Category: Americas

MIL-Evening Report: Resistance to mining grows in El Salvador as environmentalists’ face persecution

Source: Council on Hemispheric Affairs – Analysis-Reportage

Update on El Salvador

by CISPES

First published January 31, 2025

Despite a unanimous October ruling in their favor, five anti-mining activists from the community of Santa Marta will be back on trial on February 3. The retrial sets a dangerous precedent, allowing the Attorney General to move a case to a different jurisdiction through an appeal in search of a guilty verdict. It also comes amidst growing resistance to a December law opening the country to metals mining which reverses a historic national ban on mining passed in 2017.

At a January 8 press conference, supporters of the Santa Marta 5, as well as leaders of the anti-mining struggle throughout the country, denounced increased harassment and suspicious activity related to mining in the districts of Santa Marta and nearby San Isidro. Since the January 2023 arrests, the organizations have maintained that the trial against the Santa Marta 5 is related to the reactivation of mining. “We have been saying that this case is intended to weaken or eliminate opposition to mining in Cabañas, which has proven to be true with the approval of the new law,” said the University of Central America’s Andrés McKinley.

“The mask is off,” said Vidalina Morales, president of the Santa Marta Social and Economic Development Association (ADES), who have been warning about the government’s intent to overturn the mining ban for years.

Morales warned that unknown vehicles have begun entering the community, which is close to a former mining operation. “Our peace of mind as residents of Santa Marta is constantly being threatened by the presence of people from outside our community interrupting our privacy.

At night there is a lot of activity in our community and we want to denounce this publicly because we [also] experienced this situation prior to the capture of our comrades.”

The increased activity in the community, according to Morales, has stoked fears that there could be additional criminalization of activists, which could take the shape of additional members of the community being added to the February trial. Other Santa Marta residents report that the Attorney General’s office is building a case against up to 40 additional Santa Marta community members, including Vidalina Morales.

According to ADES spokesperson Alfredo Leiva, members of the San Isidro community have reported an increased military presence in the areas previously identified by mining interests. “They are sending us the message that it is no longer the companies that are going to protect these areas, but the state, through the army… So the message to the communities is that there may be more repression– not only through judicial processes but also through direct [violent] acts.”

The new mining law requires the Salvadoran state to operate any new mines (likely through public-private partnerships, which are permitted under the law), opening the door to further direct confrontation between communities defending their lands and a law enforcement apparatus that has seen its budget and personnel balloon under Nayib Bukele’s government. A State of Exception that eliminates civil liberties and further empowers the police and military has also been in place since March 2022. The State of Exception has been repeatedly used to militarize organized communities, including Santa Marta, and led to the detention of Morales’s son in 2023.

Speaking at a January 15 press conference, ADES member Peter Nataren denounced the role of the United States in supplying equipment to the Salvadoran Armed Forces. “We, as a community, have privately asked U.S. authorities on multiple occasions to please stop equipping the Salvadoran military, for example, with helicopters and drones. At this point, our only option is to make that public because we know this has now become an issue of communities defending their land on one side and the military on the other.”

“People are not going to let their land be taken away or their water polluted. So that is going to lead to violence and the current U.S. ambassador has been equipping the Salvadoran army, which he has been doing since he arrived,” Nataren continued.

Nataren explained that U.S. mining companies Titan Resources Limited and Thorium Energy Alliance signed an agreement with the Salvadoran government. He called on U.S. organizations to pursue the details of the agreement under U.S. law, as it has been classified as confidential for five years in El Salvador.

Resistance to the Mining Law Grows

Following the initial wave of protests against the mining law in December, Salvadorans have taken to the streets in greater numbers to show their opposition to the measure. A January 12 march, convened by the Popular Rebellion and Resistance Bloc (BRP) in commemoration of the 1992 Peace Accords, highlighted the member-organizations’ opposition to the mining law. The march drew thousands of participants and ended with an impromptu rally at the steps of the National Library.

On January 19, thousands more attended a rally, also held at the National Library, convened by a new group of young Salvadorans called the Voice of the Future Movement. While the crowd was largely made up of young people, including students from the University of El Salvador, a January 22 survey by the Francisco Gavidia University revealed that only 23.5% of all Salvadorans support the new mining law.

Rally organizers, along with the Catholic Church and student organizations have been circulating a petition of Salvadorans who oppose the mining law, which has already gathered tens of thousands of signatures. The Catholic Church, as well as leaders in the Episcopal, Lutheran, and Baptist Churches, have been outspoken against mining, with San Salvador Archbishop José Luis Escobar Alas calling it “a life or death situation.”

According to Alfredo Leiva, in the absence of a law prohibiting metals mining, the only option left is for communities to band together. “In such a small, densely populated, and deforested country, mining is akin to suicide. Therefore, if we want to continue living in this country, we need to organize ourselves creatively because the legal instrument that we had to prohibit mining no longer exists.”

Original article: https://cispes.org/article/resistance-mining-grows-environmentalists%E2%80%99-trial-approaches

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI USA: Padilla, Schiff, Senate Judiciary Committee Democrats Demand Answers From Trump Administration on Purging of DOJ and FBI Officials

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Schiff, Senate Judiciary Committee Democrats Demand Answers From Trump Administration on Purging of DOJ and FBI Officials

WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) joined U.S. Senate Democratic Whip Dick Durbin (D-Ill.) and all other Senate Judiciary Committee Democrats in demanding answers from Trump Administration nominees and acting officials on the removal or reassignment of career law enforcement officials across the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI).

Last week, the Trump Administration reportedly purged dozens of DOJ and FBI officials involved in prosecuting Donald Trump and the January 6 rioters, and they are now threatening additional action against thousands of employees across the country who worked on investigations related to the attack on the Capitol. The Senators wrote to Pam Bondi, President Trump’s nominee to be the Attorney General of DOJ; Kash Patel, nominee to be the Director of the FBI; Todd Blanche, nominee to be Deputy Attorney General; Acting Attorney General James McHenry; and Acting FBI Director Brian Driscoll regarding the mass purging.

“We have grave concerns about the removal or reassignment across the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) of senior career civil servants who have served honorably under multiple administrations, regardless of the President’s party,” wrote the Senators. “The removals and reassignments from their positions of a significant number of experienced, nonpartisan Department officials with invaluable national security expertise without any comparable replacements one day into the second Trump Administration presents an alarming threat to national security.”

“As America faces a heightened threat landscape, these shocking removals and reassignments deprive DOJ and the FBI of experienced, senior leadership and decades of experience fighting violent crime, espionage, and terrorism,” continued the Senators. “As the FBI Agents Association stated in response to reports about the removal of FBI officials: ‘Dismissing potentially hundreds of Agents would severely weaken the Bureau’s ability to protect the country from national security and criminal threats and will ultimately risk setting up the Bureau and its new leadership for failure.’ Moreover, the firing of dozens of federal prosecutors and hundreds of agents will cripple FBI field offices and U.S. Attorney’s offices across the country. We can only assume these decisions are intended to prevent the Department from investigating national security and public corruption, while also serving as political retribution against the President’s perceived enemies and stoking fear among the dedicated and talented workforce in our nation’s premier law enforcement agency.”

As many as 20 senior DOJ officials were reassigned or removed, including the veteran career deputy assistant attorneys general in the Department’s National Security Division.

Over the weekend, thousands of FBI personnel across the country were asked to complete a questionnaire by today, Monday, February 3, at 3 p.m. The survey asks for their job title, whether they worked on a case related to the January 6th attack on the Capitol, “if they were involved in the arrest of a Jan. 6 suspect, if they testified at a trial, if they interviewed witnesses, if they conducted surveillance on suspects and more.” It has also been reported that the Acting FBI Director is being advised by an advisory committee comprised of partisan political operators, including an Elon Musk affiliate. This is a stark departure from the longstanding tradition that the FBI Director is the only political appointee in the Bureau.

The purge of experienced career prosecutors and agents has recently expanded to include the removal or forced retirement of all six executive assistant directors (EADs), including the EADs who oversee the National Security Branch, Intelligence Branch, and the Criminal, Cyber, Response, and Services Branch. It also includes the assistant Directors and the Special Agents in charge of at least four major field offices. Acting Deputy Attorney General Emil Bove ordered these actions in a January 31, 2025 memo, stating, “I do not believe the current leadership of the Justice Department can trust these FBI employees to assist in implementing the President’s agenda faithfully.”

Additionally, over a dozen senior DOJ prosecutors were fired after receiving memos from Acting Attorney General McHenry, stating “Given your significant role in prosecuting the President, I do not believe that the leadership of the Department can trust you to assist in implementing the President’s agenda faithfully.”

The Senators emphasized that the Senate Judiciary Committee has a constitutional obligation to perform oversight over the Department and its components, and to provide advice and consent on the nominations of officers to lead it. To that end, they requested information to be returned to the committee in response to the removal of FBI and DOJ officials. They also requested answers from these individuals about their involvement.

In addition to Senators Padilla, Schiff, and Durbin, the letters were signed by U.S. Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Mazie Hirono (D-Hawaii), Amy Klobuchar (D-Minn.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

Full text of the letter to Attorney General nominee Pam Bondi is available here.

Full text of the letter to FBI Director nominee Kash Patel is available here.

Full text of the letter to Deputy Attorney General nominee Todd Blanche is available here.

Full text of the letter to Acting Attorney General McHenry and Acting FBI Director Driscoll is available here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Coons statement on new Trump tariffs

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WILMINGTON, Del. – U.S. Senator Chris Coons (D-Del.) issued the following statement today after President Trump imposed tariffs of 25% on goods from Mexico and Canada and 10% on goods from China:

“When President Trump accepted the nomination at the Republican National Convention last July, he made this promise to the American people: ‘starting on day one, we will drive down prices to make America more affordable.’ Today, on day thirteen of his presidency, he imposed tariffs that will send prices skyrocketing.

“China, Mexico, and Canada are our three largest trading partners. American families will soon pay higher prices for avocados and appliances, diesel fuel and dog toys, car parts and Christmas lights, tomatoes and tequila, beer and gas. It’s the largest tax increase on working Americans in a long time, and it will cost them thousands of dollars every year. President Trump is making America expensive again.

“These countries will promptly retaliate against President Trump’s tariffs with tariffs of their own. Thanks to President Trump’s needless trade war, the workers, businesses, farmers, and ranchers who produce American exports will soon find it harder to reach their foreign customers. These tariffs will hit Delaware’s poultry growers, who export more chickens to Mexico and Canada than anywhere else, especially hard.

“These tariffs not only make Americans poorer, they also make us less safe. One of our biggest assets is our global network of allies and partners, while our adversaries only have nervous neighbors and client states. Today, President Trump is transforming two of our closest partners into nervous neighbors. It sends a clear message to would-be allies: aligning with the United States won’t protect you from economic bullying. Judging the various levels of today’s tariffs, it may put you even more at risk.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Coons’ resolution reaffirming USAID’s role in safeguarding U.S. national security blocked on the Senate floor

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – Tonight, U.S. Senator Chris Coons (D-Del.) went to the Senate floor to introduce and ask for unanimous consent on a resolution reaffirming the sense of Congress that the U.S. Agency for International Development (USAID)’s independence is essential for advancing the national security interests of the United States.

The resolution is a direct response to President Donald Trump’s and Elon Musk’s potential elimination of USAID and pause to the vast majority of U.S. foreign assistance programs, including reports that President Trump would sign an executive order folding the agency into the State Department— moves that are illegal without congressional approval.

“We know that diplomacy and development stand alongside defense in being critical to our national security,” Senator Coons said on the Senate floor. “Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades.”

Senator Coons spoke on the unlawful efforts to defund and destroy USAID by President Trump and Musk and demanded clarity amid purges of USAID’s top personnel, aid freezes, and chaos. He highlighted USAID’s vital humanitarian assistance work during global conflicts and other crises, including efforts to counter terrorism recruitment in the Philippines and to reduce the number of children pulled into gangs supporting organized crime and human trafficking. He also pointed out that while Republicans claim to be concerned about cutting costs, our entire foreign aid budget accounts for less than one percent of the federal budget.

U.S. Senator Jim Risch (R-Idaho) objected.

The resolution introduced by Senator Coons expressed “the sense of the Senate that [USAID] is essential for advancing the national security interests of the United States.” The resolution has 42 cosponsors. The full text of the resolution is available here.

Earlier today, the Washington Post published an op-ed from Senator Coons highlighting the dangers posed but the Trump administration’s efforts to dismantle USAID.

A video and partial transcript of Senator Coons’ comments are available below.

WATCH HERE.

SENATOR COONS: “Mr. President, if I might further expound on the resolution and respond to the comments by my colleague, the Chairman of the Foreign Relations Committee on which I serve. The resolution I sought to advance today is a simple statement of fact. It reviews the history of USAID, its creation as an independent agency, and its recognition in a law I helped write just last year—that to reorganize it explicitly requires congressional consultation and notification in advance.

The statement of the resolution, the core point, is that USAID is essential to the national security of the United States, because it mitigates threats abroad before they reach us here, it promotes global stability, it addresses the root causes of migration and extremism, and secures the leadership and influence of the United States in an era of strategic competition with the People’s Republic of China.

Let me speak to a few points, if I might: the power of the purse, process matters, one percent, and who wins. Rolling back the decades of work and relationships that the nonprofits and AID do around the world is creating a vacuum – a vacuum that will be filled by bad actors. So in a country where we’ve long-funded the PEPFAR program, started by President Bush, long-supported on a bipartisan basis, that provides anti-retrovirals and testing and nurses and support and clinics; to abandon that, to defund that, to shut that down, simply creates an opening for a bad actor to come in and say ‘The Americans abandoned you. Sorry for your luck. Here we are. We want to help.’ The Chinese have invested hundreds and hundreds of billions of dollars advancing their interests through investing in infrastructure, building partnerships in critical minerals, becoming the leads on port operations, and delivering humanitarian aid. We should not shut down our assistance to the world in a way that creates this vacuum. Who wins is the first question. My concern is our adversaries.

Second, process matters. As those of us who are lawyers know, it’s backwards to start with an executive order that shuts down the funding for an organization and entity, to invade and occupy its headquarters, to have an unelected department get into its systems, to lay off and furlough its senior leadership, and then notify Congress of the intent to begin a conversation about reorganization. I welcome a chance to have a conversation about the future of our development assistance around the world, and my hope is that it will continue, because I have case after case to review here about the good work it does. But to shut down the funding and to cause lots of our partners to lay off their key staff, then begin a conversation about reorganization, is to get it backwards in terms of process and the law.

I’m an appropriator. Why should we bother coming to an agreement on appropriations here in the Senate, pass a law, send it to the president, he signs it – and then in the next Congress and the next president, they can shut it down and claw it back? It gets to the very question of the power of the purse, which in Article 1 of the Constitution is the power of this body. Going forward, of course, as my colleague said, elections have consequences. It is true that President Trump and the new majority here will put their imprimatur on the policy priorities across a wide range of agencies and programs, absolutely. I expect that discussion and that fight – but this is reaching back and shutting down.

