Blog

MIL-OSI USA: Child Care Assistance Is Available for South Carolinians Affected by Hurricane Helene

Source: US Federal Emergency Management Agency

Headline: Child Care Assistance Is Available for South Carolinians Affected by Hurricane Helene

Child Care Assistance Is Available for South Carolinians Affected by Hurricane Helene

South Carolinians affected by Hurricane Helene may be eligible for FEMA Child Care Assistance even if they did not have property damage.FEMA may award payment for Child Care Assistance under its Other Needs Assistance program to those with disaster-caused child care expenses following Hurricane Helene. Residents in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation are eligible to apply.Child Care Assistance covers standard child care service fees and/or personal assistance services for children with a disability, as defined by federal law.Assistance may be available for up to eight weeks per child or household, up to a maximum of $150 per child.Eligibility CriteriaFEMA Child Care Assistance addresses disaster-related expenses for eligible households with children aged 13 and under and/or households with children with a disability up to age 21, who need assistance with activities of daily living such as eating, bathing, dressing, toileting, transferring (walking) and continence, and more.Eligibility begins on the date of the incident period for the declared disaster and continues through the end of the 18-month period of assistance unless the time is extended.Child care registration fees and health inventory fees are eligible expenses for applicants who require a new child care service provider.A registration fee is a one-time fee when registering an eligible child with an authorized child care provider.A health inventory fee is a medical office fee for processing required medical paperwork as part of the registration process.To qualify for Child Care Assistance, the general conditions must be met for FEMA Individual Assistance eligibility, and the applicant must have necessary expenses (child care facility damaged or inoperable) caused by the disaster. In addition to meeting the general conditions of eligibility as a direct result of the disaster, households must have a disaster-caused increase in financial burden for child care.The applicant’s gross household income has decreased; orThe applicant’s child care expenses have increased.Households must certify they cannot utilize child care services provided by any other source to qualify for Child Care Assistance. Households must submit documents showing a disaster-caused need for Child Care Assistance and amount of eligible expenses.Documents RequiredPre- and post-disaster gross household income documentation.Pre-disaster receipts, contract, or signed letter from the child care provider for child care expenses.Post-disaster receipts or estimates for child care fees, registration, and/or health inventory fees.A post-disaster child care provider’s license and post-disaster child care contract or agreement.Individualized Educational Plan (IEP), 504 plan, or a medical professional’s statement, if applicable, to verify disability for children up to age 21 who need assistance.A signed, written statement from the applicant.Limitations and ExclusionsIf a child is a member of multiple households, FEMA will only award Child Care Assistance to the primary custodial parent or guardian responsible for child care costs.FEMA will not help with any of the following:Fees for extra-curricular activities, educational services and additional services.Fees not related to the day-to-day child care services provided to the eligible child.Fuel expenses related to transporting the child to and from the child care provider.Medical care or services.Recreational camps or clubs.Households who did not have child care expenses pre-disaster but have incurred or will incur child care expenses because of the disaster may also be eligible, but must meet additional eligibility requirements.For additional information, contact the FEMA Helpline at 800-621-3362 or visit a Disaster Recovery Center. To find a center near you, visit fema.gov/drc.It is not necessary to go to a center to apply for FEMA assistance. Homeowners and renters in designated counties can go online to DisasterAssistance.gov, call 800-621-3362 or use the FEMA mobile app to apply. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.FEMA programs are accessible to survivors with disabilities and others with access and functional needs.
kwei.nwaogu
Wed, 11/06/2024 – 03:28

MIL OSI USA News –

January 26, 2025
MIL-OSI Economics: Unlocking Transport Connectivity in the Caucasus and Central Asia

Source: Asia Development Bank

The geopolitical tensions and economic disruptions unleashed by the Russian invasion of Ukraine in February 2022 created new opportunities and challenges for transport corridors through the Caucasus and Central Asia. The transit complications through routes via the Russian Federation fostered renewed attention to the Middle Corridor and redirected trade flows through many countries of the Central Asia Regional Economic Cooperation (CAREC) region. However, infrastructural hurdles, supply chain difficulties, gaps in regional integration and connectivity, complex geographies, and high transport costs continue to limit CAREC countries’ ability to fully unlock the potential of a sustained increase in trade and development.

Unlocking Transport Connectivity in the Caucasus and Central Asia addresses these constraints and explores ways to enhance the efficiency of transport through the Middle Corridor, offering significant economic benefits for the CAREC region. These benefits include boosting cross-border trade, gross domestic product, investment, and employment while reducing transportation costs. However, there are major barriers to infrastructural investment, including the availability and costs of long-term financing, high initial costs, investment shortfalls, high risks, and uncertain benefits.

The book discusses key developments in transport and trade through the Middle Corridor, focusing on CAREC transport corridor growth, its trade and economic impacts, and the digital, regulatory, infrastructural, and logistical dynamics.

MIL OSI Economics –

January 26, 2025
MIL-OSI Australia: Tariffs axed for Aussie farmers exporting to the UAE

Source: Minister for Trade

The signing of the Australia – United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) paves the way for the elimination of tariffs on Australia’s key agricultural exports to the United Arab Emirates (UAE) and solidifies both countries’ intent to drive investment in the sector.

This trade agreement builds on the Albanese Labor Government’s trade wins for Australian farmers, creating new opportunities for exporters to diversify and expand their markets.

The deal eliminates tariffs on over 99 per cent of Australia’s exports to the UAE, including on key products like meat, dairy, grains and oilseeds, chickpeas, lentils, nuts, horticulture and honey.

Australian farmers and producers will benefit from an estimated $50 million annually in tariff savings alone.

Canola seeds are Australia’s largest agriculture export to the UAE, topping $741 million in 2023; and our red meat exports to the UAE were worth over $480 million in 2023. Australian exporters of these products will receive duty-free access from day one of the deal coming into force.

The deal establishes modern, flexible and trade-facilitating outcomes with the UAE on rules of origin and commitments for customs procedures. These conditions, combined with the removal of tariffs, create commercially significant benefits for Australian exporters.

Significantly, the deal contains Australia’s first standalone chapter on sustainable agriculture and food systems.

This recognises agriculture’s essential role in ensuring food security and driving climate resilience, emissions reductions and other environmental outcomes, while also ensuring that sustainability measures are not applied with a ‘one-size-fits-all’ approach or create barriers to trade.

The trade and investment package includes an MOU for cooperation in Food and Agriculture investment.

Details of the outcomes, including independent modelling and key benefits to agricultural businesses and Australia more broadly are published on the DFAT website: Australia-UAE Comprehensive Economic Partnership Agreement (CEPA)

Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:

“The Albanese Government is delivering on its commitment to open up new opportunities for our exporters, farmers, producers and businesses to diversify their markets.

“The UAE is an important export market for Australian products – it’s our largest market in the Middle East, with two-way trade valued at $9.9 billion in 2023. The UAE also acts a distribution hub for the Gulf region.

“This is a great deal for Australian farmers and producers – over 99 percent of Australian products will enter the UAE tariff free.

“This deal means more than just numbers. Every product we export to the world translates to thousands of Australian jobs.”

Quotes attributable to Minister for Agriculture, Fisheries and Forestry, Julie Collins MP:

“The Australia-UAE FTA is an excellent outcome for the Australian agriculture, fisheries and forestry sector, saving industry $50 million a year.

“It further enhances market access and diversification opportunities for our producers to an extremely lucrative market, not only in the UAE but across the whole of the Middle East as the UAE is an important trading hub for the region.

“I am proud to say that it is the first FTA to contain a standalone chapter on sustainable agriculture and food systems, recognising agriculture’s essential role in ensuring food security, driving climate resilience, emissions reductions and other environmental outcomes. It also ensures that sustainability measures are not applied with a “one-size fits all approach” and do not create barriers to trade for our world class agricultural exports.

“In 2023-24, Australia exported over 70 per cent of its agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been. This is thanks to our Government.”

MIL OSI News –

January 26, 2025
MIL-Evening Report: Elon Musk’s flood of US election tweets may look chaotic. My data reveals an alarming strategy

Source: The Conversation (Au and NZ) – By Timothy Graham, Associate Professor in Digital Media, Queensland University of Technology

As voting booths in the United States close and the results of the presidential election trickle in, tech billionaire Elon Musk has been posting a flurry of tweets on his social media platform, X (formerly Twitter). So too has Republican presidential nominee Donald Trump.

At first glance these tweets might appear chaotic and random. But if you take a closer look, you start to see an alarming strategy behind them – one that’s worth paying very close attention to in order to understand the inner workings of the campaign to return Trump to the White House.

The strategy has two immediate aims. First, to overwhelm the information space and thereby manage attention. Second, to fuel the conspiracy theory that there is a coordinated campaign among Democrats, the media and big tech to steal this election.

But it’s important to understand that the strategy on X is part of a master strategy of Trump’s campaign: a backup plan in case of a Trump loss, designed to encourage the public to participate in a grand re-wiring of reality via the meta-narrative of widespread voter fraud.

Overwhelm the information space

Musk has long been a prominent user of X, even before he became the owner, chief technology officer and executive chairman of the platform.

But as I reported last week, since he endorsed Trump in July, engagement with his account has seen a sudden and anomalously large increase, raising suspicions as to whether he has tweaked the platform’s algorithms so his content reaches more people.

This trend has continued in recent days.

As well as posting on X, earlier today Musk also held a “freeform” live discussion on the platform about the election. It lasted for nearly one and a half hours. Around 1.3 million people tuned in. This is one of many live discussions he has hosted about the election over the past months, including notably with Trump.

In an information war, everything is about attention management. Platforms are designed to maximise engagement and user attention above and beyond anything else. This core logic of social media is highly exploitable: who controls attention controls the narrative. In Australia, the “Vote No” campaign during last year’s referendum on Indigenous representation in government was a masterclass in attention management.

By bombarding audiences, journalists, and other key stakeholders with a constant supply of allegations, rumours, conspiracy theories and unverifiable claims, Musk and the Trump campaign eat up all the oxygen of attention. When everyone is focussed on you and what you’re saying, they are distracted from what the other side is saying.

And Musk and Trump want people to focus on the idea that the election is going to be stolen.

Fuel the election fraud narrative

From the beginning of the year, the narrative that the US presidential election is at risk of being defrauded has been steadily gaining steam. But in the past week leading up to election day, it has gone gangbusters.

For example, starting on October 27, Trump started posting on X using the #TooBigtoRig hashtag. This refers to the idea that Trump will win the election by such a large margin that the result will be incontestable. Up to this point, the #TooBigToRig campaign was driven by Trump supporters. Now, Trump has officially joined – giving it the ultimate legitimacy.

There has also been a dramatic spike over the last week in posts using similarly themed hashtags such as #ElectionFraud, #ElectionInterference, #VoterFraud and #StopTheSteal.

Musk himself hasn’t been using these hashtags very much (although replies to him from other users are riddled with them). But he has been posting material that aligns with them. For example, earlier today he retweeted a post which claimed the electronic voting system in the US was insecure. Musk added: “Absolutely”.

He has also falsely accused Google of encouraging Americans to vote for Democratic nominee Kamala Harris.

And as some early results have started trickling in, Musk has posted about Trump’s odds of winning being nearly 70%.

“The prophecy has been fulfilled,” Musk wrote.

Participatory disinformation

In many ways this has all the hallmarks of participatory disinformation. This concept, developed by computer scientist Kate Starbird and colleagues, explains how both ordinary people as well as politicians and influential actors become active participants in spreading false narratives.

Unlike the top-down model of propaganda, participatory disinformation describes how grassroots activists and regular people – often with strong convictions and genuine intentions – contribute to spreading and evolving narratives that are not grounded in facts. It is a collaborative feedback loop involving both elite framing of issues and collective sensemaking and “evidence” gathering.

Before war breaks out, there are clear signs of what’s about to unfold, even if a country publicly denies they are preparing for battle. Blood supplies, troops and weaponry are transported to the border in preparation for an invasion.

The same thing is at play here, except the weapon is us.

The flood of tweets by Musk and Trump, in particular, is setting the stage for a full-blown participatory disinformation campaign to undermine the election results.

Timothy Graham receives funding from the Australian Research Council (ARC) for his Discovery Early Career Researcher Award, ‘Combatting Coordinated Inauthentic Behaviour on Social Media’. He also receives ARC funding for the Discovery Project, ‘Understanding and combatting “Dark Political Communication”‘ (2024–2027).

– ref. Elon Musk’s flood of US election tweets may look chaotic. My data reveals an alarming strategy – https://theconversation.com/elon-musks-flood-of-us-election-tweets-may-look-chaotic-my-data-reveals-an-alarming-strategy-243021

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI New Zealand: State Highway 1 Weld Pass to close for truck recovery

Source: New Zealand Transport Agency

State Highway 1 Weld Pass will be closed Thursday night (7 November) to allow a crashed truck to be recovered and removed.

The truck crash occurred before five am on Wednesday morning – the vehicle overturned and went down a bank south of Blenheim on Weld Pass.

Crash site, SH1 Weld Pass

Heavy lifting and heavy towing equipment will be needed to recover the vehicle, and trailer. Its load also has to be removed.

Because of the crash location and the road’s narrowness, a full road closure is necessary to complete the recovery work.

State Highway 1 will be closed between Blenheim and Seddon from seven pm to five am. There will be one opening at midnight to let queued traffic through, and then the road will be closed again.

Access through Weld Pass will be available for emergency services at all times, and the highway will be reopened earlier if the crash site is cleared ahead of schedule. Updates on the highway’s status can be found on the NZTA/Waka Kotahi website:

It is recommended drivers detour via the inland route – SH7 to Springs Junction, SH65/SH6 Murchison/Kawatiri Junction, and SH63 St Arnaud/Wairau Valley.

This significantly longer route adds over 90 minutes to travel times between Christchurch and Blenheim. Drivers must factor this into their travel plans, especially those with Picton Ferry connections.

For safety reasons, this vehicle must be removed as soon as possible. NZTA/Waka Kotahi thanks the public for their patience and understanding while this crash scene is cleared.

Detour map

MIL OSI New Zealand News –

January 26, 2025
MIL-OSI Asia-Pac: LCQ18: Promoting the development of low-altitude economy

Source: Hong Kong Government special administrative region

Following is a question by the Hon Elizabeth Quat and a written reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (November 6):Question: Low-altitude economy is one of the country’s strategic emerging industries, and the 2024 Policy Address has proposed to establish the Working Group on Developing Low-altitude Economy to formulate strategies and interdepartmental action plans for the development of low-altitude economy. In this connection, will the Government inform this Council:(1) whether the Government will set up research and development (R&D)-cum-test flight bases for low-altitude economic technologies in Hong Kong, so as to actively promote R&D and application certification of drones and electric vertical take-off and landing (eVTOL) aircrafts, including conducting studies on how to design vertical take-off and landing points, how to ensure aviation safety of drones and eVTOL aircrafts in airways of narrow urban area or structurally complex landscape, the related automated flight technologies, remote control flight design, etc.;(2) as there are views pointing out that radio mobile communication network is indispensable for promoting low-altitude economic activities, whether the Government will, in respect of the planning of dedicated spectrum resources for low-altitude communications, advance discussions with telecommunications operators on the licensing arrangements for fifth generation (5G)/sixth generation (6G) mobile services radio base stations, and make planning for the allocation of dedicated spectrum resources for low-altitude communications towards building a low-altitude intelligent network;(3) whether the Government will assist telecommunications operators in advancing the testing and construction of the relevant ancillary network facilities, and formulate supporting policies (e.g. tax concessions) to encourage the early construction of a low-altitude intelligent network by telecommunications operators, including (i)‍ expediting the integration of various technologies such as 5G and 5G-Advanced (i.e. 5G-A with new enhanced capabilities such as integrated sensing and communication), BeiDou Navigation Satellite ‍System, satellite interconnection network, automatic dependant‍ surveillance-broadcast system, radar, etc., (ii) improving the‍ construction of an ancillary facilities network in respect of‍ low-‍altitude communications, navigation, surveillance, identification, meteorology, counter-drone, etc., and (iii) achieving interconnection with the relevant platforms in Guangdong Province and collating sensory data of various regions, so as to progressively build a comprehensive central low-altitude intelligent network serving the entire Guangdong-Hong Kong-Macao Greater Bay Area (GBA);(4) as there are views that the development of low-altitude economy hinges on talents in different fields (including interdisciplinary talents in aviation, law, finance and engineering), whether the Government will estimate the number of talents required in different fields, conduct studies on the formulation of unified professional standards (including the certification standards of software and hardware, as well as the arrangements for mutual recognition of licences of the relevant professionals in GBA), and provide the relevant training;(5) as there are views pointing out that low altitude-international civil aviation intermodal transport is a cost-‍effective and convenient mode of travelling, and Mainland residents can fly to urban areas in Hong Kong or directly to the airport from in-town take-off and landing points in other Mainland GBA cities by helicopters or eVTOL aircrafts before making use of the frequents flights departing from Hong Kong to travel to places all over the world, while travellers from all over the world can use Hong Kong as a hub to travel to and from other Mainland GBA cities by helicopters or eVTOL aircrafts, and Hong Kong residents can also travel to and from urban areas in the Mainland via take-off and landing points in the urban areas of Hong Kong, whether the Government will conduct studies to improve the policy on low altitude traffic rights in GBA and enhance the utilization grouping of air traffic rights, including establishing low-altitude transport agreements with the relevant Mainland authorities, negotiating the extension of the existing civil aviation traffic rights to low-altitude airspace, and drawing up co-location or joint boundary control arrangement for low-altitude intercity transport, with a view to establishing such intermodal transport; and(6) as it is learnt that the Shenzhen Municipal Plan for Constructing High-quality Taking-off/Landing Facilities for Low-altitude Flying ‍(2024-2025) published by the Shenzhen Development and Reform ‍Commission has proposed the construction of more than 1 ‍000 ‍low-‍altitude aircraft take-off and landing platforms and 123‍ new‍ take-off and landing points for logistic transportation by the end of 2025, and that the Implementation Plan for Low-altitude Economic Development in Guangzhou Province issued by the People’s‍ Government of Guangzhou Province has also proposed the construction of more than five new hub-type vertical take-off and landing ports and more than 100 new regular take-off and landing points by 2027, and it has been reported that at present, there are 30, 8 and 11 national general aviation airports in Shenzhen, Guangzhou and Shanghai respectively, whether the Government will draw reference from the experience of the aforesaid cities in planning the construction of general aviation airports as well as take-off and landing points for low-altitude aircrafts and logistic transportation in Hong Kong; if so, of the details; if not, the reasons for that?Reply:President, Low-altitude economy (LAE), with its great potentials, can be applied widely in different areas and help promote the development of various industries, thereby injecting new impetus into Hong Kong’s economy. In the 2024 Policy Address, the Chief Executive announced the work direction for promoting the development of LAE, including the establishment of the Working Group on Developing LAE (the Working Group) led by the Deputy Financial Secretary to formulate development strategies and action plans. The Government will commence work on various fronts to press ahead with the promotion of LAE as one of the growth engines of new quality productive forces. In consultation with the Commerce and Economic Development Bureau, the Development Bureau, the Innovation, Technology and Industry Bureau, the Civil Aviation Department (CAD) and the Office of the Communications Authority (OFCA), the reply to Hon Elizabeth Quat’s question is as follows:(1) and (6) Promoting the development of LAE requires coordination of different policies, among which the development of infrastructure is of paramount importance. In the long run, the vibrant development of low-altitude activities requires a highly efficient, intelligent and digitalised low‑altitude infrastructure system to manage the networks of low‑altitude activities in real time and address the complex management and safety issues arising from low-altitude flying activities. Therefore, the Working Group will embark on technical studies and planning for low-altitude infrastructure. The scope of studies include the design of take-off/ landing points and related hardware facilities (including charging facilities, spatial requirements), air route network, communications network, signal reception of the global navigation satellite system, requirements of the low-altitude surveillance system, etc. We note that some Mainland cities are planning to develop take-off/ landing point networks for low-altitude aircraft, with a view to facilitating different low-altitude flying activities. The Working Group will continue to closely monitor and make reference to the latest development in Mainland cities in respect of infrastructural development for LAE, and deploy relevant planning in Hong Kong according to local conditions. We are of the view that large-scale land creation projects such as the Northern Metropolis are well-positioned to provide sufficient land and design flexibility to cope with the land and spatial requirements of the infrastructural needs arising from LAE. In terms of specific town planning, facilities related to LAE such as vertiports and charging facilities can generally be accommodated under the permitted uses of the relevant zoning or their ancillary uses. In addition, even for developed areas, having regard to the economic development potentials and demand for LAE in the area, the Government will make feasible and pragmatic arrangements accordingly. The overall development of low-altitude infrastructure is a huge systematic project. The Working Group will co-ordinate the work of different bureaux and departments to ensure that the relevant work complements one another. As regards the promotion of technological research and development (R&D) in LAE, the Government has all along been supporting R&D in different technology areas through the Innovation and Technology Fund (ITF), including supporting local universities, R&D centres and enterprises to conduct R&D in electronics, data transfer and processing, which are related to LAE, through funding schemes under ITF. To promote the development of the innovation and technology (I&T) industry, the Government encourages enterprises (including those involved in industries related to LAE) to set up R&D centres and new smart production lines in Hong Kong, including enabling production activities by capitalising on resources of Hong Kong’s existing manufacturing industry, to promote the development of the real economy. (2) and (3) Among the various infrastructure facilities, mobile radio communications network is inevitably an indispensable part for promoting low-altitude flying activities. To promote the effective use of spectrum and prevent interference among different services, the Communications Authority (CA) takes into account multiple factors in planning spectrum, including recommendations of the International Telecommunication Union, development trends in the Mainland and worldwide, relevant users’ demand for various radio equipment, technological development etc., for designating the uses of relevant spectrum bands, such as public mobile services, fixed services, broadcasting services and fixed satellite services. At present, unmanned aircrafts for aerial photography or performances can generally use the shared 2.4 GHz and 5 GHz bands assigned for wireless local area networks, or the fourth generation (4G) or fifth generation (5G) mobile networks for remote control, data transmission, and positioning purposes. The Government will conduct two spectrum auctions in November 2024 and another one in 2025. The spectrum concerned can effectively support the operation of unmanned aircrafts. The OFCA will continue to closely monitor telecommunications market developments in the Mainland and worldwide, including the feasibility of planning dedicated spectrum bands for the exclusive use of unmanned aircrafts, so as to ensure that the spectrum planning in Hong Kong will align with the Mainland and other advanced economies, thereby promoting the development of LAE activities in Hong Kong. On the development of mobile network, the Government has been implementing different initiatives to encourage mobile network operators (MNOs) to expand their communications infrastructure, including enabling MNOs to access the reserved space in specified buildings with building plans approved on or after April 1, 2025 to install and maintain mobile communications facilities through the amendment to the Telecommunications Ordinance (Cap. 106) (TO), proactively facilitating MNOs in installing radio base stations (RBSs) at government premises through pilot scheme, reserving space and loading capacity on multi-functional smart lampposts in various districts for installation of RBSs by MNOs, improving mobile coverage in remote and rural areas through subsidy scheme and actively coordinating 5G network capacity expansion at major public event venues, etc. In addition, under the amended Inland Revenue Ordinance (Cap. 112) which came into effect in January this year, MNOs can enjoy tax deductions for spectrum utilisation fees payable on radio spectrum acquired in future, providing greater incentives for MNOs to participate in spectrum auctions and invest in mobile network infrastructure to further improve network quality. On conducting tests, CA will issue permits pursuant to section 7E of the TO for short-term assignment of spectrum in different frequency bands to MNOs and other interested parties free of charge, so that they can use their radio equipment for various radio transmission tests and applications, including unmanned aircrafts. In the meantime, the Government will take forward the regulatory sandbox pilot projects progressively starting from early next year to explore more application scenarios for low-altitude flying activities. The pilot projects will be conducted under different scenarios to test various technical and ancillary facilities requirements, including the mobile radio communications network, signal reception of the global navigation satellite system and requirements of the low-altitude surveillance system, etc. The experience and data gathered from the implementation of pilot projects will help the Government formulate appropriate infrastructure system and related network supporting facilities in the long run. The Government will also continue to closely monitor and make reference to the latest developments in the Mainland, worldwide and other developed regions, drawing reference from the experience of other places to ensure that the infrastructure and ancillary facilities to be built will be compatible with those in the Mainland and worldwide. (4) The development of LAE requires talents in various fields, including those engaging in industries such as I&T. In respect of I&T talents, the Government has been adopting a multi-pronged approach to enlarging the local I&T talent pool. For example, regarding the nurturing of I&T talents, the Government launched the STEM Internship Scheme and sponsored the Innovation and Technology Scholarship, which encourage university students to experience I&T-related work and take part in in I&T-related exchange activities respectively. The Government also launches different schemes to assist the youth in pursuing a career in I&T after graduation. For example, through the Research Talent Hub, the Government funds qualified institutions and enterprises to recruit university graduates of STEM subjects (Science, Technology, Engineering and Mathematics) to conduct R&D work. The Hong Kong Science and Technology Parks Corporation and Cyberport also provide the youth with internship and start-up opportunities through various schemes. In order to facilitate talent admission to Hong Kong, the Technology Talent Admission Scheme handles applications that involve the admission of non-local talent to undertake R&D work in Hong Kong expeditiously, covering 14 technology areas. While taking forward the development of LAE, the Government will review the talents required by the relevant industries and make timely planning accordingly. (5) The Government and the Civil Aviation Administration of China (CAAC) expanded the Memorandum of Understanding under the Air Services Arrangement between the Mainland and the Hong Kong Special Administrative Region in 2019, under which designated helicopter operators of both sides may operate flights between take-off/ landing points in Hong Kong and within the whole Guangdong Province that fulfill relevant customs, immigration and quarantine (CIQ) arrangements. This greatly enhances the choice of potential take-off/ landing points and the flexibility of services, providing a solid basis for expanding cross-boundary helicopter services between Hong Kong and other cities in the Guangdong–Hong Kong–Macao Greater Bay Area. Hong Kong and Guangdong will continue to explore measures to promote cross-boundary commercial helicopter services within the framework of the above-mentioned air services arrangement. The Transport and Logistics Bureau will also maintain close communication with CAAC on the relevant air services arrangement. At present, there are two cross-boundary heliports in Hong Kong with permanent CIQ facilities, namely the cross-boundary heliports at the rooftop of the Sheung Wan Hong Kong-Macau Ferry Terminal and the Hong Kong International Airport (HKIA). Since 2019, serveral Mainland helicopter operators conducted trial flights between Hong Kong and Shenzhen/ Guangzhou. Relevant services are technically and operationally feasible. The Government will continue to facilitate the trial flight activities carried out by the helicopter operators, with a view to implementing cross-boundary helicopter services between Hong Kong and Guangdong as soon as possible. In addition, HKIA launched the Business Jet & Commercial Flight Wing-to-Wing Transfer Service in March this year, which allows passengers arriving at HKIA using cross-boundary helicopters and business jets to directly proceed to transfer to commercial flights under the escort of staff within the airside area, and vice versa. As the service can save about one-third of the transit time for travellers, it will help promote their use of cross-boundary helicopter services and transit through HKIA. The Government will continue to closely monitor the development and market demand of cross-boundary helicopter services and the services of other Advanced Air Mobility, and review the development of relevant facilities in a timely manner.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Australia: Opinion piece: Farming Power games squeeze the little guys

Source: Australian Treasurer

Many Australian markets are dominated by a few big firms. Worse, over recent decades, market concentration has increased.

