watch Ultra, Galaxy Fit3 and Galaxy Ring — is required. For more information, refer to the “Accessories” section in the sleep tab of the Samsung Health app.3 As of April 2025, the Calm Onboarding feature for Samsung products is available in 14 countries including Korea, the United States, Australia, Brazil, France, Germany, Italy and the United Kingdom. Further expansion is planned throughout the year.4 This support is planned for countries where the IoT Marketplace, which sells SmartThings compatible smart home devices on Samsung.com, is available. It will be first applied in Korea and gradually expanded to other countries.

    MIL OSI Economics –

  • MIL-OSI Economics: WHAT THE CLASH? joins Apple Arcade in May, among five new games

    Source: Apple

    Headline: WHAT THE CLASH? joins Apple Arcade in May, among five new games

    April 8, 2025

    UPDATE

    Five new games join Apple Arcade in May, including WHAT THE CLASH?, an exciting addition to the award-winning WHAT THE GAMES? series

    A fun mix of five games joins Apple Arcade on May 1, including WHAT THE CLASH?, a quirky, fast-paced multiplayer game that combines playful activities like table tennis, archery, racing, and tag. Launching exclusively on Apple Arcade, WHAT THE CLASH? is the follow-up to indie developer Triband’s critically acclaimed racing comedy game WHAT THE CAR?, winner of Mobile Game of Year at the 2024 D.I.C.E. Awards.

    Players can also jump into with My Buddy, a cozy simulation game where players bond with and care for virtual puppies and kittens; LEGO Friends Heartlake Rush+, a fast-paced endless racing game; the popular word search game Words of Wonders: Search+; and SUMI SUMI : Matching Puzzle+, a charming matching game featuring popular San-X characters like Rilakkuma and Sumikko Gurashi. These new additions join Arcade’s hit collection of over 200 games, all free from ads and in-app purchases.

    WHAT THE CLASH? by Triband
    Play solo or challenge friends to one-on-one battles in this hilarious party game. Players unlock modifier cards to create absurd combos like giraffle, toasty archery, sticky tennis, milk the fish, and more. They’ll climb the leaderboards, enter tournaments, or find new card combinations to make each match a chaotic and fun surprise with quirky twists. With simple touch controls, everyone plays as The Hand, a charming and stretchy hand with legs that players can customize with hundreds of combinations of unlockable items like eye patches, dresses, and earrings. Competitors will have to outplay and outgoof their opponents as they go hand-to-hand with family and friends in some seriously silly showdowns.

    with My Buddy by Neilo Inc.
    Animal lovers will adore with My Buddy, a heartwarming game where players bond with a variety of dogs and cats, each with their own personality and appearance. Players will experience their pets’ growth, nurturing them through each stage of their lives and dressing them in unique outfits to express their individuality. With the ability to decorate their pets’ spaces and interact with them anytime, anywhere, this game brings the joy of companionship to life.

    LEGO Friends Heartlake Rush+ by StoryToys
    Race through Heartlake City with the LEGO Friends and their pets in this colorful, fast-paced adventure. Players can jump behind the wheel as Aliya, Autumn, Nova, Leo, Liann, and more, customizing their cars with unique colors, decals, tires, toppers, and trails. While speeding through vibrant streets, they must dodge obstacles and collect treasures, completing exciting missions to unlock amazing rewards.

    Words of Wonders: Search+ by Fugo Games
    In this hit word search game, players look for hidden words on the board while exploring iconic landmarks to uncover the secrets of the world. As they progress through levels themed around a variety of subjects, players will discover new words, challenge their knowledge, and strategize their way to success as they solve the mystery that words hide.

    SUMI SUMI : Matching Puzzle+ by Imagineer
    Featuring beloved characters like Rilakkuma and Sumikko Gurashi from Japanese character manufacturing company San-X, this game invites players into the charming world of kawaii matching puzzles. With simple tap-to-match mechanics, engaging yet relaxing gameplay, and beautifully designed maps, SUMI SUMI : Matching Puzzle+ offers a perfect blend of strategy and fun for fans of cute puzzle games.

    This month, players can also look forward to content updates to their favorite Arcade games, playable across iPhone, iPad, Mac, Apple TV, and Apple Vision Pro, including Hello Kitty Island Adventure, PGA TOUR Pro Golf, and WHAT THE CAR?.

    • Hello Kitty Island Adventure by Sunblink: April 16 marks the opening of the City Town Orchards, available only on Apple Arcade. Work with Keroppi, Usahana, and Wish me mell to help the city go green with rooftop fruit trees and delicious new offerings at the Imagination Cafe.
    • PGA TOUR Pro Golf by HypGames: Coinciding with the real-life tournament on April 17, players can tee off virtually at the RBC Heritage at Harbour Town Golf Links.
    • WHAT THE CAR? by Triband: On April 10, new skins, new levels, and a new map will be added in this “suspicious” update.

    This month also brings updates to popular games like Talking Tom Blast Park, Tomb of the Mask+, Three Kingdoms HEROES, Drive Ahead! Carcade, Ridiculous Fishing EX, A Slight Chance of Sawblades+, Skate City: New York, and more.

    Pricing and Availability

    • Apple Arcade is available for $6.99 (U.S.) per month with a one-month free trial. Customers who purchase a new iPhone, iPad, Mac, or Apple TV receive three months of Apple Arcade for free.1
    • Apple Arcade is part of Apple One’s Individual ($19.95 U.S.), Family ($25.95 U.S.), and Premier ($37.95 U.S.) monthly plans, with a one-month free trial.2
    • Arcade Originals are playable across iPhone, iPad, Mac, Apple TV, and Apple Vision Pro. App Store Greats are available on iPhone, iPad, and Vision Pro.
    • An Apple Arcade subscription gives a family of up to six unlimited access to all the games in its catalog.
    • Availability for the 200+ games across devices varies based on hardware and software compatibility. Some content may not be available in all areas.
    1. This offer is available to new subscribers only. One subscription covers one Family Sharing group. The offer is good for three months after eligible device activation. The plan automatically renews until canceled. Restrictions and other terms apply.
    2. The Apple One free trial includes only services that are not currently used through a free trial or a subscription. The plan automatically renews after the trial until canceled. Restrictions and other terms apply.

    Press Contacts

    Peter Nguyen

    Apple

    pete_nguyen@apple.com

    Jennifer Tam

    Apple

    jennifer_tam@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Economics: Tune In: 10 U.S. Public Schools. One Impactful STEM Competition. Who Will Win?