One percent – one percent, actually, less than one percent of the total federal budget goes to these vital humanitarian programs around the world. I’ll give you a few examples of what has been stopped in its tracks: a U.S. organization funded through AID has stopped its counterterrorism work in the Philippines that was reducing recruitment and radicalization. We walked away from that work. In Mexico, an organization that reduces the number of children recruited by gangs to help move drugs and migrants across our border has had its funding cut off. I remember trips I took, bipartisan delegations I was a part of, that went and visited AID-funded work where folks were delivering critical care. St. Mary’s clinic in Kibera – in Nairobi, in Kenya: one of the worst informal settlements – slums – I’ve ever been in in my life, and these dedicated, caring, capable folks delivering vital life assistance. In Liberia during Ebola, I will never forget meeting with the nurses, doctors, volunteers, the Liberians who were helping save lives. Why does this matter? Today there is an Ebola outbreak in Kampala, Uganda, and it’s the disease monitoring and testing, it’s the clinics and the nurses that keep these diseases controlled and managed on the other side of the world before they come here.

Failing to sustain this work in an efficient and effective way is to fail to show the values of the United States, to show we’re not a reliable partner, it’s to show that the decades of bipartisan support for critical initiatives like PEPFAR have been abandoned because they’re no longer considered a smarter strategic investment by one party, while the other party will fight for it.

My fondest hope is that we will yet find there is bipartisan support for continuing and sustaining these investments, but it’s unclear, because the unelected leader of DOGE, Elon Musk, is even now tweeting, ‘shut it down, close it off.’ My hope is that Secretary Rubio’s comments today on television about sustaining many of the critical functions of AID will win out, but I’m not confident – because it’s unclear to me who’s really driving this initiative.

Let me close: We know that diplomacy and development stand alongside defense in being critical to our national security. President Trump’s first defense secretary, General James Mattis, said to us in a hearing that if foreign aid were to get cut, he would need to buy more bullets, because foreign aid around the world helps us build relationships of support, combat terrorism and extremism, advance our values and priorities, and make us safer and more secure. I cannot think of a more troubling development than this long-trusted, capable, bipartisan effort at helping bring our values to the world and helping secure our nation would be cut off, abruptly, roughly, in a way that violates the law and the spirit of our long bipartisan compromise.

Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades. My hope is that even though this resolution was opposed and thus defeated tonight, that the determination to support this great work will survive and thrive and prevail.”

Senator Coons is a member of the Senate Foreign Relations Committee and Ranking Member of the Senate Appropriations Subcommittee on Defense. He is the former Chair of the Senate Appropriations Subcommittee on State and Foreign Operations.

MIL OSI USA News –

February 4, 2025

MIL-OSI: Amundi: Fourth quarter & Full-year 2024 results

Source: GlobeNewswire (MIL-OSI)

Amundi: Fourth quarter & Full-year 2024 results

Record 2024 net income^1,2at €1.4 billion

Results at the highest historical level		2024 adjusted net income¹^,² of €1,382m, up sharply: +13% vs. 2023 Thanks to Revenue growth (+9%) and improvement of the Cost-to-income ratio to 52.5%² Earnings per share²: €6.75 Q4 2024 – adjusted net income¹^,²€377m, up +20% Q4/Q4 Dividend proposed to the Annual General Meeting of 27 May 2025 at €4.25 per share

2024 net inflows multiplied by 2 compared to 2023		Assets under management³at a new record of €2,240bn at end-2024, +10% year-on-year Net inflows³+€55bn over the year, of which +€34bn in medium to long term assets excl. JVs Q4 net inflows +€20bn, incl. +€18bn in medium to long term assets, record ETF inflows: +€11bn Amundi Technology: strong revenue growth and acquisition of aixigo

Major advances of the plan Ambitions 2025		AuM targets achieved one year ahead of schedule for Third-Party Distribution and Passive Management Net income²: +6.1% average annual growth 2021-24, above the Ambitions 2025 target 2024 Cost/income ratio² already on 2025 target 3 value-creating external growth operations, in line with strategic and financial objectives ESG Ambitions 2025 plan on track

Paris, 4 February 2025
Amundi’s Board of Directors met on 3 February 2025 under the chairmanship of Philippe Brassac, and approved the financial statements for the fourth quarter and full year 2024.

Valérie Baudson, Chief Executive Officer, said:
“2024 was a record year for Amundi, both in terms of results and activity. Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.
Our assets under management are at an all-time high, at more than €2.2tn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We have also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also strengthened.
Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.
This commercial performance translated into record results, both for the year and in the fourth quarter. Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.
2024 marks an acceleration of the diversification that was initiated with the plan Ambitions 2025, several objectives of which have already been achieved, one year ahead of schedule.
Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth. »

* * * * *

Accelerating diversification on industry mega-trends

In 2024, the strategic priorities of the plan Ambitions 2025 contributed significantly to the growth of activity and results. They ideally position Amundi on the key growth drivers of the savings industry.

Third-Party Distribution delivered strong growth in its assets under management, +27% year-on-year to €401bn at the end of December and at the objective of the plan Ambitions 2025, one year ahead of schedule; Third-Party Distribution now represents 57% of Retail segment’s assets under management; 2024 net inflows of +€32bn were at an all-time high, highly diversified across all regions and asset classes: +€5bn in active management, +€18bn in ETFs and +€9bn in treasury products; Q4 was the strongest quarter for inflows in history, at +€13bn, with the same dominance as for the year; 12 new partnerships with digital players were signed in 2024 (BourseDirect, Scalable, Moneyfarm, etc.), bringing to 45 the number of partnerships with this type of player, in Europe and Asia;
ETFs⁴ reached €268bn in assets under management at the end of December, up +30% year-on-year, driven by record net inflows of +€27.8bn for the year, including +€10.5bn in Q4, diversified by client segments and between equity and fixed income products; these inflows were driven by the success of the US and global equity ranges, in particular the S&P500 ETF, innovative products such as the Amundi MSCI US Mega Cap and ex Mega Cap, as well as the Amundi Prime All Country World UCIT ETF, which has gathered more than +€2bn in 9 months;
Asia saw its assets under management increase by +17% year-on-year, to €469bn, thanks to +€28bn in inflows in 2024, positive in the 9 countries where Amundi operates; the Indian JV SBI MF continued to grow (€292bn in assets under management, +23% year-on-year with +€20.6bn in net inflows), as well as direct distribution excluding JVs (€103bn in assets under management, +16% year-on-year, with 2024 net inflows of +€5bn); 2024 was marked by the success of the partnership with Standard Chartered and the launch of a range of “CIO Signature Funds”, with assets under management reaching $2bn managed on behalf of the bank’s clients in 11 countries, in Asia, the Middle East and Africa; finally, the contribution to net income from Asian JVs, at €123m, increased by +20.9%, particularly the Indian JV (+31.5%, at €104m);
Fixed income expertise now manages €1,190bn in assets under management⁵ via a very wide range of solutions, which we have adapted in the face of the variations in long-term rates over the year; these solutions gathered +€57.5bn⁵ in 2024, of which +€11.7bn⁵ in Q4, thanks to a wider range of strategies: Amundi remains, as in 2023, the leader in Europe for maturity funds and fixed income ETFs, and the success of the inflows extended in 2024 to short-term fixed income solutions, securitisation, euro credit or stable duration strategies;
technology revenues recorded a strong increase by +33.8% compared to 2023, to €80m, and +47.1% Q4/Q4; Amundi Technology completed in Q4 the acquisition of the European leader in Wealth Tech, aixigo, complementing the ALTO⁶ Wealth and Distribution platform with a modular offering recognised in the industry.

Objectives of the plan Ambitions 2025 achieved one year ahead of schedule

Major objectives were achieved by 2024 and Amundi’s financial results are higher than planned in the trajectory of the Plan Ambitions 2025:

assets under management targets have been or are close to being reached at the end of 2024, a year ahead of schedule, for third-party distributors (€401bn vs. the €400bn target), passive management (€418bn vs. €420bn) and even Asia (€469bn, at 6% of the €500bn target);
2024 cost income ratio² at 52,5%, is already on target for 2025 (less than 53%);
2024 net income², at €1,382m, shows an average annual growth rate (CAGR) of +6.1% compared to the reference 2021 net income⁷ of the Plan, above the target of +5%; even restated for the slight positive market effect between 2021 and 2024, it is above the target, at +5.5%;
for 2024, the proposed dividend of €4.25 per share corresponds to a payout ratio⁸of 67%, above the minimum target of the Medium-Term Plan (65%), as in 2022 and 2023;
the average dividend payout ratio over 2022-24, at 72%, corresponds to a distribution surplus of +€0.24bn over the period, to which are added three external transactions that also consumed the capital generated over the period to the tune of +€0.5bn; the surplus capital remaining available for acquisitions at the end of 2024 is above €1bn;
Amundi has achieved three external growth operations: the acquisition of the private assets multi-management specialist Alpha Associates, closed in April 2024, the partnership with the US asset manager Victory Capital, signed in July and expected to be completed towards the end of the first quarter of 2025, and finally the acquisition of the Wealth Tech aixigo, closed in November 2024; these three operations are in line with the strategic and financial objectives of the plan Ambitions 2025; they will generate by 2027E⁹ a combined accretion of earnings per share² of about +5% and a return on investment of around 12%;
finally, the extra-financial and climate commitments of the plan ESG Ambitions 2025 have been achieved or are on their way to being achieved:
- the share of ETFs (in number) meeting the ESG criteria¹⁰ of the SFDR regulation reached 37% at the end of 2024, compared to a target of 40% at the end of 2025;
- the number of companies with which we have engaged in shareholder dialogue on their climate transition plans has increased by +1,478 since 2021, compared to a target of +1,000 over 2021-25;
- Greenhouse gas emissions per employee fell by -62% compared to 2018 on scopes 1, 2, and 3, against a target of a -30% reduction.

Activity

A favourable market environment in the quarter as well as over the year

In the fourth quarter of 2024, the average level of equity markets¹¹ increased by +2.8% compared to the previous quarter and by +19.5% compared to the same quarter of 2023. European bond markets¹²were also up, by +1.6% compared to the previous quarter and by +6.7% compared to the same quarter of 2023, reflecting the ECB’s rate cut decisions and the tightening of credit spreads. The market effect is therefore positive on the evolution of Amundi’s revenues over these two periods.

Compared to the 2021 averages reference for the Plan Ambitions 2025, the market effect is only very slightly positive.

The asset management market in Europe continued its recovery in the fourth quarter. Net inflows in open-ended funds¹³, at +€232bn, were driven by passive management (+€111bn) and by treasury products (+€74bn). For the third consecutive quarter, medium- to long-term active management recorded positive flows (+€46bn) driven by fixed income strategies (+€61bn).

Inflows at the highest level since 2021, more than double the 2023 net inflows, and new record for assets

Net inflows in the quarter amounted to +€20.5bn. For the year, net inflows reached +€55.4bn, twice the level of 2023.

Amundi’s assets under management³as of 31 December 2024 grew by +2.2% over the quarter and +10.0% over the year to reach a new record of €2,240bn. They benefited from market appreciation and from a high level of inflows, the highest since 2021. The market and currency effect amounted to +€28.1bn in the fourth quarter of 2024, and +€140.1bn in 2024. The increase in assets under management also benefited from the integration of Alpha Associates since the second quarter of 2024 (+€7.9bn in April).

Net inflows for the year amount to +€55.4bn, of which +€34bn in MLT assets¹⁴^,¹⁵. The last quarter is particularly dynamic, +€17.9bn, thus representing more than half of the MLT inflows¹⁴ of the year.

These MLT¹⁴ inflows continued this quarter to be driven by ETFs (+€10.5bn) and active management (+€5.5bn), notably through the active fixed income strategies (+€9.1bn). Also of note was a good performance in structured products, at +€0.9bn.

The rest of net inflows for the quarter came from treasury products (+€0.7bn) and JVs (+€1.9bn)

All client segments contributed to the positive net inflows:

the Retail segment, at +€11.5bn, recorded its highest level of inflows since 2021, thanks to Third-Party Distributors (+€12.7bn); Partner networks in France experienced net positive flows (+€0.8bn), compared to net outflows from International networks (-€1.4bn) and at Amundi BOC WM;
The Institutional segment, at +€7.1bn, of which +€10.8bn in MLT assets¹⁴, benefited from a strong contribution from Institutionals and Sovereigns (+€7.4bn) as well as CA & SG Insurers (+3,7€bn) in MLT assets¹⁴, and from Corporates (+€9.1bn) in treasury products;
JVs (+€1.9bn) continued to benefit from dynamic inflows from SBI MF in India (+€2.3bn).

It should be noted regarding SBI MF that the request for proposal, for the redeployment of the mandate of the Indian pension fund EPFO¹⁶ has been launched. A significant outflow is therefore likely to be expected in the second or third quarter of 2025, with a completely negligible effect on the revenues of the JV.

Fourth quarter and full-year 2024 results

Q4 2024: strong growth in net income², +20% Q4/Q4, highest quarter ever

Adjusted data²

In the fourth quarter of 2024, adjusted net income²reached €377m, up +20.5% compared to the fourth quarter of 2023.

It includes Alpha Associates, whose acquisition was finalised in early April, as well as aixigo for two months in the fourth quarter of 2024.

The growth in net income is mainly due to revenue growth and the very strong momentum of Asian JVs.

Adjusted net revenues² reached €924m, up +14.6% compared to the fourth quarter of 2023, mainly driven by management and technology revenues:

the sustained growth in net management fees, of +13.5% compared to the fourth quarter of 2023, to €820m, reflects the good level of activity and the increase in average assets under management excluding JVs (+10.5% over the same period);
performance fees (€57m) increased by +67.6% compared to the fourth quarter of 2023 (€34m), benefiting from the good performance of Amundi’s management teams, with more than 69% of assets under management ranked in the first or second quartiles according to Morningstar¹⁷ over 1, 3 or 5 years, and 247 Amundi funds rated 4 or 5 stars by Morningstar as of 31 December; fixed income strategies accounted for half of total performance fees, coming from very much diversified strategies;
Amundi Technology’s revenues, at €26m, continued to grow strongly (+47.1% compared to the fourth quarter of 2023), amplified this quarter by the first consolidation of aixigo for two months in the fourth quarter (+€5m);
finally, financial and other income² amounted to €21m, down from the fourth quarter of 2023 due to the impact of lower short-term rates in the euro area.

The increase in Operating expenses², by +13.1% compared to the fourth quarter of 2023, to €482m, remains lower than the increase in revenues (+14.6%) thus generating a positive jaws effect which reflects the Group’s operational efficiency.

This increase is explained by:

the first consolidation of Alpha Associates and aixigo;
investments in development initiatives of the plan Ambitions 2025, including technology, third-party distribution, Asia;
provisioning for individual variable remuneration, in line with the growth in results
non-recurring items, including the charge related to the discount proposed in the context of the capital increases of the Amundi and Crédit Agricole S.A. groups, which was reserved for Amundi’s employees;

Excluding these elements, the increase is in line with inflation (2.5%).

The Cost income ratio at 52,1% in adjusted data², improved from the same quarter last year.

The Adjusted gross operating income²(GOI) amounted to €443m, up +16,4% compared to the fourth quarter of 2023, reflecting revenue growth.

