NewzIntel.com

Category: Economics

  • MIL-OSI Economics: NVIDIA and xAI join AI Infrastructure Partnership to drive investment in datacenters

    Source: Microsoft

    Headline: NVIDIA and xAI join AI Infrastructure Partnership to drive investment in datacenters

    NEW YORK & REDMOND, Wash. & ABU DHABI, United Arab Emirates & SANTA CLARA, Calif. & SAN FRANCISCO–(BUSINESS WIRE)–BlackRock, Global Infrastructure Partners (GIP), a part of BlackRock, Microsoft, and MGX today announced that NVIDIA and xAI will join the Global AI Infrastructure Investment Partnership, now named the AI Infrastructure Partnership (AIP), further strengthening the partnership’s technology leadership as the platform seeks to invest in new and expanded AI infrastructure. NVIDIA will also continue in its role as a technical advisor to AIP, leveraging its expertise in accelerated computing and AI factories to inform the deployment of next-generation AI data center infrastructure.

    Additionally, GE Vernova and NextEra Energy have agreed to collaborate with AIP to accelerate the scaling of critical and diverse energy solutions for AI data centers. GE Vernova will also work with AIP and its partners on supply chain planning and in delivering innovative and high efficiency energy solutions.

    AIP has attracted significant capital and partner interest since its inception in September 2024, highlighting the growing demand for AI-ready data centers and power solutions. The partnership will initially seek to unlock $30 billion in capital from investors, asset owners, and corporations, which in turn will mobilize up to $100 billion in total investment potential when including debt financing.

    By investing in next-generation AI data centers and energy infrastructure, AIP is not just expanding capacity—it is shaping the future of AI-driven economic growth. The addition of both NVIDIA and xAI, each a global AI technology leader, reinforces AIP’s commitment to scaling an open-architecture platform and fostering a broad ecosystem that supports a diverse range of partners on a non-exclusive basis. AIP’s investments will primarily focus on the U.S. as well as OECD and U.S. partner countries, driving AI innovation, economic expansion, and the advancement of critical digital and energy infrastructure.

    His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of MGX, said, “Artificial Intelligence is not just an industry of the future, it underpins the future. As we welcome new partners to the AI Infrastructure Partnership, we will accelerate innovation and technological breakthroughs to achieve transformational productivity gains across the global economy. Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity.”

    Jensen Huang, founder and CEO of NVIDIA, said, “The global buildout of AI infrastructure will benefit every company and country that wants to achieve economic growth and unlock solutions to the world’s greatest challenges. AI factories built on NVIDIA’s full-stack AI infrastructure will convert data into intelligence that will accelerate every industry and help society achieve unimaginable breakthroughs.”

    “AI infrastructure will play an increasingly critical role in driving economic growth across every industry and every region of the world,” said Satya Nadella, Chairman and CEO, Microsoft. “We’re thrilled to welcome these new companies to the AI Infrastructure Partnership as we invest together to build the infrastructure of the future.”

    Larry Fink, Chairman and CEO of BlackRock, said, “AI has the potential to transform the global economy if we can build the necessary infrastructure to support it. We believe this unparalleled partnership of leading global companies across the AI ecosystem brings technology expertise together with private capital to meet this demand and creates unique investment opportunities for our clients. This partnership also demonstrates the powerful combination of BlackRock’s global relationships with GIP’s infrastructure capabilities.”

    “Since we launched this partnership in September, the momentum we have achieved reinforces the need for significant private capital to fund investments in essential infrastructure, particularly to support the continued development of AI,” said Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners. “With today’s announcement, we are proud to welcome our new partners to AIP. Together, we look forward to focusing on our joint ambition to enhance AI innovation and economic growth.”

    John Ketchum, Chairman and CEO of NextEra Energy, said, “In order to realize the full potential of Artificial Intelligence we must develop and support the energy infrastructure and data centers that will fuel this technology. Doing this will require an all forms of energy solution that leverages ready-now renewables and battery storage coupled with gas-fired and nuclear generation in the future. Our collaboration with GE Vernova and AIP is intended to get as many electrons onto the grid as quickly and most cost effectively as possible.”

    “The jobs and economies of tomorrow will be built on the infrastructure we develop today to support the rapid growth of AI,” said GE Vernova CEO Scott Strazik. “Our company is focused on an all-of-the-above approach with our customers to meet this unprecedented demand, utilizing gas, nuclear, wind and more, while continuing to drive innovation to reduce emissions. We look forward to working with AIP and its partners, a group that brings substantial capability and efficiency to this critical work.”

    About MGX

    MGX is a technology investment company focused on accelerating the development and adoption of AI and advanced technologies through world-leading partnerships in the United Arab Emirates and globally. MGX invests in sectors where AI can deliver value and economic impact at scale, including semiconductors, infrastructure, software, tech-enabled services, life sciences, and automation. For more information, visit www.mgx.ae.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

    About Global Infrastructure Partners (GIP), a Part of BlackRock

    Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. On October 1, 2024, BlackRock closed its acquisition of GIP. For more information, visit www.global-infra.com.

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    This press release, and other statements that the parties may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the parties’ or AIP’s future financial or business performance, strategies or expectations, including the anticipated timing, consummation and expected benefits of AIP. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

    The parties caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any projections or forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and the parties assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    Certain of the parties have previously disclosed risk factors in their respective United States Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from forward-looking statements or historical performance. Such parties’ Annual Reports on Form 10–K, Quarterly Reports on Form 10-Q and subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on the applicable party’s website, discuss certain of these factors in more detail and identify additional factors that can affect forward–looking statements. The information contained on each party’s website is not a part of this press release, and therefore, is not incorporated herein by reference.

    MIL OSI Economics –

  • MIL-OSI Economics: Sarah Hunter: Monetary policy – forward looking and data dependent in the face of uncertainty

    Source: Bank for International Settlements

    I would first like to pay respect to the traditional and original owners of this land, the Gadigal people of the Eora Nation, to pay respect to those who have passed before us and to acknowledge today’s custodians of this land. I also extend that respect to any First Nations people joining us here today.

    Introduction

    Three weeks ago, the Reserve Bank Board cut interest rates for the first time since 2020. Naturally there is a lot of interest in what lies behind the Board’s decision-making process. Today I want to shine a light on three key inputs to the process, how they interact with one another and how they fit together to support the Board in its decision making.

    The first is our view of how changes in the cash rate affect the economy. The impact of policy changes takes time to flow through the economy; looking at the response of banking credit flows to interest rate changes, which many here today know intimately, clearly highlights this. So policy decisions today shape inflation and employment outcomes in the future.

    This necessitates a forward-looking approach to meeting our mandate. Policy decisions require both a view of the outlook for the economy and an understanding of how policy is likely to affect that outlook. That helps the Board set the cash rate to give the best chance of achieving the RBA’s objectives over time.

    MIL OSI Economics –

  • MIL-OSI Economics: Sanjay Malhotra: Transforming grievance redress – the AI advantage

    Source: Bank for International Settlements

    I am delighted to participate in this year’s Annual Conference of the RBI Ombudsmen. The Reserve Bank has been organising this conference on or around the World Consumer Rights Day, that is, 15th March. World Consumer Rights Day is celebrated every year with the aim of raising global awareness about consumer rights and needs. We organise this conference to reflect on our achievements with regard to consumer services and to deliberate on how to improve services and reduce grievances. We need to improve consumer services, not only because it is our duty to do so, but because it is in our selfish interest to do so. In this age of competition, we would not survive long if we do not provide quality service to our consumers.

    We have made tremendous strides in improving consumer services over the years. We have enabled internet banking and mobile banking. Most of the banking services, be it opening a deposit account, or taking a small loan have been digitised, adding to the convenience and speed. We are making record number of digital transactions through UPI and other means of digital payments. Many among the younger generation may have never visited a bank branch. We have even enabled opening of accounts using video KYC.

    While we have enhanced customer experience over the years, the high number of customer grievances continues to be a matter of serious concern. I am told that last year (2023-24), the 95 Scheduled Commercial Banks alone received over 10 million complaints from their customers. If we take into account the complaints received at other RBI-regulated entities (REs), the number would be even higher. One may argue that this amounts to only four complaints per thousand accounts per year as there are about 2.5 billion bank accounts. But, for us, even one complaint is a cause of concern. We have 10 million complaints and with the rapidly growing customer base and expanding suite of products, this may grow, if we do not get our act together.

    Customer satisfaction – a cornerstone for banking and other financial services

    Excellent customer service, in fact excellent customer experience is a sine qua non in any service industry. Our effort should be to enhance the total customer experience. The experience should be such that there is no cause for a grievance that requires a redress. Let me state a fundamental truth: every complaint is a test of trust. When a consumer files a grievance – whether for a disputed transaction, a lapse in service, inappropriate pricing or charges or an unfair practice – it is a signal that our system has fallen short. Left unresolved, such issues can erode consumer confidence and tarnish the entire ecosystem.

    I am reminded of a real story about customer service. Some of you, especially the management graduates, may have heard it but it is so appropriate for today’s theme that it is worth being retold. In the winter of 1975, in a town in Alaska, a man walked into a store and complained to the salesman present that the snow tyres that he bought some time ago were not holding. The salesman was a little puzzled. He said that he could not replace them but will check what he could do and went to the back of the store. Those of you, who have visited departmental stores in the USA, would know that refunds are processed at the back of the store. The salesman came back after some time and handed over some cash as refund and the customer left satisfied. Can anyone guess why this was unique, as no questions asked policy for refunds is fairly common in the USA? It is because the company in question is Nordstrom which does not even sell tyres. It sells apparel and shoes. But, for Nordstrom, customer comes first. Trusting him and winning his trust is more important than anything else.

    Some say that this is not a true story. How is this possible? How could a company offer refund for a product which it never sold? Nordstrom, however, insists that this incident did take place. Nordstrom had acquired three stores from another company that sold miscellaneous articles including tyres. The customer did not realise that the store had changed and walked in with his complaint. The key message is that Nordstrom saw itself being in the business of customer service, and not just selling goods. We too need to realise that we are in the business of providing unalloyed customer service and not just selling banking and other financial services.

    Top management to accord priority to customer service

    I am sure you will all agree that we are indeed in the business of customer service. However, I suspect that we are not spending enough time on customer service and grievance redressal as a result of which not only are there a large number of complaints being received by banks and NBFCs but in the absence of satisfactory resolution, a large number of them are getting escalated to RBI Ombudsmen.

    Let me give you some perspective. The number of complaints received under RBI’s Integrated Ombudsman Scheme increased at a compounded average growth rate of almost 50 per cent per year over last two years to 9.34 lakh in 2023-24. The number of complaints processed at the Office of RBI Ombudsman increased by 25 per cent from about 2,35,000 in 2022-23 to almost 2,94,000 in 2023-24. Not only are large number of complaints getting escalated, a large proportion of them – nearly 57 per cent of the maintainable complaints last year – required mediation or formal intervention by the RBI Ombudsmen. You would all agree that this is a highly unsatisfactory situation and needs our urgent attention.

    I would, therefore, strongly urge all the MD&CEOs, Zonal and Regional Managers and the Branch Managers to spend some time every week, if not every day on grievance redressal. This is a must. All great CEOs find time to do it. We too must keep some time in our diary for improving customer service and grievance redressal.

    Improving customer service systems

    Customer complaints aren’t a nuisance – they are in fact opportunities to improve, innovate, and build trust. Handling them well can define your success. Each unresolved grievance is a missed opportunity for regulated entities to reaffirm customer trust and loyalty. It is also a warning signal as repeat complaints are often signs of systemic flaws. Today, complaints often surface on social media even before reaching official channels, highlighting the need for proactive measures.

    The effort thus should be to not only resolve the complaints but also to ensure that the same type of complaint does not arise again. Many of the complaints like digital transaction disputes, unauthorized charges, or miscommunication frequently recur. These are clearcut symptoms of underlying issues in the overall customer service framework of the regulated entities. A thorough root cause analysis should be performed for each complaint so as to enable remedial action and avoid repetition of same type of complaint.

    In fact, I would go a step further. Best service is not one in which there is no occasion for grievance redressal but one in which there is no occasion for the customer service department to step in. Systems should work seamlessly and conveniently so that customers do not have to call the branch or the customer service centre or talk to anyone in the Bank or NBFC. Systems have to be so user-friendly that customers can rely on self-service rather than being dependent on anyone else.

    Improving internal grievance redressal systems

    While improving systems to reduce grievances is important, setting up a robust grievance redressal system is equally important for all regulated entities. I would urge you all to review the same. While the regulations do not make any prescription for the organisational structure for grievance redressal, my experience suggests that there should be at least two levels for grievance redressal in large REs, with unresolved grievances getting escalated from the lower to the higher level. The highest level should be at a fairly high rank. This to ensure that requests do not get rejected without having been examined by a senior functionary who is empowered to take decisions in consumer interest. This will help reduce grievances getting escalated to the Ombudsman. It must also be ensured that there are sufficient number of grievance redress officers at all levels including in the Internal Ombudsman office.

    I would also like to draw your attention to the misclassification of complaints as requests, queries, and disputes by the regulated entities. This results in the complainants’ grievances remaining unaddressed. Moreover, this is also a gross regulatory violation.

    Major areas of service improvement

    Let me now briefly allude to some of the major areas where we need to improve. These relate to KYC, digital frauds, mis-selling, and aggressive recovery practices.

    As for KYC, we need to ensure that once a customer has submitted documents to a financial institution, we do not insist on obtaining the same documents again. Once the customer has updated his details, for example, his residential address, with one regulated entity of any financial sector regulator, it gets updated in CKYCR and other REs are notified of the updation. PML Rules made by the Department of Revenue in the Ministry of Finance and RBI’s Master Directions on KYC mandate regulated entities to check the CKYCR system before seeking KYC documents for opening an account. However, most banks and NBFCs have not enabled the same in their branches/business outlets, causing avoidable inconvenience to customers. This may be facilitated early. This will be in the interest of all.

    Another important issue connected to customer protection is rising digital frauds. It is a matter of great concern that innocent customers continue to fall prey to scamsters. While this could be attributed to rise in digital transactions and innovative methods adopted by fraudsters, lack of customer awareness is also a major reason for the same. To mitigate this menace, REs not only need to put in place robust internal controls but also enhance digital financial literacy.

    The issues of mis-selling and aggressive recovery practices have been highlighted earlier too. In this context too, I would request you to keep consumer interest supreme.

    Embracing technology – the AI way

    Let me now come to the theme of this year’s conference: AI’s potential to revolutionize grievance redressal. We are entering an exciting era where technology, particularly artificial intelligence (AI), can drive remarkable improvements in speed, accuracy, and fairness of complaint resolution.

    AI can help categorize incoming complaints by urgency, complexity, or subject area, ensuring minimal delay in reaching the right people or the right team. AI can also help in optimising complaint routing. Further, it can assist in decision-making and reducing processing time.

    Secondly, AI can be used to pinpoint systemic gaps by analysing both structured and unstructured data such as emails, chat logs, and call transcripts. This will aid in identifying training needs and guiding necessary process reforms. Using data from millions of consumer branch visits, call centre logs, mobile apps, and social media, a unified, AI-driven view of all these interactions can help identify common pain points more efficiently. Leveraging data analytics, sentiment analysis, and predictive models, AI can be used to analyse large volumes of data to detect spikes in issues – such as ATM failures or erroneous charges – and alert REs pre-emptively.

    Lastly, in a linguistically diverse country like India, AI-driven chatbots and voice recognition tools can eliminate language barriers by operating in local languages. Moreover, the implementation of conversational AI in chatbots, voicebots, and advanced IVR systems can handle routine queries round the clock, thereby freeing people to focus on cases that require empathy and complex problem-solving.

