Category: MIL-OSI

Source: International Chamber of Commerce

Headline: Proposed UN mechanism to reopen Hormuz to commercial shipping

The proposed mechanism establishes a practical framework for the registration, deconfliction, prioritisation, facilitation, monitoring, verification and reporting of vessel movements through the Strait, with an initial focus on fertilisers and related raw materials.

A statement issued by United Nations Office for Project Services (UNOPS) Executive Director Jorge Moreira da Silva, who coordinates the UN Strait of Hormuz Task Force, highlights the urgent need for such practical action amid continued disruption to shipping which is putting global supply chains, livelihoods and food security at risk.

Building on ICC’s role in the Black Sea Grain Agreement in 2022, Mr Denton participates in the Hormuz Task Force, working alongside UNOPS, United Nations Trade and Development (UNCTAD) and the International Maritime Organization (IMO), with cooperation from other UN agencies.

Responding to the statement, Mr Denton said: “Continued disruption to shipping through the Strait is putting enormous pressure on global food security and economic stability. ICC’s engagement in the Task Force reflects the critical role of the private sector in working with partners to deliver practical solutions to issues impacting global trade flows and the lives and livelihoods of people everywhere who depend on them.”

The Task Force’s proposed mechanism is designed to provide a structured process for facilitating the movement of vessels through the Strait while building confidence among relevant parties. It is time-bound, exceptional and limited in scope, respects the rights and obligations of states under international law, and does not transfer sovereign authority to any participating party.

The mechanism comes as maritime traffic through the Strait has fallen by more than 95% compared with pre-war levels, according to the UNOPS statement. Rising energy, fertiliser and transport costs are putting additional pressure on farmers and consumers, while the UN World Food Programme estimates that almost 45 million people could fall into acute food insecurity as a result of the disruption.

ICC has consistently warned that disruption to the movement of energy, fertilisers and other essential goods through critical trade routes can have consequences far beyond the immediate region, putting further pressure on global supply chains and economic stability.

In his statement Mr Moreira da Silva said: “It is time to give a chance to an operational mechanism to build confidence and trust… There is no peaceful path through further escalation. The immediate priority must be to reduce risks, protect civilians and civilian infrastructure, build trust and confidence and restore safe and predictable movement through the Strait.”

Source: European Central Bank

27 July 2026

• Euro area net saving was broadly unchanged at €902 billion in four quarters to first quarter of 2026, compared with €900 billion one quarter earlier
• Household debt-to-income ratio stood broadly unchanged at 81.0% in first quarter of 2026
• NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 65.6% in first quarter of 2026 from 67.1% one year earlier

Total euro area economy

Euro area net saving was broadly unchanged at €902 billion (7.0% of euro area net disposable income) in the four quarters to the first quarter of 2026 compared with €900 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €629 billion (4.9% of euro area net disposable income), due to lower net investment by non-financial corporations and financial corporations (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world increased to €307 billion (from €296 billion previously), reflecting the decreased net non-financial investment and broadly unchanged net saving. Households’ net lending increased from €591 billion to €688 billion (5.3% of net disposable income)^[1], and that of non-financial corporations increased from €92 billion to €113 billion (0.9% of net disposable income). Financial corporations’ net lending decreased from €86 billion to -€1 billion. General government net borrowing increased, contributing more negatively (-€493 billion, -3.8% of net disposable income) to euro area net lending.

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

The annual growth rate of household financial investment increased to 2.9% in the first quarter of 2026, from 2.6% in the previous quarter. Among its components, investment in pension schemes (5.5%, from 2.8%)^[2], in life insurance (2.8%, from 2.6%), and in debt securities (3.5%, from 3.2%) all grew at higher rates. Investment in shares and other equity grew at a broadly unchanged rate of 2.0%. By contrast, investment in currency and deposits increased at a lower rate (2.9%, from 3.1%).

Households were overall net buyers of debt securities, investing mainly in securities issued by the general government, while selling those issued by MFIs (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly shares issued by non-financial corporations, while buying shares issued by the rest of the world (i.e. by non-euro area residents), other financial institutions, and insurance corporations. Households also continued to be net purchasers of both non-money market investment fund shares and money market fund shares.

Data for financial investment and financing of households (Table 1)

The household debt-to-income ratio^[3] stood broadly unchanged at 81.0% in the first quarter of 2026. The household debt-to-GDP ratio decreased to 50.3% in the first quarter of 2026 from 50.6% in the first quarter of 2025 (see Chart 2).

