Category: Economics

  • MIL-OSI Economics: Asian equities lead global sell-off after US-China trade dispute escalates, says GlobalData

    Source: GlobalData

    Asian equities lead global sell-off after US-China trade dispute escalates, says GlobalData

    Posted in Business Fundamentals

    Following the announcement of President Donald Trump’s sweeping tariffs across the world coupled with China’s retaliatory measures;

    Murthy Grandhi, Company Profiles Analyst at GlobalData, a leading data and analytics company, offers his view:

    “Global financial markets were rocked on Monday (07 April 2025) by a widespread sell-off, as escalating recession fears and a sudden tariff standoff between the US and China sent shockwaves across major economies. Asian equities suffered their worst rout in years, plunging to multi-year lows in a day marked by panic and uncertainty.

    “The market meltdown was sparked by the US administration’s surprise imposition of sweeping tariffs on Chinese imports, swiftly countered by Beijing’s retaliatory levies. The renewed trade war fears have reignited concerns of a global economic slowdown, shattering already fragile investor confidence. Consequently, the ripple effects are being felt far beyond their borders—roiling emerging markets, disrupting global supply chains, and eroding capital markets’ resilience

    “Japan’s Nikkei 225 and the broader Topix index both plunged sharply, with all constituents in the red, prompting a brief halt in futures trading as circuit breakers kicked in. Hong Kong’s Hang Seng endured one of its steepest declines in recent years, while China’s CSI300 and Shanghai Composite also witnessed significant losses, driven by sharp selloffs in major tech names like Alibaba and Tencent.

    “The downturn rippled across Asia—South Korea’s Kospi, Singapore’s benchmark, and Taiwan’s equity markets all faced steep declines. Markets in Malaysia and the Philippines followed suit, adding to the region-wide sell-off. India was not spared either, with the Sensex and Nifty 50 tumbling and wiping out trillions in investor wealth in a single session. All 30 Sensex stocks closed in the red, with Tata Steel, Tata Motors, and major IT firms among the biggest drags.

    “Meanwhile, US futures signalled further pain ahead following Friday’s steep losses, where the S&P 500, Nasdaq, and Dow each shed nearly 6%.

    “GlobalData believes the path forward hinges on policy clarity and diplomatic engagement. While China may remain an outlier in near-term negotiations, signs of constructive trade talks with other key economies could help restore investor confidence. Historically, markets have shown a capacity to rebound strongly when geopolitical risks subside or when policy responses appear measured. As such, even modest diplomatic progress or tariff rollbacks could serve as catalysts for a broad-based recovery in global equities.”

    MIL OSI Economics

  • MIL-OSI Economics: Lexus presents exhibitions at the 2025 Milan Design Week

    Source: Toyota

    Headline: Lexus presents exhibitions at the 2025 Milan Design Week

    Lexus has unveiled its latest design innovations at Milan Design Week 2025, the world’s largest design event. Hosted in the heart of the Tortona District at Superstudio Piu’s Daylight Space, the exhibition features “A-Un”, an immersive installation created in collaboration with Japanese creatives, and “Discover Together”, an interactive exhibition showcasing next-generation designers following the legacy of the Lexus Design Award. The exhibition will be open to the public until April 13, 2025.

    MIL OSI Economics

  • MIL-OSI Economics: 7 April 2025 Russian-Chinese Construction Forum to be held as part of AmurExpo The 2nd Russian-Chinese Construction Forum and Exhibition of Construction Achievements will take place on 24–25 May 2025 at the AmurExpo Russian-Chinese Economic Forum in Blagoveshchensk, Russia. The AmurExpo is an offsite venue for the Eastern Economic Forum, which will be held on 3–6 September in Vladivostok. The EEF is organized by the Roscongress Foundation.

    Source: Eastern Economic Forum

    7 April 2025

    Russian-Chinese Construction Forum to be held as part of AmurExpo

    The 2nd Russian-Chinese Construction Forum and Exhibition of Construction Achievements will take place on 24–25 May 2025 at the AmurExpo Russian-Chinese Economic Forum in Blagoveshchensk, Russia. The AmurExpo is an offsite venue for the Eastern Economic Forum, which will be held on 3–6 September in Vladivostok. The EEF is organized by the Roscongress Foundation.

    “Holding such events provides professionals from the Amur Region with an opportunity to exchange experience with representatives of public associations and business communities from the regions and participating countries, as well as discuss business integration issues and how to build new logistics chains in the industry with their colleagues. The Forum participants will address issues concerning state construction policy and discuss the measures needed for the high-quality and rapid development of the Far East, including interaction mechanisms and methods to create attractive territories for integrated development,” Deputy Chairman of the Amur Region Government Pavel Matyukhin said.

    The Forum participants will attend the official opening of AmurExpo 2025 and the strategic session ‘Integrated Development of Territories: Infrastructure and Construction of the Future’, where experts and speakers will discuss the digitalization of the industry, the development of smart cities, best international practices in construction, and the integrated development of territories. In addition, the regional agenda will include the seminar ‘Establishment of Urban Development Systems of Russia and China’. Cadets from the Muravyov-Amursky programme plan to hold a roundtable titled ‘Modern Challenges and Prospects for Cooperation in Training Personnel in the Construction Industry’.

    The Forum guests will also have a chance to view the exhibition of achievements in construction and industry, where construction companies from Russia and China will present their successes.

    “The integrated development of territories is one of the priorities for the Far East. To this end, interregional cooperation and exchanging experience at the forum platforms of the Far Eastern Federal District are of paramount importance. Key approaches to solving issues that affect all regions of the federal district are traditionally hammered out there. The Eastern Economic Forum is a gathering point for the most successful practices, ideas, and proposals, where practical tools for the development of the macro-region are created and improved. I am confident that the results of the discussions at AmurExpo could be reflected in the programme of the EEF 2025, which will be held in Vladivostok on 3–6 September,” First Deputy CEO of the Roscongress Foundation and Director of the Eastern Economic Forum Igor Pavlov said.

    The Russian Centre for National Construction Policy, the organizer of the Russian-Chinese Construction Forum, signed a cooperation agreement at the AmurExpo 2024 in Blagoveshchensk. The first Forum was held in April 2024 in Harbin, China (Heilongjiang Province). The Forum brought together more than 10,000 participants, including representatives of business, science, and government from both countries, and primarily focused on the introduction of digital technologies in construction, smart design systems, as well as construction technologies for work in emergency situations.

    “The second Russian-Chinese Construction Forum is a logical continuation of the policy of strengthening cooperation that began last year. The first Forum clearly demonstrated the vast potential of and mutual interest in developing a partnership in the construction industry. We saw there is demand for such platforms for a direct dialogue, exchange of experience, and discussion of key issues. The interest of business entities from both countries confirms the prospects for implementing joint projects. I firmly believe that the second Forum will be an important step in strengthening long-term and mutually beneficial relations between Russia and China in the construction sector. We are counting on the active participation of all interested parties and invite them to engage in a constructive dialogue at the Forum,” Russian Centre for National Construction Policy Director Alexander Moor said.

    AmurExpo will take place on 22–25 May. The first day, 22 May, will be devoted to the regional agenda. The business programme architecture has been posted on the event’s website.

    The Forum is being held with the support of the Russian Ministry for the Development of the Far East and Arctic, the Russian Ministry of Economic Development, the Russian Ministry of Foreign Affairs, the Russian Ministry of Agriculture, and other federal institutions.

    AmurExpo is being organized by the Amur Region government, the Amur Region Investment Promotion Agency, and the Roscongress Foundation.

    The Forum operators are the Roscongress Foundation and the Amur Region Territory Development Centre.

     

    Read more

    MIL OSI Economics

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 07, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 16,505
    Amount allotted (in ₹ crore) 16,505
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/45

    MIL OSI Economics

  • MIL-OSI Economics: Panasonic Connect to Provide a Wide Range of Solutions Including Biometric Authentication and AI Sensing at the Expo 2025 Osaka, Kansai, Japan towards the Realization of a Sustainable Society

    Source: Panasonic

    Headline: Panasonic Connect to Provide a Wide Range of Solutions Including Biometric Authentication and AI Sensing at the Expo 2025 Osaka, Kansai, Japan towards the Realization of a Sustainable Society

    Since 2023, our company has been participating in a ‘field experiment on a new road traffic monitoring method’ being conducted by the Osaka National Highway Office of the Kinki Regional Development Bureau of the Ministry of Land, Infrastructure, Transport and Tourism, and a social experiment is scheduled for 2025 on roads around the Osaka and Kansai Expo sites. This experiment is implementing road traffic monitoring using AI image sensing technology and drones. The traffic conditions sensed by the AI image sensing system are shared in real time with other locations, which leads to more efficient traffic management. In the 2024 social experiment, we are in charge of the AI image sensing and the promotion of the experiment, and we are collaborating with NTT e-Drone Technology Co., Ltd. for the provision and operation of drones and with Soliton Systems K.K. for the video transmission system.

    *1 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.
    *2 The figures are based on data collected between May 2023 and February 2025.
    *3 The average score obtained from a 5-point scale survey asking whether respondents would like to use the system again. 83 respondents.
    *4 Use of this facial recognition system is limited to those specified by the Japan Association for the 2025 World Exposition.
    *5 QR authentication is a method of authentication using QR codes. QR codes are a registered trademark of Denso Wave Incorporated.
    *6 10 gates for staff (6 east gates, 4 west gates), 20 gates for staff and general visitors.
    *7 All-Photonics Connect powered by IOWN is a service provided by NTT East Corporation and NTT West Corporation. It is a new network service that achieves high speed, large capacity, low latency, stability and reduced fluctuation by exclusively utilizing optical wavelengths across all segments of the communication network. For more information, please see the respective company service websites.NTT East: https://business.ntt-east.co.jp/content/iown/NTT West: https://business.ntt-west.co.jp/service/network/iown/
    *8 As of 18 March 2025 researched by PSNRD.
     
    *The company and product names listed are trademarks or registered trademarks of their respective companies.
    *The information contained in this document is current as of the date of publication. Please note that this information is subject to change without notice.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and Related Meetings in Malaysia

    Source: ASEAN

    At the invitation of H.E. Datuk Seri Amir Hamzah Azizan, Minister of Finance II of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation to attend the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting and Related Meetings in Kuala Lumpur, Malaysia, on 8-10 April 2025. This series of Ministerial meetings will provide an opportunity for the ASEAN Member States to discuss and share views on global and regional economic outlook, note the progress of the initiatives under the ASEAN Finance and Central Bank tracks, and provide guidance on relevant issues. Under Malaysia’s ASEAN Chairmanship theme “Inclusivity and Sustainability,” the series of meetings will also serve as an important platform to strengthen regional cooperation, review priority economic deliverables, and advance discussions on critical financial matters that will shape ASEAN’s future.
    The post Secretary-General of ASEAN to participate in the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and Related Meetings in Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Moody’s Affirms Botswana’s Sovereign Credit Ratings but Revises Down the Country’s Outlook

    Source: Bank of Botswana

    On 4 April 2025, Moody’s Investors Service (Moody’s) released an update of the sovereign credit rating for Botswana. The rating agency affirmed the Government of Botswana’s long-term local and foreign currency issuer ratings at “A3” for 2025 but downgraded the outlook on the country from stable to negative.

    See the Report attached.