    In short, integrating AI at every stage – from complaint lodging to closure – can result in a seamless, efficient, and data-driven grievance redressal system. Such a framework not only reduces processing times and addresses repetitive complaints but also fosters equitable outcomes by mitigating human biases. It is time that the banking industry explores and pioneers the integration of technology – including AI – to strengthen the grievance resolution mechanisms and make it best in class across the globe.

    Challenges and guardrails in AI driven grievance redressal system

    While AI presents unparalleled opportunities, we need to be cognizant of the challenges and risks that its adoption poses. There are concerns on data privacy, algorithmic bias and complexity in AI-driven models. As we embrace AI in grievance redressal or any other process, we must also remain mindful of ethical considerations. Human oversight, bias mitigation and data privacy must be integrated into the AI Systems to ensure transparent and consistent outcomes.

    Investing in human resources

    While technology in all its forms is a powerful enabler, I would like to emphasise that it is no substitute for integrity, empathy, and human judgment. In a world increasingly driven by data, algorithms, and automation, it is all too easy to lose sight of the human element. Every transaction represents not just a number in a ledger, but the hard-earned savings of a family, the dreams of a small entrepreneur, or the lifelong savings of a senior citizen. It is, therefore, critical that REs continue to invest in human resources dedicated for customer service and grievance redressal. It is essential to invest in training of staff, especially in behavioural aspects of customer service. Moreover, the staff needs to be empowered to take decisions based on their judgement to redress consumer grievances, enhance customer satisfaction and win consumer trust.

    RBI as a facilitator

    In the end, I would like to assure you that, while we exhort you to provide services efficiently to customers, we in the Reserve Bank shall also provide various services, approvals, clarifications, etc. to the regulated entities in a timely manner. We already have a citizen’s charter. We are in the process of reviewing the charter. We will make the charter comprehensive to include all services that we offer either to the REs or directly to citizens. Moreover, we are reviewing the timelines for each service. It will be our endeavour to provide all approvals, etc. within the timelines. We are also making mandatory the use of PRAVAAH, which is RBI’s secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made to the Reserve Bank in a timely manner. This will help us in expediting the disposal of applications received by the Reserve Bank.

    Conclusion

    We stand at a pivotal juncture as India looks to realise its dream of a more resilient and inclusive Viksit Bharat. With the financial sector touching the lives of almost the entire population, we have a critical role. To succeed in this role, we must continue to enhance customer service and customer protection.

    Thank you !

    MIL OSI Economics –

  • MIL-OSI Economics: Caroline Abel: Women in environment and climate finance

    Source: Bank for International Settlements

    Minister Rose-Marie Hoareau,
    H.E High Commissioner Mr. Jeffrey Glekin,
    Distinguished Guests,
    Ladies and Gentlemen,

    Good morning,

    It is an honour to be here with you today. Our gathering indicates that the pilot edition of the British High Commission’s Women’s Forum launched last year was a success. I take this opportunity to congratulate you, High Commissioner, and your dedicated team for ensuring that this second edition takes place. This forum serves as a platform for knowledge exchange, policy assessment and a valuable space for women in Seychelles to collaborate and drive impactful change. By incorporating discussions on climate finance and gender inclusivity, we reaffirm our commitment to fostering equitable and sustainable solutions for our nation.

    As we all know, Seychellois women are not only represented in all aspects of life, but are successful in their own rights. When we look at the context of our society, according to official statistics, women in managerial positions make up 42 per cent of the workforce. Those in senior and middle management roles, make up an impressive 40 per cent of the workforce. In the National Assembly, 21 per cent of seats are held by women. This is testament to the strength, capability, and leadership qualities of our Seychellois women. We have to keep encouraging the younger generation to take every opportunity that arises, to break barriers and push towards greater heights. Seychelles might be small in size, but our ambitions are boundless.

    Given Seychelles’ unique characteristics, we are all in one way or another, connected to the environment. It fuels the very foundation of our economy. Tourism and fisheries – our two main economic pillars, thrive because of our natural resources. As we move forward, we must be mindful of our most pressing reality: Climate Change. It is not just a future threat; it is a present challenge, and one that poses long-term sustainability risks to our environment, our economy, and our way of life. We all have a shared responsibility to act on it. We must understand that climate change is not just an environmental issue, but also a social and economic issue. It affects our communities, our industries, and our livelihoods. We see it in the frequency of natural disasters – heavier monsoon rains, floods, landslides, and coastal erosion. These disasters highlight the urgent need for robust climate adaptation measures, sustainable financing, and enhancements in disaster risk management.

    While climate change is indeed a threat, let us not view it only as that. Within the challenges lie opportunities. This is our moment to innovate for a more progressive economy in a way that is sustainable for our planet. This is our opportunity to explore and invest in green and blue business ventures. We have seen a shift internationally, where global environmental policies are reshaping economies. The demand for fossil fuels will most probably decline as more nations commit to their national climate action plans on reducing greenhouse gas emissions, and adapting to the impacts of climate change. To echo the words of a colleague from the National Bank of Angola, as said in a monetary policy and climate change workshop held last month, “In order to progress, we must adopt and adapt”.

    As the country implements reform measures under the Resilience and Sustainability Facility, we are committed to integrating climate resilience into our financial system. This is a step towards not just economic stability but long-term sustainability. We will discuss further on this programme that is being implemented with the support of the IMF later during the day.

    The journey ahead is not without obstacles, yet we remain optimistic. We are a nation that denotes the very definition of resilience, and I firmly believe that if we all play our part, no matter how small it may seem, together we can accomplish great things.

    As we move forward in today’s discussions, I encourage each of you to contribute, engage, and explore new avenues for climate finance that can create lasting change. Let this be a moment where ideas turn into action, policies into practice, and collaboration into concrete results.

    I look forward to your insights on climate finance throughout the day.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Luke Forau: Launch of the new $1 coin

    Source: Bank for International Settlements

    Minister of Finance & Treasury Hon Manase D Sogavare, Ministry of Finance and Treasury
    CBSI Board of Directors
    Heads and Representatives of the Financial Institutions
    Members of the Press – both radio and print
    Our business partner from Royal Australia Mint (Not present here today)
    CBSI Executives, managers and staff
    CBSI Currency Taskforce
    Good people of Solomon Islands
    Friends, Ladies & Gentlemen

    Gud Fala Morning Lo Iufala Evriwan who are here today, including those who are turning in today from SIBC.

    It gives me great pleasure to welcome you all this morning, a special welcome to the Minister of Finance and Treasury, to witness yet another milestone in the Central Bank’s history – the launch of the New SI $1 circulation coin with the new effigy of His Majesty, “King Charles III” which the Minister is going to declare it later on, and will be released into circulation as of today, 13th March 2025.

    Let me briefly take you back to our currency history that we journey before SI Independence in July 1978.

    Before Solomon Islands gained Independence on 7th July 1978, the British Solomon Islands Protectorate has had its own currency notes and coins, which were first issued on 24th October 1977, using Her Majesty Queen Elizabeth’s Effigy. I suppose this is one of the prerequisites for a nationhood. And FYI, the Central Bank was established in 1976, then it was called Solomon Islands Monetary Authority (SIMA).

     In November 2011, for strategic reasons CBSI ceased all its currency coins agreement with the British Royal Mint and signed a new Agreement with the Royal Australia Mint Ltd (RAM) for the minting of all SI Circulation Coins & Numismatic Programs

    In June 2012, the Central Bank issued its first Circulation coins minted by the Royal Australian Mint Ltd, totalling SBD$25.7m.

    Today, this currency development continues as we come to witness yet another new circulation bank coin that marks a new reign in the line of Thrown replacing the obverse of the coin which features the effigy of Her Majesty Queen Elizabeth II to a new Effigy of His Majesty King Charles III 2025.

    Let me turn to the new effigy of His Majesty King Charles III on the $1 SI circulation coin

    As you may have already probably aware, the CBSI had recently pre-launched and unveiled the new King Charles effigy on the $1 coin to international media at the Royal Australia Mint Ltd in Canberra, in October 2024, via a Bank Industry News Media Release.

    The coin, now set to be launched today (13th March 2025), represents a historic milestone in the journey of Solomon Islands’ modern currency development and a continuation of our ongoing relationship between Great Britain and Solomon Islands and between CBSI and its supplier, the Royal Australian Mint Ltd

    The new $1 coin will retain the same dimension (size and shape) with the beloved Nguzu Nguzu motif on its reverse, symbolizing good luck and protection, while the obverse will feature the new effigy of King Charles III designed by Daniel Thorne (DT). The inclusion of the effigy marks the first Solomon Islands coin to commemorate His Majesty’s reign, combining traditional elements with this fresh design to celebrate the nation’s heritage and monarchy.

    The new coin is more than a currency; it is a symbol of the Solomon Islands’ history, culture, and its ties to the Commonwealth. This design honors both our traditions and a shared value that the nations of the Commonwealth uphold in recognition of the monarchy.

    The coin will be officially launched and will become available through the commercial banks and its branches as of this afternoon and the coming days. CBSI will also conduct special promotional events and educational campaign to familiarize the public with the new effigy. It is important to differentiate the significance of the New King’s Effigy as compared to the Queen Effigy. The New King Charles’ III Effigy when looking at the coin obverse, will be facing to the Left while the Queen’s Effigy will be facing to your Right

    This latest collaboration with the Royal Australian Mint continues our long-standing partnership between the Solomon Islands and Australia, showcasing the shared values and excellent business relationship of both nations.

    What to look for on the new bank coin:

    Front Design:

    As alluded earlier, this new $1 coin will retain the same dimension (size, shape and aluminum bronze color) with the obverse featuring the new effigy of King Charles III designed by Daniel Thorne (DT).

    On the Back Design:

    The new $1 coin also retain the same design with the famous Nguzu Nguzu motif on its reverse, that symbolizes good luck and protection, so there is no change to the reverse side of the coin at all.

     As a market currency, this bank coin will be highly used in daily transactions because of its fitting face value for smaller payments for all retailers both in rural and urban areas.

    The new and colourful bank coin will join more than $46.8 million worth of coins already in circulation as at end of December, 2024.

    Cost of Printing Banknotes

    Allow me to now remind all our good people of Solomon Islands that the Central Bank spends a lot of money each time it prints or mints new currencies.  It costs the Central Bank around SBD3.4 million to get the new $1 coin with the new effigy from our supplier. The average life of the $1 coin is estimated at over 20 to 25 years before they become worn out to be used anymore.

    So, I believe the current $1 coins circulating in your pockets and wallets right now is around 13 years old and are still in very good or good conditions.  Our current stock of the new $1 coins should last more than 3 years.

    Statistics however show that the frequency of coins being issued to public through our commercial banks are excessively high due to coins being seen on a very high ONE-WAY Traffic for reasons that are not quite clear to us at the Central Bank. But we believe individuals and business houses could be keeping those coins in their small piggy banks and were not allowed to circulate.

    The more you hold to the coin and not circulating it through transactions, it reduces the multiplier effect that should have occurred. This causes shortage in coins, triggering CBSI to reorder coins more frequently from the supplier to ensure we have sufficient supply of quality coins to meet business and public demand. This further depletes our foreign reserves just to procure new currency notes or coins. We obviously do not want that to happen but it is happening.

    Hence, I appeal to the people of Solomon Islands that you USE your new coins with extra care and pride but we would also advice you all to ensure that you do circulate the coins once it comes around your way to facilitate small changes in the trades of goods and services.

    Again, our advice is: Do not store them away in containers, piggy banks or hide them under mattresses.

    Finally, I would like to thank the technical team from the Royal Australia Mint Ltd, for assisting CBSI in the design, formalities and production of our bank coins. Our partnership relationship with RAM, Australia had been now well around 13 years so this is indeed a unique occasion for both CBSI and RAM.

    We would also like to thank the CBSI Board of directors, Minister of Finance and Solomon Island Government and other stakeholders in ensuring the legislative procedures and arrangements are fully in compliance and to the success of this project milestone. Thank you too to all the Heads of Financial Institutions witnessing the launch for this morning as the main channel of our currency distributions.

    Final acknowledgement goes to my team the Currency Launch Taskforce, Currency & Banking Services Department and the CBSI Management team for their coordinated job well done in  making this a success.

    Official Launch

    Now, ladies and gentlemen, I now have the pleasure to invite the Hon Minister of Finance and Treasury (Hon Manasseh D Sogavare) to unveil the new $1 coin with the new effigy of His Majesty King Charles III 2025.

    MIL OSI Economics –

  • MIL-OSI Economics: Denny H Kalyalya: Think before you follow, safeguard your money  

    Source: Bank for International Settlements

    Permanent Secretary, Southern Province, Dr Namani Monze
    The District Commissioner, Mazabuka District, Mr Oliver C. Mulomba
    All Senior Governmental officials
    Chief Executive Officers of Financial Sector Regulators – PIA and SEC
    All Chief Executive Officers of Financial Services Providers
    All Cooperating partners
    Invited Guests
    Ladies and Gentlemen

    Good morning

    I am delighted to extend a warm welcome to all of you joining us for the launch of this year’s public awareness campaign for the Financial Literacy Week. This launch event was pre-ceded by the broadcasted message from the Minister of Finance and National Planning, on 16 March 2025. The FLW activities will take place from March 17 to 23, 2025, in all the 10 provinces of the Republic of Zambia. For the first time since we started to commemorate Financial Literacy Week, the event is being launched away from Lusaka, in Mazabuka, Southern Province. I commend the organizers for this change and I hope that future launch events will be held in different provinces every year.

    The theme for this year, “Think before you follow, safeguard your money,” aligns with the official theme of the 2025 Global Money Week and has been adopted for the Financial Literacy Week in Zambia.

    This year’s theme underscores the importance of adopting an informed, responsible, security-conscious approach to managing personal finances. Therefore, individuals are encouraged to be mindful of potential risks in the financial sector and take steps to protect their hard-earned money. These risks include financial scams, fraud, theft, pyramid schemes, cyber-attacks, and other threats related to data privacy. In line with this year’s theme, I urge consumers of financial services and products to actively safeguard their money by engaging only with licensed financial service providers. I also encourage you to be cautious about sharing financial information as well as diligently protect your personal data. Avoid sharing sensitive financial information, such as account numbers or passwords, with unknown individuals or over unsecured platforms. Additionally, be vigilant for phishing schemes, and be sceptical of unsolicited emails, messages, or phone calls requesting personal or financial information.

    Finally, I encourage you to report any suspicious financial requests or digital invitations to the authorities, such as financial service providers (FSPs), ZICTA, or the Police.

    Ladies and Gentlemen, financial literacy initiatives continue to focus on young people in primary, secondary, and tertiary institutions as well as adults, with the aim of equipping future generations with the essential knowledge needed to make informed financial decisions for their financial well-being.

    In this regard, financial education has been incorporated in the national school curriculum and financial literacy initiatives continue to be undertaken in collaboration with the Ministry of Education.

    Esteemed Guests, we firmly believe that the development and execution of national strategies concerning financial education and inclusion have established a robust framework that facilitates effective engagement among various stakeholders, including the Government, financial sector regulators, financial service providers, and the general public. This collaborative effort has led to heightened awareness campaigns among the public regarding the availability and safe usage of financial products and services nationwide. Strengthening financial literacy among consumers would enable them to identify financial scams, fraudulent activities and avoid biased advice, thus helping them to make better financial decisions to safeguard their future well-being. In this regard with the conclusion of the National Strategy on Financial Education II (2019-2024), the Ministry of Finance and National Planning, along with the Bank and other financial sector regulators, have begun the process of conducting a comprehensive review of the strategy. The review will assess the progress, successes, and challenges of NSFE II, and guide the development of phase III of the N S F E.

    Ladies and Gentlemen, in order to measure the strides that have been made in advancing financial education and financial inclusion in the country, I would like to inform you that a multisectoral project team has been established to conduct the 2025 FinScope Survey and disseminate topline findings by the end of this year.