Data for debt ratios of households and NFCs (Chart 2)

Non-financial corporations

Financing of non-financial corporations increased at an unchanged annual rate of 1.4% in the first quarter of 2026, compared with the previous quarter (see Table 2 below). Financing via loans from all creditors (2.3%), in particular loans granted by MFIs (2.9%), increased at unchanged rates (see Table 3.2 in the Annex). Intra-sector loans (which include loans between NFCs within the same group) accelerated (2.8%, after 2.4%), while loans from other financial institutions decelerated (1.3%, after 2.1%). Net issuance of shares and other equity grew at an unchanged rate (0.7%), while net issuance of debt securities (4.0%, after 3.2%) and financing via trade credit and advances (4.2%, after 4.0) grew at higher rates.

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 65.6% in the first quarter of 2026, from 67.1% in the first quarter of 2025. The broader non-consolidated debt measure decreased to 136.5%, from 137.9% over the same period (see Chart 2).

Data for financing and financial investment of NFCs (Table 2)

For queries, please use the statistical information request form.

Notes:

• These data come from a second release of quarterly euro area sector accounts for the first quarter of 2026 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2026.
• This statistical release incorporates revisions to the data since the first quarter of 2013, reflecting, amongst others, the inclusion of Bulgaria in the euro area aggregates for this period.
• The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
• The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters to the reference quarter for both numerator and denominator.
• The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
• Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
• The ECB publishes experimental Distributional Wealth Accounts (DWA) which provide additional breakdowns for the household sector. The release of results for 2026 Q1 will take place on 24 August 2026.

Source: European Central Bank

27 July 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.3% in June 2026 from 3.0% in May, averaging 3.0% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 3.4% in June from 3.7% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 2.8% in June from 1.4% in May. The annual growth rate of marketable instruments (M3-M2) increased to 4.5% in June from 3.2% in May.

Data for monetary aggregates

Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.2 percentage points (down from 2.4 percentage points in May), short-term deposits other than overnight deposits (M2-M1) contributed 0.8 percentage points (up from 0.4 percentage points) and marketable instruments (M3-M2) contributed 0.3 percentage points (up from 0.2 percentage points).

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 2.6% in June from 2.8% in May, while the annual growth rate of deposits placed by non-financial corporations increased to 5.3% in June from 4.2% in May. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 1.6% in June from ‑0.6% in May.

Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in June 2026, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 3.1 percentage points (as in the previous month), net external assets contributed 2.2 percentage points (up from 1.9 percentage points), claims on general government contributed 0.1 percentage points (up from 0.0 percentage points), longer-term liabilities contributed -1.6 percentage points (down from -1.4 percentage points), and the remaining counterparts of M3 contributed -0.5 percentage points (up from -0.6 percentage points).

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro area residents

The annual growth rate of total claims on euro area residents stood at 2.4% in June 2026, unchanged from the previous month. The annual growth rate of claims on general government increased to 0.3% in June from 0.1% in May, while the annual growth rate of claims on the private sector stood at 3.3% in June, unchanged from the previous month.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 3.9% in June, unchanged from the previous month. Within the non-financial private sector, the annual growth rate of adjusted loans to households stood at 3.0% in June, and the annual growth rate of adjusted loans to non-financial corporations stood at 4.0% in June, both unchanged from the previous month.

Data for adjusted loans to the private sector

Notes:

• Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
• “Private sector” refers to euro area non-MFIs excluding general government.
• Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

Source: Toyota

Headline: Toyota, Volvo Group and Daimler Truck AG sign binding agreement for Toyota to join cellcentric as equal shareholder

The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation (Toyota) have signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each owner to hold one third. The agreement follows the previous non-binding agreement signed at the end of March this year. Completion of the transaction is conditional upon obtaining regulatory approvals. Through the collaboration, the parties intend to strengthen cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.

Source: Reserve Bank of India

Tenor 3-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 12,720 Amount allotted (in ₹ crore) 12,720 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA Ajit Prasad           Deputy General Manager (Communications)     Press Release: 2026-2027/757

Source: Reserve Bank of India

(Amount in ₹ crore, Rate in Per cent)

Money Markets@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,80,990.58 5.07 0.01-5.40      I. Call Money 20,906.96 5.12 4.60-5.20      II. Triparty Repo 4,78,230.15 5.05 4.90-5.25      III. Market Repo 1,75,386.02 5.10 0.01-5.40      IV. Repo in Corporate Bond 6,467.45 5.29 5.25-5.35 B. Term Segment            I. Notice Money** 81.85 5.04 4.85-5.15      II. Term Money@@ 153.50 – 5.40-6.10      III. Triparty Repo 2,802.00 5.10 5.05-5.25      IV. Market Repo 736.00 5.40 5.38-5.40      V. Repo in Corporate Bond 0.00 – –