Income from equity-accounted companies¹⁸, at €29m, was up +1.6% compared to the fourth quarter of 2023. Growth was slowed by the impact of the decline in Indian equity markets on the financial income of our JV, SBI MF, which though continues to benefit from the strong growth of its business along the year.

Adjusted earnings per share²in the fourth quarter of 2024 reached €1.84, up +20,2%.

Accounting data in the fourth quarter of 2024

Accounting Net income Group share amounted to €349m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo, and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€17m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in the fourth quarter of 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

Accounting earnings per share for the fourth quarter of 2024 reached €1.70.

2024: record net income

For the year 2024, the adjusted net income² amounts to €1,382m, up +13.0%.

This strong growth reflects the high level of activity:

Adjusted net revenues² have increased by +9,2% compared to 2023, to €3,497m, mainly driven by management revenues; net management fees increased by +8.3%, in line with the growth in average assets under management; the increase in performance fees (+17.3%) is explained by a very good performance of the management teams, particularly for active bond strategies; Amundi Technology’s revenues also grew strongly, by +33.8% to €80m with the ramp-up of revenues gained from the acquisition of 8 clients in 2024, and reinforced with the acquisition of aixigo for two months in 2024 (+€5m);
Net management fee margins were stable compared to 2023 at 17.7 basis points, as the positive effects of market appreciation and the client mix offset the unfavourable effect of the product mix;
Adjusted operating expenses² grew less than revenues, by +7.7% to €1,837m, generating a positive jaws effect; almost half of this increase was due to the consolidation of Alpha Associates and aixigo, investments in growth areas (technology, ETFs, third-party distribution, Asia, etc.) and higher provisions for variable compensation, in line with the increase in revenues;
the Adjusted cost income ratio² reached 52.5%, compared to 53.2% in 2023, at the best level and at the 2025 target.

The Adjusted gross operating income² (GOI) amounted to €1,660m, up +10,8% compared to 2023.

Income from equity-accounted companies¹⁸ accentuates this growth. At €123m, +20.9% compared to the full year of 2023, it grew faster than operating profit, mainly driven by India, whose contribution exceeded €100m (€104m) for the first time.

Adjusted earnings per share² reached €6.75 in 2024.

Accounting data for the year 2024

Accounting Net income Group share amounted to €1,305m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€67m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

Accounting earnings per share for the year 2024 reached €6.37.

A solid financial structure and a dividend of €4.25 per share

Tangible net assets¹⁹ amounted to €4.5bn at 31 December 2024, up +€0.2bn or +4.5% compared to the end of 2023. This increase is in particular the result of the accounting net income for the year 2024 (+€1.4bn²⁰) the payment of dividends (-€0.8bn) for the 2023 financial year and the recognition of goodwill and intangible assets in respect of the two acquisitions finalised in 2024, Alpha Associates and aixigo (-€0.5bn).

On 5 September 2024, the FitchRatings rating agency confirmed Amundi’s long-term rating at A+ with a stable outlook, the best in the sector.

The Board of Directors will propose to the Annual General Meeting on 27 May 2025, a dividend of €4.25 per share, in cash, an increase compared to the dividend paid for the 2023 financial year.

This dividend corresponds to a payout ratio of 67% of net income Group share, and a yield of more than 6% based on the share price as of 31 January 2025 (closing price of €68).

The ex-dividend date will be Tuesday 10 June 2025 and will be paid as of Thursday 12 June 2025.

Since the listing in November 2015, the TSR²¹ (total shareholder return) has been +126%, i.e. +9.2% per year on average.

* * * * *

ANNEXES

Adjusted income statement²2024 and 2023

(€m)	2024	2023	% var. 2024/2023

Net revenuee – adjusted	3,497	3,204	+9.2%
Management fees	3,184	2,940	+8.3%
Performance fees	145	123	+17.3%
Technology	80	60	+33.8%
Financial income and other net income	88	80	+9.7%
Operating expenses – adjusted	(1,837)	( 1,706)	+7.7%
Cost income ratio – adjusted (%)	52.5%	53.2%	-0.7pp
Gross operating income – adjusted	1,660	1,498	+10.8%
Cost of risk & others	(10)	(8)	+28.7%
Equity-accounted companies	123	102	+20.9%
Income before tax – adjusted	1,774	1,592	+11.4%
Corporate taxes	(394)	(374)	+5.5%
Non-controlling interests	3	5	-43.5%
Net income, Group share – adjusted	1,382	1,224	+13.0%
Amortisation of intangible assets, after tax	(67)	(59)	+13.2%
Amortisation related to aixigo PPA, after tax	(1)	–	–
Integration costs, after tax	(10)	–	NS
Net income Group share	1,305	1,165	+12.0%
Earnings per share (€)	6.37	5.70	+11.7%
Earnings per share – adjusted(€)	6.75	5.99	+12.6%

Adjusted income statement²of the fourth quarter of 2024

(€m)	Q4 2024	Q4 2023	% var. Q4/Q4	Q3 2024	% var. Q4/Q3

Net revenue – adjusted	924	806	+14.6%	862	+7.3%
Management fees	820	723	+13.5%	805	+1.9%
Performance fees	57	34	+67.6%	20	NS
Technology	26	18	+47.1%	20	+32.6%
Financial income and other net income	21	32	-33.4%	17	+22.7%
Operating expenses – adjusted	(482)	(426)	+13.1%	(456)	+5.6%
Cost income ratio – adjusted (%)	52.1%	52,8%	-0.7pp	52.9%	-0.8pp
Gross operating income – adjusted	443	381	+16.4%	406	+9.1%
Cost of risk & others	(3)	(2)	+40.0%	(2)	+62.8%
Equity-accounted companies	29	29	+1.6%	33	-10.4%
Income before tax – adjusted	469	407	+15.2%	437	+7.4%
Corporate taxes	(93)	(96)	-3.9%	(101)	-7.8%
Non-controlling interests	1	2	-64.6%	1	-4.4%
Net income Group share – adjusted	377	313	+20.5%	337	+11.9%
Amortization of intangible assets after tax	(17)	(15)	+17.9%	(17)	-0.3%
Amortisation related to aixigo PPA after tax	(1)	–	–	–	–
Integration costs after tax	(10)	0	NS	0	NS
Net income, Group share	349	299	+17.0%	320	+9.3%
Earnings per share (€)	1.70	1.46	+16.7%	1.56	+9.0%
Earnings per share – adjusted (€)	1.84	1.53	+20.2%	1.65	+11.7%

Evolution of assets under management from the end of 2021 to the end of December 2024²²

(€bn)	*Assets* *under management*	*Net* *Inflows*	*Market &* *forex effect*	*Scope* *effect*			*Change in AuM* *vs. previous quarter*
As of 31/12/2021	2,064					+14%²³
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.75		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+63.0		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31/12/2024	2,240					+2.2%

Total year-on-year from December 31, 2023 to December 31, 2024: +10.0%

Net inflows +€55.4bn
Market & foreign exchange rate effects +€140.1bn
Scope effects +€7.9bn
(First consolidation of Alpha Associates in Q2 2024, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
French networks	138	132	+4.7%	+0.8	+1.1	+1.1	+5.7
International networks	167	162	+3.0%	-2.1	-0.4	-6.5	-3.6
Of which Amundi BOC WM	2	3	-32.7%	-0.6	-0.4	-1.2	-3.7
Third-Party Distributors	401	317	+26.6%	+12.7	+0.5	+31.9	+4.6
Retail	706	611	+15.6%	+11.5	+1.1	+26.6	+6.8
Institutional & Sovereigns (*)	521	486	+7.2%	-0.7	-1.6	+0.7	+12.9
Corporates	122	111	+9.9%	+8.6	+10.1	+2.8	+2.7
Employee savings plan	90	86	+3.8%	+0.7	-0.7	+3.1	+1.9
CA & SG Insurers	429	427	+0.6%	-1.5	+4.3	-1.0	-5.4
Institutional	1,162	1,110	+4.7%	+7.1	+12.0	+5.6	+12.0
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
Total	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8

Details of assets under management and net inflows by asset classes²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
Equity	544	467	+16.6%	+7.3	+0.1	+7.3	+2.2
Multi-assets	274	279	-1.8%	-0.9	-7.5	-23.2	-24.5
Bonds	747	656	+13.9%	+10.6	+7.4	+47.4	+17.6
Real, alternative & structured assets	114	107	+6.2%	+0.9	+1.9	+2.4	+4.3
MLT ASSETS excl. JVs	1,680	1,510	+11.3%	+17.9	+1.9	+34.0	-0.5
Treasury products excl. JVs	188	211	-10.9%	+0.7	+11.2	-1.8	+19.3
TOTAL excluding JVs	1,868	1,721	+8.6%	+18.5	+13.2	+32.2	+18.8
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8
*Of which MLT assets*	*2,018*	*1,794*	*+12.5%*	*+21.1*	*+6.9*	*+56.0*	*+6.2*
*Of which treasury products*	*222*	*242*	*-8.6%*	*-0.6*	*+12.6*	*-0.5*	*+19.7*

Details of assets under management and net inflows by management types and asset classes²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
Active management	1,148	1,062	+8.1%	+5.5	-5.7	+7.6	-21.3
Equity	206	195	+5.6%	-2.5	-2.1	-7.9	-4.6
Multi-assets	263	270	-2.7%	-1.2	-7.8	-24.5	-26.0
Bonds	679	597	+13.8%	+9.1	+4.2	+40.1	+9.3
Structured products	44	39	+10.9%	+0.9	+2.8	+3.6	+5.6
Passive management	418	340	+22.9%	+11.5	+5.8	+23.9	+16.6
ETFs & ETC	268	207	+29.5%	+10.5	+5.0	+27.8	+13.0
Index & Smart beta	150	133	+12.7%	+1.0	+0.7	-3.9	+3.6
Real and Alternative Assets	70	68	+3.5%	-0.0	-0.9	-1.2	-1.3
Real assets	66	63	+5.4%	+0.1	-0.2	+0.0	-0.0
Alternative assets	4	5	-20.1%	-0.1	-0.7	-1.2	-1.3
TOTAL MLT assets excl. JVs	1,680	1,510	+11.3%	+17.9	+1.9	+34.0	-0.5
Treasury products excl. JVs	188	211	-10.9%	+0.7	+11.2	-1.8	+19.3
TOTAL excl. JVs	1,868	1,721	+8.6%	+18.5	+13.2	+32.2	+18.8
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8

Details of assets under management and net inflows by geographic areas²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
France	994	950	+4.6%	+5.9	+11.6	+18.7	+10.4
Italy	202	203	-0.3%	-0.8	-2.1	-14.5	-4.3
Europe excl. France & Italy	440	372	+18.4%	+11.1	+2.9	+17.1	+8.9
Asia	469	400	+17.3%	-1.5	+7.5	+28.1	+7.2
Rest of the world	135	113	+20.0%	+5.7	-0.5	+6.1	+3.5
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8
*TOTAL outside France*	*1,246*	*1,087*	*+14.7%*	*+14.6*	*+7.9*	*+36.8*	*+15.4*

Methodology appendix

Accounting & adjusted data

Accounting data – They include the amortisation of intangible assets, recorded as other income; since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are booked as deductions from revenues, in financial costs, and since Q4, the amortisation charge of the technology asset related to the acquisition of aixigo, booked as amortisation of intangible assets in operating expenses.

Integration costs related to the transaction with Victory Capital and amortisation of the aixigo related PPA were recorded in the fourth quarter, in operating expenses, for a combined amount of -€14m pre-tax and -€11m after-tax. No costs of that nature were recorded in the first nine months of 2024 or in the 2023 financial year.

The aggregate amounts of these items are as follows for the different periods under review:

Q4 2023: -€20m before tax and -€15m after tax
2023: -€82m before tax and -€59m after tax
Q3 2024: -€24m pre-tax and -€17m after tax
Q4 2024: -€38m before tax and -€28m after tax
2024: -€106m before tax and -€77m after tax

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments are made: restatement of the amortisation of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortisation and non-cash expenses. are recorded as a deduction from net revenues; ; restatement of the amortisation of a technological asset related ot the acquisition of aixigo, recorded in operating expenses.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

goodwill of €288m;
an intangible asset of €50m, representing client contracts, depreciable on a straight-line basis until the end of 2030;
a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortised over 6 years.

In the Group’s income statement, the following is recorded:

amortisation of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax); in 2024 (9 months of integration) this corresponds to -€5.7m (-€4.6m after tax)
other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recorded as deductions from net income, as financial expenses; in 2024 (9 months) they represent -€4.3m (-€3.2m after tax).

Over twelve months 2024, these expenses and depreciation and amortisation are therefore -€10m before tax for 9 months. They only started in Q2.

In Q4 2024, the amortisation of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax).

Acquisition of aixigo

In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition:

goodwill of €121m;
a technology asset of €36m, representative of the goodwill attributed to aixigo’s software solutions, depreciable on a straight-line basis over 5 years;

The full-year amortisation charge of the technology asset was -€7.2m (-€4.8m after tax); in Q4 2024, the amortisation charge was -€1.2m (-€0.8m after tax), it is recognised in operating expenses.

Alternative Performance Measures²⁵

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and,

since the second quarter of 2024, from Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
Since the fourth quarter of 2024, the amortisation of intangible assets as operating expenses under aixigo.
In the fourth quarter of 2024, the integration costs on Victory Capital and aixigo.

Adjusted, normalised data are reconciled with accounting data as follows :

= accounting data

= adjusted data

(€M)	2024	2023	Q4 2024	Q4 2023	Q3 2024

Net management revenue	3,329	3,063	877	757	825
Technology	80	60	26	18	20
Net financial income and other net income	(3)	(1)	(2)	12	(6)
Adjusted net financial income and other income	88	80	21	32	17

Net revenue (a)	3,406	3,122	901	786	838
– Depreciation of intangible assets before tax	(87)	(82)	(22)	(20)	(22)
– Other non-cash expenses related to Alpha Associates	(4)	0	(1)	0	(1)
Net revenue – adjusted (b)	3,497	3,204	924	806	862

Operating expenses (c)	(1,852)	(1,706)	(496)	(426)	(456)
– Integration costs before tax	(13)	0	(13)	0	0
– Amortisation of the aixigo related PPA before tax	(1)	0	(1)	0	0
Operating expenses – adjusted (d)	(1,837)	(1,706)	(482)	(426)	(456)

Gross Operating Income (e)=(a)+(c)	1,554	1,416	405	360	382
Gross operating income – adjusted (f)=(b)+(d)	1,660	1,498	443	381	406
Cost income ratio (%) -(c)/(a)	54.4%	54.6%	55.1%	54.2%	54.4%
Cost income ratio – adjusted (%) -(d)/(b)	52.5%	53.2%	52.1%	52.8%	52.9%
Cost of risk & other (g)	(10)	(8)	(3)	(2)	(2)
Equity-accounted companies (h)	123	102	29	29	33
Income before tax (i)=(e)+(g)+(h)	1,668	1,511	431	387	413
Income before tax – adjusted (j)=(f)+(g)+(h)	1,774	1,592	469	407	437
Income tax (k)	(366)	(351)	(83)	(91)	(94)
Income tax – adjusted (l)	(394)	(374)	(93)	(96)	(101)
Non controlling interests (m)	3	5	1	2	1
Net income, Group share (n)=(i)+(k)+(m)	1,305	1,165	349	299	320
Net income, Group share – adjusted (o)=(j)+(l)+(m)	1,382	1,224	377	313	337

Earnings per share (€)	6.37	5.70	1.70	1.46	1.56
Adjusted earnings per share (€)	6.75	5.99	1.84	1.53	1.65

Shareholding

	31 December 2024		30 September 2024		31 December 2023
*(units)*	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.93%	141,057,399	68.93%
Employees	4,272,132	2.08%	2,751,891	1.34%	2,918,391	1.43%
Treasury shares	1,992,485	0.97%	958,031	0.47%	1,247,998	0.61%
Free Float	58,097,246	28.28%	59,880,313	29.26%	59,423,846	29.04%

Number of shares at the end of the period	205,419,262	100.0%	204,647,634	100.0%	204,647,634	100.0%
Average number of shares year-to-date	204,776,239	–	204,647,634	–	204,201,023	–
Average number of shares quarter-to-date	205,159,257	–	204,647,634	–	204,647,634	–

Average number of shares on a pro rata basis.