    Source: Samsung

    The excitement is building as Samsung Electronics America hosts the final round of its 15th annual Samsung Solve for Tomorrow competition on April 28, 2025 at Samsung DC in the heart of our nation’s capital. Ten National Finalist teams—each already awarded a $50,000 prize package of Samsung technology and classroom supplies—will take the stage to pitch their groundbreaking STEM (Science, Technology, Engineering, and Mathematics) solutions to community challenges. But only three will emerge as National Winners, each securing a $100,000 prize package for their schools—part of more than $2 million in prizes up for grabs.
    Be part of the action by tuning in to the livestream right here:
    National Finalists Pitch Event: Monday, April 28, 2025 |9:00 a.m. – 11:30 a.m. ET
    National Winners Reveal Event: Monday, April 28, 2025 | 5:30 p.m. – 7:00 p.m. ET

    MIL OSI Economics –

  • MIL-OSI Economics: Insurance Corporation of the Channel Islands Limited

    Source: Isle of Man

    Notice is hereby given that Insurance Corporation of the Channel Islands Limited which was authorised under section 22 of the Insurance Act 2008 as a permitted insurer has surrendered its permit with effect from 8 April

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the Amity Circle Retreat III in Malaysia

    Source: ASEAN

    At the invitation of H.E. R.M. Marty M. Natalegawa, former Foreign Minister of the Republic of Indonesia and the Founder of Amity Circle, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will participate in the Amity Circle Retreat III, scheduled to take place in Kuala Lumpur, Malaysia, on 10 to 11 April 2025.
    The post Secretary-General of ASEAN to participate in the Amity Circle Retreat III in Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: New Report: Market Reforms to Harness Energy Storage and Strengthen Regional Grid Reliability

    Source: American Clean Power Association (ACP)

    Headline: New Report: Market Reforms to Harness Energy Storage and Strengthen Regional Grid Reliability

    Analysis Details Electricity Market Design Reforms to Unlock the Potential of Storage 
    WASHINGTON, D.C., April 8, 2025 — Today the American Clean Power Association (ACP) released an Energy Storage Market Reform Roadmap and analysis produced by the Brattle Group, outlining several key reforms that regional grid operators can enact to leverage the unique capabilities of energy storage technologies.  
    While some regions of the United States have made progress integrating energy storage into energy resource portfolios, several organized electricity markets have yet to unlock the benefits of energy storage. Energy storage is designed to enhance grid reliability and improve the integration and operation of all energy resources. California and Texas have demonstrated that with updated market rules, energy storage delivers substantial value and complements both thermal and renewable generation to meet the unique reliability needs of each region. 
    “Energy storage technologies add a new dimension of flexibility and efficiency to our electric grid,” said ACP VP of Energy Storage Noah Roberts. “Energy storage has proven to boost reliability and lower energy costs. In Texas, the state added 5 GW of energy storage in one year, eliminating calls for customers to reduce electricity use during historic summer heat, stabilizing the grid through volatile winter storms, all the while delivering more than a billion dollars in energy cost savings. This roadmap outlines actionable steps to better utilize energy storage to deliver reliable and affordable power across the United States.” 
    Progress Since FERC Order 841Before FERC Order 841, energy storage faced broad and significant barriers to participating in U.S. wholesale electricity markets. Participation was limited by market rules designed primarily for traditional power generation technologies. Where deployment is encouraged and barriers have been removed, energy storage resources have helped prevent blackouts and reduce pressure on consumers during historic winter and summer events, while delivering significant cost-savings. 
    Reforms to U.S. Markets to Deploy Energy Storage Boosts Reliability 
    In several regions, there are substantial opportunities for reforms that will enable energy storage to participate in boosting the reliability and resilience of our power grid – while also alleviating utility bill impacts from historically high capacity prices. 
    The American electric grid faces surging demand for more power, creating a need to quickly build and connect more resources and improve flexibility. Energy storage is a proven solution to affordably scale energy supply and grid capacity in a way that makes the grid more efficient and resilient. However, without modernization of market rules, energy storage resources will be restricted from contributing to regional grid reliability, risking economic growth and energy security.  
    “Many existing rules around energy markets were developed prior to the advancement of new technologies. As electricity grids struggle to keep pace with the feverish growth in energy demand across the country, every electron of power counts,” said Stephanie Smith COO of Eolian. “Battery energy storage helps both thermal and renewable energy technologies optimize their participation and increase reliability and resilience by providing power when and where it is needed quickly. By updating existing rules to account for new technologies, regional electricity markets can enhance grid performance and lower costs for consumers.” 
    Energy Storage Industry Advancing Reliability Solutions 
    Updates and reforms can make considerable improvements to electricity markets. Recently, PJM began changing its Surplus Interconnection Service (SIS) rules, which would accelerate the deployment of energy storage to support and enhance sites with existing energy generation. Regional grid operators are poised and well positioned to make additional impactful reforms.  
    In the central region of the United States, an updated approach to MISO’s capacity accreditation modeling can help realize the reliability benefits and operational flexibility that storage has delivered in states like Texas and California. 
    In the Midwest and Mid-Atlantic, PJM can amend rules that would allow energy storage facilities to deliver power when it’s needed most, harnessing the technology’s ability to quickly react to real-time market conditions. 
    In New York, the ISO can make changes to better enable energy storage to efficiently match power supply with demand, saving money and improving grid stability.  
    ACP and its members are committed to collaborating with regional grid operators, state policymakers, and stakeholders to advance reforms that enhance grid reliability and lower costs for Americans. 
    “Alliant Energy is dedicated to pioneering energy solutions that benefit our customers and communities,” said Ben Lipari, Vice President of Commercial Operations for Alliant Energy. “Battery energy storage, including long-duration energy storage systems, such as our Columbia Energy Dome Project, represent our commitment to deploying new grid technologies supporting the evolving mix of renewable energy and traditional energy sources to deliver what matters most to our customers, communities and the region – reliably, responsibly and affordably”. 
    “As Jupiter Power is demonstrating by the near-term expansion of its operating portfolio outside of ERCOT, there is an opportunity for regional electric grids to deploy the unique attributes of storage to meet rising demand from data centers and other large new loads,” said Caitlin Smith, Vice President of Policy & Corporate Communications for Jupiter Power. “Batteries are the most dispatchable resource on the grid and this important roadmap highlights BESS as a tool not only for capacity but also to manage the quick fluctuations on the grid, day-ahead uncertainty, and local congestion.” 
    “Energy storage is a game-changing tool that is already making our nation’s grid stronger. As Clearway continues to harness the power of our existing storage fleet and expand with new investments across the country, we recognize the urgent need for energy markets to evolve and fully capture the unique benefits of storage technologies.” said Hannah Muller, Senior Director of External & Market Affairs for Clearway. “We look forward to collaborating with ACP and regional grid operators to update market rules, and this roadmap will catalyze the acceleration of this work.” 
    Find the full analysis, the executive summary, and the ISO-specific roadmaps on cleanpower.org. 
    ### 

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Announces Collaboration with Stanford Medicine to Advance Sleep Apnea Detection and Beyond

    Source: Samsung

    Samsung Electronics Co., Ltd. and Stanford University today jointly announced a research project with Stanford Medicine to initiate an innovative health solution based on Samsung’s obstructive sleep apnea (OSA) feature1 which has received De Novo — the first of its kind authorization — by the United States Food and Drug Administration (FDA). In recognition of World Health Day, this project underscores the importance of sleep in overall health by taking further steps in proactive care, beginning with a pioneering study.
    Led by professor Robson Capasso as principal investigator and professor Clete Kushida as co-principal investigator, the joint study is designed to explore potential ways to further enhance Samsung’s Sleep Apnea feature to better support sleep health through timely interventions. Looking ahead, efforts will focus on going beyond detection by leveraging AI technology for daily monitoring to sleep apnea management, empowering users with the best possible sleep tools to improve their health.