RBI Operations@ Auction Date Tenor (Days) Maturity Date Amount Current Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate           2. Variable Rate&                (a) Repo Operation                (b) Reverse Repo Operation           3. MSF# Fri, 24/07/2026 1 Sat, 25/07/2026 55.00 5.50 Fri, 24/07/2026 2 Sun, 26/07/2026 0.00 5.50 Fri, 24/07/2026 3 Mon, 27/07/2026 0.00 5.50 4. SDFΔ# Fri, 24/07/2026 1 Sat, 25/07/2026 1,74,908.00 5.00 Fri, 24/07/2026 2 Sun, 26/07/2026 0.00 5.00 Fri, 24/07/2026 3 Mon, 27/07/2026 3,509.00 5.00 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,78,362.00   II. Outstanding Operations 1. Fixed Rate           2. Variable Rate&                (a) Repo Operation Mon, 20/07/2026 7 Mon, 27/07/2026 72,051.00 5.26      (b) Reverse Repo Operation           3. MSF#           4. SDFΔ#           D. Standing Liquidity Facility (SLF) Availed from RBI$       12,979.66   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     85,030.66   F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -93,331.34

Reserve Position@ Date Amount G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on July 24, 2026 8,10,498.68      (ii) Average daily cash reserve requirement for the fortnight ending^ July 31, 2026 8,15,720.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 24, 2026 0.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on June 30, 2026 4,99,485.00

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, will participate in the 10th ASEAN Media Forum (AMF), to be held in Manila, the Philippines, on 29-30 July 2026.

Marking a decade of fostering a regional dialogue, the AMF serves as a key platform connecting regional media leaders and chief editors with ASEAN policymakers. This year’s edition will feature an interactive media interface session with SG Dr. Kao, as well as a special “Conversation with the Chair” session with the Secretary of Foreign Affairs of the Republic of the Philippines and Chair of ASEAN Foreign Ministers’ Meeting (AMM) 2026, H.E. Ma. Theresa P. Lazaro, focusing on the priorities of the Philippine ASEAN Chairship.

The AMF will also host panel discussions on critical regional topics, including maritime cooperation, economic integration, and the strategic narrative of the ASEAN Community Vision 2045. The AMF is supported by the German Federal Government through GIZ cooperation project.
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Source: Samsung

Just as everyone has different tastes in music and movies, the works of art that move us are deeply personal. Some find comfort in clean lines and structured compositions, while others are drawn to bold colors or dreamlike, mysterious imagery. The moment you discover your own artistic taste among countless works, the way you experience space begins to change.

Samsung Art Store brings together everything from classical masterpieces to contemporary works from world-renowned museums, galleries and artists, all on a single screen. It allows you to build a personal gallery tailored to your shifting tastes through monthly themed curations and collections from leading global art fairs.

So, which artistic movement best reflects your taste? Take a simple test below to discover your signature artistic style, and find the perfect Samsung Art Store collections to bring a fresh new atmosphere into your everyday space.

Source: ASEAN

The 44th ASEANAPOL Conference brought together Chiefs of Police and senior law enforcement representatives from ASEAN Member States, alongside ASEANAPOL’s Dialogue Partners and Observers in Manila, the Philippines, on 22-26 July 2026.

The Conference served as a platform for police chiefs and senior officials to exchange best practices, strengthen operational coordination and advance collective efforts to address transnational crime and emerging regional security challenges. The ASEAN Secretariat delegation was led by Deputy Secretary-General of ASEAN for ASEAN Political-Security Community, H.E. Dato’ Astanah Abdul Aziz, who highlighted recent developments in law enforcement cooperation and other complementary initiatives in ASEAN.

Image credit: Philippine National Police
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Source: ASEAN – Association of SouthEast Asian Nations

The Thirty-Third Meeting of the ASEAN Regional Forum (ARF) was held in Manila, Philippines, on 23 July 2026. The Meeting was chaired by H.E. Ma. Theresa P. Lazaro, Secretary of Foreign Affairs of the Philippines, under the ASEAN 2026 Chairship theme of “Navigating Our Future, Together”.The Meeting was attended by the Foreign Ministers and Representatives of all ARF Participants, as well as the Secretary-General of ASEAN. The list of Heads of Delegations appears as ANNEX 1.

Download the full statement here.
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