A lack of competition doesn’t just harm consumers; it can also hurt businesses that have to deal with monopolies.

Small‑scale farmers are the meat in a market concentration sandwich. Upstream, there is often no choice about dealing with large‑scale providers on inputs. Downstream, there is often no choice about negotiating with larger processors and retailers.

In a new analysis, I study the competition squeeze on Australia’s farmers. For many commodities, there are a diverse range of farmers, making farming itself quite competitive. But that isn’t true of the markets where farmers buy their inputs and sell their outputs.

A common way of measuring concentration is to look at the market share of the top 4 firms. When it comes to the inputs farmer buy, these markets can be heavily concentrated. In fertiliser manufacturing, the biggest 4 firms have 62 per cent of the market. In hardware and building supplies, the top 4 have 49 per cent of the market. For garden supplies, the leading 4 have 33 per cent.

Downstream, farmers deal with concentrated markets for freight, processing and retailing. In rail freight, the largest 4 firms have a market share of 64 per cent. In shipping, the top 2 have 85 per cent.

In fruit and vegetable processing, the big 4 have 34 per cent of the market. For meat processing, the top 4 have 44 per cent of the market. The 2 major supermarkets have two‑thirds of the market.

For many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

A few examples show how market concentration hurts farmers. When it comes to seeds, the US Department of Agriculture found last year that the sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’. In the 3 decades from 1990 to 2020, the average seed price quadrupled.

Or take wine.

There are many wine growers, but few wine makers. A wine grape market study completed by the Australian Competition and Consumer Commission (ACCC) found that the largest 1 per cent of winemakers accounted for over 80 per cent of wine production. In winemakers’ dealings with grape growers, the ACCC raised questions about slow payment times and a lack of transparency.

Beef markets have problems too. In a market study, the ACCC found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction.

The ACCC pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

As for supermarkets, a report from the House of Representatives Economics Committee, chaired by Daniel Mulino MP, summed up the problem crisply: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

Our Labor government is committed to ensuring farmers get a better deal.

First, a few months after winning office, we passed legislation banning unfair contract terms. These tougher laws were important last year, when the ACCC investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers.

Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects. Fertiliser suppliers co‑operated and changed the contract terms to address the ACCC’s concerns.

Second, we’re making the Food and Grocery Code mandatory, with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

We released exposure drafts for consultation in September and we aim to introduce legislation into the parliament later this year.

Third, Treasurer Jim Chalmers directed the ACCC to undertake a 12‑month inquiry into supermarkets. The interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

In the next phase of the inquiry, the ACCC will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain. It will hand a final report to the government in February 2025.

Fourth, we recently appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options. Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

Fifth, we have announced the most significant reforms to merger settings in almost 50 years. The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

Sixth, the Albanese government is working with state and territories to revitalise National Competition Policy. The original National Competition Policy underpinned a generation of growth from the 1990s. We are aiming to strike agreement with states and territories for the next phase of reforms by the end of the year.

A lack of competition across Australia’s agricultural supply chains is bad for small‑scale farmers. It can mean higher prices for inputs and lower prices for outputs. Power imbalances in negotiating contracts. A lack of transparency around prices. Farmers can find themselves at the mercy of both monopoly power and its evil twin, monopsony power.

It isn’t just farmers who are squeezed. A lack of competition has long‑term consequences for Australia’s economic and environmental sustainability and profitability. That’s why our government is focused on practical solutions to improve Australia’s competition settings. To make things fairer for farmers, and fairer for families.

MIL OSI News –

January 26, 2025
MIL-OSI Russia: An innovative method for cleaning wells from plugs was patented at Novosibirsk State University

Translation. Region: Russian Federation –

Source: Novosibirsk State University – Novosibirsk State University –

Employees Center for Technology Transfer and Commercialization of Novosibirsk State University (CTTC NSU) together with colleagues Faculty of Mechanics and Mathematics of NSU patented two innovative methods for cleaning wells from asphalt-resin-paraffin deposits (ARPD), which are formed during the operation of wells. In the first version, cleaning is carried out with the help of service companies, while oil workers can use the second method themselves.

Almost all Russian companies periodically face the need to remove heavy oil fraction deposits from wells, which significantly complicate the extraction of oil and gas.

The standard method involves immersing a heating device into the well, which is connected to a special power cable and melts the plug like a boiler, but it requires a long supply of high current to heat it up. This technology requires the use of extremely expensive equipment, which is practically no longer supplied to our country today.

The solutions patented by NSU are based on a burner created by Professor of the Hydrodynamics Department of the MMF NSU, Doctor of Physical and Mathematical Sciences Sergey Sukhinin and a chemical composition for it, which provides a combustion mode that effectively removes deposits without damaging the pipe itself. We have previously talked about this invention, and now ready-to-use technologies based on it have been patented.

— The first solution is designed for service companies, it involves immersing a burner into a well on a regular geophysical cable, which is often used when working at oil and gas fields and is always available. This significantly reduces the cost and simplifies the cleaning procedure. In the second version of the technology, instead of a cable, special rods are immersed into the well, which ignite upon reaching the required depth and burn out the plug. Oil producing companies can use this method themselves, — said Deputy Director of the NSU CTTC, PhD in Engineering Andrey Savchenko.

Patented technologies also have other advantages over known technical solutions. The combustion temperature is calculated in such a way as to guarantee the burning of paraffins that have formed the plug, and the combustion itself is directed downwards in the well so that the combustion products rise up together with the gases from the well. As a result, it is possible to avoid a situation where the melted plug thickens again in another section of the well (which periodically happens with standard cleaning methods), forcing oil workers to repeat the procedure again. This is especially important when it comes to removing extended plugs, which can be tens and hundreds of meters long.

— Today, the technology has already attracted great interest, both its variants, both for service and for the mining companies themselves, including quite large players in this market. And now we are negotiating pilot projects for its testing in real conditions, — summed up Andrey Savchenko.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 26, 2025
MIL-OSI USA: RGA Statement on Montana Gubernatorial Election

Source: US Republican Governors Association

The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

WASHINGTON, D.C. – Republican Governors Association Chair and Tennessee Governor Bill Lee issued the following statement congratulating Governor Greg Gianforte on his re-election victory in Montana:

“Governor Greg Gianforte has delivered win after win to the people of Montana, from lower taxes and record job creation to safe streets and neighborhoods. Governor Gianforte’s experience as a businessman and entrepreneur allows him to lead Montana into the future while protecting the Montana way of life.

“The RGA is proud to congratulate Governor Gianforte on his re-election victory and looks forward to supporting his continued efforts to keep Montana on the path of prosperity.”

###

MIL OSI USA News –

January 26, 2025
MIL-OSI Economics: Apple’s $1.5 billion deal with Globalstar will change direct-to-device satellite game, says GlobalData

Source: GlobalData

Apple’s $1.5 billion deal with Globalstar will change direct-to-device satellite game, says GlobalData

Posted in Technology

Following the news that Apple plans to invest $1.1 billion in satellite communications company Globalstar alongside a further $400 million for a 20% equity stake in the business;

Emma Mohr-McClune, Chief Analyst, Technology at GlobalData, offers her view:

“According to GlobalData, this prospective deal packs a competitive punch for virtually all corners of the connectivity market ecosystem, from carriers to OEMs. This is arguably the largest and most significant consumer OEM low Earth orbit (LEO) deal to date, and the arrangement puts Apple in a clear leading position among western OEMs for extended direct and mass-market voice satellite texting and even calling services for both emergency and remote use cases.

“In addition to continuing to allocate 85% of its network capacity to Apple, Globalstar will use the $1.1 billion in preservice payments to deliver a new satellite service constellation, expanded ground infrastructure, and increased global mobile satellite services (MSS) licensing. The new arrangement represents a significant expansion of an earlier 2022 deal, which first gave iPhone 14 users access to Globalstar’s 31 L-band satellites for emergency text services – a service which has since been extended to remote or off-grid use cases with iOS 18.

“The Apple-Globalstar arrangement also lowers the incentive for mobile network operators to strike their own deals with satellite providers for connectivity. There is now no doubt that Apple iPhone users are likely to have faster, readier access to more sophisticated and extended D2D use case services regardless of their wireless connectivity provider.

“It can no longer be claimed that Apple has no interest in the connectivity business. On the downside, Apple’s B2C direct monetization plans for this investment are still hazy, and premium plans are likely still several quarters out. The OEM will probably continue to offer free satellite communications services with iPhone hardware in the short term, or at least until the end of 2025 for iPhone 14 users under the terms of the recent one-year extension on the original two-year free inclusive offer.”

MIL OSI Economics –

January 26, 2025

MIL-OSI Economics: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on November 06, 2024

Source: Reserve Bank of India

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on November 06, 2024, Wednesday, as under:

Sl. No.	Notified Amount (₹ crore)	Tenor (day)	Window Timing	Date of Reversal
1	75,000	1	11:15 AM to 11:45 AM	November 07, 2024 (Thursday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1435

MIL OSI Economics –

January 26, 2025

MIL-Evening Report: Only 25% of older Queenslanders are aware of the risks heatwaves put on their health – new study

Source: The Conversation (Au and NZ) – By Mehak Oberai, Senior Research Assistant, Ethos Project, School of Medicine and Dentistry, Griffith University

Los Muertos Crew/Pexels

Parts of Australia are currently facing extreme heat, with high temperatures set to continue over the coming days.

Though it’s unclear exactly what the upcoming summer will bring, climate change means Australian summers are getting hotter. Even this year in August we saw temperatures around 40°C in parts of the country.

Heatwaves aren’t just uncomfortable – they can be deadly. Health emergencies related to extreme heat place significant strain on our health-care systems, with data showing increased ambulance callouts and hospital presentations during these periods.

Although heatwaves can affect everyone, older adults are particularly at risk. But our new research has found older Queenslanders don’t necessarily believe heat poses a risk to their health. And this affects how they respond to emergency warnings.

Older people and the heat

Ageing brings physiological changes, including reduced ability to regulate body temperature, which can put older people at increased risk of issues such as heat exhaustion and heat stroke.

Heat exposure can also worsen the symptoms of existing conditions, such as heart disease, lung disease or kidney disease, which are more common in older people.

The risk is even more pronounced for older people who live in poor quality housing, are economically disadvantaged, or are socially isolated.

A report from the Australian Institute of Health and Welfare shows that, of 2,150 hospitalisations due to extreme heat between 2019 and 2022, 37% were among people aged 65 and older (who make up around 16% of the population).

So there’s an urgent need to prioritise the health of older Australians as the country braces for more intense and prolonged heatwaves in the future.

When the weather is hot, older people are at greater risk of health complications.
Kleber Cordeiro/Shutterstock

Early warning systems

As we’ve learned more about the risks of heatwaves, there’s been an increased focus on developing population-based early warning systems. These systems play a crucial role in encouraging people to adopt heat-protective behaviours such as staying hydrated, avoiding strenuous physical activity when temperatures are high, and wearing loose or light clothing.

Queensland is one of the world’s most vulnerable regions to heatwaves. Since 2015, heatwave warnings have been part of the state’s heatwave subplan, which sets out strategies for managing and mitigating the impacts of extreme heat events.

These warnings involve alerts about upcoming high temperatures, and advice on staying cool. They come as notifications through the Bureau of Meterology’s weather app or via media outlets or social media. However, it’s not clear whether these warnings are reaching those most at risk.

As part of a broader project on extreme heat and older people, we surveyed 547 Queenslanders aged 65 and over to understand their perceptions of heat risks and to determine if heatwave warnings were reaching them.

We also wanted to know what factors influence how they receive and respond to these warnings, with a view to understanding how we can improve heatwave warnings for this group.

What we found

Only 25% of respondents were aware of the potential consequences of heatwaves on their health. The majority of participants (80%) perceived themselves to be at lower risk compared to others of their age group. This aligns with previous heat-health research which has similarly found older adults often don’t perceive heat as a personal risk.

While most of the sample (87%) reported having one or more chronic health conditions, 30% were unaware having a chronic health condition increased their vulnerability to heatwaves.

Several cultural and personal factors may explain why older people don’t think heat poses a danger to them. In Australia, heat is typically seen as a normal and even positive part of life. Heat risk messages are often less urgent than warnings for other natural disasters.

Previous research has also shown older people tend not to think heat poses a risk to their health.
Miguel AF/Shutterstock

We also found nearly half of respondents had not heard a heatwave warning. Of those who had, roughly half took actions to keep themselves cool.

What stood out from our analysis was that participants’ awareness and actions in response to heatwave warnings were significantly influenced by their knowledge and perceptions of heat risks. Factors such as age, gender and education were not so important.

Respondents who believed they were at risk were almost twice as likely to hear the warnings, and 3.6 times more likely to take heat protective actions.

This aligns with other research that highlights the correlation between heat-health risk perception and the efficacy of heatwave warnings.

One limitation of our research is that we conducted the survey in 2022 during and following a La Nina period, where temperatures are usually lower. So there may have been fewer heatwave warnings throughout the season, potentially reducing participants’ perceptions of heat health risks.

What needs to change?

With another hot summer likely ahead, we need to rethink how we communicate about heatwaves. These are more than just hot days. We need to recognise heatwaves as a serious health risk, especially for older people, and effectively communicate that risk to the public.

This might include using primary health-care professionals such as GPs, nurses and pharmacists to share heat-health information with older patients and their family members, or developing personalised heat action plans for the summer period.

Text message alerts from the Bureau of Meteorology, along with app notifications, could be a good idea considering some older adults may not have a smartphone or be open to using apps.

To improve heatwave communication, we also need to explore the barriers and facilitators to heat protective behaviours. This includes considering structural factors (such as housing design), environmental factors (for example, access to shade and cool refuges), individual factors (such as financial constraints or health conditions) and social factors (such as access to family and community support).

Strengthening communication around heatwaves and health will not only protect individual wellbeing but enhance community resilience as extreme heat continues to affect our lives.

Mehak Oberai is a Senior Research Assistant working on Ethos project and is also a member of the AAG (Australian Association of Gerontology) Student & Early Career Working Group.

Ella Jackman is a PhD Candidate at Griffith University and a Research Assistant for the Queensland Heat Health Community of Practice (QHHCoP) and the Ethos Project.

Shannon Rutherford co-leads the Climate Action Beacon Griffith University funded, Queensland Heat Health Community of Practice and receives funding from Wellcome and NEMA. She is an affiliate member of the HEAL network

Steven Baker and Zhiwei Xu do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Only 25% of older Queenslanders are aware of the risks heatwaves put on their health – new study – https://theconversation.com/only-25-of-older-queenslanders-are-aware-of-the-risks-heatwaves-put-on-their-health-new-study-238875

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI Russia: Sobyanin: The territories of the city’s MCD stations are being improved according to a single standard

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

A unified standard for accessibility of city railway stations on the Moscow Central Diameters (MCD) is being introduced in the capital. Sergei Sobyanin spoke about this in his blog.

“Any trip on the metro or MCD begins with leaving the house. A good pedestrian path. A fast bus route with stops as close to the entrance as possible. Convenient parking or a drop-off point for taxi and personal car passengers. Bright street lighting, a cozy little square or park next to the station, where you can wait for your wife or daughter late at night — these “little things” make up the impression of the trip. And they directly affect the desire of city residents to use public transport. Perhaps this has already been forgotten, but in 2011 we began our transport program by cleaning up and improving the area around the city’s main train stations and metro stations,” the Moscow Mayor wrote.

After the opening of the MCD, work began to make the route from residential areas to Moscow’s ground-level metro stations comfortable and safe. It is being carried out according to a single city standard, which provides for the reorganization of public transport routes, improvement of pedestrian accessibility, and the creation of a high-quality urban environment in the immediate vicinity of MCD stations.

An example of a station where the new standard has already been implemented is Sanino MCD-4 in TiNAO.

“Until recently, the only way to get to the city station was on foot along a forest path. Ground transportation did not stop near the station at all. Today, you can get to the Moscow city station Sanino MCD-4 on foot, by car or by public transport. A turning circle has been created for buses, modern waiting pavilions have been installed at the entrance to the station, and new routes have been organized. Pedestrian crossings are equipped with contrasting lighting,” said Sergei Sobyanin.

Not far from Sanino there is another Moscow city railway station – Kokoshkino. To get to it by the shortest route, residents of the new quarters used popular paths. Inconveniently located stops, lack of parking – all this also significantly complicated daily trips.

Thanks to the extension of the road and the well-thought-out planning of the territory, a new direct pedestrian and car route was created. Public transport stops were placed 10 meters from the entrance to the city station. A quick drop-off zone for taxis and private cars was organized. In addition, intercepting parking lots were equipped.

Wide sidewalks with safe crossings across the roadway now lead to residential areas. A small green park has been created near residential buildings.

Among the unique projects implemented is Poklonnaya MCD-4. As a result, the new city station became a link between the Ramenki and Dorogomilovo districts.

For this purpose, a pedestrian bridge was built across the railway tracks and stairways leading to General Dorokhov Avenue, General Yermolov Street and the nature reserve in the Setun River valley.

Now residents of Pudovkina Street and 2nd Mosfilmovsky Lane, who just a few years ago had only one metro station, Kievskaya, which they had to get to by bus for about half an hour, can use the new Poklonnaya station of the MCD-4 and Park Pobedy of the Solntsevskaya and Arbatsko-Pokrovskaya metro lines.

Sergei Sobyanin added that work is currently underway to improve accessibility at several more stations: Shcherbinka MCD-2, Kosina MCD-3, as well as Solnechnaya, Kuskova, Begovaya MCD-4. The first stage of work has been completed near the Serp i Molot station of the fourth Moscow Central Diameter. In 2025, improvements there will continue as part of the second stage.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11982050/

MIL OSI Russia News –

January 26, 2025
MIL-OSI Asia-Pac: LCQ2: Clansmen Culture Promotion Scheme

Source: Hong Kong Government special administrative region

LCQ2: Clansmen Culture Promotion Scheme
LCQ2: Clansmen Culture Promotion Scheme
***************************************

Following is a question by the Hon Jimmy Ng and a reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (November 6): Question: The Government has earlier on launched a three-year “Clansmen Culture Promotion Scheme” (the Scheme), under which a total funding of $30‍ million has been earmarked for application by clansmen associations to organise activities promoting hometown culture. It has been reported that the Scheme has received overwhelming responses, and that the Home Affairs Department received 213 applications from 110 clansmen associations this year, of which 39 were approved with funding of about $10 million. In this connection, will the Government inform this Council: (1) of the respective themes of the funded hometown cultural activities; whether it has estimated the number of participants in such activities; if so, of the details; (2) whether it will expand the scope of the subsidy under the Scheme to assist clansmen associations in organizing more activities of different types, so as to promote the vast and profound Chinese culture and enhance public understanding of the latest developments in various provinces and municipalities of the motherland; and (3) whether it will extend the implementation period of the Scheme or even regularise it; whether it will introduce more schemes to help promote clansmen culture; if so, of the details; if not, the reasons for that? Reply:President, Clansmen associations have a long history in Hong Kong, most of which were established by their ancestors who came to Hong Kong in the early days for development and then settled in, with a view to uniting and serving their fellow clansmen as well as promoting solidarity and mutual support amongst them. The associations play a bridging role between their fellow clansmen and hometowns. They have brought the culture of their hometowns to Hong Kong, enabling different hometown cultures and customs to converge here and make Hong Kong unique. Being steadfast patriots supporting the country and Hong Kong, clansmen associations have effectively forged cohesion among clansmen who love the country, Hong Kong and their hometowns through their vast social networks and unique geographical backgrounds. They provide resolute support for the Hong Kong Special Administrative Region (HKSAR) Government in implementing “one country, two systems”, promoting the development of Hong Kong, and fostering social harmony and stability. They are reliable and staunch partners of the HKSAR Government and a constructive force driving Hong Kong’s development. Clansmen associations have been supporting the work of the HKSAR Government in many areas. For example, during the COVID-19 pandemic, clansmen associations volunteered to donate supplies and mobilise fellow clansmen to collaborate with the Government in fighting the epidemic. On the improvement of the electoral system of Hong Kong, clansmen associations’ active support and participation helped ensure that the principle of “patriots administering Hong Kong” was fully implemented. Clansmen associations also strongly supported the improving of district governance, the election of District Councils and the formation of Care Teams. In terms of activities, clansmen associations have been organising various clansmen cultural promotion, caring and exchange programmes to promote exchanges and co-operation between Hong Kong and the Mainland in different aspects, with a view to enhancing mutual communication and deepening the friendship between the people as well as fostering the inheritance of fine traditional Chinese culture. To deepen the public’s understanding of and sense of belonging to their hometowns, thereby fostering the spirit of loving the motherland, Hong Kong and their hometowns; as well as to recognise and strengthen the longstanding efforts of patriotic clansmen associations, the Chief Executive announced in his 2023 Policy Address the launch of the “Clansmen Culture Promotion Scheme” (the Scheme) for a period of three years. In the three consecutive financial years starting from 2024-25, an annual provision of $10 million (i.e. totalling $30 million) is earmarked for application by clansmen associations to subsidise their organisation of activities to promote and preserve hometown culture, unite clansmen in Hong Kong and facilitate exchanges between Hong Kong and the Mainland. The Home Affairs Department (HAD) began accepting funding applications for the 2024-25 financial year under the Scheme in April this year. Within a one-month application period, a total of 213 applications from 110 clansmen associations were received. By the end of May, the HAD completed the vetting process and approved 39 applications, taking into consideration factors such as the reputation and experience of the applying organisations, as well as the content of their activities and plans. The total amount of subsidy granted is about $10 million. In response to the questions raised by the Hon Jimmy Ng, the replies are as follows: (1) A wide variety of projects were approved in the first year of the Scheme, which included activities for promoting hometown culture and heritage (e.g. hometown markets, cultural festivals), uniting fellow clansmen in Hong Kong (e.g. home visits, organising volunteer work) and promoting exchanges between Hong Kong and the Mainland (e.g. parent-child heritage tours, youth exchange programmes). From early June to end-October 2024, a total of 20 approved projects were completed, with over 220 000 people participated. For specific events, for example, the “Clansmen Associations Hometown Market Carnival” jointly organised by 28 clansmen associations at Victoria Park for five days in early June attracted approximately 200 000 visitors. The “Min-Kong Youth Maritime Silk Road Cultural Exchange Tour” and the “Hong Kong-Macao Youth Zhejiang Tour” organised by the Hong Kong Federation of Fujian Associations and the United Zhejiang Residents Associations respectively in July were participated by a total of about 1 000 young people to promote youth exchange between Hong Kong and the Mainland. The Federation of HK Guangxi Community Organisations and the Hong Kong Federation of Hainan Community Organisations held the “Cultural Celebration for National Day” and the “Hainan and Kowloon City Brilliant Night” carnivals in September respectively, engaging over 10 000 participants in promoting hometown culture. In September and October, the Federation of Hong Kong Beijing Organisations organised the “Thank You for Being There – Hand in Hand to Warm Hearts” event, where volunteer teams formed by its fellow clansmen visited grassroots families of about 1 000 people. From September to December, the Federation of Hong Kong Guangdong Community Organisations is conducting the “Guangdong Intangible Cultural Heritage in Schools” programme to host cultural workshops in various primary and secondary schools. It is expected that nearly 1 000 students and parents will be engaged. (2) The scope of projects subsidised under the Scheme is wide. Any locally registered clansmen associations with good reputation and track record; which have all along been committed to promoting hometown culture and fostering exchanges between Hong Kong and hometowns in order to promote the spirit of loving the motherland, Hong Kong and hometowns; and with experience in organising relevant activities, are eligible to apply for subsidy under the Scheme. The subsidy can be used for funding various types of relevant activities such as those for promoting and preserving hometown culture, uniting clansmen in Hong Kong and facilitating exchanges between Hong Kong and the Mainland. There is no restriction on the form of the activities, as long as they are non-profit-making in nature and in line with the objectives of the Scheme. Apart from the Scheme, the HAD and the 18 District Offices have been collaborating with clansmen associations and various district organisations from time to time to foster community building, while promoting Chinese culture and enhancing public understanding of the country. For example, the HAD co-organised with 28 provincial clansmen associations the “Bazaar Carnival in celebration of the 75th Anniversary of the Founding of the People’s Republic of China” (the Bazaar) from October 25 to 29 at Sha Tin Park. It provided a total of 75 market stalls offering a wide variety of local snacks, specialties and traditional crafts, showcasing the unique culinary and cultural traditions of different provinces and cities. The Bazaar also staged diverse cultural performances such as traditional ethnic dances, acrobatics, folk songs, as well as free screenings of patriotic-themed movies and cultural introductions of various provinces, enabling the public to experience the diverse and colourful Chinese culture from all corners of the country. The five-day Bazaar attracted about 180 000 visitors, with the value of total sales estimated to be more than $4.6 million, highlighting the Government’s close collaboration with clansmen associations to further promote patriotic sentiments and love for Hong Kong in the community. Besides, clansmen associations also apply for funding support through the on-going Community Involvement Programme implemented by the HAD to organise different projects such as festivals with local characteristics, hometown cultural carnivals and traditional cultural performances to promote district harmony. Some clansmen associations also actively participate in the “Funding Scheme for Youth Exchange in the Mainland” implemented by the Home and Youth Affairs Bureau to apply for funding to organise youth exchange tours to the Mainland, supporting young people to broaden their horizons, deepen their understanding of the country and seize the national development opportunities. (3) In the first quarter of 2025, funding application under the Scheme for the financial year 2025-26 will be launched, with the focus on uniting clansmen in Hong Kong. The HAD will provide funding support for clansmen associations to organise various activities aiming at promoting patriotic education and fostering the spirit of loving the country, Hong Kong and the hometowns. The HAD will timely review the effectiveness and arrangements of the Scheme before the completion of the three-year programme, and will continue to maintain close contact and collaboration with clansmen associations. They have our support in organising all sorts of activities related to hometown culture promotion and patriotic education, and in collaborating with the HKSAR Government to promote the mainstream values of loving the motherland and Hong Kong that are in line with the core principles of “one country, two systems”. Thank you, President.