    Samsung’s Sleep Apnea feature on the Galaxy Watch2, which detects signs of moderate to severe obstructive sleep apnea, previously received authorization by the US FDA following approval by Korea’s Ministry of Food and Drug Safety (MFDS). With its latest approval by Brazil’s National Health Surveillance Agency (ANVISA), the feature will become available to users in Brazil in late April, increasing availability to 29 markets globally. The Sleep Apnea feature will continue to be expanded to more countries around the world, allowing more people to proactively spot symptoms earlier, which help prevent further long-term OSA health-related complications.
    “The ethical, equitable and evidence-based use of technology, after its validation through research is crucial in developing new approaches to detection and management of sleep apnea and other serious sleep-related health conditions,” said Robson Capasso, MD, FAASM, Chief of Sleep Surgery, Professor of Otolaryngology and Head and Neck Surgery, former Associate Dean of Research, Stanford University School of Medicine. “We are excited about this groundbreaking collaboration and proud to be initiating a study utilizing smartwatches, a friendly and commonly accepted wearable”
    “This collaboration with Stanford Medicine will combine our deep technological expertise with Stanford’s leading research capabilities to unlock new innovation in preventive care,” said Dr. Hon Pak, Senior Vice President and Head of the Digital Health Team, Mobile eXperience Business, Samsung Electronics. “Together, we aim to move beyond screening to also provide more meaningful daily support that helps people better understand and manage their sleep health.”

    MIL OSI Economics –

  • MIL-OSI Economics: Innovators in Action: How IIT Graduates at SRI-N are Shaping the Future of Technology

    Source: Samsung

    Meet the next generation of innovators—students from India’s top IITs, who are redefining what is possible at Samsung R&D Institute Noida (SRI-N).
     
    Established in 2007 with the primary focus of mobile software development and testing, SRI-N is actively involved in developing localized and advanced solutions to suit market needs for South West Asia and develop models for Middle East Asia, North America (USA and Canada), Europe & CIS regions.
     
    Nestled in a sprawling lush green campus on the Noida-Greater Noida Expressway in Delhi NCR, SRI-N is a launchpad for innovation, where some of the country’s most brilliant young minds come together to push boundaries and bring ideas to life.
     
    (L-to-R) Gajendra Nawal, Subhashish Moitra, Harsh Pratik, Lalit Kumar, and Yash Verma
     
    Take for instance, Lalit Kumar, an engineer in SRI-N’s Android Application team, who always knew he wanted to work at a place that values innovation.
     
    Similarly, Yash Sharma, an engineer working on sensor drivers, said, “The brand value, the research-driven culture, and the hunger for innovation are unparalleled. At Samsung, we don’t just follow trends—we set them.”
     

    Freedom to Create and Execute Ideas
    One of the defining aspects of life at SRI-N is the freedom to think, create, and innovate. Interns and young engineers are encouraged to push the boundaries of what is possible. Whether it’s developing new AI-driven smartphone features or working on breakthrough semiconductor technologies, every idea is valued and nurtured.
     
    Harsh Pratik, an Android Application engineer, highlighted the level of support young engineers receive.
     
    Harsh Pratik, an Android Application engineer, highlighted the level of support young engineers receive. “We are completely free to share our ideas, especially when it comes to research and patents. Experienced engineers are always there to guide us, and if an idea has potential, Samsung provides every possible resource to bring it to life,” he said.
     
    “Since day one, I have been part of projects that are dedicated to providing high-quality, innovative solutions. The exposure, learning, and responsibilities keep me motivated to do my best.” – Subhashish Moitra
     
     
    Subhashish Moitra
     
    This freedom to explore and innovate extends beyond work—it is a mindset that Samsung cultivates in its employees. Shubhashish Moitra, who works in AI and machine learning, believes that Samsung’s encouragement of new ideas makes all the difference.
     

    A Culture of Mentorship and Collaboration
    For young engineers, working at Samsung means being surrounded by some of the best minds in the industry. The collaborative work environment ensures that everyone from fresh recruits to experienced mentors is constantly learning from each other. “Every day is an opportunity to learn from incredibly talented individuals who bring diverse perspectives and deep technical expertise,” said Gajendra Nawal, Chief Engineer in the Service Framework team.
     
    “Samsung has always been a hub of innovation, delivering the best and most reliable products worldwide. When I got the opportunity to be part of this culture, I knew I was exactly where I wanted to be.” – Lalit Kumar
     
    Lalit Kumar
     
    The openness of senior engineers and team leaders plays a huge role in fostering innovation. “If we get stuck on an issue, we can always reach out to our seniors. They are welcoming and always ready to help,” said Lalit Kumar.

    Patent Culture: Encouraging Young Innovators
    Samsung’s commitment to innovation is reflected in its strong focus on patents and intellectual property. The company has dedicated Ideation Teams that help young engineers refine their ideas into patentable innovations. Yash Sharma, who is actively working towards filing a patent, said, “One of the most striking aspects of Samsung’s culture is its approach to patents. Every idea, no matter how big or small, is discussed, evaluated, and supported.”
    “For those who have always dreamt of making a mark in the world of technology, this is the perfect place to start. Even engineers who have not worked on patents yet are actively exploring and learning about the process. “I am eagerly going through ideations and learning how to contribute to Samsung’s vast portfolio of innovations,” said Harsh Pratik.
     

    Impacting Millions, One Innovation at a Time
    Beyond the technical excellence and mentorship, what truly makes SRI-N special is the impact its engineers create. Every project they work on—whether it is AI-driven smartphone enhancements, advanced semiconductor technologies, or next-gen software solutions—touches millions of lives worldwide.
    For young engineers, Samsung is more than just a workplace—it is a platform to dream, build, and lead the future of technology. And, as they continue to innovate, their journey at SRI-N is shaping not only their own futures but also the future of the tech world itself.

    MIL OSI Economics –

  • MIL-OSI Economics: Airbus launches the A220 Airspace cabin with Air Canada

    Source: Airbus

    Headline: Airbus launches the A220 Airspace cabin with Air Canada

    The A220 is joining the Airspace cabin Family and will take off for the first time with launch customer Air Canada. The new A220 cabin will boast the full Airspace suite including new Airspace XL bins with deliveries starting in early 2026.

    MIL OSI Economics –

  • MIL-OSI Economics: Airbus lance la cabine A220 Airspace avec Air Canada

    Source: Airbus

    Headline: Airbus lance la cabine A220 Airspace avec Air Canada

    L’A220 rejoint la famille des cabines Airspace et décollera pour la première fois avec le client de lancement Air Canada. La nouvelle cabine de l’A220 sera équipée de toute la gamme Airspace, y compris les nouveaux compartiments à bagages Airspace XL dont les livraisons commenceront au début de l’année 2026.

    MIL OSI Economics –

  • MIL-OSI Economics: Indian stock market outlook mixed as US-facing sectors brace for tariff impact, says GlobalData

    Source: GlobalData

    Indian stock market outlook mixed as US-facing sectors brace for tariff impact, says GlobalData

    Posted in Business Fundamentals

    Following the significant sell-off in the Indian stock markets on 07 April 2025, coupled with a sharp rebound the following day;

    Jaison Davis, Economic Research Analyst at GlobalData, a leading data and analytics company, provides his perspective:

    “On 07 April 2025, the Indian stock market experienced a significant downturn, with the BSE Sensex and NSE Nifty recording their sharpest single-day declines of the year. This sell-off was triggered by the 26% US tariff on Indian imports, which led to widespread investor panic and the decline resulted in an estimated loss of $16.8 billion-$22.8 billion in market capitalization in just one trading session.