    FinScope surveys are invaluable tools for understanding the financial landscape of a country and developing targeted financial education and financial inclusion strategies. The survey provides information on access and usage of financial services (formal/informal), barriers encountered, financial literacy and overall financial inclusion. Enumerators will conduct interviews across all ten provinces, so we appeal to you, the public, to provide them with the necessary support.

    Distinguished Guests, before I conclude, let me take this opportunity to remind you that the Bank of Zambia announced the introduction of a new family of Zambian Currency on Monday, 10 February 2025 (pursuant to section 17(1) of the Bank of Zambia Act, 2022).

    The initiative reflects the Bank’s commitment to providing currency that is secure, efficient, user friendly and well suited for everyday transactions. The new notes also offer advanced security features to protect against counterfeiting and other threats to the integrity of the currency. A nationwide awareness campaign is currently being conducted to sensitize the public about the new currency. Further, the Minister of Finance and National Planning will soon issue an SI to provide details for the process of exchanging the old currency for the new series, scheduled to commence on 31 March 2025.

    As we carry out the 2025 Financial Literacy Week provincial activities, I encourage the campaign teams and financial service providers to continue to educate the public about the new family of Zambian Currency to prevent people being defrauded by unscrupulous people who may take advantage of this change. The Bank of Zambia team will also be available to provide information and distribute awareness materials that highlight the key features of the new currency.

    Dear Invited Guests, in conclusion, it is important to acknowledge that as part of the implementation of the National Strategy for Financial Education, Financial Literacy Awards are held annually in October. These awards aim to recognize the efforts of individuals and institutions in conducting financial literacy awareness initiatives. Therefore, I urge you to submit your financial literacy activities and initiatives to the Financial Literacy Working Group for consideration in this year’s awards.

    Once again, I extend my gratitude to the Working Group under the National Strategy on Financial Education Phase II for organizing the Financial Literacy Week activities. I particularly commend the Ministry of Finance and National Planning Financial Education Team, along with other financial sector regulators such as the Pensions and Insurance Authority and the Securities and Exchange Commission. I also wish to applaud the Bankers Association of Zambia, and our collaborating partners DSIK (the German Sparkassenstiftung) Zambia, as well as all other stakeholders who have consistently supported the Financial Literacy Week commemorations each year.

    The Bank of Zambia remains steadfast in its commitment to supporting this national event, and we encourage all financial institutions and stakeholders to actively participate in the Financial Literacy Week activities nationwide.

    THANK YOU FOR LISTENING MAY GOD BLESS US ALL.

    MIL OSI Economics –

  • MIL-OSI Economics: Mobile service revenue in China to increase at 2.5% CAGR over 2024-2029, forecasts GlobalData

    Source: GlobalData

    Mobile service revenue in China to increase at 2.5% CAGR over 2024-2029, forecasts GlobalData

    Posted in Technology

    The total mobile services revenue in China is poised to increase from $139.2 billion in 2024 to $157.3 billion in 2029 at a compound annual growth rate (CAGR) of 2.5%, mainly driven by healthy growth in mobile data services segment, reveals GlobalData, a leading data and analytics company.

    GlobalData’s research reveals that growth in mobile data service revenues will offset the decline in mobile voice service revenues during the forecast period. While mobile voice service revenue will decline at a CAGR of 10.4% between 2024 and 2029, mobile data revenue will increase at a CAGR of 5.2% over the same period, primarily driven by the increasing adoption of higher average revenue per user (ARPU) 5G services.

    Srikanth Vaidya, Telecom Analyst at GlobalData, says: “The average monthly mobile data usage in China is expected to increase from 15.2 GB in 2024 to 28.3 GB in 2029, driven by the growing consumption of online video and social media content over smartphones, thanks to the widespread availability of 5G services.”

    GlobalData is optimistic about the country’s mobile broadband services outlook with 5G services leading the way. 5G subscriptions are estimated to account for 89.6% of the total mobile subscriptions in 2029, driven by the ongoing 5G network expansion and modernization efforts of the operators. For instance, China Mobile has commercially deployed 5G-A network in more than 280 cities till June 2024, with the goal of establishing the world’s largest 5G commercial network.

    Government’s policies and initiatives for promoting 5G adoption in the industrial sector will also lend traction to the 5G market in the country. For instance, MIIT, China’s telecom regulator had announced to develop more than 10,000 5G factories to drive industrial applications of 5G, particularly in manufacturing.

    The advancements in 5G technology will also drive robust growth in M2M/IoT subscriptions, which are expected to increase at a CAGR of 13.3% over the period 2024 to 2029.

    Vaidya concludes: “China Mobile will retain its leading position through 2029, supported by its ongoing 5G network expansions to cater to the rising demand for high-speed services by residential and enterprise segments. Till June 2024, the operator deployed over 2.29 million 5G base stations, including 705,000 700MHz 5G base stations. China Mobile had invested about CNY31.4 billion ($4.3 billion) on 5G infrastructure in H1 2024, of the total CNY173 billion ($23.8 billion) planned for the entire year.”

    MIL OSI Economics –

  • MIL-OSI Economics: APAC deal activity faces challenges in early 2025, but some pockets of growth exist, finds GlobalData

    Source: GlobalData

    APAC deal activity faces challenges in early 2025, but some pockets of growth exist, finds GlobalData

    Posted in Business Fundamentals

    The Asia-Pacific (APAC) deal landscape has experienced a notable shift in early 2025, reflecting a complex interplay of market dynamics and economic conditions. In the first two months of 2025, the total deal volume* in the APAC region has seen a decline of approximately 8% compared to the same period in 2024. However, few countries in the region witnessed an increase in deal volume, reflecting that some pockets of growth still exist for funding activity, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Analyzing the trend across various deal types and key markets reveals both challenges and opportunities that stakeholders must navigate.”

    An analysis of GlobalData’s Deals Database revealed that the overall downturn is majorly driven by a significant reduction in venture financing activity, which contracted by around 13% during January-February 2025 compared to January-February 2024, reflecting a cautious approach from investors in the current economic climate.

    The impact was pronounced in mergers and acquisitions (M&A) activity, which contracted by 5%. M&A transactions, traditionally a barometer of corporate confidence and strategic growth, appear to be under pressure as companies reassess their expansion strategies.

    Conversely, private equity deals have shown resilience, with deal volume mostly remaining at the same level during the review period.

    Bose adds: “Meanwhile, a closer examination of the deal volume across select top markets within the APAC region reveals a mixed picture.”

    China, historically a powerhouse in deal-making, experienced a substantial decline of more than 20% in deal volume. This drop can be attributed to regulatory challenges and economic slowdown. In contrast, India emerged as a bright spot, with a growth of more than 10% in deal volume. This growth underscores India’s potential as a burgeoning market for deal-making.

    Japan has also demonstrated remarkable resilience with a growth rate of around 35%. Meanwhile, Australia and South Korea have both seen significant declines. These declines highlight the challenges faced by these markets, including economic uncertainties and geopolitical tensions that may be impacting investor sentiment.

    Other markets such as Singapore and Malaysia have also reported declines. This trend suggests that even established financial hubs are not immune to the broader market pressures affecting the region.

    Bose concludes: “Although the APAC deal landscape in early 2025 is characterized by a decline, pockets of growth, particularly in India and Japan, suggest that opportunities still exist for savvy investors.”

    *Coverage includes mergers & acquisitions (M&A), private equity and venture financing deals

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

    MIL OSI Economics –

  • MIL-OSI Economics: NHS approval of endometriosis therapy Ryeqo enhances patient care, eases healthcare strain, says GlobalData

    Source: GlobalData

    NHS approval of endometriosis therapy Ryeqo enhances patient care, eases healthcare strain, says GlobalData

    Posted in Pharma

    The National Health Service (NHS) in England has approved Gedeon Richter’s Ryeqo, the first long-term pill available for endometriosis for patients who have exhausted all other treatment options. The approval addresses the long-standing gap in long-term treatment options for endometriosis, improving overall disease management while easing the burden on healthcare resources, says GlobalData, a leading data and analytics company.

    GlobalData’s report, “Endometriosis Market Size and Trend Report,” reveals that the endometriosis market size across the seven major markets* (7MM) is expected to achieve a compound annual growth rate of more than 9% during 2020-2030.

    A few of the major endometriosis market growth drivers across the 7MM include improvements in non-invasive diagnostic methods, such as the utilization of biomarkers, which should further increase the number of early diagnoses.

    Ryeqo is a combination medication containing relugolix (a GnRH antagonist), estradiol (a form of estrogen), and norethisterone (a synthetic progestin). Together, these three components help regulate estrogen and progesterone levels—key hormones involved in endometriosis—effectively reducing symptoms and improving overall disease management.

    According to the key opinion leaders (KOLs) interviewed by GlobalData, injectable treatments for endometriosis often present challenges in patient adherence and comfort. The approval of relugolix-estradiol-norethisterone as a standard NHS treatment improves accessibility, reduces the need for invasive procedures, and gives patients more control in managing their condition.

    By eliminating the need for multiple medications and frequent clinic visits for injections, this oral treatment offers a more convenient alternative. Unlike injections, which may initially worsen symptoms, the pill is taken at home and combines all necessary hormones into one convenient tablet.

    Dr Shireen Mohammad, Senior Cardiovascular and Metabolic Disorders Analyst at GlobalData, comments: “By eliminating the need for multiple medications and frequent clinic visits for injections, this oral treatment offers a more convenient alternative. Unlike injections, which may initially worsen symptoms, the pill is taken at home and combines all necessary hormones into one convenient tablet. The oral route of administration offers greater clinical control over treatment, as dosages can be adjusted, and the medication can be quickly discontinued if necessary. This flexibility provides a significant advantage over long-acting injectable medications, allowing for easier management of side effects and treatment interruptions when needed.”

    Additionally, KOLs highlighted the lack of long-term treatment options for endometriosis, as most available medications are only approved for short-term use. Ryeqo helps address this gap by offering a sustained, long-term therapy, providing continuous symptom relief through hormonal regulation. This makes Ryeqo a valuable, non-invasive alternative for patients seeing effective, ongoing management of their condition, ultimately improving their quality of life.

    Dr Mohammad concludes: “The UK joins other nations in expanding access to endometriosis treatment, offering hope for continued progress in patient care. This approval enhances patients’ quality of life while also reducing strain on the NHS by decreasing hospital visits and the need for surgical procedures. Additionally, Ryeqo’s approval brings the UK in line with global advancements in endometriosis treatment, ensuring women have access to a more effective and convenient option.”

    7MM: The US, France, Germany, Italy, Spain, the UK and Japan.

    MIL OSI Economics –

  • MIL-OSI Economics: BYD’s fast-charging tech ignites influencer buzz, reveals GlobalData

    Source: GlobalData

    BYD Co Ltd (BYD) has become a trending company among social media influencers on the third week of March 2025, driven by the unveiling of its new electric vehicle (EV) fast-charging technology. The announcement, boasting the capability to charge a vehicle for approximately 400+ kilometers in just five minutes, has sparked significant interest. Influencers are actively discussing the potential implications of this technological advancement, particularly in the context of the EV market and BYD’s growing influence, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers are expressing optimism, fueled by the potential of the fast-charging technology to revolutionize EV adoption. The ability to charge an EV nearly as quickly as refueling a gasoline car is viewed as a pivotal development that could address a major barrier for potential EV buyers. Several influencers highlight the convenience and practicality this technology could bring to EV ownership, making it a more attractive alternative to traditional vehicles.”

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

    1. Assaad Razzouk, Chief Executive Officer at Gurīn Energy:

    “Tesla who? BYD just unveiled new EV tech to charge a vehicle enough for 400km in just 5 minutes. 5 minutes! More evidence that China is the decisive leader of the world in clean tech innovation – by some distance.”

    1. Kim, Technology Expert:

    “EV: charging 100km in 2 seconds! BYD Breakthrough How comes that every big news is now from China? BYD unveils battery system that charges EVs in five minutes This is a huge breakthrough. And should it prove to be true, it would be a huge step forward. Robotics would also benefit massively from it. “BYD’s new EV platform will allow cars to reach a speed of 100 kilometers per hour in 2 seconds, Wang said at the event at the carmaker’s headquarters in Shenzhen.”

    1. Glen Gilmore, Founder at Gilmore Business Network:

    “China takes another tech win: Chinese automaker BYD shows off new battery and charging system capable of providing 470 kilometers (292 miles) of range in 5 minutes…”

    1. Dan Primack, Business Editor at Axios:

    “This could be an EV game changer: BYD unveils a new system for electric cars that the Chinese automaker says will allow them to charge almost as fast as it takes a regular car to refuel”

    1. James DePorre, CEO at Shark Investing:

    “$TSLA BYD Co. unveiled a new system for electric cars that the Chinese automaker says will allow them to charge almost as fast as it takes a regular car to refuel. BYD’s new battery and charging system was capable of providing 470 kilometers (292 miles) of range in 5 minutes in tests on its new Han L sedan, Chairman and founder Wang Chuanfu said Monday. The manufacturer will start selling vehicles with the new technology next month. Being able to charge a car in the time it takes a combustion engine vehicle to pull in and out of a gas station could convince drivers who aren’t willing to make lengthy stops to go electric.”

    1. Dirk Harbecke, Chairman of Rock Tech Lithium Inc:

    “Chinese #EV giant BYD achieves petrol-like 470km in 5 minutes charging. China expected to add >460,000 EV chargers this year. BYD looking for further plant locations in Europe. Plant constructions in #Hungary and #Turkey ongoing. Tough for EU car makers.”

    MIL OSI Economics –

  • MIL-OSI Economics: REPORT: Energy Storage’s Meteoric Rise Breaks Another Record

    Source: American Clean Power Association (ACP)

    Headline: REPORT: Energy Storage’s Meteoric Rise Breaks Another Record

    • Annual energy storage installations increase 33% YoY • Residential installations hit new record for second straight quarter • 2025 installations projected to increase 25% 

    HOUSTON/WASHINGTON, D.C., March 19, 2025 — The U.S. energy storage market set a new record in 2024 with 12.3 gigawatts (GW) of installations across all segments, according to the latest U.S. Energy Storage Monitor report released today by the American Clean Power Association (ACP) and Wood Mackenzie.  
    The report shows a total of 12,314 megawatts (MW) and 37,143 megawatt hours (MWh) deployed, representing increases of 33% and 34% respectively over 2023 numbers. 
    Record Growth for Grid-Scale Storage While Q4 grid-scale energy storage deployments were down 20% compared to Q4 2023, this was primarily due to the delay of 2 GW of projects in late-stage development from Q4 2024 to 2025.  
    Texas and California continue to lead the market, with 61% of the total installed capacity in Q4, while the remaining 39% was installed across 13 states, expanding storage deployment beyond the leading markets. Grid-scale storage installations are forecasted to reach 13.3 GW in 2025. 
    “After another year of record deployment, energy storage is solidifying its place as a leading solution for strengthening American energy security and grid reliability in a time of historic rising demand for electricity,” said ACP VP of Energy Storage Noah Roberts. “The energy storage industry has quickly scaled to meet the moment and deliver reliability and cost-savings for American communities, serving a critical role firming and balancing low-cost renewables and enhancing the efficiency of thermal power plants.”  
    “Energy storage has entered a new phase of growth with its first year of double-digit deployment. We are increasingly seeing the industry’s growth diversified across geographic regions, with 30% of storage capacity additions in Q4 2024 represented by New Mexico, Oregon, and Arizona,” said Kelsey Hallahan, ACP Sr. Director of Market Intelligence. “With a robust pipeline, and forecasted sustained growth, the industry is on a path to surpass 100 GW of grid-scale storage deployed by 2030.” 
    Residential and CCI See Strong Year The residential storage market exceeded 1,250 MW in 2024, marking its highest year on record and 57% above 2023 totals. A record-breaking 380 MW of residential storage was installed in Q4 2024, a 6% increase over the previous quarter.  
    145 MW of community-scale, commercial and industrial (CCI) storage was installed in 2024, a 22% increase over the previous year. California, Massachusetts, and New York accounted for 88% of installed CCI capacity. 
    2025 Forecast Sees Continued Growth Forecasted installations for 2025 have increased 7% over last quarter’s forecast. Across all segments, 15 GW of storage is expected to be installed this year, marking a 25% increase over 2024. 
    “Activity has been strong and our forecast for this year has expanded,” said Allison Feeney, research analyst at Wood Mackenzie. “However, due to policy uncertainties, growth will likely slow down this year and in subsequent years. Growth will pick back up toward the end of the decade, with a projected 81 GW total installations from 2025 to 2029.” 
    Allison Weis, global head of storage of Wood Mackenzie noted that the uncertainties surrounding the continuation of current tax incentives and the implementation of tariffs could change the long-term outlook. 
    “It’s still too early to determine the final form of IRA tax incentives over the coming year,” said Allison Weis, global head of storage for Wood Mackenzie. “The combination of new tariffs on China and other countries with continued 45x and domestic content bonus adder incentives would make US-based systems more competitively priced. However, many domestic providers are not set up to meet quick demand. If higher pricing is combined with ITC tax incentives phasing out beginning in 2028, it could lower our five-year deployment outlook by as much as 19%.” 