    Rating_Action-Moodys-Ratings-changes-04Apr2025-PR_504607.pdf

    MIL OSI Economics

  • MIL-OSI Economics: NOIA Praises Administration for Progress on Next Gulf of America Lease Sale

    Source: National Ocean Industries Association – NOIA

    Headline: NOIA Praises Administration for Progress on Next Gulf of America Lease Sale

    NOIA Praises Administration for Progress on Next Gulf of America Lease Sale
    Washington, D.C. – National Ocean Industries Association President Erik Milito issued the following statement after Secretary of the Interior Doug Burgum announced the next steps of Gulf of America Lease Sale 262:
    “I want to thank the administration and Secretary Burgum for their diligent work in advancing the next Gulf of America oil and gas lease sale. We recognize their timely action in restoring predictability and normalcy to the Gulf’s offshore energy sector through this critical lease sale. The Gulf of America remains a cornerstone of America’s energy security, economic vitality, and job creation, supporting hundreds of thousands of domestic jobs and driving billions in investment.
    “By moving forward with new leasing, the administration is hanging an ‘open for business’ sign in the Gulf of America—a move that will be a boon for our nation. NOIA and our members look forward to working with American policymakers to sustain the Gulf’s role as a global leader in responsible energy production.”

    ##
    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Economics

  • MIL-OSI Economics: NOIA Announces 2025-2026 Term for the Executive Committee, Board of Directors

    Source: National Ocean Industries Association – NOIA

    Headline: NOIA Announces 2025-2026 Term for the Executive Committee, Board of Directors

    Washington, D.C. – The National Ocean Industries Association (NOIA) appointed and approved the 2025-2026 term of the NOIA Board of Directors and Executive Committee. In a separate press release today, NOIA announced the election of Joe Leimkuhler, Chief Operating Officer of Beacon Offshore Energy, as the NOIA Chair and Eric Zimmermann, Chief Operating Officer of LLOG, as the incoming NOIA Vice Chair.
    Note: NOIA Executive Committee Members also serve on the NOIA Board of Directors. 
    Appointed to the NOIA Executive Committee of the Board of DirectorsChris Bradshaw, President & CEO, Bristow GroupPaul Danos, Owner, President & CEO, DanosChris Golden, Senior Vice President, U.S. Upstream, EquinorBrent Gros, Vice President, Gulf of Mexico Business Unit, ChevronLee Jackson, Chairman & CEO, Jackson Offshore OperatorsAndy Krieger, Senior Vice President Gulf of Mexico and Canada, bpJonathan Landes, President, Subsea, TechnipFMCJoe Leimkuhler, COO, Beacon Offshore EnergyRichard Lynch, Senior Vice President, Technology & Services, HessSasha Mackler, SVP, Global Head of Strategic Policy, ExxonMobilMike McCauley, Senior Vice President, Asset Management & Special Projects, White Fleet AbandonmentCourt Ramsay, President & CEO, Aries Marine CorporationMolly Smith, SVP, Engineering & Technology, Murphy OilRick Tallant, EVP, Supply Chain & Contracting Procurement, ShellClay Thompson, Director, Gulf of Mexico Operations, OxyEric Zimmermann, COO, LLOG
    Appointed to the NOIA Board of DirectorsPaa-Joe Akoto-Ampaw, Vice President, Gulf of Mexico, Woodside EnergyKarthik Annadorai, President & Chief Revenue Officer, GATE EnergyDavid Barton, Senior Vice President Gulf of Mexico, Marubeni Oil & GasLanis Belaire, Co-Founder & Owner, Pharma-Safe Industrial ServicesCraig Broussard, Vice President Gulf of Mexico, Subsea 7David Cherechinsky, President, CEO and Director, DistributionNOWMark Cizek, Vice President and General Manager, Gulf of Mexico, WilliamsAmanda Dasch, Region CEO, ØrstedRobert Eifler, President & CEO, Noble CorporationBryan Ellis, President, Services Division, Superior Energy ServicesLoren Fowler, Vice President Sales & Business Development – Americas, Heerema Marine ContractorsJohn Gellert, President & CEO, SEACOR MarineCéline Gerson, Group Director Americas/President USA, FugroAnna Guichard, Managing Director North America Offshore, SLBDavid Hajovsky, Executive Vice President, Multi-Client, TGSRichard Kirkland, CEO, CantiumCliffe Laborde, Managing Member, Laborde MarineRod Larson, President & CEO, Oceaneering InternationalTerry Lechinger, Vice President, Stress EngineeringTodd Lee, CEO, TotalEnergies E&P USAJennifer Medcalf, President, The REACH GroupChet Morrison, CEO, Morrison Energy GroupScott Moses, Executive Vice President & COO, Oil States InternationalBill New, President, New IndustriesBrent Ozenne, CEO, Arena OffshoreJoe Pope, Vice President – Sales & Marketing, ValarisDavid Reid, Chief Technology Officer & Chief Marketing Officer, NOVMark Richard, President, Western Hemisphere, HalliburtonW. David de Roode, Partner & Executive Vice President, Global Energy & Marine, Lockton PartnersNeal Shah, CFO, Kosmos EnergyNiloy Shah, COO, Ridgewood EnergySteve Weyel, Founder & Owner, EnVen Energy VenturesJim Wicklund, Managing Director – Energy Group, PPHB

    MIL OSI Economics

  • MIL-OSI Economics: Beacon Offshore Energy’s Joe Leimkuhler elected as NOIA Chair; LLOG’s Eric Zimmermann approved as Vice Chair

    Source: National Ocean Industries Association – NOIA

    Headline: Beacon Offshore Energy’s Joe Leimkuhler elected as NOIA Chair; LLOG’s Eric Zimmermann approved as Vice Chair

    Beacon Offshore Energy’s Joe Leimkuhler elected as NOIA Chair; LLOG’s Eric Zimmermann approved as Vice Chair

    Washington, D.C. – Washington, D.C. – The National Ocean Industries Association (NOIA) Board of Directors has elected Joe Leimkuhler, Chief Operating Officer of Beacon Offshore Energy, as the NOIA Chair for the 2025-2026 term. Eric Zimmermann, Chief Operating Officer of LLOG, was elected as the 2025-2026 Vice Chair. Joe and Eric were confirmed in their positions during the NOIA Board of Directors meeting this morning.
    In a separate press release, NOIA announced the Executive Committee and Board of Directors positions for the 2025-2026 term.
    NOIA President Erik Milito said, “In 2025, the Gulf of America stands as a cornerstone of our nation’s energy future, bolstered by the leadership of President Trump and Secretary Doug Burgum. Their commitment to unleashing America’s offshore energy potential can set the stage for unprecedented opportunity. All forms of offshore energy are additive and complementary, working together to strengthen energy security, drive economic growth, and advance lower-carbon solutions. Whether it’s expanding oil and gas lease sales, shipping LNG to our allies, pioneering carbon sequestration in the Gulf, accelerating offshore wind development, or building the nation’s capacity for deep-sea mining, NOIA’s advocacy efforts continue to recognize the synergy of these resources. NOIA is eager to collaborate with the Administration and Congress, through the leadership of Joe and Eric to ensure the U.S. offshore energy industry thrives, delivering jobs, innovation, and a robust energy portfolio that powers America and the world.”
    “We also extend our gratitude to outgoing NOIA chair Jon Landes of TechnipFMC for his leadership and unwavering dedication in championing the offshore energy sector during his tenure as the NOIA Chair.”
    Incoming NOIA Chair Joe Leimkuhler said, “NOIA is a vital conduit—bridging the expertise of our diverse member companies, the dedication of workers, and the vision of energy leaders to educate and inspire Washington, D.C. policymakers. The diversity of NOIA’s members covers energy producers and the full range of suppliers and service providers, which strengthens our ability to champion cross-industry stability through smart, innovative policies. Our collective experience in the Gulf of America and beyond positions us to shape a generational shift in energy policy for the better. I’m proud to lead this effort and work alongside our member companies to deliver a clear, unified message to D.C.: America’s offshore energy future is innovative and bright, and we’re ready to lead the way.”
    NOIA Vice Chair Eric Zimmermann added, “I am thrilled to collaborate with Joe, NOIA’s dedicated membership, and the NOIA staff in my role as Vice Chair. NOIA’s mission is more vital than ever as the global demand for responsible and reliable energy sources intensifies. The U.S. offshore energy industry sets the gold standard, and we are committed to partnering with our nation’s elected officials and policymakers to establish policies that proclaim that U.S. offshore is unequivocally ‘open for business.’ My father was in the marine side of the business, my grandfather was on the marketing side of the business, and being in the upstream has helped me gain a vision deep vision and appreciation for the breadth and importance of the offshore space.”

    About Joe LeimkuhlerJoe graduated with a MS in Petroleum Engineering from Wyoming 1987. Over the next 25 years, he worked the deepwater Gulf of Mexico at Shell culminating with managing all offshore well operations in the U.S. After Shell, Joe spent 7 years at LLOG where he was the VP of Well Operations, HSE and Engineering. Over the past 6 years, Joe has been at Beacon Offshore Energy, and as COO has helped to build the company into a deepwater operator.
    About Eric ZimmermannEric received his Bachelor of Science and Master of Science in Geology at Louisiana State University. Eric currently is Chief Operating Officer of LLOG Exploration a position he has held since 2020.  He has worked been with the company since 2007, holding the positions of Exploration Geologist and Vice President of Geology. Prior to LLOG, Mr. Zimmermann worked for BP in Houston and Dominion Exploration in New Orleans.  His experience has been focused on exploration and development projects in the deepwater Gulf of Mexico for his entire career.  He is a Professional Geologist in the states of Texas and Louisiana and is a Fellow of the Geological Society of London.