The average number of shares increased by +0.3% between Q3 2024 and Q4 2024, +0.3% between Q4 2023 and Q4 2024, and again +0.3% between 2023 and 2024.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback program of up to 1m shares (i.e. ~0.5% of the share capital before the transaction) to cover performance share plans, It was finalised on 27 November 2024.

Financial communication calendar

Q1 2025 earnings release: Tuesday 29 April 2025
Annual General Meeting: Tuesday 27 May 2025
Q2 and H1 2025 earnings release: Tuesday 29 July 2025
Q3 and 9-month 2025 results: Tuesday 28 October 2025

Dividend schedule

Ex-dividend day: Monday 10 June 2025
Payment: from Wednesday 12 June 2025

About Amundi

As Europe’s leading asset manager among the world’s top 10 players²⁶, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management²⁷.

Its six international management platforms²⁸, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

Amundi, a trusted partner that acts every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward-looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward-looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.

Amundi undertakes no obligation to publicly revise or update any forward-looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures set out in this document were approved by Amundi’s Board of Directors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date, but remain subject to ongoing review by the statutory auditors.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

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

¹        Net income Group share
²        Adjusted data: see p. 12
³        Assets under management (AuM) and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
⁴        Excluding JVs
⁵        Including JV: €247bn in assets under management, +€12.2bn inflows in 2024 and +€0.6bn in Q4
⁶        ALTO: Amundi Leading Technologies & Operations, Amundi’s suite of 5 technology applications, including ALTO Investment, Wealth and Distribution, Sustainability, Asset Servicing and Employee Savings and Retirement
⁷        Adjusted net income Group share, normalised for the exceptionally high level of performance fees in the year: €1,158m
⁸        Calculated on accounting net income Group share
⁹        Compared to consensus estimates prior to these transactions
¹⁰        According to SFDR Articles 8 and 9
¹¹        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
¹²        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
¹³        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of December 2024.
¹⁴        Medium-Long Term Assets excluding JV
¹⁵        However, 2024 net inflows include, for -€11.6bn, the exit in the third quarter of a multi-asset mandate with a European insurer, which brought low revenues
¹⁶        EPFO: Employees’ Provident Fund Organisation, India’s leading pension fund with total assets of €250bn at the end of December 2024. In Q4 2019, SBI MF had won a bond mandate granted by EPFO, for an amount of €60bn, which totaled €110bn in assets under management as of 31 December 2024; it is this mandate that would be shared with other managers according to the request for proposal
¹⁷        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, December 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of December 2024. © 2024 Morningstar, all rights reserved
¹⁸        Reflecting Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
¹⁹        Shareholders’ equity less goodwill and intangible assets
²⁰        Excluding the amortisation of intangible assets
²¹        The TSR (Total Shareholder Return) includes the total return for a shareholder: increase in the share price + dividends paid from 2016 to 2024 + Preferential Subscription Rights detached in May 2017. Calculation made on the basis of the closing price of 31 January 2025, €68 per share.
²²        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
²³        Lyxor, integrated as of 31/12/2021
²⁴        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV;
as of 01/01/2024, reclassification of short-term bond strategies (€30bn in AuM) as Bonds previously classified as Treasury until that date; the assets and net flows up to that date have not been reclassified in these tables
²⁵        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on 18 April 2024
²⁶Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
²⁷Amundi data as of 31/12/2024
²⁸Boston, Dublin, London, Milan, Paris and Tokyo

Attachment

Amundi_PR Results_Q4&FY2024_EN

The MIL Network –

February 4, 2025

MIL-OSI Economics: TOYOTA GAZOO Racing Launches Evolved GR Corolla in Japan

Source: Toyota

Headline: TOYOTA GAZOO Racing Launches Evolved GR Corolla in Japan

TOYOTA GAZOO Racing (TGR) has started accepting orders for its evolved GR Corolla, a model that leverages insights gained by competing in motorsports. Orders will be accepted through Toyota dealerships across Japan from today, February 4, and actual launch is planned for March 3. This is the same model announced on August 2, 2024, in the USA, but with Japanese market specifications. The following news release provides detailed information on the features of this evolved GR Corolla.

MIL OSI Economics –

February 4, 2025
MIL-OSI USA: February 3rd, 2025 Heinrich Speaks Out Against President Trump’s Tax on New Mexico Families
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

Trump’s tariffs will increase prices, cost families as much as $1,200 per year

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) released the following statement on President Trump’s announced 25% tariffs on Mexico and Canada and 10% tariffs on China:

“Donald Trump’s tariffs are a tax on New Mexico’s working families. Trump’s tariffs will raise costs, kill jobs, and weaken our economy, costing New Mexicans up to $1,200 per household. With Mexico as New Mexico’s largest trading partner, Trump’s trade war and tariffs tax will directly hurt New Mexico’s farmers, businesses, and consumers.

“We need to be putting the interests of working people first, not last. And that starts by lowering costs, not raising them.”

While the effective dates of the tariffs are shifting, their catastrophic impacts are indisputable.

Background on How New Mexico’s Economy Relies on Trade with Mexico

New Mexico’s solid economic growth after pandemic-era disruptions was spurred in large part by cross-border commerce. An unnecessary trade war with Mexico drummed up by President Trump threatens to drive up prices for groceries, gas, cars, and other consumer goods, erasing wage increases and straining New Mexicans’ wallets.

Benefits to New Mexico from Trade with Mexico
- In 2023, $28 billion worth of goods came through the Santa Teresa Port of Entry (STPOE), which Heinrich has pushed to expand by introducing legislation, securing federal appropriations, and urging leaders in Congress and the Executive Branch to prioritize this project.
- The STPOE supported over 7,000 jobs and contributed $2 billion to New Mexico’s economy in 2023.
- Since 2020, an additional 2,000 jobs in New Mexico have been added by the increased economic activity around STPOE.
- New Mexico exported $3.4 billion to Mexico in 2023.
- In 2021, exports supported 15,000 jobs in New Mexico.
- Mexico is New Mexico’s largest trade partner, amounting to 70% of the state’s total goods exported in 2023.
MIL OSI USA News –
February 4, 2025
MIL-OSI Australia: (WIP) Growing ESG complexity in the year ahead: what companies can expect
Source: Allens Insights

ESG continues to evolve 10 min read

As stakeholder expectations on Environment, Social and Governance (ESG) issues continue to evolve, we are seeing a movement build from voluntary standards to domestic regulation. Concurrently, the opposition to ESG-related action is adding to uncertainty and complexity when it comes to legal compliance and alignment with global high watermarks.

In this Insight, we take stock of the ESG journey and reflect on the trends to look out for in 2025 and beyond.

Key takeaways
- Growing uncertainty around upcoming ESG legislation is expected to raise complexity and costs for companies in achieving regulatory compliance. The shift from a more global consensus on climate and environmental commitments, ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions, presenting new challenges for companies navigating competing pro- and anti-ESG regulatory trends.
- Companies that are revisiting their sustainability and ESG-related claims and commitments amid heightened reputational and legal exposures over ‘greenwashing’ risk will need to continue to balance accuracy and appropriateness of public commitments with the risk of being perceived as laggards by their stakeholders, including scrutiny of perceived ‘greenhushing’ or ‘greywashing’.
- Litigation risk remains a key challenge for businesses navigating ESG obligations and evolving stakeholder expectations. Potential claims are expanding to include directors’ duties and emerging intersectional ESG issues, including nature and biodiversity, human rights and plastics. Non-judicial forums such as complaints to OECD National Contact Points are likely to remain attractive for stakeholders seeking behavioural change.
- Regardless of whether companies and their directors elect to recalibrate their ESG policies, companies should ensure they are satisfied that their chosen course of action is in the best interests of the company, and retain evidence to support that view and regarding the reasonable grounds for key decisions.
Who in your organisation needs to know about this?

Boards; general counsel and legal; sustainability; regulatory and compliance; cultural heritage and communities teams; external affairs.

A recap of 2024

New ESG legislation, an uptick in regulatory enforcement and the rising expectations of investors and other stakeholders are elevating ESG issues to the top of boardroom agendas.

In 2024, we saw the multi-jurisdictional trend of new ESG due diligence and reporting laws continue in places like the EU and California, adding to recent regulatory developments in Australia, the US, the UK, Canada and elsewhere. Australian companies have been responding, even if not directly in scope, as these new legal requirements flow through from customers and clients.

Combating alleged ‘greenwashing’ and ‘bluewashing’—being claims that environmental and social disclosures are false, misleading or have no reasonable basis—has become an enforcement priority for Australia’s corporate regulators. In November 2024, the Australian Securities and Investments Commission (ASIC) confirmed greenwashing and misleading conduct involving ESG claims would remain an enforcement priority in 2025.

Activists and strategic litigants have deployed strategies in and out of the courtroom seeking to influence corporate behaviour. While the majority of cases have commenced in the US, Australia consistently comes a close second, with cases increasingly focusing on the intersection between the environment and human rights, including the rights of First Nations peoples.

Alongside these developments, the backlash against ESG action increased in 2024 and was a key issue during elections in the US and across the EU. In the US, laws have been passed restricting ESG-related investment decisions, which have impacted investment flows, while legal challenges have delayed the implementation of the US Securities and Exchange Commission’s climate-related financial disclosure rules. Some financial institutions and asset managers are moving away from membership of voluntary ESG commitments, such as the Net Zero Asset Managers and Net Zero Banking Alliance initiatives.¹

Looking ahead to 2025
Deregulation may increase uncertainty and complexity for companies

The conversation around deregulation is already becoming more pronounced in 2025, in light of recent political developments and as ESG regulatory changes take effect.

Upon commencing his second term in office on 20 January 2025, President Trump’s executive orders have so far included:
- withdrawing the US from the Paris Agreement (for a second time); and
- revoking the country’s financial commitments under the United Nations Framework Convention on Climate Change and the US International Climate Finance Plan.
His nominations to environmental protection and corporate regulatory agencies may foreshadow a further rollback of measures on:
- anti-pollution;
- emissions reduction; and
- climate-related financial disclosures.
The wave of new executive orders has already sought to wind back the Biden Administration’s ESG policies (including those encouraging the uptake of electric vehicles).

In the EU, the outcome of a new omnibus proposal aiming to streamline various Green Deal sustainability regulations is due to be released by 26 February 2025. It is possible the proposal will include delays in implementation, while a recently leaked European Commission strategy paper for streamlining the Commission’s regulatory processes suggests there may be a greater focus on reducing the regulatory burden for small and medium-sized companies.

This uncertainty around upcoming ESG legislation is likely to mean increased complexity and costs for companies associated with achieving regulatory compliance. A move away from a more global consensus on ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions. Companies will continue to face challenges in navigating these pro- and anti-ESG regulations across different jurisdictions.

At the same time, disasters such as the Los Angeles fires will keep ESG issues in the public consciousness, and deregulation is unlikely to be aligned with the evolving high watermark to which stakeholders are holding companies to account. We anticipate an increase in ESG litigation as activists continue to pursue behavioural change by governments and companies in the courts.

ESG as a ‘dirty word’: greenhushing and greywashing

While many companies continue to take voluntary action on ESG issues, some are revisiting their ESG commitments in light of the increasingly contested and politicised environment, as well as the heightened reputational and legal exposures associated with sustainability and ESG-related public claims and commitments.

The paring back of existing commitments will continue to be scrutinised by regulators and civil society, and we anticipate that allegations of ‘greenhushing’ or ‘greywashing’ may develop.

‘Greenhushing’ refers to deliberately withholding information about sustainability goals and achievements.

‘Greywashing’ refers to setting strategies and policies that are too watered down, unambitious, qualified or ambiguous to result in meaningful change.

ASIC Chair Joe Longo has described greenhushing as ‘just another form of greenwashing’, which ‘risks misleading by omission’, referring to the annual Net Zero Report issued by South Pole which highlighted a substantial decrease in climate communications across a number of sectors.

Companies will need to continue to balance accuracy and appropriateness of commitments while maintaining flexibility in the changing political environment, with the risk of being perceived as laggards by their stakeholders.

The ESG litigation field expands

Despite the mixed successes of recent ESG claims, we expect activists will continue to pursue strategic litigation to extract concessions from governments and companies and effect behavioural change.
ESG claims have expanded beyond the traditional higher-emitting sectors. Stakeholders are looking more widely at targets and potential claims with the objective of disrupting capital flows, including scrutinising companies’ exposure through their financing activities and broader value chains. We expect that financial institutions will remain a target of stakeholder scrutiny, and that claims and complaints will continue to explore the intersection between climate change and issues such as nature and biodiversity, human rights and plastics. The use of new technologies such as AI and carbon capture and storage (or CCS) is also attracting activist scrutiny.

In 2025, decisions from the International Court of Justice and Australian courts may clarify legal obligations related to climate change, particularly in tort law, potentially impacting future corporate liability for alleged climate change impacts.

Non-curial avenues such as the OECD National Contact Points and UN Special Procedures are already a well-tested forum on ESG issues. Complainants are likely to be interested in exploring the recent updates to the OECD Guidelines on matters such as climate change and biodiversity. The Australian National Contact point may also be utilised by stakeholders in response to the three-year modified liability regime under the new mandatory climate-related financial reporting regime introduced from 1 January 2025, which prevents private litigation in respect of certain ‘protected statements’ for a period of time.

International discussions will continue to influence private actors

Despite failures by state parties to reach agreement at 2024’s UN biodiversity and plastic forums, discourse surrounding the negotiations appears to be sharpening corporate and civil society focus, including through an uptick in plastics-related litigation and campaigns. The next UN biodiversity COP taking place in Rome in February this year, and international negotiations will continue on a treaty to address the full lifecycle of plastic—from production to design and disposal.

Another emerging focus area for companies is Indigenous Cultural and Intellectual Property (ICIP), particularly in the life sciences and mining sectors. A new treaty on genetic resources and traditional knowledge was concluded at the international level in 2024 under the auspices of the World Intellectual Property Organization (WIPO), which will require inventors to disclose the source of genetic resources and associated traditional knowledge in patent applications. After many years of diplomatic efforts by countries including Australia, this is the first multilateral treaty specifically relating to traditional knowledge, and efforts continue to protect traditional cultural expressions at the international level. It remains to be seen how this significant step at the international level will affect the discourse concerning the need for sui generis ICIP legislation in Australia.