    ### 
    For further information, contact: 
    Wood Mackenzie’s media relations team: 
    Mark Thomton +1 630 881 6885  Mark.thomton@woodmac.com  
      Hla Myat Mon+65 8533 8860   hla.myatmon@woodmac.com   
      The Big Partnership (UK PR agency) woodmac@bigpartnership.co.uk    
    About Wood Mackenzie  Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources. Today, our team of over 2,000 experts operate across 30 global locations, inspiring customers’ decisions through real-time analytics, consultancy, events and thought leadership. Together, we deliver the insight they need to separate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com.  

    MIL OSI Economics –

  • MIL-OSI Economics: Authority sets out AML/CFT/CFP supervisory priorities

    Source: Isle of Man

    The Isle of Man Financial Services Authority has set out a two-year programme of supervisory engagement aimed at countering financial crime.

    A document published on the Authority’s website highlights the supervisory priorities for 2025 to 2027 in relation to anti-money laundering (AML), countering the financing of terrorism (CFT) and countering the financing of proliferation (CFP).

    The AML/CFT Supervision Division is leading on a number of risk-based workstreams to support the drive for continued improvement in standards of compliance with the Island’s   AML/CFT framework. The ongoing and upcoming projects form part of the wider approach being delivered across the Authority’s four dedicated supervisory divisions over the next two years under the broad themes of:

    • Countering Financial Crime
    • Culture, Governance and Risk Management
    • Financial and Operational Resilience
    • Quality of Supervisory Data

    The AML/CFT/CFP work will be carried out in line with the engagement model published in the Authority’s Supervisory Methodology Framework. Resources will be focused on the firms and sectors perceived as posing the most significant risk of money laundering, terrorist financing or proliferation financing. For lower risk firms there will be a greater emphasis on thematic work and outreach.

    The AML/CFT/CFP supervisory programme includes a continuation of projects that have already started, alongside topical TF and PF thematic reviews and new areas of focus designed to complement the Authority’s Strategic Approach to Countering Financial Crime. Work will be delivered through a suite of supervisory activities including inspections, data requests and compliance meetings.

    Topics and approximate timelines will be included as part of the At-A-Glance calendar, which provides advance notice of the Authority’s future activities and key milestones.

    Ashley Whyte, Head of AML/CFT Supervision, said: ‘We are rolling out our supervisory plans for the next two fiscal years with a view to strengthening efforts to reduce financial crime. This work builds evidence to demonstrate the long-term effectiveness of the Island’s AML/CFT/CFP frameworks and identifies areas where remediation or further outreach and guidance may be required to enhance overall standards of compliance.’

    She added: ‘Publishing our AML/CFT/CFP supervisory priorities is intended to assist Island firms with their forward planning, particularly in relation to anticipated demands on compliance functions. I would encourage people to read the document and work with us to protect the Island from the harms caused by financial crime.’

    MIL OSI Economics –

  • MIL-OSI Economics: RBI Bulletin – March 2025

    Source: Reserve Bank of India

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

    The five articles are: I. State of the Economy; II. Spatial Distribution of Monsoon and Agricultural Production; III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey; IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis; and V. Market Access and IMF Arrangements: Evidence from Across the Globe.

    I. State of the Economy

    The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth. Amidst these challenges, the Indian economy continues to demonstrate resilience as evident in the robust performance of the agriculture sector and improving consumption. The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices.

    II. Spatial Distribution of Monsoon and Agricultural Production

    By Abhinav Narayanan and Harendra Kumar Behera

    This article analyses the impact of spatial variation of rainfall across districts on production of Kharif crops. It also examines how deficient or excess rainfall during specific periods impact the production of specific crops.

    Highlights:

    • Extreme weather events such as excessive or insufficient rainfall cause significant crop damages leading to disruptions in production resulting in reduced yields or lower quality of produce.

    • The timing of extreme weather events is crucial, as crop production cycles vary.

    • Insufficient rainfall in the months of June and July negatively impacts cereal and pulses production, while oilseeds are particularly vulnerable to excessive rainfall during the harvesting period (August-September).

    III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey

    By Dhirendra Gajbhiye, Sujata Kundu, Alisha George, Omkar Vinherkar, Yusra Anees, Jithin Baby

    This article analyses the results of the sixth round of India’s remittances survey conducted for 2023-24. It captures various dimensions of inward remittances to India – country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent mode of transmission, cost of sending remittances and share of remittances transmitted through the digital modes vis-à-vis cash.

    Highlights:

    • India’s inward remittances have more than doubled during 2010-11 to 2023-24 and have been a stable source of external financing during this period. Following a pandemic-led contraction during 2020-21, remittances to India in the post pandemic period recorded a significant surge.

    • The survey results indicate that the share of inward remittances from advanced economies has risen, surpassing the share of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora.

    • Maharashtra, followed by Kerala and Tamil Nadu, continue to be the dominant recipient of remittances.

    • The cost of sending remittances to India has moderated significantly, driven by digitalisation, but remains higher than the SDG target of 3 per cent.

    • Additionally, on an average, 73.5 per cent of total remittances received by the money transfer operators in 2023-24 were through digital mode.

    • Furthermore, fintech companies offer affordable cross-border remittance services, fostering competition among different remittance service providers.

    IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis

    By Madhuresh Kumar, Shobhit Goel, Manu Sharma, Muskan Garg

    This article examines the drivers behind India’s CO₂ emissions growth from 2012 to 2022 using the Logarithmic Mean Divisia Index (LMDI) decomposition method. It breaks down total emissions into key contributing factors, including the impact of GDP growth (activity effect), improvements in energy efficiency (energy intensity effect), shifts in the economic structure (structural effect), changes in the composition of fuel (fuel mix effect), and the growing share of renewable energy in electricity generation, which reduces the carbon intensity of electricity (emission factor effect).

    Highlights:

    • During 2012-22, energy-related CO2 emissions increased by 706 million tons. The main contributor was economic growth (+1073 Mt), with a smaller impact from the change in fuel mix of the economy (+78 Mt). However, gains in energy efficiency (-399 Mt), structural changes (-15 Mt), and improvements in emission intensity of electricity due to increased use of renewables (-30 Mt) helped curb emissions.

    • India’s energy efficiency improved by 1.9 per cent annually, exceeding the global average.

    • India’s growth decoupled from emissions, with a decoupling elasticity of 0.59, comparable to other lower-middle-income countries.

    • Renewables have had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23.

    • Going ahead, the emission factor effect is expected to play a more prominent role as renewables increasingly replace fossil fuels and green hydrogen usage expands in industries.

    V. Market Access and IMF Arrangements: Evidence from Across the Globe

    By Shruti Joshi and PSS Vidyasagar

    The article analyses loans availed by various countries from the International Monetary Fund (IMF) during 2000-2023 and finds a negative relation between market access and dependence on IMF’s loan for those countries which resorted to IMF loans.

    Highlights:

    • During 2000-2023, dependence of Emerging Market and Developing Economies (EMDEs) on IMF resources increased on account of their limited access to international financial markets and alternate sources of funding. Several fast growing large EMDEs, including India and China, however, did not have to take recourse to the IMF loans.

    • During the crisis periods, especially the Global Financial Crisis and Euro-Zone Crisis, some Advanced Economies also resorted to IMF loans due to their reduced market access on account of sovereign rating downgrades.

    • Among countries that resorted to IMF loans, those which faced a larger country risk premium availed larger funding.

    • Access to alternative sources of funding such as Regional Financing Arrangements (RFAs) and swap lines reduces the dependence on IMF loans.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2418

    MIL OSI Economics –

  • MIL-OSI Economics: Lufthansa new First Class premium experience

    Source: Lufthansa Group

    The travel experience in Lufthansa First Class with the new cabin interior on long-haul flights is now even more exclusive. The Allegris First Class cabin can be experienced in the summer timetable on flights from Munich to San Francisco, Chicago, San Diego, Shanghai and Bengaluru. Travelers can additionally enjoy the new cabin product in Economy, Premium Economy and Business Class on flights to New York-Newark (from mid-April), and from the beginning of August, also to Charlotte.

    Since February, nine A350-900s with the new cabin interior have already been flying for Lufthansa, eight of them with the new First Class. Almost half a million passengers in all classes have now enjoyed the new cabin. This year, the retrofitting of the existing fleet with Lufthansa Allegris will commence, beginning with the Boeing 747-8.

    “We are completely reinventing the Lufthansa First Class travel experience with Allegris and making it even more exclusive,” said Jens Ritter, Chief Executive Officer Lufthansa Airlines. “Our new First Class, with its unique suites, defines the concept of privacy like never before and is unrivaled worldwide. We are also investing in exclusivity and comfort on the ground by completely redesigning our First Class check-in areas and lounges in Munich and Frankfurt.”

     

    Three exclusive suites in the Allegris First Class

    First Class sets new standards with two individual suites and the extraordinary Suite Plus: guests can heat or cool their almost one-meter-wide seats in the individual suites, according to their personal needs. The separate cabins, with ceiling-high walls and a lockable door, large table and wide seat, an up to 43-inch-wide screen and wireless “over-ear” headphones, define a new standard of comfort and individuality. Generous storage space is provided by a personal wardrobe in the suite, so that travelers can comfortably change and have all their personal items at hand. Furthermore, individual lamps allow travelers to create their very own “feel-good” atmosphere.

    The distinctive double cabin, Suite Plus, with two wide seats that can be combined into a comfortable double bed if required, creates a unique travel experience. The flying private room impresses with maximum comfort and individuality. For the single passenger, the Suite Plus offers exclusivity, with the unique option of using the double cabin as a couple.

    The new First Class is part of a major Lufthansa premium offensive. Among other things, First Class guests can also look forward to renovated First Class check-in areas in Frankfurt and Munich and the redesigned First Class Lounge at Munich Airport.

     

    Service improvements for all Lufthansa passengers

    There are sustainable improvements not only for First Class guests, but for all travelers. For example, Lufthansa is offering all passengers departing from Frankfurt a new, innovative baggage collection and check-in service. Since last year, travelers have been able to use the Apple AirTag location function to provide the location of their AirTag via the familiar digital channels of Lufthansa baggage tracing. From the summer, Lufthansa will also offer unlimited free chatting on its intercontinental flights. Passengers will be able to send and receive any number of messages, including photos, on their own smartphone or tablet via the familiar apps during the flight, regardless of their travel class.

    Under the project name “Future Onboard Experience”, Lufthansa is additionally revising all service components on long-haul flights in all classes: the entire culinary offering, tableware, pillows, blankets, amenity kits and the onboard service. The introduction of the upgraded service is due to start in time for Lufthansa’s 100th birthday next year.

    There are also many new features, especially for Business Class guests and frequent flyers: Since the end of February, a new catering concept on short and medium-haul flights in Business Class has not only offered travelers more choice of hot and cold dishes, but also completely new menus. The lounges in Newark and London Heathrow have been completely redesigned, and the renovation of a further 30 lounges will follow this year.

    MIL OSI Economics –

  • MIL-OSI Economics: Members consider trade agreements involving Australia, Cambodia, China, India, Nicaragua

    Source: World Trade Organization

    The India-Australia Economic Cooperation and Trade Agreement , covering trade in goods and services, came into force on 29 December 2022. Australia will eliminate customs duties on 98.3% of its tariff lines by the end of the implementation period in 2026, while India will do so for 69.8% by 2031. For trade in services, both parties have enhanced sectoral commitments beyond those under the WTO General Agreement on Trade in Services (GATS), including the movement of natural persons.

    Australia said the landmark Agreement represents a significant development in the economic relationship between Australia and India and supports both countries’ deeper integration into the global economy. Australia added that the Agreement includes provisions on strengthening investment certainty, promoting regulatory cooperation and enhancing mobility for skilled professionals.

    India said the Agreement has driven mutual growth and showcases the complementarity of both economies. The Agreement has significantly advanced trade ties and created new opportunities for business and employment. India added that both countries are committed to building on the momentum to deepen economic integration.

    The Free Trade Agreement between China and Nicaragua,  goods and services, entered into force on 1 January 2024. At the end of the transition period in 2038, 95.2% of tariff lines of China and 94.8% of tariff lines of Nicaragua will be duty-free under the Agreement. Each party will retain tariffs on approximately 5% of tariff lines after full implementation.  On trade in services, the Agreement follows a negative list approach and adds new or improved commitments compared to the parties’commitments under the GATS in a number of areas including business services and health services. Moreover, the Agreement includes, among other things, provisions on the environment, competition, dispute settlement, small and medium enterprises, and e-commerce.

    China said the Agreement establishes a high level of openness between both economies in terms of trade in goods and services and for investment. China noted that both economies are highly complementary and that there is a great potential for trade and investment cooperation.

    Nicaragua said the Agreement, which builds upon the July 2022 Early Harvest Agreement, will produce mutual benefits for both countries. Nicaragua added that the Agreement provides an opportunity to transform the country’s structure of production, trading and investment.

    The Free Trade Agreement between China and Cambodia, covering trade in goods and services, came into force on 1 January 2022. Under the Agreement, China has committed to eliminating customs duties on 97.3% of its tariffs by 2041, while Cambodia has committed to eliminating 90% of its tariffs during the same period. Much of the tariff elimination has been “front loaded” by both parties, with most tariff reductions already applied since 2022. For trade in services, Cambodia’s sectoral commitments remain the same as in its GATS commitments, except for a limited number of sectors, while China’s existing GATS commitments are further enhanced for a number of sectors under the Agreement. The Agreement also contains provisions on cooperation under the Belt and Road Initiative (BRI).

    China said the Agreement is its first bilateral free trade agreement (FTA) signed with a least-developed country (LDC), noting that this sets a good example of cooperation with LDCs. China said it is also the first FTA that sets an independent chapter on cooperation under the BRI and that it will enhance value chains between the two countries.

    Cambodia said the Agreement is consistent with WTO commitments as it eliminates duties on a substantial amount of trade between the two countries. Cambodia noted the Agreement provides benefits beyond the economic aspect as it also contributes to Cambodia’s broader development strategies.

    Implementation of the RTA Transparency Mechanism

    The Committee also took note of one new notification of an RTA, as well as five notifications of changes since its last session in November 2024. The signature of one Agreement was also the subject of an early announcement.