    “The downturn was broad-based, impacting nearly all sectors. The Nifty Metal index suffered the most due to fears of reduced industrial demand amid concerns of a potential US recession. The Nifty IT index also faced losses exceeding 2%, reflecting its high exposure to the US market. Other sectors, including auto, realty, and financials, experienced substantial declines. Broader market indices, such as the BSE Midcap and Smallcap indices, saw even steeper losses, indicating that negative sentiment extended beyond large-cap stocks. The India VIX, a measure of market volatility, surged over 65%, signaling heightened anxiety among investors regarding trade implications.

    “The Indian market’s decline was part of a broader global sell-off, with Asian markets experiencing their worst single-day fall in over a decade. This synchronized downturn highlights the interconnectedness of global economies amid concerns over potential trade wars. The outlook for the Indian stock market remains mixed, with short-term volatility expected as investors assess the implications of the tariffs and await developments in trade negotiations. The sectors heavily reliant on the US market, such as IT and textiles, may face challenges immediately, while domestic demand-driven sectors like FMCG and infrastructure could show resilience.

    “On 08 April 2025, the Indian stock market rebounded significantly, with Sensex and Nifty surged more than 1.5% in early trades of the day, driven by a global market recovery and optimism over potential easing of US trade tariffs. Strong buying from domestic institutional investors, despite foreign institutional selling, contributed to this rebound. Broad-based gains across sectors like banking, IT, and FMCG further supported the recovery. However, the sustainability of this rebound remains uncertain, hinging on global trade developments, the Reserve Bank of India’s monetary policy, and ongoing market volatility, necessitating cautious investor sentiment.”

    MIL OSI Economics –

  • MIL-OSI Economics: Tariffs stir inflation fears in US but offer targeted industry gains, says GlobalData

    Source: GlobalData

    Tariffs stir inflation fears in US but offer targeted industry gains, says GlobalData

    Posted in Business Fundamentals

    The imposition of steep US tariffs on imports is expected to weigh on household consumption and economic growth in the near-term, while offering limited relief to select domestic industries such as steel, according to GlobalData, a leading data and analytics company.

    GlobalData’s Macroeconomic Outlook reveals that the US GDP growth is forecast to slow to 2.0% in 2025 and further to 1.9% in 2026, compared to 2.8% in 2024. Real household consumption expenditure is projected to grow at a slower pace of 2.2% in 2025, reflecting increased economic uncertainty and the inflationary impact of tariffs on consumer goods, particularly imported automobiles.

    Gayatri Ganpule, Economic Research Analyst at GlobalData, comments: “The new tariffs introduced in early April 2025 have triggered a wave of market volatility and investor concern. The S&P 500 fell by 4.8% following the announcement, while the US dollar weakened. Although the tariffs aim to protect domestic manufacturing and reduce trade imbalances, they are likely to fuel inflation by increasing the cost of imported goods, notably vehicles and auto parts, which are essential household expenses.”

    The 25% tariff on foreign-manufactured automobiles is expected to directly contribute to a rise in the Consumer Price Index (CPI), which could constrain the Federal Reserve’s ability to ease interest rates. This may result in prolonged higher borrowing costs, further pressuring consumer confidence and investment momentum. However, certain industries have seen positive impacts.

    The domestic steel sector, for example, has experienced a surge in benchmark hot-rolled coil prices, up more than 30% since January 2025, leading to stronger performance for firms like Nucor and Steel Dynamics. Moreover, the Congressional Budget Office anticipates $800 billion in customs revenue over the next decade.

    Ganpule concludes: “While the broad-based tariffs present significant economic risks, targeted measures have provided a lifeline to struggling industries. Striking the right balance between domestic industry protection and inflation management will be critical for sustaining long-term economic stability in the US.

    MIL OSI Economics –

  • MIL-OSI Economics: Great Depression trends on social media amid rising US tariff fears, reveals GlobalData

    Source: GlobalData

    Great Depression trends on social media amid rising US tariff fears, reveals GlobalData

    Posted in Business Fundamentals

    The concept of the “Great Depression” has gained traction among the social media influencers in first week of April 2025, largely driven by discussions surrounding the US tariff turmoil and concerns about potential economic downturns. The surge in discussion is closely tied to comparisons being drawn between the current economic policies, particularly tariffs, and those enacted during the lead-up to the Great Depression, specifically the Smoot-Hawley Tariff Act of 1930, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    The increased tariffs have become a central point of discussion, triggering concerns about potential trade wars, slower GDP growth, and overall economic instability.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers, largely concerned and apprehensive, are using the historical context of the Great Depression to frame their analysis of current economic trends and policies, drawing direct parallels to the events preceding the depression and sparking wider conversations about potential consequences.

    “Certain influencers express grave concern that tariffs, with the US rates potentially escalating and surpassing the peak of the Smoot-Hawley era, may precipitate a global trade war and inflict substantial damage upon the economy. They also point out that the implementation of tariffs could result in higher prices for consumers, reduced global competitiveness for the US companies, and, consequently, a broader economic downturn.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management:

    “This was a historic week We just witnessed the biggest economic policy mistake since the Great Depression And they don’t even care”

    1. Phillips P. OBrien, Professor of Strategic Studies at University of St Andrews:

    “Amazing that Trump talked about the Great Depression and forgot the Smoot-Hawley Tariff–which he seems to be emulating pretty closely….”

    1. Jason Goepfert, Consultant at White Oak Consultancy LLC:

    “Futures indicate another loss in the Dow Industrials greater than -3%. Futures are finicky, but that’d be its 3rd consecutive loss greater than -3%. Since 1896 – 129 years of history – this only occurred during the Great Depression.”

    1. Steve Hanke, Professor of Applied Economics at Johns Hopkins University:

    “The US economy has developed some tell-tale signs of the Great Depression. The money supply has contracted. That means an economic slowdown is BAKED IN THE CAKE. Like the Smoot-Hawley Tariffs of 1930, Trump’s tariffs are putting massive downward pressure on the economy.”

    1. Shane Wright, National Economics Correspondent:

    “Trump re-writing the history of the Great Depression, saying wouldn’t have happened if the US had stayed with tariffs. Of course, the Smoot-Hawley tariffs made worse the depression which wasn’t caused by tariffs…”

    MIL OSI Economics –

  • MIL-OSI Economics: GlobalData forecasts uveitis market across 7MM to reach $1.5 billion

    Source: GlobalData

    GlobalData forecasts uveitis market across 7MM to reach $1.5 billion

    Posted in Pharma

    The uveitis market in the seven major markets (7MM: the US, France, Germany, Italy, Spain, the UK, and Japan) is set to grow from $522.5 billion in 2023 to $1.5 billion in 2033, driven by the entry of therapies with new mechanisms of action and route of administration into the market, as well as the growth of the uveitis population, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Uveitis: Opportunity Assessment and Forecast,” reveals that the growth will be supported by the anticipated launch of six novel pipeline agents, two of which are projected to launch across the 7MM, coupled with the growing uveitis population throughout the forecast period.

