Category: Switzerland

MIL-OSI Asia-Pac: Indian Railways Signs MoU with Switzerland’s DETEC to Enhance its Technological Collaboration, Track Maintenance, and Infrastructure Modernization
Source: Government of India

Posted On: 29 OCT 2024 10:37PM by PIB Delhi

Indian Railways today signed a Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications of the Swiss Confederation to enhance technical cooperation between the two nations. The MoU renewed and formalized through video-conferencing, received approval from the Ministry of Railways and the Ministry of External Affairs.

Addressing the MoU signing ceremony, Union Minister of Railways, Information & Broadcasting, and Electronics & Information Technology, Shri Ashwini Vaishnaw said this MoU will provide comprehensive framework for collaboration to the Indian Railways in various areas, including technology sharing, track maintenance, management and construction. This MoU is also aligning with our government’s commitment to modernizing Indian Railways.

Addressing the event, Federal Councilor and Head of the Federal DETEC, Mr. Albert Roesti said Switzerland’s advanced railway technology will benefit Indian Railway by improving operational efficiency, safety standards, Service quality and railways infrastructure development.

The original MoU, signed on August 31, 2017, was valid for five years and focused on several key areas of collaboration:
- Traction Rolling Stock
- Electric Multiple Units (EMU) and Train Sets
- Traction Propulsion Equipment
- Freight and Passenger Cars
- Tilting Trains
- Railway Electrification Equipment
- Train Scheduling and Operational Improvements
- Railway Station Modernization
- Multimodal Transport Solutions
- Tunneling Technology
Before the signing of the MoU, a Joint Working Group (JWG) was formed to facilitate collaboration between representatives of Indian Railways and Swiss Railways. The JWG convened two meetings to explore various key areas of cooperation, with sessions taking place on October 21, 2019 and August 30, 2022. The primary areas of discussion were:
- Freight and Passenger Cars
- Railway Electrification Equipment
- Railway Station Modernization
- Tunneling Technology
At the third JWG meeting that took place on October 11, 2023, chaired by then Chairperson and CEO of the Railway Board, alongside Mr. Peter Füglistaler, Director of the Federal Office of Transport in Switzerland, the Indian side presented ongoing capital expenditure initiatives, highlighting significant investment opportunities in the Indian Railway sector for Swiss firms.

This partnership is set to enhance the efficiency and reliability of Railway services in India, ultimately benefiting passengers and freight operations alike. Notable Swiss companies will supply machinery, materials and tunneling consultancy services.

The event was graced by Shri. Mridul Kumar, Ambassador of India to Switzerland, Mr. Albert Roesti, Federal Councilor and Head of the Federal Department of the Environment, Transport and Communications (DETEC).

*****

Dharmendra Tewari/Shatrunjay Kumar

(Release ID: 2069425) Visitor Counter : 51

MIL OSI Asia Pacific News –
January 25, 2025
MIL-OSI Asia-Pac: NHRC, India’s open house discussion on ‘Sports and Human Rights: Safeguarding the Rights and Well-being of Sportspersons’ in India

Source: Government of India (2)

NHRC, India’s open house discussion on ‘Sports and Human Rights: Safeguarding the Rights and Well-being of Sportspersons’ in India

Chairing the discussion, Acting Chairperson Smt Vijaya Bharathi Sayani says respecting human rights of the sportspersons and ensuring protection thereof through an institutionalized mechanism is necessary for better performance of the country’s talent in sports

Intersectionality between athlete rights and the role of institutions in safeguarding them highlighted

Among various suggestions, strengthening institutional mechanism within various sport bodies to develop social equitability among the sportspersons emphasized

Ensuring action on complaints of sexual harassment through functional institutional mechanisms in all sports bodies underscored

Posted On: 29 OCT 2024 7:51PM by PIB Delhi

The National Human Rights Commission (NHRC), India, organized an open house discussion in hybrid mode on ‘Sports and Human Rights: Safeguarding the Rights and Well-being of Sportspersons’ at its premises in New Delhi today. Chairing the discussion, Acting Chairperson, Smt. Vijaya Bharathi Sayani said that maintaining human values is the hallmark of a sportsperson’s spirit. Therefore, respecting the human rights of the sportspersons and ensuring protection thereof through an institutionalized mechanism is necessary for better performance of the country’s talent in sports.

She highlighted the importance of understanding the intersectionality between athlete rights and the role of institutions in safeguarding them. The concept of intersectionality can help policy makers and sport programmers understand how different types of discrimination – like racism, homophobia, and ableism – combine to prevent athletes particularly women from participating in sport.

The Acting Chairperson also stressed strengthening the judicial mechanisms in addressing any violations of athlete rights besides the rehabilitation of sportspersons in case of abuse and addressing their mental health concerns.

NHRC, India Director General (Investigation), Shri Ajay Bhatnagar emphasized zero tolerance for sexual abuse of sportspersons. He highlighted how institutions, especially those in authority, are more accountable for safeguarding athletes.

Earlier, the NHRC, India Joint Secretary, Shri Devendra Kumar Nim gave an overview of the three technical sessions of the open house which included ‘Rehabilitation of Sportspersons after Incidents of Abuse,’ ‘Mental Health of Sportspersons in India’ and ‘Institutional Frameworks Required to Safeguard Interests of Sportspersons.’

Some of the suggestions that emerged from the discussion were as follows:

• It is necessary to have coaches having training in clinical psychology to prepare the athletes better;

• Streamline insurance benefits to athletes suffering sports injuries;

• Bring awareness among athletes to report sexual abuse;

• Ensure action on complaints of sexual harassment through functional institutional mechanisms in all sports bodies;

• Strengthen institutional mechanisms to support para-athletes;

• Strengthen institutional mechanisms within various sports bodies to develop social equitability among sportspersons from diverse backgrounds and marginalized communities;

The meeting was attended by the representatives of the Ministry of Youth Affairs and Sports, Netaji Subhas Sports Authority of India at Patiala, National Centre for Sports Science and Research, National Sports University, Imphal, Wrestling Federation of India, National Rifle Association of India, All India Kabaddi Federation, Sports and Rights Alliance, Switzerland, WAKO India Kickboxing Federation, Humans for Sports, UK, GoSports Foundation based in Bangalore, India and Sports Injury Centre at the Safdarjung Hospital, New Delhi.

***

NSK

(Release ID: 2069346) Visitor Counter : 63

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology
Source: Pacific Trade Invest NZ

Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.

Register here https://shorturl.at/C34uL

A great line-up of speakers is confirmed:

Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

The speakers will discuss topics such as:

Technology as a rewarding career path for women

The positive role of government and educational institutions, in contributing to this transformation

The Fibre Fale model

How technology has evolved over time.

Investing in women in technology

Register here https://shorturl.at/C34uL

ABOUT PACIFIC TRADE INVEST NZ

Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.

An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).

Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.
MIL OSI New Zealand News –
January 25, 2025
MIL-OSI Australia: Australia joins global conventions to protect workers’ rights and safety

Source: Australian Government – Minister of Foreign Affairs

Australia has now ratified all ten International Labour Organization’s (ILO) Fundamental Conventions, reaffirming the Albanese Government’s commitment to protect workers’ rights and safety.

The final Fundamental Convention – Promotional Framework for Occupational Safety and Health Convention 187 – was ratified by Australia overnight [29 October] in a tripartite ceremony in Geneva, Switzerland, with representatives of the Australian Council of Trade Unions and the Australian Chamber of Commerce and Industry.

The Convention promotes nationwide policies, systems and programs to support a safe and healthy working environment, and prevent occupational injuries, diseases and deaths.

This achievement underscores the Government’s belief in upholding international rules, norms and standards, and securing a safe and healthy working environment for all.

Ratification ensures Australian Governments continue to promote labour standards and protect workers from occupational harm, in line with international best practice.

For more information on the ILO’s Fundamental Conventions, see International Labour Standards.

Quotes attributable to Minister for Foreign Affairs, Penny Wong:

“While our Government is making sure that Australians make more and keep more of what they earn, we are also ensuring that their working conditions are safe and supportive.

“This is a major milestone for Australian workers. We are demonstrating Australia’s leadership and ongoing commitment to workers’ rights, as well as internationally agreed rules, norms and standards.”

Quotes attributable to Minister for Employment and Workplace Relations, Murray Watt:

“By ratifying these conventions, Australia sends a powerful message: we respect the fundamental rights of all workers.

“As such, Australia upholds all fundamental international labour rights and is a fair, safe and secure place to work and do business.

“Through the Albanese Government’s workplace law changes and ratifying these Conventions, we are delivering secure jobs and better pay to Australian workers.

“Australia is committed to workplace health and safety as a fundamental principle and right at work.”

MIL OSI News –

January 25, 2025
MIL-OSI China: All nations should ensure universal, consistent application of int’l humanitarian law: Chinese ambassador

Source: China State Council Information Office 3

All nations should translate their political commitments under the Geneva Conventions into concrete actions, ensuring the universal and consistent application of international humanitarian law, China’s permanent representative to the UN Office in Geneva and other international organizations in Switzerland said on Tuesday.

Chen Xu made the remarks at the 34th International Conference of the Red Cross and Red Crescent held from October 28 to 31. Chen highlighted the unprecedented severity of the current global humanitarian situation, stressing that all parties should uphold genuine multilateralism and jointly advance the cause of global peace and progress for humanity.

Addressing the Palestine-Israel conflict, he emphasized that achieving an immediate and lasting ceasefire is crucial to alleviating humanitarian suffering, urging major powers with influence over the parties involved to play a constructive role.

He also underscored that civilians and civilian infrastructure must not be targets in military operations, and that safe, unimpeded humanitarian access should be ensured in conflict areas to protect humanitarian organizations and their staff.

Developed countries should take on greater responsibilities in providing support and assistance to developing countries, he said.

Chen reaffirmed China’s longstanding commitment to upholding and implementing international humanitarian law, its active involvement in global humanitarian aid, and its consistent role as an advocate, participant, and contributor to international humanitarian efforts.

MIL OSI China News –

January 25, 2025
MIL-OSI Economics: Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

Source: Phillips

Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share
Returned $1.3 billion to shareholders through dividends and share repurchases
Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction
Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.
“Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.
“We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”
Financial Results Summary ( in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Earnings

$

346

1,015

Adjusted Earnings 1

859

984

Adjusted EBITDA 1

1,998

2,183

Earnings Per Share

Earnings Per Share – Diluted

0.82

2.38

Adjusted Earnings Per Share – Diluted 1

2.04

2.31

Cash Flow From Operations

1,132

2,097

Cash Flow From Operations, Excluding Working Capital 1

1,513

1,181

Capital Expenditures & Investments 2

358

367

Return of Capital to Shareholders

1,277

1,325

Share repurchases

800

840

Dividends paid

477

485

Cash

1,637

2,444

Debt

19,998

19,960

Debt-to-capital ratio

40

%

40

%

Net debt-to-capital ratio 1

38

%

36

%

1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

2Excludes acquisitions of $567 million in the third quarter of 2024, and purchases of government obligations of $1.1 billion in third-quarter of 2024.

Segment Financial and Operating Highlights (in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Change

Earnings 1

$

346

1,015

(669

)

Midstream

644

767

(123

)

Chemicals

342

222

120

Refining

(108

)

302

(410

)

Marketing and Specialties

(22

)

415

(437

)

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(44

)

(291

)

247

Noncontrolling interests

(23

)

(5

)

(18

)

Adjusted Earnings 1,2

$

859

984

(125

)

Midstream

672

753

(81

)

Chemicals

342

222

120

Refining

(67

)

302

(369

)

Marketing and Specialties

583

415

168

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(205

)

(278

)

73

Noncontrolling interests

(23

)

(35

)

12

Adjusted EBITDA 2

$

1,998

2,183

(185

)

Midstream

892

971

(79

)

Chemicals

466

348

118

Refining

188

531

(343

)

Marketing and Specialties

656

484

172

Renewable Fuels

(92

)

(43

)

(49

)

Corporate and Other

(112

)

(108

)

(4

)

Operating Highlights

Midstream NGL Fractionated Volumes (MBD)

728

744

(16

)

Chemicals Global O&P Utilization

98

%

98

%

—

%

Refining

Turnaround Expense ($)

137

100

37

Realized Margin ($/BBL) 2

8.31

10.01

(1.70

)

Crude Capacity Utilization

94

%

98

%

(4

%)

Clean Product Yield

87

%

86

%

1

%

Renewable Fuels Produced (MBD)

44

31

13

1Segment reporting is pre-tax.