    The outgoing chair, Ambassador Salomon Eheth (Cameroon), noted that there are 30 RTAs involving only WTO members and 38 involving non-members for which a factual presentation has to be prepared, counting goods and services separately. In addition, there are at least 58 RTAs currently in force that have not been notified to the WTO, with an updated list of these circulated prior to the Committee meeting and available on the RTA database. A number of delegations encouraged members to notify these agreements as soon as possible, while noting that delays may be due to constrained capacities of small delegations.

    The Committee took note of the updated schedule for the submissions of  implementation reports on RTAs. It noted that as of 1 March 2025, such reports were due for 223 RTAs with an additional 15 becoming due in 2025.

    Election of new Chair

    Members elected Ambassador José Valencia of Ecuador as the new Committee Chair. He replaces Ambassador Eheth.

    Next meeting

    The next Committee meetings for 2025 are scheduled for 17 June and 10 November.

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  • MIL-OSI Economics: Thales to provide high-performance sonar suite for future Orka-class submarines in the Netherlands

    Source: Thales Group

    Headline: Thales to provide high-performance sonar suite for
    future Orka-class submarines in the Netherlands

    • Under an agreement signed by Thales and Naval Group, Thales will supply the sonar suite for the Orka-class submarines to be deployed by the Royal Netherlands Navy under the RNSC (Replacement Netherlands Submarine Capability) programme.
    • The sonar suite will provide a comprehensive picture of the underwater acoustic environment to support the future submarines’ capacity to thwart increasingly silent threats.
    • Thales is a world leader in the underwater systems market, equipping more than 50 submarines of various types — SSBNs1, SSNs2 and conventionally powered attack submarines — in service today.

    Thales, a long-standing partner of both Naval Group and the Royal Netherlands Navy, will provide a comprehensive suite of high-performance sonar systems for the future class of submarines that will replace the Walrus-class vessels in service today. The contract will provide the submarines with a comprehensive picture of the underwater acoustic environment, helping the Netherlands to guarantee operational superiority.

    The sonar suite features high-performance acoustic sensors, including bow, flank and obstacle-avoidance sonars, an intercept array, a passive towed-array sonar, an underwater voice communication system, an echo-sounder and signal processing racks. This cohesive suite of equipment will provide an unprecedented panoramic view of the underwater environment, making it possible to detect, locate and classify all types of threats at short, medium and long range across a wide range of frequencies.

    Sylvain Perrier, RNSC Programme Director for Naval Group, said: “The highly capable Thales sonar suite was a key component of Naval Group’s bid for this programme, and will make a significant contribution to the acoustic superiority of the Orka-class submarines. We know we can count on Thales to meet the demanding requirements of the COMMIT3and to work hand in hand with Dutch industry on the RNSC programme.”

    This programme is an opportunity for Thales to align with the Dutch government’s policy of support and empowerment of strategic national industries. It will consolidate the company’s engagement with the naval defence ecosystem in the Netherlands, within the framework of the RNSC programme, as illustrated by a recent contract with the Dutch company Optics11, to use its OptiArray technology in the passive towed-array sonar.

    “We are proud that Thales’s advanced sonar suite has been selected to equip the Royal Netherlands Navy’s Orka-class submarines. This partnership will enhance the technological superiority of the Dutch armed forces, and reflects our ongoing commitment to providing innovative, dependable solutions in support of the defence capabilities of allied nations,” said Sébastien Guérémy, Vice President, Underwater Systems, Thales.

    1Ballistic missile submarines

    2Nuclear-powered attack submarines

    3COMMIT (Commando Materieel en IT / Materiel and IT Command) is part of the Dutch Ministry of Defence and responsible for the Orka-class submarines tendering process and project management.

    MIL OSI Economics –

  • MIL-OSI Economics: Bank lending and firm internal capital markets following a deglobalization shock | Discussion paper 05/2025: Björn Imbierowicz, Arne Nagengast, Esteban Prieto, Ursula Vogel

    Source: Bundesbank

    Non-technical summary

    Research Question

    The pace of globalization has slowed since the global financial crisis, and recent events have sparked fears of a more widespread deglobalization and market fragmentation. This paper aims to better understand the effects of deglobalization events in a globalized world, and the role that financial and economic integration play in this regard. We explore how an event implying a turn towards deglobalization affects a highly integrated economy as well as other economies, which are economically and financially connected.

    Contribution

    We use the unexpected outcome of the Brexit referendum in June 2016, a major deglobalization shock of the last decade, and investigate its impact on bank credit supply, international spillovers, and real economic outcomes. Leveraging a unique dataset that combines a credit register with foreign direct investment (FDI) data, we are able to observe both domestic and cross-border credit exposures of German banks as well as internal capital market dynamics within multinational corporations (MNCs) – a feature rarely available in other countries’ data. Our analysis consists of three parts. First, we investigate the effect of the deglobalization shock on cross-border bank lending. In the second part of our analysis, we investigate whether the credit supply shock amplifies the deglobalization shock’s immediate adverse effects to the real economy and the role of firms’ internal capital markets. In the last part of our analysis, we investigate whether banks shift their lending to borrowers outside the UK after the shock.

    Results

    German banks reduced lending to United Kingdom (UK) firms following the shock due to increased uncertainty about future losses. More prudent banks reduced their credit more extensively, and less profitable subsidiaries experienced greater reductions. However, UK subsidiaries of large MNCs, with access to internal capital markets, offset this credit supply shock through internal funding, shielding them from negative real effects. We find that non-UK subsidiaries play a crucial role in internal capital markets by securing external financing and reallocating funds to support UK affiliates. Well capitalized banks reallocated lending to firms outside the UK, particularly those of German MNCs. Our findings underscore that while international financial frictions following deglobalization shocks can imply negative real effects, firms integrated into global networks mitigate these impacts through internal capital markets.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Members Connect 2025: A Galaxy AI-Powered Experience at SRI-Noida

    Source: Samsung

     
    The 2025 edition of Samsung Members Connect at Samsung R&D Institute India, Noida (SRI-Noida) brought together 74 passionate Galaxy users for an immersive journey into the world of Galaxy AI and the Galaxy S25 Series. This exclusive event offered a deep dive into AI-driven personalization, seamless productivity, enhanced gaming, and next-gen camera experiences, making it an unforgettable day for Samsung Members.
     
    A Day of Learning, Fun & Innovation
    The day kicked off with a welcome address by Samsung leaders, setting the stage for an insightful exploration of Samsung’s latest innovations. Participants got an exclusive first look at One UI 7.x, learning how it enhances personalization, convenience, and security across devices.
     
    “Samsung Members Connect is more than just an event—it’s a unique platform where our engineers and passionate users come together, exchange ideas, and experience the future of technology firsthand. Their feedback drives us to keep pushing boundaries,” said Kyungyun Roo, Managing Director, SRI-Noida.
     

     
    To keep the energy high, engaging energizer sessions were woven throughout the event, creating an interactive and exciting atmosphere.
     
    “Being part of Samsung Members Connect is always special, but this time, the focus on AI-powered personalization and seamless device integration truly blew my mind!” shared Ashutosh Singhal, a thrilled participant.
     
    The Multi-Device Experience segment showcased Samsung’s connected ecosystem, emphasizing seamless transitions between the Galaxy S25 series, Galaxy Watch, and Galaxy Buds for an effortless productivity and entertainment experience.
     

     
    Next-Gen Gaming & Creative Camera Innovations
    For gaming enthusiasts, the Enhanced Game Performance session provided insights into how AI optimizations in the Galaxy S25 series are delivering smoother gameplay, faster response times, and immersive visuals.
     
    “As a mobile gamer, I was amazed to see the AI-powered improvements in gaming performance. The live demos truly showcased how the S25 series is redefining mobile gaming,” said Ravi Joshi, another Samsung Member.
     
    Samsung’s Creative Camera Experience was a major highlight, featuring hands-on photography workshops where users explored advanced AI-powered editing tools and pro-grade photography features on the Galaxy S25 Ultra. The event also included a contest, challenging participants to capture the best creative shots using their devices.
     
    A Celebration of Innovation & Community
    Beyond the tech, Samsung Members Connect was filled with fun activities, a facility tour, contests, and a lucky draw. The day concluded with a cake-cutting ceremony, group photo, and hi-tea, celebrating the shared passion for innovation.
     
    With an outstanding 95% positive feedback, the event was a resounding success, reaffirming Samsung’s commitment to delivering meaningful innovation and building a thriving community of Galaxy enthusiasts.
     
    Until next time, keep exploring the endless possibilities with Galaxy AI!

    MIL OSI Economics –

  • MIL-OSI Economics: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    Source: Toyota

    Headline: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    The Toyota Automobile Museum, a cultural facility of Toyota, will host the 35th Toyota Museum Classic Car Festival on Sunday, April 20, at Expo 2005 Aichi Commemorative Park. The event aims to foster and preserve automobile culture in the community. Under the theme “The Evolution of Japanese Automobile Culture,” the festival will feature vehicle displays and demonstration runs, with support from domestic automakers, transcending brand boundaries.

    MIL OSI Economics –

  • MIL-OSI Economics: Arcane stealer: We want all your data

    Source: Securelist – Kaspersky

    Headline: Arcane stealer: We want all your data

    At the end of 2024, we discovered a new stealer distributed via YouTube videos promoting game cheats. What’s intriguing about this malware is how much it collects. It grabs account information from VPN and gaming clients, and all kinds of network utilities like ngrok, Playit, Cyberduck, FileZilla and DynDNS. The stealer was named Arcane, not to be confused with the well-known Arcane Stealer V. The malicious actor behind Arcane went on to release a similarly named loader, which supposedly downloads cheats and cracks, but in reality delivers malware to the victim’s device.

    Distribution

    The campaign in which we discovered the new stealer was already active before Arcane appeared. The original distribution method started with YouTube videos promoting game cheats. The videos were frequently accompanied by a link to an archive and a password to unlock it. Upon unpacking the archive, the user would invariably discover a start.bat batch file in the root folder and the UnRAR.exe utility in one of the subfolders.

    Archive root

    Contents of the “natives” subfolder

    The contents of the batch file were obfuscated. Its only purpose was to download another password-protected archive via PowerShell, and unpack that with UnRAR.exe with the password embedded in the BATCH file as an argument.

    Contents of the obfuscated start.bat file

    Following that, start.bat would use PowerShell to launch the executable files from the archive. While doing so, it added every drive root folder to SmartScreen filter exceptions. It then reset the EnableWebContentEvaluation and SmartScreenEnabled registry keys via the system console utility reg.exe to disable SmartScreen altogether.

    Key commands run by start.bat

    The archive would always contain two executables: a miner and a stealer.

    Contents of the downloaded archive

    The stealer was a Phemedrone Trojan variant, rebranded by the attackers as “VGS”. They used this name in the logo, which, when generating stealer activity reports, is written to the beginning of the file along with the date and time of the report’s creation.

    Phemedrone and VGS logos

    Original distribution scheme

    Arcane replaces VGS

    At the end of 2024, we discovered a new Arcane stealer distributed as part of the same campaign. It is worth noting that a stealer with a similar name has been encountered before: a Trojan named “Arcane Stealer V” was offered on the dark web in 2019, but it shares little with our find. The new stealer takes its name from the ASCII art in the code.

    Arcane logo

    Arcane succeeded VGS in November. Although much of it was borrowed from other stealers, we could not attribute it to any of the known families.

    Arcane gets regular updates, so its code and capabilities change from version to version. We will describe the common functionality present in various modifications and builds. In addition to logins, passwords, credit card data, tokens and other credentials from various Chromium and Gecko-based browsers, Arcane steals configuration files, settings and account information from the following applications:

    • VPN clients: OpenVPN, Mullvad, NordVPN, IPVanish, Surfshark, Proton, hidemy.name, PIA, CyberGhost, ExpressVPN
    • Network clients and utilities: ngrok, Playit, Cyberduck, FileZilla, DynDNS
    • Messaging apps: ICQ, Tox, Skype, Pidgin, Signal, Element, Discord, Telegram, Jabber, Viber
    • Email clients: Outlook
    • Gaming clients and services: Riot Client, Epic, Steam, Ubisoft Connect (ex-Uplay), Roblox, Battle.net, various Minecraft clients
    • Crypto wallets: Zcash, Armory, Bytecoin, Jaxx, Exodus, Ethereum, Electrum, Atomic, Guarda, Coinomi

    In addition, the stealer collects all kinds of system information, such as the OS version and installation date, digital key for system activation and license verification, username and computer name, location, information about the CPU, memory, graphics card, drives, network and USB devices, and installed antimalware and browsers. Arcane also takes screenshots of the infected device, obtains lists of running processes and Wi-Fi networks saved in the OS, and retrieves the passwords for those networks.

    Arcane’s functionality for stealing data from browsers warrants special attention. Most browsers generate unique keys for encrypting sensitive data they store, such as logins, passwords, cookies, etc. Arcane uses the Data Protection API (DPAPI) to obtain these keys, which is typical of stealers. But Arcane also contains an executable file of the Xaitax utility, which it uses to crack browser keys. To do this, the utility is dropped to disk and launched covertly, and the stealer obtains all the keys it needs from its console output.

    The stealer implements an additional method for extracting cookies from Chromium-based browsers through a debug port. The Trojan secretly launches a copy of the browser with the “remote-debugging-port” argument, then connects to the debug port, issues commands to visit several sites, and requests their cookies. The list of resources it visits is provided below.

    • https://gmail.com,
    • https://drive.google.com,
    • https://photos.google.com,
    • https://mail.ru,
    • https://rambler.ru,
    • https://steamcommunity.com,
    • https://youtube.com,
    • https://avito.ru,
    • https://ozon.ru,
    • https://twitter.com,
    • https://roblox.com,
    • https://passport.yandex.ru

    ArcanaLoader

    Within a few months of discovering the stealer, we noticed a new distribution pattern. Rather than promoting cheats, the threat actors shifted to advertising ArcanaLoader on their YouTube channels. This is a loader with a graphical user interface for downloading and running the most popular cracks, cheats and other similar software. More often than not, the links in the videos led to an executable file that downloaded an archive with ArcanaLoader.

    ArcanaLoader

    See translation
    Читы Cheats
    Настройки Settings
    Клиенты с читами Clients with cheats
    Все версии All versions
    Введите название чита Enter cheat name
    Версия: 1.16.5 Version: 1.16.5
    Запустить Start
    Версия: Все Версии Version: All versions

    The loader itself included a link to the developers’ Discord server, which featured channels for news, support and links to download new versions.

    Discord server invitation

    See translation

    You have been invited to Arcana Loader
    548 online
    3,156 users
    Accept invitation

    At the same time, one of the Discord channels posted an ad, looking for bloggers to promote ArcanaLoader.

    Looking for bloggers to spread the loader

    See translation

    ArcanaLoader BOT
    Form:
    1. Total subscribers
    2. Average views per week
    3. Link to ArcanaLoader video
    4. Screenshot proof of channel ownership
    YOUTUBE
    Criteria:
    1. 600* subscribers
    2. 1,500+ views
    3. Links to 2 Arcana Loader videos
    Permissions:
    1. Send your videos to the #MEDIA chat
    2. Personal server role
    3. Add cheat to loader without delay
    4. Access to @everyone in the #MEDIA chat
    5. Possible compensation in rubles for high traffic
    MEDIA
    Criteria:
    1. 50+ subscribers
    2. 150+ views
    3. Link to 1 ArcanaLoader video
    Permissions:
    1. Send your videos to the #MEDIA chat
    2. Personal server role

    Sadly, the main ArcanaLoader executable contained the aforementioned Arcane stealer.

    Victims

    All conversations on the Discord server are in Russian, the language used in the news channels and YouTube videos. Apparently, the attackers target a Russian-speaking audience. Our telemetry confirms this assumption: most of the attacked users were in Russia, Belarus and Kazakhstan.