Subject matter trends
Implications of US exit from international climate change commitments and shift in domestic energy policy

The United States’ withdrawal from the Paris Agreement introduces a new element of uncertainty for global efforts to address climate change. It remains to be seen whether the Trump Administration’s decision will leave the US as an outlier in international climate and energy policy, or if it may have a broader chilling effect on global cooperation on climate change and other emerging environmental issues.

President of the European Commission, Ursula Von der Leyen, has already reaffirmed that ‘Europe will stay the course’ and reaffirmed the EU’s commitments to the Paris Agreement. A net zero-focused bipartisan alliance of 24 State Governors has also vowed to sustain and advance climate action in the US.

The new US administration has also embarked on a significant gear change in US domestic energy policy.

Executive orders have been effected to declare a ‘national energy emergency’.

This expedites the permitting of oil and gas projects (specifically in Alaska) and temporarily suspends new federal offshore wind leasing pending an environmental and economic review.

The US Federal Reserve has also withdrawn from the Network for Greening the Financial System—an international group of central banks, including the Reserve Bank of Australia, that analyses the economic fallout from climate change.

The Office of Management and Budget also ordered a temporary pause on grant funding by federal agencies for activities implicated by the new executive orders, including renewable energy and climate and atmospheric research programs. The order was subsequently rescinded after an urgent legal challenge by non-profits successfully sought an injunction.

These changes are likely to lead to legal challenges, further adding to the uncertainties faced by businesses navigating the new energy policy environment. As the Trump Administration seeks to encourage investment in the oil and gas sectors, we also expect stakeholders to intensify their scrutiny of companies’ exposure to higher-emitting projects.

Methane emissions

International initiatives to reduce methane emissions have been gaining industry and national support:

the World Bank’s Global Flaring and Methane Reduction (GFMR) Partnership is now active in over a dozen countries and has been endorsed by 57 companies.

the Global Methane Pledge launched at COP26 in 2021 by the EU and US has received 159 country endorsements as of 2024, including Australia’s.

Several countries have moved to impose stricter regulations on methane emissions. In May 2024, the EU introduced its Methane Regulation requiring increased monitoring, detection and reduction of methane emissions. Additional import restrictions will extend to gas imported into the Eurozone from 2027. In November 2024, the United States Environmental Protection Agency announced new regulations on the emission of methane from crude-oil and natural gas facilities.

New and expanded gas projects (and related infrastructure and supply chains) remain a focus of campaigning and shareholder activism on fugitive methane emissions by organisations such as Market Forces.

Biodiversity and nature

Countries are moving to implement their national commitments under the Kunming-Montreal Global Biodiversity Framework.

Australia’s Nature Repair Market is set to open for business in 2025, operating in a similar fashion to the existing carbon market, to incentivise projects to protect and restore the environment through biodiversity credits.

The EU’s Regulation on Nature Restoration entered into force in August 2024, and the Canadian Government has moved to legislate a Nature Accountability Bill as part of its 2030 Nature Strategy released in June 2024.

However, the future of the Canadian bill is now uncertain due to the suspension of all parliamentary business after Parliament was prorogued on 6 January 2025 following the resignation of Prime Minister Justin Trudeau. While Canada’s next general election is scheduled for 20 October 2025, opposition parties have foreshadowed a no-confidence motion when the next parliamentary session resumes on 24 March which, if successful, may trigger an early vote.

Several jurisdictions are also moving to address deforestation in supply chains, with measures including import restrictions and due diligence requirements.

The EU’s Regulation on Deforestation-free Products will enter into effect from 30 December 2025 and require certain commodities and derived products to be ‘deforestation-free’ if placed, made available on or exported through the EU common market.

The UK is also developing its own Forest Risk Commodity Regulation,² which would also impose commodity-based restrictions and due diligence requirements.

Plastics pollution and the circular economy

A growing number of jurisdictions are introducing restrictions on plastic products, including single-use and microplastics.

The EU’s Single Use Plastic Directive came into force in 2024, and the European Commission has proposed additional measures to prevent the unintentional release of plastic pellets.

In the US, the State of California has commenced proceedings against Exxon Mobil and PepsiCo Inc in relation to allegedly misleading the public regarding plastics pollution.

In Australia, the ACCC commenced enforcement proceedings against Clorox Australia Pty Ltd in April 2024 for alleged greenwashing over claims relating to its ‘GLAD’ plastic bag products.

The right to water

From the Murray-Darling Basin to the Great Barrier Reef and beyond, we expect to see preservation of, and access to, water resources increase in priority for stakeholders as an issue that crosses geographical and jurisdictional boundaries.

Access to water and sanitation is recognised as a fundamental human right by the UN General Assembly, and stakeholders are raising issues around water security, water quality, contamination by microplastics and Per- and Polyfluoroalkyl Substances (PFAS) chemicals, access to water resources for agriculture, and ensuring First Nations peoples’ interests and connection to water are taken into account.

Modern slavery reporting reforms

In December 2024, the federal Attorney-General’s Department (AGD) published the Government’s response to the 2023 statutory review of the Modern Slavery Act 2018 (Cth) (MSA). The response follows the appointment of Australia’s first national Anti-Slavery Commissioner, who is expected to lead in the implementation of modern slavery reporting reforms.

The Government has agreed (in full, in part, or in principle) to 25 of the 30 recommendations from the review, including the need to strengthen the compliance and enforcement framework under the MSA. The Government agreed in principle to the introduction of a penalty regime—details are not yet available, but the Government is expected to consult with stakeholders in 2025.

One issue that remains unresolved is the status of proposals for mandatory human rights due diligence (HRDD) by reporting entities under the MSA. The Government has ‘noted’ the recommendation to introduce HRDD; however, it has indicated that the AGD will engage with stakeholders on HRDD as part of the next stage of implementation.

The introduction of mandatory HRDD would align Australia with a number of jurisdictions that have introduced supply chain due diligence requirements, most notably the EU’s Corporate Sustainability Due Diligence Directive adopted by the European Parliament in 2024. The Canadian Government has proposed new supply chain due diligence legislation, while a parliamentary review of the UK’s modern slavery legislation has recommended the introduction of due diligence obligations.

The timeline for legislative amendments to the MSA may be complicated by the federal election, which is due to occur before 17 May 2025.

Navigating AI in the employment context

As AI technologies advance, companies will need to navigate the social issues raised due to the use of AI in the workplace.

Already, we are seeing increasing use of AI in hiring practices such as the screening of job applications. Based on how the algorithm was trained, AI can perpetuate biases, potentially leading to harmful or discriminatory outputs for individuals, groups or communities and arguably resulting in adverse human rights impacts.

In the US, we are seeing court cases alleging unlawful discrimination where AI tools have been used for hiring, insurance claims and rental applications.³ We anticipate Australian businesses may face similar claims if AI is used without accounting for the risk of inherent bias.

The rate of change brought by advancements in AI technology is not only front of mind for employers, but also for employees concerned about its implications. In October 2024, it was reported that Cbus and its employees had agreed to a first-of-its-kind enterprise agreement dealing with protections for employees if or when the super fund introduces AI technologies. The agreement contains an agreed definition of AI, and provides that Cbus must consult with staff on any changes that impact them in relation to AI.

Rights of First Nations peoples

In 2025, the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs is set to continue its inquiry into the Truth and Justice Commission Bill 2024. The Bill seeks to establish a Commission to make recommendations to Parliament on historic and ongoing injustices against First Nations Australians. The Australian Law Reform Commission is also taking submissions as part of its review of the ‘future acts’ regime in the Native Title Act 1993 (Cth), with a final report to be delivered by December 2025. For more, see our Insight.

There are increasing demands on industry to consult First Nations stakeholders in their decision-making and operations, and to engage in benefit-sharing with Traditional Owners, with an emerging focus on the clean energy sector. The First Nations Clean Energy Network has published Best Practices Principles to help First Nations communities in Australia to share in the benefits of renewable energy projects, including calling for Free, Prior, and Informed Consent (FPIC) standards to apply throughout the lifecycle of projects.

We expect that international, ‘soft law’ standards will continue to evolve. For example, the International Council of Mining and Metals (ICMM) recently updated its Indigenous Peoples and Mining Position Statement to emphasise the responsibility of mining companies to achieve FPIC through meaningful engagement and good faith negotiation with Traditional Owners. Although the new standard goes beyond the current position in the Native Title Act and many cultural heritage laws in Australia, it is possible it will become a benchmark for mining companies in Australia—see our Insight.

Addressing misconduct impacting First Nations peoples also remains an enforcement priority for ASIC.

Diversity and inclusion

Diversity, equity and inclusion policies and initiatives have also become the subject of backlash in the United States through three executive orders signed by President Trump, with one executive order foreshadowing regulatory action to ‘encourage’ private sector employers to dismantle diversity programs that have been based on federal anti-discrimination law.

This backlash has already placed diversity on the political agenda in Australia, and the discussion around diversity policies and initiatives is likely to increase in the lead-up to the federal election this year.
Company culture and governance issues in the spotlight

Corporate culture is an ongoing boardroom issue and recent examples underscore the importance of accountability, transparency and strong and ethical corporate governance.

Cultural concerns: in the wake of federal Respect@Work reforms, a number of prominent Australian brands have been in the spotlight regarding whistleblower complaints on cultural issues. Widespread media reporting has led some companies to launch internal investigations to respond to shareholder concern and address reputational damage in the community.

Regulatory scrutiny: in addition to reputational damage, there is also now a real prospect of scrutiny from regulators in relation to corporate cultural issues. In its updated enforcement priorities announced on 14 November 2024, ASIC reaffirmed its commitment to addressing governance and directors’ duties failures as an enduring enforcement priority for 2025. As an example, ASIC commenced proceedings against Regional Express Holdings Limited and several of its directors for engaging in misleading and deceptive conduct and for contraventions of continuous disclosure obligations in relation to ASX announcements about the company’s financial position prior to entering into voluntary administration in July 2024.

Navigating complexities in AI and ESG reporting

As ESG reporting obligations expand in Australia and overseas, AI will become an increasingly attractive tool for companies seeking to reduce the time needed for data gathering and drafting.

However, the use of AI may also present legal, regulatory and reputational risk:

Environmental impacts associated with the training and use of AI models. This includes increased demand for electricity consumption; the water footprint associated with training and maintaining AI models; and electronic waste generation.

Susceptibility to bias, which may result in errors that could lead to misleading statements or discriminatory outputs.

Privacy concerns from the use of sensitive or personal information without consent. Privacy law reforms introduced in late 2024 require companies to disclose when they will be using AI automated decision-making (see our Insight).

Human rights implications such as discrimination or potential harm to vulnerable groups such as children or workers in the AI supply chain.

Regulatory scrutiny on the use of AI, as indicated by the increased regulatory guidance available to companies, including Australia’s new Voluntary AI Safety Standard, the European Parliament’s AI regulations, and ASIC’s report on ‘Governance arrangements in the face of AI innovation’.
Actions you can take now
- Regardless of whether ESG policies are recalibrated in light of growing uncertainty around legislative frameworks and the anti-ESG backlash, companies and directors should ensure they are satisfied that their chosen course of action is in the best interests of the company, and gather evidence to support that view.
- The influence of new legislation is being felt on companies even where not directly in scope. Consider adopting a higher water mark approach appropriate to the company’s risk profile and appetite to future proof against evolving stakeholder expectations and regulatory requirements.
- Understand the scope of the company’s voluntary commitments and what these entail, including in international law.
- When refreshing policies and procedures, look at these through the lens of emerging areas of focus. Consider if your policies fit for purpose and reflect emerging risk areas.
- Consider the role of legal—privilege can be a useful tool where appropriate, given the regulatory and risk environment.
MIL OSI News –
February 4, 2025
MIL-OSI USA: FHWA Greenhouse Gas Emissions Rule Defeated in Sixth Circuit

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)

***Click here for audio.***

WASHINGTON, D.C. – In November 2023, the Federal Highway Administration (FHWA) adopted a final rule requiring state departments of transportation and metropolitan planning organizations to measure greenhouse gas (GHG) emissions on the highway system and set declining targets. Congress has never granted the Department of Transportation this authority.

Shortly after the rule was finalized, attorneys general from 21 states, including North Dakota, filed litigation challenging the regulation. The U.S. District Court for the Western District of Kentucky found the rule illegal, but the Biden FHWA appealed the decision to the Sixth Circuit Court of Appeals. In October, U.S. Senator Kevin Cramer (R-ND), Chairman of the Senate Environment and Public Works (EPW) Transportation and Infrastructure Subcommittee; U.S. Senator Shelley Moore Capito (R-WV), Chairman of the Senate EPW Committee; U.S. Representatives Sam Graves (R-MO-6), Chairman of the House Transportation and Infrastructure Committee; and Rick Crawford (R-AR-1), former Chairman of the House Highways and Transit Subcommittee, led their colleagues in filing an amicus brief in opposition to the rule.

Today, the Sixth Circuit Court of Appeals dismissed the case with prejudice at the request of the Trump administration, ending the year-long court battle.

“This is really big news, and this dismissal reinforces the fundamental principle: federal agencies do not have authority Congress doesn’t grant them,” said Cramer. “The Biden Federal Highway Administration tried to pull a regulation out of thin air to pursue its radical, crazy, bizarro climate agenda, deliberately ignoring the legal boundaries of the law and our Constitution. States and my colleagues in Congress were right to push back against this unlawful mandate. I’m really grateful the Trump administration changed course and for the Court’s requisite dismissal.”

“The greenhouse gas emissions performance measure rule would have limited the flexibility of states to advance their own transportation investment priorities that meet the needs of their constituents,” said Capito. “The rule shifted the focus of the Federal-aid Highway Program away from building roads and bridges – jeopardizing jobs and undermining economic growth across the country. The decision from President Trump’s FHWA to end the previous administration’s attempt to continue this unlawful rule is an important step in reversing the extreme climate agenda of the past four years, and I’m thrilled that the court has now officially dismissed the appeal.”

The state of Texas also filed a separate suit against FHWA, and the District Court for the Northern District of Texas vacated the Biden rule. The Department of Transportation appealed the ruling. Cramer, Capito, Graves, and Crawford also led their colleagues in filing a separate bicameral amicus brief requesting the Fifth Circuit Court of Appeals uphold the District Court decision.

Previously, Cramer led a bipartisan Congressional Review Act joint resolution of disapproval to overturn the rule. The resolution passed the Senate in April by a vote of 53 to 47, reiterating Congress’ opposition to FHWA’s overreach. In a speech on the Senate floor, Cramer committed to leading an amicus brief in support of overturning the rule in court.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: ICYMI: Tuberville Joins “The Megyn Kelly Show” to Advocate for Senate Leadership to Schedule Title IX Legislation for a Vote

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined “The Megyn Kelly Show” to discuss the need for the Senate to quickly bring his Protection of Women and Girls in Sports Act, or S.9, to the floor for a vote. The U.S. House of Representatives passed similar legislation on a bipartisan basis in January.