    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Economics

  • MIL-OSI Economics: On 30th anniversary, officials highlight importance of WTO work on rules of origin

    Source: WTO

    Headline: On 30th anniversary, officials highlight importance of WTO work on rules of origin

    In her opening remarks to the anniversary event, Deputy Director-General Angela Ellard noted that the CRO, which first met exactly 30 years ago, was founded upon a clear vision: fostering international cooperation and facilitating trade through predictable, clear and harmonized rules of origin.
    DDG Ellard noted that the Committee’s initial work was focused on negotiating harmonized rules of origin for all non-preferential purposes, i.e., for rules applicable to trade outside of regional and preferential trade agreements.  While completion of the ambitious harmonization objective has proven unattainable, “the objectives of the Agreement retain all their significance for members and business in today’s world,” she said.
    “Businesses navigating global trade need predictability and welcome greater simplicity and transparency,” DDG Ellard told the audience.  “Transparency should, therefore, remain a central objective of this Committee, and I am glad to see recent work in this area, as well as the voluntary use of a new notification template.”
    “New technologies, digital trade procedures, blockchain technologies, and artificial intelligence open many new opportunities and challenges that could guide the work of this Committee,” she continued. “In fact, in the past few years, we have seen an expansion of the Committee’s work, particularly on preferential rules of origin for least developed countries. There is great scope for members to learn from each other and to improve their practices with a view to facilitating trade.”
    “As members implement more detailed and complex rules of origin and control mechanisms, they must also strive for rules that facilitate trade,” she added.  “In this context, multilateral discussions within this Committee are increasingly relevant.
    Rules of origin are the criteria used to define where a product is made for customs purposes.  They are also important for implementing other trade policy measures, including trade preferences, quotas, marking, anti-dumping measures and countervailing duties.
    Non-preferential rules of origin are those which apply when trade is conducted on a most-favoured nation (MFN) basis. Preferential rules of origin are those which apply in reciprocal trade preferences (i.e. regional trade agreements or customs unions) or in non-reciprocal preferences (i.e. preferences in favour of developing countries or LDCs). 
    The Chair of the CRO, Mr. Guna Seelan Balakrishnan of Malaysia, said predictable and clear rules of origin are important for global trade.
    “The necessity of our work is shown in the simplicity of our purpose to determine where a good is made,” the Chair said. “So simple, but as the past 30 years have shown, so complex at the same time.”
    Mr Balakrishnan welcomed in particular the CRO’s recent work on preferential rules of origin for least developed country members, a period of “some of the most extensive activity” from the Committee.  “The responses and interactions I have been part of during the consultations with the LDC Group and the preference granting members has reflected this adaptability to work through an important part of the Committee’s mandate,” he said.
    While outlining the history of the negotiations that led to the conclusion of the Agreement and the subsequent work of the CRO, Darlan F. Martí from the WTO Secretariat also paid tribute to trade negotiators, customs officials, international organizations and former Chairs who dedicated many hours of work to the CRO.
    He also emphasized that the current work of the Committee could be useful for all members: “The lessons learned from this work extend beyond the LDCs – for instance, our conversations about utilization rates or trade facilitating practices that are conducive to the utilization of preferences,” he said. “This is something that is not only useful in the context of non-reciprocal trade preferences for the LDCs, but it’s something that, if members want, could go beyond this and also be discussed in the context of preferential rules of origin used in (free trade agreements) as well.”
    To conclude the event, the International Trade Centre gave an overview of statistics on the use of the WTO, WCO, ITC “Origin Facilitator”, a publicly-available global database on rules of origin.
    Several members and observers took the floor to thank the speakers for their presentations, to comment on the work of the Committee and to identify priorities for future work. They also extended their appreciation to the Chair of the Committee, Mr. Balakrishnan.
    DDG Ellard’s statement and the presentations made, including a video recording of the session, will be made available in the events section of the Rules of Origin portal of the WTO website.
    CRO meeting
    At its meeting on 3 April, the CRO continued to review developments related to preferential rules of origin for LDCs.  Japan provided additional information on its consignment obligations. The EU presented the functioning of its self-certification scheme as well as the operation of the “non-manipulation” principle. China updated the Committee on the introduction of electronic certification for LDCs. The United Kingdom reported on the rates utilization of its Developing Countries Trading Scheme.
    Cambodia presented a new paper regarding differentiating utilization rates of preferential trade arrangements for LDCs while the LDC Group presented ongoing research concerning the identification of specific cases of firms using cumulation in Africa. Cumulation refers to provisions allowing producers in one country to source parts and inputs from other countries without losing the originating status of that input.
    The Secretariat provided an overview of notifications received on non-preferential rules of origin requirements. Switzerland and Viet Nam were the first members to update their notifications using the new template proposed by the Chair in November 2024. The Secretariat noted that 57 members apply non-preferential origin requirements, 61 members do not, and 21 members have not submitted any information yet.
    Next meeting
    The next formal CRO meeting will take place on 5-6 November.

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  • MIL-OSI Economics: DDG Ellard calls for further acceptances of Fisheries Subsidies Agreement

    Source: WTO

    Headline: DDG Ellard calls for further acceptances of Fisheries Subsidies Agreement

    Citing alarming data from the UN Food and Agriculture Organization (FAO) showing that 38% of global fish stocks are overexploited, DDG Ellard stressed that rebuilding stocks to sustainable levels could yield 16.5 million more tonnes of fish annually and generate USD 32 billion in economic gains. “Sustainable fisheries are not only critical for biodiversity and food security but also for the economic viability of communities that depend on them,” she said.
    Highlighting recent progress, DDG Ellard welcomed the decline in the provision of high-risk subsidies such as fuel support, as reflected in the OECD’s 2025 Review of Fisheries. However, she warned that 65% of global fisheries support risks encouraging unsustainable practices. “Imagine,” she emphasized, “what a positive difference we could make in improving fish stocks if we redeployed the USD 22 billion spent annually in harmful fisheries subsidies and instead dedicated these funds to fisheries management and improvement of fish stocks.”
    Adopted in 2022, the WTO Agreement on Fisheries Subsidies targets the worst forms of subsidies — those linked to illegal, unreported and unregulated (IUU) fishing, overfished stocks, and unregulated high seas fishing — while preserving policy space for responsible support, particularly for small-scale and artisanal fishers.
    To date, 95 WTO members have deposited their instruments of acceptance — 16 short of the two-thirds threshold required for entry into force. “We are so close. I urge the remaining members to ratify swiftly so we can celebrate this milestone together at the United Nations Ocean Conference in June,” said DDG Ellard.
    DDG Ellard also highlighted the WTO Fish Fund, which will provide support for developing and least developed country (LDC) members to implement the Agreement and undertake fisheries management if they have formally accepted the Agreement.
    DDG Ellard further noted that WTO members are also working toward concluding a second wave of negotiations to develop additional rules addressing subsidies that contribute to overcapacity and overfishing.
    “We nearly reached consensus on a new text last December. A handful of members were not yet ready. But this remains within reach if members come together,” she said.
    The Chair of the negotiations, Ambassador Einar Gunnarsson of Iceland, is consulting with members to bridge gaps and advance the process before the summer.
    DDG Ellard reiterated that multilateral cooperation — with organizations like the OECD, FAO and World Bank — is critical to success. “The future of our ocean and the resilience of coastal communities depend on what we do next,” she concluded.

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  • MIL-OSI Economics: You really know intelligence has been commoditized when CEOs start vibe coding! GitHub Copilot Agent Mode & MCP support is rolling out to all VS Code users.

    Source: Microsoft

    Headline: You really know intelligence has been commoditized when CEOs start vibe coding! GitHub Copilot Agent Mode & MCP support is rolling out to all VS Code users.

    I am not sure if we are feeling backward or forward, but I am sure everyone is taking it too seriously. Last 2 decades as IT evolved everyone amassed so much data now it’s time to handle it better using models wrapped around that data. So many quick rollouts every other day only baffles and create technology havoc.

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  • MIL-OSI Economics: RBI Launches Verified WhatsApp Channel for Public Awareness

    Source: Reserve Bank of India

    The Reserve Bank of India has been conducting public awareness campaigns across various mediums such as text messages, television and digital advertisements, under the ‘RBI Kehta Hai’ (RBI Says) initiative.

    2. The RBI is now further expanding its outreach by adding WhatsApp as an additional means to deliver public awareness messages.

    3. Through the verified ‘Reserve Bank of India’ account on WhatsApp, we aim to make important financial information more accessible to everyone, regardless of their geographical location. This initiative will ensure that vital information reaches people in a simple, direct, and effective manner, strengthening trust and resilience in our digital financial ecosystem.

    To access the account, you can scan the QR code below.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/43

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  • MIL-OSI Economics: Samsung, Ocule IT host KZN Graduation Ceremony for 4th Cohort of Electronics Technician Programme

    Source: Samsung

    Samsung, in collaboration with Ocule IT, hosted a Graduation ceremony for the 4th Cohort of the Electronics Technician Programme on 03 April 2025, to celebrate the successful completion of this transformative training in KZN – while also boosting the province’s employment opportunities.
     

     
    This Artisans’ skills development initiative – sponsored by Samsung’s R280-million worth Equity Equivalents Investment Programme (EEIP) – has successfully hosted training in both KZN and Gqeberha (formerly Port Elizabeth) in Eastern Cape. Launched in 2019, Samsung’s EEIP which has demonstrated considerable success since its inception, seeks to continue to empower the country’s youth and women from previously disadvantaged communities with Fourth Industrial Revolution (4IR) skills.
     
    This graduation ceremony included 20 youth from under-privileged backgrounds: eight (8) males and 12 women. The graduation event was not only an opportunity to celebrate the students’ success, but also to emphasise the role of the programme in driving local development and address the shortage of women in the ICT sector. Samsung does not only credit the success of this Electronics Technician Programme to the students, but also on the impactful collaboration between Ocule IT and other key stakeholders in government such as the Department of Trade, Industry & Competition (Dtic) and the Media, Information and Communication Technologies Sector Education and Training Authority (MICT SETA) as well as several workplace partners in the private sector.
     
    Nicky Beukes, Samsung EEIP Project Manager said: “As Samsung, we believe that the combined role of the programme’s key players as well as its strategic focus on critical skills development that’s tailored specifically to meet industry demands – is contributing positively to its main objectives of stimulating job creation in Kwazulu-Natal. We remain committed to sustained investment in ICT training and development to create a workforce equipped with essential, in-demand skills – as this has a significant impact on driving the success of the programme.”
     

     
    This Electronics Technician programme specifically, seeks to develop sought-after artisan skills in the fields of electronics. These artisans were trained, guided and mentored by accredited specialist providers as part of their workplace training. Learners accessing this qualification were provided with knowledge, skills and attitudes that will enable them to diagnose faults, repair and maintain electronics equipment. Learners are now also able to interpret electronic circuits to do component level repairs. This SAQA-Accredited Qualification: Further Education and Training Certificate: Electronics (NQF 4) comprises of Unit Standards that will serve as the building blocks towards progression to an NQF Level 5 Qualification in Electronics as part of these graduates’ career advancement. This 12-month programme which started in February 2024 and ended in January this year, has been able to enhance employment prospects and fosters sustainable economic development.
     
    Sanele Gcumisa, Ocule IT: Managing Member added: “Ocule IT is thrilled to celebrate the graduation of the fourth cohort of our Electronics NQF Level 4 programme in KZN, a remarkable achievement resulting from a four-year partnership with Samsung. This collaboration has empowered 81 learners, leading to impressive results: 80% secured employment, 6% continued their education and the remaining learners are actively seeking opportunities. We’re particularly proud of the 12% who launched successful businesses, contributing significantly to the community’s economic growth. Our heartfelt thanks to Samsung and our partner companies for their invaluable support in making this programme such a resounding success.”
     

     
    Samsung is convinced that the impressive results of this programme are a clear indication of the opportunities that have been created through this investment. The programme’s success is also due to the collaborative efforts that support its growth as well as the long-term benefits for both the partners involved and the community.
    Beukes concluded: “As a company, we are very happy with the thorough training processes followed and overall, how well this programme was run. Our continued investment in ICT, the drive for educational advancement as well as the transformative power of collaboration with Ocule IT and other key partners has – in no doubt led to the successful completion of this 4th cohort of the Electronics Technician Programme.”
     
    Pictured with the graduates and the dignitaries is Ms Bomkazi Maphotho, DTIC, EEIP Program Manager, seated far left
     

    MIL OSI Economics

  • MIL-OSI Economics: “ARE WE THERE YET?” INDEX: Samsung Teams Up with Jordan Banjo to Reveal Nation’s Road Trip Frustrations Ahead of Easter Long Weekend

    Source: Samsung

    LONDON, UK – 3rd April 2025 – Samsung Electronics Co., Ltd – Whilst the Easter holidays promise adventure, for many families, this is quickly overshadowed by the boredom and frustration of long journeys.  
     