2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Third-Quarter 2024 Financial Results
Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.
Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.
Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.
Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.
Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins.
Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.
As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress
Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.
Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.
Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.
Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.
Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.
Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.
Basis of Presentation — Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

644

767

1,965

724

2,060

Chemicals

342

222

769

104

494

Refining

(108

)

302

410

1,712

4,481

Marketing and Specialties

(22

)

415

759

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-Tax Income

413

1,311

2,688

2,813

7,708

Less: Income tax expense

44

291

538

670

1,754

Less: Noncontrolling interests

23

5

41

46

199

Phillips 66

$

346

1,015

2,109

2,097

5,755

Adjusted Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

672

753

2,038

581

1,915

Chemicals

342

222

769

104

494

Refining

(67

)

302

548

1,742

4,525

Marketing and Specialties

583

415

1,305

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(303

)

(812

)

Pre-Tax Income

1,087

1,297

3,445

2,751

7,787

Less: Income tax expense

205

278

709

660

1,768

Less: Noncontrolling interests

23

35

71

21

218

Phillips 66

$

859

984

2,665

2,070

5,801

Millions of Dollars

Except as Indicated

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings

Consolidated Earnings

$

346

1,015

2,109

2,097

5,755

Pre-tax adjustments:

Impairments 1

28

224

415

—

—

Net gain on asset dispositions

—

(238

)

(238

)

(101

)

(123

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Legal accrual 3

605

—

605

30

30

Legal settlement

—

—

(66

)

—

—

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

DCP integration restructuring costs

—

—

—

4

38

Tax impact of adjustments 4

(161

)

13

(171

)

10

(14

)

Noncontrolling interests

—

(30

)

(30

)

25

(19

)

Adjusted earnings

$

859

984

2,665

2,070

5,801

Earnings per share of common stock ( dollars )

$

0.82

2.38

4.94

4.69

12.61

Adjusted earnings per share of common stock ( dollars ) 5

$

2.04

2.31

6.25

4.63

12.71

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

644

767

1,965

724

2,060

Pre-tax adjustments:

Impairments 1

28

224

311

—

—

Net gain on asset disposition

—

(238

)

(238

)

(101

)

(137

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

DCP integration restructuring costs

—

—

—

4

38

Adjusted pre-tax income

$

672

753

2,038

581

1,915

Chemicals Pre-Tax Income

$

342

222

769

104

494

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income

$

342

222

769

104

494

Refining Pre-Tax Income (Loss)

$

(108

)

302

410

1,712

4,481

Pre-tax adjustments:

Impairments 1

—

—

104

—

—

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Net loss on asset disposition

—

—

—

—

14

Legal accrual 3

—

—

—

30

30

Legal settlement

—

—

(7

)

—

—

Adjusted pre-tax income (loss)

$

(67

)

302

548

1,742

4,525

Marketing and Specialties Pre-Tax Income (Loss)

$

(22

)

415

759

605

1,501

Pre-tax adjustments:

Legal accrual 3

605

—

605

—

—

Legal settlement

—

—

(59

)

—

—

Adjusted pre-tax income

$

583

415

1,305

605

1,501

Renewable Fuels Pre-Tax Income (Loss)

$

(116

)

(55

)

(226

)

22

164

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income (loss)

$

(116

)

(55

)

(226

)

22

164

Corporate and Other Pre-Tax Loss

$

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-tax adjustments:

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

Adjusted pre-tax loss

$

(327

)

(340

)

(989

)

(303

)

(812

)

1Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

2Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.

3Legal accrual primarily related to ongoing litigation.

4We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

5YTD 2024, Q3 2024, Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand, and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA

Net Income

$

369

1,020

Plus:

Income tax expense

44

291

Net interest expense

191

200

Depreciation and amortization

543

497

Phillips 66 EBITDA

$

1,147

2,008

Special Item Adjustments (pre-tax):

Impairments

28

224

Net gain on asset disposition

—

(238

)

Los Angeles Refinery shutdown-related costs

41

—

Legal accrual

605

—

Legal settlement

—

—

Total Special Item Adjustments (pre-tax)

674

(14

)

Change in Fair Value of NOVONIX Investment

—

7

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

1,821

2,001

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

24

26

Proportional share of selected equity affiliates net interest

12

19

Proportional share of selected equity affiliates depreciation and amortization

188

195

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Phillips 66 Adjusted EBITDA

$

1,998

2,183

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes

$

644

767

Plus:

Depreciation and amortization

233

224

Midstream EBITDA

$

877

991

Special Item Adjustments (pre-tax):

Net gain on asset disposition

—

(238

)

Impairments

28

224

Midstream EBITDA, Adjusted for Special Items

$

905

977

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

5

5

Proportional share of selected equity affiliates net interest

3

10

Proportional share of selected equity affiliates depreciation and amortization

26

37

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Midstream Adjusted EBITDA

$

892

971

Chemicals Income before income taxes

$

342

222

Plus:

None

—

—

Chemicals EBITDA

$

342

222

Special Item Adjustments (pre-tax):

None

—

—

Chemicals EBITDA, Adjusted for Special Items

$

342

222

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

13

15

Proportional share of selected equity affiliates net interest

(2

)

—

Proportional share of selected equity affiliates depreciation and amortization

113

111

Chemicals Adjusted EBITDA

$

466

348

Refining Income (loss) before income taxes

$

(108

)

302

Plus:

Depreciation and amortization

230

204

Refining EBITDA

$

122

506

Special Item Adjustments (pre-tax):

Los Angeles Refinery shutdown-related costs

41

—

Refining EBITDA, Adjusted for Special Items

$

163

506

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

(1

)

1

Proportional share of selected equity affiliates net interest

(1

)

(2

)

Proportional share of selected equity affiliates depreciation and amortization

27

26

Refining Adjusted EBITDA

$

188

531

Marketing and Specialties Income (loss) before income taxes

$

(22

)

415

Plus:

Depreciation and amortization

32

32

Marketing and Specialties EBITDA

$

10

447

Special Item Adjustments (pre-tax):

Legal accrual

605

—

Marketing and Specialties EBITDA, Adjusted for Special Items

$

615

447

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

7

5

Proportional share of selected equity affiliates net interest

12

11

Proportional share of selected equity affiliates depreciation and amortization

22

21

Marketing and Specialties Adjusted EBITDA

$

656

484

Renewable Fuels Loss before income taxes

$

(116

)

(55

)

Plus:

Depreciation and amortization

24

12

Renewable Fuels EBITDA

$

(92

)

(43

)

Special Item Adjustments (pre-tax):

None

—

—

Renewable Fuels EBITDA, Adjusted for Special Items

$

(92

)

(43

)

Corporate and Other Loss before income taxes

$

(327

)

(340

)

Plus:

Net interest expense

191

200

Depreciation and amortization

24

25

Corporate and Other EBITDA

$

(112

)

(115

)

Special Item Adjustments (pre-tax):

None

—

—

Total Special Item Adjustments (pre-tax)

—

—

Change in Fair Value of NOVONIX Investment

—

7

Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

(112

)

(108

)

Millions of Dollars

Except as Indicated

September 30, 2024

Debt-to-Capital Ratio

Total Debt

$

19,998

Total Equity

29,784

Debt-to-Capital Ratio

40

%

Total Cash

1,637

Net Debt-to-Capital Ratio

38

%

Millions of Dollars

September 30, 2024

Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital

Net Cash Used in Operating Activities

$

1,132

Less: Net Working Capital Changes

(381

)

Operating Cash Flow, Excluding Working Capital

$

1,513

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

Income (loss) before income taxes

$

(108

)

302

Plus:

Taxes other than income taxes

100

74

Depreciation, amortization and impairments

230

203

Selling, general and administrative expenses

60

51

Operating expenses

922

884

Equity in earnings of affiliates

12

(33

)

Other segment expense, net

(4

)

(1

)

Proportional share of refining gross margins contributed by equity affiliates

193

260

Special items:

None

—

—

Realized refining margins

$

1,405

1,740

Total processed inputs ( thousands of barrels )

145,440

151,296

Adjusted total processed inputs ( thousands of barrels )*

168,951

174,107

Income (loss) before income taxes ( dollars per barrel )**

$

(0.74

)

2.00

Realized refining margins ( dollars per barrel )***

$

8.31

10.01

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income before income taxes divided by total processed inputs.

***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Source: Phillips 66

MIL OSI Economics –

January 25, 2025
MIL-OSI Global: How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics

Source: The Conversation – USA – By Shannon Bow O’Brien, Associate Professor of Instruction, The University of Texas at Austin

Donald Trump speaks at Madison Square Garden in New York on Oct. 27, 2024. John Salangsang/Invision/AP

Republican presidential nominee Donald Trump has repeatedly denounced immigrants who enter the U.S. illegally and the danger he says that poor immigrants of color pose for the U.S. – often using hateful language to make his point.

In early October 2024, Trump took his comments a step further when he questioned immigrants’ faulty genes, saying without support that “Many of them murdered far more than one person, and they are now happily living in the United States. You know, now a murderer, I believe this, it’s in their genes. And we got a lot of bad genes in our country right now.”

It was far from the first time Trump has invoked eugenics – a false, racist theory that some people, and even some races, are genetically superior to others.

In 1988, for example, Trump told Oprah Winfrey during an interview: “You have to be born lucky in the sense that you have to have the right genes.”

In 2016, Trump said that his German roots are the reason behind his greatness:

“I always said that winning is somewhat, maybe, innate. Maybe it’s just something you have; you have the winning gene. Frankly it would be wonderful if you could develop it, but I’m not so sure you can. You know, I’m proud to have that German blood, there’s no question about it. Great stuff.”

And in 2020, Trump again alluded to his belief that bloodlines convey excellence:

“I had an uncle who went to MIT who is a top professor. Dr. John Trump. A genius. It’s in my blood. I’m smart.”

Trump’s repeated and countless comments about white people’s racial superiority to people of color have prompted some comparisons to the Nazis and their ideology of racial superiority.

The Nazis are indeed the most infamous believers of the false idea that white, blue-eyed, blonde-haired people were superior to others – and that the human population should be selectively managed to breed white people.

But the Nazis didn’t originate these ideas. In fact, the Nazis were so impressed with many American eugenic ideas that they incorporated them into their racist, antisemitic laws.

Root of eugenics

The British scientist Francis Galton, a cousin of the evolutionist Charles Darwin, first developed the theory of eugenics in the 1860s, and it gained a foothold in the U.S. and Britain around this time.

Eugenics sets racial identity, and especially white identity, as the most desirable and worthy.

By the dawn of the early 1900s, much of the American eugenics scholarship looked down on American immigrants from any place other than Scandinavia, thus coining the term “Nordicism.”

In the late 19th and early 20th century, immigration to the U.S. was at its peak. In 1890, 14.8% of people living in the U.S. were immigrants. Many people felt concerned about immigration in the U.S., and there were many prominent eugenicists in America. Two of the most famous were Madison Grant and Lothrop Stoddard.

Both were avowed white supremacists who advocated for scientific racism. They wrote popular and widely read books that helped shape American and German law in the 1920s and 1930s.

Grant, Stoddard and other theorists in the U.S. embraced eugenics as a way to justify racial segregation, restrict immigration, enforce sterilization and uphold other systemic inequalities.

Stoddard attacked the United States’ immigration policies in his 1920 book, “The Rising Tide of Color: The Threat Against White World-Supremacy.” He wrote: “If the present drift is not changed, we whites are all ultimately doomed. … We now know that men are not, and never will be equal. We now know that environment and education can only develop what heredity brings.”

Another prominent eugenicist was Harry H. Laughlin, an educator and superintendent of the Eugenics Record Office, a now-defunct research group that gathered biological and social information about the American population.

Laughlin wrote an influential 1922 book, “Eugenical Sterilization in the United States,” which included a chapter on model sterilization laws. The Third Reich used his book and laws as a template when implementing them in Germany during the height of the Nazi period.

Laughlin also regularly testified before U.S. Congress, with this 1922 testimony representative of his message to lawmakers: “Immigration is essentially and fundamentally a racial and biological problem. There are many factors to consider, but, from the standpoint of the future, immigration is primarily a long time national investment in human family stocks.”

Eugenicists, including Laughlin, have long been specifically preoccupied with Norwegian genetics – believing that America is under attack when immigration occurs from non-Nordic countries.

In November 1922, Laughlin said, “Some of our finest and most desirable immigrants are from Norway.”

In 1924, Congress approved the Immigration Act, which severely limited immigration to the U.S., established quotas for immigrants based on nationality and barred immigrants from Asia.

It was only following the end of World War II and the Holocaust that eugenics fell out of favor and lost its prominence in American thinking.

Trump’s recycling of history

Fears over foreign immigrants weakening the U.S. were popular a century ago, and Trump and many of his followers still embrace them today.

Trump has promised that he will carry out mass deportations of immigrants living in the U.S. illegally, forcibly detaining immigrants in camps and removing 1 million people a year.

In April 2024, Trump used dehumanizing language to express his apparent belief that immigrants are unworthy of empathy. “The Democrats say, ‘Please don’t call them animals. They’re humans.’ I said, ‘No, they’re not humans, they’re not humans, they’re animals.’”

Trump has also promoted eugenicists’ obsession with Scandinavia and the superiority of white people.

In 2018, Trump spoke about immigrants from Haiti, El Salvador and Africa, saying “Why are we having all these people from shithole countries come here?”

In the same meeting, Trump also reportedly suggested that the U.S. should instead draw in more people from countries like Norway.

In April 2024, Trump again embraced this idea of Scandinavian superiority, saying that he wants immigrants from “Nice countries. You know, like Denmark, Switzerland? Do we have any people coming in from Denmark? How about Switzerland? How about Norway?”

A dangerous flash to the past

A person running for president in 1924 would seem more likely than a candidate in 2024 to espouse this now-discredited point of view.

President Calvin Coolidge ran for election on an “America First” platform in 1924, with the slogan only falling out of favor after groups like the Ku Klux Klan embraced it around the same time.

The idea of America First, at the time, denoted American nationalism and exceptionalism – but also was linked to anti-immigration and fascist movements.

When Coolidge signed the heavily restrictive 1924 Immigration Act into law he stated, “America must remain American.”

One hundred years later, Trump calls to mind an America First mentality, including when he regularly reads the lyrics to a song called “The Snake” during his rallies as a way to explain the dangers of welcoming immigrants into the U.S. The civil rights activist Oscar Brown wrote this poem in 1963, and his family has said that Trump misinterprets the song’s words.

‘I saved you,’ cried that woman.

‘And you’ve bit me even, why’

‘You know your bite is poisonous and now I’m going to die.’

‘Oh shut up, silly woman,’ said the reptile with a grin,

‘You knew damn well I was a snake before you took me in.’

I have written a book on this and I used many of my citations in Chapter 4 to help develop this piece though I reworded or reframed it.