    Takeaways

    Attackers have been using cheats and cracks as a popular trick to spread all sorts of malware for years, and they’ll probably keep doing so. What’s interesting about this particular campaign is that it illustrates how flexible cybercriminals are, always updating their tools and the methods of distributing them. Besides, the Arcane stealer itself is fascinating because of all the different data it collects and the tricks it uses to extract the information the attackers want. To stay safe from these threats, we suggest being wary of ads for shady software like cheats and cracks, avoiding links from unfamiliar bloggers, and using strong security software to detect and disarm rapidly evolving malware.

    MIL OSI Economics –

  • MIL-OSI Economics: OEUK news UK energy supply chain at risk as 90% eye overseas markets 19 March 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    UK energy supply chain at risk as 90% eye overseas markets

    19 March 2025

    Offshore Energies UK’s 2025 Supply Chain report says building on the UK’s unique industrial strengths in energy production is key to unlocking the Government’s ambition to grow the nation’s economy and build the future of the North Sea.   

    Drawing on over 50 years of successful North Sea oil and gas operations, the offshore energy industry’s supply chain has the potential to power the UK’s drive to produce secure, sustainable and ever cleaner energy. But without a pipeline of projects enabled by pragmatic policy to anchor them here in the UK, OEUK’s sentiment survey reveals nine companies out of every 10 see more attractive opportunities to grow their business overseas due to uncertainty and a less positive business environment at home.  

    The report sets out the barriers the industry faces including low revenues from renewables and declining investor confidence while outlining the actions both industry and government can take to ensure a homegrown energy future. It sets out key steps industry and government can take to anchor world class offshore energy companies in the UK. These include industry initiatives aimed at fostering better collaboration across the supply chain plus moves to ensure that government champions the UK energy supply chain capability in offshore wind, hydrogen, and carbon capture and storage (CCS). 

    Forming an extensive and vital network across the country from Shetland to Southampton and from Morecambe Bay to the Eastern Seaboard of England, the UK’s offshore energy supply chain comprises hundreds of businesses supporting the industry throughout its lifecycle from installing wind turbines, producing oil and gas and decommissioning offshore installations.  

    As an integrated ecosystem, this supply chain delivers products and services to energy producers and includes FTSE 100 companies as well as small to medium enterprises developing new technologies and providing specialist capabilities. It encompasses companies involved in designing mooring systems, manufacturing specialist valves, installing high voltage subsea cables, maintaining pipelines transporting energy and carbon and removing offshore structures from the seabed with many developing global leadership in floating offshore wind and decommissioning.  

    Katy Heidenreich, OEUK’s supply chain and people director, says:   

    “The UK is competing internationally for energy investment so it’s concerning that many offshore energy supply chain firms see more attractive opportunities to grow their business overseas. We’ve set out key steps industry and government can take to position the UK as first choice for the offshore energy supply chain companies.   

    “To grow the whole UK’s economy, we need energy policy that supports continued investment in homegrown oil and gas alongside an acceleration of renewable energy. This must be addressed, and we are working with our members to bring positive solutions to the table.  

    “It’s good to export our expertise but that should never come at a cost to work we need to get done in the UK. Around 60% of companies surveyed for the report are diversifying into offshore wind, hydrogen and carbon capture and storage but business revenues from renewables and CCS still represent a relatively low proportion as they make up between zero and a fifth of their turnover.   

    “OEUK is currently engaging with critical government consultations on the future of our North Sea from industrial strategy to oil and gas licensing, environmental impact and a new fiscal regime. It’s vital we get this right to create a positive business environment in the UK for our supply chain. 

    “The offshore energies industry supports the sectors Britain needs to build its future. Steel, cement, ship building, glass, car making and many more rely on the energy and technologies we produce, including carbon capture which can offset and futureproof their energy-intensive operations. With between 60-80% of the capabilities required to lead the energy transition to net zero emissions, our companies and highly skilled people are committed partners in delivering secure, and affordable homegrown energy.

    “The UK government is rightly ambitious to develop the clean power capabilities to support its industrial strategy, but this goal must be delivered in a way that builds our supply chain capability. The prize is a homegrown energy future, not one that is imported.”  

    Current challenges highlighted by the OEUK’s report include harnessing oil and gas revenues from the UK’s still significant reserves so supply chain companies can survive and thrive.  

    The report outlines how through initiatives including alliance contracting, shared inventory systems and a drive to promote good procurement practice, are supporting efforts to create an attractive commercial environment. These are helping operators, developers, major contractors and suppliers of all sizes work better together. 

    OEUK’s report comes as decisions made in the coming months will not only shape the North Sea’s future but also its ability to unlock investment in low carbon technologies while continuing to deliver the energy security the UK needs. It highlights there must be collective recognition that a sustainable future is one that enables the supply chain to remain anchored in the UK while adapting and growing as new energy opportunities arise. 

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  • MIL-OSI Economics: Over 10 Years of Fujisawa Sustainable Smart Town: Opening Up New Possibilities Towards the Future

    Source: Panasonic

    Headline: Over 10 Years of Fujisawa Sustainable Smart Town: Opening Up New Possibilities Towards the Future

    For more than a decade, since its grand opening in 2014, Fujisawa Sustainable Smart Town (Fujisawa SST) has embodied a bold vision for life-centered, eco-conscious modern living. Presently some 2,000 people live in 566 smart town dwellings.
    Designed as a model for the cities of the future, it integrates sustainability, resilience, and well-being into every aspect of daily life. By combining smart technologies, renewable energy, and community-driven initiatives, Fujisawa SST creates an efficient resident-focused environment that sets a new standard for sustainable residential development.
    At the heart of Fujisawa SST is co-creation, where stakeholders actively shape the town’s evolution. From advanced mobility systems and sustainable solutions to wellness infrastructure, the town continuously refines how cutting-edge technology supports community values. This dynamic approach has made Fujisawa SST a real-world testing ground for future urban solutions, allowing it to scale innovations that enhance residents’ lives and serve as a blueprint for cities worldwide.

    A Demonstration of Smart City Excellence

    Since its opening, Fujisawa SST has successfully achieved its initial goals, fostering an expanding ecosystem of co-creation initiatives. The town has met its original environmental targets by reducing CO2 emissions by 70% (compared to 1990 levels) and household water consumption by 30% (compared to the 2006 standard of household equipment), while also achieving a renewable energy utilization rate of over 30% as part of its energy goals. Additionally, as part of its safety and security objectives, it has secured lifeline infrastructure for three days in case of emergencies.
    Co-creation activities such as community building and business incubation have also expanded, with over 100 demonstration experiments and marketing initiatives, including mobility solutions, and 10 successful business ventures emerging from the project.
    As a result, Fujisawa SST has earned high recognition as one of Japan’s leading real-world smart towns. It has received numerous domestic and international awards, and to date, has welcomed more than 41,000 visitors from 60 countries on study tours.
    “From the very beginning, our approach wasn’t just about closing down a former factory site—it was about creating a new town and finding a fresh way to contribute to the local community,” explains Fujisawa SST Project Leader, Harumi Tanaka, Manager of Smart City Group, Business Solutions Division, Panasonic Operational Excellence Co., Ltd. “By incorporating environmental initiatives and cutting-edge technology demonstrations, we’ve attracted visitors not only from across Japan but from around the world. It’s exciting to see our vision for a sustainable and innovative town being recognized and appreciated.”

    Expanding Renewable Energy and Circular Living

    As Fujisawa SST enters its next phase of development, environmental sustainability remains a top priority. By 2034, the town aims to reduce CO2 emissions by 50% compared to 2020 levels, with over 60% of its renewable energy self-consumption rate striving towards the goal of producing and consuming energy at home. To achieve this, the town is continuously evolving its energy infrastructure, enhancing solar power networks, and adopting next-generation energy storage technologies and energy saving solutions.
    One promising initiative in this transition is the deployment of Glass-based Perovskite Photovoltaic, which tested in a model home up to March of 2025. This next-generation photovoltaic offers not only high efficiency, but also flexibility in size, transmittance, and design, allowing for customization according to specific requirements, enabling power generation in places where conventional solar cells cannot be installed and making them ideal for urban environments. This so-called “energy-generating glass” aims to harmonize urban aesthetics with renewable energy generation, contributing to CO2 reduction and power resilience. By advancing such original technologies, Panasonic seeks to expand practical applications and drive the future of sustainable cityscapes.
    Another pillar of the town’s sustainability vision is the Circular Town Project, which focuses on optimizing resource use and minimizing waste. Its goal is to analyze material flows within the community and identify ways to improve recycling efficiency and reduce raw materials consumption. For example, excess renewable energy generated by homes can be shared with town facilities, ensuring a balanced and consistent supply. Additionally, local businesses and residents can actively participate in reuse initiatives, fostering a circular economy that prioritizes sustainability.
    Meanwhile, all single-family homes are equipped with a Home Energy Management System (HEMS), ensuring power and hot water supply through solar power and ENE-FARM (energy farming) systems in emergencies. Energy usage data collected via integrated HEMS in detached homes will not only help visualize the town’s environmental goals but also allow analysis of data tied to household demographics. This data-driven approach enables Fujisawa SST to evolve dynamically, ensuring a smarter, more resilient urban environment tailored to the needs of its residents.

    Innovations in Disaster Resilience

    Fujisawa SST was designed with resilience at its core, integrating advanced infrastructure and smart technologies to ensure stability in emergencies. The town’s disaster-resistant features include underground power and communication lines, earthquake-resistant gas pipelines, and decentralized energy systems that maintain reliable operations even during crises. Buildings incorporate passive design elements that enhance structural integrity while optimizing energy efficiency.
    To further strengthen preparedness, Fujisawa SST looks ahead to leveraging digital twin simulations to enhance disaster response strategies. Such real-time virtual models can allow authorities to simulate emergency scenarios, optimize evacuation plans, and improve coordination. Additionally, interactive drills and training sessions will ensure the community stays well-prepared and ready to respond effectively in times of crisis.
    Energy security is a key pillar of the town’s resilience strategy. The expansion of emergency energy storage solutions, including community power banks that store excess solar energy, will ensure a stable power supply during outages. AI-equipped drones will also be deployed for continuous risk management, monitoring environmental conditions, and optimizing crisis management efforts.
    In the event of a disaster, Fujisawa SST is designed to remain self-sufficient. The town will sustain three days of uninterrupted essential services and maintain a seven-day stockpile of food and water, ensuring the well-being of its residents. By prioritizing self-sufficiency and proactive crisis management, Fujisawa SST sets a new standard for disaster-resilient smart cities.

    Blending Smart Mobility with Community Well-Being

    Fujisawa SST is dedicated to enhancing residents’ well-being by integrating smart solutions that promote health, community engagement, and sustainable mobility under the theme, “fostering life skills from ages 0 to 100 and beyond.” The Park Wellstate Shonan senior residence features AI-assisted healthcare monitoring to assist a resident’s daily routines while ensuring safety and independence. Complementing this, the Wellness Square serves as a multi-functional hub, combining serviced housing for seniors with pharmacy, nursery, and cram school, creating an intergenerational space that fosters health, welfare, and lifelong learning.
    Active lifestyles and recreation also play a vital role in Fujisawa SST’s vision. The Mizuno Sports Plaza offers interactive wellness programs and community sports initiatives, encouraging residents of all ages to stay active while building social connections.
    Beyond physical health, social and cultural engagement are central to the town’s identity. Fujisawa SST hosts regular workshops, arts and culture festivals, and technology showcases, bringing together residents and external collaborators. Programs like the Fujisawa Town Parent Project empower locals to organize events that welcome neighboring communities and deepen their connection to the town.  
    The town is also reshaping urban mobility to make daily life more convenient and sustainable. Electric vehicle-sharing services, AI-powered route optimization, and pedestrian-friendly urban design are reducing congestion and improving accessibility, while also participating in Japan’s first demonstration experiment of simultaneous operation of 10 remotely operated small vehicles in multiple areas as an operation center and driving implementation site. Looking ahead, Fujisawa SST plans to pilot low-speed electric transport for short distances and drone-assisted delivery services, further enhancing urban mobility.     
    By integrating smart health services, active lifestyle programs, cultural initiatives, and sustainable transportation, Fujisawa SST continues to set new standards for community well-being in the cities of tomorrow.

    Expanding the Smart City Vision Beyond Borders

    As Fujisawa SST celebrates its 10th anniversary, it stands as a global model for sustainable city planning. Over the past decade, the town has demonstrated how smart technologies, community-driven initiatives, and resilient infrastructure can create a thriving, future-ready urban environment.
    With ambitious targets for carbon neutrality, disaster preparedness, and enhanced well-being, Fujisawa SST continues to push the boundaries of what a smart city can achieve.
    Looking ahead, the next phase of Fujisawa SST’s evolution will focus on scaling its innovative urban solutions beyond its current boundaries. By refining its smart city model and collaborating with new partners, the town aims to establish a replicable framework for sustainable urban development that can inspire communities worldwide.
    “With the opening of a residence for active seniors and a sports facility on October 1, 2024, we have completed the first chapter of Fujisawa SST’s development,” says Harumi Tanaka. “Now, as we enter the second chapter, we have restructured into the Fujisawa SST Consortium, welcoming new companies and organizations to further drive innovation.” 
    Beyond physical development, Tanaka’s group is focusing on enhancing the community experience by integrating new perspectives such as resource circulation and well-being. “With Environment, Safety and Security, and Health and Connection as our core themes, we are evolving our town services—including energy, security, mobility, wellness, and community—to expand and enrich Fujisawa SST for the future.”

    Related Articles

    MIL OSI Economics –

  • MIL-OSI Economics: Media release: Industry welcomes Federal Opposition’s commitment to provide more certainty for critical gas projects – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Industry welcomes Federal Opposition’s commitment to provide more certainty for critical gas projects – Australian Energy Producers

    Australian Energy Producers welcomes the Federal Opposition’s commitment to expedite consideration of the North West Shelf extension alongside broader reforms to limit activist challenges to approvals and provide more certainty for critical projects.   

    Australian Energy Producers Chief Executive Samantha McCulloch said regulatory uncertainty and approval delays were a major barrier to new gas supply around Australia and were damaging Australia’s competitiveness for investment.  

    “The Opposition’s proposed reforms recognise the need for an effective and streamlined regulatory environment to provide greater certainty and attract investment in urgently needed new gas supply,” Ms McCulloch said. 

    “Australian gas producers are committed to providing reliable gas supply to Australians, but open-ended approval processes and activist lawfare are delaying critical projects and putting Australia’s energy security at risk.” 

    Ms McCulloch said the North West Shelf extension was critical to Western Australia’s long-term energy security and there was no justification for further delays to the project, which has already undergone six years of environmental assessments and secured state government approval. 

    “Western Australia runs on natural gas. Gas provides 54 per cent of WA’s primary energy and 60 per cent of the state’s electricity. The NWS extension is needed to ensure reliable and affordable gas supply to Western Australians, with the Australian Energy Market Operator forecasting gas shortfalls in WA from 2030.” 

    Ms McCulloch said the Opposition’s commitment to strengthen consideration of the economic and social significance of projects and limit activist challenges to approvals aligns with key reforms identified in Australian Energy Producers’ policy platform for the upcoming federal election.  

    “Natural gas will play an essential role in Australia’s energy mix to 2050 and beyond, but regulatory uncertainty, approval delays and policy interventions have delayed critical projects and damaged Australia’s reputation as a safe place to invest,” Ms McCulloch said.  

    “Without new gas projects, Australian households and businesses face higher energy prices, uncertain energy supply, and increased risk of blackouts that will hit every part of the economy. Addressing these risks should be a national priority.” 

    Read Australian Energy Producers’ policy platform for the 2025 Federal Election:  https://energyproducers.au/2025election     

    Media contact: 0434 631 511

    MIL OSI Economics –

  • MIL-OSI Economics: Speech by Dr. Akinwumi A. Adesina, President and Chairman of the Boards of Directors African Development Bank Group, at the High-Level Conference on…

    Source: African Development Bank Group

    [PROTOCOLS]

    Your Excellencies,

    Honourable Ministers,

    Distinguished delegates,

    Ladies and Gentlemen,

    Good morning.

