NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Australia: Rebels charged over criminal association

    Source: New South Wales – News

    Three alleged Rebels members were arrested for criminal association on Wednesday 30 July.

    It will be alleged that three men were present together at the Adelaide Airport about 11.30am on Wednesday 30 July.

    The Rebels, an Outlaw Motorcycle Gang, is a declared criminal organisation and it is an offence for participants of a declared criminal organisation to be in a public place with two or more other persons who are also participants in a declared criminal organisation.

    The three men, a 43-year-old man, 27-year-old man and a 34-year-old man all from Western Australia, were arrested and charged with criminal association.

    They were all refused bail and will appear in the Adelaide Magistrates Court later today.

    Crime Gangs Task Force will continue to investigate reports of Outlaw Motorcycle Gang members gathering in public places in contravention of this law to ensure the safety of the public.

    MIL OSI News –

  • MIL-OSI Security: Pacific IAMD Center hosts Korea Tabletop Academy with Japan Air Self Defense Force observing

    Source: United States INDO PACIFIC COMMAND

    JOINT BASE PEARL HARBOR-HICKAM, Hawaii — The Pacific Integrated Air and Missile Defense Center hosted the sixth U.S.–Republic of Korea Tabletop Academy from July 14-25, 2025, advancing combined and joint integrated air and missile defense efforts across the Indo-Pacific. This year’s event featured the first trilateral senior-level participation from the United States, Republic of Korea and Japan.

    MIL Security OSI –

  • MIL-OSI Australia: Interview with James Glenday and Emma Rebellato, News Breakfast, ABC

    Source: Australian Parliamentary Secretary to the Minister for Industry

    James Glenday:

    Welcome back to the show. On this Thursday morning, you’re watching News Breakfast. It is always lovely to have your company.

    Emma Rebellato:

    We’ll get an update on the latest with the global tsunami alerts in just a moment. But first, borrowers will be hoping the latest inflation data will be the confirmation the Reserve Bank needs to cut rates next month.

    Treasurer, Jim Chalmers, joins us now from Canberra. Treasurer, thanks for joining us this morning.

    Jim Chalmers:

    Thanks for having me back on, Emma.

    Rebellato:

    So homeowners are hoping for a rate cut. Are you worried though that if there is a cut it will encourage more investors into the market, and that will price out people wanting to buy their own home?

    Chalmers:

    I’m not going to pre‑empt decisions that the Reserve Bank takes independently. I think rate relief is welcome, certainly when interest rates were cut twice already this year, that provided some very, very welcome rate relief for millions of Australians with a mortgage. That’s how we see it, but I don’t want to make predictions or pre‑empt the decisions that the Reserve Bank will take.

    What yesterday’s numbers showed when it comes to those inflation numbers is really quite remarkable progress. The progress that Australians have made together over the course of the last 3 years on inflation has been outstanding because we’ve been able to get inflation down at the same time as we deep unemployment low, we’ve got real wages growing again – but it’s never mission accomplished, because the global environment’s uncertain, we’ve got some persistent structural issues in our economy, growth in our economy is soft and people are under pressure. And that’s why the primary goal, the main priority of the first 2 weeks of the parliament sitting has been to roll out more cost‑of‑living help.

    Rebellato:

    Treasurer, your productivity roundtable is on in just a few weeks. Will you be looking – and we know housing going’s to be on the agenda – will you be looking specifically at property investors. Do you want to change the capital gains tax discount?

    Chalmers:

    That’s not why we’ve put this Economic Reform Roundtable together. It’s all about making our economy more resilient and more productive, and our budget more sustainable.

    I expect and I hope that building more homes is one of the central considerations of the Economic Reform Roundtable. I’ve been working very closely with Minister Clare O’Neil with a number of people who will be at the roundtable and with a whole range of people around the country.

    We’ve all got an interest in building more homes sooner; that’s the government’s priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes. The Commonwealth government has come to the table with tens of billions of dollars in investment, our political opponents want to cut funding for housing, but overwhelmingly, people want to see where there’s common ground to build more homes, and that will be the focus.

    Rebellato:

    Treasurer, one of the stories we’re following today is the latest Productivity Commission report on closing the gap. Again, so many targets are showing so little progress, and some are worsening. How would you characterise this? Is this a failure by governments?

    Chalmers:

    We need to do much better. I think from memory, 10 of the 15 measures, we’ve seen a little bit of progress in the report released overnight, some have gone backwards in worrying ways.

    I think every member of the government, and I think many Australians would acknowledge that we need to do better, and the reason why these reports are so important is because they make sure that we keep governments and the community more broadly up to the mark. We need to do better when it comes to closing the cap.

    Minister Malarndirri McCarthy is working in her characteristically diligent way with all of the stakeholders, all of the communities to try and turn these numbers around. There has been progress in 10 of the 15, there has been some worrying outcomes in the rest, but overall, we need to do more and we need to do better.

    Rebellato:

    Treasurer, we know the issue in the Middle East is a big talking point in parliament and in the government at the moment. Is it now inevitable that Australia will recognise a Palestinian state; do you want to see that happen?

    Chalmers:

    I do, and I think it’s a matter of when, not if Australia recognises a Palestinian state for a long.

    Rebellato:

    So could we see it before September, before that UN meeting?

    Rebellato:

    I don’t want to put a timeframe for it, it’s been a long‑standing bipartisan policy that we see a two‑state solution in that part of the Middle East. From my point of view that progress that has been made, that momentum that we’re seeing in the international community is welcome, but it’s also conditional.

    There are a number of obstacles still in the way to recognition of a Palestinian state, for example, the treatment, the release of the hostages, making sure that there’s absolutely no role for Hamas. These are the sorts of things that the international community is working through.

    That statement that came out yesterday that we signed as Australians via our Foreign Minister Penny Wong is a really important one. It condemns the terrorist act on 7 October, it demands a ceasefire, the release of hostages and access for humanitarian aid; it encourages countries to work towards recognition as a really important part of that two‑state solution, and the reason we want to see a two‑state solution is because Israeli families and Palestinian families need and deserve to be able to raise their kids in peace, and that’s what this is all about.

    Rebellato:

    Treasurer, let’s stay with issues overseas, and the issue of tariffs. Now, Donald Trump has now said if he’s not negotiated with a country that they’re now looking at between a 15 and 20 per cent tariff. Is that what you’re working towards now; forget about 10 per cent, it’s now looking 15 to 20?

    Chalmers:

    We haven’t heard differently from the 10 per cent baseline that’s been levied on Australia; obviously we continue to engage with the Americans on this. It’s one of the main issues playing out in the global economy, it’s a major source of uncertainty in the economy, whether it’s what’s been said overnight about India, whether it’s the back and forth between the US and China or the tariffs levied directly on Australia. We’ve got the baseline rate as far as we are aware, and as we understand it, which is 10 per cent.

    Rebellato:

    So you don’t expect that to move?

    Chalmers:

    I think it would be a brave person to assume that there won’t be – whether it’s with other countries or – there will always be more announcements about this. These tariff announcements are a moving feast. But our understanding, our expectation is we get the baseline.

    We think that the best outcome is zero because these tariffs are an act of economic self‑harm. We see inflation is going up in the US. Earlier in the year they had slowing growth, interest rates on hold again in the US overnight, they’ve got higher interest rates than we do in Australia.

    We think these tariffs are bad for the American economy, certainly bad for the global economy. We’re better placed and better prepared than most countries to deal with that, but we won’t be immune. We’ll continue to engage with the Americans on it.

    Rebellato:

    Treasurer, just to change things up a little bit, this is possibly the hardest question you’ll be asked today, we’ve been talking about theme songs. Do you have a favourite theme song?

    Chalmers:

    It’s hard to go past the themes – the 2 theme songs in the Rocky movies, or the theme song to that great Eminem movie, 8 Mile. I’m a hip‑hop guy –

    Rebellato:

    Oh, yeah.

    Chalmers:

    – as James on the couch knows, but I think the best theme song, now that you put me on the spot, the best theme song I can remember is when Powderfinger, These Days kicks in during that wonderful Australian movie, Two Hands.

    I think These Days by Powderfinger came in at number 14 on the week in the Triple J Hottest 100 Australian songs. Like everyone who loves Powderfinger, I think that should have been higher. But that’s an amazing theme song, and that’s an incredible, Two Hands, Heath Ledger, Bryan Brown, Rose, all the great Australian actors and a wonderful Australian theme song too by Powderfinger from Brisbane.

    Rebellato:

    Treasurer, thank you so much for joining us this morning, we appreciate it.

    Chalmers:

    Thanks very much.

    MIL OSI News –

  • MIL-OSI Australia: Interview with Natalie Barr and Matt Shirvington, Sunrise, Channel 7

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Natalie Barr:

    For more, we’re joined by Treasurer Jim Chalmers. Good morning to you.

    Jim Chalmers:

    Morning, Nat.

    Barr:

    So, when the godfather of AI begins to regret his contribution to the invention, should we be concerned?