– ref. How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics – https://theconversation.com/how-trumps-racist-talk-of-immigrant-bad-genes-echoes-some-of-the-last-centurys-darkest-ideas-about-eugenics-241548

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Economics: A test of resolve: credible resolution following the 2023 banking turmoil

Source: Bank for International Settlements

Introduction

I would like to welcome you all to the Resolution Conference 2024, the first that has been co-organised by the BIS Financial Stability Institute (FSI), the Financial Stability Board (FSB) and the International Association of Deposit Insurers (IADI). This event is motivated by the banking turmoil in March 2023. The 18 months that have passed since those events have given time to reflect seriously on it and derive some lessons. This conference provides an opportunity to take stock, compare notes and try to identify a productive way forward.

Scene-setting

It is now commonplace to say that the March 2023 failures of several US regional banks, followed a week later by the near failure of Credit Suisse, were the first meaningful test of the international resolution framework that was put in place following the Great Financial Crisis (GFC).

The headline message is that large bank failures did not lead to a systemic crisis. Authorities managed them in an orderly manner with no ultimate loss to public funds. Creditors and shareholders bore losses. In the case of Credit Suisse, there was a significant writedown of loss-absorbing instruments. This is a noteworthy achievement, and stands in stark contrast to the GFC.

The extensive work to put in place cross-border cooperative arrangements has demonstrably strengthened the financial system. The outcomes might have been very different without the planning and coordination that took place between home and host authorities, and the understanding and trust that have been developed.

However, work remains to be done. The reports published last year by the FSB and IADI set out lessons learned for resolution and deposit insurance.¹ They include the risk of faster failures, accelerated by digital technologies; the scope of resolution planning and requirements for loss-absorbing capacity (LAC); and flexibility in resolution strategies. Other reports, including by the Basel Committee on Banking Supervision, elaborate on the supervisory shortcomings and the vulnerabilities arising from large quantities of uninsured deposits. Work on all these issues is ongoing.

In any case, I would like to concentrate my remarks on two elements of the bank resolution framework that I think must be tackled as we go forward. The first is the power to bail-in creditors as a key element of resolution strategies. The second is the need to put in place effective facilities for providing liquidity in resolution. The events of March 2023 highlighted the importance of both. They are also among the elements of a resolution framework that are most challenging to implement.

The credibility of bail-in

Bail-in powers are core to the resolution framework adopted after the GFC. Bail-in allows a systemically important bank to be recapitalised without the need to find a buyer for its business or to split up its operations, at least in the short term. Appropriate liabilities absorb losses without putting a failing bank into insolvency. Crucially, it is designed to ensure that a bank’s owners and investors, rather than depositors or taxpayers, bear the costs of resolution costs.

In practice, a bail-in is a highly complex transaction involving multiple parties, and a huge amount of work has been carried out on how to execute it. A typical bail-in would involve multiple valuations; a mechanism to write down and cancel instruments, which are likely to be traded; and the issuance of new shares to the bailed-in debt holders. The process has been mapped out in detail by resolution authorities. However, a full bail-in strategy remains untested.

Credit Suisse had a resolution strategy based on bail-in, and FINMA and key host authorities had prepared extensively to execute that strategy.

In the end, the Swiss authorities chose not to follow the resolution playbook because they had another option that achieved their objectives: a state-brokered commercial merger of Credit Suisse and UBS. Nevertheless, the contractual writedown of all the outstanding Additional Tier 1 (AT1) capital instruments issued by Credit Suisse was a key element of the transaction. The writedown extinguished liabilities amounting to CHF 16 billion from the bank’s balance sheet.²

Although the writedown was more limited than that planned under the full bail-in strategy for Credit Suisse, it demonstrates that bail-in is a core instrument in the crisis management framework. Contrary to what some commentators have feared, a substantial debt writedown is possible and can be executed without significant systemic disruption.

Nevertheless, there are a few lessons to draw from this to reinforce that bail-in is credible and feasible.

Flexible resolution toolkits

First, authorities need flexibility. Planning is essential, but it cannot be prescriptive. We cannot know with absolute confidence in advance how a failure will happen and what actions will best safeguard financial stability. Accordingly, authorities need options so that they can shape their response to the circumstances of a failure. This implies a toolkit approach under which authorities can combine the use of different tools.

The Credit Suisse transaction demonstrated that, even in the case of a global systemically important bank (G-SIB), bail-in may not be an exclusive strategy, but debt writedown could be a core element. Moreover, bail-in is not a tool exclusively for G-SIBs. For other banks, the writedown of liabilities in resolution can finance transfers of business and reduce the demands on industry-funded sources such as deposit insurance funds.

Flexibility of this kind brings operational complexities. A toolbox approach means that authorities and firms need to accommodate different options in resolution planning. Banks will need the systems and capabilities to support those options. Key aspects of resolvability such as structure and LAC may become even more complex. However, an effective toolbox approach will further reduce the residual risk that public funds will be needed in crisis management.

Loss-absorbing capacity

Second, for bail-in to be credible banks must have liabilities that can be written down with legal certainty and without systemic impact. The FSB’s TLAC standard ensures this for G-SIBs. Some jurisdictions have extended similar requirements for LAC to other banks that could be systemic in failure.

For example, the EU requirement for resolution-related LAC, the minimum requirement for own funds and eligible liabilities (MREL) – applies to all banks. The amount above the regulatory minimum required for individual banks is based on their resolution strategy. It aims to ensure that any bank that is expected to be resolved rather than wound up maintains LAC in sufficient quantity and quality to absorb losses and recapitalise it in resolution.

The US financial regulators have consulted on a proposal to require banks with $100 billion or more in assets to maintain a layer of long-term debt. This additional LAC would be used, in the event of a bank’s failure, to absorb losses and increase the resolution options. It should also foster depositor confidence among uninsured deposits.

The three US regional banks that failed in 2023 had little or no outstanding long-term debt. It has been observed elsewhere that if the proposed requirement had applied to Silicon Valley Bank and Signature Bank, they might have been resolved within the FDIC’s normal funding constraints, without a systemic risk exception being required.³

If bail-in is to help fund resolution transfers, there need to be instruments that can be written down. The amounts are lower than that needed to recapitalise the bank and finance restructuring in a “pure” bail-in. Nevertheless, calibrating those requirements may be challenging.

Moreover, meeting LAC requirements should not put banks’ legitimate business models in jeopardy. This is particularly relevant for banks that are predominantly deposit funded. A pragmatic way to alleviate the challenges for those banks is to take account of the resolution funding available from external sources, such as deposit insurance or resolution funds, when setting LAC requirements.⁴

Liquidity for crisis management

Let me turn now to liquidity for crisis management. Resolution powers can recapitalise a failing bank through bail-in. However, capital is not enough on its own. Without liquidity, the resolution will fail.

Market funding will almost certainly not be available to a bank following its resolution until counterparty confidence can be restored. Resolution frameworks therefore require a credible source of liquidity, at the necessary scale and for a sufficient period of time to allow a resolved firm to return to market-based funding.

This is recognised by the FSB, which has published two sets of guidance on funding in resolution. However, the arrangements in place vary considerably across jurisdictions and in many cases are not designed for the resolution needs of systemically important banks.

The liquidity arrangements that were needed in the case of Credit Suisse support this point. The Swiss government had been working on a public liquidity backstop, but this was not yet in place in March 2023. Accordingly, the authorities had to adopt emergency legislation to enable the Swiss National Bank (SNB) to provide a liquidity facility of up to CHF 200 billion. Part of that lending was uncollateralised and coupled with a privileged bankruptcy status for the SNB and part was backed by a guarantee from the Swiss state.

This case illustrates that ordinary central bank lending arrangements, including emergency liquidity assistance, may not be sufficient for resolution. The amount of liquidity needed by a systemically important bank will be considerable and required over an extended period. Moreover, lending may need to be secured against a wider range of assets or, in extreme circumstances, be uncollateralised. Arrangements for resolution funding must meet these needs. This implies a fiscal backstop to increase the firepower where that is needed.

A fiscal backstop might appear to introduce a risk to public funds, something that the framework for ending “too big to fail” was designed to avoid. But the risks of loss to public funds should be low. It’s worth noting that all lending in relation to Credit Suisse was repaid, and no losses were incurred by the SNB or the Swiss state under its indemnity. If resolution is effective, the bank will be viable and the borrowing should be repaid.

Concluding remarks

I will end where I began. Financial crises provide a good opportunity to identify flaws or shortcomings in the policy framework. The March 2023 banking turmoil was the most significant banking crisis since the GFC and the subsequent policy reforms. Therefore, we should grasp this opportunity to draw lessons.

Overall, authorities managed to preserve financial stability. In Switzerland, that was accomplished, despite the failure of a G-SIB, without any cost to the taxpayer. This was a remarkable achievement, and the resolution framework developed after the GFC contributed to that.

But we also need to take note of the obstacles encountered in the process. In particular, it is clear that maximising the potential of bail-in and the provision of liquidity in resolution are pending tasks that need to be addressed.

Work to do that is ongoing, and this conference is a small but significant part of that process. I am delighted that so many people have come to Basel to participate, and I expect productive discussions during the day.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC

Source: International Chamber of Commerce

Headline: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC

The International Chamber of Commerce (ICC), along with partners Global Credit Data (GCD) and Boston Consulting Group (BCG), has released its 2024 Trade Register Report, reaffirming the resilience of trade finance instruments and the continued low credit risk across products despite ongoing geopolitical and economic challenges .

The 2024 report confirms that trade, supply chain and export finance continue to exhibit low risk, with default rates remaining low across all regions and asset classes overall. When defaults do occur, they are generally idiosyncratic, stemming from well-known commercial, geopolitical or macroeconomic factors. As global trade faces ongoing geopolitical and economic pressures, these financial products continue to serve as vital tools for mitigating risk and maintaining liquidity, supporting the stability of trade flows.

The ICC Trade Register remains the leading, authoritative global source on credit risk and broader market dynamics in trade and supply chain finance. Its data set represents nearly a quarter of all global trade finance transactions. This 2024 edition includes extended market insights and data on global trade and trade finance. New features include insights from ICC and BCG’s practitioner survey on key trends and opportunities in trade and supply chain finance as well as a comprehensive data pack with analysis on credit risk in trade finance, available for member banks or for separate purchase through ICC.

This year, ICC and GCD demonstrated the value of high-quality, representative data in shaping trade finance regulations through their contributions to emerging regulation on Basel III capital treatment. Krishan Ramadurai, outgoing Chair of the ICC Trade Register Project, encourages more banks to participate in the project and says that more data will only reinforce the point that trade finance is a low default asset class.

The ICC Trade Register continues to look beyond credit risk, with detailed analysis on market trends and competitive dynamics across the trade and supply chain finance market.

Ravi Hanspal, Partner at BCG, said:

“Despite ongoing headwinds, we are seeing the trade and supply chain finance market continue to evolve rapidly. Banks are observing that customers are now prioritising leading service and digital capabilities more than ever, driving a step-change in investment by banks in technology to accelerate seamless trade.”

Marilyn Blattner-Hoyle, Global Head of Trade Finance and Working Capital Solutions at Swiss Reinsurance Company, said:

“ICC’s Trade Register and its deep data over many cycles is perhaps the most critical publication in the trade industry. The Register’s role in sharing quantitative and qualitative statistics underpins the power of trade as well as the stability of trade-related credit risks. It helps us to get comfortable insuring more trade with our bank clients, thus making trade and the world more resilient together. We use the Register in our actuarial assessments as well as our internal/external advocacy. We are proud to be the first insurance sponsor of the publication, affirming the important role of insurance in the global trade ecosystem.”

Christian Hausherr, Product Manager for SCF at Deutsche Bank and member of ICC Trade Register Steering Committee, said:

“In its thirteenth year after being established, the ICC Trade Register proves its relevance and importance to the trade finance community. Since then, the data approach as well as the scope of the Trade Register have been materially enhanced by the team managing the publication process on an annual basis. As of today, the Trade Register offers unique insights not only into trade finance risk, but also provides valuable macro-economic insights to its readers.”

ICC Policy Manager Tomasch Kubiak thanks member banks for their ongoing contributions.

“ICC is very appreciative of all the efforts member banks are putting in yet again for an enhanced version of the ICC Trade Register. This year’s project provides a full insight into meaningful trends in global trade finance as well as complete data collected from our members, which is now available on demand,”

he said.

Read or purchase the full ICC Trade Register Report.

MIL OSI Economics –

January 25, 2025
MIL-OSI: New Fiat Payment Options Now Available on XBO
Source: GlobeNewswire (MIL-OSI)

Warsaw, Poland, Oct. 29, 2024 (GLOBE NEWSWIRE) — At XBO.com, a leading B2C crypto service platform, our top priority is making your experience with digital and fiat currency transactions as seamless and convenient as possible. We don’t just focus on expanding our services—we aim to enhance the quality of each service we offer. This latest update introduces more flexible and efficient fiat payment options to support your crypto and fiat transaction needs.

New Fiat Payment Options on XBO.com for Enhanced Flexibility
In line with our commitment to convenience and efficiency, XBO.com now supports a broader range of fiat payment methods, empowering users to transact more swiftly and conveniently. These enhanced fiat payment options allow for easier management of both crypto and fiat assets, making XBO.com a one-stop platform for all your digital and fiat transactions.

The newly added payment methods on XBO include:
- SEPA (Single Euro Payments Area) – For seamless payments within the Eurozone.
- SEPA Instant – Instant, real-time transfers for faster access to funds.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) – A global network for secure international transactions.
- FPS (Faster Payments Service) – Fast transfers in GBP within the UK.
These methods allow you to move fiat currencies across the XBO platform with ease, streamlining the exchange process to be as effortless as crypto transactions.