Ends/Wednesday, November 6, 2024Issued at HKT 13:28

NNNN

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Global: US election results: Trump takes first swing state of North Carolina

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

This is a rolling guide to articles and audio published by The Conversation in the immediate run-up to and aftermath of the election, with some explainers about the process. This page is updated from the top, so older references are moved down the page.

Good morning world. The United States has made its choice. And, as of 5am Donald Trump and the Republican Party will be the happier contenders, having so far won the most electoral college votes and the first swing state of North Carolina, as well as regaining control of the Senate.

It’s been a turbulent four months since outgoing president Joe Biden announced he was terminating his bid for a second term and the battlelines between the two candidates, Donald Trump and Kamala Harris were drawn. Soon we will know who will lead the US for the next four years.

From here, with the help of some of the sharpest analysts of US politics, we’ll keep you updated and informed as the situation develops.

To get an idea of the scale of the task of counting votes, take a look at the below map of the US colour-coded by poll closing times. How long the count could take is anyone’s guess at this stage. Each state has its own rules.

Ahead of the polls closing Richard Hargy, an expert in US politics from Queen’s University Belfast, wrote a guide to the process, when the votes are counted and when we might start to see results.

Read more:
US election: what time do the polls close and when will the results be known? An expert explains

Delays are baked into the process, such as Pennsylvania, which doesn’t allow votes cast before election day or ballots posted in to be counted until polls close, which was at 8pm (1am GMT).

So we’ll just have to be patient. In the mean time, you can also read Hargy’s explainer on the “electoral college” system, which can mean that the candidate with the most votes may not win the presidency.

Read more:
US election: how does the electoral college voting system work?

Early voting and what it might mean

Scott Lucas, professor of international politics at University College Dublin, believes that in a cliffhanger election, a clue to the outcome may be in the size of turnout. More than 80 million Americans voted early – around half of the total turnout in 2020 and around one-third of the eligible electorate.

The 80 million figure takes on added significance with the recognition that it is not that distant from the 104 million who participated early in the “pandemic” election four years ago. And that 2020 ballot, with 158.4 million votes and almost 67% participation, was the largest turnout since 1900.

Who does that favour? Probably Kamala Harris and Tim Walz. Trumpists will turn out for their man come hell or high water. The large question mark has been whether potential Harris voters would sit on their hands, whether from lack of enthusiasm or dissatisfaction on issues such as Israel’s open-ended war on Gaza.

Any prediction in this election is a risk. But it might be worth setting a marker: if turnout matches or exceeds the record set in 2020, Kamala Harris could be on the way to the White House.

Tense moment for the US

During the campaign there have been two assassination attempts on former president Trump as well as arson attacks on ballot boxes and ballots damaged. In Arizona the Democratic party was forced to close one of its offices after it had been shot at three times.

Dafydd Townley, a fellow in international security at Portsmouth University, believes that there could be a reluctance to accept the result and that this could result in further disturbances. He has written about how much violence there has been during this campaign.

Read more:
US election: officials are issued with panic buttons as attacks on ballot boxes continue

Dafyyd Townley comments on post-election violence.

How race has played into the campaign

Rhianna Garrett, PhD researcher and global coordinator of the critical mixed race studies executive board at Loughborough University, says that Trump’s campaign has been “littered with attempts to weaponise” the multiracial heritage of his Democrat opponent Kamala Harris.

Much of this has been a dog-whistle attempt to stir up his own base, partly with fairly blatant appeals to latent feelings of racism, but also as a tool to position Harris as deceiving and untrustworthy by apparently blurring and shifting her own background.

In August, not long after Harris took over the Democrat ticket from Biden, Trump appeared at the National Association of Black Journalists conference when he wrongfully claimed that Harris was changing her identity, stating: “I didn’t know she was Black until a number of years ago when she happened to turn Black, and now she wants to be known as Black, So I don’t know. Is she Indian or is she Black?”.

For her part, Harris’s campaign has also used her multiracial heritage to further their political agendas. On the White House website, she is described as “the first woman, the first Black American, and the first South Asian American” to hold a vice-presidential position, which has effectively attempted to position her as a winner. Harris herself has also foregrounded “race” on her campaign website. In attempt to attack Trump’s campaign, she strategically aims to promote Black and Latino men specifically, as well as women’s rights. These are key voter groups she has aimed to mobilise through identity politics.

Trump and winning male voters

Donald Trump widened his appeal to male voters in this election, with polling indicating that he was picking up more support from Black and Latino men, as well as more young men more widely.

One reason for this may be that in 2024 young men are more conservative than any other group in the US. Another reason why gender has become a divisive issue is the overturning of Roe v Wade, the legal case that gave American women abortion rights.

Read more on the gender divide in this article from Natasha Lindstaedt, a professor of government at Essex University.

Read more:
US election: why more men and fewer white women say they will vote for Trump

A free speech campaign?

Julie Posetti, professor of journalism at City St George’s, University of London, and global director of research at the International Center for Journalists, recently conducted a survey of more than 1,000 Americans on their attitudes to the press.

Breaking down the results, they were able to build a picture of what people in the US think of targeting journalists for criticism and even abuse. You can read all about the study here.

Read more:
New survey finds an alarming tolerance for attacks on the press in the US – particularly among white, Republican men

– ref. US election results: Trump takes first swing state of North Carolina – https://theconversation.com/us-election-results-trump-takes-first-swing-state-of-north-carolina-241711

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Global: Extreme weather has already cost vulnerable island nations US$141 billion – and 38% is attributable to climate change

Source: The Conversation – UK – By Emily Wilkinson, Principal Research Fellow, ODI

Multiverse / shutterstock

Two years ago, when the curtain fell on the COP27 summit in Sharm El Sheikh, Egypt, developing nations on the frontline of climate change had something meaningful to celebrate.

The creation of a new fund for responding to loss and damage was agreed after a hard-fought diplomatic effort, spearheaded by a group of small island developing states (sometimes known as the Sids). The fund would provide much needed support for climate-vulnerable nations faced with a spiralling human and financial toll from sea-level rise, extreme temperatures, droughts, wildfires, and intensifying floods and storms.

Yet two years on, the world’s wealthiest nations – also the largest carbon emitters – are still dragging their feet. They’ve not followed up their pledges with anywhere near the finance required.

Some nations, particularly the 39 Sids, which include places like Barbados, Grenada, Fiji and Vanuatu, are uniquely vulnerable to climate change and are already paying the price.

Sky-high ocean temperatures created the conditions for Hurricane Beryl to develop in July this year, as the earliest-forming Category 5 hurricane on record in the Caribbean. As oceans warm up, climate science tells us that this rapid intensification is becoming more common.

Fijians run for shelter as a cyclone approaches.
ChameleonsEye / shutterstock

The island nation of Fiji, best known as a tropical paradise, has experienced a frightening series of storms over recent years, linked to climate change. Cyclone Winston in 2016, one of the most intense on record, caused widespread flooding and lead to the loss of 44 lives.

This episode reduced Fiji’s GDP growth by 1.4 percentage points. According to the Asian Development Bank, ongoing losses from climate change could reach 4% of Fiji’s annual GDP by 2100, as higher temperatures and more extreme weather hold back growth.

This isn’t an isolated problem. Tropical cyclones and hurricanes have long battered small islands, but what is new is how often the most extreme storms and floods are happening, as well as our improved ability to measure their economic effects.

Direct and indirect impacts

Our latest research looked at extreme weather events affecting 35 small island developing nations. We first collected information about the direct consequences of these extreme weather events: the damaged homes, the injured people, and the bridges that must be rebuilt.

We then looked at how these events have affected GDP growth and public finances. These changes are not felt immediately, but rather as the economy stalls, tourism dries up, and expensive recovery plans inhibit spending in other areas.

In all, from 2000 to 2020, these direct and indirect impacts may have cost small island states a total of US$141 billion. That works out to around US$2,000 per person on average, although this figure underplays just how bad things can get in some places. Hurricane Maria in 2017 caused damage to the Caribbean island of Dominica worth more than double its entire GDP. That amounted to around US$20,000 per person, overnight. Almost a decade later, the country is still struggling with one of the largest debt burdens on earth at over 150% of GDP.

Dominica’s lush forests were badly damaged by Hurricane Maria.
Derek D Galon / shutterstock

Of these huge aggregate losses across all the small island development states, around 38% are attributable to climate change. That’s according to calculations we made based on “extreme event attribution” studies, which estimate the degree to which greenhouse gas emissions influenced extreme weather events.

What is clear is that small island economies are among the worst affected by severe weather. These island states have three to five times more climate-related loss and damage than other states, as a percentage of government revenues. That’s true even for wealthier small island states, like the Bahamas and Barbados, where loss and damage is four times greater than other high-income countries. For all small island nations, the economic impacts will increase, with “attributable” losses from extreme weather reaching US$75 billion by 2050 if global temperatures hit 2°C above pre-industrial levels.

Our research helps us to see how far short the richer nations driving climate change are falling in their efforts to both curb emissions and to compensate the nations harmed by their failure to prevent climate change.

Developed countries need to pay up

One of the key discussions at the forthcoming COP29 climate summit in Baku, Azerbaijan, will be the “new collective quantified goal”. This is the technical name to describe how much money wealthy countries will need to contribute to help vulnerable nations to mitigate and adapt to climate change.

That overall goal must also include a target to finance small islands and other vulnerable countries, with billions more needed per year in the new loss and damage fund. Given the extent of actual and likely losses, nothing less than ambition on the scale of a “modern Marshall Plan” for these states will do.

In addition to this extra financing, the fund will need to work effectively to support the most climate vulnerable nations and populations when severe weather occurs. This can be done in a few ways.

The fund could create a budget support mechanism that can help small island states and other vulnerable countries deal with loss of income and the negative effects on growth. It could make sure loss and damage funds can be released quickly, and ensure support is channelled to those who need it the most. It could also make more concessional finance available for recovery, especially for the most adversely affected sectors like agriculture and tourism.

The world has a troubling history of missing self-imposed targets on climate finance and emissions reduction. But the stakes are ever higher now, and any target for loss and damage finance will need to be sufficient to deal with the challenges posed already by climate change, and in the years to come.

Emily Wilkinson receives funding from the UK Foreign Commonwealth and Development Office

Ilan Noy, Matt Bishop, and Vikrant Panwar do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Extreme weather has already cost vulnerable island nations US$141 billion – and 38% is attributable to climate change – https://theconversation.com/extreme-weather-has-already-cost-vulnerable-island-nations-us-141-billion-and-38-is-attributable-to-climate-change-242640

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Global: Are these tiny insects the world’s most bone-idle bugs?

Source: The Conversation – UK – By James Gilbert, Lecturer in Zoology, University of Hull

Dunatothrips family: two mums, two yellow babies, and, very unusually, a dad (smaller). James Gilbert, CC BY

At less than 3mm long, you may not think Dunatothrips aneurae seem like much. And – as I have shown in a new study – you’d be absolutely right. That’s because these may be the world’s laziest insects.

Dunatothrips live in the remote Australian outback where they bother nobody. They almost never leave their near-invisible miniature nests, built on Acacia trees from silk they extrude from their bottom. No known predators bother with Dunatothrips and their biggest threat is drying out in the heat if their nest is damaged. Pacifist vegetarians, they feed harmlessly on the plant surface, with no discernible effect on it.

No bigger than the hyphen on your page, they belong to the thrips, which you may know as thunderbugs owing to a myth that they come out during thunderstorms. Almost everyone gets their name wrong (one thrips is a thrips, not a thrip). Some species make a nuisance of themselves as tomato pests. But for the Dunatothrips I investigated, that sounds a bit much too much like effort.

I spent a few summers studying the social lives of these tiny insects, trying to understand their unusual habit of sometimes living alone and sometimes in groups with their sisters. I was puzzled to discover that some group members appear to do nothing. Not helping out, not breeding, nothing. Few animal societies are known where group members help no one, not even themselves.

If the silk nest was damaged, I found, usually only one or two females inside stepped up to repair it. The remaining group members didn’t do anything. The responders’ repair efforts helped everybody, so the laggards enjoyed the benefits without raising a minuscule finger.

I set out to investigate what these “lazy” thrips were doing. Were they like queen bees, specialising in producing eggs while others acted as workers? Other social insects have this arrangement, including many other Australian thrips.

But no: when I dissected helpers and non-helpers I found it was the helpers
that tended to be the ones carrying eggs.

Maybe they were a reserve workforce, helping when others were lost, as in
some bird societies like carrion crows. But when first responders were removed, their nestmates remained just as unhelpful as before.

The author on a thrips collecting foray.
James Gilbert, CC BY

I wondered whether they were biding their time, waiting for a chance to breed later, as paper wasps do. I removed all group members except for a lazy one, gifting it a nest of its very own. They declined this opportunity as well, producing few or no eggs and taking up to five times as long to repair the nest as a helpful thrips put in the same situation.

If the lazy non-helpers don’t even help themselves, doesn’t that make them an evolutionary paradox? Not really: while behaviour only evolves if it furthers individuals’ fitness, evolution tends to work on averages. Within a species, individuals are all different, and some are inevitably of poorer quality than others. They may carry mutations, inherit unfortunate gene combinations, experience poor environments, or all of the above. Perhaps they were jostled to the edge of the leaf as a kid.

If life gives you lemons

Animals in this situation will commonly make the best of a bad job. A poor quality thrips can lay only a few eggs, and can only contribute a few strands of silk to repairing a nest. She can’t build the nest she would need to raise offspring on her own. So her best option is to hang around in a group where her young can grow alongside those of others.

It’s still a mystery why nestmates of these wastrels don’t kick them out. But it may involve their being unusually chilled out in the face of any provocation, even by dangerous intruders like their cousins Akainothrips, a new species I discovered with my colleagues. The resident Dunatothrips just stand aside.

This pacifism may be related to how risky nestbuilding is. At any moment, out there on a leaf surface, you might fall, be blown out of the nest, or dry out in the outback sun. Given that you might die at any moment, it pays you to tolerate the presence of others who can carry on your nestbuilding work and help keep everyone’s babies alive.

A simple evolutionary way to achieve this is to drop all aggression towards anyone, including intruders of different species. Some spiders have done this and form cooperative nurseries involving different spider species. For our lucky waster thrips, this means they get a free pass to stay in the group.

It is also possible these bone-idle bugs may actually be helping, just in subtle ways. For example, Dunatothrips nests have rubbish dumps, so they might help by taking out the trash. In many social insects, including some thrips, workers can act as medics. Even just breathing inside the nest may raise humidity and help the group survive – cockroaches form groups at low humidity for just this reason.

So, while non-helper Dunatothrips may be among the world’s least motivated insects, they are certainly not the least interesting. The evolutionary persistence of these laggards is helping us understand how different kinds of societies evolve.

James Gilbert currently receives funding from UKRI (Biotechnology and Biological Sciences Research Council). This study was funded by a Marie Curie Fellowship (2011-2014) under the European Community’s Seventh Framework Programme.

– ref. Are these tiny insects the world’s most bone-idle bugs? – https://theconversation.com/are-these-tiny-insects-the-worlds-most-bone-idle-bugs-242454

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI China: Xi stresses preserving, studying ancient bamboo slips

Source: China State Council Information Office 2

Xi Jinping, general secretary of the Communist Party of China Central Committee, has stressed sound protection of and in-depth research on ancient bamboo and wooden slips.
Xi made the remarks during his visit to an exhibition featuring slips dating back to the Qin Dynasty (221 B.C.-207 B.C.) and the Han Dynasty (202 B.C.-220 A.D.) at a museum in Yunmeng County, central China’s Hubei Province, on Monday afternoon.
During his visit, Xi learned about the content of the bamboo and wooden slips, their historical and cultural value, and the local preservation and research efforts.
Noting that these ancient artifacts are extremely precious and are important, physical evidence that supports China’s reliable historical records, Xi urged sound protection of and in-depth research on them.
Xi also called for continuous archaeological excavation to provide more materials that could serve as irrefutable evidence of the nation’s history.
Ancient bamboo and wooden slips are slender, rectangular pieces on which ancient Chinese recorded information using brush and ink. Before the invention of paper, bamboo and wooden slips were the primary writing medium in China.
Unearthed in various parts of China, they offer a rare glimpse into the nation’s administrative, legal and social structures of the time.

MIL OSI China News –

January 26, 2025
MIL-OSI Russia: NSU student wins prize at All-Russian KS 2024 championship among students

Translation. Region: Russian Federation –

Source: Novosibirsk State University – Novosibirsk State University – This year, out of 348 participants representing dozens of universities across Russia, 19 senior students made it to the finals. The finalists created original projects based on KS (Knowledge Space – a system for digitalizing management processes). Student Eh Faculty of Economics, NSUVarvara Lebedinskaya won the prize in the nomination “High-Quality Visual Solution”.

The championship was held in two rounds. In the first round, a video recording was posted on the organizers’ working website system, and the participants had to repeat exactly what was shown in the video. At this stage, a significant number of participants dropped out, since the video had to repeat some details that seemed unnoticeable at first glance. In the second round, it was necessary to create your own project “from scratch”.

— The no-code concept (creating programs and services without writing code) was new to me. More precisely, I had heard about programming languages that include others, but that practically had no code at all… And it was also a revelation to me that there are companies that do this on a professional level. I learned that I have a tendency to make simple mistakes, especially due to carelessness, — Varvara says.

The winners, prize winners and laureates of the championship were representatives of different cities and regions of Russia: St. Petersburg, Novosibirsk, Orenburg, Moscow. The winners of the competition were Ekaterina Verkhoturova (SPbSU) and Kirill Golovanov (MIREA), who created the most interesting, voluminous and complex projects.

— I saw that there was a difference between me and the winners (at the announcement of the results they showed a few of our projects, noted the strengths and weaknesses) and it was noticeable, so I was not very upset. And the fact that my work was recognized and highly appreciated is very nice, — Varvara shared her emotions.

Reference: The All-Russian KS Championship has been held since 2023, it is dedicated to the processes of modeling and creating IT products based on the no-code platform Knowledge Space. The organizer is the company “Integrated Management Systems”. Undergraduate students of senior years (from 3rd) and graduate students aged 20 to 23 can participate in the Championship.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 26, 2025
MIL-OSI China: Historical sites and artifacts impress foreign experts

Source: China State Council Information Office 3

While several expats are admiring the intricate animal patterns on an ancient Chinese bronze object, others are carefully listening to a tour guide explain the skill and wisdom behind the craftsmanship.

It was part of the “Exploring China “Henan Tour event in Zhengzhou, Luoyang and Anyang in Central China’s Henan province from Sunday to Tuesday.

Participants of the “Exploring China” Henan Tour admire a bronze ware at Henan Museum in Zhengzhou city. XU LIN/CHINA DAILY

More than 40 foreign experts in classical studies from 13 countries visited Henan’s heritage sites, Longmen Grottoes and the Yinxu Museum, immersing themselves in the rich Chinese culture and civilization.

Two other groups joined the tours in Shandong province, visiting places like the Temple of Confucius, and in Sichuan province, traveling to key archaeological sites like Sanxingdui and Jinsha.

These experts are participants in the World Conference of Classics, being held in Beijing from Wednesday to Friday.

“I’m excited to visit China for the first time, and I plan to travel to China again with my family, to see more of its deep culture and history,” says Michael Trapp, emeritus professor of Greek literature and thought at King’s College London.

Before setting out, he sought advice from his Chinese doctoral student in London and his brother, a Chinese language translator who often travels to China for work. Both suggested that given his passion for history, archaeology and art, he would find his visit to Henan particularly captivating, which he does.

At the museums, he finds that the use of modern technology has made historical sites more accessible to a modern audience, striking a delicate balance between preserving ancient materials and showing their history vividly via replicas and digital reconstructions. “This endeavor requires considerable effort and creativity,” he says.

He believes that it’s wonderful to see the massive size of the Erlitou Site in Luoyang and the artifacts excavated from it at the nearby museum. It shows the archaeological process of their discovery.

Thomas Michael from the United States, professor at School of Philosophy, Beijing Normal University, who does research into Chinese philosopher Lao Tzu, agrees.

“I’ve read about all these places, but it’s the first time to see various artifacts about the origins and downfall of the Shang Dynasty (c.16th century-11th century BC) and the beginning of the Western Zhou Dynasty (c. 11th century-771 BC),” he says. “It’s amazing to see the ancient centers of Chinese civilization. These are important periods for Confucianism. … The Confucian tradition goes all the way back to Zhougong (the Duke of Zhou) from the Western Zhou Dynasty.”

The duke was believed to have been a prolific author with humanistic ideas and written Rites of Zhou, a fundamental ancient Chinese classic on organizational theory.

Mary Evelyn Tucker, a senior lecturer and research scholar at Yale University, says: “It’s exciting to have this cultural tour to Henan and see that China is recovering its own traditional past. … China’s modernization has developed very rapidly over the past 40 years since my first visit to the country in 1985.”

Her research fields include Confucianism and ecology. China is moving toward ecological civilization, she says, which has greatly changed its ecology, society and spirituality.

She says that Confucianism, Taoism and Buddhism have the cultural values for an awakening of environmental consciousness, for example, the concept of “heaven and man are united as one” in Chinese philosophy.

Costas Synolakis, the Chair of Earth Sciences in the Academy of Athens, points out that “it’s great to see the different periods of Chinese history and how its art evolves”.

His research focuses on how people in ancient Greece and Rome understood and dealt with extreme disasters. He’s surprised to find that the ancient Chinese tried to control floods about 4,000 years ago when he visited Henan’s museums. “It’s around the 4th and 5th centuries BC that people in the Mediterranean started to understand that floods and earthquakes are natural phenomena. … It’s motivating for me to learn much more about Chinese culture, especially the recorded floods in its history.”

According to him, many people associate China’s history with its dynasties, but are not familiar with the country’s ancient capitals in Henan and how the Chinese shifted these ancient capitals in history. That’s why the trip has impressed him greatly.

MIL OSI China News –

January 26, 2025
MIL-OSI Asia-Pac: Policy statement on mediation issued

Source: Hong Kong Information Services

The Department of Justice today issued a Policy Statement on the Incorporation of Mediation Clauses in Government Contracts to set out the Government’s policy stance and approach on promoting the use of mediation to resolve conflicts in an amicable way.

Another central objective for the declaration is to implement the policy initiative under the 2023 Policy Address on deepening mediation culture, consolidating the strategic positioning of Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region under the national policies.

The Mediation Clause Policy requires all government departments to incorporate mediation clauses in future government contracts, so as to further promote the use of mediation to resolve disputes first before resorting to arbitration or litigation.

The department pointed out that the Government has been committed to promoting the development of mediation in Hong Kong, encouraging a wider use of mediation by all sectors as a flexible and constructive approach in resolving disputes outside the courts to produce mutually acceptable settlements while keeping the risks, costs and time in control.

Mediation can help build a harmonious and stable society and foster a culture that embraces mutual support, respect, harmony and inclusiveness, it added.

Secretary for Justice Paul Lam said that by taking the lead to incorporate mediation clauses in government contracts, the Government hopes to encourage private companies to include similar mediation clauses in their contracts, further promoting a “mediate first” culture.

In conjunction with the establishment of the International Organization for Mediation’s headquarters in Hong Kong, the department will continue to implement policy measures of deepening the mediation culture to build Hong Kong as the capital for international mediation, he added.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI: CREDIT AGRICOLE SA : Crédit Agricole Immobilier announces the closing of the acquisition of Nexity Property Management and becomes the leader of Property Management in France
Source: GlobeNewswire (MIL-OSI)

Press release

Montrouge, 6 November 2024

Crédit Agricole Immobilier announces the closing of the acquisition
of Nexity Property Management
and becomes the leader of Property Management in France

Crédit Agricole Immobilier is pleased to announce that it has completed the acquisition of Nexity Property Management, a Nexity subsidiary specialised in commercial and residential asset management. With this transaction, announced on 25 July 2024, Crédit Agricole Immobilier becomes the leader in institutional property management, in France ¹.

The acquisition of Nexity Property Management brings additional expertise to Crédit Agricole Immobilier, ranging from advisory services to accounting and technical rental management, supervision of works, shopping malls management etc.

In addition, Nexity Property Management’s powerful network of over 30 branches and offices across France, comes as an addition to strengthens Crédit Agricole Immobilier’s own presence. It supports Crédit Agricole Immobilier in addressing the needs of its institutional customers, including the customers of the Regional Banks and subsidiaries of the Crédit Agricole Group. This increased local footprint, will allow CAI to bring their expertise to clients’ investment projects, in line with the Universal Customer-focused Banking Model approach.

This new transaction, taking place 18 months after the acquisition of Sudeco, a long-standing Property Management player and commercial property specialist, has established Crédit Agricole Immobilier as the market leader with the most comprehensive range of services for institutional customers across all asset categories, from residential to commercial.
Overall, Crédit Agricole Immobilier now manages more than 11,000 assets.

For Nexity, this transaction is fully aligned with the group’s roadmap, specifically with the refocusing strategy launched in 2023.