Senator Tuberville’s interview comes ahead of National Girls and Women in Sports Day on Wednesday, February 5.

Excerpts from Senator Tuberville’s interview can be found below, and his full interview can be viewed here.

KELLY: “Senator Tommy Tuberville of Alabama has been on the frontlines working to pass the legislation and he has been working for years—I went back and looked at the number of times he’s tried to bring this up when nobody wanted to hear from him, when it appeared to have no chance of passing, he brought it up, he brought it up again, he brought it up again. He has been like a dog with a bone on this—a true ally to women and girls everywhere, and there’s a reason, I think. He’s got a historic background in the sports world as a former head coach for several college football teams, Senator Tuberville—Coach Tuberville—welcome to the show.”

TUBERVILLE: “Thank you, Megyn. Thanks for having me on. And what a great subject we’re going to talk about.”

KELLY: “I’m your huge fan at like the number of times you have tried to push this boulder up the hill really makes me respect you, even though you knew there was no way a Democrats-controlled Senate was going to give you a vote. But then, GOP wins control of the Senate—and what we’ve seen since you guys got control of the House and the Senate is the House passed it, and it got massaged a bit, they passed it again and said ‘Yeah, okay here we go, back to you guys in the Senate’ and we’ve been waiting—I’ve been waiting to see a vote by the GOP-controlled Senate on this thing because it’s much better—notwithstanding Trump’s executive orders—if it can become law. Law that can’t just be undone by an executive order four years from now. So why aren’t we seeing a vote?”

TUBERVILLE: “Well, exactly right, Megyn. A lot of people don’t realize that an executive order, which President Trump signed almost a couple of weeks ago defining gender, by the way, and he even come out and said, ‘Listen, we have to have a bill within thirty days,’ because if you don’t know this, executive orders only last as long as that president’s there. So, we got some work to do. This is the third time—third time’s the charm. […] 79% of the people in this country—Republican and Democrat—say it is wrong for men or boys to participate in women’s sports. We’ve got the majority on our side. As you said—we’ve got to get it to the floor. John Thune told me he’s going to get it to the floor. He hasn’t done it. Now, it’s time to put up or shut up. We’ve got to get it on the floor so people can see. If it’s not going to pass, we’ll do it again, but we’ve got to get people on the record because this is something that’s very dear to the heart of all parents across the country and it’s dead wrong.”

KELLY: “Would John Thune not want it to come to the floor—he certainly wouldn’t want to protect Democrats—he must know of Republicans who are not ready to vote for this thing.”

TUBERVILLE: “Well, leadership is actually co-sponsors of this, and I think at the end of the day, John Thune’s been overwhelmed. Obviously, you’ve got President Trump breathing down his neck, you’ve got the […] House pushing things over—we’re trying to do reconciliation. The Laken Riley Act needed to be passed because it was so important with the border being under attack and we’re losing so many young men and women to fentanyl and all those things. But now is the time to act on this. We can’t wait any longer. 50 years of Title IX—it has been decimated by Biden and the Democrats and all the far-left progressives. I grew up in this business of coaching. I saw what it did for young girls, older girls—it’s created leaders across this country.” […]

KELLY: “Is there some belief that this can’t pass, and they only want wins right now? They only want to put legislation on the floor that can get through?”

TUBERVILLE: “Yeah, and put yourself in John Thune’s position and the leadership of the Senate. They’re looking at things ‘Hey, let’s win early. Let’s get on the scoreboard early.’ But the problem with this is we’ve already won because President Trump pushed this out there. Now’s the time to put pressure on the Democrats. Time and time again, 4 or 5 times if we have to, even before the next election—get them on [record on] the vote that they’re going to vote against girls and women [by] having them participate against men and boys. It’s devastating to sports. It’s devastating to the lives of young people—there has been rapes in dressing rooms and showers. […] It’s going to become a common thing if you don’t stop this now. You let this landslide keep going—we’re going to have huge problems getting it stopped. So, it’s important that we stop it now, President Trump’s hot on the trail on this with his Executive Order. […] 50 years ago was the first time we ever said, ‘Okay, let’s give women […] an opportunity.’ […] And it’s the best thing that ever passed out of this place we call ‘the Swamp’ here in Washington, D.C. But again, we’re going to keep fighting for it…I’m going to continue to push leadership—John Thune, John Barrasso—they’re on my side on this, but again, you might have hit the nail on the head a while ago when you said, ‘They might just want to win.’ Well, we’ve had two losses in the last two votes that weren’t Laken Riley. So hey, let’s not worry about winning or losing on this—let’s get it out there where people can see what’s going on.’”

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jerry Moran (R-KS) in cosponsoring the Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025, which would increase access to care for veterans through the Department of Veterans Affairs (VA) providers in the community.

“Veterans have paid the ultimate sacrifice in order to secure our freedom,” said Sen. Tuberville. “Over the last four years, many veterans have endured painfully long wait times and few options for care outside the VA. We should be providing quality and timely community care options—not making it harder for veterans to even get through the door. This legislation is a crucial step in righting the wrongs of the past administration. I trust that soon-to-be Secretary Doug Collins will prioritize getting veterans access to the care they earned.”

U.S. Senators Tuberville and Moran are joined by U.S. Sens. Jim Banks (R-IN) and Thom Tillis (R-NC).

The legislation is endorsed by the Wounded Warrior Project, Disabled American Veterans, The American Legion, the Veterans of Foreign Wars of the United States, Paralyzed Veterans of America, Military Officers Association of America, America’s Warrior Partnership, Vietnam Veterans of America, the Tragedy Assistance Program for Survivors, the Elizabeth Dole Foundation, the Military Order of the Purple Heart, Hunter Seven Foundation, Concerned Veterans for America, Americans for Prosperity and the National Defense Committee.

Full text of the legislation can be found here.

BACKGROUND:

The Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025 would establish existing community care access standards as the baseline standard of care for veterans seeking care in the community, increase access to life-saving treatment programs for veterans with mental health conditions or addiction and expand the list of criteria VA is required to take into account when determining whether it is in a veteran’s best medical interest to refer a veteran to the community to include veteran preference and continuity of care.

Last year, Sen. Tuberville joined Sen. Moran in sending a letter to former Secretary McDonough urging him to reassess actions taken by the VA to cut referrals to community care. Sen. Tuberville also partnered with Sen. Rubio in introducing the Ensuring Continuity in Veterans Health Act, which would require the VA to consider continuity of healthcare when deciding whether seeing a provider in the community is in a veteran’s best medical interest.

MORE:

Tuberville, Blackburn Reintroduce Bill to Improve Veterans’ Access to Health Care

Tuberville, Blackburn Introduce Legislation to Improve Veterans’ Access to Free-Market Health Care

Tuberville Pushes Legislation to Improve Quality, Access to Care for Veterans

Tuberville Questions Collins, Wants to Restore VA to its Original Mission

The VA is broken, and Doug Collins can fix it

The Dangerous Biden-Harris Plan to Leave our Veterans Behind

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: McConnell Proud to Confirm Wright as Energy Secretary

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell

Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Chris Wright as U.S. Secretary of Energy:

“From day one, President Biden worked relentlessly to kneecap American energy production, both onshore and offshore. Secretary Wright’s singular focus on restoring affordable domestic energy is a welcome change after four years of policies that put ideology and politics ahead of American workers. I look forward to working with Secretary Wright to move our country toward greater energy dominance and to support the agency’s job-creating policies, like their work at the Department of Energy site in Paducah, Kentucky.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: 01.30.2025 Sen. Cruz Introduces Education Freedom Scholarships and Opportunity Act

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Education Freedom Scholarships and Opportunity Act. The legislation expands education options and would provide a federal tax credit for individuals and businesses to donate to nonprofit scholarship funds for individual students’ education.
Upon introduction, Sen. Cruz said, “Every child deserves the chance to succeed. The Education Freedom Scholarships and Opportunity Act ensures students have access to quality education regardless of their income or background. This legislation will empower families and foster private investment through a dollar-for-dollar tax credit, expanding opportunities for all American students.”
This bill is also cosponsored by Sen. James Lankford (R-Okla.).
Read the bill text here.
BACKGROUND
Sen. Cruz has led this effort to provide expand education options available to all students since 2019. Sen. Cruz has also previously introduced this legislation in 2021 and 2023.
The Education Freedom Scholarships and Opportunity Act:

Encourages States to Opt In: Opting in to the freedom scholarship approach to education will reduce federal control over education and return the power to government more accountable to parents.

Is State Directed: States maintain the authority to create a program that works for them. States can decide which students are eligible for the scholarship credit, what constitutes eligible educational expenses and eligible educational providers, and more.

Encourages Workplace Training Education: There is more than one pathway to success, and our rapidly-changing 21st century economy means that workers need new skills to compete. In addition to elementary and secondary education scholarships, this bill allows for scholarships related to career and technical education, apprenticeships, certifications, and other forms of workforce training for postsecondary students.

Prohibits Federal Control of Education: Clarifies that nothing in this act shall be construed to permit, allow, encourage, or authorize any increased regulation or control over any aspect of a participating educational provider, scholarship granting organization, or workforce training organization. This allows all education providers to be able to participate, without fear of federal control.

Helps Our Most Vulnerable Students: Many low and middle-income students cannot afford tuition and educational expenses themselves, or do not have the means to pay for the workforce training needed to secure a stable, high-paying job. This tax credit will provide scholarships for these students, so that they can have the opportunity to receive an effective and successful education that prepares them for the future.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: 02.03.2025 Sen. Cruz Announced as Chairman of the Senate Foreign Relations Subcommittee on Africa and Global Health Policy

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), a member of the Senate Foreign Relations Committee, issued the following statement after the announcement of subcommittee assignments for the 119th Congress on the Committee. Sen. Cruz will be the Chairman of the Subcommittee on Africa and Global Health Policy, as well as a member of the Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism and the Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues.
Sen. Cruz said, “As the Chairman of the Subcommittee on Africa and Global Health Policy, I intend to pursue a robust oversight agenda and hearings schedule, with a focus on countering the Chinese Communist Party’s predatory practices toward our African partners. I will also focus on addressing threats posed by terrorist groups, freedom of navigation in the Red Sea, illicit finance across the continent, and diplomacy targeting us and our allies by malign actors. I look forward to also continuing work on other subcommittees strengthening strategic partnerships across the Middle East and the Western Hemisphere.”
BACKGROUND
The Senate Foreign Relations Subcommittees Sen. Cruz sits on holds jurisdiction over the following areas:
Subcommittee on Africa and Global Health Policy:
The subcommittee deals with all matters concerning U.S. relations with countries in Africa (except those, like the countries of North Africa, specifically covered by other subcommittees), as well as regional intergovernmental organizations like the African Union and the Economic Community of West African States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
In addition, this subcommittee has global responsibility for health-related policy, including disease outbreak and response.
Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism:
This subcommittee deals with all matters concerning U.S. relations with the countries of the Middle East, North Africa, South Asia, and Central Asia, as well as regional intergovernmental organizations. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
In addition, this subcommittee has global responsibility for counterterrorism matters.
Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues:
This subcommittee deals with all matters concerning U.S. relations with the countries of the Western Hemisphere, including Canada, Mexico, Central and South America, Cuba, and the other countries in the Caribbean, as well as the Organization of American States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports. In addition, this subcommittee has global responsibility for transnational crime, trafficking in persons (also known as modern slavery or human trafficking), global narcotics flows, civilian security, democracy, human rights, and global women’s issues.

MIL OSI USA News –

February 4, 2025
MIL-Evening Report: As Trump deportations intensify, Pacific Island nations worry they could be overwhelmed

Source: The Conversation (Au and NZ) – By Henrietta McNeill, Research fellow, Australian National University

In his first term, Donald Trump deported far fewer people from the United States than his three predecessors: Barack Obama, George W. Bush and Bill Clinton.

Just weeks into his second term, however, Trump is making the deportation of immigrants one of his top priorities. Immigration raids on those who have overstayed their visas and non-citizens with criminal histories have already commenced, with arrests increasing dramatically in recent days.

His administration has announced plans to build a migrant detention facility at Guantanamo Bay in Cuba that could hold up to 30,000 people awaiting deportation. Trump has also threatened to use a little-known law from 1798 to speed up the process, bypassing immigration courts.

While much of the attention has focused on the hundreds of thousands of migrants at risk of being deported to Latin America, many Pacific islanders are likely to be ordered to leave, as well.

A list from the US Immigration and Customs Enforcement of people with “final orders of removal” includes some 350 migrants from Fiji, 150 from Tonga and 57 people from Samoa, among others.

Unsurprisingly, Trump’s threats have invoked fear across the Pacific. Prominent Fijian lawyer Dorsami Naidu told the ABC:

We’ve had lots of people who have served prison sentences in America get sent back to Fiji where they introduce different kinds of criminal activities that they are well-groomed in.

It should be noted, though, that not all of the people with orders to leave have been convicted of serious crimes. Many have simply overstayed their visas or may have only committed a minor infraction. Most want to turn their lives around.

Lack of support

Criminal deportations from the US, Australia and New Zealand have increased dramatically over the past decade, yet there is still a crucial lack of funding to support reintegration services.

Concerns about the repercussions of criminal deportations are particularly high in Tonga, which received more than 1,000 returnees from 2009–20, nearly three-quarters of whom were from the US.

One Tongan commentator suggested Trump’s decision would “unleash a wave of deportees that could drown Tonga and other Pacific nations in crisis”.

Though some Tongan returnees are accepted back into families and societies, many struggle. A large number left the country when they were young and often have limited understanding of the local language and culture. As such, they experience difficulties reintegrating into society.

My research shows that some deported Pacific islanders with criminal histories may turn “back to what they know” in the absence of support, which at times means involvement in the drug trade if there are no other means of gainful employment.

In countries like Tonga where there is an escalating methamphetamine problem and a lack of employment opportunities, this is understandably concerning.

Tonga, like other Pacific countries, struggles to fund organisations that crucially assist with deported peoples’ reintegration needs in order to prevent the risk of (re)offending. The countries deporting these individuals (such as the US, New Zealand or Australia) rarely provide any assistance, despite repeated requests from Pacific governments and non-governmental organisations.

Can these countries negotiate instead?

Countries can push back against Trump’s decisions to deport their citizens. Colombia was the first to do so, when President Gustavo Petro initially refused to allow military planes carrying deported migrants to land.

Petro’s refusal was met with fury in Washington. Trump threatened a number of retaliatory trade measures, prompting Petro to eventually relent.

Pacific states have previously tried to push back against deportations during the COVID pandemic. Samoa and Tonga, for instance, used diplomatic channels to request a “pause” on removals while they grappled with the unfolding health crisis.

Australia and New Zealand complied with the request, but the US did not. Instead, it used punitive measures to force states into continue receiving deportations.

For instance, the US blacklisted Samoan and Tongan nationals from the list of states eligible for seasonal work visas, affecting these countries’ economies. They were not returned to the list until they “complied” with US removals.

International law mandates that countries accept their own citizens if they are deported. Those that refuse are deemed “deviant states”, which can cause problems for both the deporting state and returnees trapped in limbo.

However, there are other ways of delaying deportation orders.