The supported fiat currencies include:
- EUR (Euro)
- GBP (British Pound)
- USD (US Dollar)
- CHF (Swiss Franc)
- AUD (Australian Dollar)
Prioritizing Security and Speed for a Better User Experience

With this upgrade, XBO reinforces its commitment to secure, fast, and user-friendly transactions. These new fiat options are designed to enhance transaction speed and reliability, giving users the same confidence as with their digital assets. Leveraging trusted networks like SEPA, SWIFT, and FPS, XBO ensures every transfer is safe and secure, backed by cutting-edge security measures from top industry providers.

Future-Forward: Continuous Improvement at XBO

At XBO, our mission is to continually improve and adapt our platform to meet our users’ evolving needs. The integration of these new fiat payment methods marks another step forward in providing world-class service. We’re committed to offering features that enhance your experience, making XBO your preferred platform for all crypto and fiat transactions.

Thank you for trusting XBO. We’re excited to keep growing with you as we deliver the best in crypto and fiat transaction services.

Important Note: Potential Limitations

Please note that the availability of these new fiat payment methods may vary based on geographic location or your financial institution’s policies. We recommend checking specific guidelines relevant to your country and banking provider.

Disclaimer: This content is provided for informational purposes only and should not be considered financial advice.

Meet the XBO Team at SiGMA in Malta, November 11-14!

We’re excited to announce that the XBO team will be attending the SiGMA Europe Forum in Malta from November 11-14. You can find us at Booth 2086, where we’ll be eager to meet you in person, discuss the latest advancements in crypto services, and explore how XBO can support your digital asset needs. Whether you’re an industry veteran or new to crypto, come by our booth to learn more about our latest features, share insights, or just say hello. We look forward to seeing you there.

The MIL Network –
January 25, 2025
MIL-OSI Economics: How Copilots are helping drive innovation to achieve business results that matter

Source: Microsoft

Headline: How Copilots are helping drive innovation to achieve business results that matter

The pace of AI innovation today continues to be extraordinary, and at Microsoft we are focused on helping organizations embrace it. By providing our customers with the most advanced AI technology across every product we build — combined with our unparalleled partner ecosystem and co-innovation approach — we are helping them make real progress in ways that matter. I am proud to share over 100 customer stories from this quarter alone showing how we are helping customers accelerate AI Transformation — no matter where they are on their journey.

Recently during the Microsoft AI Tour, I spoke with customers who shared ways they are adopting Copilots to empower human achievement, democratize intelligence and realize significant business value. I also discussed the concept of an AI-first business process and the differentiation you can drive when bringing together the power of Copilots and human ambition with the autonomous capabilities of an agent. I was inspired by the outcomes our customers have achieved through pragmatic innovation and the progress they are making to evolve the future of industry. I am pleased to share ten stories from the past quarter that illustrate how Copilots have yielded results for our customers, while highlighting AI Transformation experiences in their own words.

Accenture and Avanade have a long history of helping customers implement cutting-edge solutions, with internal testing a key factor in their ability to deliver customizable Microsoft solutions with deep expertise. Putting Microsoft 365 Copilot into the hands of employees helped them realize ways to increase productivity, with 52% of employees seeing a positive impact on the quality of their work, 31% reporting less cognitive fatigue and 84% finding Copilot’s suggestions fair, respectful and non-biased. Accenture also piloted GitHub Copilot to help build better solutions faster with developers spending less time debugging, resulting in 95% of developers reporting they enjoyed coding more.

“Using our extensive Microsoft technology expertise and practical learnings from our own experience implementing Microsoft 365 Copilot, our solutions empower clients to fully tap into Microsoft AI capabilities.”

Veit Siegenheim, Global Future of Work Lead at Avanade

Nigerian multinational financial services group Access Holdings Plc. serves more than 56 million customers across 18 countries. As the business grew and transitioned from a small bank to a major holding company, it adopted Microsoft 365 Copilot to address challenges in data management, meeting productivity and software development. With the integration of Copilot into daily tools, the company significantly enhanced efficiency and engagement across the business. Writing code now takes two hours instead of eight, chatbots can be launched in 10 days instead of three months and presentations can be prepared in 45 minutes instead of six hours. Copilot has also driven a 25% increase in staff engagement during meetings.

“To inspire everyone in the organization to take advantage of AI, we knew we had to integrate AI into the tools people use every day. Microsoft 365 Copilot made the most sense and was a natural fit for us.”

Lanre Bamisebi, Executive Director IT and Digitalization at Access Holdings, Plc.

To improve resident services and reinvent customer engagement, the City of Burlington, Ontario, embraced AI and low-code tools to develop new online services that transform and automate internal processes. In just eight weeks, the city utilized Copilot Studio to develop and launch a custom copilot designed to help residents quickly find answers to frequently asked questions. The city also developed a portal that streamlines building permit reviews and enables customers to track the status of their own applications. As a result, the average time it takes to process a permit approval decreased from 15 weeks to 5-7 weeks, allowing more time for city employees to evaluate complex submissions.

“Our staff and citizens do not have to worry about mundane tasks as much anymore. Now they’re able to have rich, collaborative conversations about how to creatively solve problems, making for a much more fulfilling and rewarding work and customer experience.”

Chad MacDonald, Executive Director and Chief Information Officer at the City of Burlington

Finastra empowers financial institutions with leading software for lending, payments, treasury, capital markets and universal banking. To transform its marketing processes, the company used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions. Since integrating Copilot, the team reduced time-to-market for campaigns from three months to less than one. Copilot also significantly reduced the time marketers spend generating and gathering insights from each campaign, with employees citing a 20%-50% time savings across tasks like full-funnel analysis, supply management analysis and budget management.

“Copilot makes you more effective because you get better insights, and it makes you more efficient because you can produce results faster. It also makes work more meaningful and fun because your team can focus on what matters — strategy, creativity and everything that sets you apart from the competition.”

Joerg Klueckmann, Head of Corporate Marketing and Communications at Finastra

GoTo Group provides technology infrastructure and solutions across Indonesia. It is bending the curve on innovation by significantly enhancing productivity and code quality across its engineering teams by adopting GitHub Copilot. With real-time code suggestions, chat assistance and the ability to break down complex coding concepts, the company has saved over seven hours per week and achieved a 30% code acceptance rate within the first month. With 1,000 engineers already using GitHub Copilot, the tool allows them to innovate faster, reduce errors and focus more time on complex tasks to deliver greater value to their users.

“GitHub Copilot has significantly reduced syntax errors and provided helpful autocomplete features, eliminating repetitive tasks and making coding more efficient. This has allowed me to focus on the more complex elements in building great software.”

Nayana Hodi, Engineering Manager at GoTo Group

South Africa’s Milpark Education faced operational challenges when shifting to online learning due to legacy systems slowing down student interactions and support. Through close collaboration with Enterprisecloud, Milpark migrated its back-office infrastructure to Azure within three months, replacing its legacy student admissions system with an extensible, integrated digital platform powered by technologies such as Microsoft Copilot and Copilot Studio. In just four months, the educational institution improved efficiency and accuracy of student support, decreasing the average resolution time by 50% and escalations by more than 30%.

“Using Copilot, agents are now able to use generative AI to rapidly get up to speed on case details and respond to students using standardized templates that help them provide more personalized and professional responses. The results speak for themselves.”

Shaun Dale, Managing Director at Enterprisecloud

For over two decades, Teladoc Health has been offering a broad spectrum of services to patients using virtual care services — from primary care to chronic condition management. After the rapid growth of telehealth adoption post-pandemic, operational efficiency was instrumental in managing internal processes and external client interactions. By deploying Microsoft 365 Copilot and using Copilot in Power Automate, the company has reshaped business processes to help employees realize greater time savings while enhancing the client experience. The Copilots and agents helped employees save five hours per week and thousands of enterprise hours annually by eliminating mundane daily processes and fostering better cross-department communications, while also helping new employees get set up to run their workflows 20% faster.

“Copilot is changing the way we work. It’s not just about saving time; it’s about enhancing the quality of our work, allowing us to focus on what truly matters: delivering exceptional care to our members.”

Heather Underhill, SVP Client Experience & Operations at Teladoc Health

International energy company Uniper adopted a single-cloud strategy with Azure as its foundation to drive rapid AI innovation. To help its employees focus on using core competencies, the company implemented Microsoft 365 Copilot to reduce time spent on manual and repetitive tasks, and help workers focus on more pressing work, such as developing enhanced solutions to speed up the energy transition. Its in-house auditors have already increased productivity by 80% by using Copilot to create plans and checklists. Uniper is also using Copilot for Security to help identify risks twice as fast and take appropriate action sooner.

“As an operator of critical infrastructure, we have to contend with a growing number of reports of phishing and attacks by hackers. AI can help us implement a sensible way of managing the sheer number of threats.”

Damian Bunyan, CIO at Uniper

British telecommunications company Vodafone has transformed its workplace productivity with Microsoft 365 Copilot, already seeing strong ROI from its adoption. In early trials, Copilot saved employees an average of three hours per week by using the tool to draft emails, summarize meetings and search for information. Copilot is also enriching the employee experience, with 90% of users reporting they are eager to continue using Copilot and 60% citing improved work quality. For Vodafone’s legal and compliance team, Copilot has significantly accelerated the processes of drafting new contracts, reducing the time required to complete this work by one hour. As a result of these efficiency gains, Vodafone is rolling out Copilot to 68,000 employees.

“Our AI journey is focusing on three areas: operational efficiency inside the organization; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. Copilot will help drive all three.”

Scott Petty, Chief Technology Officer at Vodafone

Wallenius Wilhelmsen, a global leader in roll-on/roll-off shipping and vehicle logistics, is empowering better decision-making while fostering a culture of innovation and inclusion with AI tools. After participating in an early access program, the company broadly adopted Microsoft Copilot 365 to help streamline processes, enhance data management and improve communication across its 28 countries. To help strengthen Copilot immersion and realize value faster, they introduced a seven-week Microsoft Viva campaign to teach, communicate and measure Copilot adoption. The campaign resulted in 80% of employees using Copilot, with some teams realizing time savings of at least 30 minutes per day. The company also uses Copilot Dashboard to manage usage and gather user feedback, helping demonstrate ROI and measure results outside of time savings alone.

“Copilot changes the way we think and work while keeping us curious and open to embracing opportunities. I think that is the sort of benefit that is not so measurable, but important. So, my time management and structured approach to my everyday work life has been enhanced with Copilot and Viva.”

Martin Hvatum, Senior Global Cash Manager at Wallenius Wilhelmsen

I believe that no other company has a better foundation to facilitate your AI Transformation than Microsoft. As we look ahead to Microsoft Ignite, I am excited by the latest innovation we will announce as a company, and the customer and partner experiences we will share. We remain committed to driving innovation that creates value in ways that matter most to our customers, and believe we are at our best when we serve others. There has never been a better opportunity for us to accomplish our mission of empowering every person and every organization on the planet to achieve more than now, and I look forward to the ways we will partner together to help you achieve more with AI.

AI Customer Stories from FY25 Q1

Accelleron: Accelleron turbocharges IT support solutions and resolution times with Power Platform

Agnostic Intelligence: Agnostic Intelligence transforms risk management with Azure OpenAI Service, achieving up to 80% time savings

Alaska Airlines: How Alaska Airlines uses technology to ensure its passengers have a seamless journey from ticket purchase to baggage pickup

Allgeier: Allgeier empowers organizations to own and expand data operations

ANZ Group: ANZ launches first-of-its-kind AI Immersion Centre in partnership with Microsoft

Asahi Europe & International: Asahi Europe & International charts new paths in employee productivity with Microsoft Copilot

Auburn University: Auburn University empowers thousands of students, faculty and staff to explore new ways of using AI with Microsoft Copilot

Avanade: Avanade equips 10,000 employees with Microsoft Fabric skills to help customers become AI-driven and future-ready

Azerbaijan Airlines: Azerbaijan Airlines expands data access to increase efficiency by 70% with Microsoft Dynamics 365

Aztec Group: Aztec Group uses Copilot for Microsoft 365 to enhance the client experience whilst powering efficiencies

Bader Sultan: Bader Sultan uses Microsoft Copilot to boost productivity and serve clients faster

BaptistCare: BaptistCare supports aging Australians and tackles workforce shortages through Microsoft 365 Copilot

Barbeque Mania!: Barbecue Mania! centralizes your data with Microsoft Azure and saves $3.5 million over 5 years

Bank of Montreal: Bank of Montreal reduces costs by 30% with Azure

BlackRock: How BlackRock’s ‘flight crew’ helped Copilot for Microsoft 365 take off

Capita: Capita uses GitHub Copilot to free developers and deliver faster for customers

Cassidy: Cassidy and Azure OpenAI Service: Making AI simple for all

Cdiscount: Cdiscount, Azure OpenAI Service and GitHub Copilot join forces for e-commerce

Celebal: Celebal drives custom business transformations with Microsoft Fabric

Chalhoub Group: Chalhoub Group’s People Analytics team speeds reporting with Microsoft Fabric

ClearBank: ClearBank processes 20 million payments a month — up from 8,000 — with platform built on Azure

Cloud Services: Faster with Fabric: Cloud Services breaks new ground with Microsoft

Coles Supermarkets: Coles Supermarkets embraces AI, cloud applications in 500-plus stores with Azure Stack HCI

Commercial Bank of Dubai: Commercial Bank of Dubai: innovating a future proof banking platform with Microsoft Azure

CPFL: CPFL expands its data repository by 1500% with Mega Lake project on Microsoft Azure

Cummins: Cummins uses Microsoft Purview to automate information governance more efficiently in the age of AI

Dubai Electricity and Water Authority (DEWA): DEWA pioneers the use of Azure AI Services in delivering utility services

Digi Rogaland: Digi Rogaland prioritizes student safety with Bouvet and Microsoft Fabric