    Chalmers:

    I think there’s a whole range of views about artificial intelligence. I’m optimistic that it will be transformational in a good way in our economy but only if we manage the risks right. And so our government is doing a heap of work, including with Scott Farquhar and others who will be part of our Economic Reform Roundtable, to make sure that we maximise the opportunities of AI at the same time as we manage the risks. The risks can be substantial in our labour market and more broadly as well. We need to manage those. But overwhelmingly, I think AI will be transformational in our economy and in our society, and we need to make it work for us, not against us.

    Matt Shirvington:

    It’s moving so fast, isn’t it, Treasurer? Let’s talk about that roundtable. You said tech billionaire Scott Farquhar is going to be a part of that. He’s for this. He wants more productivity, more investment to expand AI in Australia. Is that required? Is that what we’re going to do? Are we going to take advantage of the time being now?

    Chalmers:

    I think there are broadly 3 schools of thought here. There’s a group of people who say, let it rip. There’s a group of people who, I think unrealistically, say that we should kind of turn back the clock and pretend these technological developments aren’t happening. And then there’s a responsible middle path, which is the approach that the government intends to take. And that’s all about making sure that our people are beneficiaries, not victims of these big technological changes. This will be seismic. Artificial intelligence will have a massive impact on our economy and on our society. And it’s up to us as governments and as societies to work out how we make that work for us, not against us. To make people beneficiaries of these changes rather than victims of it.

    Barr:

    So this is the guy who resigned from Google because he wanted to warn the world about the dangers. Are you confident that our country has the safeguards against the bad parts of AI?

    Chalmers:

    I’m confident that we can manage the risks, but it won’t be easy. And something that is changing this quickly, the pace of change, the accelerating pace of these technological changes, is a big challenge because we need to catch up and keep up with the way that it’s changing our economy and our society. And we need to make sure that its impact is positive, not negative.

    The risks are there, they are substantial. We focus on the risks, for example, in the labour market, but also more broadly, and we need to manage that. Every country in the world is grappling with this challenge. Trying to work out how AI can be a force for good in our economy, making us more productive, making our work easier, augmenting some of the tasks that people do at work. Those are the upsides of AI.

    There are potential downsides as well, and that’s why we work so closely with the tech industry and with others – my colleague Tim Ayres and Andrew Charlton and Ed Husic before that. It’s a big focus of the government. It’ll be a big focus of our efforts at the reform roundtable next month as well.

    Shirvington:

    It’s good to hear, because you just don’t want to miss the boat. Just quickly on inflation figures. You know, you’ve been at the helm, you’ve seen them go down and down and down. Low 2s now, paving the way potentially, for a rate cut next month. What do you think?

    Chalmers:

    I try not to make predictions about decisions that the independent Reserve Bank will take about interest rates, but I’m really pleased that inflation has come down so substantially. It’s a powerful demonstration of the progress that Australians have made together in the fight against inflation. When we came to office 3 years ago, it was higher than 6 per cent and absolutely galloping. We’ve got it down now into the low 2s. That’s a good thing. But the job’s not finished. It’s not mission accomplished.

    We know that people are still under pressure and that’s why the main goal of the parliament the last 2 weeks since it’s returned after the election has been to deliver all kinds of cost‑of‑living relief to help ease some of these pressures. But inflation coming down is a very good thing. The unemployment rate staying relatively low is a very good thing. Real wages are growing as well, but we know there’s always more work to do.

    Barr:

    Treasurer, thank you very much for your time.

    Chalmers:

    Appreciate it, guys.

    MIL OSI News –

  • MIL-Evening Report: Sporty spice: how romance fiction is adding a new dynamic to sports fandom

    Source: The Conversation (Au and NZ) – By Kasey Symons, Lecturer of Communication, Sports Media, Deakin University

    Sports fans might love their teams, cheer or curse each game’s result and admire their favourite athletes, but we rarely associate sports with romance.

    However, that may be slowly changing thanks to the recent spike in the popularity of romance fiction, which has created an unlikely sub-genre.

    A genre on the rise

    Romance fiction sales in Australia are up, with an average growth rate of 49% over three years.

    Dedicated romance bookstores are popping all over the world thanks to the visibility of social media communities such as “BookTok” and “Bookstagram” and the avenues digital and self-publishing are creating.

    Sports romance titles are contributing to the growing romance numbers and are helping to attract new and non-traditional fans to sport.

    Sports bringing the spice

    Sports romance fiction is not a new phenomenon. But it has gained popularity in the past few years, predominantly through ice hockey titles.

    Ice hockey romance has a growing, passionate following. Authors such as Elle Kennedy, Hannah Grace, Tessa Bailey and Emily Rath – all New York Times-bestselling writers – bring a wide-reaching visibility to the sub-genre.

    Kennedy’s Off Campus series is currently being developed as a TV series.

    Formula 1 romance fiction also has a strong following, while football (soccer) is popular too. Meryl Wilsner’s soccer-based romance Cleat Cute is also getting the TV treatment through sporting legends Megan Rapinoe and Sue Bird’s production company A Touch More.

    You name the sport and there will be a title for you: golf, chess, lacrosse, tennis, basketball, pickleball, Australian rules football, swimming, ballet, baseball and e-sports, the list goes on.

    Something for everyone

    While a majority of sports romance texts reflect heteronormative relationships and depict some of the more stereotypical, idealised body types and aesthetics often associated with the romance genre and athletic bodies, there are also diverse titles. These explore relationships across genders, sexualities, ethnicities, body shapes and different sports.

    The ability to self-publish and reach an audience through social media allows sports romance authors and the creator community to be responsive and representative.

    Authors are motivated to create narratives that reflect their own experiences and identity or contribute perspectives they feel are missing in the sporting landscape.

    Happily ever after?

    What makes these diverse contributions significant is how the authors present their sporting narratives within the romance genre storytelling structure. This means the majority of texts conform to what romance readers call, the “HEA”: the happily ever after.

    While some narratives will have drama, tension and tragedy, the “happily ever after” framework allows for stories and relationships to end on a happy note.

    In sports romance, there are many authors using this approach to challenge social norms, restrictive sporting environments and advocate for inclusion by presenting narratives where these tensions are resolved and everything works out.

    Examples include K.T. Hoffman’s The Prospects, which features a trans man as the protagonist who makes it onto a Major League Baseball team and finds true love. Esha Patel’s Offtrack presents a Middle Eastern woman as the first woman driver for a Formula 1 team this century — who also finds true love. Australian author Abra Pressler’s Love and Other Scores shares the coming out journey of a professional male tennis player while competing at the Australian Open — after he finds true love. You get it.

    The romance genre allows these fictional stories to play out with the authors placing love and care for diverse communities at their centre, showing us a world where the inclusion for these diverse lived experiences are possible in sport.

    Risks and rewards

    There are opportunities for sports organisations to think more creatively about connecting with fans who may be interested in different elements of sporting culture and fandom.

    That could be through sports romance, new forms of narrative storytelling such as docuseries like Netflix’s Drive to Survive, or intersections with pop culture such as Taylor Swift’s recent impact on NFL fandom.

    What is important is understanding the community and serving that community rather than trying to retrofit diverse fans into preexisting fan engagement strategies.

    Sports should understand fans are not a homogeneous group, and not all diverse fans will respond to and connect with this content.

    There are also risks for sports that try to shoehorn non-traditional fans into their space without fully understanding the community, such as when the National Hockey League’s Seattle Kraken targeted the sports romance audience in 2023. The initiative went horribly wrong when the organisation misguidedly promoted social media engagement which led to some users crossing the line and allegedly harassing players.

    But there are rewards when it is done right. Australian Ice Hockey League discovered this after developing a genuine connection with author Emily Rath and facilitating welcoming and safe spaces for romance readers at games. The result? A surge in attendances and fan connection.

    The sports romance genre is a space for sport to pay attention to, and with the second annual Sports Romance Convention taking place in Minneapolis next year, its community will continue to grow.

    Kasey Symons has received funding from the Victorian Government, and national and state sport governing bodies, including the Australian Football League and the National Rugby League. She is also one of the co-founders of Siren: A Women in Sport Collective.

    – ref. Sporty spice: how romance fiction is adding a new dynamic to sports fandom – https://theconversation.com/sporty-spice-how-romance-fiction-is-adding-a-new-dynamic-to-sports-fandom-261569

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: 12-year-old Yu reaches second final at Aquatics Worlds

    Source: People’s Republic of China – State Council News

    China’s 12-year-old Yu Zidi advanced to her second final at the World Aquatics Championships on Wednesday, clocking two minutes 7.95 seconds in the women’s 200-meter butterfly semifinal.

    Yu Zidi of China competes during the women’s 200m butterfly semifinal of swimming at the World Aquatics Championships in Singapore, July 30, 2025. (Xinhua/Xia Yifang)

    Yu, who narrowly missed the podium with a fourth-place finish in the 200-meter individual medley on Monday, placed sixth in her semifinal heat.