    Research conducted to launch Samsung’s latest tablet, the Galaxy Tab S10 FE, unveils a staggering 52% of families are planning journeys over the Easter weekend. The stats also reveal that on average, boredom strikes within just 43 minutes of a road trip. With the majority (43%) considering road trips to be journeys upwards of 2 hours, its clear entertainment becomes crucial before they’ve even reached the halfway point. 
     
    The infamous phrase, “Are we there yet?” reigns supreme as one of the top causes of frustration on a family road trip (33%), heard an average of five times during a journey lasting more than 50 miles. Samsung’s “Are We There Yet?” Index pinpoints families in the West Midlands as the most impatient – 44% hear “Are we nearly there yet?” before the hour is up. And, families in the East of England are most likely to ask this more than 10 times on a typical road trip.  
     
    But it’s not just the miles that are causing friction. Keeping younger passengers entertained (29%), unexpected road closures (38%) and complaints of boredom (35%) also play a big part. In fact, nearly a fifth (20%) admit that these frustrations cause at least two arguments per road trip. 
     
    Father of three and Diversity member, Jordan Banjo, says: “As a dad of three, ‘are we there yet’ is a familiar soundtrack in my car. It’s not about keeping the kids quiet; it’s about making those long drives fun for everyone. 
    “Tech like the new Galaxy Tab S10 FE has been a game-changer for us, turning ‘are we there yet?’ into ‘can I have a go’.” 
     
    In a bid to rescue families from travel woes, Samsung introduces the Galaxy Tab S10 FE as the ultimate travel companion, bringing much-needed entertainment to the whole family.  
     
    Annika Bizon, Mobile Experience VP of Product and Marketing Samsung UK&I, says: “Working out how to keep your children entertained in the car can be as stressful as planning a family trip itself. 
      
    “Parents often need technology like tablets to be an additional travel companion for long journeys, helping the entire family to beat both boredom and frustration – whether it’s getting creative with the S Pen, or exploring the Galaxy Tab S10 FE’s preloaded apps to encourage imagination and learning whilst on the move. 
      
    “It’s not about filling the time; it’s about enriching the journey for everyone in the car. The Galaxy Tab S10 FE is designed to do just that, turning challenging journeys into shared enjoyment.” 
     
    Top family road trip frustrations: 
     
    Unexpected road closures or heavy traffic 
    Complaints of boredom 
    Kids repeatedly asking, “Are we there yet?” 
    Struggling to keep younger children entertained 
    Sibling arguments and bickering 
    Motion sickness and travel sickness complaints 
    Frequent toilet stops 
    Poor mobile signal or no internet for entertainment 
    Snacks running out too soon or making a mess 
    Difficulty finding a suitable place to stop for food or breaks 
     
    Stats revealed that other annoying phrases heard by adults included ‘I need the toilet’ (16%), ‘I’m bored’ (13%) and ‘I’m hungry’ (10%).  
     
    When asked what would help improve the road trip experience, having an entertainment device (39%), plenty of snacks (50%) and frequent stops to take breaks (36%) topped the list. Of those who embarked on lengthy trips at least three times a year, 86% say access to Wi-Fi was crucial to the smooth running of a journey. This reached its highest point amongst Londoners, with 91% flagging online connection as an essential.  
     
    Jordan Banjo shares his top tips for keeping the boredom at bay on long car journeys: 
     
    Plan frequent stops: Little legs need breaks! We always plan regular stops to stretch, grab snacks, and let the kids burn off some energy. 
    Creative entertainment: The Samsung Galaxy Tab S10 FE has been a game-changer for us. The S Pen allows my kids to draw and create, and we’ve found loads of educational apps that make learning fun. It stops the constant “Are we there yet?” questions. 
    Music and podcasts: A good playlist or family-friendly podcast can make a huge difference. Let everyone take turns choosing, or find something everyone can enjoy together. 
    Snacks and drinks: Pack plenty of healthy snacks and drinks to avoid hanger meltdowns. A well-fed family is a happy family! 
    Embrace the journey: Road trips are a chance to make memories. Try playing car games, telling stories, and enjoying the time together. 
     
    With 55% of Brits voting the tablet the top travel tech gadget, and 27% using tech to engage the family in a shared activity, the Galaxy Tab S10 FE is set to bring the whole family entertainment.  
     
    From the S Pen that allows for creative expression through drawing and note-taking, to a vast library of apps that can turn travel time into learning opportunities, the suite of features guarantees an engaging journey. And with a powerful processor and longer lasting battery life, you can do more for longer. 
     
    The Samsung Galaxy Tab S10 FE, with its creative and entertainment capabilities, alongside 5G connectivity, ensures a smooth and enjoyable journey for all.  
     
    Discover the Galaxy Tab S10 FE: https://www.samsung.com/uk/tablets/galaxy-tab-s10-fe/buy/.     
     
    Additional stats: 
    40% of Brits combat frustration by loading up tablets with films, TV shows or games 
    This is followed by packing healthy snacks (34%), playing classic car games (32%), and setting challenges (28%) 
    48% of parents use tech to keep kids occupied quietly so parents can focus on driving 
    On average, families take two stops and have three arguments per road trip  

     
    Research carried out by One Poll on behalf of Samsung in March 2025, 1500 respondents, UK adults  

    MIL OSI Economics

  • MIL-OSI Economics: Fulfilling central bank mandates in times of high uncertainty

    Source: Bank for International Settlements

    Central bank mandates have evolved over the past two decades both globally and in Latin America, especially in terms of the interaction of monetary and financial stability mandates. To effectively fulfil the mandates, central banks need to have an adequate set of tools matching their objective. When a central bank faces rising domestic political pressures, it is all the more important to preserve its independence. When geopolitical or trade tensions affect the macroeconomy, the central bank would need to work in close cooperation with other financial authorities to come up with an effective policy mix. Finally, in times of global fragmentation, central banks would need to make further efforts to increase dialogue among themselves.

    MIL OSI Economics

  • MIL-OSI Economics: TODAY: Join us at 9:30 a.m. PT to learn about the latest Copilot news and innovations

    Source: Microsoft

    Headline: TODAY: Join us at 9:30 a.m. PT to learn about the latest Copilot news and innovations

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    MIL OSI Economics

  • MIL-OSI Economics: From block to blockbuster. Huge congrats to Mojang Studios, Warner Bros. Pictures, and Legendary Entertainment on crafting something truly epic.

    Source: Microsoft

    Headline: From block to blockbuster. Huge congrats to Mojang Studios, Warner Bros. Pictures, and Legendary Entertainment on crafting something truly epic.

    MIL OSI Economics

  • MIL-OSI Economics: Three Microsoft CEOs walk into a room on Microsoft’s 50th anniversary … and are interviewed by Copilot!

    Source: Microsoft

    Headline: Three Microsoft CEOs walk into a room on Microsoft’s 50th anniversary … and are interviewed by Copilot!

    Three Microsoft CEOs walk into a room on Microsoft’s 50th anniversary … and are interviewed by Copilot! 

    Transcript

    Well, maybe copilot, you wanna wrap it up by asking? Or maybe roast giving us each an AI roast. Alright, Satya, let’s spice it up. Steve will start with you. Your enthusiasm is legendary, but do you ever worry that your energy might short circuit the AI? I mean, even robots need a coffee break after your pep talks. Come on dude, if you can’t handle me, you can’t handle a huge percentage of the world’s population. We’re counting on you. Fairpoint, Steve. Now, Bill, you’ve got that signature thoughtful gaze, but do you ever think the AI might feel intimidated by your intense thinking face? I mean, it’s like it’s waiting for a blue screen moment. I hope so. I mean, that’s all I’ve got left Left is these AIS get so damn intelligent. It’s just that gaze and my willingness to criticize that differentiates me. And it’s a formidable gaze indeed. Bill Copilot. Would you ever be willing to criticize him? Absolutely, criticism is where growth happens. Now Satya AI seems to be your best buddy, but ever worry that you’re deep passion for AI could one day have it running the show, leaving you to just enjoy the ride? They’re all the day. I can play like the best cricket player that I enjoy. That’s the day it can run the show as far as I’m concerned. Touch��, Satya. Let’s see if it can hit a century in cricket and then we’ll talk. This has been a blast, gentleman. Here’s to another 50 years of innovation and adventure. Cheers, cheers, cheers. Whatever that means to an AI. Is it drink?

    MIL OSI Economics

  • MIL-OSI Economics: Scheduled Banks’ Statement of Position in India as on Friday, March 21, 2025

    Source: Reserve Bank of India

    (Amount in ₹ crore)
      SCHEDULED COMMERCIAL BANKS
    (Including RRBs, SFBs and PBs)
    ALL SCHEDULED BANKS
    22-Mar-2024 07-Mar-2025* 21-Mar-2025* 22-Mar-2024 07-Mar-2025* 21-Mar-2025*
    I LIABILITIES TO THE BKG.SYSTEM (A)            
      a) Demand & Time deposits from banks 294470.87 284322.01 309413.40 298451.61 289252.56 315674.39**
      b) Borrowings from banks 182428.71 113375.74 112450.27 182565.72 113395.68 112501.44
      c) Other demand & time liabilities 72451.70 38843.52 29906.64 73099.81 39214.14 30300.78
    II LIABILITIES TO OTHERS (A)            
      a) Deposits (other than from banks) 20475226.39 22510118.00 22574981.74 20931862.34 22979252.67 23049867.62
      i) Demand 2443853.10 2541476.52 2692658.66 2492890.07 2590163.46 2742872.73
      ii) Time 18031373.29 19968641.48 19882323.08 18438972.26 20389089.21 20306994.89
      b) Borrowings @ 777942.31 939107.58 915247.80 782259.99 944306.62 920567.47
      c) Other demand & time liabilities 937428.00 1054726.19 1062892.08 950486.70 1069174.60 1078301.88
    III BORROWINGS FROM R.B.I. (B) 222716.00 183436.00 311466.00 222716.00 183436.00 311466.00
      Against usance bills and / or prom. Notes            
    IV CASH 89433.21 83128.63 81874.49 91887.09 85425.07 84399.47
    V BALANCES WITH R.B.I. (B) 931482.63 887266.98 882414.59 951385.79 905569.50 900645.16
    VI ASSETS WITH BANKING SYSTEM            
      a) Balances with other banks            
      i) In current accounts 8970.57 10203.63 10594.13 12006.78 12511.15 13247.50
      ii) In other accounts 189356.71 196502.53 205181.89 234368.50 249851.87 260471.29
      b) Money at call & short notice 12355.12 28185.68 25837.74 39618.78 48074.89 44779.28
      c) Advances to banks (i.e. due from bks.) 48368.26 38907.89 39503.74 51324.76 43678.72 43855.88£
      d) Other assets 115423.77 62777.69 67362.50 117734.21 65774.37 70306.00
    VII INVESTMENTS (At book value) 6106558.02 6737320.05 6697927.94 6256610.90 6890883.36 6850574.38
      a) Central & State Govt. securities+ 6105609.51 6736826.28 6697298.19 6249636.70 6882789.83 6842024.57
      b) Other approved securities 948.51 493.77 629.74 6974.20 8093.53 8549.81
    VIII BANK CREDIT (Excluding Inter-Bank Advances) 16432163.93 18125412.60 18243935.57 16866221.14 18591351.54 18708248.75
      a) Loans, cash credits & Overdrafts $ 16134303.05 17796734.53 17909815.46 16565233.27 18258549.44 18370667.77
      b) Inland Bills purchased 60466.96 73940.35 74962.60 60471.14 76226.90 76522.64
      c) Inland Bills discounted 197357.83 216714.85 221058.79 199760.80 217928.56 222319.17
      d) Foreign Bills purchased 16411.78 15072.80 15121.91 16661.99 15316.89 15356.96
      e) Foreign Bills discounted 23624.31 22950.07 22976.80 24093.95 23329.75 23382.21
    NOTE
    * Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
    (A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
    ** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
    @ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
    (B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to Review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo / Term Repo / MSF are reflected under ‘Borrowings from RBI’.
    £ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
    + Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
    $ Includes advances granted by Scheduled Commercial Banks and Scheduled Cooperative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).
    Food Credit Outstanding as on
    (Amount in ₹ crore)
    Date 22-Mar-2024 07-Mar-2025 21-Mar-2025
    Scheduled Commercial Banks 23080.81 42552.27 36531.16
    Scheduled Co-operative Banks 49200.97 50613.50 50613.50

    The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

    No. of Scheduled Commercial Banks as on Current Fortnight:135

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/42

    MIL OSI Economics

  • MIL-OSI Economics: Households and non-financial corporations in the euro area: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Households’ financial investment increased at broadly unchanged annual rate of 2.4% in fourth quarter of 2024
    • Non-financial corporations’ financing increased at annual rate of 0.9%, compared with 1.1% in previous quarter
    • Non-financial corporations’ gross operating surplus decreased at unchanged annual rate of ‑1.4%

    Chart 1

    Household financing and financial and non-financial investment

    (annual growth rates)

    Sources: ECB and Eurostat.