This transaction has no significant impact on Crédit Agricole S.A.’s CET1 ratio and should generate a return on investment that is in line with Crédit Agricole’s policy.

“We are so delighted and proud to welcome the Nexity Property Management teams to Crédit Agricole Immobilier. This acquisition represents a decisive step forward in our strategy of becoming the leader of property management in France. We are deepening our expertise in all areas of property management and strengthening our presence across France. By joining forces, we are ready to take on new challenges. This is the perfect expression of our 2025 strategic plan, as well as the mid-term plan of Crédit Agricole Group: it will allow us to support our clients more extensively on strategic social and environmental issues, such as reducing the carbon footprint of their property assets.”

Valérie Wanquet, Chief Executive Ofﬁcer of Crédit Agricole Immobilier

“I am delighted that we have completed this transaction with the Crédit Agricole Group, a long-term strategic partner of the Nexity group, which is fully in line with our efforts to refocus our activities, which we began at the end of 2023. I would like to thank all Nexity Property Management teams and I wish them every success with their new shareholder. We are certain that Crédit Agricole Immobilier will be able to maintain the quality of its services and enhance its market share.”

Jean-Claude Bassien, Deputy Chief Executive Officer of Nexity

ABOUT CRÉDIT AGRICOLE IMMOBILIER
A subsidiary of the Crédit Agricole Group, Crédit Agricole Immobilier supports its individual, corporate and public authority customers with real estate projects throughout France while upholding three fundamental principles: sustainability and performance of buildings, respect for the environment and decarbonisation, and social cohesion and inclusion.
As a partner in the most ambitious property development projects, we work with our customers to create value throughout their projects: transaction, letting, rental management, co-ownership associations, property strategy, residential and commercial development, refurbishment, renovation, development of spaces, property management and operation.
To find out more, visit: www.ca-immobilier.fr/nous-connaitre

CRÉDIT AGRICOLE IMMOBILIER PRESS CONTACT
Vanessa Feugères – +33 (0)7 86 84 19 15 – vanessa.feugeres@ca-immobilier.fr

NEXITY, LIFE TOGETHER
With revenues of €4.3 billion in 2023, Nexity, the leading global real estate operator, is present all over France and operates in all areas of development and services. Our strategy as leading global real estate operator allows us to meet all our clients’ needs, whether they are individuals, corporates, institutions or authorities. Our raison d’être ‘life together’ reflects our commitment to create sustainable spaces, neighbourhoods and towns for them, that help them to build and rebuild connections. For the sixth consecutive year, Nexity was ranked the top contracting authority by Association pour le développement du Bâtiment Bas Carbone (BBCA – a French low-carbon building association), is a member of the Bloomberg Gender Equality Index, Best Workplaces 2021 and was certified a Great Place to Work® in September 2022.
Nexity is listed on Service de Règlement Différé (SRD – Deferred Settlement Service), in Compartment A of Euronext and on the SBF 120.

NEXITY PRESS CONTACTS
Cyril Rizk – Media Relations Manager / +33(0)6 73 49 72 61 – presse@nexity.fr
Emma Durel – Media Relations Officer / +33 (0)6 99 14 09 28 – presse@nexity.fr
Anne-Sophie Lanaute – Head of Investor Relations and Financial Communications / +33 (0)6 58 17 24 22 – investorrelations@nexity.fr

1 In terms of revenues, source: Xerfi.

Attachment
- 2024 11 06 PR Closing CA Immobilier – Nexity PM (GB)
The MIL Network –
January 26, 2025
MIL-OSI: Aktia’s financial calendar and Annual General Meeting in 2025

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Stock Exchange Release
6 November 2024 at 7.50 a.m.

Aktia’s financial calendar and Annual General Meeting in 2025

Financial Statement Release 2024

Aktia Bank Plc publishes its Financial Statement Release for 2024 on Wednesday 12 February 2025.

Annual Report 2024

Aktia Bank Plc’s Annual Report 2024 will be published on Thursday 13 March 2025.

Annual General Meeting of Shareholders 2025

Aktia Bank Plc’s Annual General Meeting of Shareholders is planned to be held on Thursday 3 April 2025.

Interim Reports 2025

Interim Report January–March 2025: Wednesday 7 May 2025
Half-year Report January–June 2025: Tuesday 5 August 2025
Interim Report January–September 2025: Thursday 6 November 2025

Aktia Bank Plc

For more information:
Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 June 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.4 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

The MIL Network –

January 26, 2025
MIL-Evening Report: The extreme floods which devastated Spain are hitting more often. Is Australia ready for the next one?

Source: The Conversation (Au and NZ) – By Conrad Wasko, ARC DECRA Fellow in Hydrology, University of Sydney

Spain is still reeling from recent floods in the Valencia region. In some areas, a year’s worth of rain fell in a single day. Sudden torrents raced through towns and cities. Over 200 people are dead. Rapid analysis suggests daily rainfall extremes in this region and season have become twice as common over the last 75 years and become 12% more intense.

The World Meteorological Organisation has pointed out that climate change is steadily increasing the risk of extreme floods like these. Warmer air can hold more water vapour, about 7% more per degree Celsius of warming. More moisture generally leads to more intense rainfall, and therefore more extreme floods.

The physics of how temperature influences the atmosphere’s capacity to hold moisture has been known for close to 200 years. But we’ve learned something worrying more recently. When water vapour condenses to form rain droplets, it releases heat which can fuel stronger convection and boost updrafts of air currents in storms. This means the intensity of extreme rainfall could increase not just 7% per degree of warming, but over twice that rate.

Last week, CSIRO and the Australian Bureau of Meteorology released their biennial report on the State of the Climate, which found “heavy short-term rainfall events are becoming more intense”. Australia, the report states, has already warmed 1.5°C since national records began in 1910. In recent years, extreme rains have triggered devastating floods in New South Wales and Queensland.

The question now is – are we prepared for these more damaging floods? This year, Australia updated the climate change section of Australia’s flood design guidance. But while this will help ensure that future infrastructure is better able to weather extreme floods, our current bridges, roads and stormwater drains have not been built to weather these increases in extreme rainfall. Similarly, our flood planning levels – used to determine where houses, offices, hospitals and so forth can be built – have generally not factored in the reality of the threat.

More floods and more extreme

Many of us would have learned about the water cycle in school. Water evaporates from seas and lakes before falling as rain and filling lakes and rivers, which eventually makes it back to the sea.

Unfortunately, climate change is making this cycle more intense, as detailed in a recent Intergovernmental Panel on Climate Change report. Rain is more likely to fall in intense short-duration bursts which are more likely to trigger floods.

This year alone, we have seen disastrous and deadly floods from extreme storms across the Americas, Asia and Europe. Scientific analysis has showed these floods were more severe due to human-caused climate change.

Australia is not immune. The devastating northern New South Wales floods of 2022 took 24 lives and ravaged towns such as Lismore. These floods are the most expensive natural disaster to date in Australia, costing A$5.65 billion in damages.

How do you prepare for worse floods?

When urban planners set flood planning levels, or engineers begin designing a new bridge or rail line, they have to take floods into account. To do so, they will inevitably reach for the local bible, Australia’s flood design guidance.

Before 2024, this document allowed for a 5% increase in rainfall intensity per degree of global warming, and generally applied it only to infrastructure intended for a very long lifespan. This clashed with most scientific studies on the topic both globally and in Australia, which showed much greater increases, and that these increases are already being witnessed.

To provide better flood guidance, we and our colleagues undertook a comprehensive review of over 300 scientific papers covering climate change in Australia and extreme rainfall.

The review proved we had been underestimating the threat of extreme rains and subsequent floods. Rain events over a 24-hour period leading to flooding are likely to increase at 8% per degree of warming, not 5%. Hourly rainfall extremes are likely increasing even faster, at 15% per degree.

Worse, these are just the central estimates. The wide range of plausible values suggests some rain events could eclipse these. For daily or longer extreme rains, the range is 2–15%. For hourly or shorter periods, that figure is 7–28% for hourly or shorter duration.

Over the month of February in 2022, the Lismore region had about 600–800 mm of rain – much more than a normal February, which might see closer to 150 mm on average. These floods took place with just 1.1°C of warming since the pre-industrial period. On our current path, it’s possible the world could warm another 1.5°C or more by the end of this century. If this happens, these rainfall totals could be substantially higher and more likely to cause even worse flood impacts.

These new figures have now been included in the August update of Australia’s flood design guidance. This is good news. It means future decisions on infrastructure and planning can now be well informed by the latest science on how climate change influences flood risk.

Over time, this will ensure essential infrastructure can be built to endure worse floods. It will affect the design and construction of everything from local stormwater drains to levees, bridges, culverts and dam spillways.

Preparing for extreme floods is complex. Pictured: water spilling out from a manhole during Spain’s floods.
Fernando Astasio Avila/Shutterstock

Local councils can use it to set the height of floor levels for property development. State and federal decision-makers can use it in planning for responses to flood emergencies.

Does it mean we can avoid disastrous floods like those in Spain and Lismore? Yes and no. We now have the knowledge and tools to adapt to the increased risk levels already arriving. Yet implementing this will be challenging. In many cases, it will require retrofitting or redesigning existing infrastructure to withstand more intense flooding.

Climate change is no longer something we can file under “problem for the future”. It’s here already. The flood risks we face today are already substantially worse than 25 years ago, and will continue to worsen. We must accelerate how we plan for extreme, rapid rainfall creating catastrophic floods like those in Spain.

Conrad Wasko receives funding from The University of Sydney and the Australian Research Council. Conrad has previously received funding from the Department of Climate Change, Energy, the Environment and Water.

Andrew Dowdy receives funding from University of Melbourne, including through the Centre of Excellence for Climate Extremes and the Melbourne Energy Institute.

Seth Westra is a Professor of Hydrology and Climate Risk at the University of Adelaide, Director of Research for the One Basin Cooperative Research Centre, and Chair of the Systems Cooperative. Seth receives funding from state and federal governments support decision making under hydrological or climatic uncertainty.

– ref. The extreme floods which devastated Spain are hitting more often. Is Australia ready for the next one? – https://theconversation.com/the-extreme-floods-which-devastated-spain-are-hitting-more-often-is-australia-ready-for-the-next-one-242686

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI USA: RGA Statement on Utah Gubernatorial Election

Source: US Republican Governors Association

The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

WASHINGTON, D.C. – Republican Governors Association Chair and Tennessee Governor Bill Lee issued the following statement congratulating Governor Spencer Cox on winning re-election in Utah:

“Governor Spencer Cox’s leadership has transformed Utah into a national model of economic growth, innovation, and commonsense governance. In his first term, he delivered historic achievements, including $1.1 billion in tax cuts, record investments in education, and landmark reforms in water conservation and infrastructure.

“Governor Cox has been a strong advocate for mental health and expanding opportunities for all Utahans, especially in rural areas and diverse communities. The RGA is proud to congratulate Governor Cox on his re-election victory and looks forward to his continued efforts to keep Utah thriving.”

###

MIL OSI USA News –

January 26, 2025

MIL-OSI: Aktia Bank Plc’s Interim Report January–September 2024: Stable quarterly result and positive trend in asset management

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Stock Exchange Release
6 November 2024 at 8.00 a.m.

Aktia Bank Plc’s Interim Report January–September 2024: Stable quarterly result and positive trend in asset management

The quarter in short

Comparable operating profit: EUR 31.5 million, somewhat higher than last year (31.0).
Comparable cost/income ratio: 0.56 (0.55).
Comparable return on equity (ROE): 15.0 (15.8)%; the difference is mainly due to a higher average equity.
Net commission income: 3% higher than last year thanks to higher net income from funds and card operations.
Assets under management: Increased in the quarter, driven by positive net subscriptions and favourable market development.
Net interest income: 7% lower than last year due to the impact of non-standard interest terms for certain corporate accounts and falling interest rates.
Net income from life insurance: Strong development due to good sales, low loss ratio and good investment performance.
Comparable operating expenses: Good cost control despite continued investments in IT.
Credit losses: Provisions decreased compared to last year.
The share of assets under management classified as sustainable under Article 8/9 increased to 98.1% from 95.3% last year.

Outlook 2024 (unchanged)

Aktia’s comparable operating profit for 2024 is expected to be higher than the EUR 104.8 million reported for 2023.

The outlook has been prepared based on the following expectations:

Despite market uncertainty and a probable decline in interest rates, the net interest income is expected to be higher than in 2023.
Net commission income is expected to be somewhat higher than in 2023, provided that the market conditions are favourable.
The life insurance business is expected to develop steadily. However, the result may be affected by changes in market values.
Total operating expenses are expected to remain on approximately the same level as in 2023, given the absence of stability contribution offset by higher expected IT expenses.
Impairments and provisions for credit losses are expected to increase slightly compared to the 2023 level, given the current market situation.

Aleksi Lehtonen, CEO:

I have said in various contexts that only a company with thriving employees can have genuinely satisfied customers. During the year, we have seen the results of Aktia’s employee surveys moving in the right direction. Therefore, it is not surprising – but all the more pleasing – that we have also seen a significant improvement in customer satisfaction.

The very comprehensive EPSI Rating study, published in the third quarter, shows how our customer satisfaction develops and where we stand compared to the sector. Aktia has improved significantly in all the sub-areas covered by the EPSI study, and our overall result is now very close to the “very satisfied” threshold. This year, Aktia was the bank improving the most in the ranking. The study shows that our customers to a large extent are also likely to recommend Aktia.

I am happy and grateful for this feedback and especially for the fact that our customers explicitly feel appreciated and cared for. This is in line with the direct feedback I have received when attending customer meetings: Aktia’s customers appreciate personal service and there exists a strong trust. My message regarding both employee and customer satisfaction is the same: we are moving in the right direction, but there is still work to be done. We can become even better, and we need to prove ourselves worthy of our customers’ confidence every day.

As an asset manager, customer confidence is of the utmost importance to us in our aim to be the best partner for those who want to increase their wealth over time. We fulfil our purpose, to create wealth, by thinking further with our customers and always making sure that our customers have a good wealth plan. Managing and increasing wealth in a well-planned way is to act responsibly, not only for ourselves, but also for those close to us. It should also be noted that a large part of the wealth in Finland will be transferred to the next generation within a decade, which requires a great deal of planning.

Continued stable performance

The financial result remained stable in the third quarter. The comparable operating profit of EUR 31.5 million was well in line with the two previous quarters of 2024 and was 2% higher than in the third quarter of 2023, which was the best quarter last year performance-wise. Our comparable return on equity (ROE) was 15% and the comparable cost-to-income ratio was 0.56 – both again at a better level than our long-term objectives of ROE of at least 12% and cost-to-income ratio below 0.60.

The good result was driven by higher net commission income, strong net income from life insurance and continued cost control. On the other hand, the net interest income for the quarter was still partly burdened by the non-standard corporate interest rates announced in July. We revised the accounts in the third quarter, and the terms for corporate accounts are now up to date.

Positive net subscriptions and improvement in the housing market

The positive development in asset management continued. I am very pleased that customer assets under management continued to increase and especially that net subscriptions were positive during the quarter. Overall, the inflow into Aktia’s own funds has been strong this year and in September, Aktia Fund Management Company was among the best in Finland measured in net subscriptions. The fact that a significant proportion of investments are made in insurance wrappers shows that capitalisation redemption contracts and unit-linked insurance play an important role in our customers’ investment solutions. There is a clear confidence in Aktia’s investment solutions, and the best recognition we can get is when customers trust us to manage their wealth.

There are also encouraging signs in the housing market, and we have noted a growing trend in the number of loan applications, which started to pick up in the summer. In the third quarter, we already saw growth in the loan book among Premium and Private banking customers, although the total loan book decreased slightly as a result of amortisations.

Value creation through updated strategy

As I have mentioned earlier, we are currently reviewing the Group’s overall strategy and long-term financial objectives. Our current strategy period extends to 2025, and now is the time to reflect and choose our priorities for the coming years. The work is progressing well and we look forward to being able to tell about our strategic priorities in more detail. However, the purpose of our activities remains the same: to create prosperity – for our customers, employees, owners, and society as a whole.

Key Figures

(EUR million)	Q3/2024	Q3/2023	∆ %	1–9/2024	1–9/2023	∆ %	Q2/2024	∆ %	1–12/2023
Net interest income	36.1	38.6	-7%	114.0	102.3	11 %	38.8	-7%	140.4
Net commission income	30.9	30.0	3%	91.8	90.6	1 %	30.8	0%	120.4
Net income from life insurance	8.9	5.1	74%	23.9	18.0	33 %	7.4	21%	24.1
Total operating income	76.1	74.3	2%	230.1	212.9	8 %	76.7	-1%	287.4
Operating expenses	-43.1	-40.8	6%	-129.3	-130.1	-1 %	-44.8	-4%	-176.6
Impairment of credits and other commitments	-1.8	-2.3	-23%	-6.3	-4.5	39%	-1.8	-3%	-7.0
Operating profit	31.2	31.0	1%	94.6	78.1	21%	30.1	4%	102.6
Comparable operating income¹	76.1	74.3	2%	230.1	212.7	8 %	76.7	-1%	287.2
Comparable operating expenses¹	-42.8	-40.8	5%	-127.7	-128.7	-1%	-44.1	-3%	-174.2
Comparable operating profit¹	31.5	31.0	2%	96.2	79.2	21%	30.8	2%	104.8
Cost-to-income ratio	0.57	0.55	3%	0.56	0.61	-8%	0.58	-3%	0.61
Comparable cost-to-income ratio¹	0.56	0.55	3%	0.55	0.61	-8%	0.57	-2%	0.61
Earnings per share (EPS), EUR	0.34	0.33	3%	1.05	0.85	23%	0.33	3%	1.12
Comparable earnings per share (EPS), EUR, euro¹	0.34	0.33	4%	1.06	0.86	23%	0.34	1%	1.15
Return on equity (ROE), %	14.9	15.8	-0,9*	15.3	13.7	1,6*	14.5	0,3*	13.3
Comparable return on equity (ROE), %¹	15.0	15.8	-0,8*	15.6	13.9	1,7*	14.9	0,1*	13.6
Common Equity Tier 1 capital ratio (CET1), %²	11.9	11.0	0,9*	11.9	11.0	0,9*	11.5	0,4*	11.3

1) Alternative performance measures
2) At the end of the period
* The change is calculated in percentage points

Briefing for analysts, investors and media

Aktia’s results briefing for analysts, investors and media will be held in English on Wednesday 6 November 2024 at 10.30 a.m. Aktia’s CEO Aleksi Lehtonen and interim CFO Karri Varis will present the results.

The briefing can be viewed live as a webcast or as a recording after the event at https://aktia.videosync.fi/aktia-pankki-oyj-q3-report-2024. Questions can be submitted in writing during the live webcast.

AKTIA BANK PLC

For more information:
Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

Attachment

Aktia Bank Plc Interim report 1–9_2024

The MIL Network –

January 26, 2025

MIL-OSI: Credit Agricole Sa: Third quarter and first nine months 2024 results – VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED

Source: GlobeNewswire (MIL-OSI)

VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED
CASA AND CAG STATED AND UNDERLYING DATA Q3-2024

	CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying		Stated	Underlying
Revenues		€6,487m +2.3% Q3/Q3	€6,484m +7.0% Q3/Q3		€9,213m -0.4% Q3/Q3	€9,210m +4.1% Q3/Q3
Expenses		-€3,689m +9.2% Q3/Q3	-€3,654m +8.2% Q3/Q3		-€5,590m +6.2% Q3/Q3	-€5,556m +5.5% Q3/Q3
Gross Operating Income		€2,799m -5.7% Q3/Q3	€2,830m +5.5% Q3/Q3		€3,623m -9.1% Q3/Q3	€3,654m +2.0% Q3/Q3
Cost of risk		-€433m +0.9% Q3/Q3	-€433m +0.9% Q3/Q3		-€801m +15.6% Q3/Q3	-€801m +15.6% Q3/Q3
Net income group share		€1,666m -4.7% Q3/Q3	€1,686m +10.9% Q3/Q3		€2,080m -12.8% Q3/Q3	€2,100m +1.5% Q3/Q3
C/I ratio		56.9% +3.6 pp Q3/Q3	56.4% +0.6 pp Q3/Q3		60.7% +3.7 pp Q3/Q3	60.3% +0.8 pp Q3/Q3
RESULTS UP FOR THE FIRST NINE MONTHS OF THE YEAR; TARGET CONFIRMED OF >€6BN IN NET INCOME GROUP SHARE FOR 2024 STRONG QUARTERLY RESULT +8.2% growth in net income Group share excluding base effect related to reversals of Home Purchase Savings Plan provisions in Q3-23 High level of revenues, sharply up in underlying vision Low cost/income ratio; support for business line development with a +4.1% increase in recurring expenses STRONG ACTIVITY IN ALL BUSINESS LINES Solid performance in retail banking and consumer finance, supported by a good level of customer capture, higher on-balance sheet deposits in France and stable on-balance sheet deposits in Italy, gradual recovery in home loan activity and increased corporate loan production in France, continued momentum in international loan activity, and consumer finance activity stable at a high level Excellent business momentum in CIB, asset management and insurance, reflected in high gross inflows in life insurance, continued brisk business in property and casualty and personal insurance, solid level of inflows and a record level of assets under management, CIB business still robust and record nine-month revenues CONTINUED STRATEGIC PROJECTS Partnership with GAC in China on leasing and in Europe on automotive financing Signing of an agreement to acquire Merca Leasing Acquisition of Nexity Property Management VERY SOLID CAPITAL AND LIQUIDITY POSITIONS Crédit Agricole S.A. phased-in CET1 11.7% CA Group phased-in CET1 17.4%

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“The Group reports solid results this quarter. These results reinforce its desire to be useful to all its customers and to play a leading role in actively supporting the economy.”

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“Quarter after quarter, the Group publishes high-level results confirming the outlook for a 2024 result that is one year ahead of Crédit Agricole S.A.’s Ambitions for 2025.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.4% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During the third quarter of 2024, the Group recorded +482,000 new customers in retail banking, and the customer base grew by +104,000 customers. More specifically, over the quarter, the Group recorded +383,000 new customers for Retail Banking in France and +99,000 new International Retail Banking customers (Italy and Poland), and the customer base also grew (+64,000 and +40,000 customers, respectively).

At 30 September 2024, retail banking on-balance sheet deposits totalled €830 billion, up +2.8% year-on-year in France and Italy (+3.1% for Regional Banks and LCL and -0.4% in Italy). Outstanding loans totalled €876 billion, up +0.4% year-on-year in France and Italy (+0.2% for Regional Banks and LCL and +3.0% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +20% for the Regional Banks and +73% for LCL compared to the second quarter of 2024, and -11% and +17% respectively compared to the third quarter of 2023. In Italy, home loan production was down -12% for CA Italy due to a base effect related to successful marketing campaigns in the third quarter of 2023. However, they were still up on second quarter 2024. The property and casualty insurance equipment rate¹ rose to 43.8% for the Regional Banks (+0.7 percentage points compared to the third quarter of 2023), 27.9% for LCL (+0.3 percentage point) and 20.0% for CA Italy (+1.7 percentage point).

In asset management, inflows remained healthy (+€14.4 billion excluding an insurance mandate withdrawal totalling -€11.6 billion), particularly with regard to medium/long-term assets excluding JVs (+€9 billion). Commercial momentum within JVs was also solid. In savings/retirement, Crédit Agricole Assurances posted a high level of gross inflows (€7.2 billion, up +56% year-on-year), the unit-linked rate remained high in production (32.8%), and net inflows were positive (+€1.6 billion) and growing. In property and casualty insurance, the portfolio grew by +5.1% year-on-year to 16.6 million policies. Assets under management were once again at their highest level ever, rising compared to the end of September 2023 in asset management (€2,192 billion, or +11.1%), life insurance (€343.2 billion, or +5.8%) and wealth management, which benefited from the integration of Degroof Petercam (IWM and Private Banking of LCL €274 billion, or +46.9%).

SFS business line registered an activity stable at a high level, with an increase in consumer finance outstandings at CAPFM (+5.2% compared to the end of September 2023), driven by automotive activities, which account for 53%² of total outstandings, and growth in production and leasing outstandings at CAL&F (€20.1 billion, or +8.8% compared to the end of September 2023).

Momentum is strong in Large Customers, with record revenues in corporate and investment banking (best nine-month cumulative total), with capital markets and investment banking being driven by capital market activities, and financing activities benefiting from growth in commercial banking. CACEIS also posted a high level of assets under custody (€5,061 billion, +12.1% compared to the end of September 2023) and assets under administration (€3,386 billion, +4.2% compared to the end of September 2023). It benefited during the quarter from strong commercial momentum and positive market effects.

Each of the Group’s business lines posted strong activity (see Infra).

Continued support of transition

Crédit Agricole Assurances has set out its new climate commitments, announcing its target to reduce carbon intensity of its portfolio³ by -50% by 2029 (compared to 2019).

Crédit Agricole Group has also decided to participate in CDC’s energy and ecological transition financing support scheme. The Group will thus be able to raise up to €5.3 billion in liquidity by November 2025, exclusively for financing new projects contributing to the energy and ecological transition.

The Group is continuing the mass roll-out of financing and investment to promote the transition. As such, the Crédit Agricole Group doubled its exposure to low-carbon energy financing⁴ between the end of 2020 and September 2024, with €21.9 billion at 30 September 2024. In addition, Crédit Agricole Assurances’s financing of renewable energy production capacity increased by +17% compared to the end of 2022, representing 13.8 gigawatts at 30 June 2024.

Lastly, Crédit Agricole CIB’s green loan portfolio⁵ grew by +67% between the end of 2022 and September 2024, and represented €20.7 billion at 30 September 2024.

Group results

In the third quarter of 2024, the Crédit Agricole Group’s stated net income Group share came to €2,080 million, down -12.8% compared to the third quarter of 2023. This was due to significant specific items in the third quarter of 2023.

Specific items in the third quarter of 2024 had a negative net impact of -€20 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for +€3 million in net income Group share from capital markets and investment banking, and the hedging of the loan book in Large Customers for -€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of -€14 million in net income Group share of Large Customers, the Degroof Petercam integration costs of -€6 million in net income Group share of Asset Gathering, and the acquisition costs of Degroof Petercam totalling -€2 million in net income Group share of private banking.