    The race was led by Olympic champion Summer McIntosh of Canada, who posted a time of 2:06.22.

    Competing in her first international meet, Yu qualified for the final as the eighth-fastest swimmer overall. The final will be held on Thursday. 

    MIL OSI China News –

  • MIL-OSI China: Barca defender Kounde agrees new contract until 2030

    Source: People’s Republic of China – State Council News

    Although the club has yet to make the news official, FC Barcelona defender Jules Kounde on Wednesday confirmed that he has agreed a new five-year contract.

    Barcelona’s Lamine Yamal (R) celebrates his goal with teammate Jules Kounde during the UEFA Champions League Round of 16 2nd leg football match between FC Barcelona and SL Benfica in Barcelona, Spain, on March 11, 2025. (Photo by Joan Gosa/Xinhua)

    Speaking from the club’s Asian tour in South Korea, the French international commented that “everything has been finished” in terms of a contract extension until the end of June 2030.

    He added it was “a question of days” before the contract was made official, saying he was “very happy” the negotiations had been “so fast.”

    “Barca and I had the same idea. I am very happy with the team and to be at such an ambitious club and happy we can fight for titles every year,” commented the player who scored a late winner as Barca beat Real Madrid in last season’s Copa del Rey final.

    26-year-old Kounde joined Barcelona from Sevilla in 2022 and has scored seven goals in 141 games for Barcelona. Although he was initially signed as a central defender, recent seasons have seen him adapt to play at right-back.

    MIL OSI China News –

  • MIL-OSI USA: Schatz-Collins Bipartisan Legislation To Reform Disaster Recovery Passes Key Committee

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – The Senate Committee on Banking, Housing, and Urban Affairs yesterday unanimously voted to advance a bipartisan housing package which included the Reforming Disaster Recovery Act. The provision, authored by U.S. Senators Brian Schatz (D-Hawai‘i) and Susan Collins (R-Maine), would help communities recover from major disasters.

    “Right now, each time a disaster happens, communities in crisis are forced to wait for Congress to pass a disaster funding bill before HUD can help. Our provision changes the law so they no longer have to wait. As soon as a disaster strikes, HUD will be able to help communities begin the process of recovery,” said Senator Schatz.

    “With natural disasters increasing in frequency and intensity—as we saw earlier this month with the devastating floods in Texas—it is critical that states have the necessary resources to respond in order to protect public safety, property, and our economy,” said Senator Collins. “Our bipartisan legislation would allow communities to immediately focus on helping families and local businesses recover instead of waiting on the federal bureaucracy in the wake of a natural disaster.”

    The Schatz-Collins measure addresses long-standing recommendations from the HUD Office of the Inspector General and Government Accountability Office to establish a permanent and predictable funding process. The bill accelerates assistance to disaster-impacted communities by:

    • Creating a disaster recovery fund to allow HUD to predictably assist communities;
    • Authorizing HUD to issue regulations to codify program requirements and reduce unnecessary red tape, delays, and unpredictability that stems from the current process;
    • Supporting resilience as a part of – rather than separate from – disaster recovery;
    • Authorizing “quick release” funds to support grantee capacity right after an event;
    • Improving federal coordination by establishing an office at HUD devoted to disaster recovery and resilience; and
    • Reducing unnecessary administrative burdens and interagency requirement conflicts.

    The full text of the provision is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Schatz Denounces Starvation In Gaza, Criticizes Israeli Government’s Conduct Of War

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) today spoke on the Senate floor about the crisis of starvation in Gaza, which has resulted in almost a third of Palestinians going for several days without eating and at least 63 people dying from malnutrition this month alone. Schatz criticized the Netanyahu government’s decision to cut off aid into Gaza and later set up an entity that failed to distribute aid safely and effectively.

    “The fact that this catastrophe was preventable is precisely what makes it so indefensible,” said Senator Schatz, Ranking Member of the Senate Appropriations Subcommittee on State and Foreign Operations. “People have been warning for months that the Israeli government’s actions would result in exactly this kind of tragedy, where children are dying by the dozens and hundreds of thousands of people are starving for days. What possible explanation is there for letting infants and 2- and 3-year-olds starve? What tactical advantage is being gained?”

    Senator Schatz continued, “Standing up for our shared humanity, whatever our other differences and preferences, should not be a matter of controversy. The government of Israel is behaving terribly. Its conduct of the war is indefensible. And it is not in spite of my Jewishness and my Judaism that I feel this way – it is because of it.”

    A transcript of Senator Schatz’s remarks is below. Video is available here.

    The mass starvation and death sweeping through Gaza is a moral tragedy and a strategic abomination. What started as a war with a just cause – to go after Hamas for the unspeakable atrocities it committed on October 7th and bring home the hostages – quickly turned unjust and immoral.

    Everyone knows how complicated and fraught the Middle East is. Everyone knows that navigating this generations-long conflict requires nuance and depth and a historical understanding in order to try and get it right. Everyone knows that smart and sincere and decent people can disagree on this issue. But what is happening today is entirely different. There is no excuse for this horrific suffering. It’s not making Israel or Israelis or Jews any safer…nor is it helping to bring home the 50 remaining hostages who’ve been in brutal captivity for almost 2 years.

    The fact that this catastrophe was preventable is precisely what makes it so indefensible. People have been warning for months that the Israeli government’s actions would result in exactly this kind of tragedy…where children are dying by the dozens and hundreds of thousands of people are starving for days.

    The Gaza Humanitarian Foundation, which Israel scrambled to set up 2 months ago, has failed. According to the BBC, where there used to be 400 U.N. aid distribution sites, there are now just 4 run by the GHF. And as a result, a third of Gazans are going multiple days in a row without eating. The World Health Organization reports that at least 63 people, many of them children, have died from malnutrition this month alone. And more than a thousand Palestinians have been killed while seeking aid at GHF sites, according to the U.N.

    In May, the GHF’s first executive director resigned, saying, “It is clear that it is not possible to implement this plan while also strictly adhering to the humanitarian principles of humanity, neutrality, impartiality, and independence.”

    Whether you believe that this organization was set up to fail intentionally from the start, or more charitably, that the Israeli government established it without understanding that it wouldn’t succeed, it doesn’t matter. What is plainly obvious now is that it is not working. You don’t have to be some left-wing organization…or get your data from the Hamas government…to acknowledge that the GHF is failing at its fundamental mission of feeding people.

    Which raises the question: why? Here we have an Israeli security apparatus that can – and did – synchronize an attack of exploding pagers across an entire country. They can reach in and gather intelligence from the high command of their greatest adversaries. The IDF is widely viewed as punching way above its weight in almost every way. And yet, Israel is asserting that, given all of those capabilities, the one thing that they can’t do is facilitate aid distribution. That’s too hard for them.

    Food and medical assistance routinely get into conflict zones all around the world. Yemen, Sudan, Syria, Iraq, the Democratic Republic of Congo. Gaza should not be any different. What is different are the stated goals of the extremists in the Israeli government.

    “The only way to win the war and bring back the hostages is to completely stop the ‘humanitarian’ aid, conquer the entire Gaza Strip, and encourage voluntary migration.” That was the National Security of the government of Israel. Completely stopping humanitarian aid. Conquering the entire Gaza Strip. Encouraging migration. Those are their words – these are not my words.

    And as starvation takes hold, their response is to deny that is even happening. “There is no starvation in Gaza.” Who said that? The Prime Minister of Israel. Ben-Gvir added, “If they were hungry, they would have returned the hostages home.” If they were hungry, they would have returned the hostages home.

    It’s worth pausing on that for just a moment. Too many people in the Netanyahu government make no distinction between the actual enemy that is Hamas and innocent civilians. The idea that a desperate mother, malnourished herself, and out of breast milk for her infant; or a 7-year-old running to the front of an aid line to get whatever scraps he can for him and his siblings – the idea that these people are in charge of which hostages are released and when, and they suddenly are being held to account for the actions of Hamas on October 7th – is preposterous.

    It’s another example of the casual dismissal of civilian death and suffering as if it’s an inevitable consequence of having to go after the bad guys. War is hell and all of that. But what possible explanation is there for letting infants and 2 and 3-year-olds starve? What tactical advantage is being gained?

    Standing up for our shared humanity, whatever our other differences and preferences, should not be controversial. But too often, when someone is critical of Israel, and they’re a Jew, they’re characterized as a self-hating Jew. When someone is critical of Israel, and they’re not a Jew, they’re characterized as antisemitic.

    I want to be crystal clear. Antisemitism is among the oldest and most vile prejudices that exist. It is real, it is scary, and it is on the rise in the United States. It should be fought at every turn, left, right, and center. And anyone who simply waves it away or denies the urgency of addressing it is either not paying attention or lying.

    But criticizing the conduct of this war. Criticizing Minister Ben-Gvir who talks about ethnic cleansing. Criticizing the withholding of aid. Criticizing the excessive tolerance for civilian casualties. Criticizing Prime Minister Netanyahu’s apparent willingness to cling to power at the expense of Israel, Israelis, and Jews everywhere. That is a separate matter. Everybody gets to do that – just like Americans get to criticize their president without hating America or the people within it. People are more than their government. The government of Israel is behaving terribly. Its conduct of the war is indefensible. And it is not in spite of my Jewishness and Judaism that I feel this way – it is because of it.