    Sara Reci, MSc, Managing Pharma Analyst at GlobalData, comments: “While the use of corticosteroids are well-established in the uveitis space, their side effects profile makes them fall short. The key opinion leaders (KOLs) interviewed by GlobalData emphasized that the most pressing unmet needs in the management of uveitis included improving the safety and side-effect profile, longer acting therapies, drugs with other mechanisms of action, and greater awareness and education of physicians.”

    Looking ahead, the late-stage pipeline products that are anticipated to reach the uveitis market during the forecast period will introduce new mechanisms of action.

    These include Tarsier Pharma’s TRS-01, an angiotensin-converting enzyme 2 activator, neuropilin-1 antagonist, and toll like receptor family inhibitor administered as eye drops; Priovant Therapeutics’ PF-06700841-15 (brepocitinib tosylate), a non receptor tyrosine protein kinase TYK2 inhibitor and tyrosine protein kinase JAK1 inhibitor administered orally; Eli Lilly’s Olumiant (baricitinib), a tyrosine protein kinase JAK1 inhibitor, tyrosine protein kinase JAK2 inhibitor, administered orally; Kiora Pharmaceuticals’ KIO-104, a dihydroorotate dehydrogenase quinone mitochondrial inhibitor, administered intravitreally; and Roche’s EBI-031 (vamikibart), an IL-6 inhibitor administered intravitreally.

    Furthermore, Oculis Holding’s OCS-02 (licaminlimab), a TNF inhibitor in late-stage pipeline development, introduces the first monoclonal antibody with an ophthalmic route of administration into the uveitis space.

    Reci continues: “All in all, these late-stage pipeline candidates are of great benefit within the uveitis space, especially in the cases of patients who do not respond well to existing treatment options.”

    While the uveitis market is projected to grow in the forecast period across the 7MM, it may face some challenges. KOLs have noted that despite the side effects associated with corticosteroids, they have a proven track record in being effective and quick-acting.

    Reci concludes: “Pipeline agents will face difficulty in proving that their efficacy matches that of corticosteroids. Furthermore, an anticipated high cost of therapy associated with pipeline agents may impact the drugs’ shares of the market once they reach the uveitis market. Nonetheless, the launch of late-stage pipeline therapies with new mechanisms of action, routes of administration, and longer treatment intervals will undoubtedly be a driving force for market growth in the uveitis space.”

    MIL OSI Economics –

  • MIL-OSI Economics: The Development Monitoring and Evaluation Office (DMEO) of NITI Aayog and New Development Bank’s Independent Evaluation Office (IEO) Sign a Statement of Intent to Strengthen Independent Evaluation in India

    Source: New Development Bank

    New Delhi, India, 7 April 2025: The Development Monitoring and Evaluation Office (DMEO) of the National Institution for Transforming India (NITI Aayog) and the Independent Evaluation Office (IEO) of the New Development Bank (NDB) have signed a statement of intent to enhance cooperation in the field of independent evaluation and capacity-building.

    The statement of intent establishes a framework for strategic and technical collaboration between DMEO and IEO, supporting evidence-based policymaking and improving development effectiveness. The partnership will focus on knowledge exchange, evaluation capacity-building, and awareness initiatives to reinforce India’s evaluation landscape.

    Key areas of cooperation between DMEO and IEO include:

    • Technical assistance: Sharing expertise and best practices in independent evaluation methodologies.
    • Capacity-building: Organising workshops and training programmes to strengthen technical capabilities at national and state levels.
    • Knowledge-sharing: Facilitating exchange of methodologies, tools and evaluation approaches.
    • Awareness and communications: Joint activities to promote M&E, including conferences, stakeholder meetings and learning events.

    In her message on this occasion, Ms. Nidhi Chhibber, Director-General, DMEO, NITI Aayog, stated, “By bringing together the expertise of DMEO, NITI Aayog and IEO, NDB, the partnership will facilitate the sharing of technical knowledge, development of methodologies, and capacity building, leading to a more synergistic and strengthened monitoring & evaluation ecosystem”.

    In his remarks, Mr. Ashwani K. Muthoo, Director General, IEO, NDB, noted, “With 26 projects worth USD 8.6 billion financed in India since 2016, NDB is deeply committed to supporting the country’s development journey. Independent evaluation ensures that these investments yield sustainable results. Through this collaboration with DMEO, we aim to not only enhance evaluation capacity but also contribute to India’s long-term development goals by strengthening accountability, evaluation-based knowledge-sharing and evidence-driven decision-making”.

    NDB’s portfolio in India spans critical sectors such as transport infrastructure (with 55% of its projects focused on this sector), water and sanitation (16%), renewable energy (3%), and COVID-19 emergency assistance (23%). These projects are spread across 13 states and union territories, with four initiatives having a nationwide scope.

    This partnership underscores NDB’s commitment to supporting India’s development agenda and reinforces its role in fostering sustainable and inclusive growth.

    About the New Development Bank

    NDB is a multilateral bank established in 2015 by Brazil, Russia, India, China and South Africa (BRICS) with the aim of mobilising resources for infrastructure and sustainable development projects in BRICS countries and emerging markets and developing countries (EMDCs). In alignment with its members’ development objectives and commitments under the Sustainable Development Goals (SDGs) and the Paris Agreement, NDB prioritises high-impact operations that are climate-smart, disaster-resilient, technology-integrated, and socially inclusive. NDB’s Independent Evaluation Office (IEO) is responsible for independently evaluating the Bank’s policies, strategies, processes, initiatives and operations. IEO also contributes and provides oversight to improve the effectiveness of the Bank’s quality assurance and self-evaluation activities.

    About the Development Monitoring and Evaluation Office (DMEO)

    DMEO was established by the Government of India on 18th September 2015, as an attached office of the NITI Aayog by merging the erstwhile Program Evaluation Office and Independent Evaluation Office. To ensure that DMEO is able to function independently, it has been given separate budgetary allocations and manpower in addition to complete functional autonomy. The Programme Evaluation Organization (PEO) was established by the Government of India in October 1952 with a specific task of evaluating the community development programmes and other intensive area development schemes which were being funded by the Government of India. It worked as a division of the erstwhile Planning Commission and was headed by an Adviser (PEO) who reported to the Member, Planning Commission. PEO had 15 field units (7 Regional Evaluation Offices + 8 Project Evaluation Offices) located across the country. In an effort to accord more functional autonomy to the programme evaluation mechanism in the country, the Government of India established the Independent Evaluation Office (IEO) in November, 2010. The IEO was headed by a Director General, equivalent to a Union Minister of State in rank and status.