Specific items in the third quarter of 2023 had a cumulative positive impact of +€317 million in net income Group share and comprised DVA and hedging items for +€1 million under Large Customers, reversals of the Home Purchase Savings Plan provisions for +€297 million (+€38 million for LCL, +€171 million for the Corporate Centre and +€88 million for the Regional Banks), and the impact of the SFS division’s Mobility⁶ business for -€26 million under the equity method and +€45 million under gains and losses on other assets.

Excluding these specific items, Crédit Agricole Group’s underlying net income Group share⁷ amounted to €2,100 million, up +1.5% compared to third quarter 2023.

Crédit Agricole Group – Stated and underlying results, Q3-24 and Q3-23

€m	Q3-24 stated	Specific items	Q3-24 underlying	Q3-23 stated	Specific items	Q3-23 underlying	∆ Q3/Q3 stated	∆ Q3/Q3 underlying

Revenues	9,213	3	9,210	9,249	402	8,847	(0.4%)	+4.1%
Operating expenses excl.SRF	(5,590)	(34)	(5,556)	(5,265)	0	(5,265)	+6.2%	+5.5%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,623	(31)	3,654	3,984	402	3,582	(9.1%)	+2.0%
Cost of risk	(801)	0	(801)	(693)	0	(693)	+15.6%	+15.6%
Equity-accounted entities	61	–	61	37	(26)	63	+65.7%	(3.5%)
Net income on other assets	(5)	(3)	(2)	69	61	9	n.m.	n.m.
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	2,877	(34)	2,912	3,397	436	2,961	(15.3%)	(1.6%)
Tax	(587)	8	(595)	(810)	(120)	(691)	(27.6%)	(13.8%)
Net income from discont’d or held-for-sale ope.	–	–	–	2	–	2	(100.0%)	(100.0%)
Net income	2,291	(26)	2,317	2,588	317	2,272	(11.5%)	+2.0%
Non controlling interests	(211)	6	(217)	(204)	–	(204)	+3.4%	+6.5%
Net income Group Share	2,080	(20)	2,100	2,384	317	2,068	(12.8%)	+1.5%
Cost/Income ratio excl.SRF (%)	60.7%		60.3%	56.9%		59.5%	+3.7 pp	+0.8 pp

In the third quarter of 2024, underlying revenues amounted to €9,210 million, up +4.1% compared to the third quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking (+1.8%), while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, and the Large Customers division enjoyed a high level of revenues across all of its business lines, in addition to the integration of ISB. Meanwhile, revenues were down slightly for International Retail Banking and Specialised Financial Services, which were penalised by the drop in interest rates. Underlying operating expenses increased by +5.5% in the third quarter of 2024 to €5,556 million. This was due to scope effects, base effects on taxes and support for business line development. Overall, the Group saw its underlying cost/income ratio reach 60.3% in the third quarter of 2024, a moderate rise of +0.8 percentage point. As a result, the underlying gross operating income stood at €3,654 million, up +2.0% compared to the third quarter of 2023.

The underlying cost of credit risk stood at -€801 million, a year-on-year increase of +15.6%. This figure comprises an addition of -€93 million for prudential provisions on performing loans (stages 1 and 2), an addition of -€709 million for the cost of proven risk (stage 3), the consequence of an increase in defaults in the corporate market, and additional provisioning for a number of corporate-specific files. There was also a reversal of +€1 million on other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). The cost of risk/outstandings⁸reached 26 basis points over a four rolling quarter period and 27 basis points on an annualised quarterly basis⁹.

Underlying pre-tax income stood at €2,912 million, a year-on-year decrease of -1.6%. This includes the contribution from equity-accounted entities of €61 million (down -3.5%) and net income on other assets, which came to -€2 million this quarter. The underlying tax charge fell by -13.8% over the period, the tax rate this quarter falling by -3.0 percentage points to 20.9%. Underlying net income before non-controlling interests was up +2.0% to €2,317 million. Non-controlling interests rose +6.5%. Lastly, underlying net income Group share was €2,100 million, +1.5% higher than in the third quarter of 2023.

Crédit Agricole Group – Stated and underlying results 9M-24 and 9M-23

€m	9M-24 stated	Specific items	9M-24 underlying	9M-23 stated	Specific items	9M-23 underlying	∆ 9M/9M stated	∆ 9M/9M underlying

Revenues	28,244	117	28,127	27,722	758	26,965	+1.9%	+4.3%
Operating expenses excl.SRF	(16,866)	(84)	(16,782)	(15,782)	(18)	(15,764)	+6.9%	+6.5%
SRF	–	–	–	(620)	–	(620)	(100.0%)	(100.0%)
Gross operating income	11,378	33	11,345	11,321	739	10,581	+0.5%	+7.2%
Cost of risk	(2,324)	(20)	(2,304)	(2,179)	(84)	(2,095)	+6.6%	+10.0%
Equity-accounted entities	203	(0)	203	190	(39)	229	+6.7%	(11.2%)
Net income on other assets	(19)	(23)	4	107	89	18	n.m.	(78.5%)
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	9,238	(10)	9,248	9,438	705	8,733	(2.1%)	+5.9%
Tax	(2,104)	(4)	(2,100)	(2,293)	(180)	(2,113)	(8.2%)	(0.6%)
Net income from discont’d or held-for-sale ope.	–	–	–	7	–	7	(100.0%)	(100.0%)
Net income	7,134	(14)	7,148	7,153	525	6,628	(0.3%)	+7.9%
Non controlling interests	(643)	17	(659)	(619)	(0)	(619)	+3.8%	+6.5%
Net income Group Share	6,491	3	6,489	6,534	525	6,009	(0.6%)	+8.0%
Cost/Income ratio excl.SRF (%)	59.7%		59.7%	56.9%		58.5%	+2.8 pp	+1.2 pp

In the first nine months of 2024, stated net income Group share amounted to €6,491 million, compared with €6,534 million in the first nine months of 2023, a difference of just -0.6%.

Specific items for the first nine months of 2024 include the specific items of the Regional Banks for the first nine months of 2024 (+€47 million in reversals of Home Purchase Savings Plan provisions) and Crédit Agricole S.A. specific items, which are detailed in the Crédit Agricole S.A. section.

Excluding specific items, underlying net income Group share reached €6,489 million, up +8.0% compared to the first nine months of 2023.

Underlying revenues totalled €28,127 million, up +4.3% compared to the first nine months of 2023. This increase is attributable to growth in all business lines, reaching a total, excluding the Corporate Centre division, of +4.6% compared to the first nine months of 2023.

Underlying operating expenses amounted to -€16,782 million, up +6.5% excluding SRF compared to the first nine months of 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for the first nine months of 2024 was 59.7%, up +1.2 percentage points compared to the first nine months of 2023 excluding SRF. The SRF stood at -€620 million in 2023.

Underlying gross operating income totalled €11,345 million, up +7.2% compared to the first nine months of 2023.

The underlying cost of risk for the first nine months of 2024 rose to -€2,304 million (of which -€178 million in cost of risk on performing loans (stages 1 and 2), -€2,148 million in cost of proven risk, and +€22 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +10.0% compared to the first nine months of 2023.

As at 30 September 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of September 2024 (€11.7 billion for Regional Banks), 41% of which represented provisioning of performing loans (47% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of September 2024 was 82.8%.

Underlying net income on other assets stood at €4 million in the first nine months of 2024, versus €18 million in the first nine months of 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +5.9% to €9,248 million. The tax charge was -€2,100 million, a change of just -0.6%, with an underlying effective tax rate of 23.2%, down -1.6 percentage points compared to the first nine months of 2023. Underlying net income before non-controlling interests was therefore up by +7.9%. Non-controlling interests amounted to -€659 million in the first nine months of 2023, up +6.5%.

Underlying net income Group share for first nine months of 2024 thus stood at €6,489 million, up +8.0% compared to the first nine months of 2023.

Regional banks

Gross customer capture stands at +275,000 new customers and the customer base grew by +27,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase.

Loan production was down -7% compared to the third quarter of 2023, reflecting the -11% drop in home loans and the decline in specialised markets. Home loan production has been gradually recovering since the beginning of the year (+20% compared to the second quarter 2024). The average lending production rate for home loans stood at 3.47%¹⁰ over July and August 2024, -16 basis points lower than in the second quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+27 basis points compared to the third quarter of 2023). Outstanding loans totalled €646 billion at the end of September 2024, stable year-on-year across all markets but up slightly by +0.5% over the quarter.

Customer assets were up +3.6% year-on-year to reach €903 billion at the end of September 2024. This growth was driven both by on-balance sheet deposits, which reached €601 billion (+2.5% compared to end September year-on-year), and off-balance sheet deposits, which reached €302 billion (+5.9% year-on-year) benefiting from favourable market effects and strong inflows in unit-linked bonds (€8 billion cumulative year-on-year). The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.6% and +1% respectively from end-June 2024.

The equipment rate for property and casualty insurance¹¹ was 43.8% at the end of September 2024 and continues to rise (up +0.7 percentage point compared to the end of September 2023). In terms of payment instruments, the number of cards rose by +1.7% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.9 percentage points year-on-year to account for 16.0% of total cards.

In the third quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend¹² stood at €3,220 million, down -2.1% compared to the third quarter of 2023, notably impacted by a base effect of +€118 million¹³ related to the reversal of the Home Purchase Savings Plan provision in the third quarter of 2023. Excluding this item, revenues were up +1.5% year-on-year, the decline in the net interest margin (-11.6% excluding the Home Purchase Savings Plan¹³ base effect) being offset by the rise in portfolio revenues (+41.8%) and fee and commission income (+4.9%), itself driven by buoyant business in life insurance and account management. Operating expenses were up +3.5%, due to an increase in staff costs, property expenses and IT costs. Gross operating income was down -15.3% year-on-year (-3.8% excluding the Home Purchase Savings Plan¹³ base effect). The cost of risk was up by +43.7% compared to the third quarter of 2023 to stand at -€369 million. mainly due to the increase in proven risk in the corporate sector. Cost of risk/outstandings remained under control, at 22 basis points.

The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend,¹² amounted to €351 million, down -38.0% compared to the third quarter of 2023 (-26.5% excluding the base effect¹³).

The Regional Banks’ contribution to net income Group share was €371 million in the third quarter of 2024, down -36.9% compared to the third quarter of 2023.

In the first nine months of 2024, revenues including the SAS Rue La Boétie dividend were up +2.2% compared to the same period in 2023. Operating expenses rose by +1.7%, resulting in a rise in gross operating income of +3% for the first nine months of 2024. Finally, with a cost of risk up +29%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,051 million, up +0.5% compared to the first nine months of 2023 (+1.9% excluding the Home Purchase Savings Plan base effect).

The Regional Banks’ contribution to the results of Crédit Agricole Group in the first nine months of 2024 amounted to €1,021 million in stated net income Group share (-28.1% compared to the same period in 2023), with revenues of €9,834 million (-2%), expenses of -€7,453 (+3.3%) and a cost of risk of -€1,056 million (+27%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 5 November 2024 to examine the financial statements for third quarter 2024.

Crédit Agricole S.A. – Stated and underlying results, Q3-24 and Q3-23

€m	Q3-24 stated	Specific items	Q3-24 underlying	Q3-23 stated	Specific items	Q3-23 underlying	∆ Q3/Q3 stated	∆ Q3/Q3 underlying

Revenues	6,487	3	6,484	6,343	284	6,060	+2.3%	+7.0%
Operating expenses excl.SRF	(3,689)	(34)	(3,654)	(3,376)	0	(3,376)	+9.2%	+8.2%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	2,799	(31)	2,830	2,967	284	2,684	(5.7%)	+5.5%
Cost of risk	(433)	0	(433)	(429)	0	(429)	+0.9%	+0.9%
Equity-accounted entities	42	–	42	23	(26)	50	+81.3%	(15.3%)
Net income on other assets	(4)	(3)	(1)	69	61	8	n.m.	n.m.
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	2,404	(34)	2,438	2,630	318	2,312	(8.6%)	+5.4%
Tax	(476)	8	(484)	(633)	(89)	(544)	(24.8%)	(11.0%)
Net income from discont’d or held-for-sale ope.	–	–	–	2	–	2	n.m.	n.m.
Net income	1,928	(26)	1,954	1,999	229	1,770	(3.5%)	+10.4%
Non controlling interests	(262)	6	(268)	(251)	(2)	(250)	+4.2%	+7.5%
Net income Group Share	1,666	(20)	1,686	1,748	227	1,520	(4.7%)	+10.9%
Earnings per share (€)	0.50	(0.01)	0.51	0.53	0.07	0.46	(5.5%)	+11.4%
Cost/Income ratio excl. SRF (%)	56.9%		56.4%	53.2%		55.7%	+3.6 pp	+0.6 pp

In the third quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,666 million, down -4.7% compared to the third quarter of 2023, having benefited from non-recurring items related to reversals of the Home Purchase Savings Plan provisions (see below). This was an excellent result for the third quarter of 2024, based on high revenues and a cost/income ratio kept at a low level.

Specific items for this quarter had a cumulative impact of -€20 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for +€3 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for -€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€6 million in the net income Group share in Asset Gathering; ISB integration costs for -€14 million in the net income Group share in Large Customers, and the acquisition costs of Degroof Petercam for -€2 million in the net income Group share in Asset Gathering.

Specific items for the third quarter of 2023 had a cumulative impact of +€227 million on net income Group share, and comprised recurring accounting items amounting to +€208 million (primarily reversals of Home Purchase Savings Plan provisions for +€37 million at LCL and +€171 million at the Corporate Centre). Non-recurring items were related to the ongoing reorganisation of the SFS division’s Mobility business amounting to +€19 million.

Excluding a positive base effect related to the reversals of Home Purchase Savings Plan provisions, net income Group share was up +8.2% for the period.

Excluding specific items, underlying net income Group share¹⁴ stood at €1,686 million in the third quarter of 2024, up +10.9% compared to the third quarter of 2023.

In the third quarter of 2024, underlying revenues were at a high level, standing at €6,484 million. They were up sharply by +7.0% compared to the third quarter of 2023. This growth was driven by the Asset Gathering business line, which recorded growth of +12.9% as a result of strong business momentum and the integration of Degroof Petercam¹⁵; the Large Customers business line (+8.7%), which saw good results from all business lines with continued revenue growth in the third quarter in Corporate and Investment Banking, in addition to an improvement in the net interest margin and fee and commission income within CACEIS; Specialised Financial Services (-1.5%), which benefited from favourable scope and volume effects as well as a more stable margin in the Personal Finance and Mobility business line; French Retail Banking (+3.7%), which was boosted by an improved net interest margin and higher fee and commission income; and lastly, International Retail Banking (-1.8%), which was essentially impacted by the decline in the net interest margin in Italy. The Corporate Centre division recorded an increase in revenues of +€43 million.

Underlying operating expenses totalled -€3,654 million in the third quarter of 2024, an increase of +8.2% compared to the third quarter of 2023, reflecting the support given to business line development. The -€278 million year-on-year increase in expenses was mainly due to a -€112 million scope effect,¹⁶ integration costs of -€29 million¹⁷, and a positive tax-related base effect of -€30 million. Recurring expenses were up by -€141 million, or +4.1% (-€38 million in staff costs, -€76 million in IT investments and -€27 million in other expenses).

The underlying cost/income ratio in the third quarter of 2024 thus stood at 56.4%, an increase of +0.6 percentage points compared to the third quarter of 2023.

Underlying gross operating income in the third quarter of 2024 stood at €2,830 million, an increase of +5.5% compared to the third quarter of 2023. It was up +4.2% when restated solely for reversals of the Home Purchase Savings Plan provisions.

As at 30 September 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (43% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.5%. The coverage ratio¹⁸ was high at 71.4%, up +0.1 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., a -€0.1 billion decline from end-June 2024. Of those loan loss reserves, 34% were for performing loans (percentage in line with previous quarters).

The underlying cost of risk showed a net addition of -€433 million, up +0.9% from the third quarter of 2023, which included a -€38 million addition for performing loans (stages 1 and 2) (versus a reversal of +€59 million in the third quarter of 2023) and -€388 million in provisioning for proven risks (stage 3) (versus -€487 million in the third quarter of 2023). There was also a small addition of -€7 million for other items (legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (unchanged from end-September 2023), 19% from LCL (16% at end-September 2023), 14% from International Retail Banking (28% at end-September 2023), 4% from Large Customers (3% at end-September 2023) and 8% from the Corporate Centre (zero at end-September 2023). The increase in the cost of risk for the Corporate Centre was mainly due to the increase in the risk on financing secured by Foncaris. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). In the third quarter of 2024, the cost of risk/outstandings was 32 basis points over a rolling four-quarter period¹⁹ and 32 basis points on an annualised quarterly basis²⁰ (an improvement of 1 basis point compared to the third quarter of 2023 for both bases).

The underlying contribution from equity-accounted entities amounted to €42 million in the third quarter of 2024, down -15.3% compared to the third quarter of 2023, driven in particular by the strong growth of equity-accounted entities in asset management and a decline in the Personal Finance and Mobility business line.

Underlying income²¹before tax, discontinued operations and non-controlling interests was up +5.4% to €2,438 million. The underlying effective tax rate stood at 20.2%, i.e. down -3.8 percentage points compared to the third quarter of 2023. The underlying tax charge was -€484 million, down -11% mainly due to the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value in the Insurance business line, partially offset by the increase in the tax rate in Ukraine. Underlying net income before non-controlling interests was up +10.4% to €1,954 million. Non-controlling interests amounted to -€268 million in the third quarter of 2024, an increase of +7.5%.

Underlying earnings per share in third quarter of 2024 reached €0.51, increasing by +11.4% compared to the third quarter of 2023.

Crédit Agricole S.A. – Stated and underlying results, 9M-24 and 9M-23

€m	9M-24 stated	Specific items	9M-24 underlying	9M-23 stated	Specific items	9M-23 underlying	∆ 9M/9M stated	∆ 9M/9M underlying

Revenues	20,089	53	20,036	19,140	598	18,542	+5.0%	+8.1%
Operating expenses excl.SRF	(10,978)	(84)	(10,894)	(9,922)	(18)	(9,904)	+10.6%	+10.0%
SRF	–	–	–	(509)	–	(509)	(100.0%)	(100.0%)
Gross operating income	9,111	(30)	9,141	8,709	580	8,129	+4.6%	+12.5%
Cost of risk	(1,256)	(20)	(1,236)	(1,338)	(84)	(1,253)	(6.1%)	(1.3%)
Equity-accounted entities	132	(0)	132	136	(39)	175	(3.4%)	(24.7%)
Net income on other assets	5	(23)	28	102	89	13	(95.3%)	x 2.1
Change in value of goodwill	–	–	–	–	–	–	n.m.	n.m.
Income before tax	7,991	(73)	8,064	7,609	545	7,064	+5.0%	+14.2%
Tax	(1,790)	12	(1,803)	(1,832)	(149)	(1,682)	(2.3%)	+7.1%
Net income from discont’d or held-for-sale ope.	–	–	–	7	–	7	n.m.	n.m.
Net income	6,201	(61)	6,262	5,785	396	5,389	+7.2%	+16.2%
Non controlling interests	(803)	16	(820)	(771)	(2)	(769)	+4.2%	+6.6%
Net income Group Share	5,397	(45)	5,442	5,014	394	4,620	+7.6%	+17.8%
Earnings per share (€)	1.59	(0.01)	1.60	1.53	0.13	1.40	+3.8%	+14.5%
Cost/Income ratio excl.SRF (%)	54.6%		54.4%	51.8%		53.4%	+2.8 pp	+1.0 pp

In the first nine months of 2024, stated net income Group share amounted to €5,397 million, compared with €5,014 million in the first nine months of 2023, an increase of +7.6%.

Specific items in the first nine months of 2024 had a negative impact of -€45 million on stated net income Group share, and comprise +€39 million in recurring accounting items and -€84 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€33 million and loan book hedging for +€5 million). Non-recurring items relate to the costs of integrating and acquiring Degroof Petercam (-€27 million) within the Asset Gathering division, the costs of integrating (-€37 million) and acquiring (-€17 million) ISB within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

Excluding specific items, underlying Net income Group share reached €5,442 million, up +17.8% compared to the first nine months of 2023.

Underlying revenues were up +8.1% compared to the first nine months of 2023, driven by all business lines. Underlying operating expenses were +10% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF²² building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, an increase of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €9,141 million, up +12.5% compared to the first nine months of 2023. The underlying cost of risk decreased by -1.3% over the period to -€1,236 million, versus -€1,253 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €132 million, down -24.7% over the period.

Underlying earnings per share were €1.60 per share in the first nine months of 2024, up +14.5% compared to the first nine months of 2023.

Underlying RoTE ²³, which is calculated on the basis of an annualised underlying Net Income Group Share ²⁴ and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.5% over the first nine months of 2024, up by +1 percentage point compared to the first nine months of 2023.

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

In the third quarter of 2024, assets under management in the Asset Gathering division (AG) totalled €2,809 billion, up +€46 billion over the quarter (or +1.7%), mainly due to a positive market effect and a good level of net inflows in the three business lines of Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +13.1%.

Insurance activity (Crédit Agricole Assurances) was very strong with total premium income of €9.7 billion – a record level for a third quarter – up +38.9% compared to the third quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total, overall premium income stood at €32.8 billion, up +18.2% compared to the first nine months of 2023.

In Savings/Retirement, third-quarter premium income stood at €7.2 billion, up +56.4% compared to the third quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. The unit-linked rate accounted for 32.8% of gross inflows, down -7.5 percentage points compared to the third quarter of 2023. This decline is linked to the recovery in gross euro inflows and less favourable market conditions for unit-linked products, in particular the reduced attractiveness of unit-linked bond products. Net inflows totalled +€1.6 billion this quarter, on par with last quarter. This level is made up of positive net inflows from unit-linked contracts (+€0.9 billion) and also from euro funds (+€0.8 billion). In total, Savings/Retirement premium income reached €23.9 billion at the end of September, up +23.1% compared to the end of September 2023.

Assets under management (savings, retirement and funeral insurance), which stood at €343.2 billion, continued to rise and reached their highest level ever. They were up +€19.0 billion over one year, or +5.8%, and +€12.9 billion since the beginning of the year, or +3.9%. The growth of assets under management was supported by a positive market effect and positive net inflows. Unit-linked contracts reached 29.9% of assets under management, up +2.3 percentage points over one year and +1.0 percentage point compared to the end of December 2023.

In property and casualty insurance, premium income stood at €1.2 billion in the third quarter of 2024, up +9.2%²⁵ compared to the third quarter of 2023. This growth was driven by volume and price effects. Indeed, at the end of September 2024, the portfolio stood at nearly 16.6 million²⁶ contracts, up +5.1% year-on-year. At the same time, the average premium was up, benefiting from rate revisions in addition to changes in the product mix. Lastly, the combined ratio at the end of September 2024 stood at 95.5%²⁷, a deterioration of +0.3 percentage point year-on-year due to the unfavourable impact of discounting. In total, at the end of September 2024, premium income stood at €4.9 billion, an increase of +7.8% compared to the first nine months of 2023.

In death & disability/creditor/group insurance, premium income for the third quarter of 2024 stood at €1.3 billion, up +2.2% compared to the third quarter of 2023. Creditor insurance premium income rose by +1.6% compared to the third quarter of 2023, thanks to an upturn in consumer finance and good performance in real estate. Death and disability was up +3.5% compared to the third quarter of 2023, mainly driven by group insurance, which posted an increase of +9.5%. In group insurance, an agreement was signed with Industries Electriques et Gazières in October 2024, with effect from the second half of 2025. In total, at the end of September, premium income from personal protection stood at €4.0 billion, an increase of +5.7% compared to the first nine months of 2023.

In Asset Management (Amundi), Amundi’s assets under management saw a +11.1% increase year-on-year at 30 September 2024 and a +1.6% increase over the quarter to €2,192 billion, an all-time high. The +€35.4 billion increase in assets under management over the quarter was due to a positive market and foreign exchange impact of +€32.5 billion and positive net inflows of +€2.9 billion.

This quarter’s net inflows include the exit from a mandate worth €11.6 billion with a European insurer, which was not generating much revenue. Adjusted for this outflow, net inflows for the quarter stood at +€14.4 billion, including +€9.1 billion in medium- and long-term assets²⁸, driven by active management and ETFs. Structured products and real and alternative assets also recorded positive inflows, while treasury products²⁸ were stable. Lastly, the JVs continued their solid commercial momentum, with net inflows of +€5.3 billion, reflecting a positive contribution from India and South Korea.

By customer segment, Retail inflows (+€6.3 billion in the third quarter of 2024) were driven by the excellent momentum of third-party distributors (+€6.8 billion), across all regions and with good diversification of inflows by asset class. Excluding the loss of the insurance mandate mentioned above, the Institutional segment recorded very positive inflows in MLT assets across all segments, in particular Institutional and Sovereign, and on mandates from insurers in the Crédit Agricole Groupe and the Société Générale group, thanks to the continued recovery in the euro-denominated life insurance policies market in France during the quarter. Treasury products, on the other hand, experienced sharp seasonal outflows in this segment.

In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €274 billion at the end of September 2024, and were up +2.7% compared to June 2024 and +46.9% compared to September 2023.

Indosuez Wealth Management had assets under management of €209.2 billion²⁹ at the end of September, up +2.1%, or +€4.2 billion, compared to the end of June 2024 due to a positive market effect of +€2.5 billion and good level of activity with positive net inflows of +€1.8 billion, driven in particular by Switzerland and Asia. The quarter also saw Degroof Petercam funds begin to be marketed to Indosuez clients. Compared with the end of September 2023, assets under management were up by +€84.3 billion (or +67.5%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024), a positive market effect and a good level of net inflows.

In LCL’s Private Banking division, assets under management at the end of September totalled €64.8 billion, up by +€1.0 billion or +1.5% compared to the end of June 2024, thanks to a positive market effect and positive net inflows. Compared with the end of September 2023, assets under management were up by +€3.2 billion (or +5.3%), mainly due to a positive market effect, and also to positive net inflows.