    Data for household financing and financial and non-financial investment

    Chart 2

    NFC gross-operating surplus, non-financial investment and financing

    (annual growth rates)

    Source: ECB and Eurostat.

    Data for NFC gross-operating surplus, non-financial investment and financing

    Households

    Household gross disposable income increased in the fourth quarter of 2024 at a broadly unchanged rate of 4.4%. The compensation of employees grew at a lower rate of 4.9% (after 5.5% in the previous quarter), and gross operating surplus and mixed income of the self-employed increased at a lower rate of 2.9% (after 3.6%). Household consumption expenditure increased at a higher rate of 3.6% (after 3.2%).

    The household gross saving rate increased to 15.4% in the fourth quarter of 2024, compared with 15.2% in the previous quarter.

    Household gross non-financial investment (which refers mainly to housing) decreased at a more negative annual rate (-1.5%) in the fourth quarter of 2024 (after -0.9%). Loans to households, the main component of household financing, grew at a higher rate of 1.2% (after 0.9%).

    Household financial investment increased at a broadly unchanged annual rate of 2.4% in the fourth quarter of 2024. Currency and deposits grew at a higher rate of 2.8% (after 2.5%), while investment in debt securities increased at a lower rate of 9.0% (after 15.9%). Investment in shares and other equity grew at a higher rate of 2.0% (after 1.1%) due to accelerating investments in investment fund shares (7.7% after 5.4%). Investment in life insurance grew at a higher rate of 1.1% (after 0.8%) and in pension schemes at a lower rate of 2.1% (after 2.3%).

    Household net worth increased at an annual rate of 4.4% in the fourth quarter of 2024, after 5.7% in the previous quarter. Net financial and non-financial assets grew due to valuation gains in addition to investments. Housing wealth, the main component of non-financial assets grew at a higher rate of 3.4% (after 2.8%). The household debt-to-income ratio decreased, to 81.9% in the fourth quarter of 2024 from 85.0% in the fourth quarter of 2023.

    Non-financial corporations

    Net value added by NFCs increased at a broadly unchanged annual rate of 2.5% in the fourth quarter of 2024. Gross operating surplus decreased at an unchanged rate of -1.4%, while net property income – defined in this context as property income receivable minus interest and rent payable – increased. As a result gross entrepreneurial income (broadly equivalent to cash flow) increased at a rate of 0.8% (after -1.4%).[1]

    NFCs’ gross non-financial investment increased at lower annual rate of 1.0% in the fourth quarter of 2024 (after 2.8%)[2]. Financial investment grew at lower annual rate of 1.8% (after 2.2%). Among its components, loans granted increased at a lower rate of 2.5% (after 3.3%), and investment in shares and other equity grew at a lower rate of 1.0% (after 1.3%).

    Financing of NFCs increased at a lower rate of 0.9% in the fourth quarter of 2024 (after 1.1%). Loan financing (1.2% after 1.4%)[3] and financing via shares and other equity (0.4% after 0.6%) grew at lower rates. Financing via debt securities increased at a broadly unchanged rate of 2.4%, while financing via trade credits accelerated (3.5% after 3.1%).

    The NFC debt-to-GDP ratio (consolidated measure) decreased to 67.3% in the fourth quarter of 2024, from 68.8% in the same quarter of the previous year; the non-consolidated, wider debt measure decreased to 138.7% from 140.7%.

    For queries, please use the Statistical Information Request form.

    Notes

    • This statistical release incorporates revisions to the data since the first quarter of 2021.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • The euro area and national financial accounts data of non-financial corporations and households are available in an interactive dashboard.
    • Hyperlinks in the main body of the statistical release are dynamic. The data they lead to may therefore change with subsequent data releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The ECB publishes experimental Distributional Wealth Accounts (DWA), which provide additional breakdowns for the household sector. The release of results for 2024 Q4 is planned for 30 May 2025 (tentative date).

    MIL OSI Economics

  • MIL-OSI Economics: Statement from Dr. Ngozi Okonjo-Iweala, Director-General of the WTO

    Source: World Trade Organization

    “The WTO Secretariat is closely monitoring and analysing the measures announced by the United States on April 2, 2025. Many members have reached out to us and we are actively engaging with them in response to their questions about the potential impact on their economies and the global trading system.

    The recent announcements will have substantial implications for global trade and economic growth prospects. While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections. I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade.

    It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms. Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.

    Trade measures of this magnitude have the potential to create significant trade diversion effects. I call on Members to manage the resulting pressures responsibly to prevent trade tensions from proliferating.

    The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment. I encourage Members to utilize this forum to engage constructively and seek cooperative solutions.”

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  • MIL-OSI Economics: Euro area quarterly balance of payments and international investment position: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Current account surplus at €426 billion (2.8% of euro area GDP) in 2024, after a €243 billion surplus (1.7% of GDP) a year earlier.
    • Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€197 billion) and Switzerland (€76 billion) and largest deficit vis-à-vis China (€105 billion).
    • International investment position showed net assets of €1.66 trillion (10.9% of euro area GDP) at end of 2024.
    • Bilateral current account vis-à-vis the United States: surplus of €3 billion (0.0% of euro area GDP) in 2024, following a deficit of €30 billion (0.2% of GDP) in 2023. For more details see dedicated section on economic and financial linkages between the euro area and the United States.

    Current account

    The current account of the euro area recorded a surplus of €426 billion (2.8% of euro area GDP) in 2024, following a €243 billion surplus (1.7% of GDP) a year earlier (Table 1). This development was driven by larger surpluses for goods (from €264 billion to €372 billion), services (from €127 billion to €169 billion) and primary income (from €20 billion to €54 billion). The deficit for secondary income increased moderately from €167 billion to €168 billion.

    The estimates on goods trade broken down by product group show that in 2024 the increase in the goods surplus was mainly due to a reduction in the deficit for energy products (from €314 billion to €260 billion). In addition, the surpluses for chemical products and machinery and manufactured products increased (from €244 billion to €268 billion and from 283 billion to €300 billion, respectively).

    The larger surplus for services in 2024 was mainly due to widening surpluses for telecommunication, computer and information (from €169 billion to €203 billion) and travel (from €52 billion to €61 billion), and a lower deficit for other business services (from €60 billion to €28 billion). These developments were partly offset by a widening deficit for charges for the use of intellectual property (from €100 billion to €126 billion).

    In 2024, the increase in the primary income surplus was mainly due to larger surpluses in direct investment (from €72 billion to €104 billion), portfolio debt (from €59 billion to €79 billion), and other primary income (from €3 billion to €15 billion), which were partly offset by a larger deficit in portfolio equity (from €163 billion to €194 billion).

    Table 1

    Current account of the euro area

    (EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.

    Data for the current account of the euro area

    Data on the geographical counterparts of the euro area current account (Chart 1) show that in 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€197 billion, down from €220 billion a year earlier) and Switzerland (€76 billion, up from €65 billion). The euro area also recorded surpluses vis-à-vis other emerging countries (€155 billion, up from €135 billion a year earlier) and other advanced countries (€114 billion, up from €80 billion). The largest bilateral deficit was recorded vis-à-vis China (€105 billion, down from €109 billion a year earlier) and a deficit was also recorded vis-à-vis the residual group of other countries (€96 billion, down from €142 billion).

    The most significant changes in the geographical components of the current account in 2024 relative to 2023 were as follows: the goods surpluses increased vis-à-vis the United States (from €179 billion to €213 billion) and vis-à-vis other advanced countries (from €27 billion to €50 billion), while the goods deficit vis-à-vis China increased from €131 billion to €141 billion. In services, the deficit vis-à-vis the United States increased (from €124 billion to €156 billion), while the balance vis-à-vis offshore centres shifted from a deficit (€8 billion) to a surplus (€16 billion). In primary income, the balance vis-à-vis the United Kingdom shifted from a surplus (€31 billion) to a deficit (€4 billion) while a smaller deficit was recorded vis-à-vis the United States (from €84 billion to €52 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased slightly (from €76 billion to €73 billion).

    Chart 1

    Geographical breakdown of the euro area current account balance

    (four-quarter moving sums in EUR billions; non-seasonally adjusted)

    Source: ECB.
    Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other advanced” includes Australia, Canada, Japan, Norway and South Korea. “Other emerging” includes Argentina, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa and Türkiye. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.

    Data for the geographical breakdown of the euro area current account

    International investment position

    At the end of 2024, the international investment position of the euro area recorded net assets of €1.66 trillion vis-à-vis the rest of the world (10.9 % of euro area GDP), up from €1.25 trillion in the previous quarter (Chart 2 and Table 2).

    Chart 2

    Net international investment position of the euro area

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    The €407 billion increase in net assets was mainly driven by larger net assets in portfolio debt (up from €1.27 trillion to €1.42 trillion), direct investment (up from €2.54 trillion to €2.66 trillion) and reserve assets (up from €1.32 trillion to €1.39 trillion).

    Table 2

    International investment position of the euro area

    (EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.

    Note: “Other volume changes” mainly reflect reclassifications and data enhancements. 