    MIL OSI Economics –

  • MIL-OSI Economics: Phillips 66 Files Definitive Proxy Statement and Issues Letter to Shareholders

    Source: Phillips

    Highlights Results of Transformative Strategy and Path to Future Value Creation
    Demonstrates Elliott’s Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value
    Urges Shareholders to Vote “FOR” ONLY Phillips 66’s Nominees on the WHITE Proxy Card

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting.
    In addition, the Board wrote a letter to shareholders that highlights valuable information to make an informed voting decision, including:
    The consistent, compelling value Phillips 66 delivers for its shareholders;
    The bold steps Phillips 66 has taken to drive shareholder value under Mark Lashier’s leadership;
    Progress made across business areas and future actions that will drive continued outperformance;
    Phillips 66’s track record of allocating capital effectively and prioritizing consistent shareholder returns across economic and industry cycles; and
    How Elliott’s misguided proposals will disrupt Phillips 66’s momentum by pushing for irreversible change that will destroy shareholder value.
    Phillips 66 also published a video on Phillips66Delivers.com, which reiterates Phillips 66’s differentiated platform, transformative strategy, approach to capital allocation and history of engagement with Elliott Investment Management (“Elliott”).
    The full text of the Board’s letter to shareholders follows:
    Dear Fellow Shareholders,
    Thank you for your investment in Phillips 66 and your continued support.
    The Board is committed to protecting your investment and focused on sustainable long-term value creation. For twelve years, we reliably grew our dividend and consistently returned capital to shareholders, delivering more than $43 billion1 in cumulative shareholder distributions.
    Phillips 66’s Strategy Delivers Consistent and Compelling Long-Term Value
    Our ability to continue to deliver long-term value for you is on the line – and your vote at our 2025 Annual Meeting is very important to us.
    You face an important choice regarding your Phillips 66 investment:
    On one side isa Board and management team implementing a clear transformative strategy that has delivered results. The strategy is in its early stages and has significant room to deliver further value.
    On the other side isan activist hedge fund pushing an aggressive short-term agenda– including a rushed breakup of our Company based on flawed analysis – that would introduce unnecessary risk and disruption, slow our momentum and jeopardize your invested capital and long-term returns.
    We do not dismiss Elliott’s ideas – in fact, we’ve welcomed their ideas throughout our entire engagement with them. We encourage healthy debate in the board room and that spirit extends to how we incorporate shareholder feedback. We care about finding the right path to drive the highest value for your investment.
    Given our assessment of where Phillips 66 is in its strategy, current market conditions and specific costs and risks related to Elliott’s thesis, we believe pursuing their ideas puts your investment at risk.
    Elliott continues to use its activist playbook to avoid collaboration, cloud the discussion and drive a false narrative to promote their short-term agenda. Meanwhile, Phillips 66’s Board and management team are taking bold steps to drive shareholder value.
    Phillips 66 is in the Early Innings of a Deliberate Transformation
    Under CEO Mark Lashier’s leadership since July 2022, Phillips 66 has made a series of bold decisions for shareholders, including:
    Returning $13.6 billion to shareholders;1
    Nearly doubling EBITDA contributions from our Midstream segment from 2021 levels;
    Divesting a total of $3.5 billion in assets;
    Announcing plans to cease operations at our Los Angeles refinery; and
    Fulfilling our commitment to substantially reduce controllable costs.
    These are significant actions where the benefits to shareholders are just starting to be realized. Since Mark became CEO, we have delivered strong total shareholder returns, significantly outperforming a weighted average of our proxy peers2 – 67%3 vs 42%3.
    Phillips 66’s Strategy and Current Initiatives are Built for Consistent Returns While Providing Shareholders with Meaningful Upside
    Elliott wants a quick win by breaking up the Company, based on inflated and unrealistic assumptions. As we continue to execute our strategy, we are confident we will continue to deliver outperformance for our shareholders.
    The path to additional shareholder value is in the ongoing efforts across our business, including:
    Phillips 66 has a track record of allocating capital efficiently and generating high returns on invested capital. Since 2015, we have delivered Return on Capital Employed (“ROCE”)4 of 11%, outperforming the weighted average of our proxy peers. We achieved this by being highly selective when deciding where to deploy our capital within the business. This proven and disciplined approach to capital allocation will help deliver value for our shareholders.
    Since our formation in 2012, we have returned more than $43 billion to shareholders through dividends and share repurchases1. We have grown our dividend at a 15% Compound Annual Growth Rate (“CAGR”). The dividend we pay to our shareholders has grown every single year since we have been a publicly traded company.
    So, What is at Risk with Elliott’s Proposals?
    Elliott seeks rapid, irreversible change in pursuit of an unrealistic thesis – and risks halting the momentum on our long-term value-creating strategic plan.
    Elliott’s thesis jeopardizes shareholders’ realization of value from our long-term strategy.
    Their thesis is inherently based on short-term market fluctuations, aspirational valuations and unrealistic assumptions.
    Elliott’s analysis of a potential spin of the midstream business understates one-time costsand ongoing dis-synergies.
    Their analysis of a potential sale of the midstream business unrealistically asserts that cash buyers exist at a $50 billion price tag and would pay for 100% of synergies, both of which are highly unlikely. In addition, tax leakage costs could be as high as $10 billion.
    Elliott’s analysis notably excludes external factors, such as the timing risk of valuations in commodity businesses, which can significantly impact transactions in our industry.
    The Board is committed to thoroughly evaluating Phillips 66’s portfolio to maximize long-term shareholder value. We debate these topics rigorously and always carefully review all options, but we will not favor short-term decision making under the pressure of one shareholder at the expense of all others.
    To Sum it All Up: Long-Term Value Creation is Phillips 66’s North Star
    Phillips 66 is executing a disciplined strategy that continues to deliver tangible results and has significant room to drive further shareholder value. Our strong track record of financial performance, operational excellence and shareholder returns underscores our ability to successfully navigate industry cycles. We are well positioned to continue building on these successes to provide you with consistent and compelling long-term returns.
    We urge you to support Phillips 66 at the 2025 Annual Meeting. Your investment is best served by having a Board focused on creating reliable value, both now and in the future.
    We unanimously recommend you vote “FOR” ONLY Phillips 66’s nominees on the WHITE proxy card.
    Thank you for your continued support.
    Sincerely,
    The Phillips 66 Board of Directors

    _________________________________________

    1

    Shareholder distribution through dividends paid on common stock and repurchases of common stock.

    2

    Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance Proxy Peers’ TSR based on the weighting of consensus NTM EBITDA estimates for PSX’s segments.

    3

    Total Shareholder Return (“TSR”) from June 30, 2022 to March 31, 2025

    4

    Non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure can be found here.

    5

    Excludes adjusted turnaround expenses. Non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure can be found here.

    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Forward-Looking Statements
    This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
    Additional Information
    On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
    Certain Information Regarding Participants
    Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
    Use of Non-GAAP Financial Information
    Non-GAAP Measures — This letter includes non-GAAP financial measures, including, “adjusted EBITDA,” “refining adjusted controllable costs,” and “return on capital employed.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Click here to find reconciliations to, or further discussion of, the most comparable GAAP financial measures.
    This letter also includes forward-looking non-GAAP financial measure estimates such as, but not limited to “adjusted EBITDA,” “controllable costs” and “refining adjusted controllable costs,” which, as used in certain places herein, are forward looking non-GAAP financial measures. These forward-looking estimates or targets depend on future levels of revenues and/or expenses, including amounts that could be attributable to non-controlling interests or related joint ventures, which are not reasonably estimable at this time. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measure cannot be provided without unreasonable effort. Below are definitions of these non-GAAP measures and identification of the most directly comparable GAAP measure.
    EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Refining adjusted controllable cost is the sum of operating and SG&A expenses for our Refining segment, plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in equity earnings of affiliates. The per barrel amounts are based on total processed inputs, including our proportional share of processed inputs of an equity affiliate, for the respective period.
    References in this letter to shareholder distributions and returns to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings or run-rate business transformation savings, include cost savings and references to run-rate synergies include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings. References in this letter to “synergies” are supported by management’s estimates and assumptions. These estimates are derived from the Company’s internal projections and other relevant data. However, because these synergies are not calculated in accordance with generally accepted accounting principles (GAAP), they cannot be directly reconciled to GAAP measures. The Company believes that these non-GAAP measures provide valuable insight into optimization benefits, but cautions that such synergies may not be realized in full or at all.
    Basis of Presentation – Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI Economics: Thales revolutionizes Inflight Entertainment (IFE) with 360Stream Live TV and innovative Near-Live highlights