Results of the Asset Gathering division

In the third quarter of 2024, AG generated €1,870 million in revenues, up +12.9% compared to the third quarter of 2023. Expenses rose by +20.9% to -€868 million. Thus, the cost/income ratio stood at 46.4%, up +3.0 percentage points compared to the third quarter of 2023. Gross operating income stood at €1,002 million, up +6.9% compared to the third quarter of 2023. Taxes stood at -€157 million, compared with -€221 million at the end of September 2023 (down -29.1%). The net income Group share of AG stood at €728 million, up +17.1% compared to the third quarter of 2023.

At the end of September 2024, AG generated revenues of €5,603 million, up +9.1% compared to the end of September 2023. The increase is explained by a very high level of revenues in all three business lines: Insurance, Asset Management and Wealth Management. Costs excluding SRF increased +13.4%. As a result, the cost/income ratio excluding SRF stood at 43.5%, up +1.6 percentage points compared to the end of September 2023. Gross operating income stood at €3,168 million, an increase of +6.3% compared to the end of September 2023. Taxes stood at -€659 million, compared with -€699 million at the end of September 2023 (down -5.7%). The net income Group share of AG stood at €2,180 million, up +9.3% compared to the first nine months of 2023. Net income Group share increased between the first nine months of 2023 and the first nine months of 2024 in Asset Management (+10.2%) and the Insurance business lines (+11.3%), but was down in Wealth Management (-18.9%).

At the end of September 2024, the Asset Gathering division contributed by 37% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding Corporate Centre division) and 27% to underlying revenues excluding the Corporate Centre division.

As at 30 September 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €58.7 billion, including €35.7 billion for Insurance, €14.1 billion for Asset Management and €8.9 billion for Wealth Management.

The underlying RoNE (return on normalised equity) stood at 27.1% for the first nine months of 2024.

Insurance results

In the third quarter of 2024, insurance revenues amounted to €635 million, down -1.2% compared to the third quarter of 2023. This includes €418 million from savings/retirement³⁰, €117 million from personal protection³¹ and €40 million from property and casualty insurance³². Against a backdrop of increased business activity, the decline in revenues is explained in particular by the change in Property & Casualty claims, which were low in the third quarter of 2023 and higher in the third quarter of 2024, particularly for crop insurance, as well as by an unfavourable effect linked to the replacement of AT1 debt (for which the expense was recorded as minority interests) by Tier 2 debt (the cost of which is deducted from revenues).

The contractual service margin (CSM) stood at €24.9 billion, up +4.5% since 31 December 2023. In the first nine months of 2024, the impact of the stock revaluation was positive, and the impact of new business exceeded the CSM allocation.

Non-attributable expenses for the quarter stood at €85 million, up +5.1% over the third quarter of 2023. Gross operating income stood at €550 million, down -2.1% compared to the third quarter of 2023. Taxes stood at -€51 million, compared with -€131 million for the third quarter of 2023. This decline is due to a re-estimation of the tax rate including the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value, which took place during the quarter. Net income Group share stood at €478 million, up +16.2% compared to the third quarter of 2023.

Revenues from insurance in the first nine months of 2024 came to €2,130 million, up +5.4% compared to the total at the end of September 2023. Non-attributable expenses came to €264 million, i.e. an increase of +11.4%. The cost/income ratio stood at 12.4%, below the target ceiling of 15% set by the Medium-Term Plan. Gross operating income stood at €1,866 million, up +4.6% compared to the first nine months of 2023. The tax charge stood at -€354 million, below the September 2023 level of -€411 million. Net income Group share amounted to €1,466 million, up +11.3% compared to the first nine months of 2023.

Insurance contributed by 25% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) at the end of September 2024 and by 10% to their underlying revenues.

Asset Management results

In the third quarter of 2024, revenues amounted to €838 million, showing double-digit growth (+10.3% compared to the third quarter of 2023). The +9.2% increase in management fee and commission income compared to the third quarter of 2023 reflects the good level of activity and the increase in average assets under management excluding JVs (which increased by +8.6% over the same period, and by +1.2% between the second and third quarter). Performance fees increased by +€10 million compared with the third quarter of 2023, but there were fewer crystallisation dates in the third quarter than in the second or fourth quarters. Amundi Technology’s revenues increased by +41.8% compared to the third quarter of 2023. Financial revenues were down by -10.6% compared to third quarter of 2023. Operating expenses stood at -€466 million, up +7.5% mainly due to the consolidation of Alpha Associates, accelerated investment and the impact of revenue growth on variable compensation. The jaws effect was positive over the quarter. The cost/income ratio thus stood at 55.6%, an improvement year-on-year (-1.5 percentage point). Gross operating income increased by +14.1% compared to the third quarter of 2023. The contribution from equity-accounted entities, comprising the contribution from Amundi’s Asian joint ventures, stood at €33 million, up +36.4% from the third quarter of 2023, driven mainly by the strong growth of the contribution from SBI MF in India. The income tax charge stood at -€92 million, up +14.9%. Net income before non-controlling interests was €312 million, up +16.4% compared to the total at the end of September 2023. Net income Group share stood at €208 million, up +16.8% compared to the third quarter of 2023.

In the first nine months of 2024, revenues rose by +7.2% in asset management, reflecting sustained growth in management fee and commission income and a sharp increase in Amundi Technology revenues (€54m, +28.2%) and net financial income. Performance fees were down slightly (-2.0%). Operating expenses excluding SRF increased by +6.3%. The cost/income ratio excluding SRF was 55.3%, stable compared to the total at the end of September 2023. As a result, gross operating income was up +8.8% compared to the first nine months of 2023. The net income of equity-accounted entities increased by +28.4%. All in all, net income Group share for the half-year stood at €623 million, an increase of +10.2%.

Asset management contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and by 12% to their underlying revenues.

At 30 September 2024, equity allocated to the Asset Management business line amounted to €1.3 billion, while risk-weighted assets totalled €14.1 billion.

Wealth Management results³³

Revenues of Wealth Management stood at €397 million in the third quarter of 2024, up +56.6% compared to the third quarter of 2023. Revenues benefited from the impact of the integration of Degroof Petercam in June 2024; excluding this effect, they were supported by the good momentum of management fee and commission income, which offset the erosion of interest revenues. Expenses totalled -€317 million, up +55.5% compared to the third quarter of 2023, due to the impact of the integration of Degroof Petercam in June 2024³⁴ and integration costs of -€8 million in the third quarter. Restated for these impacts, growth in expenses is stable (+0.2% compared to the third quarter of 2023). The cost/income ratio in the third quarter of 2024 stood at 79.9%, down -0.6 percentage points compared to the third quarter of 2023. Gross operating income stood at €80 million, up +61.4% compared to the third quarter of 2023. Cost of risk was -€11 million in the third quarter of 2024, including the recognition of litigations and provisions for various cases. Net income on other assets stood at -€3 million in the third quarter of 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share amounted to €42 million, up +30.6% compared to the third quarter of 2023.

In the first nine months of 2024, Wealth Management’s revenues rose by +24.7% compared to the end of September 2023, notably benefiting from the integration of Degroof Petercam in June 2024 to reach €967 million. Expenses excluding SRF rose by +29.3% due to the impact of the integration of Degroof Petercam in June 2024 and the €14 million in integration costs. Restated for these impacts, growth in expenses is under control, increasing by +3.6% compared to the first nine months of 2023, due in particular to an unfavourable base effect in 2023. Gross operating income thus rose by +10.0% to €181 million. The cost of risk was -€12 million at the end of September 2024 (it was +€1 million at the end of September 2023). Net income on other assets stood at -€23 million at the end of September 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share stood at €91 million for the first nine months of 2024, down -18.9% compared to the first nine months of 2023, but up +4.5% after restatement for integration and acquisition costs.

Wealth Management contributed 2% of Crédit Agricole S.A.’s business lines underlying net income Group share. (excluding the Corporate Centre division) at end September 2024 and by 5% to their underlying revenues.

At 30 September 2024, equity allocated to Wealth Management was €0.8 billion and risk-weighted assets totalled €8.9 billion.

Activity of the Large Customers division

Corporate and Investment Banking (CIB) once again posted a very good performance in the third quarter of 2024 (best third quarter and best year-to-date in terms of both revenues and results). Asset servicing also recorded strong business momentum during the period.

CIB third-quarter underlying revenues rose sharply to €1,528 million, an increase of +8.0% compared to the third quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +7.2% compared to the third quarter of 2023, at €809 million. This was mainly due to the excellent performance of Commercial Banking (+9.5% compared to the third quarter of 2023), driven by the development of Corporate activities, especially in the Telecom sector, and a good level of revenues from asset financing and project financing. Capital Markets and Investment Banking also reported revenue growth of +9.0% compared to the third quarter of 2023, at €719 million, driven by the continued high level of performance of Capital Markets (+6.2% compared to the third quarter of 2023 for FICC) and the good level of activity in Investment Banking, (+22.8% compared to the third quarter of 2023), confirming the trend observed at the end of the first half of 2024.

Financing activities thus confirmed its leading position in syndicated loans (#2 in France³⁵ and #2 in EMEA³⁵). Crédit Agricole CIB reaffirmed its strong position in bond issues (#3 All bonds in EUR Worldwide³⁵) and was ranked #2 in Green, Social & Sustainable bonds in EUR³⁶. Average regulatory VaR stood at €10.1 million in the third quarter of 2024, unchanged from the second quarter of 2024 when it was €10.1 million. It remained at a level that reflected prudent risk management.

In addition, the third quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) customer portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Customer migration is expected to continue until the end of 2024. As a reminder, ISB integration costs will be recorded during the year for an amount of around €80 million to €100 million, including €25.9 million in the third quarter of 2024, i.e. €70 million recorded in the first nine months of 2024.

In the third quarter of 2024, solid customer business and market effects supported growth in assets over the year. Assets under custody increased by +1.9% at the end of September 2024 compared to the end of June 2024 and increased by +12.1% compared to the end of September 2023, to reach €5,061 billion. Assets under administration were down -1.2% over the quarter (planned exit of some ISB customers) and up +4.2% year-on-year, reaching €3,386 billion at the end of September 2024.

Results of the Large Customers division

In the third quarter of 2024, stated revenues of the Large Customers division once again reached a record level of €2,054 million, up +8.8% compared to the third quarter of 2023, buoyed by excellent performance in the Corporate and Investment Banking and Asset Servicing business lines. The division’s specific items this quarter had an impact of +€2.8 million on Corporate and Investment Banking and comprised the DVA, the issuer spread portion of the FVA and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses were up compared to the third quarter of 2023 (+8.8%), due, on the one hand, to IT investments and the development of the business lines’ activity and, on the other hand, to the recognition of ISB integration costs of -€25.9 million, restated as specific items. As a result, the division’s gross operating income was up +8.8% from the third quarter of 2023 to €814 million. The division recorded an overall net addition for cost of risk of -€19 million in the third quarter of 2024, compared with an addition of -€13 million in the third quarter of 2023. Stated pre-tax income totalled €800 million, an increase over the period (+8.2%). The tax charge was
-€234 million. Lastly, stated Net income Group share reached €520 million in the third quarter of 2024, compared with stated income of €488 million in the third quarter of 2023. Underlying net income Group share came to €532 million in the third quarter of 2024, versus €488 million in the third quarter of 2023.

Over the first nine months of 2024, stated revenues of the Large Customers division amounted to a record high of €6,543 million, i.e. +12.0% compared to the first nine months of 2023. Operating expenses excluding SRF rose +13.4% compared to the same period to -€3,298 million, largely related to employee expenses and IT investments, and including ISB integration costs of -€70 million. Gross operating income for the first nine months of 2024 totalled €2,802 million, representing an increase of +25.4% compared to the first nine months of 2023. Over the period, the cost of risk recorded a net addition of -€25 million, compared to an addition of -€81 million in the same period. The business line’s contribution to stated Net income Group share was €1,936 million, a strong increase of +30.3% compared to the first nine months of 2023. Underlying net income Group share came to €1,935 million in the first nine months of 2024, versus €1,520 million in the first nine months of 2023.

The division contributed 33% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and 31% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the division was €13.3 billion and its risk-weighted assets were €140.5 billion.

Underlying RoNE (return on normalised equity) stood at 19.0% at the end of September 2024.

Corporate and Investment Banking results

In the third quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,531 million, up +8.2% from the third quarter of 2023. The Corporate and Investment Banking division’s specific items this quarter had an impact of +€2.8 million and comprised the DVA, the issuer spread portion of the FVA, and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses rose by +7.2% to -€864 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.5% compared to the third quarter of 2023, taking it to a high level of +€667 million. The cost/income ratio was 56.4%, a slight change of -0.5 percentage point over the period. The cost of risk recorded a limited net provision of -€14 million, stable compared to the third quarter of 2023. Lastly, pre-tax income in the third quarter of 2024 stood at €653 million, versus €596 million in the third quarter of 2023. The tax charge stood at -€195 million. Lastly, stated net income Group share rose sharply by +10.3% to €446 million in the third quarter of 2024.

Over the first nine months of 2024, stated revenues rose by +7.6% compared to the excellent level recorded in the first nine months of 2023, to a record level of €4,995 million. The specific items over the period had an impact of +€52.2 million and comprised the DVA (the issuer spread portion of the FVA and secured lending) amounting to +€45.8 million, and loan book hedging totalling +€6.3 million. Operating expenses excluding SRF rose +5.1%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. Thus, gross operating income of €2,370 million was up sharply (+26.5% compared to the first nine months of 2023). The cost of risk recorded a net provision of -€7 million in the first nine months of 2024, compared to a net provision of -€80 million in the first nine months of 2023. The income tax charge stood at -€609 million, up +27.1%. Lastly, stated net income Group share stood at €1,715 million for the first nine months of 2024, an increase of +33.6% over the period, the highest historical level. Underlying Net income Group share stood at €1,677 million over the first nine months of 2024, versus €1,318 million over the same period in 2023.

Risk-weighted assets at the end of September 2024 were down -€2.7 billion compared to the end of June 2024 at €128.6 billion, still well under control with business growth.

Asset servicing results

In the third quarter of 2024, the revenues of Asset Servicing were up +10.7% compared to the third quarter of 2023, standing at €523 million. This rise was driven in particular by high fee and commission income, itself driven by the increase in assets and by the favourable trend in NIM. Operating expenses rose by +12.8% to
-€376 million, including -€4 million in scope effects linked to the consolidation of the remaining ISB entities and a -€25.8 million in ISB integration costs restated as specific items. Excluding these effects, the increase in expenses was +5.5% compared to the third quarter of 2023. As a result, gross operating income was up by +5.7% to €147 million in the third quarter of 2024. Thus, the cost/income ratio stood at 71.9%, up +1.3 percentage points. Excluding ISB integration costs and the consolidation of the remaining ISB entities, it stood at 66.2%, an improvement of 3.3 percentage points compared to the third quarter of 2023. The quarter also recorded +€6 million in income from equity-accounted entities. Net income thus totalled €109 million, down -10.8% compared to the third quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to stated net income Group share totalled €74 million in the third quarter of 2024, down -11.7% compared to the third quarter of 2023. Excluding ISB integration costs, net income Group share was up +4.8% compared to the third quarter of 2023.

Stated revenues for the first nine months of 2024 were up +28.7% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Expenses excluding SRF were up +39.2% and included a scope effect of -€207 million over the first six months of 2024 and -€70 million in ISB integration costs. Gross operating income was up +20.0% compared to the first nine months of 2023. The cost/income ratio stood at 72.1%, an improvement of 5.5 points compared to the third quarter of 2023. Net income thus rose by +10.1%. The overall contribution of the business line to net income Group share in the first nine months of 2024 was €221 million, a +9.3% increase compared to the first nine months of 2023.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €11.6 billion in the third quarter of 2024, stable compared to the third quarter of 2023. The share of automotive financing³⁷ in quarterly new business production stood at 50.6% this quarter. The average customer rate for production was down -24 basis points from the second quarter of 2024. CAPFM’s assets under management stood at €116.8 billion at the end of September 2024, up +5.2% compared to the end of September 2023, driven by all activities (Automotive +6,9%³⁸; LCL and Regional Banks +5.6%; Other entities +3.3%). Lastly, consolidated outstandings totalled €68.9 billion at the end of September 2024, up +4.7% compared to the third quarter of 2023.

CAPFM has announced a number of recent developments: a plan to acquire 50% of GAC Leasing; a pan-European partnership with GAC Motor International to entrust CA Auto Bank with the financing of vehicles made by Chinese manufacturer GAC; a partnership with FATEC to offer a fleet management service to its customers; and an agreement with EDF to ramp up the installation of electric charging stations in France.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +13.6% compared to the third quarter of 2023. It was driven by all business lines, and was particularly strong in property leasing and renewable energy financing. Property leasing continued to grow in France and abroad. Leasing outstandings rose +8.8% year-on-year, both in France (+6.7%) and internationally (+17.4%), to reach €20.1 billion at the end of September 2024 (of which €15.9 billion in France and €4.2 billion internationally). Commercial factoring production fell by -17% compared to the third quarter of 2023. As a reminder, the third quarter of 2023 was marked by record production in Germany. Factoring outstandings at the end of September 2024 were stable compared to the end of September 2023.

On 31 October 2024, Crédit Agricole Leasing & Factoring announced that it had signed an agreement to acquire Merca Leasing in Germany.

Specialised financial services’ results

The revenues of Specialised Financial Services rose to €869 million in the third quarter of 2024, down slightly by -1.6% compared to the third quarter of 2023. Expenses stood at -€437 million, up +3.1% compared to the third quarter of 2023. The cost/income ratio stood at 48%, up +2.3 percentage points compared to the same period in 2023. Gross operating income thus stood at €433 million, down -5.9% compared to the third quarter of 2023. Cost of risk reached -€223 million, stable compared to the third quarter of 2023. Net income from equity-accounted entities rose significantly (x4.5 compared to the third quarter of 2023) to €23 million. Excluding the base effect³⁹ related to the reorganisation of Mobility activities at CAPFM, the change was -20.7%. Net income on other assets stood at -€2 million, versus €57 million in the third quarter of 2023. Excluding the base effect³⁹ related to the reorganisation of Mobility activities at CAPFM, the change was -52.5%. The division’s Net income Group share amounted to €172 million, down -15.6% compared to the same period in 2023, and down -7% excluding the base effect³⁹.

Over the first nine months of 2024, revenues for the Specialised Financial Services division fell by-4.1%, but rose by +7.8% excluding the base effect⁴⁰ related to the reorganisation of Mobility activities at CAPFM, compared to the first nine months of 2023. This favourable trend was driven by a good performance in CAL&F (+8.5%) and by higher revenues for CAPFM excluding the base effect⁴⁰ (+7,6%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Underlying costs excluding SRF increased by +8.9% compared to the first nine months of 2023. Expenses excluding SRF, the base effect⁴⁰ and scope effects rose by +3.1%. The cost/income ratio stood at 51.2%, or +6.1 percentage points versus the same period in 2023; excluding the base effect⁴⁰, the change was +1.3 percentage points. The cost of risk was down -4.9% compared to the first nine months of 2023, to -€653 million, and up +8.4% excluding the base effect⁴⁰. This increase incorporated in particular the impact of scope effects. The contribution from equity-accounted entities was down -8.5% versus the same period in 2023, and down -35.9% excluding the base effect⁴⁰, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€3 million at the end of September 2024, compared to €81 million at the end of September 2023 (-€7 million excluding the base effect⁴⁰). Net income Group share thus came to €502 million, down -21% compared to the first nine months of 2023, but up +5.4% excluding the base effect⁴⁰ related to the reorganisation of Mobility activities at CAPFM.

The business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses. (excluding the Corporate Centre division) at the end of September 2024 and 13% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the division was €6.8 billion and its risk-weighted assets were €71.8 billion.

The underlying RoNE (return on normalised equity) stood at 9.0% for the first nine months of 2024.

Personal Finance and Mobility results

CAPFM revenues totalled €678 million in the third quarter of 2024, down -4.2% compared to the third quarter of 2023. The price effect remained negative in the third quarter of 2024 compared to the third quarter of 2023, but stabilised compared to the second quarter of 2024, thanks in particular to an improved production margin rate over the last few quarters (stable in the third quarter of 2024 compared to the second quarter of 2024, and up by +86 basis points compared to the third quarter of 2023). Expenses remained under control at -€338 million, up +2.4% compared to the same period in 2023. Gross operating income stood at €340 million, down -10%. The cost/income ratio stood at 49.8%, up +3.2 percentage points compared to the same period in 2023. The cost of risk stood at -€201 million, down -2.4% from the third quarter of 2023. The cost of risk/outstandings thus stood at 112 basis points⁴¹, an improvement of -16 basis points compared to the third quarter of 2023. The Non Performing Loans ratio was 4.5% at the end of June 2024, up +0.2 percentage point compared to the end of June 2024, while the coverage ratio reached 74.2%, down -1.6 percentage points compared to the end of June 2024. The contribution from equity-accounted entities rose sharply (x5.1) compared to the same period in 2023, and fell by -20.7% excluding the base effect related to the reorganisation of Mobility activities³⁹. Net income on other assets amounted to -€2 million in the third quarter of 2024, compared to €57 million in the third quarter of 2023. Excluding the base effect³⁹, net income on other assets of the third quarter of 203 amounted to -€4 million. As a result, net income Group share totalled €118 million in the third quarter of 2024, i.e. -20.9% compared to the same period the previous year. Excluding the base effect³⁹, net income Group share was down -9.3%.

In the first nine months of 2024, CAPFM’s revenues totalled €2,042 million, down -7.1% compared with the first nine months of 2023, but up +7.6% excluding the base effect related to the reorganisation of Mobility activities⁴². Revenues benefited from scope effects related to the strategic pivot around Mobility, leading to the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and the consolidation of the ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,035 million, an increase of +9.9% on 2023. Expenses excluding SRF, excluding the base effect⁴² and scope effects, were up +2.2%. Gross operating income therefore came in at €1,007 million, which was a drop of -19% but an increase of +4.7% excluding the base effect⁴². The cost/income ratio stood at 50.7%, or +7.9 percentage points versus the same period in 2023. When restated for the base effect, the change was +2.1 percentage points. Cost of risk fell -7.3% compared with the first nine months of 2023 to -€591 million, but rose +6.8% when the base effect⁴² is excluded. This rise notably includes the impact of scope effects. The contribution from equity-accounted entities was down -5.4% versus the same period in 2023, and down -33.1% excluding the base effect⁴² related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Income on other assets fell -55.5%, or -63,4% excluding the base effect⁴². As a result, net income Group share stood at €349 million in the first nine months of 2024, i.e. -31.3% from the same period one year earlier. Excluding the base effect⁴², net income Group share was stable at -0.1% compared with the same period in 2023.

Leasing & Factoring results

CAL&F’s revenues totalled €192 million, up +8.5% compared with the third quarter of 2023. This increase was driven by all business lines and benefited from volume effects (increase in factored revenues and equipment leasing outstandings). Expenses remained under control with an increase of +4.8%, while the cost/income ratio stood at 51.6%, an improvement of -1.8 percentage points from the third quarter of 2023. Gross operating income rose +12.7% to €93 million, with a positive jaws effect of +3.7 percentage points. Cost of risk totalled -€22 million, up +25.1% compared with the same period in 2023, linked to economic conditions in the corporate market. Cost of risk/outstandings stood at 22 basis points⁴¹, down slightly from the third quarter of 2023. As a result, net income Group share was €54 million, down -1.8% compared with the third quarter of 2023.

In the first nine months of 2024, revenues totalled €563 million, an increase of +8.5% compared with the first nine months of 2023. Costs excluding SRF increased by +5.7% to €298 million. Gross operating income rose sharply to €265 million, a +19.8% increase compared with the first nine months of 2023. The underlying cost/income ratio excluding SRF amounted to 53%, an improvement of -1.4 percentage points compared with the first nine months of 2023. Cost of risk was up compared with the same period of 2023 (+26.7%). The business line’s contribution to underlying net income Group share was €153 million, up +20.2% compared with the first nine months of 2023.

Crédit Agricole S.A. Retail Banking activity

Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with customer capture continuing at a good pace and an increasing number of customers taking out insurance policies. Home loan production in France is steadily recovering, while continuing to rise for corporate loans. Outside France, loan activity was dynamic.

Retail banking activity in France

In the third quarter of 2024, activity remained buoyant with the confirmed recovery in mortgage lending and the continued stabilisation of the mix of inflows.

Gross customer capture for the quarter stood at 76,000 new customers and net customer capture came in at 9,700 customers. The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.3 percentage points to stand at 27.9% at end-September 2024.

Loan production totalled €7.5 billion, representing a year-on-year increase of +11%. The third quarter of 2024 confirmed the recovery in home loan production (+17% compared to the third quarter of 2023 and +73% compared to the second quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.38%, down -46 basis points from the second quarter of 2024 and -32 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The solid momentum continued in the corporate market (+16% year on year). Production for small businesses declined in a competitive market and challenging economic environment.

Outstanding loans stood at €169 billion at end-September 2024, representing a quarter-on-quarter increase of +0.4% and a year-on-year increase of +0.5% (of which +0.6% for home loans, +0.7% for loans to small businesses, +1.0% for consumer finance and -0.1% for corporate loans). Customer assets totalled €253.3 billion at end-September 2024, up +5.1% year on year, driven by interest-earning deposits and off-balance sheet funds. Customer assets also edged up +0.6% during the quarter. This was accompanied by the continued stabilisation of demand deposit volumes (+0.4% compared with end-June 2024) in a still-uncertain environment, as well as term deposits (-2.9% compared with end-June 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the third quarter of 2024, CA Italy posted a gross customer capture of 43,000, while the customer base grew by around 13,000 customers.

Loan outstandings at CA Italy stood at €61.3 billion⁴³ at end-September 2024, up +3.0% compared with end-September 2023. This was despite the downturn in the Italian market⁴⁴, mostly in the retail segment, which posted an increase in outstandings of +3.6%. Loan production, buoyed by the solid momentum in all markets, rose 7.5% compared with the third quarter of 2023. Home loan production remained steady (+7% compared with the second quarter of 2024), despite a -12% year-on-year decline due to a base effect linked to the success of the promotional campaign which ran in the third quarter of 2023. The loan stock rate was down -17 basis points on the second quarter of 2024, in line with the general trend in Italian market rates.