Eastman: Eastman catalyzes cybersecurity defenses with Copilot for Security

E.ON: A modern workspace in transition: E.ON relies on generative AI to manage data floods with Copilot for Microsoft 365

EPAM Systems: Efficiency inside and out: EPAM streamlines communications for teams and clients with Copilot for Microsoft 365

EY: EY redefines sustainability performance management with Microsoft

Fast Shop: Fast Shop consolidated its data platform on Microsoft Azure and is now ready for the era of AI

FIDO Tech: AI tool uses sound to pinpoint leaky pipes, saving precious drinking water

Florida Crystals Corporation: Telecom expenses for Florida Crystals dropped 78% with Teams Phone and Teams Rooms

Four Agency: Four Agency innovates with Microsoft 365 Copilot to deliver better work faster

Fractal: Fractal builds innovative retail and consumer goods solutions with Microsoft’s AI offerings including Azure OpenAI Service

GE Aerospace: GE Aerospace launches company-wide generative AI platform for employees

Georgia Tech Institute for Data Engineering and Science: Georgia Tech is accelerating the future of electric vehicles using Azure OpenAI Service

Hitachi Solutions: Hitachi Solutions transforms internal operations with Microsoft Fabric

IBM Consulting: How IBM Consulting drives AI-powered innovation with Fabric expertise

iLink Digital: Transforming user-driven analytics with Microsoft Fabric

Insight Enterprises: Insight Enterprises achieves 93% Microsoft Copilot use rate, streamlining business operations to pave the way for customer success

Intesa Sanpaolo: Intesa Sanpaolo accrues big cybersecurity dividends with Microsoft Sentinel, Copilot for Security

ITOCHU Corporation: ITOCHU uses Microsoft Fabric and Azure AI Studio to evolve its data analytics dashboard into a service delivering instant recommendations

IU International University of Applied Sciences (IU): IU revolutionizes learning for its students with the AI study buddy Syntea and Azure OpenAI Service

John Cockerill: John Cockerill engages pro developers to build enterprise-wide apps with Power Platform

Kaya Limited: Kaya Limited elevates customer experience and operational efficiency with Microsoft Dynamics 365 and Power BI

LexisNexis: LexisNexis elevates legal work with AI using Copilot for Microsoft 365

Lionbridge: Lionbridge disrupts localization industry using Azure OpenAI Service and reduces turnaround times by up to 30%

Lotte Hotels & Resorts: Hotelier becomes a citizen developer, building a smart work culture based on Power Platform and hyper-automated work environment

Lumen Technologies: Microsoft and Lumen Technologies partner to power the future of AI and enable digital transformation to benefit hundreds of millions of customers

LS ELECTRIC: LS ELECTRIC uses data to optimize power consumption with Sight Machine and Microsoft Cloud for Manufacturing

MAIRE: MAIRE, transforming the energy sector and an entire company culture with Microsoft 365 Copilot

Mandelbulb Technologies: Early-adopter Mandelbulb Technologies finds success with Fabric

McKnight Foundation: McKnight Foundation accelerates its mission and supports community partners with Microsoft 365 Copilot

MISO: MISO undergoes a digital transformation with Microsoft Industry Solutions Delivery

Mitsubishi Heavy Industries (MHI): Recognizing the essence of AI and building the future with clients: MHI’s DI to create proprietary architecture using Azure OpenAI Service

Molslinjen: Molslinjen develops an AI-powered dynamic pricing strategy with Azure Databricks

National Australia Bank: National Australia Bank invests in an efficient, cloud-managed future with Windows 11 Enterprise

Nagel-Group: Works agreements and contracts: Nagel-Group uses Azure OpenAI Service to help employees find information

NC Fusion: Elevating experiences with AI, from productivity to personalization

National Football League Players Association: The National Football League Players Association and Xoriant use Azure AI Services to provide protection to players across 32 teams

Northwestern Medicine: Northwestern Medicine deploys DAX Copilot embedded in Epic within its enterprise to improve patient and physician experiences

Oncoclínicas: Oncoclínicas creates web portal and mobile app to store clinical and medical procedures with Azure Cognitive Services

PA Consulting: PA Consulting saves hours a week with Copilot for Microsoft 365 and Copilot for Sales

Parexel: Parexel speeds operational insights by 70% using Microsoft Azure, accelerating data product delivery and reducing manual work

Petrochemical Industries Company (PIC): From weeks to days, hours to seconds: PIC automates work processes to save time with Microsoft 365 Copilot

PKSHA Technology: PKSHA leans on Copilot for Microsoft 365 as part of their team

Planted: Planted combines economic growth and environmental sustainability — with Microsoft Azure OpenAI

Profisee: Profisee eliminates data siloes within Microsoft Fabric

Programa De Atención Domiciliaria: The Home Care Program in Panama helped more than 17,000 people with the power of Microsoft Power Automate

PwC: PwC scales GenAI for enterprise with Microsoft Azure AI

QNET: QNET increases security response efficiency 60 percent with Microsoft Security Solutions

RTI International: Research nonprofit RTI International improves the human condition with Microsoft 365 Copilot

Rijksmuseum: Rijksmuseum transforms how art lovers engage with the museum, with Dynamics 365

Sandvik Coromant: Sandvik Coromant hones sales experience with Microsoft Copilot for Sales

Share.Market: Share.Market redefines the investment experience with Microsoft Azure

Simpson Associates: Simpson Associates spurs justice for at-risk communities with Azure AI

Softchoice: Softchoice harnesses Microsoft Copilot and reduces content creation time by up to 70%, accelerating customer AI journeys with its experience

Sonata Software: Sonata Software goes from early adopter to market leader with Fabric

Swiss International Air Lines (SWISS): SWISS targets 30% cost savings, increased passenger satisfaction with Azure

SymphonyAI: SymphonyAI is solving real problems across industries with Azure AI

Syndigo: Syndigo accelerates digital commerce for its customers by more than 40% with Azure

TAL: TAL and Microsoft join forces on strategic technology deal

Tecnológico de Monterrey: Tecnológico de Monterrey university pioneers ambitious AI-powered learning ecosystem

Telstra: Telstra and Microsoft expand strategic partnership to power Australia’s AI future

The University of Sydney: The University of Sydney utilizes the power of Azure OpenAI to allow professors to create their own AI assistants

Torfaen County Borough: Torfaen County Borough Council streamlines organizational support for Social Care using Copilot for Microsoft 365

Trace3: Trace3 expands the realm of clients’ possibilities with Windows 11 Pro and Microsoft Copilot

Unilever: Unilever is reinventing the fundamentals of research and development with Azure Quantum Elements

University of Wisconsin: Microsoft collaborates with Mass General Brigham and University of Wisconsin–Madison to further advance AI foundation models for medical imaging

Via: Marketplace, online support, and remote work: Via embraces the digital world supported by Microsoft 365, Dynamics 365 and Azure

Virgin Atlantic: How Virgin Atlantic is flying higher with Copilot

Virgin Money: Redi, set, go: Virgin Money delivers exceptional customer experiences with Microsoft Copilot Studio

Visier: Visier achieves performance improvements of up to five times using Azure OpenAI Service

World2Meet (W2M): World2Meet, the travel company providing a better customer experience and operations with a new virtual assistant powered by Microsoft Azure

Xavier College: Xavier College begins a process of modernizing its student information systems on Dynamics 365 and AI, unlocking powerful insights

ZEISS: More time for research: ZEISS supports businesses and researchers with ZEISS arivis Cloud based on Microsoft Azure

ZF Friedrichshafen AG (ZF Group): ZF Group builds manufacturing efficiency with over 25,000 apps on Power Platform

Tags: Azure, Azure AI Services, Azure Cognitive Services, Azure Databricks, Azure OpenAI Service, Azure Quantum Elements, Azure Stack HCI, Copilot, Copilot for Sales, Copilot for Security, Copilot Studio, Dax Copilot, GitHub Copilot, Microsoft 365, Microsoft 365 Copilot, Microsoft AI Tour, Microsoft Cloud for Manufacturing, Microsoft Dynamics 365, Microsoft Fabric, Microsoft Ignite, Microsoft Power Platform, Microsoft Sentinel, Microsoft Teams, Microsoft Viva, Power Automate, Power BI

MIL OSI Economics –

January 25, 2025
MIL-OSI China: China Disabled Persons’ Federation hosts 2025 New Year cultural exchange

Source: China State Council Information Office 2

The China Disabled Persons’ Federation (CDPF) hosted its 2025 New Year Celebration in Beijing on Jan. 22, bringing together people with and without disabilities for cultural and sports activities at the China Administration of Sports for Persons with Disabilities.
Over 200 guests attended the event, including representatives from the embassies of more than 50 countries, such as the United States, France, Italy, Switzerland and Japan, along with U.N. agencies, international organizations, and foreign-invested enterprises.
Zhou Changkui, vice chair and president of the Executive Board of CDPF, attended the celebration and delivered a speech. You Liang, vice president of the Executive Board, served as the host.
In his speech, Zhou thanked both domestic and international partners for supporting people with disabilities in China. He emphasized the Chinese government’s commitment to a people-centered development philosophy, ensuring the comprehensive advancement of disability-related initiatives.
Over the past year, CDPF has implemented practical measures to safeguard the rights and interests of individuals with disabilities, enhanced social security systems and support services, leveraged technology to empower them, and led the Chinese delegation to notable success at the 2024 Paris Paralympic Games. Consequently, the cause of disability rights has gained momentum in China, becoming integrated into the nation’s broader social and economic development, while enhancing the sense of fulfillment, happiness and security among individuals with disabilities.
CDPF will continue actively engaging in international disability affairs, strengthening exchanges and cooperation with U.N. agencies, foreign embassies, and other organizations to enhance the well-being of persons with disabilities worldwide.
France hosted the 2024 Paralympic Games in Paris, and Italy will host both the 2025 Special Olympics World Winter Games in Turin and the 2026 Paralympic Winter Games in Milan Cortina. Representatives from both nations’ embassies attended the celebration.
Cristina Carenza, deputy head of mission and minister plenipotentiary at the Embassy of Italy in China, celebrated the incredible resilience, strength and determination of persons with disabilities. She said that Italy looks forward to using these upcoming sports events to deepen cooperation with China in areas such as disability sports.
Mr. Romain Jacquet, counselor for health, social affairs, and labor at the French Embassy in China, noted that sports embody the values of equality, respect and inclusion. He emphasized France’s commitment to strengthening cooperation with international partners, including China, to build a more inclusive and united world.
The event highlighted the artistic and athletic achievements of people with disabilities while showcasing their creative potential and equal participation in society. Kanasugi Kenji, the Japanese ambassador to China, and Jürg Burri, the Swiss ambassador to China, joined guests in experiencing traditional Chinese handicrafts and folk activities alongside artisans with disabilities. This allowed them to savor the festive atmosphere of the Chinese New Year and appreciate the charm of traditional Chinese culture. The guests joined athletes in friendly matches of wheelchair basketball, wheelchair curling and boccia, creating an atmosphere of warmth and camaraderie.
During the event, Mao Jingdian, a Chinese Paralympic champion in para table tennis, and Wang Zhidong, a member of the Chinese Para Ice Hockey Team, along with outstanding athletes with disabilities from France and Italy, shared stories of perseverance and determination in pursuit of their dreams. The guests also enjoyed a performance by the China Disabled Peoples’ Performing Art Troupe.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: Income and Living Conditions 2022 (SILC): Indebtedness – More than one in eight people lived in a household with at least one arrear in 2022

Source: Switzerland – Department of Home Affairs

In 2022, 12.1% of the population lived in a household with at least one arrear. The most common arrears were for taxes and health insurance premiums. The most common type of debt was vehicle leases, with 14.5% of the population living in a household leasing a vehicle. Next came mortgages financing real estate other than main residence, at 12.6%. The main reasons for people taking out a loan vary depending on their income. These are some of the findings from the Survey on Income and Living Conditions (SILC) conducted by the Federal Statistical Office (FSO).

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Czech President Petr Pavel to pay state visit to Switzerland

Source: Switzerland – Federal Council in English

Next week the Federal Council, led by President Viola Amherd, will receive the President of the Czech Republic, Petr Pavel, for a state visit. The Federal Council’s invitation to President Pavel and First Lady Eva Pavlová reflects the excellent relations between Switzerland and the Czech Republic. In addition to shared values and vibrant political, economic and cultural exchanges, the two countries share close personal and historical ties.

MIL OSI Europe News –

January 25, 2025
MIL-OSI: STMicroelectronics’ innovative biosensing technology enables next-generation wearables for individual healthcare and fitness
Source: GlobeNewswire (MIL-OSI)

STMicroelectronics’ innovative biosensing technology
enables next-generation wearables for individual healthcare and fitness

Highly integrated biosensor device combines input channel for cardio and neurological sensing with motion tracking and embedded AI core

Demonstration to take place at Electronica 2024, Munich, November 12-15

Geneva, Switzerland, October 28, 2024 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has introduced a new bio-sensing chip for the next generations of healthcare wearables like smart watches, sports bands, connected rings, or smart glasses. The ST1VAFE3BX chip combines a high-accuracy biopotential input with ST’s proven inertial sensing and AI core, which performs activity detection in the chip to ensure faster performance with lower power consumption.

“Wearable electronics is the critical enabling technology for the upsurge in individual health awareness and fitness. Today, everyone can have heart-rate monitoring, activity tracking, and geographical location on their wrist,” said Simone Ferri, APMS Group VP, MEMS Sub-Group General Manager at STMicroelectronics. “Our latest biosensor chip now raises the game in wearables, delivering motion and body-signal sensing in an ultra-compact form-factor with frugal power budget.”