    Source: Thales Group

    Headline: Thales revolutionizes Inflight Entertainment (IFE) with 360Stream Live TV and innovative Near-Live highlights

    • Thales revolutionizes inflight TV with 360Stream – the industry’s first and only event-based programming and DVR (Digital Video Recording) capability that redefines watching TV at 40,000 feet.
    • Thales’s 360Stream delivers powerful Live TV across mixed fleets working on any IFE system and any connectivity provider, with an industry-first service delivering Near-Live news & sports highlights fleet-wide within an hour.
    • Live TV and Near-Live services are now flying with BBC News, CNN, and EuroNews, among much more.

    Thales launches 360Stream, the industry’s first and only live, event-based programming solution for inflight entertainment (IFE). 360Stream delivers what the industry has craved for decades: live sports, news, and special events for passengers onboard, ensuring they never miss a moment of the action. An ideal choice for airlines with diverse fleets, Thales’s Live TV is a true over-the-top service that works seamlessly with any IFE system, any connectivity provider, and personal electronic devices.

    Never miss a moment with industry-first DVR functionality

    With live content and event-based programming, 360Stream redefines TV at 40,000 feet with the industry’s first DVR capability. Airlines are able to record content as it is streamed live, giving passengers control to play, pause, rewind, or skip to live – just like they would at home. ​

    Technical breakthrough for an exceptional experience on board

    360Stream delivers the highest streaming quality in the industry, intelligently managing bandwidth that can be enhanced for major live events. It delivers a consistent TV experience across entire fleets, even with various IFE providers. Passengers can access content on their personal electronic devices without downloading an application. Launch content partners include BBC News, CNN, and EuroNews, with more being added by Thales. Airlines can include their own partners within three days.

    Near-Live fresh & relevant content every hour

    Thales’s near-live service, another industry first, delivers highlights of major events, like sports games and news, to the aircraft within an hour. The 100% automated Near-Live content workflow seamlessly connects Thales’s intelligent ground and aircraft systems, ensuring passengers stay informed with the latest news and game-changing sports moments. With this automated service, Thales is setting a new standard for speed, efficiency, and the future of inflight content delivery.

    Available now: Live TV with 360Stream and Near-Live ​

    This technological leap in passenger experience is flying now. Passengers already enjoy multiple global news channels and sports from around the world. Keeping flyers connected, live onboard

    “Thales has delivered an industry first with 360Stream, to connect passengers with the world’s ‘happening now’ content. The innovative service benefits passengers with relevant and timely content so they won’t miss out on news and events.“Working on any satellite network and with any inflight entertainment system provider, airlines are empowered to increase passenger engagement with flexibility for the future.” Niels Steenstrup, Chief Executive Officer, Thales InFlyt Experience.

    MIL OSI Economics –

  • MIL-OSI Economics: U.S. Air Force awards NSPA F-16 Helmet Mounted Display contract for Thales Scorpion HMD

    Source: Thales Group

    Headline: U.S. Air Force awards NSPA F-16 Helmet Mounted Display contract for Thales Scorpion HMD

    © Thales
    • Thales subsidiary, Thales Defense & Security, Inc. (TDSI) was awarded a contract by NATO Support and Procurement Agency (NSPA) for Scorpion Helmet Mounted Display (HMD) retrofit kits to support U.S. Air Force (USAF) F-16 HMD modernization.
    • The Scorpion HMD kits provide a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a common Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve F-16s.
    • Thales Visionix, a division of Thales Defense & Security, Inc., a world leader in the development and integration of advanced optics, motion tracking and symbology for fixed and rotary wing HMDs, will manage the contract.

    Thales subsidiary, Thales Defense & Security, Inc. (TDSI), was awarded a contract by NSPA in support of the U.S. Air Force (USAF) for Scorpion Helmet Mounted Display (HMD) retrofit kits to enhance F-16 pilot visualization and situational awareness. The award supports modernization of HMDs for active duty and Air National Guard F-16 block 40 and 50 aircraft.

    The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a standardized Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve
    ​F-16s. Scorpion provides a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. Tracking accuracy is also markedly improved, as Scorpion is baselined with TDSI’s precision HObIT (Hybrid Optically based Inertial Tracker) tracker. The HObIT system provides precise tracking through a fusion of inertial-optical technology. ​

    “Modernization efforts around helmet-mounted displays for aircraft are essential to pilots as they provide critical real-time information directly in their line of sight, enhancing situational awareness, decision-making, and operational efficiency while reducing the need to divert attention from the aircraft’s instruments and environment,” said Jim Geraghty, Vice President of Visionix, Thales. “Already supporting F-16 Air National Guard pilots with superior awareness and tracking capability, Scorpion kits will now enhance holistic USAF air dominance.”

    This contact, issued by NSPA supporting USAF F-16 modernization efforts, is the first of several anticipated delivery orders. The contract arrangement also allows a procurement option for any F-16 NATO partner to modernize with Scorpion kit capability with similarly configured aircraft. Initial kits are anticipated to be delivered to the USAF in late 2025. ​ ​

    About Thales

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

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

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

    About Thales in the USA

    In the United States, Thales has conducted significant research and development, manufacturing, and service capabilities for more than 130 years.

    Today, Thales has 37 locations around the U.S., employing nearly 5,000 people. Working closely with U.S. customers and local partners, Thales is able to meet the most complex requirements for every operating environment.

    MIL OSI Economics –

  • MIL-OSI Economics: ICC Secretary General warns of serious ramifications from tariff retaliation

    Source: International Chamber of Commerce

    Headline: ICC Secretary General warns of serious ramifications from tariff retaliation

    Speaking on behalf of over 45 million companies globally, Mr Denton stressed the need for a collaborative approach, describing tariff retaliation as a “lose-lose” game and calling for negotiation and de-escalation over retaliation.

    Mr Denton highlighted that the US accounts for only 13% of global trade, making it unlikely to single-handedly trigger a global trade war. He urged economies to focus on establishing a revitalised multilateral trading system rather than engaging in retaliatory measures, which could lead to recession and economic self-harm.

    “Let’s not follow a pathway to mutually assured destruction here, because we’ve all seen what a global trade war looks like, and it’s devastating for people and communities, and devastating for economies,” he said.

    Comparing the current situation to the oil shock of the 1970’s Mr Denton pointed to market and real economy signs of slowdown due to the announced tariffs. 

    He warned that further escalation could lead to “serious ramifications”, including sovereign debt downgrades for emerging economies and damage to US supply chains.

    Mr Denton urged governments to use the shock created by the US announcement last week to recalibrate and revitalise the multilateral trading system that the US had helped create. 