Customer assets at end-September 2024 totalled €117.4 billion, up +3.7% compared with end-September 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.4%, while the cost of inflows decreased. Lastly, off-balance sheet deposits rose +9.2%, benefiting from a market effect and positive net inflows.

CA Italy’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance increased to 20.0%, up 1.7 percentage points compared with the third quarter of 2023.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were up +4.2% at current exchange rates at end-September 2024 compared with end-September 2023 (+6.7% at constant exchange rates). Customer assets rose slightly by +0.4% over the same period at current exchange rates (+8.1% at constant exchange rates).

In Poland in particular, loan outstandings increased by +11.8% versus September 2023 (+3.6% at constant exchange rates) and customer assets by +14% (+5.5% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +32.4% compared with the third quarter of 2023 at current exchange rates (up +26% at constant exchange rates).

In Egypt, loan outstandings rose -18.3% between end-September 2024 and end-September 2023 (+34.6% at constant exchange rates). Over the same period, inflows fell by -36.6% but were still up +4% at constant exchange rates.

The surplus of deposits over loans in Poland and Egypt amounted to €1.6 billion at 30 September 2024, and totalled €3.2 billion including Ukraine.

French retail banking results

In the third quarter of 2024, LCL’s revenues stood at €979 million, down -1.7% compared with the third quarter of 2023 due to a base effect related to the reversal of the provision for Home Purchase Saving Plans in the third quarter of 2023⁴⁵. Excluding this base effect, revenues grew by +3.7% as a result of both net interest margin and fee and commission income. Net interest margin, excluding the Home Purchase Saving Plan base effect⁴⁵, rose +2.3%⁴⁵ year on year, benefiting from positive exceptional items related to the revaluation of equity investments. In addition, the increase in the cost of funding continued to weigh on the net interest margin, partially offset by the positive impact of gradual loan repricing and the favourable impact of the contribution of macro-hedging (virtually unchanged year on year). Fee and commission income was up +5.1% compared with the third quarter of 2023, driven by all activities.

Expenses rose +3.2% to stand at -€608 million. The increase for the period is mainly related to the increase in property expenses and IT costs. The cost/income ratio stood at 62.1%, a rise of +2.9 percentage points compared with the third quarter of 2023. Gross operating income was down -8.8%, to €371 million (up +4.5% excluding the Home Purchase Saving Plan base effect⁴⁵).

The cost of risk was up +17% compared with the third quarter of 2023 to -€82 million (including +€18 million in cost of risk on performing loans, -€94 million in proven risk, and -€5 million in other risks). This increase was mainly due to corporate specific files and to the consumer finance segment. The cost of risk/outstandings remained under control, at 23 basis points. The coverage ratio stood at 59.8% at end-September 2024 (-1 percentage point compared with end-June 2024). The Non Performing Loans ratio reached 2.1% at end-September 2024, stable compared with end-June 2024 (+0.1 percentage point). As a result, net income Group share decreased by -19.2% compared with the third quarter of 2024 (-6.2% excluding the Home Purchase Saving Plan base effect⁴⁵).

In the first nine months of 2024, LCL revenues totalled €2,912 million, a +0.7% increase compared with the first nine months of 2023. The net interest margin was slightly up (+0.5%), benefiting from gradual loan repricing and the positive impact of macro-hedging, in the context of rising refinancing and funding costs, and positive exceptional items in the second and third quarters of 2024 (positive valuation effects on equity investments). Fee and commission income was up +0.9% compared with the first nine months of 2023 (impacted by the base effect of Image cheque in 2023⁴⁶, particularly in the life insurance and payment instrument segments. Expenses excluding SRF rose +3.4% over the period as a result of the increase in staff and IT costs, partially offset by a one-off impact on taxation and a base effect related to end-of-career allowances. The cost/income ratio excluding SRF stood at 61.8% (+1.6 percentage points compared with the first nine months of 2023). Gross operating income grew slightly by +0.5% year on year. Cost of risk increased by +44.3%, impacted by the rise in proven risk from corporates and recent consumer finance production. All in all, the business line’s contribution to net income Group share stood at €607 million, down -9.8% (-5% excluding Home Purchase Saving Plan base effect)

In the end, the business line contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses. (excluding the Corporate Centre division) in the first nine months of 2024 and 14% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the equity allocated to the business line stood at €5.3 billion and risk-weighted assets amounted to €55.3 billion. LCL’s underlying RoNE (return on normalised equity) stood at 14.4% for the first nine months of 2024.

International Retail Banking results⁴⁷

In the third quarter of 2024, revenues for International Retail Banking totalled €1,006 million, falling slightly by -1.8% (+1.2% at constant exchange rates) compared with the third quarter of 2023. Operating expenses were under control at €519 million, an increase of +3.1% (+4.4% at constant exchange rates) Gross operating income consequently totalled €486 million, down -6.5% (-2.1% at constant exchange rates) for the period. Cost of risk amounted to -€59 million, down -51.1% compared with the third quarter of 2023 (-50.1% at constant exchange rates).

All in all, net income Group share for CA Italy, CA Egypt, CA Poland and CA Ukraine amounted to €194 million in the third quarter of 2024, up +13.9% (-12.9% at constant exchange rates). This included a negative impact of -€40 million following the change in the corporate income tax rate in Ukraine.

For the first nine months of 2024, International Retail Banking revenues rose by +3.9% to €3,090 million (+0.6% at constant exchange rates). Expenses excluding SRF and DGS stood at -€1,522 million, an increase of 2.1% compared with the first nine months of 2023. Gross operating income totalled €1,510 million, up +4.6% (+1.1% at constant exchange rates). Cost of risk fell by -41.0% (-23.0% at constant exchange rates) to -€213 million compared with the first nine months of 2023. In the end, net income Group share for International Retail Banking came to €678 million, versus €600 million in the first nine months of 2023, and included a negative impact of around -€40 million following the change in corporate income tax rate in Ukraine.

In the first nine months of 2024, International Retail Banking contributed 12% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

As at 30 September 2024, the capital allocated to International Retail Banking was €4.4 billion and risk-weighted assets totalled €46.3 billion.

Results in Italy

In the third quarter of 2024, revenues for Crédit Agricole Italy amounted to €764 million, down -2.5% compared with the third quarter of 2023. Revenues were impacted by a -2.5% decline in net interest margin compared with the third quarter of 2023 but were boosted by fee and commission income from assets under management, which remained relatively unchanged at +0.7%. Operating expenses were stable at 0.9% compared with the third quarter of 2023.

Cost of risk amounted to -€48 million in the third quarter of 2024, down -43.4% from the third quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁴⁸ stood at 44 basis points, an improvement of 6 basis points compared with the second quarter of 2024. The Non Performing Loans ratio improved compared with the first quarter of 2024 to stand at 3.0%, while the coverage ratio was 73.6% (+1.2 percentage points compared with the second quarter of 2024). Net income Group share for CA Italy was €164 million, down -1.3% compared with the third quarter of 2023.

In the first nine months of 2024, revenues for Crédit Agricole Italy rose slightly by +0.8% to €2,323 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,161 million, a slight decrease of -0.2% compared with the first nine months of 2023. Gross operating income stood at €1,105 million, a slight increase of +0.3% compared with the first nine months of 2023. Cost of risk amounted to -€170 million, down -27.2% compared with the first nine months of 2023. As a result, CA Italy’s net income Group share totalled €497 million, an increase of +4.4% compared with the first nine months of 2023.

CA Italy’s underlying RoNE (return on normalised equity) was 22.6% at 30 September 2024.

International Retail Banking results – excluding Italy

In the third quarter of 2024, revenues for International Retail Banking excluding Italy totalled €242 million, up +0.4% (+14.8% at constant exchange rates) compared with the third quarter of 2023. Revenues in Poland were up +22.2% compared with the third quarter of 2023 (+16.1% at constant exchange rates), boosted by a higher net interest margin and a strong upwards trend in fee and commission income. Revenues in Egypt were down (-19.9% compared with the third quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound), but were particularly buoyant at constant exchange rates (+32.7%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €122 million, up +11.0% compared with the third quarter of 2023 (+17.8% at constant exchange rates). Gross operating income amounted to €120 million, a decrease of -8.5% (+11.8% at constant exchange rates) compared with the third quarter of 2023. Cost of risk amounted to -€11 million, down -68.9% (-68.9% at constant exchange rates). Furthermore, at end-September 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 121% and 139% respectively. In Ukraine, the local coverage ratio remains prudent (335%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €30 million, down 49.1% compared with the third quarter of 2023.

In the first nine months of 2024, revenues for International Retail Banking excluding Italy totalled €767 million, up +14.3% (+25.0% at constant exchange rates) compared with the first nine months of 2023, driven by the increase in net interest margin. Operating expenses amounted to -€361 million, up +10.2% compared with the first nine months of 2023 (+12.8% at constant exchange rates). The cost/income ratio at end-September 2024 was 47.1% (an improvement of 1.8 points on the cost/income ratio at end-September 2023). Thanks to strong growth in revenues, gross operating income came to €406 million, up 18.3% (+38.4% at constant exchange rates) from the first nine months of 2023. Cost of risk amounted to -€43 million, down -66.4% (-65.8% at constant exchange rates) compared with the first nine months of 2023. All in all, International Retail Banking excluding Italy contributed €182 million to net income Group share.

The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 33.0% at 30 September 2024.

At 30 September 2024, the entire Retail Banking business line contributed 22% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

At 30 September 2024, the division’s equity amounted to €9.7 billion. Its risk-weighted assets totalled €101.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€161 million in the third quarter of 2024, down -€106 million compared with the third quarter of 2023. The negative contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€161 million) and other items (+€1 million).
The contribution of the “structural” component (-€161 million) decreased by -€138 million compared with the third quarter of 2023 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€140 million in the third quarter of 2024, down -€75 million, notably due to a base effect of -€171 million related to reversals of provisions for Home Purchase Saving Plans recorded in the third quarter of 2023.
The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed -€28 million in the third quarter of 2024, down -€65 million from the third quarter of 2023. This was due to the unfavourable impact of the revaluation of Banco BPM securities for -€35 million (+€5 million in the third quarter of 2024, against +€40 million in the third quarter of 2023), as well as a deterioration in the portfolio which pushed up the cost of potential risk (stages 1 and 2), particularly on financing guaranteed by Foncaris⁴⁹
Group support functions. Their contribution amounted to +€7 million this quarter (+€3 million compared with the third quarter of 2023).

The contribution of “other items” was up +€32 million compared with the third quarter of 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€211 million in revenues and +€211 million in expenses.

In the first nine months of 2024, underlying net income Group share of the Corporate Centre division was -€506 million, down -€131 million compared with the first nine months of 2023. The structural component contributed -€513 million and other items of the division recorded a positive contribution of +€7 million in the first nine months.
The “structural” component contribution was down -€2 million compared with the first nine months of 2023. It can be broken down into three types of activities:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€767 million in the first nine months of 2024, down -€55 million compared with the first nine months of 2023, including a base effect of -€171 million related to the reversal of the provision for Home Purchase Saving Plans recorded in the third quarter of 2023;
Business lines not attached to the core businesses, such as CACIF (private equity), CA Immobilier and BforBank: their contribution, at +€234 million in the first nine months of 2024, was up on the first nine months of 2023 (+€46 million), primarily due to the end of the SRF building-up period (-€77 million in the first half of 2023), as well as the impact of the valuation and dividend of Banco BPM securities for +€99 million;
The Group’s support functions: their contribution for the first nine months of 2024 was +€20 million, up +€7 million compared with the first nine months of 2023.

The contribution of “other items” was down -€129 million compared with the first nine months of 2023.

At 30 September 2024, risk-weighted assets stood at €29.6 billion.

Financial strength

Crédit Agricole Group

At 30 September 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.4%, an increase of +0.1 percentage point compared with end-June 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.6 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.3%.

During the third quarter 2024:

The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
Changes in risk-weighted assets related to business lines organic growth impacted the Group’s CET1 ratio by -27 basis points (see below).
The methodological and other effects have a favourable impact of +4 basis points and include the contribution of the capital increase reserved for employees and a favourable change in unrealised gains and/or losses.

The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 21.0% at end-September 2024.

The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-June 2024, well above the regulatory requirement of 3.5%.

Risk-weighted assets for the Crédit Agricole Group amounted to €636 billion, up +€8.2 billion compared with 30 June 2024. The change can be broken down by business line as follows: Retail Banking +€7.3 billion, Asset Gathering +€3.2 billion (including +€3.1 billion in Insurance equity-accounted value), Specialised Financial Services +€0.3 billion, Large Customers -€2.3 billion (benefiting from favourable foreign exchange and regulatory impacts for Crédit Agricole CIB) and Corporate Centre -€0.2 billion.

Maximum Distributable Amount (MDA and L-MDA) trigger thresholds

The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total capital.

At 30 September 2024, Crédit Agricole Group posted a buffer of 670 basis points above the MDA trigger, i.e. €43 billion in CET1 capital.

Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and the calculation of a maximum distributable amount (L-MDA).

At 30 September 2024, Crédit Agricole Group posted a buffer of 196 basis points above the L-MDA trigger, i.e. €42 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

At 30 September 2024, Crédit Agricole S.A. posted a buffer of 280 basis points above the MDA trigger, i.e. €11 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

The issuance of a new AT1 instrument carried out by Crédit Agricole S.A. on 2 October 2024, for a nominal amount of US$1.25 billion, has a positive impact of 18 basis points on the Tier 1 and Total capital ratios of Crédit Agricole Group, as well as a positive impact of 5 basis points on its leverage ratio. This issuance also has a positive impact of 28 basis points on the Tier 1 and Total capital ratios of Crédit Agricole S.A. Taking this issuance into account in the solvency ratios at 30 September 2024, Crédit Agricole Group would post a buffer of 688 basis points above the MDA trigger, i.e. €44 billion in CET1 capital, and 201 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. Crédit Agricole S.A. would post a buffer of 308 basis points above the MDA trigger, i.e. €12 billion in CET1 capital.

TLAC

Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:

a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.01% systemic risk buffer for CA Group at 30 September 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

At 30 September 2024, Crédit Agricole Group’s TLAC ratio stood at 27.3% of RWA and 8.2% of leverage ratio exposure, excluding eligible senior preferred debt⁵⁰, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk weighted assets, increased by 20 basis points over the quarter, due to equity and eligible items increasing more rapidly than risk-weighted assets over the period. Expressed as a percentage of leverage ratio exposure (LRE), the TLAC ratio was up 20 basis points compared with June 2024.

The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 510 basis points higher, i.e. €32 billion, than the current requirement of 22.3% of RWA.

At end-September 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €1.25 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €35.2 billion.

MREL

The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 30 September 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.01% systemic risk buffer for CA Group at 30 September 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
6.25% of the LRE.

At 30 September 2024, the Crédit Agricole Group had a total MREL ratio of 32.9% of RWA and 9.8% of leverage exposure, well above the requirement.

An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 30 September 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.5%;
6.25% of leverage exposure.

At 30 September 2024, Crédit Agricole Group had a subordinated MREL ratio of 27.3% of RWA and 8.2% of leverage exposure, well above the requirement.

The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowest of the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.

At 30 September 2024, Crédit Agricole Group had a buffer of 480 basis points above the M-MDA trigger, i.e. €31 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

Crédit Agricole S.A.

At 30 September 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, up +0.1 percentage point from end-June 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.1 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.7%.

During the third quarter 2024:

The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 25 euro cents per share in third quarter 2024 (-19 basis points).
Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by
-14 basis points, of which -5 basis points in the Insurance business line (increase in the equity-accounted value over the quarter).
Methodological and other effects had a positive impact of +10 basis points and included the contribution of the capital increase reserved for employees and a favourable trend in unrealised gains and/or losses.

The phased-in leverage ratio was 3.8% at end-September 2024, stable compared to end-June 2024 and above the 3% requirement.

The phased-in Tier 1 ratio stood at 13.2% and the phased-in total ratio at 17.3% this quarter.

Risk weighted assets for Crédit Agricole S.A. amounted to €402 billion at end of September 2024, up by +€3.1 billion compared to 30 June 2024. The change can be broken down by core business line as follows:

The Retail Banking divisions showed an increase of +€1.7 billion, particularly in France.
Asset Gathering posted an increase of +€3.2 billion, including +€3.1 billion in RWA for Insurance (increase in the equity-accounted value in the third quarter of 2024).
Specialised Financial Services remained stable at +€0.2 billion.
Large Customers recorded a decrease in risk-weighted assets of -€2.4 billion over the quarter, mainly as a result of foreign exchange and regulatory impacts in CIB.
The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash balance sheet’s stable resources surplus is calculated quarterly.

The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is based on the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash balance sheet and whose definition is commonly accepted in the marketplace. It relates to the banking scope, with insurance activities being managed in accordance with their own specific regulatory constraints.

Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and other assets and liabilities were netted for a total of €68 billion at end-September 2024. Similarly, €157 billion in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the cash balance sheet – for an amount totalling €181 billion at end September 2024 – relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by Corporate and Investment banking (CIB) and are included in the “Customer-related trading assets” section.

Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash balance sheet; the amount of centralised deposits (€105 billion at end-September 2024) is booked to assets under “Customer-related trading assets” and to liabilities under “Customer-related funds”.

In a final stage, other restatements reassign outstandings that accounting standards allocate to one section, when they are economically related to another. As such, Senior issuances placed through the banking networks as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and other refinancing transactions of the same type backed by customer loans, which accounting standards would classify as “Medium long-term market funds”, are reclassified as “Customer-related funds”.

Medium to long-term repurchase agreements are also included in “Long-term market funds”.

Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet.

Standing at €1,719 billion at 30 September 2024, the Group’s banking cash balance sheet shows a surplus of stable funding resources over stable application of funds of €188 billion, down -€10 billion compared with end-June 2024.

Total T-LTRO 3 outstandings for Crédit Agricole Group amounted to €0.7 billion at 30 September 2024.

Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 30 September 2024 (central bank deposits exceeding the amount of short-term net debt).

Medium-to-long-term market resources were €263 billion at 30 September 2024, up slightly from end-June 2024.

They included senior secured debt of €76 billion, senior preferred debt of €125 billion, senior non-preferred debt of €37 billion and Tier 2 securities amounting to €25 billion.

The Group’s liquidity reserves, at market value and after haircuts, amounted to €466 billion at 30 September 2024, down -€12 billion compared to 30 June 2024.

They covered short-term net debt more than two times over (excluding the replacements with Central Banks).

The decrease in liquidity reserves was mainly due to:

The decrease in Central Bank deposits for -€15 billion;
The decrease in eligible claims to Central Bank (mainly due to the temporary removal of TRICP credit claims with an internal rating) for -€3 billion;
The increase in the securities portfolio for +€6 billion (+€3 billion of HQLA securities/+€3 billion of non-HQLA securities).

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €152 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 30 September 2024, the end of month LCR ratios were 147% for Crédit Agricole Group (representing a surplus of €97.7 billion) and 152% for Crédit Agricole S.A. (representing a surplus of €92.2 billion). They were higher than the Medium-Term Plan target (around 110%).

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 30 September 2024, the Group’s main issuers raised the equivalent of €51 billion⁵¹^,⁵²in medium-to-long-term debt on the markets, 47% of which was issued by Crédit Agricole S.A. In particular, the following amounts are noted for the Group:

Crédit Agricole CIB issued €17.9 billion in structured format, including €1.2 billion in Green Bond format;
Crédit Agricole Personal Finance & Mobility issued €2 billion equivalent in EMTN issuances through Crédit Agricole Auto Bank (CAAB) and €0.7 billion equivalent in securitisations;
CA Italy issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format;
Crédit Agricole Assurances issued a €750 million Tier 2 10-year bullet subordinated bond and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September.

The Group’s medium-to-long-term financing can be broken down into the following categories:

€9.0 billion in secured financing;
€22.0 billion in plain-vanilla unsecured financing;
€17.9 billion in structured financing;
€2.3 billion in long-term institutional deposits and CDs.

In addition, €11.7 billion was raised through off-market issuances, split as follows:

€9.5 billion from banking networks (the Group’s retail banking or external networks);
€0.65 billion from supranational organisations or financial institutions;
€1.6 billion from national refinancing vehicles (including the credit institution CRH).

At 30 September 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion on the market⁵³^,⁵⁴representing 93% of its 2024 refinancing programme:

The bank raised the equivalent of €24.1 billion, of which €7.3 billion in senior non-preferred debt and €3.1 billion in Tier 2 debt, as well as €7.2 billion in senior preferred debt and €6.5 billion in senior secured debt at end-September. The financing comprised a variety of formats and currencies, including:

€6.3 billion⁵⁵;
6.35 billion US dollars (€5.8 billion equivalent);
1.1 billion pounds sterling (€1.3 billion equivalent);
230 billion Japanese yen (€1.4 billion equivalent);
0.8 billion Swiss francs (€0.8 billion equivalent);
1.75 billion Australian dollars (€1.1 billion equivalent);
7 billion renminbi (€0.9 billion equivalent).

At end-September, Crédit Agricole S.A. had issued 64% of its funding plan in currencies other than the euro⁵⁶^,⁵⁷.

In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rate of 6.5% and, on 24 September 2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate of 6.7%.

Appendix 1 – Specific items, Crédit Agricole Group et Crédit Agricole S.A.

Crédit Agricole Group – Specific items

	Q3-24		Q3-23		9M-24		9M-23
€m	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income

DVA (LC)	4	3	2	2	46	34	(21)	(15)
Loan portfolio hedges (LC)	(1)	(1)	(2)	(1)	6	5	(26)	(19)
Home Purchase Savings Plans (LCL)	–	–	52	38	1	1	52	38
Home Purchase Savings Plans (CC)	–	–	230	171	(0)	(0)	230	171
Home Purchase Savings Plans (RB)	–	–	118	88	63	47	118	88
Mobility activities reorganisation (SFS)	–	–	1	0	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	21
Check Image Exchange penalty (RB)	–	–	–	–	–	–	42	42
Total impact on revenues	3	2	402	298	117	87	758	581
Degroof Petercam integration costs (AG)	(8)	(6)	–	–	(14)	(10)	–	–
ISB integration costs (LC)	(26)	(14)	–	–	(70)	(37)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(18)	(13)
Total impact on operating expenses	(34)	(20)	–	–	(84)	(47)	(18)	(13)
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(85)	(61)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)
Mobility activities reorganisation (SFS)	–	–	(26)	(26)	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	(26)	(26)	–	–	(39)	(39)
Degroof Petercam aquisition costs (AG)	(3)	(2)	–	–	(23)	(17)	–	–
Mobility activities reorganisation (SFS)	–	–	61	45	–	–	89	57
Total impact on Net income on other assets	(3)	(2)	61	45	(23)	(17)	89	57

Total impact of specific items	(34)	(20)	436	317	(10)	3	705	525
Asset gathering	(11)	(8)	–	–	(37)	(27)	–	–
French Retail banking	–	–	170	126	65	48	233	189
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	35	19	–	–	247	159
Large customers	(23)	(12)	1	0	(18)	1	(47)	(35)
Corporate centre	–	–	230	171	(0)	(0)	272	213
* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific Items

	Q3-24		Q3-23		9M-24		9M-23
€m	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income

DVA (LC)	4	3	2	2	46	33	(21)	(15)
Loan portfolio hedges (LC)	(1)	(1)	(2)	(1)	6	5	(26)	(19)
Home Purchase Savings Plans (FRB)	–	–	52	37	3	2	52	37
Home Purchase Savings Plans (CC)	–	–	230	171	(2)	(1)	230	171
Mobility activities reorganisation (SFS)	–	–	1	0.5	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	20
Total impact on revenues	3	2	284	209	53	39	598	450
Degroof Petercam integration costs (AG)	(8)	(6)	–	–	(14)	(10)	–	–
ISB integration costs (LC)	(26)	(14)	–	–	(70)	(37)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(18)	(13)
Total impact on operating expenses	(34)	(19)	–	–	(84)	(47)	(18)	(13)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(85)	(61)
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)

Mobility activities reorganisation (SFS)	–	–	(26)	(26)	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	(26)	(26)	–	–	(39)	(39)
Degroof Petercam aquisition costs (AG)	(3)	(2)	–	–	(23)	(17)	–	–
Mobility activities reorganisation (SFS)	–	–	61	45	–	–	89	57
Total impact Net income on other assets	(3)	(2)	61	45	(23)	(17)	89	57

Total impact of specific items	(34)	(20)	318	227	(73)	(45)	545	394
Asset gathering	(11)	(8)	–	–	(37)	(26)	–	–
French Retail banking	–	–	52	37	3	2	73	57
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	35	19	–	–	247	159
Large customers	(23)	(12)	1	0	(18)	1	(47)	(34)
Corporate centre	–	–	230	171	(2)	(1)	272	213
* Impact before tax and before minority interests

Appendix 2 – Crédit Agricole Group: income statement by business line

Crédit Agricole Group – Results by business line, Q3-23 and Q3-24

	Q3-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,266	979	1,029	1,857	869	2,054	(842)	9,213
Operating expenses excl. SRF	(2,409)	(608)	(539)	(868)	(437)	(1,240)	511	(5,590)
SRF	–	–	–	–	–	–	–	–
Gross operating income	857	371	490	989	433	814	(331)	3,623
Cost of risk	(364)	(82)	(60)	(13)	(223)	(19)	(40)	(801)
Equity-accounted entities	0	–	–	33	23	6	–	61
Net income on other assets	0	0	0	(3)	(2)	(0)	(2)	(5)
Income before tax	493	290	430	1,006	231	801	(372)	2,877
Tax	(122)	(66)	(176)	(156)	(42)	(234)	210	(587)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	371	224	254	850	189	566	(162)	2,291
Non controlling interests	(1)	(0)	(40)	(128)	(17)	(35)	10	(211)
Net income Group Share	371	223	214	722	172	531	(153)	2,080