    There are a lot of people – including people I know personally, and I believe this – who believe deeply in the sacred idea of Israel. They are good people, and this cannot be about vanquishing one side of the political spectrum – whether that’s the left and center left or right and alt-right. This is about grounding ourselves in the very basic principle, which is: whatever else we’re fighting about, can we please hold the children harmless?

    MIL OSI USA News –

  • MIL-OSI New Zealand: Pharmac expands access to meningococcal B vaccine for children under 5

    Source: PHARMAC

    Pharmac is extending access to the meningococcal B vaccine (Bexsero), with up to 77,000 more children able to benefit.

    From 1 September 2025, all children under five years of age will be eligible for funded doses of Bexsero, regardless of whether they started or completed their vaccine course in their first year. This replaces the current catch-up programme, which ends on 31 August 2025.

    The vaccine is already part of the childhood immunisation schedule for children up to 12 months of age. The new eligibility criteria mean that children who missed earlier doses can still be protected.

    “We know how serious meningococcal disease can be, especially for young children,” says Pharmac’s Manager Pharmaceuticals Adrienne Martin. “By expanding access, we’re helping families complete their child’s vaccine course and improving protection for those most at risk.”

    Children under five are the most vulnerable to serious illness from meningococcal disease. This change supports better protection for this high-risk group and makes it easier for families to access the vaccine.

    “This decision is about removing barriers,” says Martin. “We want to ensure that no child misses out on protection just because they couldn’t complete their vaccine course in their first year.”

    Health New Zealand’s National Public Health Director Dr Nick Chamberlain says it welcomes Pharmac’s decision to extend access to the meningococcal B vaccine.

    “Pharmac’s move to extend access to Bexsero for all children under five is a significant step forward in protecting those most vulnerable to meningococcal disease. 

    “This change brings clarity for the health sector and removes barriers for families, making it easier to complete the vaccine course. Health New Zealand will continue working closely with providers to support the rollout and ensure eligible children receive this important protection,” said Dr Chamberlain.

    While the eligibility criteria for older children and adults at higher risk remain unchanged, Pharmac has clarified the wording to make it easier to understand. Teenagers and young adults living in shared accommodation, such as boarding schools, halls of residence, military barracks, and prisons, continue to be eligible under the current rules.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Victory for vintage vehicles and private motorhomes

    Source: New Zealand Government

    From 1 September, commonsense changes will see vintage light vehicles and private heavy motorhomes moving to annual vehicle inspections rather than six-monthly, Transport Minister Chris Bishop says.

    “Everyone loves spotting a beautifully kept vintage car out for a Sunday drive, and cruising around our beautiful country in a motorhome is a classic Kiwi dream,” Mr Bishop says.

    “There are about 128,000 vintage vehicles and 39,000 private motorhomes registered in New Zealand. Until now, their owners have had to front up for a Warrant or Certificate of Fitness inspection every six months – even though these vehicles are driven far less than your average modern car.

    “Evidence shows that vintage vehicles and motorhomes are half as likely to have a contributing fault in a serious crash – even after adjusting for how many of them are on the road. And when it comes to passing a WoF inspection, vintage vehicles actually perform better than vehicles under 40 years old.

    “In fact, once a vehicle hits 40, its pass rates go up – proof that hitting middle age isn’t all bad news.

    “Earlier this year, the Government consulted on reducing the frequency of those inspections to six-monthly. Public support was overwhelmingly in favour of making this change.

    “I’m pleased to confirm that from 1 September, vintage light vehicles and private heavy motorhomes will only require annual inspections instead of six-monthly.

    “Owners of these vehicles can now spend less time on bureaucracy and queueing for a vehicle inspection, and more time where they’d rather be – under the bonnet or out on the road. 

    “For drivers of modern cars, don’t worry, we haven’t forgotten about you. The Government will also be reviewing WOF/COF frequency and inspection requirements for other light vehicles as part of the Land Transport Rules Reform Programme. We’ll have more to say on this soon.”

    Notes to Editor: 

    Attached: Photo of Transport Minister Chris Bishop in a 1964 Austin Healey MkIII

    From 1 September 2025:

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Hongkong Post to issue “Giant Panda Twin Cubs” special stamps (with photos)

    Source: Hong Kong Government special administrative region

    ​Hongkong Post announced today (July 31) that a set of special stamps and associated philatelic products on the theme of “Giant Panda Twin Cubs” will be released for sale on August 15 (Friday).

    The Central Government gifted a pair of giant pandas, Ying Ying and Le Le, to the Hong Kong Special Administrative Region in 2007. The pair welcomed a pigeon pair of cubs on August 15, 2024. The twin cubs are the first giant pandas successfully bred and born in Hong Kong, and Ying Ying is the world’s oldest first-time giant panda mother.

    Their birth is especially meaningful as it helps advance the conservation and breeding efforts for giant pandas in Hong Kong. The twin cubs have since captured the hearts of the public, who have been keenly following their growth. On May 27, 2025, they received their official names, Jia Jia (Elder Sister) and De De (Little Brother). Hongkong Post will issue a set of six stamps, two stamp sheetlets and associated philatelic products themed on “Giant Panda Twin Cubs” to showcase the highlights of their daily lives at different stages and witness their growth journey.

    Official first day covers for “Giant Panda Twin Cubs” will be on sale at all post offices and Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) from tomorrow (August 1). This set of special stamps and associated philatelic products will be on sale at all post offices and ShopThruPost from August 15, while serviced first day covers affixed with the special stamps, postage prepaid picture cards (air mail) and collector packs will be available at philatelic offices only.

    A hand-back date-stamping service will be provided on August 15 at all post offices for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.

    In addition, Hongkong Post will specially launch a “Giant Panda Twin Cubs” cachet from August 15 for stamping by members of the public, until further notice. The cachet will be available at all post offices (except mobile post offices). An image of the cachet is in the Appendix.

    Information about this set of special stamps and associated philatelic products is available on the Hongkong Post Stamps website (stamps.hongkongpost.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Have your say on the proposal for a second toll point for Tauranga Eastern Link Toll Road

    Source: New Zealand Transport Agency

    What do you think of the proposal to add a second toll point on the State Highway 2 (SH2) Tauranga Eastern Link Toll Road?  NZ Transport Agency Waka Kotahi (NZTA) wants you to have your say.

    Public consultation is now live and runs through to 5pm Thursday 28 August 2025.

    NZTA is proposing an amendment be made to the toll scheme to allow for an additional toll point to be installed on the SH2 Tauranga Eastern Link Toll Road. This enables motorists travelling between Domain Road Interchange and the Pāpāmoa East Interchange to be charged a toll price, contributing toward debt repayment for the construction of this state highway. 

    “Tolling is an important tool in our kete to support accelerated growth and economic productivity in the region,” says Susan Collins, Regional Manager of System Design for NZTA.

    “It’s already been used effectively in Tauranga to bring forward the construction of new roads such as the State Highway 2 Tauranga Eastern Link and State Highway 29 Takitimu Drive toll roads.

    “It was the intention of the existing toll scheme to ensure all Tauranga Eastern Link Toll Road users make a direct contribution to the road they’re using. The location of the current toll gantry means users travelling between the Domain Road Interchange and the new Pāpāmoa East Interchange are not currently able to be tolled.

    By installing a new toll point, people travelling between the Domain Road Interchange and the new Pāpāmoa East Interchange would pay a lower toll price than the current toll, reflecting the shorter distance travelled. The proposed prices being consulted on are:

    • $1.10 for light vehicles 
    • $2.80 for heavy vehicles. 

    Vehicles travelling the full length of the Tauranga Eastern Link Toll Road, between Domain Road Interchange and Paengaroa Roundabout, would continue to pay current toll prices $2.30 for light vehicles and $5.60 for heavy vehicles.

    The new toll point is expected to save $1.7 million in interest payments on the Tauranga Eastern Link Toll Road loan and is estimated to bring the end date forward by 12 months.

    If you’d like to make a submission go to: nzta.govt.nz/teltolling

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Ministers welcome new FBI office in Wellington

    Source: New Zealand Government

    The FBI’s upgrade of its Wellington office demonstrates the strength of the Five Eyes partnership and enhances the safety and security of New Zealanders, the Minister Responsible for the GCSB and NZSIS Judith Collins and Police Minister Mark Mitchell say.

    The Ministers met with FBI Director Kash Patel, who officially opened the new Wellington office at the US Embassy earlier today and installed a permanent Legat position. 

    “We exchanged a range of insights on areas such as trans-national organised crime, counter-terrorism, cyber-security and espionage,” Ms Collins says.

    “NZSIS and GCSB relationships with overseas partners like the FBI, as well as their support to New Zealand Police, are an important part of how the intelligence agencies deliver on their mission to keep New Zealand safe and secure.”   