    I am delighted to join you all today at this high-level conference, focusing on smallholder farmers.

    On behalf of the African Development Bank Group, I wish to convey our profound gratitude to our host, His Excellency President William Ruto, his government and the people of Kenya for their generous support for hosting this High-Level Conference in Nairobi.

    I would have joined you for the sessions at this high-level conference yesterday, but I had a very important engagement at the State House, Kenya. It was such a great honour, yesterday for His Excellency President William Ruto to confer on me the Chief of the Order of the Golden Heart (C.G.H), Kenya’s highest national honour and distinction.

    I wish to express my deepest gratitude once again to President Ruto for this exceptional honour, given only to 19 Heads of State and Government and global leaders since 1963.

    I am especially delighted that the conferment of this honour was given the same day that farmers and agribusinesses of Africa are gathered right here at the High-level conference on ‘Scaling Financing for Smallholder Farmers”.

    As you know, I am a great supporter of African farmers and agribusinesses. So, I wish to ask that you all join me in thanking President Ruto for this great honour.

    Your Excellencies, ladies and gentlemen,

    I wish to commend our partners, the Pan African Farmers’ Organization (PAFO) and all the partner organizations that have worked tirelessly with our teams from the African Development Bank to organize this high-level conference.

    We meet here in Nairobi to reposition and expand opportunities for Africa’s smallholder farmers who contribute over 80% of the continent’s food production.

    I will be speaking to you today on: “Progress Since Dakar 2 Feed Africa Summit: a portrait of success in building coalitions for supporting smallholder farmers to transform African economies”.

    Your Excellencies, ladies and gentlemen,

    Africa will be the epicentre of feeding the world, since 65% of the uncultivated arable land left in the world is in Africa. Therefore, what Africa does with its agriculture will determine the future of food in the world.

    It is with this goal of unleashing the potential of Africa to feed itself, and to do so with pride, that the African Development Bank, in partnership with the Government of Senegal and the African Union, organized the Feed Africa Summit (or Dakar 2) in 2023.

    The theme of the Summit was on Achieving Food Sovereignty and Resilience. Attended by 34 heads of state and government, Dakar 2 showed the political commitment of governments towards ensuring food security and food sovereignty in Africa.

    Many of you were there!

    At the heart of Dakar 2 were 41 Presidential Boardrooms that launched Country Food and Agriculture Delivery Compacts outlining national production targets, enabling policies, smallholder farmers’ support, rural infrastructure development, and innovative financing solutions.

    Dakar 2 gave us a renewed sense of purpose and marked a turning point in Africa’s pursuit of food security through the power of partnerships and cooperation.

    Dakar 2 showed us the power of partnerships. At the Dakar 2 Feed Africa Summit, development partners committed $30 billion to support the Compacts, with the African Development Bank Group pledging $10 billion.

    In less than a year after the Dakar 2 Feed Africa summit, financial commitments from development partners from around the world increased to $72 billion.

    This is unprecedented in the history of agriculture in Africa.

    Since then, the African Development Bank has made tremendous progress in our combined continental quest to Feed Africa, approving 77 operations valued at $3.9 billion to support the implementation of Compacts in 32 countries.

    This year, the African Development Bank plans to approve an additional $1.72 billion in project investments and policy-based operations.

    Central to the Compacts is the Bank’s flagship initiative, the Technologies for African Agricultural Transformation (TAAT) which aims to double food production by providing proven technologies to more than 40 million smallholder farmers by 2025.

    The TAAT platform has delivered heat-tolerant wheat varieties, drought-tolerant maize varieties, and high-yield rice varieties, as well as capacity building, training and other related services to 25 million farmers across the continent.

    Our efforts with partners have increased Africa’s crop production by an estimated 120 million tonnes of additional food. A total of $1.7 billion in investments has been influenced by TAAT’s climate-smart technologies – and about 247 million Africans have better nutrition today, due to TAAT.

    TAAT is also a key driver of the African Development Bank’s $1.5 billion African Emergency Food Production Facility approved in 2022 to avert a looming food crisis following global geopolitical tensions. The facility is a continental initiative to support 20 million smallholder farmers in 35 countries to access certified seeds and fertilizer to produce 38 million metric tons of food.

    As of December 2024, the African Emergency Food Production Facility had delivered 459,000 tons of seed, distributed 2.8 million tonnes of fertilizer to 12.3 million farmers. It has supported the production of 37.6 million metric tons of additional food in Africa. are on course to meeting and even surpassing the target we set just about two years ago.

    Excellencies, ladies and gentlemen,

    We are working hard to connect farmers to market off-takers, and to accelerate the processing and value addition to food and agricultural commodities. We are doing this through the development and roll out of Special Agro-Industrial Processing Zones.

    The African Development Bank has committed $934.51 million to the Special Agro-Industrial Processing Zones, which has been matched with co-financing from our partners amounting to $938.27 million. Currently, we have 27 ongoing Special Agro-Industrial Processing Zones projects across 11 countries.

    However, despite lots of progress being made, one area that continues to remain a challenge for farmers, especially smallholder farmers, and small and medium sized agribusinesses, is lack of access to finance.

    There exists an annual financing deficit of $75 billion for farmers and small and medium enterprises. Data from 35 lenders found a perception of higher risks and lower returns by commercial banks to lending to agriculture-linked small and medium enterprises.

    Therefore, we must find efficient ways to “de-risk” lending to farmers and small and medium enterprises. This can be achieved by absorbing incremental risk and thereby increasing lenders’ risk appetite and by leveraging outside private sector finance into the agricultural sector.

    The three major investment channels deployed effectively by the African Development Bank in addressing these challenges include: (1) the Affirmative Finance Action for Women in Africa (AFAWA), (2) the African Fertilizer Financing Mechanism, and (3) the Inputs Supplier Risk Sharing Program.

    First: as of February 2025, the Affirmative Finance Action for Women in Africa program had approved $2.52 billion in financing for over 24,000 of Africa’s women-led businesses. This has been achieved through partnerships with the Africa Guarantee Fund which now works with over 185 financial institutions across 44 African countries.

    Second: The African Fertilizer Financing Mechanism has implemented trade credit guarantee projects in 8 countries, including Tanzania, Nigeria, Ghana, Côte d’Ivoire, Zimbabwe, Kenya, Uganda and Mozambique. The $17.1 million trade credit guarantee was leveraged by 4.7 times, including 13 times leverage in Tanzania. It has enabled the distribution of 125,193 metric tons of fertilizer worth $62.8 million, which benefited 776,971 smallholder farmers during the 2019–2024 seasons. These projects also facilitated access to finance for over 126 hub agro-based enterprises involved in fertilizer distribution, with women beneficiaries representing 36% of the African Fertilizer Financing Mechanism projects. 

    And the third channel is the African Development Bank’s new $600 million Inputs Supplier Risk Sharing Program. This is to support the development of more robust agricultural inputs market systems through de-risking of the inputs supply ecosystem. This is focusing on Uganda, Kenya, Tanzania, Ghana and Zambia. Initially this will be undertaken through the deployment of a risk sharing mechanism, backed by the Bank’s Partial Credit Guarantee instrument, to attract private sector, and donor resources for the development of a sustainable agricultural-inputs market system.

    Your Excellencies, ladies and gentlemen,

    In addition, the African Development Bank is working with Mastercard and other partners on developing the “Mobilizing Access to the Digital Economy,” or the MADE Alliance Africa. The Bank’s first phase commitment includes $300 million to the MADE Alliance Africa’s initial five years of programming. By doing so, the African Development Bank aims to bring 3 million farmers in Kenya, Tanzania and Nigeria into the digital economy.

    I am pleased to inform you that we will be consulting with our Board of Directors of the African Development Bank to establish a $500 million facility to unlock $10 billion of financing for smallholder farmers, as well as small and medium sized agribusiness enterprises.           

    This will include the use of trade credit guarantees, first loss coverage, blended finance, and origination incentives that defray the high transaction costs of serving enterprises, as well as technical assistance.

    Your Excellencies, ladies and gentlemen,

    From Dakar 2 Feed Africa summit to Nairobi ‘Scaling up finance for farmers” conference today, we stand on the threshold of making history by pushing the boundaries of innovation and building extensive collaborative alliances to accelerate action towards bridging the financing gap facing smallholder farmers and small and medium sized agribusinesses.

    The African Development Bank remains fully committed to collaborating with the Pan African Farmers’ Organization and its subsidiary farmers’ organizations, as well as development partners and financial institutions, to fully unlock financing for smallholder farmers and small and medium sized agribusiness enterprises.

    Together, let us expand access to finance at scale for farmers and small and medium sized agribusinesses.

    Together, let us provide strong policy support for farmers.

    Africa must never abandon its farmers.

    Together, let us unleash the potential of agriculture in Africa.

    Let us make Africa the breadbasket of the world.

    And together, let us feed Africa, with pride!

    Thank you very much.

    MIL OSI Economics –

  • MIL-OSI Economics: Global and African Financial Experts Urge Action to Enhance Smallholder Farmer Financing

    Source: African Development Bank Group

    Leading global and African financial experts have issued a resounding call to align financial structures with the needs of smallholder farmers.

    Speaking at a two-day conference on financing Africa’s smallholder farmers in Nairobi, Kenya, the experts underscored the crucial role of government intervention in creating an enabling environment for financial institutions to expand agricultural lending.

    The conference represents a pivotal step in mobilizing the billions needed annually to support Africa’s smallholder farmers, who make up some 80% of the continent’s farming population but control less than 5% of agricultural land.

    African Development Bank Group President Dr. Akinwumi Adesina delivered the keynote address, highlighting a glaring disconnect: while agriculture contributes 30% to Africa’s GDP, it accounts for only 6% of commercial bank lending.

    “Smallholder farmers around the world are the same, except those from Africa face difficult odds — poor access to markets, finance, information, infrastructure, and inputs—none of which we can’t address collectively,” Adesina said.

    A key highlight of Tuesday’s session was a panel discussion featuring Alice Albright, former CEO of the Millennium Challenge Corporation (MCC); Brian Milder, Founder and CEO of Aceli Africa; and Jules Ngankam, Group CEO of the African Guarantee Fund. Moderated by former international broadcaster Yvonne Ndege, the panel explored practical designs for sustainable financing mechanisms to bridge the financing gap in agriculture.

    Panelists identified several critical barriers to adequate financing. These include risk misperceptions in agricultural lending, high transaction costs for rural financial services, mismatches between standard loan products and agricultural business cycles, lack of formal financial records and collateral, and inequitable value chain structures that limit farmer profitability.

    Milder shared a success story from Tanzania, where targeted interventions enabled Tanzania Commercial Bank to increase its agricultural lending share from 2% to much higher levels while simultaneously quadrupling rural bank deposits.

    He also highlighted the stark contrast between the 14% yield on Kenyan government bonds and the mere 3% average return on agricultural SME lending, illustrating the urgent need for solutions that make agricultural finance more attractive to investors.

    “Capital is like water—it runs downhill,” Milder noted. “We need solutions that consider the full profitability equation, including transaction costs, risk, and capital costs for financial intermediaries.”

    Albright drew on her experience developing the International Finance Facility for Immunization, which has raised $9.7 billion, to emphasize the need to clearly define financing challenges, assess risks, and build political will among governments.

    “We must articulate the public policy rationale for financing smallholder farmers and address key design challenges, including risk management and cost efficiency,” Albright stated. “With political will, innovative financial instruments, and strategic partnerships, we can establish a robust financing ecosystem that ensures capital flows where it is needed most.”

    Ngankam provided insights into how risk mitigation strategies could unlock financing for smallholder farmers. He emphasized the necessity of financial products tailored to different agricultural value chains.

    MIL OSI Economics –

  • MIL-OSI Economics: African Development Bank and Germany Sign €18.4 million financing agreement in support of NEPAD-IPPF to boost infrastructure project preparation in…

    Source: African Development Bank Group

    The African Development Bank and Kreditanstalt für Wiederaufbau (KfW), the German state-owned investment and development bank, have signed an agreement for a contribution of €18.4 million to the NEPAD – Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund.

    The funding, which brings KfW’s contribution to NEPAD-IPPF to $58.14 million, will support the facility’s drive to achieve its key priorities including  the second Priority Action Plan under the Programme for Infrastructure Development in Africa (PIDA PAP2)  through 2030. The New Partnership for Africa’s Development Infrastructure Project Preparation Facility (NEPAD-IPPF), a multi-donor Special Fund, hosted by the African Development Bank, is a leading project preparation facility in Africa, which plays a catalytic role in providing technical and financial assistance for the preparation of regional infrastructure projects and programs.

    The agreement was signed in Abidjan, Côte d’Ivoire, by Christoph Tiskens, KfW’s Director for Eastern Africa and the African Union, and Mike Salawou, African Development Bank Director for Infrastructure and Urban Development. The signing of the agreement follows the German government’s 2024 announcement of the replenishment.  

    Tiskens commended the achievements of NEPAD-IPPF. He said, “The NEPAD-IPPF Special Fund has had remarkable success throughout the year, demonstrating significant progress in advancing regional infrastructure development in Africa. This replenishment aims to support infrastructure development with a focus on areas such as climate change, gender, Agenda 2063, the African Continental Free Trade Area (AfCFTA), and a stronger focus on attaining the Sustainable Development Goals.” He affirmed the German Government’s commitment to its partnership with the African Development Bank. 

     Salawou said: “This replenishment marks a significant milestone in our long-standing partnership with Germany to advance infrastructure development and financing in Africa.  With this support, NEPAD-IPPF will be better capitalized to scale up and speed up the preparation of transformational cross-border and climate-smart infrastructure projects, ensuring they are bankable and investment ready,”

    He added: “This is an important step in accelerating implementation of the African Continental Free Trade Area (AfCFTA), regional integration, and economic growth. The Bank therefore values this partnership and will continue to strengthen it.”

    MIL OSI Economics –

  • MIL-OSI Economics: Microsoft and NVIDIA accelerate AI development and performance

    Source: Microsoft

    Headline: Microsoft and NVIDIA accelerate AI development and performance

    Together, Microsoft and NVIDIA are accelerating some of the most groundbreaking innovations in AI. We are excited to continue innovating with several new announcements from Microsoft and NVIDIA that further enhance our full stack collaboration.

    Together, Microsoft and NVIDIA are accelerating some of the most groundbreaking innovations in AI. This long-standing collaboration has been at the core of the AI revolution over the past few years, from bringing industry-leading supercomputing performance in the cloud to supporting breakthrough frontier models and solutions like ChatGPT in Microsoft Azure OpenAI Service and Microsoft Copilot.

    Today, there are several new announcements from Microsoft and NVIDIA that further enhance the full stack collaboration to help shape the future of AI. This includes integrating the newest NVIDIA Blackwell platform with Azure AI services infrastructure, incorporating NVIDIA NIM microservices into Azure AI Foundry, and empowering developers, startups, and organizations of all sizes like NBA, BMW, Dentsu, Harvey and OriGen, to accelerate their innovations and solve the most challenging problems across domains.

    Come see Microsoft at the NVIDIA GTC AI Conference

    Empowering all developers and innovators with agentic AI 

    Microsoft and NVIDIA collaborate deeply across the entire technology stack, and with the rise of agentic AI, they are thrilled to share several new offerings that are available in Azure AI Foundry. First is that Azure AI Foundry now offers NVIDIA NIM microservices. NIM provides optimized containers for more than two dozen popular foundation models, allowing developers to deploy generative AI applications and agents quickly. These new integrations can accelerate inferencing workloads for models available on Azure, providing significant performance improvements, greatly supporting the growing use of AI agents. Key features include optimized model throughput for NVIDIA accelerated computing platforms, prebuilt microservices deployable anywhere, and enhanced accuracy for specific use cases. In addition, we will soon be integrating the NVIDIA Llama Nemotron Reason open reasoning model. NVIDIA Llama Nemotron Reason is a powerful AI model family designed for advanced reasoning.