Analysts at Yole Development see opportunities for wearable monitors transcending the general wellness market, including consumer healthcare devices that are approved by health organizations and available over the counter¹. By creating a complete precision sensor input in silicon, ST’s chip-design experts are facilitating innovation in all segments, with advanced capabilities such as heart-rate variability, cognitive function, and mental state.

The ST1VAFE3BX provides opportunities to extend wearable applications beyond the wrist to other locations on the body, such as intelligent patches for lifestyle or medical monitoring purposes. ST customers BM Innovations GmbH (BMI) and Pison are working at the frontiers in this sector and have quickly adopted the new sensor to drive new-product development.

BMI is an electronic design contracting company experienced in wireless sensing and with an extensive portfolio of projects including several leading-edge heart rate and performance monitoring systems. “ST’s new biosensor has enabled us to develop the next generation of precise athlete performance monitoring systems including ECG analysis in a chest band or a small patch,” said Richard Mayerhofer, Managing Director BM innovations GmbH. “Combining the analog signal from the vAFE with motion data from the acceleration sensor within a compact single package facilitates precise and context-aware data analysis. And with additional support for our AI algorithms directly on the sensor, this is exactly what we have been looking for.”

David Cipoletta, CTO of Pison, a developer focusing on advanced technologies to enhance health and human potential, added, “ST’s new biosensor stands out as a great solution for smartwatch gesture recognition, cognitive performance, and neurological health. Leveraging this advancement, we have significantly enhanced the functionality and user experience of our wearable devices.”

The ST1VAFE3BX is in production now in a 2mm x 2mm 12-lead LGA package and available from the eSTore (free samples available) and distributors from $1.50 for orders of 1000 units.

Visitors to Electronica 2024, the major industry trade event happening in Munich November 12-15, can see the ST1VAFE3BX in a sensing technologies demonstration at the ST booth, Hall C3 101. More information is available online at www.st.com/biosensors

Further technical information

The analog front-end circuits for biopotential sensors are difficult to design and subject to unpredictable effects such as skin preparation and the position of electrodes attached to the body. The ST1VAFE3BX provides a complete vertical analog front end (vAFE) that simplifies the detection of different types of vital signs that can indicate physical or emotional state.

Manufacturers of wellness and healthcare devices can thus extend their product ranges to include functionality such as electrocardiography (ECG), electroencephalography (EEG), seismocardiography (SCG), and electroneurography (ENG). This can drive the emergence of new devices that are affordable, easy to use, and reliably indicate health status or physiological responses to events such as stress or excitement. The future could contain a greater diversity of wearable devices that can contribute towards enhanced healthcare, fitness, and self-awareness.

Bringing this precision front end on-chip, the ST1VAFE3BX is building on ST’s established competencies in MEMS (microelectromechanical systems) devices by integrating an accelerometer for inertial sensing. The accelerometer provides information about the wearer’s movement, which is synchronized with the biopotential sensing to help the application infer any link between measured signals and physical activity.

The ST1VAFE3BX also integrates ST’s machine-learning core (MLC) and finite state machine (FSM) that enable product designers to implement simple decision trees for neural processing on the chip. These AI skills let the sensor handle functions such as activity detection autonomously, offloading the main host CPU to accelerate system responses and minimize power consumption. In this way, ST’s sensors let smart devices provide more sophisticated functions and operate for longer between battery charging, enhancing usability. ST also provides software tools like MEMS Studio in the ST Edge AI Suite dedicated to helping designers unleash the maximum performance from the ST1VAFE3BX, including tools for configuring decision trees in the MLC.

The ST1VAFE3BX’s bio-detection signal channel comprises the vAFE with programmable gain and 12-bit ADC resolution. The maximum output data rate of 3200Hz is suitable for a wide variety of biopotential measurements to quantify heart, brain, and muscular activity.
The device is powered from a supply voltage in the range 1.62V to 3.6V and has typical operating current of just 50µA, which can be cut to just 2.2µA in power-saving mode.

The integrated low-noise accelerometer has programmable full-scale range from ±2g to ±16g.
In addition to the machine-learning core and programmable finite state machine, which can provide functionality such as activity detection, the ST1VAFE3BX implements advanced pedometer, step detector, and step counting functions.

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For Press Information Contact:

Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
alexis.breton@st.com

¹ Report “Sensors and Actuators for Wearables 2023” (www.yolegroup.com)

Attachments
- P4654D — Oct 28 2024 — Biosensor_FINAL FOR PUBLICATION
- P4654D — Oct 28 2024 — Biosensor_IMAGE
The MIL Network –
January 25, 2025
MIL-OSI Economics: Klaas Knot: Want a strong financial system? Implement Basel III

Source: Bank for International Settlements

Thank you Ralph, and thank you for the invitation to speak here before this distinguished audience.

You are all leaders of big organisations. So you are familiar with the question of strategic change: how do you navigate your bank through the waves of financial market sentiment, changing consumer preferences and technological innovation? A sound strategy starts with a lot of thinking, for sure. Strategic thinking. Board room discussions. A couple of consultants perhaps.

Finally there is a strategy. A Strategy with a capital S. You know where you want to go and how. But now you enter a crucial phase: implementation. How do you get all corners of your bank from A to B? Because all the strategic thinking in the world will come to nothing if your bank does not follow suit. Implementation is key.

So how would you feel if, after 13 years, your plans are still stuck in the implementation phase? I ask because that’s the situation we are in with Basel III. When I became governor back in 2011, we were discussing the implementation of Basel III. And now, towards the end of my second term, we are still discussing the implementation of Basel III.

By now, some of you might think: ‘ok, so this morning we got war for breakfast, and now for lunch we get a central banker who wants to talk about the rules. What’s next? We’ve heard this scratchy old broken record dozens of times before!’ But, as you know, these are often the best records.

So let me take a step back here. Where are we coming from? In 2010, the Basel Committee on Banking Supervision introduced the first set of Basel III standards. A set of international rules designed to fortify the global banking system after the worst financial crisis since the Great Depression. These reforms were not just a patch-up job. They were a complete overhaul of banking regulation to improve bank resilience, transparency, and risk management. Basel III focused on increasing capital adequacy, introducing the leverage ratio, and creating more stringent liquidity requirements. With the memory of the crisis still fresh, national implementation of this first part of Basel III went relatively quickly.

This first set of standards was then complemented in 2017 by the final Basel III standards. They focused on enhancing the risk-weighting framework, introducing more robust capital floors, and limiting the variation in banks’ internal risk models. These standards, by now famously known as the Basel endgame, have not yet been implemented by jurisdictions around the world. The EU, in its implementation, deviated on important points, making banking regulation weaker than agreed in the new standards. In the US and the UK, initial legislation proposals have also been weakened, with some elements not fully aligned with the Basel III agreement. Legislators also point at each other when making these adjustments. US banks spent tens of millions of dollars on a lobbying campaign that included ads in the middle of American football games. I don’t think it’s ethical to interrupt football games for any kind of message, let alone on Basel III.

But on a serious note: our failure to implement fully what had already been agreed upon back in 2017 should be worrying. Not only to me, as a regulator, but also to you, as bankers. To explain why, let me give you my version of a pro-Basel lobbying commercial.

Implementation of Basel III will increase the credibility of capital ratios and strengthen the banking sector. Think of it as a safety net, your safety net. It will ensure that when the next economic shock comes-and it will come-you will be better prepared to withstand it. The capital buffers required by Basel III are not a burden; they are a shield, allowing you to absorb losses while maintaining operations, protecting your customers and preserving your reputation in times of stress.

Many in the banking sector view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Basel III is not an obstacle to growth, it is an enabler of sustainable, long-term growth. Banks with strong capital positions and sound liquidity management are better positioned to extend and rollover credit, invest in new technologies and fund large-scale projects. They are better able to maintain lending during an economic downturn. And stronger banks can secure more favourable funding conditions, attract long-term customers and build partnerships that increase shareholder value.

Basel III works best when it works everywhere. When Basel III is implemented unevenly across jurisdictions, it creates a patchwork of regulations that opens the door to regulatory arbitrage. Banks may be tempted to shift operations to regions with looser standards. Consistency across borders is not just in regulators’ interests-it’s in yours as well. An uneven playing field undermines confidence in the global banking system, disrupts competition, and ultimately increases systemic risk. It puts banks at risk of operating in jurisdictions where regulatory frameworks are not equipped to deal with crises, leaving you exposed when things go wrong.

By contrast, global implementation of Basel III creates a level playing field, ensuring that all banks-no matter where they operate-adhere to the same high standards. This uniformity strengthens global financial stability and, in turn, enhances the confidence of your shareholders, customers, and counterparties.

The opposition to Basel III reflects a kind of short-term thinking, that, frankly, I find hard to understand. Weakening of Basel III may give you a few basis points in capital relief, but it exposes you to long-term vulnerabilities. As the memory of the global financial crisis fades, we risk entering a race to the bottom. A race that would be very dangerous for financial stability. Or, as Daniel Davis said in his much-quoted Financial Times article, ‘while the road to hell is paved with good intentions, the road to the next banking crisis is paved with good exemptions.’

So in short, it is essential to implement the Basel III standards in all jurisdictions. Not least because, as you know, financial markets are not waiting for us to learn the lessons of 13 years ago. New risks are always emerging, as the events in March last year showed. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors. They also highlighted that we may need some targeted changes in banking regulation beyond Basel III. I want to mention three areas here: liquidity, interest risk and AT1 instruments.

First on liquidity. Partly as a result of social media and digitalisation, the outflow of deposits at SVB was much faster than in previous cases, and much faster than LCR calculations take into account. This raises the question of whether the LCR should be calibrated differently for certain types of deposits. The aim would be to increase banks’ resilience and provide incentives to attract longer and more diversified funding.

Another avenue which should be explored in the light of the SVB case is whether unrealised losses should be better reflected in the capitalisation of banks. Here I’m referring to the difference between market and book value for bonds which are held to maturity. And we should look at how to address the issue that, in times of stress, banks may be hesitant to use instruments in the liquidity buffer that are not marked to market daily for accounting purposes.

The turmoil last year also showed how important it is that banks are operationally prepared for liquidity stress. Banks need credible and tested contingency funding plans and they must be operationally ready to access central bank liquidity facilities in times of stress. While this may be more of an issue in the US, we should also look at how this can be improved in the EU.

Then interest rate risk. When banks fail to cover this risk sufficiently, changes in market interest rates can lead to substantial losses and, in extreme cases, even to bank failure. The recent developments at regional banks in the US offer a vivid illustration of this.

The events last year underline the importance of regulation for interest rate risk management and the need for prudent assumptions about customer behaviour. Capital is also necessary to absorb the uncertainty of customer behaviour. In order to promote global harmonisation, we should explore the inclusion of interest rate risk in the Pillar 1 requirements.

And last but not least, we need to think about AT1. Rather than acting to stabilise a bank as a going concern in stress, international experience has shown that AT1 absorbs losses only at a very late stage of a bank failure. We saw this in the case of Credit Suisse in 2023, with the Swiss National Bank noting that ‘the AT1 features designed for early loss absorption in a going concern were not effective’. In this instance, AT1 only absorbed losses when the point of non-viability was imminent and failed to stabilise the entity at an earlier stage of stress. This should encourage regulators to reflect on the role and functioning of AT1 instruments in determining the capital position of banks.

These are all important things that we have to look into. But first and foremost we have to implement Basel III. And while I know this is primarily a message to regulators and lawmakers, it is also a message to you. Because what a strong signal it would be if you as a group would say: don’t water down Basel III. Don’t give us weak rules, give us strong rules. Strong rules that apply to all banks wherever they are and whatever their size. It would not only be a strong signal to us, regulators and lawmakers, it would also be the rational thing to do. Because strong rules are in your interest. Because a strong financial system based on a level playing field is in your interest. Because regulation is not a constraint on the financial industry, it is a license to operate.

MIL OSI Economics –

January 25, 2025
MIL-OSI Europe: International humanitarian law: FDFA head opens the 34th International Conference of Red Cross and Red Crescent

Source: Switzerland – Federal Administration in English

Bolstering humanitarian action and respect for international humanitarian law are the objectives of the conference in Geneva. Every four years, the International Conference of the Red Cross and Red Crescent brings together representatives of the states party to the Geneva Conventions and the movement’s organisations: the National Red Cross and Red Crescent Societies, the International Committee of the Red Cross, and the International Federation of Red Cross and Red Crescent Societies.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Answer to a written question – Health insurance status of students abroad in the EU – E-001551/2024(ASW)
Source: European Parliament

The Commission notes that regulation (EC) No 883/2004[1], lays down rules to determine the legislation applicable to a person in a cross-border situation, such as students studying abroad .

According to Article 11(3)(a) and (e), an employed person is subject to the legislation of the Member State in which they pursue their activity, while inactive persons, such as students, are subject to the legislation of the place of residence.

When studying abroad in the EU, students generally remain covered by the legislation of the country of origin and access necessary health treatments in the country where they study with the European Health Insurance Card.

However, when a student takes up work abroad, the social security legislation applicable to them changes as well. The Commission is thus aware of the possible changes in their social security coverage.

Since the EU law in this field does not harmonise, but only coordinates national social security legislation, moving from one Member State to another can have consequences for an insured person in terms of entitlements and contributions.

The Commission does not consider this to be an obstacle to the mobility of students as one of the main principles is the mandatory application of a single national legislation.

This is to avoid that a person exercising their right to free movement would be left with no coverage or would have to pay contributions in more than one Member State .