    Mr Mitchell says Director Patel’s visit should send a clear message to criminals whose offending causes harm in our communities, wherever they are, that they cannot hide behind an international border.

    “New Zealand Police are continually working with their overseas counterparts like the FBI to catch those engaged in illegal, harmful activities such as drug smuggling and online child exploitation, as well disrupting and preventing this offending from happening in the first place,” he says.

    “Police are part of a global effort on law enforcement. Director Patel’s visit was an excellent opportunity to share our common concerns while reinforcing the importance of New Zealand and the US working together to protect our citizens.”

    Director Patel is the most senior member of the US administration to visit New Zealand since the start of President Trump’s second term in office.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Sens. Markey and Slotkin, Rep. Strickland Introduce Legislation to Boost Funding for Research on Gun Violence Prevention

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF)

    Washington (July 30, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Gun Violence Prevention Caucus, along with Senator Elissa Slotkin (D-Mich.) and Representative Marilyn Strickland (WA-10), reintroduced the Gun Violence Prevention Research Act, legislation that would dedicate $50 million each year for the next five years for gun violence prevention research at the Centers for Disease Control and Prevention (CDC).

    This legislation arrives at a critical time. After a decades-long prohibition on the CDC’s ability to conduct gun violence prevention research, Congress began to secure $25 million annually for this research in Fiscal Year 2020. However, the Trump administration has effectively dismantled gun violence prevention efforts, decimating the staff at the CDC responsible for this critical research and terminating $158 million—more than half—of federal funding for gun violence prevention programs at the Department of Justice. The Gun Violence Prevention Research Act would help ensure we have the tools to stem the scourge of gun violence in our communities.

    “Stopping the spread of our nation’s gun violence epidemic requires action on the reforms we know are essential and effective,” said Senator Markey. “We must invest more to study the root causes of violence and develop evidence-based solutions. This legislation would allow our nation’s top medical, scientific, and public health researchers to conduct studies that would save lives. It is critical that we chart a path out of this public health crisis.”

    “Gun violence is a uniquely American crisis that continues to impact communities across Michigan and our country,” said Senator Slotkin. “As the first Member of Congress to have two mass shootings in my former House district—Oxford High School and Michigan State University—I’ve seen first-hand the devasting toll gun violence has on our communities. As elected officials, our most basic responsibility is to protect our children from the things that are truly harming them. We must treat this epidemic like the national security threat that it is. And that means using every tool in the toolbox. Let’s get this bill across the finish line.”

    “Make no mistake: gun violence is preventable. Republicans actively choose to watch children, mothers, fathers, and Americans gunned down in deference to the gun lobby,” said Representative Strickland. “We must root out the gun violence crisis in our nation. This legislation will simply treat gun violence as the public health crisis it is, and allow us to research it so we can take steps toward saving lives.”

    Cosponsors of the Gun Violence Prevention Research Act include Senators Ruben Gallego (D-Ariz.), Angus King (I-Maine), Chuck Schumer (D-N.Y.), Adam Schiff (D-Calif.), Martin Heinrich (D-N.M.), Alex Padilla (D-Calif.), John Fetterman (D-Penn.), Maria Cantwell (D-Wash.), Richard Blumenthal (D-Conn.), Jack Reed (D-R.I.), Chris Murphy (D-Conn.), Tina Smith (D-Minn.), Tim Kaine (D-Va.), Chris Coons (D-Del.), Elizabeth Warren (D-Mass.), Amy Klobuchar (D-Minn.), Lisa Blunt Rochester (D-Del.), Mark Warner (D-Va.), Tammy Baldwin (D-Wisc.), Brian Schatz (D-Hawaii), Angela Alsobrooks (D-Md.), Peter Welch (D-Vt.), Cory Booker (D-N.J.), Chris Van Hollen (D-Md.), Kirsten Gillibrand (D-N.Y.), Richard Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Bernie Sanders (I-Vt.), Jeff Merkley (D-Ore.), Ron Wyden (D-Ore.), and Tammy Duckworth (D-Ill.).

    The Gun Violence Prevention Research Act is endorsed by Brady, Everytown, March For Our Lives, and Giffords.

    In June 2025, Senator Markey reintroduced five gun violence prevention bills, including the 3D Printed Gun Safety Act, Keeping Gun Dealers Honest Act, Gun Violence Prevention Through Financial Intelligence Act, Making America Safe and Secure (MASS) Act, and Protecting Kids from Gun Marketing Act. This package of bills would significantly decrease the pervasive threat of gun violence across the United States by putting an end to the three-dimensional (3D) printing and distribution of “ghost guns,” strengthen accountability measures for irresponsible gun dealers, help banks detect and report suspicious activity related to mass shootings, establish rules that prohibit the marketing of firearms to children, and strengthen state-by-state gun-licensing regulations through federal incentives.

    In April 2025, Senator Markey and Representative Dwight Evans (PA-03) introduced the Resources for Victims of Gun Violence Act, legislation that would help all victims of gun violence—from survivors to their loved ones, coworkers, and classmates—identify and access resources to help meet medical, legal, financial, and other needs.

    Senator Markey first introduced the Gun Violence Prevention Research Act in 2023.

    MIL OSI USA News –

  • MIL-OSI: Cre8 Enterprise Limited Announces Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 30, 2025 (GLOBE NEWSWIRE) — Cre8 Enterprise Limited (Nasdaq: CRE) (the “Company”), a Hong Kong-based integrated financial printing service provider, today announced the full exercise of the over-allotment option (the “Over-allotment”) by American Trust Investment Services, Inc., the representative of the underwriters of the Company’s firm commitment initial public offering (the “Offering”), to purchase an additional 217,500 Class A ordinary shares (the “Class A Ordinary Shares”) of the Company at the public offering price of US$4.00 per share, and the closing of such issuance.

    The Class A Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market on July 23, 2025, under the ticker symbol “CRE.”

    The gross proceeds from this Over-allotment closing were US$0.87 million and the aggregate gross proceeds from the Offering increased to approximately US$6.67 million, before deducting underwriting discounts and other offering expenses.

    The Company intends to use the net proceeds for upgrading the Company’s office in the Central District in Hong Kong and expanding its business, expanding its workforce and staff training, upgrading and/or acquiring equipment and information technology systems, and for working capital and other general corporate purposes.

    The Offering was conducted on a firm commitment basis. American Trust Investment Services, Inc. acts as the representative of the underwriters, with Prime Number Capital, LLC acts as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acts as U.S. securities counsel to the Company. Winston & Strawn LLP acts as the legal counsel to the Underwriters in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-281629) and was declared effective by the SEC on July 22, 2025. The Offering was made only by means of a prospectus. A final prospectus relating to the Offering was filed with the SEC on July 23, 2025 and may be obtained from American Trust Investment Services, Inc. by standard mail to 1244 119th Street, Whiting, IN 46394, by telephone at +1 (219) 473-5542 or via email at IB@amtruinvest.com; or from Prime Number Capital, LLC by standard mail to Prime Number Capital, LLC, 12 E 49 St, Floor 27, New York, NY 10017, by email at info@pncps.com, or by telephone at +1 (516) 717-5671. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Cre8 Enterprise Limited

    Cre8 Enterprise Limited provides 24/7 integrated financial printing services for listed companies, IPO applicants and private companies in the finance and capital market in Hong Kong under its brand, “Cre8”. The services cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-submissions of customers’ financial reports and compliance documents and media placements. In addition to these core services, it has expanded its offerings to include complementary design services such as website design, branding, and content creation for marketing materials. Moreover, it is now providing technological support to its customers by disseminating and publishing announcements, circulars, financial reports, and industry news feeds through a website of its “Cre8IR” brand.

    Forward-Looking Statements

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding its intended use of proceeds from the sale of the Company’s Class A Ordinary Shares in the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.  

    For more information, please contacts:

    Cre8 Enterprise Limited

    Email: ir@cre8corp.com
    Phone: +852 3693 2688

    The MIL Network –

  • MIL-OSI United Nations: Governments, Partners Mobilizing School Meals Coalition to Equip Youth with Nutrition, Health, Education They Deserve, Deputy Secretary-General Says at Stocktake Event

    Source: United Nations MIL OSI

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event:  “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:

    It is truly inspiring to witness how far the School Meals Coalition has come.  With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.

    First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.

    I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.

    Today’s speakers are excellent examples.  The progress we witness is being driven by Governments, but they are not walking alone.  Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.

    But, why is there so much momentum behind school meals?  Why are so many Governments and partners making this a priority?  Because school meals are more than just a plate of food.  They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.

    To truly pull that lever — to unlock its full power — we must focus on four key priorities.

    First:  Expand coverage and raise collective ambitions.  As we’ve just heard from our distinguished speakers, momentum is building.  Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.

    Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target:  to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year.  This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.

    Second:  Pull the lever — use procurement to transform food systems.  Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.

    Third:  Integrate school meals into climate finance.  When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity.  The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.