For example, Samoa has requested additional information from the countries trying to deport Samoans and will not issue travel documents (for example, a passport) until this request is complied with. This information includes evidence of an individual’s connection to Samoa and family ties in the country.

Samoan authorities maintain this helps organisations like the Samoa Returnees Charitable Trust find their families and arrange appropriate accommodation, aiding with their reintegration.

Countries like Colombia and Samoa are acting in the interests of their citizens. While many have legitimate concerns about returnees potentially turning to crime once they are in their home countries, these states also want to challenge the perception that all migrants are criminals.

As Petro, the Colombian president, was quick to point out:

They are Colombians. They are free and dignified, and they are in their homeland where they are loved […] The migrant is not a criminal. He is a human being who wants to work and progress, to live life.

Henrietta McNeill does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. As Trump deportations intensify, Pacific Island nations worry they could be overwhelmed – https://theconversation.com/as-trump-deportations-intensify-pacific-island-nations-worry-they-could-be-overwhelmed-248900

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI China: European stocks, euro slide due to US tariff concern

Source: China State Council Information Office

European stock markets and the euro currency took a sharp hit on Monday, as the latest U.S. tariff measures fueled concerns.

Monday’s trading sessions marked the first since U.S. President Donald Trump signed executive orders on Saturday to impose a 25-percent additional tariff on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, which has drawn widespread opposition and immediate retaliations.

The euro weakened from 0.959 euros per dollar on Friday, before the tariff announcement, to 0.981 euros per dollar on Monday.

European stock markets also reacted negatively to the developments. While major exchanges recovered slightly toward the end of the session, all closed with losses of at least 1 percent.

In Milan, the blue-chip index on the Italian Stock Exchange ended 1.4 percent lower after dropping as much as 2.5 percent earlier in the day. France’s Paris Stock Exchange shed 1.3 percent, while blue chips on the Frankfurt Stock Exchange in Germany declined 1.1 percent.

London’s blue-chip stocks also fell 1.1 percent on Monday.

Bond markets were not spared from the turbulence, as yields climbed and investors moved capital into perceived “safe” markets.

MIL OSI China News –

February 4, 2025
MIL-OSI China: US stocks extend losses on tariff concerns

Source: China State Council Information Office

A trader works on the floor of the New York Stock Exchange in New York, the United States, on Feb. 3, 2025. [Photo/Xinhua]

U.S. stocks ended lower on Monday, as investors reacted to the Donald Trump administration’s planned tariff rollout.

The Dow Jones Industrial Average fell 122.75 points, or 0.28 percent, to 44,421.91. The S&P 500 sank 45.96 points, or 0.76 percent, to 5,994.57. The Nasdaq Composite Index shed 235.49 points, or 1.20 percent, to 19,391.96.

Six of the 11 primary S&P 500 sectors ended in red, with technology and consumer discretionary leading the laggards by losing 1.80 percent and 1.35 percent, respectively. Meanwhile, consumer staples and utilities led the gainers by going up 0.68 percent and 0.46 percent, respectively.

The tariffs, originally set to take effect Tuesday, include 25 percent duties on goods from Canada and Mexico and 10 percent on Chinese imports, with Canadian energy imports facing a reduced 10 percent rate.

After a Monday morning call with Mexico’s President Claudia Sheinbaum, Trump agreed to postpone tariffs on Mexican imports for a month following Sheinbaum’s commitment to deploying troops at the border to curb fentanyl trafficking and illegal immigration.

Later on Monday, Trump said the tariffs on Canada announced on Saturday “will be paused for a 30 day period” to see whether or not a final economic deal with Canada can be structured.

U.S. major indexes narrowed losses in the morning session thanks to the latest development.

“This is a very fluid and evolving situation,” said Victoria Greene at G Squared Private Wealth. “For now, our baseline thesis is the bulk of these are transitory and likely more watered down with concessions. We are on top of developments and watching how this may affect earnings, the U.S. dollar and inflation.”

While concerns persist over potential price hikes and economic strain, Wells Fargo Investment Institute noted Monday that the administration’s “targeted and gradual approach” aims to mitigate disruptions to U.S. growth.

Paul Christopher, head of global investment strategy at the institute, emphasized that services remain the primary economic driver, while the industrial sector continues to struggle with weak pricing power amid a manufacturing downturn.

“It’s probably going to take several quarters to have a noticeable impact,” Christopher said. “You could eventually see some higher prices, but not right away.”

MIL OSI China News –

February 4, 2025
MIL-OSI China: Trump says US to pause tariffs on Canada for one month

Source: China State Council Information Office

U.S. President Donald Trump speaks during a press conference on an aircraft collision at the White House in Washington, D.C., the United States, on Jan. 30, 2025. [Photo/Xinhua]

U.S. President Donald Trump said on Monday that the tariffs on Canada announced on Saturday “will be paused for a 30 day period” to see whether or not a final economic deal with Canada can be structured.

“Canada has agreed to ensure we have a secure Northern Border, and to finally end the deadly scourge of drugs like Fentanyl,” Trump said in a post on social media platform Truth Social.

In a post on X earlier, Canadian Prime Minister Justin Trudeau said that he “just had a good call with President Trump,” noting that “proposed tariffs will be paused for at least 30 days while we work together.”

“Canada is implementing our $1.3 billion border plan – reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly 10,000 frontline personnel are and will be working on protecting the border,” Trudeau said.

“In addition, Canada is making new commitments to appoint a Fentanyl Czar, we will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering. I have also signed a new intelligence directive on organized crime and fentanyl and we will be backing it with $200 million,” Trudeau continued.

Trump said in his post that he is “very pleased with this initial outcome,” and the tariffs announced on Saturday will be paused for 30 days to allow further negotiations.

Trump signed executive orders on Saturday to impose a 25 percent additional tariff on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, which has drawn widespread opposition and immediate retaliations.

The tariff order on Canada is 25 percent on all imports and 10 percent on energy products. Canada immediately hit back with 25 percent tariffs on 155 billion Canadian dollars (107 billion U.S. dollars) worth of American goods.

Earlier on Monday, Trump said that he had “very friendly conversation” with Mexican President Claudia Sheinbaum, and the two sides agreed to “immediately pause” the anticipated tariffs for one month and continue negotiations.

MIL OSI China News –

February 4, 2025
MIL-OSI China: Trump says US agrees to pause tariffs on Mexico for one month

Source: China State Council Information Office 3

U.S. President Donald Trump said on Monday that he had “very friendly conversation” with Mexican President Claudia Sheinbaum, and the two sides agreed to “immediately pause” the anticipated tariffs for one month and continue negotiations.

“I just spoke with President Claudia Sheinbaum of Mexico. It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our Country,” Trump said in a post on social media platform Truth Social.

“We further agreed to immediately pause the anticipated tariffs for a one month period during which we will have negotiations headed by Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico,” Trump continued.

“I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a ‘deal’ between our two Countries,” said the U.S. president.

Trump signed executive orders on Saturday to impose a 25-percent additional tariff on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, which has drawn widespread opposition and immediate retaliations.

“The tariffs could increase how much U.S. consumers and businesses pay for goods coming from Canada, Mexico and China — including electronics, toys, shoes, fresh produce, lumber and cars. Tariffs are paid by companies importing goods into the U.S., similar to a tax,” according to a report by NBC News.

The new tariffs mean that U.S. companies would have to either reduce profits or implement cuts to protect their margins, the report said, adding that the implications could be “wide-reaching” across the U.S. economy.

Shortly after Trump’s announcement, Sheinbaum on Saturday instructed the Secretariat of Economy to implement tariff and non-tariff measures to defend Mexico’s interests in response to the levies imposed by the Trump administration.

“We categorically reject the White House’s slander against the Mexican government of having alliances with criminal organizations, as well as any intention of intervention in our territory,” the Mexican president said on the social platform X.

MIL OSI China News –

February 4, 2025
MIL-OSI USA: Crapo Continues Push to Reauthorize Program Supporting Rural Idaho Counties

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) led U.S. Senators Ron Wyden (D-Oregon), Jim Risch (R-Idaho), Jeff Merkley (D-Oregon) and 17 other Senate colleagues in reintroducing legislation, S. 356, to reauthorize the U.S. Forest Service’s Secure Rural Schools and Self-Determination Program (SRS) through Fiscal Year 2026. The legislation has strong bipartisan backing.
“The SRS program is a vital lifeline for rural counties where federal lands generate insufficient revenue for important local services,” said Crapo. “Failure to reauthorize the program puts most of Idaho’s counties in a precarious position with a lack of fudning for schools, road maintenance, public safety, and search and rescue operations. I urege botht the Senate and House to take up this measure expeditiously, and remain committed to finding a viable long-term solution that provides more certainty to rural county governments in the future.”
“Idaho’s counties rely on SRS funding for schools and road maintenance,” said Risch. “The federal government made a promise to rural communities, and until we can bring historic timber revenue back to these areas, Congress has an obligation to fulfill that promise. Congress must immediately reauthorize SRS.”
“This is urgent business for the Oregonians living and working in counties that have long depended on millions of dollars from these federal funds for local schools, roads, law enforcement and more,” said Wyden, who co-authored the SRS legislation in 2000. “I’m glad this bill is being reintroduced right at the start of this new Congress in this bipartisan spirit, and I strongly urge our House colleagues to act with the same urgency and bipartisan ethic to reconnect this proven lifeline ASAP for rural communities in Oregon and nationwide.”
“Our bipartisan bill provides reliable funding that is crucial to keeping schools and libraries open, maintaining roads, restoring watersheds, and ensuring there are police officers and firefighters to keep rural?communities safe,”?said Merkley. “Congress must swiftly pass this bill to extend the SRS program so Oregon communities can maintain access to these important lifelines and resources.”
“Reauthorizing Secure Rural Schools for three years will help counties with large tracts of federal forests meet the needs of residents and visitors,” said National Association of Counties Executive Director Matthew Chase. “Without SRS, counties would face, on average, an 80 percent drop in resources for infrastructure improvement, education programs and forest health projects. Many rural counties and school districts are already making difficult decisions due to a lack of funds. Counties applaud the leadership of Senators Crapo and Wyden and look forward to prompt passage of this vital legislation.”
Additional co-sponsors of the bill include Senators Dan Sullivan (R-Alaska), Jacky Rosen (D-Nevada), Shelley Moore Capito (R-West Virginia), Jeanne Shaheen (D-New Hampshire), Steve Daines (R-Montana), Mark Kelly (D-Arizona), Josh Hawley (R-Missouri), Maggie Hassan (D-New Hampshire), John Curtis (R-Utah), Patty Murray (D-Washington), Rick Scott (R-Florida), Amy Klobuchar (D-Minnesota), Tim Sheehy (R-Montana), Michael Bennet (D-Colorado), Lisa Murkowski (R-Alaska), Jim Justice (R-West Virginia) and Catherine Cortez Masto (D-Nevada).
Crapo, Wyden, Risch and Merkley introduced the legislation in the 118th Congress and the Senate unanimously passed it in November 2024. It did not receive a vote in the U.S. House of Representatives before the end of the Congress. The program needs to be reauthorized as soon as possible to avoid a gap in funding for rural counties that rely on the program for much-needed services.
Congress enacted SRS in 2000 to financially assist counties with public, tax-exempt forestlands. The U.S. Forest Service and the U.S. Bureau of Land Management administer the funds. The totals are based on a formula including economic activity, timber harvest levels and other considerations that vary from county to county. SRS payments are critical to maintain education programs for many rural counties that contain federal lands exempt from property taxes.
Text of the bill is available here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Crapo, Wyden Announce Senate Finance Subcommittee Assignments

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today announced subcommittee assignments, Joint Committee on Taxation membership and the designation of members to serve as Congressional Trade Advisors for the 119^th Congress.

Subcommittee on Social Security, Pensions and Family Policy

Republicans

Chuck Grassley, IA, Chairman

Todd Young, IN

Marsha Blackburn, TN

Democrats

Bernard Sanders, VT

Catherine Cortez Masto, NV

Subcommittee on International Trade, Customs and Global Competitiveness

Republicans

John Cornyn, TX, Chairman

Chuck Grassley, IA

John Thune, SD

Tim Scott, SC

Steve Daines, MT

Todd Young, IN

Thom Tillis, NC

Roger Marshall, KS

Democrats

Raphael Warnock, GA

Michael Bennet, CO

Mark Warner, VA

Sheldon Whitehouse, RI

Catherine Cortez Masto, NV

Elizabeth Warren, MA

Tina Smith, MN

Subcommittee on Energy, Natural Resources and Infrastructure

Republicans

James Lankford, OK, Chairman

John Cornyn, TX

Tim Scott, SC

Steve Daines, MT

John Barrasso, WY

Roger Marshall, KS

Democrats

Maria Cantwell, WA

Michael Bennet, CO

Maggie Hassan, NH

Ben Ray Luján, NM

Peter Welch, VT

Subcommittee on Health Care

Republicans

Todd Young, IN, Chairman

John Thune, SD

Tim Scott, SC

Bill Cassidy, LA

James Lankford, OK

Steve Daines, MT

John Barrasso, WY

Ron Johnson, WI

Thom Tillis, NC

Marsha Blackburn, TN

Roger Marshall, KS

Democrats

Maggie Hassan, NH

Mark Warner, VA

Sheldon Whitehouse, RI

Catherine Cortez Masto, NV

Elizabeth Warren, MA

Bernard Sanders, VT

Tina Smith, MN

Ben Ray Luján, NM

Raphael Warnock, GA

Peter Welch, VT

Subcommittee on Taxation and IRS Oversight

Republicans

John Barrasso, WY, Chairman

Chuck Grassley, IA

John Cornyn, TX

John Thune, SD

Bill Cassidy, LA

James Lankford, OK

Ron Johnson, WI

Thom Tillis, NC

Marsha Blackburn, TN

Democrats

Michael Bennet, CO

Mark Warner, VA

Sheldon Whitehouse, RI

Maggie Hassan, NH

Elizabeth Warren, MA

Bernard Sanders, VT

Ben Ray Luján, NM

Raphael Warnock, GA

Subcommittee on Fiscal Responsibility and Economic Growth

Republicans

Ron Johnson, WI, Chairman

Bill Cassidy, LA

Democrats

Tina Smith, MN

Designation of Members to Serve on the Joint Committee on Taxation

Mike Crapo, ID

Chuck Grassley, IA

John Cornyn, TX

Ron Wyden, OR

Maria Cantwell, WA

Designation of Members to Serve as Congressional Trade Advisors on Trade Policy and Negotiations

Mike Crapo, ID

Chuck Grassley, IA

John Cornyn, TX

Ron Wyden, OR

Maria Cantwell, WA

The chairman and ranking member are ex officio members of all subcommittees.