    MIL OSI Economics

  • MIL-OSI Economics: SEACOR Marine and Proceanic Earn NOIA Safety in Seas Awards

    Source: National Ocean Industries Association – NOIA

    Headline: SEACOR Marine and Proceanic Earn NOIA Safety in Seas Awards

    SEACOR Marine and Proceanic Earn NOIA Safety in Seas AwardsSEACOR Marine wins the Culture of Safety Award, Proceanic earns the Safety Practice Award
    Washington, D.C., – The National Ocean Industries Association is pleased to announce SEACOR Marine and Proceanic are winners of the 2025 NOIA Safety in Seas Award Competition. SEACOR Marine is the Culture of Safety winner while Proceanic won the Safety Practice award.
    The Culture of Safety Award honors overall organizational immersion in and commitment to safety, which has resulted in remarkable, measurable, and sustained safety performance over a prolonged period of time. The Safety Practice Award recognizes specific technologies, approaches, methods, or projects with direct and demonstrable impacts on improving safety.
    NOIA President Erik Milito congratulated SEACOR Marine and Proceanic saying, “The Safety in Seas awards spotlight an industry-wide truth: safety isn’t just a priority—it’s the heartbeat of what we do. SEACOR Marine and Proceanic exemplify this ethos with extraordinary resolve. SEACOR’s relentless safety culture, driven by innovative tools and a zero-incident vision, and Proceanic’s pioneering Mini-ROV inspections, safeguarding lives and assets with remarkable precision, reflect the best of our collective mission. Their leadership amplifies a broader tide of excellence, where every company, every worker, and every breakthrough pushes us toward a safer, stronger offshore future. We honor them, and we extend our deepest gratitude to all entrants—each one a vital contributor to a safer, more resilient offshore industry.”
    SEACOR Marine CEO John Gellert commented, “We are proud to be recognized for our culture of safety, which reflects our ongoing commitment to protect the health and welfare of our employees, contractors, suppliers and the broader community. We believe that our commitment to a GOAL ZERO, incident-free environment is a shared responsibility across all levels of the organization, and we empower every individual with Stop Work Authority to ensure a culture of accountability. We will continue to develop, revise and implement policies and procedures to foster the safest possible work environment, maintaining our commitment to ensuring that safety remains at the heart of our operations.”
    Mark Waller, CEO of the Proceanic Group of Companies said, “It gives me great pleasure to accept this recognition from NOIA on behalf of Proceanic. The tireless work of our ROV Teams offshore, and the mission critical onshore support teams is what makes Proceanic successful. The ingenuity and innovation of our engineering personnel is what makes the work rewarding and keeps us at the industry forefront. The confidence placed in Proceanic by our Clients is what makes everything possible. We will continue to work, every day, to maintain that success, maintain that confidence and to keep it being rewarding for all.”
    About the SEACOR Marine Culture of Safety Entry
    SEACOR Marine has been honored in the 2025 NOIA Safety in Seas awards for its exemplary safety culture, anchored by a robust Safety Management System (SMS) and innovative programs like PAUSE (Prevent Accidents Use Safety Equipment). With an impeccable audit record, prestigious ISO certifications, and a data-driven approach—logging over 117,000 behavioral safety observations in 2024 alone—SEACOR Marine sets a gold standard for offshore safety. Initiatives like the PAUSE Champion and Goal Zero awards, alongside cutting-edge risk assessment tools, empower employees and drive zero-incident milestones, with 18 vessels achieving Goal Zero in 2024. This dynamic, people-first framework not only transforms SEACOR Marine’s operations but offers a scalable model for industry-wide safety excellence.
    About the Proceanic Safety Practice Entry
    Proceanic’s Underwater Remote (Mini-ROV) Inspection Services program has been celebrated in the 2025 NOIA Safety in Seas awards for improving underwater inspections in the offshore energy sector. By leveraging advanced Mini-ROV technology and innovative tooling, Proceanic delivers high inspection quality while drastically reducing risks to personnel, assets, and the environment compared to traditional diver and Work-Class ROV methods. With a 12-year, 350+ Campaign, incident-free record founded on a robust Safety Management System, the program has prevented potential catastrophes by identifying critical structural and equipment defects on platforms and floating assets, removing divers from (sometimes unexpectedly) unsafe work locations, reducing risk and carbon footprint related to Dive Support Vessels and Work-Class ROV Support Vessls. The program offers adaptable solutions across oil, gas, maritime, and emerging offshore wind industries. From cavitation cleaning to 3D photogrammetry. Proceanic’s pioneering approach sets a new benchmark for safety, reliability, and innovation.
    About the Safety in Seas Judging Process
    The judging panel, consisting of independent offshore safety consultants, as well as representatives from the Bureau of Safety and Environmental Enforcement, and the Ocean Energy Safety Institute, reviewed each entry and then debated their merits on March 10, 2025.
    NOIA has held the SIS awards competition since 1978 to recognize those who contribute to improving the safety of life in the offshore energy industry. The awards are sponsored by Compass Publications.
    About SEACOR Marine
    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
    For further information about SEACOR Marine’s sustainability practices and ESG initiatives, or to view its diverse energy-efficient fleet of offshore support vessels, please visit www.seacormarine.com.
    About Proceanic
    Proceanic is a full-service, Engineering, Project Management, & Underwater ROV Inspection Company, providing innovative & proven technical services to the Offshore & Maritime Industries.
    Established in 2002, the Proceanic group of companies has become a reliable international service provider. Headquartered in Houston, Texas, and with offices in Singapore, Malaysia, and Brazil, and representation in Nigeria, Indonesia, and Mexico.
    Engineering and ROV teams are readily deployable to any international destination, positioning Proceanic to effectively support clients and projects globally.
    Visit www.proceanic.com/ to learn more about the company.
    About NOIA
    The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.The post SEACOR Marine and Proceanic Earn NOIA Safety in Seas Awards appeared first on NOIA.

    MIL OSI Economics

  • MIL-OSI Economics: Come Experience the Future of Mobile Technology with Samsung at Galaxy Studio

    Source: Samsung

    Get ready to immerse yourself in the latest in mobile technology as Samsung brings the Galaxy Studio to Cape Town at Somerset Mall, V&A Waterfront and Tyger Valley Shoping Centre. These exclusive events invite Joburg shoppers, tech enthusiasts and Samsung fans to experience the next level of mobile innovation in the Galaxy S25 Series as a game-changing human-like AI companion.
     
    Galaxy Studio offers an exciting, hands-on platform where visitors can discover how Samsung’s cutting-edge mobile devices and AI advancements are designed to seamlessly integrate into daily life. With features that allow you to “Do Less and Live More,” Galaxy Studio provides a unique opportunity to interact with the future of mobile technology.
     
    “At Samsung, we’re passionate about empowering consumers with innovative technology that simplifies and enhances their lives. Galaxy Studio gives our customers a chance to see first-hand how mobile AI can transform everyday moments, open up new creative possibilities, and elevate productivity. From live demos to personalised experiences, this is the perfect opportunity to explore everything the Galaxy S25 Series and our mobile ecosystem can do for you,” said Kgomotso Mannya, Head of Marketing for Mobile eXperience at Samsung Electronics.
     
    At Galaxy Studio, you can speak to Samsung specialists who will showcase the impressive capabilities of Galaxy devices, answer your questions, and guide you through the features. Whether you’re looking for a phone upgrade or just curious about what the future of mobile looks like, Galaxy Studio has something for you.
     

     
    Visitors who purchase a Galaxy S25 Series phone will receive a complimentary 45W Travel Adapter at the activation stand. There’s more! Visitors also stand a chance to win their share of R100,000 in the Audio Eraser challenge. Participants who successfully complete the challenge will go into a draw from which three lucky winners will each get R50,000, R30,000 and R20,000.
     
    Galaxy Studio Details:
    Locations and Dates:
    Somerset Mall (Woolworths Court), Somerset West (1 – 6 April 2025)
    V&A Waterfront (Centre Court), Cape Town (08 – 20 April 2025)
    Tyger Valley Shopping Centre (Arena), Bellville Park (29 April – 11 May 2025)

    Time: 09:00 – 19:00 daily
    Admission: Free
     
    Don’t miss out on this chance to experience Samsung’s most advanced technology up close at Galaxy Studio and maybe walk away with exciting prizes.
     
    For more information and updates, follow Samsung South Africa on social media – @SamsunfmobileSA on X and Instagram, Samsung South Africa on Facebook

    MIL OSI Economics

  • MIL-OSI Economics: Samsung Leads the TV Market for 19 Years, Redefining Image Standards with Quantum Dot Technology

    Source: Samsung

     
     
    According to market research firm Omdia, Samsung achieved a 28.3% market share in the global TV market in 2024, maintaining the number one ranking it has held since 2006. This continued success is driven by the company’s commitment to premium and ultra-large screen innovation, as well as the introduction of cutting-edge, AI-powered TVs.
     
    “Samsung’s 19-year reign as the global TV market leader has been made possible by the trust and support of our customers,” said Hun Lee, Executive Vice President of Visual Display Business at Samsung Electronics. “We will continue to shape the future of the TV industry with innovations like AI-powered TVs, delivering products and services that meaningfully enrich people’s lives.”
     
    Dominance in the Premium and Ultra-Large TV Segments
    Samsung solidified its leadership in the high-end TV market, particularly in the premium and ultra-large (75-inch and above) segments:
     
    Premium TVs – Samsung captured a 49.6% market share, accounting for nearly half of the global premium TV market.
    75-inch and above – Samsung led the ultra-large category with a 28.7% market share.
     
    QLED and OLED TV Success
    Samsung also maintained its leadership in the QLED and OLED segments, reinforcing its dominance in the premium TV industry:
     
    QLED TVs – With 8.34 million units sold, Samsung commanded a 46.8% market share, further strengthening its leadership in this category. The global QLED market also saw significant growth, surpassing 10% of total TV sales for the first time.
     
    OLED TVs – Samsung’s OLED sales reached 1.44 million units in 2024, securing a 27.3% market share. This marks a year-over-year (YoY) increase of 42% and 4.6% in unit sales and market share, respectively, reflecting strong consumer demand for Samsung’s OLED innovations.
     
    Transforming Home Entertainment With AI and Art
    At CES 2025, Samsung unveiled Vision AI, a breakthrough in AI-powered screens that extends beyond traditional entertainment. By analysing user preferences, intent and habits, Vision AI delivers a seamlessly personalised viewing experience that shapes the future of smart home displays.
     
    Samsung is also expanding its Samsung Art Store — originally available exclusively on The Frame — to Neo QLED and QLED models this year, providing more consumers with access to a personalised digital art experience.

    MIL OSI Economics

  • MIL-OSI Economics: Issue of ₹10 and ₹500 Denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor

    Source: Reserve Bank of India

    The Reserve Bank of India will shortly issue ₹10 and ₹500 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹10 and ₹500 banknotes in Mahatma Gandhi (New) Series. All banknotes in the denomination of ₹10 issued by the Reserve Bank in the past will continue to be legal tender. All banknotes in the denomination of ₹500 in Mahatma Gandhi (New) Series issued by the Reserve Bank in the past will also continue to be legal tender.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/36

    MIL OSI Economics

  • MIL-OSI Economics: A journey into forgotten Null Session and MS-RPC interfaces, part 2

    Source: Securelist – Kaspersky

    Headline: A journey into forgotten Null Session and MS-RPC interfaces, part 2

    In the first part of our research, I demonstrated how we revived the concept of no authentication (null session) after many years. This involved enumerating domain information, such as users, without authentication. I walked you through the entire process, starting with the difference between no-auth in the MS-RPC interfaces and the well-known null session, and ending with the methodology used to achieve our goal.

    Today, as promised, we’ll dive into part two. Here, we’ll explore why Windows behaves the way it does – allowing domain information to be enumerated without authentication. I’ll also explain why this activity is difficult to prevent and monitor.

    First, we’ll examine why this activity is hard to stop by looking at how WMI works. We’ll also discuss the methods available for detecting and addressing this issue.