    Fourth:  Plug the financing gap.  The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means.  But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.

    We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General.  Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.

    Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign.  “Our job is not to scale our work.  It’s to scale what works.”  This is what we see across the School Meals Coalition:  Governments and partners coming together to expand a solution that works.

    So, let’s build on the progress we’ve made — and finish what we started in 2021:  by 2030, every child receiving a healthy, nutritious meal in school.  Let’s feed the future together.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: DoIT MOEA AI-Enhanced Vaccines and Anti-Pulmonary Inflammatory Drugs Shine at BIO Asia-Taiwan 2025: Health Maintenance, Prevention, and Treatment-A Triple Strategy for a Resilient and Healthy Taiwan

    Source: Republic of China Taiwan

    The Department of Industrial Technology (DoIT) of the Ministry of Economic Affairs (MOEA) convened three research foundations-ITRI (Industrial Technology Research Institute), FIRDI (Food Industry Research and Development Institute), and the Development Center for Biotechnology (DCB)-to establish the DoIT pavilion, which held its opening ceremony at BIO Asia-Taiwan 2025. The pavilion showcases 12 innovative technological achievements in health maintenance, disease prevention, and treatment, highlighting Taiwan’s capabilities in biomedical research and development while injecting new momentum into the health industry. Key exhibit technologies include the “Smart Processing & Equipment Integration for Plant-Based Drinks,” designed for the elderly; the “Long-Lasting Immunity of CD40 Ligand Ribonucleic Acid Vaccine Adjuvant,” developed to extend vaccine effectiveness; and the “Novel Selective FPR1 Antagonist,” which reduces side effects while improving therapeutic outcomes.

    Senior Technical Specialist of the Department of Industrial Technology (DoIT), Mr. Tai Chien-Cheng , indicated that in the face of global political and economic uncertainties, pharmaceuticals have become essential strategic commodities vital to public well-being and safety. Taiwan’s strengths in research and development (R&D), regulatory frameworks, and manufacturing processes position it as a reliable partner for international pharmaceutical companies. To enhance global integration and expand cooperation, Taiwan should improve collaboration across both upstream and downstream industries, thereby increasing technical density and strengthening global competitiveness. He advocated for DoIT to continue connecting foundational resources and implementing supportive policies for R&D funding and tools to facilitate industrial advancement. The pavilion symbolizes the long-term commitment of research institutions to the “Three-Stage, Five-Level Prevention” framework, linking applications from “precision medicine” to “palliative care,” and showcasing the government’s proactive efforts in realizing the “Healthy Taiwan” policy.

    In addition, several breakthroughs driven by or related to artificial intelligence (AI) are highlighted among the 12 innovative technologies showcased in the pavilion.

    ITRI presents “Tumor-Derived Exosomes Enrichment and Detection Platform”, and “One-Stop Exosome Isolation and Characterization Services”. FIRDI showcases “Intelligent Preparation of Nutritional Beverages” in AI-powered biomedicine research and development.

    ITRI’s “In Vivo Delivery of mRNA Encoding CAR to Macrophages for Solid Tumor Therapy” and “An Eye Drop Product for Dry AMD Treatment”. DCB showcases “Rejuvenating CAR-T Cells Through the Secretion of Antibodies Targeting Immunosuppressive Axis” and “NTSR1-ADC: A Novel Therapeutics for Head and Neck Cancer” for cancer and ophthalmic conditions. These technologies highlight the progress in therapeutic drug development and the emergence of new treatment breakthroughs.

    Additionally, FIRDI contributes its technical expertise through the development of “Plant-based animal fat alternative technology” and “Microorganisms in the Modification of Food Texture and Flavor”. These innovations aim to redefine the texture and quality of plant-based meats, infusing the plant-based industry with dynamic advancements.

    Spokesperson: Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Deputy Director General Chou Chung-Pin
    Telephone:02-23212200 extension 8121
    Email:cbjou@moea.gov.tw

    Contact person:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Technical Specialist Tai Chien-Cheng
    Telephone:02-23212200 extension 8180
    Email:cctai@moea.gov.tw

    Media contact:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Researcher
    Telephone:02-23212200 extension 8155,0910-660322
    Email:yschi@moea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion

    Source: GlobeNewswire (MIL-OSI)

    • SDHG market cap hit HK$100 billion for the first time, as stock price surged 200+ percent in 2025
    • From 2021 to 2024, SDHG’s total assets more than tripled, from RMB 21.43 billion to RMB 66.17 billion
    • Dazzling success attributed to SDHG’s two-pronged strategy of smart investing in new energy and computing power
    • Electricity-Computing Integration model places SDHG in unique position to lead industry
    • SDHG’s outstanding ability to align key businesses with national policy priorities wins dedicated government support

    HONG KONG, July 29, 2025 (GLOBE NEWSWIRE) — Shandong Hi-Speed Holdings Group Ltd. (00412.HK) shares rose to HK$17.26 at closing on Monday, July 28, sending the market cap of the strongly growing company to HK$103.9 billion. SDHG market cap exceeded HK$100 billion for the first time on July 11. The fact that it has since remained steadily above the HK$100 billion mark indicates the market’s unequivocal endorsement of SDHG as a leader in Electricity-Computing Integration and AI-ready infrastructure.

    SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion

    As global competition in AI innovation intensifies to a breakneck pace, the demand for computing power has skyrocketed, which led renewable energy and computing power to become critical battlegrounds for serious contenders in the field. SDHG, a pioneer strategic investor in Electricity-Computing Integration, is widely believed to lead the race.

    Pivot to AI infrastructure builder
    The demand for both computing power and the electricity to run the data centers in China is forecast to see exponential growth in the coming years. In 2025, data center electricity consumption is expected to account for 5 percent of China’s total electricity usage. The country’s intelligent computing power is projected to reach 1,037.3 EFLOPS in 2025 and to surge to 2,781.9 EFLOPS in 2028. The highly centralized GPU clusters required for intelligent computing centers will have to consume more power.

    On the eve of AI innovation booms, SDHG has made a strategic transition from primarily making financial investments toward becoming an investment holding platform focused on emerging industries. It has since emerged as China’s leading company owning premium assets in both renewable energy and computing power, creating a unique Electricity-Computing Integration model.

    In 2022, SDHG acquired Shandong Hi-Speed New Energy Group Ltd. (SHNE, 01250.HK) and now owns 56.97 percent of the company’s stakes. In 2023, SDHG made a strategic investment worth US$299 million in VNET Group Inc. (NASDAQ: VNET). SHNE owns clean energy projects in more than 20 provinces in China and has been actively exploring international markets. VNET started focusing on selling data center services to retail clients in China and has grown to serve hyperscale customers including Alibaba Cloud, Tencent Cloud, and Huawei Cloud.

    These and other smart investment moves have helped the company gain a strong foothold in traditional infrastructure as well as in new infrastructure.

    Alignment with national policy priorities
    SDHG has shown outstanding ability to align its key businesses with major national policy priorities, namely renewable energy and computing power. As a result, SDHG enjoys full policy dividends from such national projects as “East Data, West Computing” and secures dedicated government support in energy-rich provinces, especially support for its Electricity-Computing Integration model.

    Partnering with local governments and companies, SDHG has been able to achieve great success in experimenting with innovative business models that hand the company a unique advantage in both Chinese and international markets. The Ulanqab Source-Grid-Load-Storage Integration Project in Inner Mongolia is one of SDHG’s flagship projects and epitomizes the innovativeness of Electricity-Computing Integration.

    SDHG is building power generation and storage facilities (solar and wind) right next to AIDC and other computing power centers in grassland town Ulanqab. The model breaks down traditional power grid constraints by enabling direct electricity trading (“selling electricity across the wall”). It thus establishes an ecosystem of power generation, transmission, and consumption in the same physical space. This self-contained green ecosystem, with tremendous environmental and economic value, operates on the principles of:

    – Instant Utilization (power consumed immediately upon generation)
    – On-Demand Availability (guaranteed supply for computing facilities)
    – Market-Based Pricing (dynamic cost optimization)
    – Mutual Benefit (win-win for energy producers and computing operators)

    Upon completion, the SDHG Ulanqab project will generate approximately 860 million kWh of electricity annually, supplying a significant part of the power to run VNET’s 150MW computing centers in Ulanqab. When the 1GW Ulanqab III is in full operation and powered by SDHG, an additional RMB 1.3 billion worth of economic benefits will be created for the company.

    The SDHG Ulanqab project with its pioneering Electricity-Computing Integration model is set to play a major role in AI’s transformation of Chinese tech industry, the same way as Stargate and other mega projects contribute to the building of AI infrastructure in their respective countries.

    Reliable financing toolkit
    SDHG’s solid background in licensed financial transactions and ability to leverage Hong Kong’s status as an international financial center have also been crucial in its success in financing the new energy and computer power projects with a reliable world-class toolkit.