    “The reality is the system is not perfect,” he said. “But what we’re saying is use this opportunity of the shock that the US announcement has created to recalibrate…and revitalise that system.”

    Watch the interview in full

    MIL OSI Economics –

  • MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on April 08, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 6.54% GS 2032 8.24% GS 2033 7.73% GS 2034 7.54% GS 2036 7.23% GS 2039
    Total amount notified Aggregate amount of ₹20,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 5,755 1,985 2,859 3,000 6,401
    Cut off yield (%) 6.5117 6.5841 6.6058 6.6582 6.6375
    Cut off price (₹) 100.14 110.72 107.94 106.84 105.35
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/56

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Connect to Participate in Trial Experiment of Facial Recognition to Enable Walk-through Ticket Gates at East Japan Railway Company Shinkansen Station

    Source: Panasonic

    Headline: Panasonic Connect to Participate in Trial Experiment of Facial Recognition to Enable Walk-through Ticket Gates at East Japan Railway Company Shinkansen Station

    Panasonic Connect’s facial recognition technology has been developed through more than 40 years of experience in camera image processing and deep learning technology to learn facial features, and has received the world’s highest rating* in the National Institute of Standards and Technology (NIST) facial recognition benchmark test (NIST FRVT 1:1). The system is not easily affected by facial orientation, changes over time, glasses, masks, etc., and can be used comfortably. So far, Panasonic Connect has deployed systems that apply facial recognition technology in such applications as rigorous and smooth identification at airports, ticketless entry at amusement parks, cashless payment at stores, and IC cardless entry/exit at offices, and have performed unique facial recognitions more than 300,000 times a day (according to our own research). The company will continue to contribute to the safe, secure, and efficient operation of various authentication sites by combining the world’s most advanced facial recognition technology with user experience (UX) design, which it has achieved through a series of verification experiments with client companies and other organizations.
    About Panasonic Connect’s facial recognition solution (Japanese site)https://connect.panasonic.com/jp-ja/products-services/facial-recognition/top
    * On November 6, 2022, it was published that Panasonic Connect ranked number 1 in the NIST FRVT 1:1 Report using “Mugshot” Front Facial data including racial and ageing which False acceptance rate (FAR) of 1/100,000. Also, On March 26, 2024 Panasonic Connect ranked number 1 in the NIST FRVT 1:N in the 2 category using “Mugshot” Front Facial data including ageing, 1.6 million registered users, and “Border” with face data from various angle of the face and deterioration in image quality. 1.6 million registered users.

    MIL OSI Economics –

  • MIL-OSI Economics: Panasonic Energy Enters into Off-site Corporate PPA for Geothermal Power Generation

    Source: Panasonic

    Headline: Panasonic Energy Enters into Off-site Corporate PPA for Geothermal Power Generation

    Osaka, Japan – April 8, 2025 Panasonic Energy Co., Ltd. (“Panasonic Energy”) (https://www.panasonic.com/global/energy/), a Panasonic Group Company, commenced the use of renewable energy power from geothermal power generation on April 1, 2025, having concluded an off-site corporate PPA1 with Kyuden Mirai Energy Co. Through retail electricity supplier Panasonic Operational Excellence Co., Ltd. Panasonic Energy expects to receive approximately 50 GWh of electricity per year, which will reduce CO2 emissions by approximately 22,000 tons per year.
    Since its establishment in 2022, Panasonic Energy has actively promoted its decarbonization efforts in line with its mission of “Achieving a society in which the pursuit of happiness and a sustainable environment are harmonized free of conflict.” Accordingly, by September 2024, all nine of its sites in Japan achieved zero-CO2 factories2 through efforts such as the use of non-fossil fuel energy certificates. At the same time, Panasonic Energy has also been striving to improve its Corporate Renewable Energy Self-sufficiency Rate,3 and in addition to solar power generation (including on-site PPAs) at its sites, it has introduced off-site corporate PPAs for solar power and onshore wind power. By introducing geothermal power generation, which allows for stable power generation unaffected by weather conditions, Panasonic Energy will be able to increase its renewable energy self-sufficiency rate for its electricity consumption in Japan from the current approximately 15% to approximately 30%,4 and the total CO2 emission reduction effect will be approximately 50,000 tons per year. This is equivalent to the annual CO2 absorption of approximately 56 square kilometers of forest. 5
    Panasonic Energy has set the target of a 50% reduction in its carbon footprint6 by fiscal 20317 compared to fiscal 2022 and is promoting the reduction of CO2 emissions throughout its entire supply chain. In particular, it aims to achieve zero CO2 emissions at all of its global factories by fiscal 2029 and will continue to accelerate decarbonization, including by expanding the introduction of renewable energy, in order to reduce its environmental impact and contribute to the realization of a sustainable society.

    1: Off-site corporate PPAA contract method in which a power generation company (or a developer, investor, or the like) who owns renewable energy sources and a power purchaser (e.g., consumer) enter into a purchase and sale contract for renewable energy power at a pre-agreed price and period, and renewable energy power generated by the renewable energy source installed off-site, not in the demand area, is supplied to the power purchaser via the general power grid. (Source: Ministry of the Environment/Mizuho Research & Technologies, About Off-site Corporate PPA)
    2: Zero-CO2 factoryFactories that have achieved virtually zero CO2 emissions by conserving energy, introducing renewable energy, and using carbon credits, etc.
    3: Corporate Renewable Energy Self-sufficiency RateAn indicator showing the proportion of renewable energy supplied from a company’s own dedicated power generation facilities. This rate does not take certificate-only procurement into account.
    4: Basis of calculationCalculations based on actual electricity consumption at all of the company’s sites in Japan in 2024.
    5: Basis of calculationWell-maintained 36 to 40-year-old artificial cedar forests. (Data source: Forestry Agency of Japan’s website)
    6: Carbon footprintThe amount of greenhouse gas emissions in terms of CO2 equivalent throughout the entire life cycle, from raw material procurement to disposal and recycling.
    7: Fiscal XXXXThe fiscal year ending in that specific year. For example, fiscal 2031 refers to the fiscal year ending in March 2031.

    MIL OSI Economics –

  • MIL-OSI Economics: Subdued demand for bank loans from business customers

    Source: Danmarks Nationalbank

    Lending survey

    Statistics period: 1st quarter 2025

    The vast majority of the 15 banks participating in Danmarks Nationalbank’s lending survey reported unchanged loan demand from their business customers in the first quarter of 2025. Several of the banks assessed that this is partly due to low investment appetite as a result of geopolitical uncertainty. The uncertainty also has an impact on the banks’ write-downs. Several of the larger banks, which proportionally have a greater exposure to global trade, state that they have already made write-downs based on management estimates. The banks’ responses to the lending survey for the first quarter were received before the new tariff plan from the USA was presented.

    Change in loan demand from business customers

    Note:

    The net total is calculated based on the financial institutions’ responses to loan demand. The responses are based on a scale of 5 steps from -100 to 100. -100 means “decreased significantly”, -50 is “decreased slightly”, 0 is “unchanged”, 50 is “increased slightly”, and 100 is “increased significantly”. The institutions’ responses are weighted by their respective market shares, resulting in a net total for the response. Business customers in the loan survey cover ‘private non-financial companies’ and ‘individually owned businesses.’ Find chart data in Statbank.

    MIL OSI Economics –