	Q3-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,345	996	1,046	1,657	883	1,888	(567)	9,249
Operating expenses excl. SRF	(2,328)	(589)	(522)	(718)	(424)	(1,139)	454	(5,265)
SRF	–	–	–	–	–	–	–	–
Gross operating income	1,018	407	524	939	460	749	(113)	3,984
Cost of risk	(254)	(70)	(126)	(0)	(224)	(13)	(6)	(693)
Equity-accounted entities	1	–	1	24	5	6	0	37
Net income on other assets	0	18	1	(5)	57	(2)	(0)	69
Income before tax	765	355	400	958	298	740	(119)	3,397
Tax	(178)	(79)	(118)	(221)	(77)	(203)	65	(810)
Net income from discont’d or held-for-sale ope.	(0)	–	2	–	(0)	–	–	2
Net income	587	277	284	737	220	537	(53)	2,588
Non controlling interests	(0)	(0)	(42)	(110)	(17)	(39)	4	(204)
Net income Group Share	587	277	242	628	204	497	(49)	2,384

Crédit Agricole Group – Results by business line, 9M-24 et 9M-23

	9M-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	9,834	2,912	3,161	5,596	2,605	6,544	(2,407)	28,244
Operating expenses excl. SRF	(7,453)	(1,801)	(1,637)	(2,435)	(1,333)	(3,741)	1,535	(16,866)
SRF	–	–	–	–	–	–	–	–
Gross operating income	2,381	1,111	1,523	3,161	1,272	2,803	(872)	11,378
Cost of risk	(1,056)	(295)	(219)	(18)	(653)	(25)	(59)	(2,324)
Equity-accounted entities	7	–	–	94	83	20	–	203
Net income on other assets	3	5	0	(23)	(3)	2	(3)	(19)
Income before tax	1,335	820	1,305	3,214	699	2,800	(935)	9,238
Tax	(313)	(185)	(436)	(658)	(138)	(717)	343	(2,104)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–	–
Net income	1,022	635	869	2,557	560	2,083	(592)	7,134
Non controlling interests	(1)	(0)	(129)	(364)	(59)	(104)	15	(643)
Net income Group Share	1,021	635	739	2,193	502	1,979	(577)	6,491

	9M-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	10,032	2,891	3,040	5,144	2,717	5,844	(1,946)	27,722
Operating expenses excl. SRF	(7,217)	(1,742)	(1,542)	(2,148)	(1,224)	(3,298)	1,389	(15,782)
SRF	(111)	(44)	(40)	(6)	(29)	(312)	(77)	(620)
Gross operating income	2,704	1,105	1,458	2,989	1,465	2,234	(634)	11,321
Cost of risk	(831)	(205)	(366)	(1)	(686)	(81)	(8)	(2,179)
Equity-accounted entities	9	–	1	73	90	17	–	190
Net income on other assets	6	21	1	(5)	81	3	(1)	107
Income before tax	1,887	921	1,095	3,057	950	2,173	(643)	9,438
Tax	(467)	(217)	(321)	(696)	(254)	(561)	222	(2,293)
Net income from discontinued or held-for-sale operations	(0)	–	7	1	(0)	–	–	7
Net income	1,421	704	781	2,361	696	1,612	(421)	7,153
Non controlling interests	(1)	(0)	(121)	(343)	(61)	(93)	(0)	(619)
Net income Group Share	1,420	704	660	2,018	635	1,519	(421)	6,534

Appendix 3 – Crédit Agricole S.A.: Results by business line

Crédit Agricole S.A. – Results by business line, Q3-24 et Q3-23

	Q3-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,870	2,054	869	979	1,006	(290)	6,487
Operating expenses excl. SRF	(868)	(1,240)	(437)	(608)	(519)	(17)	(3,689)
SRF	–	–	–	–	–	–	–
Gross operating income	1,002	814	433	371	486	(307)	2,799
Cost of risk	(13)	(19)	(223)	(82)	(59)	(37)	(433)
Equity-accounted entities	33	6	23	–	–	(19)	42
Net income on other assets	(3)	(0)	(2)	0	0	0	(4)
Income before tax	1,019	800	231	290	427	(363)	2,404
Tax	(157)	(234)	(42)	(66)	(176)	199	(476)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	862	566	189	224	252	(164)	1,928
Non controlling interests	(135)	(46)	(17)	(10)	(58)	4	(262)
Net income Group Share	728	520	172	214	194	(161)	1,666

	Q3-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,656	1,888	883	996	1,024	(103)	6,343
Operating expenses excl. SRF	(718)	(1,139)	(424)	(589)	(504)	(2)	(3,376)
SRF	–	–	–	–	–	–	–
Gross operating income	937	748	460	407	520	(105)	2,967
Cost of risk	(0)	(13)	(224)	(70)	(121)	(2)	(429)
Equity-accounted entities	24	6	5	–	1	(12)	23
Net income on other assets	(5)	(2)	57	18	1	(0)	69
Income before tax	956	739	298	355	401	(119)	2,630
Tax	(221)	(203)	(77)	(79)	(118)	65	(633)
Net income from discontinued or held-for-sale operations	–	–	(0)	–	2	–	2
Net income	736	536	220	277	285	(55)	1,999
Non controlling interests	(114)	(48)	(17)	(12)	(60)	0	(251)
Net income Group Share	621	488	204	264	225	(55)	1,748

Crédit Agricole S.A. – Results by business line, 9M-24 et 9M-23

	9M-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	5,603	6,543	2,605	2,912	3,090	(665)	20,089
Operating expenses excl. SRF	(2,435)	(3,741)	(1,333)	(1,801)	(1,580)	(88)	(10,978)
SRF	–	–	–	–	–	–	–
Gross operating income	3,168	2,802	1,272	1,111	1,510	(752)	9,111
Cost of risk	(18)	(25)	(653)	(295)	(213)	(53)	(1,256)
Equity-accounted entities	94	20	83	–	–	(65)	132
Net income on other assets	(23)	2	(3)	5	0	24	5
Change in value of goodwill	–	–	–	–	–	–	–
Income before tax	3,221	2,800	699	820	1,297	(846)	7,991
Tax	(659)	(717)	(138)	(185)	(435)	343	(1,790)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	2,563	2,083	560	635	862	(503)	6,201
Non controlling interests	(382)	(147)	(59)	(28)	(184)	(3)	(803)
Net income Group Share	2,180	1,936	502	607	678	(506)	5,397

	9M-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	5,133	5,844	2,717	2,891	2,975	(421)	19,140
Operating expenses excl. SRF	(2,148)	(3,298)	(1,224)	(1,742)	(1,491)	(20)	(9,922)
SRF	(6)	(312)	(29)	(44)	(40)	(77)	(509)
Gross operating income	2,979	2,234	1,465	1,105	1,444	(519)	8,709
Cost of risk	(1)	(81)	(686)	(205)	(362)	(2)	(1,338)
Equity-accounted entities	73	17	90	–	2	(45)	136
Net income on other assets	(5)	3	81	21	1	(0)	102
Change in value of goodwill	–	–	–	–	–	–	–
Income before tax	3,047	2,173	950	921	1,085	(566)	7,609
Tax	(699)	(561)	(254)	(217)	(320)	218	(1,832)
Net income from discontinued or held-for-sale operations	1	–	(0)	–	7	–	7
Net income	2,349	1,612	696	704	772	(348)	5,785
Non controlling interests	(353)	(125)	(61)	(31)	(172)	(27)	(771)
Net income Group Share	1,996	1,486	635	673	600	(375)	5,014

Appendix 4 – Data per share

Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)		Q3-2024	Q3-2023	9M-24	9M-23

Net income Group share – stated		1,666	1,748	5,397	5,014
– Interests on AT1, including issuance costs, before tax		(130)	(136)	(351)	(371)
– Foreign exchange impact on reimbursed AT1		(19)	–	(266)	–
NIGS attributable to ordinary shares – stated	[A]	1,517	1,612	4,780	4,643
Average number shares in issue, excluding treasury shares (m)	[B]	3,031	3,043	3,007	3,031
Net earnings per share – stated	[A]/[B]	0.50 €	0.53 €	1.59 €	1.53 €
Underlying net income Group share (NIGS)		1,686	1,520	5,442	4,620
Underlying NIGS attributable to ordinary shares	[C]	1,537	1,384	4,825	4,249
Net earnings per share – underlying	[C]/[B]	0.51 €	0.46 €	1.60 €	1.40 €


(€m)				30/09/2024	30/09/2023
Shareholder’s equity Group share				71,386	69,416
– AT1 issuances				(6,102)	(7,235)
– Unrealised gains and losses on OCI – Group share				1,042	1,644
Net book value (NBV), not revaluated, attributable to ordin. sh.	[D]			66,326	63,825
– Goodwill & intangibles* – Group share				(17,778)	(17,255)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.	[E]			48,548	46,570
Total shares in issue, excluding treasury shares (period end, m)	[F]			3,040	3,052
NBV per share , after deduction of dividend to pay (€)	[D]/[F]			21.8 €	20.9 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]			16.0 €	15.3 €
* including goodwill in the equity-accounted entities

(€m)				9M-24	9M-23
Net income Group share – stated	[K]			5,397	5,014
Impairment of intangible assets	[L]			0	0
IFRIC	[M]			-110	-542
Stated NIGS annualised	[N] = ([K]-[L]-[M])*2+[M]			7,233	6,866
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]			-734	-495
Stated result adjusted	[P] = [N]+[O]			6,499	6,371
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)	[J]			45,219	43,200
Stated ROTE adjusted (%)	= [P] / [J]			14.4%	14.7%
Underlying Net income Group share	[Q]			5,442	4,620
Underlying NIGS annualised	[R] = ([Q]-[M])*2+[M]			7,293	6,341
Underlying NIGS adjusted	[S] = [R]+[O]			6,559	5,846
Underlying ROTE adjusted(%)	= [S] / [J]			14.5%	13.5%
*** including assumption of dividend for the current exercise					*0.0%*

(1) Underlying: see appendixes for more details on specific items
(2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
(3) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2023 and 30/09/2024 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁸

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.

The MREL ratio corresponds to an own funds and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of eligible capital and liabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory capital, as well as eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since 27 June 2019.

The Group’s regulatory capital as well as subordinated notes and eligible senior non-preferred debt with residual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numerator of the TLAC ratio.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Underlying Net income Group share
The underlying net income Group share represents the stated net income Group share from which specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate the understanding of the company’s actual earnings.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and the first nine months of 2024 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/en/finance/financial-publications.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the nine-month period ending 30 September 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

At 30 June 2024, Indosuez Wealth Management had completed the acquisition of Degroof Petercam and now holds 65% of Banque Degroof Petercam alongside with CLdN Cobelfret, its historical shareholder, which would maintain a 20% stake in capital. As of 30 September 2024, Indosuez Wealth Management’s stake in Degroof Petercam has increased to 76%.

At 30 June 2024, Amundi had completed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets.

Financial Agenda

05 February 2025        Publication of the 2024 fourth quarter and full year results
30 April 2025                Publication of the 2025 first quarter results
14 May 2025                General Meeting
31 July 2025                Publication of the 2025 second quarter and the first half-year results
30 October 2025                Publication of the 2025 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Credit investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 50% reduction in the carbon footprint (tonnes of CO₂ equivalent/€m invested) of its equity-listed and corporate bond investment portfolios and directly held property. (The previous target was a 25% reduction in the carbon footprint of its equity-listed and corporate bond investment portfolio in 2025 vs 2019.)

4 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
5 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
6 The reorganisation of the Mobility activities of the CA Consumer Finance Group had a non-recurring impact in Q3 2023 due to the transfer of business assets, indemnities received and paid, the accounting treatment of the 100% consolidation of CA Auto Bank (formerly FCA Bank) and the reorganisation of the automotive financing activities within the CA Consumer Finance Group (particularly the review of application solutions).
7 See Appendixes for more details on specific items.
8 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
9 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
10 Average rate of loans to monthly production for July and August 2024.
11 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
12 SAS Rue La Boétie dividend paid annually in Q2
13 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q3-23 totalling +€118m in revenues and +€88m in net income Group share.

14 Underlying, excluding specific items.
15 Scope effect of Degroof Petercam revenues: +€140 million in the third quarter of 2024.
16 Scope effect in expenses in the third quarter of 2024: Degroof Petercam for -€104 million and miscellaneous others.
17 Costs related to the integration of ISB (CACEIS): -€26 million in third quarter 2024 versus -€5 million in third quarter 2023; costs related to the integration of Degroof Petercam: -€8 million in third quarter 2024.

18 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
19 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
20 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
21 See Appendixes for more details on specific items.
22 SRF costs amounted to -€509 million over the first nine months of 2023

23 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
24 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
25 Property and casualty insurance premium income includes a scope effect linked to the first consolidation of CATU (a property and casualty insurance entity in Poland): Impact of +0.5% on growth in property and casualty insurance premium income (+8.7% change in premium income excluding CATU between the third quarter of 2023 and the third quarter of 2024); Impact of +2.0% on portfolio growth, i.e. an impact of 314,000 contracts (+3.1% growth excluding CATU between September 2023 and September 2024).

26 Scope: property and casualty in France and abroad
27 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income) to gross earned premiums; the ratio is calculated for the first nine months of 2024. The net combined ratio excluding the effect of discounting for the first nine months of 2024 is 97.7% (-0.2 percentage point year-on-year).
28 Excl. JVs
29 Excluding assets under custody for institutional clients
30 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
31 Amount of allocation of CSM and RA
32 Net of cost of reinsurance, excluding financial results
33 Indosuez Wealth Management scope
34 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €140m and expenses of -€104m (excluding integration costs partly borne by Degroof Petercam)

35 Refinitiv LSEG
36 Bloomberg in EUR
37 CA Auto Bank, automotive JVs and auto activities of other entities
38 CA Auto Bank and automotive JVs
39 Base effect related to the reorganisation of Mobility activities in Q3-23: +€1m in revenues, -€26m in equity-accounted entities, +€61m in net income on other assets, -€16m in corporate income tax, i.e. +€19m in net income Group share
40 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
41 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
42 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
43 Net of POCI outstandings
44 Source: Abi Monthly Outlook, July 2024: -1.9% June/June and -1.2% year to date for all loans
45 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q2-23 of +€52 million in revenues and +€37 million in net income Group share.
46 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
47 At 30 September 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

48 Over a rolling four quarter period.
49 A credit institution that is a wholly owned subsidiary of Crédit Agricole S.A. Large credit exposures borne by the Regional Banks must be presented to Foncaris, which partially guarantees such exposures.
50 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2024.
51 Gross amount before buy-backs and amortisations
52 Excl. AT1 issuances
53 Gross amount before buy-backs and amortisations
54 Excl. AT1 issuances
55 Excl. senior secured debt
56 Excl. senior secured debt
57 Excl. AT1 issuances
58 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

CASA_PR_2024-Q3 results

The MIL Network –

January 26, 2025

MIL-Evening Report: US elections: Cook Islands group warns of climate crisis pushback if Trump wins

By Losirene Lacanivalu of the Cook Islands News

The leading Cook Islands environmental lobby group says that if Donald Trump wins the United States elections — and he seemed to be on target to succeed as results were rolling in tonight — he will push back on climate change negotiations made since he was last in office.

As voters in the US cast their votes on who would be the next president, Trump or US Vice-President Kamala Harris, the question for most Pacific Islands countries is what this will mean for them?

“If Trump wins, it will push back on any progress that has been made in the climate change negotiations since he was last in office,” said Te Ipukarea Society’s Kelvin Passfield.

“It won’t be good for the Pacific Islands in terms of US support for climate change. We have not heard too much on Kamala Harris’s climate policy, but she would have to be better than Trump.”

The current President Joe Biden and his administration made some efforts to connect with Pacific leaders.

Massey University’s Centre for Defence and Security Studies senior lecturer Dr Anna Powles said a potential win for Harris could be the fulfilment of the many “promises” made to the Pacific for climate financing, uplifting economies of the Pacific and bolstering defence security.

Dr Powles said Pacific leaders want Harris to deliver on the Pacific Partnership Strategy, the outcomes of the two Pacific Islands-US summits in 2022 and 2023, and the many diplomatic visits undertaken during President Biden’s presidency.

Diplomatic relationships
The Biden administration recognised Cook Islands and Niue as sovereign and independent states and established diplomatic relationships with them.

The Biden-Harris government had pledged to boost funding to the Green Climate Fund by US$3 billion at COP28 in the United Arab Emirates.

Harris has said in the past that climate change is an existential threat and has also promised to “tackle the climate crisis with bold action, build a clean energy economy, advance environmental justice, and increase resilience to climate disasters”.

Dr Powles said that delivery needed to be the focus.

She said the US Elections would no doubt have an impact on small island nations facing climate change and intensified geopolitics.

Dr Powles said it came as “no surprise” that countries such as New Zealand and Australia had increasingly aligned with the US, as the Biden administration had been leveraging strategic partnerships with Australia, New Zealand, and Japan since 2018.

She said a return to Trump’s leadership could derail ongoing efforts to build security architecture in the Pacific.

Pull back from Pacific
There are also views that Trump would pull back from the Pacific and focus on internal matters, directly impacting his nation.

For Trump, there is no mention of the climate crisis in his platform or Agenda47.

This is in line with the former president’s past actions, such as withdrawing from the Paris Climate Agreement in 2019, citing “unfair economic burdens” placed on American workers and businesses.

Trump has maintained his position that the climate crisis is “one of the great scams of all time”.

Republished with permission from the Cook Islands News and RNZ Pacific.

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI USA: Cornyn Statement on the New Conservative Senate Majority

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement in response to election returns indicating that Republicans have won the majority in the Senate:

“Tonight, the American people have roundly rejected Chuck Schumer and the Senate Democrat majority’s years of disastrous border policies, reckless spending, and failed management that has caused the Senate to lurch from one avoidable crisis to the next. Chuck Schumer has broken the Senate, but I’m confident our new conservative majority can restore our institution to the essential role it serves in our constitutional republic.

“From my experience both as Whip advancing President Trump’s agenda through the Senate to serving as a rank-and-file member now, I have learned what works and what does not. We will restore the important role of Senate committees and reestablish the regular appropriations process. We will improve communication, increase transparency, and tap into the wealth of talent in the conference to include everyone’s expertise and opinions. And we will return power back to the members; there will be no more backroom deals or forced votes on bills without adequate time for review, debate, and amendment.

“As I’ve said, this election is not about us but rather what is best for the conference and the nation. I look forward to working with President Trump and our new conservative majority to make America great again by making the Senate work again.”

MIL OSI USA News –

January 26, 2025
MIL-OSI Russia: Historical reconstructions, creative master classes and more: what awaits guests of the Moskino cinema park this weekend

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

This weekend, visitors to the Moskino Cinema Park will be able to travel to the lands of Red Rus’ in the 11th century and witness the bloody struggle for territories bordering the Polish Principality. On November 9 and 10, reenactors will recreate events related to the campaigns of Yaroslav the Wise. Thematic excursions, exhibitions and historical master classes have also been prepared for guests. Live music will also be playing in the cinema park all weekend.

Entrance to events on November 9 and 10 by tickets. You can buy and pay for them only online, cash payment is not provided. In case of visiting only the cinema, purchasing a ticket to enter the Moskino cinema park is not required. Parking in a personal car when visiting the cinema park is free.

See historical battles and master ancient crafts

These days, the Moskino cinema park will become the arena of events from 1030–1031. The border towns of Przemysl and Cherven, first annexed after the Baptism of Rus during the reign of Vladimir the Saint, had been the subject of a dispute between the neighbors since the 10th century. It was these lands that Yaroslav’s brother Svyatopolk the Accursed gave to the Polish king in exchange for troops to help in the struggle for power over Rus. Prince Yaroslav the Wise put an end to his brother’s claims and recaptured the territories on the border with Poland.

Guests of the Moskino cinema park will see military shows and professional productions dedicated to the events of those years. At 11:00 and 16:00 viewers will see the drill training of squads dressed in authentic costumes of warriors of those times.

At the Cathedral Square site at 12:00 you can cheer for the participants of the squad tournament, and at 14:00 you can listen to a lecture on “Clothing of the inhabitants of Rus”. At 17:30 you can see the battle of the troops of Yaroslav the Wise and the army of the Polish king Boleslav I. About 80 people will take part in the detailed reconstruction.

At 15:00 in the culinary lecture hall, everyone will be shown how to prepare dishes according to old and traditional recipes. Among them are meat and bean soups, homemade cheese, smoked brisket, onion jam, as well as juicy chicken on the fire, pork ribs smoked in a cauldron and hearty pork roast.

These days, the cinema park will organize three excursion routes at once through several exhibitions. The first exhibition will show unique costumes from the 9th–11th centuries, the second will demonstrate various military equipment from the 11th century. During a visit to the third exhibition, guests will learn the most interesting details related to the life of Rus’ in the 11th century. The excursions last 20 minutes and will take place in turns throughout the day — from 10:00 to 18:00. The meeting place is the stele near the display cases with historical exhibits.

At the master classes, participants will be offered to try themselves in the role of a blacksmith and candle maker, master the technique of printing on fabric, the basics of calligraphy and carpet weaving, learn the basics of wood and soapstone carving, and also take part in the production of beads and amulet dolls, practice minting coins and soap making. Guests will learn how jewelers worked without microscopes and bright lighting, how armor was created, visit a warrior school and military training classes, and visit a gunsmith and tanner.

And military equipment from the 20th century can be seen in the parking lot in front of the Vadim Zadorozhny Museum of Equipment. The exhibition “Behind the Ribbon” presents airborne and infantry armored vehicles, support vehicles such as the BMD-1, BTR-60, BTR-70, Ural-375, GAZ-66, BTR-60 and others.

Get creative and go on a film trip

On 25 sites of the cinema park, all comers will find active games and other events. For example, you can shoot a bow, fight on tyambars and manually start a fire. Guests will also be offered to play board games “Tavley”, “Mill”, “Fox and Geese”, “Daldosa”.

You can also take a fascinating journey through your favorite films. For example, the Uyezdny Gorod site will host the premiere of a staged shoot based on Mikhail Kozakov’s famous film Pokrovskie Vorota. Guests will be able to play their favorite characters: Velyurov, Kostik, Margarita, or Khobotov. The shoot will take place from 10:00 to 18:00.

The Pitersky Bar venue will turn into the legendary Three Minnows tavern from the Buratino fairy tale. Guests will act out a scene fragment together with the fox Alice and the cat Basilio. You can take a souvenir photo dressed as the fairytale character.

At the Moscow in the 1940s site, you can immerse yourself in the atmosphere of the post-war capital, try on the image of the heroes of that time and take photos.

In the educational center of the Moskino cinema park, young Muscovites will take part in master classes. Thus, at the string art master class, children, under the guidance of experienced craftsmen, will create works of art by forming images from threads. And at another, they will make a movie clapperboard, a device used for sound synchronization during filming. Children will be taught how to depict emotions using face painting and oil paint at a master class on face painting with special paints. Participation in the master classes is paid.

On the first floor of the educational center you can also buy a ticket for a walking tour. Starting at 11:00, 12:00, 14:00 and 15:00.

Children are welcome in the Fairytale Park. In the castle, they will learn teamwork when moving cubes from one sector to another, and will demonstrate their accuracy in the Ring Toss. And at the Snake Catcher station, children will have a fun game with a rope and islands. In addition, children will take part in the Horseman relay race with a toy horse and sword, the Spinner game, and in balls.

Become a star and watch a movie

All visitors to the Media Academy of the film park will be able to unleash their creative potential this coming weekend. There will be classes on acting, where they will teach how to create memorable images, tell the secrets of stage speech, plasticity and movement, and also introduce various acting techniques.

Guests are also welcome to a dance master class, where participants will be able to create their own style of movement to music. And in the “Sing Like in the Movies!” classes, vocal teachers will teach you how to control your breathing, help you understand how to work with the diaphragm and make your voice beautiful and expressive. Entrance is paid.

Musical groups will perform at the Gonzaga Theatre. They will play pieces on ancient instruments such as the duduk and the bugle. In addition, viewers will be able to learn all the secrets of sword fights and understand how the knights fought in the legendary Soviet film The Ballad of the Valiant Knight Ivanhoe, the box office leader of 1983.

At the Moskino Kinopark cinema, adults will be able to watch the drama Love of the Soviet Union, which tells about the fates of people in the 1930s, and the film Time to Live, starring Florence Pugh and Andrew Garfield. For fans of family films, the program includes a new film, The Return of Kesha the Parrot. Guests will also enjoy fairy-tale adventures in the new fantasy Tinderbox, filmed in Karelia and in the reserves of the Novgorod Region. Tickets can be purchased on the website.

Weekend at the Moskino Cinema Park

Immerse yourself in the world of cinema, try yourself in various creative directions and simply enjoy free time with family and friends – this is the unique opportunity that the Moskino cinema park offers its guests.

The Moskino Cinema Park, which is part of the Moscow Cinema Cluster, is part of Sergei Sobyanin’s Moscow — City of Cinema project. The first stage of its development has already been completed: 18 natural sites, four pavilions and six infrastructure facilities have been built. Among them are the sets of Moscow Center, Moscow in the 1940s, Vitebsk Station, Yurovo Airport, Cathedral Square, Deaf Village, County Town, Cowboy Town, St. Petersburg Bar and other sites.

The capital’s film cluster also includes the Maxim Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proezd), the Moskino cinema chain, the Moskino film factory, the Moskino film commission, and the Moskino film platform.

The President of Russia and the Mayor of Moscow ceremoniously opened the Moskino cinema park From Ancient Rus’ to Our Time: Which Sites of the Moskino Cinema Park Can You Immerse Yourself in Different Eras Vitebsk railway station, Cathedral square and the plane cabin. Exploring the Moskino cinema park

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/146236073/

MIL OSI Russia News –

January 26, 2025

Blog

Overwhelm the information space

Fuel the election fraud narrative

Participatory disinformation

Older people and the heat

Early warning systems

What we found

What needs to change?

Early voting and what it might mean

Tense moment for the US

How race has played into the campaign

Trump and winning male voters

A free speech campaign?

Direct and indirect impacts

Developed countries need to pay up

If life gives you lemons

More floods and more extreme

How do you prepare for worse floods?

See historical battles and master ancient crafts

Get creative and go on a film trip

Become a star and watch a movie

Weekend at the Moskino Cinema Park