    In May 2024, SDHG issued US$900 million worth of perpetual bonds — the largest USD senior perpetual bond issuing by any Chinese issuer since 2021, which were subscribed by 280 institutional accounts across Asia, Europe, the Middle East and Africa. In March 2025, SDHG’s portfolio company VNET Group Inc. completed a $430 million convertible preferred notes offering — the largest such issuance relative to market cap by a Chinese firm since early 2024 which secured foundational capital for its domestic expansion.

    Endowed with the above-mentioned advantages, SDHG has established itself as a market leader with proven operational excellence, attracting more and more major companies to become customers and partners.

    In May 2025, SDHG signed a strategic cooperation agreement with Chinese tech giant Huawei Technologies Co., Ltd. to build projects driven by “green computing power and clean energy”, develop “zero-carbon smart parks”, and collaborate in the field of intelligent transportation, including vehicle-road coordination and large-scale intelligent driving models.

    The capital market has also reacted to SDHG’s new strategy and remarkable business performance enthusiastically. In June 2025, multiple brokerages issued initiating coverage reports with “Outperform” ratings for SDHG, including Soochow Securities (Hong Kong), Zhongtai Securities, Tebon Securities, and SXC Securities.

    “Through smart strategic maneuvers, SDHG has managed to build a complete ecosystem in new energy and new infrastructure, greatly enhancing the company’s core competitiveness,” the Zhongtai Securities report states.

    SDHG was incorporated as China New Financial Group Limited. The company was acquired by Shandong Hi-Speed Group in 2017 and adopted its current name in 2022. It was listed on the Hong Kong Stock Exchange in the same year and is now a constituent stock of the Hang Seng Composite Index. The company currently holds an Fitch “A-” Issuer Default Rating (IDR) with an ESG Entity Rating of “2” (Sustainable Fitch).

    SHDG has been on a phenomenal growth trajectory in the last 4 years despite macroeconomic challenges in the world and in the region. From 2021 to 2024, its total assets more than tripled — expanding from RMB 21.43 billion to RMB 66.17 billion. Its stock price has soared over 200 percent in 2025, while annual revenues are forecast to grow to RMB 6.59 billion, RMB 6.77 billion, and RMB 7.37 billion for 2025, 2026, and 2027, respectively. Net profit attributable to parent company shareholders is expected to more than double in the period, from RMB 216 million in 2025 to RMB 555 million in 2027.

    “We expect SDHG to keep its growth momentum in the coming years, benefiting from and contributing to national policy initiatives in new energy and computing power. In particular, SDHG’s Electricity-Computing Integration model powering AIDC will cement the company’s lead in the industry and help realize its full potential as a market innovator,” the Zhongtai Securities report concludes.

    Media Contact
    Company Name: Shandong Hi-Speed Holdings Group
    Contact: Stanley Shi
    Website: https://www.sdhg.com.hk/en/
    Email: stanleyshi@sdhg.com.hk

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19edaee3-12ec-4982-8ee3-ecf0bfa533d8

    The MIL Network –

  • Gunman kills four, including police officer, in Manhattan skyscraper, then takes own life

    Source: Government of India

    Source: Government of India (4)

    A gunman opened fire on Monday inside a Midtown Manhattan skyscraper housing NFL headquarters and offices of several financial firms, including Blackstone, killing four people before fatally shooting himself, New York City officials said.

    One of the four victims slain in the gun violence was a 36-year-old New York Police Department officer who had been on the force for about 3 1/2 years. The three others killed by the suspect were civilians.

    New York Police Commissioner Jessica Tisch said the gunman, who resided in Las Vegas and drove cross-country to New York in recent days, fatally shot himself in the chest at the end of his shooting spree.

    Tisch said the gunman was believed to have acted alone, and investigators had yet to determine a possible motive for the shooting.

    A photo of the suspect that CNN said was shared by police showing a gunman walking into the building carrying a rifle was published by a number of major news media outlets. Preliminary checks of the suspect’s background did not show a significant criminal history, the report added, citing officials.

    The skyscraper at 345 Park Avenue houses offices of a number of financial institutions, including Blackstone and KPMG, along with the NFL headquarters.

    A large police presence converged on the area around the tower, according to Reuters journalists near the scene.

    “I just saw a lot of commotion and cops and people screaming,” said Russ McGee, a 31-year-old sports bettor who was working out in a gym adjacent to the skyscraper, told Reuters in an interview near the scene.

    The FBI said agents from its New York field office were also responding to provide support at the scene.

    (Reuters)

  • MIL-OSI Banking: RBA and APRA Update Their Memorandum of Understanding to Strengthen Cooperation to Support Financial Stability

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) and the Australian Prudential Regulation Authority (APRA) have today published an updated Memorandum of Understanding (MOU), to further strengthen their cooperation and coordination arrangements in support of financial stability in Australia. The updated MOU sets out the RBA and APRA’s respective roles and responsibilities for contributing to financial stability, as well as arrangements for consultation, liaison and information sharing between the two agencies. The MOU also sets out specific arrangements for coordination between the RBA and APRA in relation to macroprudential policy, liquidity support, payments policy and crisis management.

    Both the RBA and APRA have responsibilities in relation to financial stability in Australia, and it is therefore important that they continue to engage closely with one other. The RBA and APRA also cooperate and coordinate with each other and other regulatory agencies on a multilateral basis through the Council of Financial Regulators. The Council of Financial Regulators has today published an updated Charter.

    MIL OSI Global Banks –

  • MIL-OSI Russia: Tbilisi celebrated the 98th anniversary of the founding of the People’s Liberation Army of China

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Tbilisi, July 29 (Xinhua) — The Chinese Embassy in Georgia held a reception in Tbilisi to mark the 98th anniversary of the founding of the People’s Liberation Army (PLA).

    The event was attended by employees of the Georgian Ministry of Defense, high-ranking government officials, members of parliament, foreign ambassadors, military attachés, as well as representatives of the media, Chinese and Georgian companies and public circles.

    The ceremonial part began with the performance of the national anthems of China and Georgia. The first vice-speaker of the Georgian Parliament, Gia Volski, delivered a congratulatory message on behalf of the country’s legislative body. He noted that China was one of the first countries to recognize Georgia’s independence, stressed the importance of China’s support for Georgia’s sovereignty and territorial integrity within its internationally recognized borders, and reaffirmed Georgia’s unwavering commitment to the one-China principle.

    G. Volsky also emphasized the strategic importance of Georgia as a bridge between Europe and Asia and noted the country’s role in the Belt and Road initiative, especially within the framework of the Trans-Caspian International Transport Route.

    He recalled the results achieved in bilateral cooperation, including the free trade agreement of 2018, the establishment of a strategic partnership in 2023 and the introduction of a visa-free regime from 2024. According to him, in 2024, trade turnover between Georgia and China exceeded $1.9 billion. The Vice Speaker expressed confidence in the further strengthening of the Georgian-Chinese partnership and thanked the Ambassador of the People’s Republic of China to Georgia Zhou Qian for his contribution to the development of bilateral relations.

    In his speech, Zhou Qian noted that the PLA, created and led by the Communist Party of China, has grown from nothing to become strong in its 98-year history. The army has made invaluable contributions to the liberation of the Chinese people, the construction of a socialist country, the protection of national sovereignty and security, and the maintenance of peace and stability throughout the world, he added.

    The ambassador stressed that China deeply appreciates the contribution of the Georgian people to the victory in the world anti-fascist war. According to the diplomat, China and Georgia are countries with an ancient civilization and a rich historical heritage. China has always supported Georgia in protecting its sovereignty and territorial integrity, as well as in striving for sustainable development in accordance with national conditions, Zhou Qian said.

    The Ambassador emphasized that China, as one of the first countries to sign the UN Charter and a permanent member of the Security Council, is ready to continue to actively cooperate with all countries of the world, including Georgia. He expressed readiness to jointly promote the correct view of history, defend the results of the victory in World War II and support the international system, the core of which is the UN. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Economics: Secretary-General of ASEAN participates in the 17th FJCCIA Dialogue in Jakarta

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, and the Federation of Japanese Chambers of Commerce and Industry in ASEAN (FJCCIA) Chairman, Mr. Wakabayashi Koichi, today led the 17th Dialogue between the Secretary-General of ASEAN and the FJCCIA at the ASEAN Headquarters/ASEAN Secretariat. Joined by Japan External Trade Organization (JETRO) President, Mr. Kataoka Susumu, Japanese government representatives and key members of Japanese chambers across ASEAN, the dialogue explored critical areas such as resilient supply chains, green economy & sustainability, and digital economy & emerging technologies. The high-level exchange aligned with ASEAN’s priorities, fostering actionable policies to enhance regional competitiveness and deepen the ASEAN-Japan Comprehensive Strategic Partnership.
     
    Download the full remarks here.
     