As for traineeships, the Council Recommendation on a Quality Framework for Traineeships[2] encourages traineeship providers to clarify if they provide health and accident insurance. This has been further strengthened in the Commission’s proposal reinforcing the Quality Framework for Traineeships[3].
- [1] Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (Text with relevance for the EEA and for Switzerland), OJ L 166, 30.4.2004, p. 1-123 — https://eur-lex.europa.eu/eli/reg/2004/883/oj
- [2] Council recommendation of 10 March 2014 on a Quality Framework for Traineeships, 2014/C 88/01, 27 March 2014 — https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014H0327(01)&from=IT
- [3] Proposal for a Council recommendation on a reinforced Quality Framework for Traineeships, COM/2024/133 final, 20 March 2024 — https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2024%3A133%3AFIN
MIL OSI Europe News –
January 25, 2025
MIL-OSI Russia: Chair’s Statement Fiftieth Meeting of the IMFC – Mr. Mohammed Aljadaan, Minister for Finance of Saudi Arabia
Source: IMF – News in Russian

October 25, 2024

In the context of the Fiftieth Meeting of the IMFC that took place in Washington, D.C. on 24th and 25th October, several IMFC members discussed the global macroeconomic and financial impact of current wars and conflicts, including with regard to Russia, Ukraine, Israel, Gaza, Lebanon, and in other places. IMFC members underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. They acknowledged, however, that the IMFC is not a forum to resolve geopolitical and security issues which are discussed in other fora.

****

IMFC members agreed on the following text:

Securing a soft landing and breaking from the current low growth-high debt path are the policy priorities for the global economy. We welcome the IMF’s efforts to enhance its surveillance, lending toolkit, and capacity development, and become more representative. Looking ahead, we remain committed to multilateral cooperation to promote global prosperity and address shared challenges.
1. The global economy has moved closer to a soft landing. Economic activity has proven resilient, with global growth steady and inflation continuing to moderate. However, this masks important divergences across countries. Uncertainty remains significant and some downside risks have increased. Ongoing wars and conflicts continue to impose a heavy burden on the global economy. Medium-term growth prospects remain weak, and global public debt has reached record highs.
1. We will work to further secure a soft landing while stepping up our reform efforts to shift away from a low growth-high debt path and address other medium-term challenges. Fiscal policy should pivot toward consolidation, where needed, to ensure debt sustainability and rebuild buffers. Consolidation should be underpinned by credible medium-term plans and institutional frameworks while protecting the vulnerable and supporting growth-enhancing public and private investments. Monetary policy must ensure inflation returns durably to target, consistent with central bank mandates, remain data-dependent, and be well communicated. Financial sector authorities should continue to closely monitor risks in banks and non-banks, including from property markets. We will continue to enhance financial regulation and supervision, including via timely finalization and implementation of internationally agreed reforms, and harness the benefits of financial and technological innovation, while mitigating the risks. We will pursue well-calibrated and sequenced growth-enhancing structural reforms to ease binding constraints to economic activity, boost productivity, increase labor market participation, promote social cohesion, and support the climate and digital transitions.
1. We remain committed to international cooperation to improve the resilience of the global economy and build prosperity, while ensuring the smooth functioning of the international monetary system. We reiterate our commitments on exchange rates, addressing excessive global imbalances, and our statement on the rules-based multilateral trading system, as made in April 2021, and reaffirm our commitment to avoid protectionist measures.
1. We will continue to support countries as they undertake reforms and address debt vulnerabilities and liquidity challenges. We welcome the progress made on debt treatments under the G20 Common Framework (CF) and beyond. We remain committed to addressing global debt vulnerabilities in an effective, comprehensive, and systematic manner, including stepping up the CF’s implementation in a predictable, timely, orderly, and coordinated manner, and enhancing debt transparency. We look forward to further work at the Global Sovereign Debt Roundtable on ways to address debt vulnerabilities and restructuring challenges. We encourage the IMF and the World Bank to develop further their proposal to support countries with sustainable debt but experiencing liquidity challenges.
1. We welcome the policy priorities set out in the Managing Director’s Global Policy Agenda, and welcome the start of Ms. Kristalina Georgieva’s second five-year term as Managing Director.
1. We support the IMF’s surveillance focus on country-tailored advice to help members assess risks, bolster policy and institutional frameworks, and calibrate macrofinancial and macrostructural policies to enhance resilience, ensure debt sustainability, and boost inclusive and sustainable growth. We look forward to the Comprehensive Surveillance Review that will set future surveillance priorities.
1. We welcome the recent reforms to the lending toolkit. We welcome the completion of the review of PRGT facilities and financing that aims to bolster the IMF’s capacity to support low-income countries in addressing their balance of payments needs, mindful of their vulnerabilities, while restoring the self-sustainability of the Trust. We welcome the Review of Charges and the Surcharge Policy, which will alleviate the financial cost of Fund lending for borrowing countries, while preserving their intended incentives and safeguarding the Fund’s financial soundness. We welcome the enhanced cooperation with the World Bank on climate action, and with the World Bank and the World Health Organization on pandemic preparedness, which will further enhance the effectiveness of IMF support through the Resilience and Sustainability Trust (RST). We look forward to the Review of the GRA Access Limits, the Review of Program Design and Conditionality, the Review of the Short-term Liquidity Line, and the comprehensive Review of the RST. We continue to invite countries to explore voluntary channeling of SDRs, including through MDBs, where legally possible, while preserving their reserve asset status.
1. We support the IMF’s efforts to strengthen capacity development and to secure appropriate financing. We welcome the ongoing work with the World Bank on the Domestic Resource Mobilization Initiative.
1. We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the center of the global financial safety net. We have secured, or are working to secure, domestic approvals for our consent to the quota increase under the 16^th General Review of Quotas (GRQ) by mid-November this year, as well as relevant adjustments under the New Arrangements to Borrow (NAB). As a safeguard to preserve the Fund’s lending capacity in case of a delay in securing timely consent to the quota increase, creditors for Bilateral Borrowing Agreements are working to secure approvals for transitional arrangements for maintaining IMF access to bilateral borrowing. We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members. We welcome the Executive Board’s ongoing work to develop by June 2025 possible approaches as a guide for further quota realignment, including through a new quota formula, under the 17^th
1. We welcome the new 25^th chair on the Executive Board for Sub-Saharan Africa, strengthening the voice and representation of the region. We also welcome Liechtenstein as a new member. We appreciate staff’s high-quality work and dedication to support the membership. We encourage further efforts to improve staff diversity and inclusion. We reiterate our commitment to strengthen gender diversity at the Executive Board and will continue to work to achieve the voluntary objectives to increase the number of women in Board leadership positions.
1. We reiterate our strong commitment to the Fund on its 80^th anniversary and look forward to further discussing at our next meeting ways to ensure the Fund remains well-equipped to meet future challenges, in line with its mandate, and in collaboration with partners and other IFIs. We ask our Deputies to prepare for this discussion.
1. Our next meeting is expected to be held in April 2025.
Chair

Mohammed Aljadaan, Minister of Finance, Saudi Arabia

Managing Director

Kristalina Georgieva

Members or Alternates

Ayman Alsayari, Governor of the Saudi Central Bank, Saudi Arabia (Alternate for Mohammed Aljadaan, Minister of Finance, Saudi Arabia)

Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates

Antoine Armand, Minister of Economy, Finance, and Industry, France

Luis Caputo, Minister of Economy, Argentina

Jim Chalmers, Treasurer of Australia

Carlos Cuerpo, Minister of Economy, Trade and Enterprise, Spain

Chrystia Freeland, Deputy Prime Minister and Minister of Finance, Canada

Giancarlo Giorgetti, Minister of Economy and Finance, Italy

Fernando Haddad, Minister of Finance, Brazil

Eelco Heinen, Minister of Finance, The Netherlands

Robert Holzmann, Governor of the Austrian National Bank, Austria

Katsunobu Kato, Minister of Finance, Japan

Karin Keller-Sutter, Minister of Finance, Switzerland

Lesetja Kganyago, Governor, South African Reserve Bank, South Africa

Christian Lindner, Federal Minister of Finance, Germany

Mays Mouissi, Minister of Economy and Participations, Gabon

Changneng Xuan, Deputy Governor of the People’s Bank of China (Alternate for Gongsheng Pan, Governor of the People’s Bank of China)

Rachel Reeves, Chancellor of the Exchequer, H.M. Treasury, United Kingdom

Ivan Chebeskov, Deputy Minister of Finance, Russian Federation (Alternate for Anton Siluanov, Minister of Finance, Russian Federation)

Nirmala Sitharaman, Minister of Finance, India

Sethaput Suthiwartnarueput, Governor, Bank of Thailand

Salah-Eddine Taleb, Governor, Bank of Algeria

Trygve Slagsvold Vedum, Minister for Finance, Norway

Janet Yellen, Secretary of the Treasury, United States

Observers

Agustín Carstens, General Manager, Bank for International Settlements (BIS)

Mohamed bin Hadi Al Hussaini, Chair, Development Committee (DC) and Minister of State for Financial Affairs, United Arab Emirates

Christine Lagarde, President, European Central Bank (ECB)

Paolo Gentiloni, Commissioner for Economy, European Commission (EC)

Klaas Knot, Chair, Financial Stability Board (FSB) and President of De Nederlandsche Bank

Richard Samans, Director, Research Department, International Labour Organization (ILO)

Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development (OECD)

Mohannad Alsuwaidan, Economic Analyst, Organization of the Petroleum Exporting Countries (OPEC)

Ahunna Eziakonwa, Assistant Secretary-General and UNDP Assistant Administrator, United Nations (UN)

Penelope Hawkins, Officer-in-Charge, Debt and Development Finance Branch, United Nations Conference on Trade and Development (UNCTAD)

Ajay Banga, President of the World Bank Group, The World Bank (WB)

Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO)

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/10/25/pr24396-chairs-statement-fiftieth-meeting-of-the-imfc

MIL OSI
MIL OSI Russia News –
January 25, 2025
MIL-OSI Europe: Middle East and Ukraine are focus of Ignazio Cassis’ trip to North America

Source: Switzerland – Department of Foreign Affairs in English

Federal Councillor Ignazio Cassis, the head of the FDFA, will spend two days in the United States and Canada on 29 and 30 October 2024. As part of Switzerland’s October presidency of the UN Security Council, he will chair a high-level debate on the Middle East in New York on 29 October. From there, he will travel on to Montreal, where a follow-up conference to the June 2024 Summit for Peace in Ukraine at the Bürgenstock resort will be held on 30 October. In Montreal, the focus will be on humanitarian aspects in connection with the search for a peaceful solution to the conflict. Mr. Cassis will hold bilateral talks in Montreal, including with Ukrainian Foreign Minister Andrii Sybiha.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: 2024–2033 scenarios for the education system – Student numbers expected to rise sharply in post-compulsory education by 2033

Source: Switzerland – Department of Home Affairs

Changing demographics will lead to sharply increasing numbers in all post-compulsory education and training in the next ten years. According to the Federal Statistical Office’s (FSO) reference scenario, numbers will rise by 15% for the upper secondary level (from 390 000 to 450 000 students) and by 18% for all universities and institutes of technology, universities of applied sciences and of teacher education (from 276 000 to 326 000 students). For both the upper secondary level and the higher education institutions, considerable increases are expected in education and training related to IT, health and social work.

MIL OSI Europe News –

January 25, 2025
MIL-OSI China: Art Basel CEO depicts Chinese art as ‘fundamentally popular’

Source: China State Council Information Office 3

An art work by Colombian artist Fernando Botero is on show during the second Art Basel in Hong Kong, south China, May 16, 2014. (Xinhua/Li Peng)

Noah Horowitz, CEO of Art Basel, said that he sees continued spending on art and antiques by high-net-worth individuals (HNWIs) despite a challenging market, bolstered by a strong appetite from Chinese buyers and an increased expenditure on emerging and female artists.

“Chinese art remains fundamentally popular,” said the CEO of the world’s leading art fair in a virtual interview with Xinhua, discussing “The Art Basel and UBS Survey of Global Collecting 2024,” a report published on Thursday.

“It’s such a large market with so much happening, in Beijing, Shanghai, Guangzhou and elsewhere that I think that there’s continued interest. We see that most visibly in our Hong Kong fair and we can expect that to continue,” said Horowitz.

The report was authored by cultural economist Dr. Clare McAndrew of Arts Economics and conducted in collaboration with Swiss banking giant UBS.

The survey examines the spending, event attendance, motivations for collecting of HNWIs and their interactions with artists, galleries and institutions. It reveals insights into the behaviors of HNWIs across 14 markets worldwide in 2023 and the first half of 2024.

Horowitz described the 2024 survey as the largest of its kind to date, which gathered responses from over 3,660 HNWIs in Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, the Chinese mainland, Mexico, Singapore, Switzerland, Taiwan, Britain and the United States.

Visitors look at exhibits during Art Basel Hong Kong 2018 at Hong Kong Convention and Exhibition Centre in south China’s Hong Kong, March 27, 2018. (Xinhua/Li Peng)

“China is a large, diversified economy with many active artists and galleries, and it contributes a huge amount to the global art trade,” he said.

“The broader Asian story is really compelling. We’re seeing a lot of clients from throughout the Asian region, attending our shows, leaning in and remaining very active. It’s a super important market for us, and we can expect to see that vibrancy continue,” he added.

HNWIs from the Chinese mainland had the highest expenditure on art and antiques in 2023, as well as in the first half of 2024 with a median of 97,000 U.S. dollars, more than double that of any other region surveyed, the report showed, indicating that the strong return to spending has been sustained despite worries of a slowdown in the market, Horowitz said.

Horowitz also underscored a significant appetite to buy living artists’ work and increased expenditure on emerging as well as female artists.

“I think it’s a reminder that at the highest level of the wealth spectrum, there’s still considerable spending on art and luxury goods,” he told Xinhua.