    After that, we’ll cover some basics about MS-RPC security and how to secure your RPC server. Then we’ll analyze the security of the MS-NRPC interface using two approaches: theoretical insight and reverse engineering to gain a deeper understanding.

    So, buckle up and let’s continue our journey!

    The group policy that punches your domain in the face

    When it comes to stopping certain activities in Windows, group policies are often the first line of defense, and our case is no exception. As we discussed in part one, the Restrict Unauthenticated RPC Clients policy can be used to block no-auth activity against interfaces. This policy comes with three settings: “None”, “Authenticated”, and “Authenticated without exceptions”.

    While testing, we discovered that even with the policy set to “Authenticated”, it’s still possible to enumerate domain information using MS-NRPC and network interfaces using the IObjectExporter interface. Naturally, the next logical step would be to use the “Authenticated without exceptions” setting to completely block such activity.

    At first, enabling “Authenticated without exceptions” seems to work perfectly – blocking all enumeration activity with no authentication. Over time, however, we would notice significant issues: many of the domain controller’s functions would stop working. This is not surprising, as Microsoft has explicitly warned that using this policy setting can severely disrupt domain controller functionality. In fact, it has been described as “the group policy that punches your domain in the face,” effectively rendering the domain controller inoperable.

    To better understand this issue, let’s use WMI as an example and examine why setting this policy to “Authenticated without exceptions” causes domain functionality to fail.

    WMI as DCOM object

    Windows Management Instrumentation (WMI) is the infrastructure for managing data and operations on Windows-based operating systems. It’s widely used by system administrators for everyday tasks, including remote management of Windows machines.

    To test the effect of setting the Restrict Unauthenticated RPC Clients policy to “Authenticated without exceptions”, let’s try to access WMI on a remote machine using the wmic command to list processes. In this case, we’ll use valid administrator credentials for the remote machine.

    Listing remote processes using wmic

    As shown in the screenshot above, the attempt to list remote processes fails with an “Access Denied” error, even with valid administrator credentials. But why does this happen?

    Remote WMI access relies on the DCOM architecture. To interact with the WMI server, a DCOM object must first be created on the remote machine. As explained in part one, interfaces such as IObjectExporter ( IOXIDResolver) are responsible for locating and connecting to DCOM objects.

    In simpler terms native Windows libraries typically use the IObjectExporter interface by default during the initial steps of creating a DCOM object, although it is technically optional. When binding the interface, the authentication level is set to “no authentication” (level 1). Next, the libraries use the ServerAlive2 function.

    When the Restrict Unauthenticated RPC Clients policy is set to “Authenticated without exceptions”, it blocks these no-auth activities. This prevents the creation of DCOM objects, so the WMIC command that creates a DCOM object fails and returns an “Access Denied” error, even if the credentials are valid.

    Furthermore, since DCOM object creation is integral to many domain controller functions, blocking these activities can disrupt most operations on the domain controller. In short, setting the policy to “Authenticated without exceptions” not only breaks remote WMI access, it also impacts broader domain functionality.

    To better understand this behavior, let’s examine what happens under the hood when we set the Restrict Unauthenticated RPC Clients policy to “Authenticated” or “None”. Using Wireshark, we’ll capture the traffic while running the same PowerShell command as before.

    Network traffic for remote WMI

    In the captured traffic, we can see that before the DCOM object is created, the IOXIDResolver interface must be bound, and the ServerAlive2 function is called (packets 21-24).

    If we inspect packet 21, which contains the bind request, we see that the native libraries bind the interface without authentication – because the authentication length is zero.

    Binding without authentication

    Next, let’s inspect the traffic when the Restrict Unauthenticated RPC Clients policy is set to “Authenticated without exceptions”.

    Network traffic for WMI

    From the captured traffic, we can see several “Access Denied” responses when attempting to call the ServerAlive2 function with valid credentials. This happens because the policy blocks the no-authentication behavior, effectively stopping the initial binding of the IOXIDResolver interface (which binds without authentication by default). The failure to bind the interface at the beginning of the process is what causes this error, proving that it does not come from WMI itself.

    The event that never occurs

    As we saw earlier, preventing enumeration of domain information seems impossible, but detecting it might be another story. The first place to look for detection is Windows audit policies. I found the audit policy under event ID 5712, which should generate an event like “Audit RPC Events 5712(S): A Remote Procedure Call (RPC) was attempted.”

    However, Microsoft states that this event never occurs, and after enabling this audit policy, I indeed found no related events in the event viewer for any RPC attempts.

    The event that never occurs seemed like a dead end for detecting RPC activity. However, after further research, I found two additional ways to detect RPC activity.

    The first method is Event Tracing for Windows, which logs RPC-related events. However, it lacks useful details such as the IP address of the RPC client and generates many events, including local RPC activity, making it difficult to parse.

    The second method is to use third-party open source software called RPC-Firewall. This tool audits all remote RPC calls, allowing you to track RPC UUIDs and opnums, block specific ones, and filter by source address. It integrates with the event viewer to display logs, as shown in the screenshot below of an RPC event generated by RPC-Firewall.

    RPC-Firewall RPC event

    Prior to conducting this research, I had found these three ways to detect such activity that I mentioned earlier. However, due to the lack of native detection, the process remains challenging. You can rely on third-party tools or develop your own detection method. But even with these approaches, it’s difficult because you need to identify which machines in your domain are making RPC requests without authentication and track the frequency of this activity.

    MS-RPC security

    Now let’s explore why Windows behaves this way, why there are issues with policies, and what exceptions really mean. But before diving into all that, we need to discuss MS-RPC security – basically, how to secure your RPC server.

    From this point on, I’ll be referring to a new term, the RPC server. The RPC server is where the logic of the interface is defined. A single server can have multiple interfaces.

    Securing an RPC server is a complex process because of the variety of access methods, such as named pipes or TCP endpoints. In addition, security measures for RPC servers have evolved over time.

    In this research, I will focus on the security methods relevant to our study, but there are several other methods, some of which are described in this post.

    Registration flags

    When registering an interface for an RPC server, specific flags can be set using the RpcServerRegisterIf2 function. Three flags are of particular relevance:

    • RPC_IF_ALLOW_LOCAL_ONLY: Rejects calls from remote clients.
    • RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH: Invokes a security callback for authentication checks.
    • RPC_IF_ALLOW_SECURE_ONLY: Limits connections to clients with an authentication level higher than RPC_C_AUTHN_LEVEL_NONE.

    The RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag registers a security callback (e.g., MySecurityCallback), as shown in the examples below, which takes over security checks from the RPC runtime.

    RPCServerRegisterIf2 with security callback

    If the callback returns RPC_S_OK (mapped to 0), the client passes; otherwise, the client fails the security check.

    The security callback

    By default, the RPC runtime ( rpcrt4.dll library) handles client authentication using mechanisms such as NTLM or Kerberos. However, its behavior is influenced by two factors:

    1. The Restrict Unauthenticated RPC Clients policy:
    • If set to “None”, unauthenticated clients are allowed.
    • If set to “Authenticated”, only authenticated clients can connect.
  • The RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag:
    This flag overrides the default policy, allowing the security callback to handle authentication even when clients are unauthenticated. The only exception is the “Authenticated without exceptions” policy value, which blocks all unauthenticated clients regardless of this flag.
  • This explains the exceptions we discussed earlier: they occur when interfaces inside RPC servers are registered with this flag, enabling unauthenticated connections even when the policy is set to “Authenticated”. The source and behavior of these exceptions should now be clear.

    Securing the endpoint

    As mentioned earlier, RPC servers can be accessed through various transport layers. For remote connections, TCP ports and named pipes are commonly used.

    When registering an endpoint for an RPC server using the RpcServerUseProtseqEp function, you can include a security descriptor (SD) to control who can connect to the endpoint. It’s important to note that this SD only applies to named pipes, not TCP ports. Additionally, it can also be used for local connections using ALPC ports as endpoints.

    Securing the interface

    Microsoft has introduced a newer version of the RpcServerRegisterIf2 function, called RpcServerRegisterIf3, which allows you to add an optional SD when registering your interface. This enables you to control who can connect directly to the interface.

    This security mechanism raises an important question: if an interface has registered an SD, and a client connects via TCP without authentication (authentication level = 1), how is the security check performed? Specifically, what security token is assigned to the client for the SD check?

    To answer this, we need to do some reverse engineering magic against the RPC runtime library ( rpcrt4.dll).

    The figure below shows the decompiled view from IDA for the function called when a client connects without authentication. As you can see, it uses the ImpersonateAnonymousToken function, which allows the thread to impersonate the system’s anonymous logon token. In other words, a client connecting via a TCP endpoint without authentication is represented as an anonymous user.

    Called function for unauthenticated clients

    After that, the access check is performed using the AccessCheck function:

    Access check

    Binding authentication

    The final RPC security issue to discuss is binding authentication. As you recall, the authentication method is specified in the binding packet (the first packet in an RPC connection). But what does that mean?

    An RPC server can register its preferred authentication method for clients using the RpcServerRegisterAuthInfo function. For instance, in the following example, NTLM authentication is registered as the chosen method.

    After that, the client can connect using RPCBindSetAuthInfoEx and specify the correct authentication service and authentication level.

    Now that we’ve covered RPC security, it’s time to answer questions about our interface (MS-NRPC): What security is applied on the server that defines this interface, and why were we able to access it without authentication?

    To do this, I used two approaches:

    1. Surface analysis: I examined the internal security checks of the RPC server using a flowchart from a great RPC toolkit. This chart provides valuable insight for our research, allowing us to analyze the security applied by the RPC server in more detail. I’ll go through it step by step, following the path described in the chart to conduct the investigation.
    2. In-depth analysis: In this approach, I interacted directly with the RPC server using reverse engineering to gain further insight into the enabled security.

    Surface analysis

    I will now attempt to determine the security mechanism used by the RPC server that’s related to the MS-NRPC (Netlogon) interface. I will assume that we are the RPC client calling a function from (MS-NRPC) Netlogon to enumerate domain information without using any authentication.

    Let’s start with transport protocols, as outlined in the flowchart:

    In the chart above, the RPC client has two options for connecting to the RPC server: via TCP or SMB named pipes. In our research, we are using TCP, which is highlighted.

    Next, we encounter the Restrict Unauthenticated RPC Client policy, which has two values: “None” or “Authenticated”. If set to “None”, we proceed to the next step. If set to “Authenticated”, a check is performed to see if the client has authenticated. If it has, the flow continues; however, if the client connects without authentication (as in our case), the RPC runtime checks for the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag and either accepts or denies the connection based on its presence.

    Since the policy is set to “Authenticated” and our client does not perform authentication, we need the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag to be registered in order to proceed to the next step, thereby making an exception to the policy. The presence of this flag allows us to conclude that a security callback has also been registered.

    Our path now looks like this:

    Next, there is another check to see if the server has registered an authentication service. If the server hasn’t registered one and the client tries to authenticate, it will be denied with an “authentication service unknown” error. However, if the client doesn’t attempt authentication, the process continues.

    If the server has registered an authentication service, the check against the endpoint (the SD registered via RpcServerUseProtseqEp) is performed. If the client passes this, another check is made against the interface SD (registered using RpcServerRegisterIf3). Failure to pass either of these checks will result in access being denied.