    Epic, a leading electronic health record company, is planning to take advantage of the latest integration of NVIDIA NIM on Azure AI Foundry, improving AI applications to deliver better healthcare and patient results.

    The launch of NVIDIA NIM microservices in Azure AI Foundry offers a secure and efficient way for Epic to deploy open-source generative AI models that improve patient care, boost clinician and operational efficiency, and uncover new insights to drive medical innovation. In collaboration with UW Health and UC San Diego Health, we’re also researching methods to evaluate clinical summaries with these advanced models. Together, we’re using the latest AI technology in ways that truly improve the lives of clinicians and patients.

    Drew McCombs, VP Cloud and Analytics, Epic

    Further, Microsoft is also working closely with NVIDIA to optimize inference performance for popular, open-source language models and ensure they are available on Azure AI Foundry so customers can take full advantage of the performance and efficiency benefits from foundation models. The newest addition of this collaboration is the performance optimization for Meta Llama models using TensorRT-LLM. Developers can now use the optimized Llama models from the model catalog in Azure AI Foundry to experience improvements in throughput without additional steps.

    “At Synopsys, we rely on cutting-edge AI models to drive innovation, and the optimized Meta Llama models on Azure AI Foundry have delivered exceptional performance. We’ve seen substantial improvements in both throughput and latency, allowing us to accelerate our workloads while optimizing costs. These advancements make Azure AI Foundry an ideal platform for scaling AI applications efficiently.”

    Arun Venkatachar, VP Engineering, Synopsys Central Engineering

    At the same time, Microsoft is excited to be expanding its model catalog in Azure AI Foundry even further with the addition of Mistral Small 3.1, an enhanced version of Mistral Small 3, featuring multimodal capabilities and an extended context length of up to 128k.

    Microsoft is also announcing the general availability of Azure Container Apps serverless graphics processing units (GPUs) with support for NVIDIA NIM. Serverless GPUs allow enterprises, startups, and software development companies to seamlessly run AI workloads on-demand with automatic scaling, optimized cold start, and per-second billing with scale down to zero when not in use to reduce operational overhead. With the support of NVIDIA NIM, development teams can easily build and deploy generative AI applications alongside existing applications within the same networking, security, and isolation boundary.

    Expanding Azure AI Infrastructure with NVIDIA 

    The evolution of reasoning models and agentic AI systems is transforming the artificial intelligence landscape. Robust and purpose-built infrastructure is key to their success. Today, Microsoft is excited to announce the general availability of Azure ND GB200 V6 virtual machine (VM) series accelerated by NVIDIA GB200 NVL72 and NVIDIA Quantum InfiniBand networking. This addition to the Azure AI Infrastructure portfolio, alongside existing virtual machines that use NVIDIA H200 and NVIDIA H100 GPUs, highlight Microsoft’s commitment to optimizing infrastructure for the next wave of complex AI tasks like planning, reasoning, and adapting in real-time. 

    As we push the boundaries of AI, our partnership with Azure and the introduction of the NVIDIA Blackwell platform represent a significant leap forward. The NVIDIA GB200 NVL72, with its unparalleled performance and connectivity, tackles the most complex AI workloads, enabling businesses to innovate faster and more securely. By integrating this technology with Azure’s secure infrastructure, we are unlocking the potential of reasoning AI.

    Ian Buck, Vice President of Hyperscale and HPC, NVIDIA

    The combination of high-performance NVIDIA GPUs with low-latency NVIDIA InfiniBand networking and Azure’s scalable architectures are essential to handle the new massive data throughput and intensive processing demands. Furthermore, comprehensive integration of security, governance, and monitoring tools from Azure supports powerful, trustworthy AI applications that comply with regulatory standards.

    Built with Microsoft’s custom infrastructure system and the NVIDIA Blackwell platform, at the datacenter level each blade features two NVIDIA GB200 Grace Blackwell Superchips and NVIDIA NVLink Switch scale-up networking, which supports up to 72 NVIDIA Blackwell GPUs in a single NVLink domain. Additionally, it incorporates the latest NVIDIA Quantum InfiniBand, allowing for scaling out to tens of thousands of Blackwell GPUs on Azure, providing two times the AI supercomputing performance from previous GPU generations based on GEMM benchmark analysis.

    As Microsoft’s work with NVIDIA continues to grow and shape the future of AI, the company also looks forward to bringing the performance of NVIDIA Blackwell Ultra GPUs and the NVIDIA RTX PRO 6000 Blackwell Server Edition to Azure. Microsoft is set to launch the NVIDIA Blackwell Ultra GPU-based VMs later in 2025. These VMs promise to deliver exceptional performance and efficiency for the next wave of agentic and generative AI workloads.

    Azure AI’s infrastructure, advanced by NVIDIA accelerated computing, consistently delivers high performance at scale for AI workloads as evidenced by leading industry benchmarks like Top500 supercomputing and MLPerf results.1,2 Recently, Azure Virtual Machines using NVIDIA’s H200 GPUs achieved exceptional performance in the MLPerf Training v4.1 benchmarks across various AI tasks. Azure demonstrated leading cloud performance by scaling 512 H200 GPUs in a cluster, achieving a 28% speedup over H100 GPUs in the latest MLPerf training runs by MLCommons.3 This highlights Azure’s ability to efficiently scale large GPU clusters. Microsoft is excited that customers are utilizing this performance on Azure to train advanced models and get efficiency for generative inferencing. 

    Empowering businesses with Azure AI Infrastructure

    Meter is training a large foundation model on Azure AI Infrastructure to automate networking end-to-end. The performance and power of Azure will significantly scale Meter’s AI training and inference, aiding in the development of models with billions of parameters across text-based configurations, time-series telemetry, and structured networking data. With support from Microsoft, Meter’s models aim to improve how networks are designed, configured, and managed—addressing a significant challenge for progress.

    Black Forest Labs, a generative AI start-up with the mission to develop and advance state-of-the-art deep learning models for media, has extended its partnership with Azure. Azure AI services infrastructure is already being used to deploy its flagship FLUX models, the world’s most popular text-to-image media models, serving millions of high-quality images everyday with unprecedented speed and creative control. Building on this foundation, Black Forest Labs will adopt the new ND GB200 v6 VMs to accelerate the development and deployment of its next-gen AI models, pushing the boundaries of innovation in generative AI for media. Black Forest Labs has been a Microsoft partner since its inception, working together to secure the most advanced, efficient, and scalable infrastructure for training and delivering its frontier models.

    We are expanding our partnership with Microsoft Azure to combine BFL’s unique research expertise in generative AI with Azure’s powerful infrastructure. This collaboration enables us to build and deliver the best possible image and video models faster and at greater scale, providing our customers with state-of-the-art visual AI capabilities for media production, advertising, product design, content creation and beyond.

    Robin Rombach, CEO, Black Forest Labs

    Creating new possibilities for innovators across industries

    Microsoft and NVIDIA have launched preconfigured NVIDIA Omniverse and NVIDIA Isaac Sim virtual desktop workstations, and Omniverse Kit App Streaming, on the Azure marketplace. Powered by Azure Virtual Machines using NVIDIA GPUs, these offerings provide developers everything they need to get started developing and self-deploying digital twin and robotics simulation applications and services for the era of physical AI. Several Microsoft and NVIDIA ecosystem partners including Bright Machines, Kinetic Vision, Sight Machine, and SoftServe are adopting these capabilities to build solutions that will enable the next wave of digitalization for the world’s manufacturers.

    There are many innovative solutions built by AI startups on Azure. Opaque Systems helps customers safeguard their data using confidential computing; Faros AI provides software engineering insights, allowing customers to optimize resources and enhance decision-making, including measuring the ROI of their AI coding assistants; Bria AI provides a visual generative AI platform that allows developers to use AI image generation responsibly, providing cutting-edge models trained exclusively on fully-licensed datasets; Pangaea Data is delivering better patient outcomes by enhancing screening and treatment at the point of care; and Basecamp Research is driving biodiversity discovery with AI and extensive genomic datasets. 

    Experience the latest innovations from Azure and NVIDIA 

    Today’s announcements at the NVIDIA GTC AI Conference underscore Azure’s commitment to pushing the boundaries of AI innovations. With state-of-the-art products, deep collaboration, and seamless integrations, we continue to deliver the technology that supports and empowers developers and customers in designing, customizing, and deploying their AI solutions efficiently. Learn more at this year’s event and explore the possibilities that NVIDIA and Azure hold for the future.

    • Visit us at Booth 514 at NVIDIA GTC.

    Sources:

    1November 2024 | TOP500

    2Benchmark Work | Benchmarks MLCommons

    3Leading AI Scalability Benchmarks with Microsoft Azure – Signal65

    MIL OSI Economics –

  • MIL-OSI Economics: From GA of NVIDIA GB200 on Azure, to NVIDIA NIM support on Azure AI Foundry and more, great to see how we continue to push the bounds of agentic AI with the team at NVIDIA.

    Source: Microsoft

    Headline: From GA of NVIDIA GB200 on Azure, to NVIDIA NIM support on Azure AI Foundry and more, great to see how we continue to push the bounds of agentic AI with the team at NVIDIA.

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  • MIL-OSI Economics: DDG Hill opens 2025 workshop on incentives for technology transfer to LDCs

    Source: World Trade Organization

    Technology transfer is deeply embedded in the TRIPS Agreement and is explicitly mentioned in its objectives in Article 7. In Article 66.2, the TRIPS Agreement specifically obliges developed country members to provide incentives to enterprises and institutions in their territories to promote and encourage technology transfer to LDC members. The aim is to enable LDCs to create a sound and viable technological base.

    Since 2003, when WTO members agreed on the transparency mechanism for technology transfer under Article 66.2, developed country members have submitted over 400 reports detailing their actions and commitments. To date, the TRIPS Council has conducted 21 reviews of these reports, generating valuable insights into effective technology transfer strategies and best practices.

    Speaking at the opening session, DDG Hill provided a forward-looking perspective, stating that “the future of trade – digital, green, and services-driven – will have technology at its core.” She noted that trade has played a key role in LDC development, and that further efforts are needed in sectors such as agriculture and digital technologies. She emphasized that “technology transfer empowers LDCs to build production capacities; it fosters innovation and drives sustainable development”. This underscores the need to promote and encourage technology transfer in key sectors, she added.

    Ms Ivanov-Durand, Chair-Designate of the TRIPS Council, highlighted the critical role of technology in achieving the Sustainable Development Goals (SDGs), particularly for LDCs. She reiterated that Article 66.2 formally recognizes the link between access to technology and development, situating technology transfer incentives within the broader context of LDCs’ need to establish a robust technological base.

    She also noted the connection between this workshop and the upcoming meeting of the Council for TRIPS on 20-21 March 2025. At this meeting, a follow-up to the annual review of reports from nine developed members on their technology transfer commitments and related programmes will take place. She encouraged LDC members to share insights from the workshop during the Council’s deliberations later in the week.

    Ms Kadra Ahmed Hassan, on behalf of the LDC Group, thanked the WTO Secretariat for organizing the workshop and developed countries for their detailed reports submitted in 2024. She encouraged their active participation in the workshop and underscored the importance of informal dialogue between LDC members and developed country members. It is particularly important to tailor technology transfer programmes to LDCs’ priority needs and learn from developed members’ experience, she added.

    She reiterated the LDC Group’s long-standing interest in this mechanism. She also noted that the workshop “provides an opportunity to promote dialogue and coordination between LDC members and developed-country members at the level of the Council’s deliberations.”

    The three-day workshop will conclude with an opportunity for participants to attend the formal meeting of the Council for TRIPS on 20 March 2025. See the programme here.

    All reports by developed members on their Article 66.2 related programmes are available here.

    More information on TRIPS and Technology Transfer.

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  • MIL-OSI Economics: Members agree on topics for experience-sharing sessions on services trade

    Source: WTO

    Headline: Members agree on topics for experience-sharing sessions on services trade

    Members also explored the linkages between services trade and environmental sustainability at an event organized by the WTO Secretariat on 12 March.
    Giving effect to ministerial mandate
    The agreement to organize informal experience-sharing sessions on good regulatory practices and recognition of professional qualifications stems from the February 2024 ministerial mandate to  reinvigorate work on trade in services and to facilitate the increased participation of developing members in services trade. Members will also continue discussions on the possibility of organizing sessions on the green transition and digitalization.
    Several members reiterated their call for not duplicating the work carried out in the Council’s subsidiary bodies and for having balanced deliberations.
    Participation of least-developed countries (LDCs) in services trade
    Members responded favourably – pending final discussions on technical issues – to a request by the WTO LDC group to collect information through a survey hosted on the WTO website on how their service suppliers are engaging with consumers and enterprises in other economies. Particular attention will be paid to the 51 WTO members that have notified preferences for LDC services and service suppliers. Members reiterated their commitment to support the participation of LDCs in services trade.
    Members have notified preferences for LDC service suppliers in line with a ministerial mandate to operationalize the “LDC Services Waiver”, which was adopted at the 8th Ministerial Conference in 2011.
    A total of 37 WTO members are classified as LDCs. More information on the waiver can be found here.
    Services trade concerns
    Members discussed three previously addressed specific trade concerns involving cybersecurity measures and mobile applications, among other services-related topics.
    Japan and the United States, supported by several other members, reiterated concerns about the cybersecurity measures of China and Viet Nam. China repeated concerns with certain services measures of the United States. China also reiterated its concerns regarding India’s measures in relation to mobile applications.
    Trade in financial services
    Members continued discussing how to reinvigorate work on trade in services in the Committee on Trade in Financial Services. A new proposal, bringing together three earlier submissions from China, the Philippines and India, calls for information-sharing sessions on digital payments, interoperability of payment systems and cost of remittance services. The proposal also refers to crisis preparedness as advocated by Pakistan. Details of previous discussions can be found here.
    The Committee is one of the Services Council’s subsidiary bodies.
    Classification of environmental services
    At a meeting of the Committee on Specific Commitments held on 11 March, members heard from Costa Rica and Switzerland about how the Agreement on Climate Change, Trade and Sustainability is helping its parties define, classify and make commitments in environmental services.
    In the Agreement, Costa Rica, Iceland, New Zealand and Switzerland set out the commitments they have made on 114 services ranging from environmental protection to resource management and climate change adaptation and mitigation.
    Members welcomed the presentation and agreed to engage further on this topic.
    The Committee is one of the Services Council’s subsidiary bodies.
    Recent developments in services trade policy
    An event held on 12 March entitled “Nexus between Trade in Services and Environmental Sustainability:  Evidence from Recent Research” looked at the role of services trade in promoting environmental sustainability and the impact of environmental policy on services trade.
    Introducing a forthcoming research paper titled “Services Trade and Environmental Sustainability: Conceptual Linkages and Empirical Patterns”, the Organisation for Economic Co-operation and Development highlighted the important role that services trade can play in tackling environmental challenges. This is particularly important as services represent two-thirds of global output and are among the most dynamic sectors in international trade.
    The value that services trade adds to supply chains can support greener production functions and consumption patterns, the OECD noted. For example, engineering services can be used in the green hydrogen production supply chain and financial services can support carbon mitigation projects.
    The OECD paper makes the case for removing restrictions to services imports and for examining synergies with environmental policymaking. Countries at all levels of development stand to benefit from increased openness and participation in services trade as a result of increased domestic productivity, the OECD noted.
    This event was organized by the WTO’s Trade in Services and Investment Division as part of the “Simply Services” speaker series, an informal platform for sharing the latest information on trends in services trade. The webcast of the event can be watched here.

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