The Rules of Procedure for the Senate Finance Committee are here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Crapo: Christopher Wright will Advance and Promote American Energy Independence

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) issued the following statement after the Senate confirmed, by a vote of 59-38, Christopher Wright to be Secretary of the U.S. Department of Energy (DOE):

“Christopher Wright has committed to an all-of-the-above domestic energy strategy that will advance and promote innovative solutions to achieve greater American energy excellence, leadership and independence. He has an extensive background spanning many energy sources. Wright’s commitment to ensuring America is the leader in nuclear energy holds particular value for Idaho, which is home to one of the nation’s leading nuclear laboratories. Under his leadership at DOE, our nation will prioritize affordable, reliable and secure energy sources that support American innovation and growth and improve the lives of Americans.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Schatz Announces Blanket Holds on Trump’s State Department Nominees Until Attack on USAID Is Reversed

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

Published: 02.03.2025

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), ranking member of the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs, today announced that he will place a blanket hold on all of President Donald Trump’s nominees to the State Department until its illegal attempt to shutter the United States Agency for International Development (USAID) as an independent agency is reversed. On Monday, Secretary of State Marco Rubio announced that he would be acting administrator of USAID.

“Dismantling USAID is illegal and makes us less safe. USAID was created by federal law and is funded by Congress. Donald Trump and Elon Musk can’t just wish it away with a stroke of a pen – they need to pass a law,” said Senator Schatz, a member of the Senate Foreign Relations Committee. “Until and unless this brazenly authoritarian action is reversed and USAID is functional again, I will be placing a blanket hold on all of the Trump administration’s State Department nominees. This is self-inflicted chaos of epic proportions that will have dangerous consequences all around the world.”

Schatz spoke out against attacks on USAID today in front of its Washington headquarters.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Markey Introduces Amendment to Keep DOGE Team from Accessing Critical Treasury Payment Systems

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (February 3, 2025) – Senator Edward J. Markey, a member of the Commerce, Science, and Transportation Committee, today filed an amendment to the Transparency in Charges for Key Events Ticketing (TICKET) Act, which the Senate Commerce, Science, and Transportation Committee is marking up on Wednesday, February 5. The amendment would make it a violation of the Federal Trade Commission (FTC) Act for an individual to gain unauthorized access to the central payment systems at the Treasury Department. Last week, Elon Musk’s personnel from the Department of Government Efficiency (DOGE) gained access to the Treasury Department’s central payment system, which disburses trillions of dollars in congressionally approved funds each year, including Social Security and Medicare benefits.

“By demanding access to critical payment systems at the Treasury Department, Elon Musk and his team of government arsonists are threatening everything from payments for our troops to Medicare and Social Security payments,” said Senator Edward J. Markey. “This access creates serious privacy and cybersecurity risks and could even enable Musk to give his companies an unfair competitive advantage. It’s outrageous and dangerous. I hope my colleagues can come together and support this commonsense amendment to limit this access and safeguard our essential financial infrastructure.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Markey Joins Colleagues in Calling for Reinstatement of Inspectors General Fired by Trump

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (January 31, 2025) – Senator Edward J. Markey (D-Mass.) joined Senator Gary Peters (D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, and a group of 36 colleagues in a letter to President Trump, strongly condemning the President’s recent decision to remove Inspectors General (IGs) from at least 18 government agencies, and demanding their immediate reinstatement. The IGs who were removed included those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, as well as the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction. In the letter, the senators assert that President Trump’s actions violated the law and threaten the independence of these non-partisan watchdogs. Senator Peters helped lead the Inspector General Independence and Empowerment Act, which was signed into law in 2022 as part of the FY 2023 national defense bill, to require a President to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed.

“Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need,” the senators wrote. “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power. Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”

“While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized,” wrote the senators. “With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these IGs should be reinstated immediately, until such time as you have provided in writing ‘the substantive rationale, including detailed and case-specific reasons’ for each of the affected Inspectors General and the 30-day notice period has expired.”

The letter was signed by U.S. Senators Chuck Schumer (D-NY), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Mark Warner (D-VA), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Patty Murray (D-WA), Mark Kelly (D-AZ), Tim Kaine (D-VA), Angela Alsobrooks (D-MD), and John Fetterman (D-PA).

The full text of the letter can be found here

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Markey Decries Confirmation of Unrestricted Fracking Booster Chris Wright to Lead Energy Department

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (February 3, 2025) – Senator Edward J. Markey, a member of the Environment and Public Works Committee, today released the following statement after the U.S. Senate confirmed Chris Wright, most recently the CEO of fossil fuel company Liberty Energy, to head the Department of Energy.

“Chris Wright is a bought-and-paid-for fossil fuel industry executive and hasn’t met a tract of land or aquifer of water he wouldn’t despoil through fracking,” said Senator Markey. “We need federal agencies helmed by responsible, qualified executives without blatant conflicts of interest, not individuals who force their employees to drink fracking fluid for fun. Chris Wright at Energy, alongside Zeldin at EPA and Burgum at Interior, will use his position to push expensive and polluting fossil fuels on the American people for the benefit of his Big Oil and Big Gas allies. Our federal agencies are already being forced by Trump and Elon Musk to illegally ignore laws passed by Congress, and Chris Wright will be nothing more than another henchman for the billionaire class at the expense of the health and pocketbooks of working families.”

On January 16, Senators Markey and Jeff Merkley (D-Ore.) reintroduced the Banning In Government Oil Industry Lobbyists (BIG OIL) from the Cabinet Act, which would prohibit the appointment of executive officers and lobbyists of fossil fuel entities or trade associations as the heads or political appointees of certain government departments that work on issues related to American energy policy for a ten-year period.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: State Government Artificial Intelligence Advisory Council Will Meet
Source: US State of Oregon

he State Government Artificial Intelligence Advisory Council will meet at 11:00 a.m. on Tuesday, Feb. 11, 2025. The meeting will take place remotely via the internet on Microsoft Teams and is open to the public. The agenda and handouts will be posted on the council’s website.
- What: Meeting of the State Government Artificial Intelligence Advisory Council
- When: Tuesday, Feb. 11, 2025, 11 a.m. to noon.
- Where: Join a Microsoft Teams Meeting by ID | Microsoft Teams
  - Meeting ID: 248 640 172 639 Passcode: XM2p9p8D
- Phone: +1 503-446-4951 Phone conference ID: 346 290 669#
- Who: State Government Artificial Intelligence Advisory Council
The State Government Artificial Intelligence Advisory Council is established by Governor Kotek’s Executive Order 23-26, Establishing a State Government Artificial Intelligence Advisory Council.

The purpose of the council is to recommend an action plan to guide awareness education, and usage of artificial intelligence in state government that aligns with the state’s policies, goals, and values and supports public servants to deliver customer service more efficiently and effectively. The recommended action plan shall include concrete executive actions, policies and investments needed to leverage artificial intelligence while honoring transparency, privacy, and diversity, equity, and inclusion.

Meetings of the State Government Artificial Intelligence Advisory Council are open to the public.

Public comment may be made during the meeting. Sign-up for public comment is required as spots are limited. Sign-up closes Monday, Feb. 10 at noon. Written comment will also be accepted. Written comment can be submitted by mail to the Council Support Office at 550 Airport Rd SE Suite C, Salem, OR 97301 or online via the office form.

Accommodations can be arranged for persons with disabilities, and alternate formats of printed material are available upon request. Please contact Enterprise Information Services at 503-378-3175 at least 72 hours in advance of the meeting to request accommodations. Closed captioning is included on the Microsoft Teams meeting.

Links:

MIL OSI USA News –
February 4, 2025
MIL-Evening Report: Australia won’t escape the fallout of the Trump trade chaos

Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

In a hectic 24 hours of trade diplomacy, US President Donald Trump has paused his threatened 25% tariffs on US imports from Canada and Mexico, while keeping 10% tariffs on imports from China.

Australian companies with operations in Canada or Mexico such as Rio Tinto, whose Canadian operations export billions of dollars of aluminium to the US, have won a temporary reprieve. But the risk of weaker economic growth in China will weigh heavily on companies that export to our largest trading partner.

And Trump has hinted all US imports of aluminium and copper, including from Australia, may be his next target.

The Treasurer Jim Chalmers said on Tuesday that although Australia is not immune when there are escalating trade tensions, “we are pretty well-placed to navigate them.”

However, even if Australia manages to stay out of Trump’s sights, Australians cannot expect to come out of a trade war unscathed. Due to the complexity of global supply chains, it is difficult to predict exactly how Australia would be affected, but here are a few key factors that would likely come into play.

Our largest trading partner

About 40% of Australia’s exports go to China, making it the biggest destination by far, according to data for 2023 from UN Comtrade. Most of this is Australian iron ore and other minerals that are used in China’s construction and manufacturing sectors.

If Trump’s tariffs further slow the
already sluggish Chinese economy, this will reduce demand for the goods it buys from Australia.

If China’s demand for iron ore falls significantly, this will not only hurt the Australian mining sector, but it could trigger a fall in the Australian dollar, making the things Australians buy from abroad more expensive.

But the size of the impact of the latest tariffs on China remains to be seen. China has already absorbed the tariffs from the first Trump administration, and the latest increase is much smaller than the 60% tariff he previously proposed.

Trade diversion

The one positive effect for Australia of US tariffs on other countries is that, because they raise the price of other countries’ exports to the US, they may make some Australian exports more competitive. This is something economists call trade diversion. For example, the tariffs on Canadian aluminium would have shifted US demand toward aluminium produced in Australia.

The tariffs on China will divert relatively little trade to Australia because there is not much overlap between the products China and Australia export to the US.

But China’s retaliatory tariffs could make a significant impact. China responded to the US tariffs imposed during Trump’s first term with tariffs on American wheat and other agricultural products. A similar move this time could create an opening for Australian farmers to fill the gap.

But it is not all good news. The US exports diverted away from the Chinese market will also compete with Australian products in other countries. So, while Australian wheat may become more competitive in China, US wheat may displace Australia’s in the Philippines.

A weaker Aussie dollar?

Tariffs also tend to cause the currency of the country imposing them to rise because they reduce demand for goods denominated in foreign currencies.

The flip side is a weaker Australian dollar, which dropped to a five-year low after the tariffs were flagged. The currency has now fallen nearly 10% since November.

Again, this raises the cost of imports to Australia, which could lift inflation.

Network disruption

If the tariffs on Canada and Mexico are confirmed in 30 days’ time, the greatest impact will be in the supply chain disruption they will cause.

Analyses of the tariffs Trump imposed on China in 2018 found most of the cost was borne by US businesses that use imported inputs. But because North American production networks are so highly integrated, and have been for decades, the effect of tariffs on Canada and Mexico will be much more disruptive to all North American producers.

As economic networks expert Ben Golub explains, the concern is not just that auto prices will rise, but that if key parts of the production network fail, such as if small but important intermediate suppliers go out of business, the effects of the tariffs could cascade into major disruptions.

Eventually, businesses will develop alternative supply chains, but the short-run pain could be considerable.

For Australians, this could mean higher prices and supply disruptions, not just for the products we buy from the US, but for anything that depends on a North American supplier at any stage in the production process.

We are still feeling the effects of the supply chain disruptions caused by COVID, including the jump in inflation in 2021 and 2022 and the subsequent high interest rates and global backlash against incumbent political parties. That includes Donald Trump’s return to the Oval Office.

Similar disruptions may be in store if this skirmish becomes a major global trade war. Even if Trump’s promised tariffs never actually materialise, we may still see the same effects on a smaller scale because the trade policy uncertainty from just the threat of a trade war has similar effects on business activity as actual tariffs.

Whatever transpires, even if Australia can escape direct involvement in a trade war, it cannot escape the shockwaves that reverberate through the global economy. The question is whether it will be a ripple or a tsunami.

Scott French does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Australia won’t escape the fallout of the Trump trade chaos – https://theconversation.com/australia-wont-escape-the-fallout-of-the-trump-trade-chaos-248883

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI USA: Senator Baldwin Talks Tackling Opioid Epidemic, Threat of Potential Funding Cut at UW-Madison Opioid Center

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

MADISON, WI – Today, U.S. Senator Tammy Baldwin (D-WI) visited UW-Madison to discuss $2 million she secured for the Wisconsin Opioid Overdose Response Center to help combat the fentanyl crisis across Wisconsin. However, this funding could be in jeopardy as the Trump administration continues to push cuts to federal funding Wisconsinites rely on – including to combat the opioid epidemic.

“I’ve heard from countless Wisconsinites who have lost friends, family, neighbors, and loved ones to this epidemic. Whether it’s stopping drugs from coming into the country or supporting Wisconsin universities’ groundbreaking research, I’m committed to fighting the opioid crisis on all fronts,” said Senator Baldwin. “The work being done here will save lives – and that’s why I’m sending a loud and clear message that the President cannot cut off funding for vital programs like these.”

With the Baldwin-backed support, UW-Madison’s Wisconsin Opioid Overdose Response Center is set to launch this year to provide community pharmacies around Wisconsin resources including educational information on treating overdoses, life-saving naloxone, and fentanyl testing strips. The regional center, to be based at the UW-Madison School of Pharmacy, will combat the opioid crisis with a special focus on fentanyl, which accounts for over 75% of annual opioid overdose deaths. During her visit, Senator Baldwin also toured labs where Wisconsin researchers are working on developing lifesaving treatments for opioid use disorders.

Senator Baldwin is committed to delivering the resources Wisconsin needs to turn the tide on this epidemic and save lives. Among other actions, her FEND Off Fentanyl Act, signed in to law last year, will stem the flow of the drug from coming into the U.S. by cracking down on Chinese chemical suppliers and Mexican cartels. Senator Baldwin also wrote an annual funding bill that delivers $4.6 billion nationwide to support substance use prevention and treatment efforts.

MIL OSI USA News –

February 4, 2025
MIL-OSI Canada: Winter driving conditions expected on south Vancouver Island

Drivers on Vancouver Island should expect icy roads overnight with quickly changing conditions that include snow and rain continuing through the remainder of this week.

Bare and wet roads may quickly freeze with temperature drops creating the risk of icy conditions. Roads can freeze overnight as temperatures drop below zero. Vehicles stopped at intersections or in queues can melt ice, which then re-freezes as the engine cools down.

The Province’s highway maintenance crews are working hard to manage these conditions by applying sand and brine to improve traction.

During freeze/thaw conditions, drivers are urged to use caution, avoid travel in bad weather, if possible and expect delays.

If you must travel, plan extra time for your journey, expect delays and ensure your vehicle is equipped with supplies, including food, water, blankets and whatever you need for pets. Winter tires are required on higher-elevation areas like the Malahat and Highway 4 to Tofino.

For real-time road conditions, check the forecast and visit: https://www.drivebc

MIL OSI Canada News –

February 4, 2025

Category: Americas

Padilla, Schiff, Senate Judiciary Committee Democrats Demand Answers From Trump Administration on Purging of DOJ and FBI Officials

ESG continues to evolve 10 min read

Deregulation may increase uncertainty and complexity for companies

ESG as a ‘dirty word’: greenhushing and greywashing

The ESG litigation field expands

International discussions will continue to influence private actors

Implications of US exit from international climate change commitments and shift in domestic energy policy

Methane emissions

Biodiversity and nature

Plastics pollution and the circular economy

The right to water

Modern slavery reporting reforms

Navigating AI in the employment context

Rights of First Nations peoples

Diversity and inclusion

Company culture and governance issues in the spotlight

Navigating complexities in AI and ESG reporting

Lack of support

Can these countries negotiate instead?

Our largest trading partner

Trade diversion

A weaker Aussie dollar?

Network disruption