Founded in 1970 by gallerists from Basel, Switzerland, Art Basel today stages the world’s premier art shows for modern and contemporary art. It has four locations: Basel, Miami Beach, Hong Kong and Paris.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: New technologies helping to search for missing persons in Serbia and Kosovo

Source: Switzerland – Department of Foreign Affairs in English

A group of experts from the School of Criminal Sciences at the University of Lausanne has travelled to Serbia and Kosovo under a mandate conferred by the FDFA’s Peace and Human Rights Division. It will assess the possible deployment of laser and radar technology to search for missing persons. The mission is taking place between 14 and 25 October.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Security: Update 256 – IAEA Director General Statement on Situation in Ukraine

Source: International Atomic Energy Agency – IAEA

Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) lost the connection to its only remaining 330 kilovolt (kV) back-up power line for a second time this month, once again leaving the facility dependent on one single source of the external electricity it needs for reactor cooling and other key nuclear safety and security functions, Director General Rafael Mariano Grossi said today.

The IAEA team stationed at the plant was informed that the power line was disconnected for more than 26 hours between Monday and Tuesday this week due to unspecified damage on the other side of the Dnipro River. It took place three weeks after another disconnection of the same line. In both instances, the ZNPP continued to receive electricity from its sole 750 kV line. Before the military conflict, Europe’s largest nuclear power plant (NPP) had four 750 kV and six 330 kV lines available.

“What once would have been unthinkable – a major nuclear power plant suffering repeated off-site power cuts – has become a frequent occurrence during this devastating war. The situation is clearly not getting any better in this regard. The nuclear safety and security situation at the Zaporizhzhya Nuclear Power Plant remains highly precarious,” Director General Grossi said.

Underlining the persistent risks, the IAEA team has continued to hear explosions every day over the past week, although no damage to the ZNPP was reported.

The IAEA team members conducted walkdowns across the site as part of their activities to assess nuclear safety and security at the plant, including observing the testing of an emergency diesel generator (EDG) of reactor unit 4. In meetings with plant staff, they discussed other important topics, such as the modernization of control systems for the site’s EDGs as well as updated procedures related to the ZNPP’s radiation protection programme.

As a follow up to their visit last week to the cooling tower damaged by a major fire in August, the team members also discussed with the ZNPP how it will assess the extent of the damage, including the selection of an external contractor to carry out this work.

The IAEA teams present at the Khmelnytskyy, Rivne and South Ukraine NPPs and the Chornobyl site reported that nuclear safety and security is being maintained despite the effects of the ongoing conflict, including air raid alarms for several days over the past week.

At the South Ukraine NPP, the IAEA team was informed that reactor unit 1 was disconnected from the grid for about four hours on Tuesday evening due to a spurious signal to the unit’s protection systems without the reactor safety systems being activated. The root cause of the event is being investigated. The reactor – one of three at the plant – is again generating power for the grid.

At the request of Ukraine, an IAEA team is visiting six electrical substations in Ukraine this week, as part of the Agency’s work to assess the status of the electrical grid infrastructure essential to nuclear safety that began in September. During the visits, the team reviews the operational consequences of actual and potential damage to substations which supply off-site power to the country’s NPPs.

Reliable access to off-site power is one of the Seven Indispensable Pillars for ensuring nuclear safety and security during an armed conflict outlined by Director General Grossi two and a half years ago. The safety of operating NPPs is dependent on a stable grid connection, but the situation in this regard has become increasingly precarious in recent months.

The IAEA already has teams of staff stationed at all of Ukraine’s NPPs who contribute to maintaining nuclear safety and security during the military conflict.

The IAEA is continuing to implement its comprehensive programme of assistance in support of nuclear safety and security in Ukraine, including by delivering requested equipment. This week, two spectrometry systems enhancing the analytical capabilities of the hydrometeorological organizations of the Ukraine’s State Emergency Service were procured and delivered, funded by Switzerland. It was the 71st equipment delivery to Ukraine, totaling over 12.1 million euro since the start of the armed conflict.

In addition, the Agency has coordinated the delivery of the two static test benches from the Rivne NPP to the supplier for repair during an outage of reactor unit 2. The repair was funded by Norway. The repair should be completed by the end of April next year, when the repaired test benches will be returned to the plant to enable the unit’s restart. The equipment is used in the nuclear and other industries to stress test components, including hydraulic shock absorbers.

MIL Security OSI –

January 25, 2025
MIL-OSI: Transocean Ltd. Provides Quarterly Fleet Status Report
Source: GlobeNewswire (MIL-OSI)

STEINHAUSEN, Switzerland, Oct. 24, 2024 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:
- Deepwater Atlas – Awarded a 365-day contract in the U.S. Gulf of Mexico at a dayrate of $635,000.
- Deepwater Conqueror – Awarded a 365-day contract in the U.S. Gulf of Mexico at a dayrate of $530,000.
- Deepwater Invictus – Awarded a 1095-day contract in the U.S. Gulf of Mexico at a dayrate of $485,000.
- Deepwater Invictus – Awarded two one-well contract extensions in the U.S. Gulf of Mexico.
- Dhirubhai Deepwater KG1 – Awarded a six-well contract in India at a dayrate of $410,000.
- Transocean Spitsbergen – Customer exercised a three-well option in Norway at a dayrate of $483,000.
- Transocean Endurance – Customer exercised a one-well option in Australia at a dayrate of $390,000.
- Transocean Endurance – Customer exercised a five-well option in Australia at a dayrate of $390,000.
The aggregate incremental backlog associated with these fixtures is approximately $1.3 billion. As of October 24, 2024, the company’s total backlog is approximately $9.3 billion.

The report can be accessed on the company’s website: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647

The MIL Network –
January 25, 2025
MIL-OSI Europe: Salt batteries: The fireproof battery

Source: Switzerland – Federal Administration in English

Originally developed for electric cars, nowadays they supply mobile phone antennas with electricity, and tomorrow perhaps entire districts: The salt battery is a safe and long-lasting battery technology with huge potential. Empa researchers are collaborating with an industrial partner to further develop these special batteries.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Federal Councillor Parmelin renews vocational education and training agreement with the USA

Source: Switzerland – Department of Foreign Affairs in English

On 23 October, the head of the Federal Department of Economic Affairs, Education and Research, Guy Parmelin, signed a memorandum of understanding in Washington D.C. reaffirming the close cooperation between Switzerland and the US on vocational education and training. The agreement is aimed at strengthening the exchange of information between public and private stakeholders in education and business in both countries in the years 2024–27.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Economics: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion
Source: Thales Group

Headline: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion

24 Oct 2024

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- Developed in collaboration with the Max Planck Institute for Plasma Physics specifically for the Wendelstein 7-X stellarator¹, Thales’s TH1507U gyrotron has achieved a significant milestone by reaching a total output of 1.3 megawatts in radiofrequency at a frequency of 140 gigahertz for 360 seconds.
- Thales’s gyrotron plays a crucial role in the Wendelstein 7-X stellarator project by providing heating and stabilization of the plasma, which are essential for reaching the temperatures required for magnetic confinement nuclear fusion.
- The Wendelstein 7-X project not only aims to enhance the fundamental understanding of plasmas, but also to contribute to the development of commercial fusion reactors, thereby providing a pathway to a clean and sustainable energy source.
View into the plasma vessel of Wendelstein 7 – X (November 2021) ©MPI for Plasma Physics, Jan Michael Hosan

To achieve nuclear fusion, a process in which two light nuclei combine to form a heavier nucleus that releases massive energy, the magnetic confinement process requires heating a gas to create a plasma, which is then confined by a powerful magnetic field.

Thales, a global leader in the design and manufacture of plasma heating systems, is the only European manufacturer of ‘gyrotron’ electronic tubes. These are high-power vacuum tubes used to heat plasma and reach temperatures 10 times higher than the sun’s core. This equipment is therefore essential to initiate nuclear fusion reactions by magnetic confinement. It was developed in collaboration with the European Gyrotron Consortium (EGYC), which aims to create an autonomous European source of highly reliable gyrotrons.

The Wendelstein 7-X, world’s largest stellarator, launched its experimental campaign (OP2.2) in September 2024, following a year of maintenance. This research center is at the forefront of studying nuclear fusion through magnetic confinement. Located in Germany, its activities focus on the exploration and optimization of plasmas, which can reach temperatures of several million degrees Celsius in a stable and controlled state.

Thales, a global leader in the design and manufacturing of plasma heating systems, is the only European manufacturer of “Gyrotron” electronic tubes. These high-power vacuum tubes are used to heat plasma to temperatures ten times greater than that of the sun’s core. This equipment is essential for initiating nuclear fusion reactions through magnetic confinement. It was developed in collaboration with the European GYrotron Consortium (EGYC)², which aims to create an, autonomous European source of highly reliable gyrotrons. Operating at a strategic nominal frequency of 140 gigahertz (GHz), theses reactors can also adapt to other frequencies.

Wendelstein 7-X, the world’s largest stellarator, is a cutting-edge research center for the study of nuclear fusion by magnetic confinement, inaugurated in 2015. Located in Germany, its activities focus on exploring and optimizing plasmas, which can reach temperatures of several million degrees Celsius, in a stable and controlled state. In September 2024, Wendelstein 7-X launched its experimental campaign.

“The world record set by our Gyrotron marks a significant milestone in the race for fusion and illustrates our commitment to technological innovation and excellence. This technological breakthrough positions Thales at the forefront of high-power plasma heating solutions, essential for addressing the energy challenges of tomorrow.” said Charles-Antoine Goffin, Vice President of Microwave & Imaging Sub-Systems at Thales.

Nuclear fusion is considered an opportunity to create a clean energy source as it does not generate greenhouse gases and is abundant as its resources being present in large quantities in nature. It is therefore identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-growing demand for energy in various sectors of the economy, such as transportation, construction, agriculture, and the digital industry.

¹_{A stellarator is a magnetic confinement device used in nuclear fusion research. It maintains a hot plasma by using a complex network of external coils to generate a helical magnetic field, without requiring internal electrical current. This configuration allows for continuous operation and reduces the risk of instabilities.}

²_{The European Gyrotron Consortium (EGYC) includes the Swiss Plasma Center (SPC), the École Polytechnique Fédérale de Lausanne (EPFL), the Karlsruhe Institute of Technology (KIT), the Euratom-Hellenic Association (HELLAS), the Institute for Plasma Science and Technology of the Italian National Research Council (ISTP-CNR), the Polytechnic University of Turin, and Thales, the industrial partner.}
MIL OSI Economics –
January 25, 2025
MIL-OSI Europe: Swiss National Armaments Director takes part in the Conference of National Armaments Directors of NATO

Source: Switzerland – Department of Defence, Civil Protection and Sport

The Swiss National Armaments Director Urs Loher takes part in the annual NATO Conference of National Armaments Directors (CNAD) on 24 October 2024, which is held with NATO partner states in Brussels. This year, talks will focus on a potential stronger commitment of the partner states with NATO. The National Armaments Director takes the opportunity to meet with his counterparts for bilateral talks at the event. In addition, the National Armaments Director will attend meetings with the European Defence Agency as well as with the European Union-Directorate-General for Defence Industry and Space (DG DEFIS).

MIL OSI Europe News –

January 25, 2025
MIL-OSI USA: An Interview with Maximilian Spitzley, Foreign Law Intern

Source: US Global Legal Monitor

Today’s interview is with Maximilian Spitzley, a foreign law intern working with Foreign Law Specialist Jenny Gesley in the Global Legal Research Directorate of the Law Library of Congress.

Describe your background.

I am a legal trainee and Ph.D. student from Germany, currently completing a three-month internship at the Law Library of Congress.

What is your academic/professional history?

I studied law at the University of Bonn, Germany. Participating in the Erasmus program allowed me to spend a semester abroad at the University of Lucerne, Switzerland. I passed the first German state exam in 2020 and finished law school, specializing in capital markets law. Following a year of work at a law firm, I began my doctoral studies on the European regulation of crowdfunding under the supervision of Professor Dr. Moritz Renner at the University of Mannheim. In 2024, I started a two-year legal traineeship program to qualify for the bar exam in Germany. After working for the local court and the public prosecutor’s office in Bonn, the program provided me with the opportunity to work at the Law Library of Congress.

How would you describe your job to other people?

In my position as a foreign law intern at the Global Legal Research Directorate of the Law Library of Congress, I assist my supervisor, Jenny Gesley, with delivering legal insights on matters concerning German-speaking countries and the European Union (EU). My responsibilities include conducting thorough legal research and drafting comparative legal analyses in response to inquiries from Congress, judicial bodies, and executive agencies, while also supporting public research efforts. Additionally, I contribute to the Library’s Global Legal Monitor.

Why did you want to work at the Law Library of Congress?

Having studied law in both Germany and Switzerland, I gained knowledge in German, European, and international law. My work at the Law Library of Congress presents an invaluable opportunity to broaden my perspective by engaging with the U.S. legal system, while critically assessing national law and EU law from a comparative viewpoint. This experience allows me to deepen my legal understanding and provides meaningful insights into the interplay between different legal frameworks.

What is the most interesting fact you have learned about the Law Library of Congress?

One of the most fascinating aspects of the Law Library of Congress is its unparalleled global reach and comprehensive legal collection. It holds the largest collection of legal materials in the world, encompassing legal systems from nearly every country and jurisdiction. This vast resource allows researchers to compare diverse legal traditions and developments, providing a unique platform for understanding how law functions across different cultures and political systems. The ability to access such a breadth of international legal knowledge in one place is truly remarkable.

What’s something most of your co-workers do not know about you?

One thing my co-workers may not know about me is that I am a huge fan of U.S. sports. While I am here in Washington, I plan to catch games from all the major teams—the Nationals, Commanders, Capitals, and Wizards!

Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

MIL OSI USA News –

January 25, 2025