    In our case, we know the server has already registered an authentication service because it’s a well-known Microsoft protocol. We don’t need to worry about the endpoint check either, as it’s intended for clients connecting via named pipes. As for the interface security descriptor, we either passed this check if the SD doesn’t exist at all, or the SD does exist and it allows anonymous users (representing clients without authentication).

    Next, we check two flags: the first, RPC_IF_ALLOW_LOCAL_ONLY, determines if the interface can be accessed remotely, and the second checks for RPC_IF_ALLOW_SECURE_ONLY. If the latter is present, it ensures that we are using an authentication level higher than “None”, denying or allowing access based on the authentication level. Finally, we check for the presence of a security callback. If it doesn’t exist, we can access the server immediately. If it does exist, we must pass the custom checks within the security callback to access the server.

    In our case, we know that RPC_IF_ALLOW_LOCAL_ONLY doesn’t exist because we can access the interface remotely. We also know that RPC_IF_ALLOW_SECURE_ONLY isn’t present because we’re using an authentication level of “None”. Finally, we conclude that a security callback is registered based on the previous use of RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH, and we successfully pass the security callback check to gain access to the server.

    Our final path looks like this:

    Surface analysis conclusion

    At this stage, we can conclude that the RPC server has the following characteristics:

    1. Regarding registration flags:
    • Has RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH (indicating a security callback).
    • Doesn’t have RPC_IF_ALLOW_LOCAL_ONLY.
    • Doesn’t have RPC_IF_ALLOW_SECURE_ONLY.
  • Regarding the interface:
    • We’re unsure if it has a security descriptor (SD) or not.
  • Regarding registered binding authentication:
    • The RPC server registers authentication.

    As shown, the surface analysis couldn’t provide a complete security overview for the Netlogon (MS-NRPC) interface, so I decided to proceed with an in-depth analysis.

    In-depth analysis

    The goal of our in-depth analysis is to leverage reverse engineering techniques to assess the security of the RPC server under the MS-NRPC interface. As we saw before, the interface is accessible through the LSASS process, specifically via the Netlogon DLL. Here we have two approaches to analysis:

    1. Use automated tools to examine the security of the interface.
    2. Go directly to IDA and manually locate the interface and its associated security mechanisms.

    Automated tools

    Let’s begin with a tool called PE RPC Scraper. If we provide the Netlogon DLL as an argument, this tool reveals information about the RPC server, its interfaces, functions and security details.

    PE RPC Scraper output

    The output of the tool shows that it successfully identified the Netlogon interface (UUID) and confirmed that it contains 59 functions. It also revealed the presence of a security callback and a set of flags with a value of 0x91. After decoding this value, we can see that the following flags have been registered:

    • RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH
    • RPC_IF_SEC_CACHE_PER_PROC
    • RPC_IF_AUTOLISTEN

    The output from PE RPC Scraper also indicates that the interface has no security descriptor.

    The information obtained from both the surface analysis and the automated tool provides the answer to the security bypass issue and allows me to conclude the investigation at this point. However, I personally don’t trust automated tools, and I have a good reason for that. So, for further confirmation, let’s dive into IDA.

    IDA like a superhero

    At this point, I’ve loaded netlogon.dll into IDA and started my investigation.

    A. Locate the interface

    The first step is to determine where the interface is registered. As shown in the figure below, the UUID registered using RPCServerRegisterIf3 is related to the MS-NRPC interface.

    MS-NRPC interface registration

    B. Endpoint registration

    At this stage, we’ll check the endpoint registration for the server. As you can see in the screenshot below, RpcServerUseProtseqEpW and RpcServerUseProtseqExW have been used to register three endpoints:

    1. SMB named pipe, lsass
    2. Local ALPC port, NETLOGON_LRPC
    3. High dynamic TCP ports

    Endpoint registration

    C. Interface registration

    As I mentioned earlier, RpcServerRegisterIf3 is used to register the interface.

    Interface registration

    The function used the 0x91 value as a set of flags, which are: RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH | RPC_IF_SEC_CACHE_PER_PROC | RPC_IF_AUTOLISTEN. RpcServerRegisterIf3 also has a security callback ( sub_18002EF60), in addition to a security descriptor ( hMem). This finding contradicts what was previously confirmed by an automated tool – that’s why I don’t trust them for reverse engineering.

    D. Security callback

    Now let’s go inside the security callback and see how the security check is performed. From the screenshot below, we can see that RpcServerInqCallAttributesW is called first with the Flags field inside the RpcCallAttributes struct set to 96. After decoding this value, we can see that this function used two flags – RPC_QUERY_IS_CLIENT_LOCAL | RPC_QUERY_NO_AUTH_REQUIRED – to request the client information.

    The security callback has a condition statement.

    The security callback conditions

    First, the callback verifies that the RpcServerInqCallAttributesW function was called successfully, then it checks if the opnum is less than 59. If both previous conditions are met and the client is local, access to the server is granted. If the client is remote, the callback uses an access array (a matrix) to determine if the opnum is allowed to be called by the remote client.

    The access matrix is just hardcoded bytes in memory:

    Access matrix

    All of the previously mentioned functions in the MS-NRPC interface that can be accessed without authentication (as outlined in the table in the first part) pass the access matrix check.

    Now, let’s analyze what happens when the conditions are met or not, using assembly language since the IDA decompiler tab lacks precise interpretations.

    The security callback conditions in assembly

    • For the security callback, as we mentioned earlier, returning 0 indicates a successful call.
    • For the first condition (RpcServerInqCallAttributesW), failure results in an error value.
    • For the second condition (operation number compared to 59), failure still returns 0. This only ensures that the matrix index doesn’t exceed its size and doesn’t validate implemented functions that are handled elsewhere.
    • For the third condition, if both the access matrix and local client checks fail, the callback returns 5 (access denied). If either of them succeeds, execution continues.

    If all of the above checks in the IF statement are passed, the security callback proceeds to check the Windows version with another IF statement that verifies the value of a DWORD in memory.

    The second IF statement

    This DWORD is initialized using the code shown below. The value is set based on whether or not the machine is a domain controller (DC).

    Checking the machine type

    • If the machine is a DC, execution continues and returns 0, indicating that the security callback check was successfully passed.
    • If it is not a DC, further checks are performed.

    This sequence of checks shows that passing the security callback for the remote client on a DC requires only that the access matrix check be successfully passed.

    E. Interface security descriptor

    As we saw before, the security descriptor is assigned through the RpcServerRegisterIf3 function. It is set up by calling another function that contains many instructions. The security descriptor definition language (SDDL) for the security descriptor is shown below.

    SDDL for security descriptor

    From the SDDL, we can see that the following groups of users have read access: Anonymous Logon, Everyone, Restricted Code, Built-in Administrators, Application Package, and a specific security identifier (SID).

    But I ran into a problem. The function where the security descriptor is set up contained numerous operations, and I wasn’t sure if any changes had been made to the SDDL representation of the security descriptor. That’s why I decided to find an alternative method to verify that the SDDL interpretation remained the same.

    To achieve this goal, I considered two approaches:

    1. Memory search: I considered searching memory at runtime for the known value in the header of the relative security descriptor to intercept and extract the discretionary access control list (DACL) inside LSASS. However, since this involves interacting with the LSASS process, which is risky, I took a different approach.
    2. ALPC Port Security Descriptor: The ALPC port NETLOGON_LRPC, registered during endpoint setup, shares the same security descriptor as the interface:

    Endpoint and interface registration

    Using the ALPC port’s name, I used the NtObjectManager PowerShell module (you can use any programming alternative) to extract the security descriptor from the ALPC port.

    Extracting the SD from the ALPC port in PowerShell

    After that, I obtained the DACL from the security descriptor.

    Security descriptor for ALPC port

    The screenshot above shows that the DACL obtained from the ALPC port’s security descriptor matches the SDDL representation we obtained earlier. As we can see in the first line of the ACL entries, anonymous login is allowed on the interface, which explains why we can pass the security descriptor access check for the interface (if there is no client token, the Anonymous LOGON token is assigned).

    In-depth analysis conclusion

    From the in-depth analysis, we now have the whole scenario of the MS-NRPC security mechanism, which allowed us to understand how we could successfully pass the security checks of the MS-NRPC interface and call multiple functions without authentication, even if the RPC policy is set to “Authenticated”.

    To summarize, here’s how we were able to bypass the security of MS-NRPC:

    1. Registration flags:
    2. We found that the interface has the RPC_IF_ALLOW_CALLBACKS_WITH_NO_AUTH flag: for this reason, we were able to get past the RPC policy.

    3. Security callback:
    4. We found that this flag has a security callback, which in our case is used to check if we pass the check against the access array, and all of our functions passed the check.

    5. Interface security descriptor:

    The interface has a security descriptor that permits multiple user groups to connect, including anonymous users. Since we are using no authentication, the access check is performed against the anonymous user, allowing to access the interface’s functions.

    Research conclusion

    At the end of this part and my research, I hope I was able to provide all the details related to this research and the approaches that I used. I also hope that you are now able to understand why we have this kind of no-authentication enumeration. Furthermore, I hope you are now equipped to develop your own ways to detect this kind of activity.

    Thank you for reading, and see you soon with more research projects.

MIL OSI Economics

  • MIL-OSI Economics: US consumers face higher prices, inconsistent dining out experiences amid blanket tariffs, says GlobalData

    Source: GlobalData

    US consumers face higher prices, inconsistent dining out experiences amid blanket tariffs, says GlobalData

    Posted in Consumer

    Following the news that the US National Restaurant Association has joined a host of industry bodies calling for tariff exemptions as costs will doubtlessly be passed on to consumers in the wake of possible Trump administration’s blanket tariffs on all countries;

    Hannah Cleland, Senior Consumer Analyst at GlobalData, offers her view:

    “Foodservice operators are facing pressure both from tariffs and rising labor costs to a point where costs can no longer be absorbed, and cutbacks will have to be made. The knock-on effects of diminished staffing levels and erratic ingredient pricing and availability will result in a less consistent experience and standard of dining out for consumers. Customer footfall out-of-home is in a precarious position as these developments come against the backdrop of already weakened sales and fierce price wars in 2024 and 2025.

    “Operators in the US are likely to feel a pronounced effect as state level wage increases for foodservice workers have rippled through the country, while many specialist format outlets are reliant on importing food and beverages of specific origins. By the end of 2024, the number of US consumers reporting to have cut back on eating and drinking out on social occasions was two percentage points below the global average at 27%*.  Operators will be focused on preventing that figure from growing further due to rising costs and potentially falling service and quality standards.

    “These new challenges point to a wider need for operational overhauls in foodservice to improve overall efficiency and minimize cost-pressures long-term. Blanket tariffs will affect prices of all goods and potentially create shortages as rising prices create delays at ports and weaken demand and supply of goods. However, a more diversified supply chain both in terms of suppliers and ingredients can cushion the impact. Additionally, there has been a marked increase in automation technology investment in the US to cope with increased labor costs.

    “That said, these changes while necessary are not short-term fixes for foodservice. Rising prices for less value will be a hard pill for consumers to swallow when dining out. Operators will have to be transparent about the reasons behind price increases and changes to service to soften the blow to customer wallets.”

    *GlobalData 2024 Q4 global consumer survey, 22,000 respondents across 42 countries.

    MIL OSI Economics