    The post Secretary-General of ASEAN participates in the 17th FJCCIA Dialogue in Jakarta appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Australia: RBA and APRA Update Their Memorandum of Understanding to Strengthen Cooperation to Support Financial Stability

    Source: Airservices Australia

    The Reserve Bank of Australia (RBA) and the Australian Prudential Regulation Authority (APRA) have today published an updated Memorandum of Understanding (MOU), to further strengthen their cooperation and coordination arrangements in support of financial stability in Australia. The updated MOU sets out the RBA and APRA’s respective roles and responsibilities for contributing to financial stability, as well as arrangements for consultation, liaison and information sharing between the two agencies. The MOU also sets out specific arrangements for coordination between the RBA and APRA in relation to macroprudential policy, liquidity support, payments policy and crisis management.

    Both the RBA and APRA have responsibilities in relation to financial stability in Australia, and it is therefore important that they continue to engage closely with one other. The RBA and APRA also cooperate and coordinate with each other and other regulatory agencies on a multilateral basis through the Council of Financial Regulators. The Council of Financial Regulators has today published an updated Charter.

    MIL OSI News –

  • MIL-OSI New Zealand: Heathcare – NZ hosts first-of-its-kind course on life-saving heart technique that halves deaths

    Source: Kia Manawanui Trust | The Heart of Aotearoa New Zealand

    Patients are often told they are “in the best hands”, yet many New Zealanders with blocked arteries in the heart are treated using outdated techniques.
    Most stents are guided into place using angiography – a decades-old imaging method that provides a 2D black-and-white image of the arteries, but offers little detail from inside the vessel itself. Although widely used, it leaves cardiologists making critical decisions without the full picture.
    This week, 30 cardiologists from around New Zealand and Australia will attend a specific teaching course that certifies them in two cutting-edge cardiac imaging techniques – Optical Coherence Tomography (OCT) and Intravascular Ultrasound (IVUS). These techniques provide detailed 3D images from inside the coronary arteries, reducing the risk of thrombosis, and subsequent heart attacks and death.
    The course is being hosted by The Heart of Aotearoa – The Kia Manawanui Trust, alongside the Transcontinental Coronary Imaging and Physiology Club (TCIP) and Asian Pacific Society of Cardiology (APSC) and is the first course of its kind to be offered in New Zealand and Australia.
    The Heart of Aotearoa – The Kia Manawanui Trust Chief Executive Ms Letitia Harding says New Zealanders deserve access to the best-practice cardiac care, and this course is an important step toward delivering it.
    “For years, our heart patients have had stents placed using a technique that is technically adequate, but not optimal.
    “It is now clear that using IVUS or OCT imaging significantly improves patient outcomes and is strongly recommended internationally,” Ms Harding says.
    “We have some of the best cardiologists in the world, and this course draws on their expertise to teach a technique that should become the gold standard in New Zealand.”
    The evidence shows that using these imaging techniques leads to a 45 per cent reduction in cardiac death, she says.
    “The data is clear – these imaging techniques reduce complications, improve outcomes, and lower the risk of death. We can’t ignore that.”
    Trust Medical Director Dr Sarah Fairley – who is one of the course directors and a Wellington-based interventional cardiologist – says this training is an important moment for education in heart healthcare in New Zealand.
    “This isn’t about showcasing novel technology – the aim is to share knowledge and provide colleagues with the training to use intravascular imaging with confidence, so they can deliver the best possible heart healthcare throughout Aotearoa.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Greenpeace: Governments must rise to the moment and vote in favour of a moratorium on deep sea mining

    Source: Greenpeace

    The 30th session of the International Seabed Authority (ISA) has ended with Greenpeace saying governments are continuing to fall short in protecting the deep sea.
    While high-level representatives from Palau, France and Panama attended to rally the international community, Greenpeace is calling for greater efforts from more governments to put a legal barrier between mining machines and the deep ocean.
    Upcoming ISA meetings must secure a moratorium and leave no room for rushed attempts to adopt a Mining Code. Recent developments have made it clear that outstanding political and scientific concerns cannot be hastily resolved under industry-driven pressure.
    Louisa Casson, Campaigner, Greenpeace International who attended the meeting, says: “Governments have yet to rise to the moment. They remain disconnected from global concerns and the pressing need for courageous leadership to protect the deep ocean. We call on the international community to rise up and defend multilateralism against rogue actors like The Metals Company. Leaders must respond by establishing a moratorium and reaffirming that authority over the international seabed lies collectively with all States-for the benefit of humanity as a whole.”
    Juressa Lee, Greenpeace Aotearoa seabed mining campaigner, says: “Deep sea mining is the latest form of colonisation and extraction. Pacific civil society is overwhelmingly opposed to deep sea mining and must not be ignored in the rush by companies and states based in the Global North to start plundering the ocean.”
    While calls for a moratorium on deep sea mining have not yet gained global consensus, they continue to gain momentum, supported by compelling arguments from a diverse group of countries. Croatia has just become the 38th government calling for a precautionary pause, moratorium or ban on deep sea mining.
    On Tuesday His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, addressed the Assembly, drawing attention to persistent efforts and intense pressure from the industry to rush the negotiations and finalise a Mining Code. He stated: “Exploiting the seabed is not a necessity – it is a choice. And it is reckless. It is gambling with the future of Pacific Island children, who will inherit the dire consequences of decisions made far from their shores.”
    In the first meeting of the ISA since The Metals Company (TMC) submitted the world’s first-ever application to commercially mine the international seabed, governments at the ISA Council responded by launching an investigation into whether mining contractors, including TMC’s subsidiaries Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML), are complying with contractual obligations to act in accordance with the international legal framework.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Economy – Job decline continues, wages not growing with inflation – CTU

    Source: NZCTU Te Kauae Kaimahi 

    NZCTU Te Kauae Kaimahi President Richard Wagstaff has said that today’s release of labour market data shows the continued economic pain that is being felt by workers.

    “This new data shows that unemployment is rising, wages are not keeping up with rising costs, and young people are bearing the brunt of the Government’s failure to protect jobs and grow the economy,” said Wagstaff.

    “According to Stats NZ, the number of filled jobs was down 27,850 from this time last year and is down by more than 30,000 over two years. There are 10% fewer 15–19-year-olds in work than this time last year. The Government doesn’t have a plan to tackle unemployment.

    “Total wages grew 1.2% last year. Inflation is currently 2.7%. We have had two years in a row where the minimum wage was cut in real terms, and the Government has cut the living wage from government contracts. Working people’s pay isn’t keeping up with the cost of living, and there is no relief in sight.

    “When we look at the data, there are 12,169 fewer people working in construction than this time last year, nearly 6,000 fewer in manufacturing and 5,000 fewer in professional, scientific, and technical services. It’s no wonder employment confidence is at near record lows.

    “The government’s plan for the economy isn’t working and is only compounding the cost-of-living crisis for working people. They are delivering tax cuts for businesses and the wealthy, and spending cuts for everyone else.

    “The longer that we leave unemployment to grow, the harder it will be to tackle.  It’s time we had policies like fair pay agreements to help deliver the strong working conditions needed right now, and social insurance to support workers in transition. It’s time we had a government that cared for working people and their families,” said Wagstaff.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Rural News – Practical safety reforms welcome news for farmers – Federated Farmers

    Source: Federated Farmers

    Federated Farmers is welcoming new Government proposals to make farm health and safety rules more practical and grounded in real-world farming.
    Workplace Relations and Safety Minister Brooke van Velden today announced targeted consultation with farmers and the wider agriculture sector on health and safety rule changes.
    Many of the proposed changes reflect what Federated Farmers and its members have been calling for, health and safety spokesperson David Birkett says .
    “We’re really pleased the Minister has announced a raft of changes, and that she’ll be consulting directly with our sector to make sure any new rules are fit for the realities of farm life.
    “This commitment to targeted consultation is a good sign farmers will be properly heard.”
    Minister van Velden has announced the development of two new Approved Codes of Practice (ACOPs) – one on the roles and responsibilities in agriculture, and one on the safe use of farm vehicles and machinery.
    “We’re very pleased to see WorkSafe will be developing an ACOP to provide clearer guidance on overlapping duties and PCBU responsibilities in agriculture.
    “Farms are dynamic workplaces and we need greater clarity around who on the farm – whether it’s farmers, contractors or someone else – is responsible for particular health and safety duties, and how they can work together to manage risks.
    “It’s also great to see movement on quad bike safety, because this is where most fatalities are happening. If we’re going to reduce harm, that’s the place to start.”
    The Minister confirmed the Government will strengthen the ACOP model so businesses that comply with them have confidence they’re meeting their legal duties.
    “This is something we’ve been calling for, and it will give farmers clarity and confidence,” Birkett says.
    “We’re committed to working closely with WorkSafe throughout the process to make sure these codes are developed with farmers, not prescribed by Wellington bureaucrats.”
    The Minister also announced a review of the rules around children carrying out light chores on family farms, such as feeding animals and watering plants.
    “We strongly support clarification around what kinds of farm activities children can safely take part in,” Birkett says.
    “Family farms are unique in that they are both a home and a workplace, and kids can learn a lot when they’re safely involved.”
    Federated Farmers has worked closely with Minister van Velden since she first announced the health and safety review at the organisation’s Rural Advocacy Hub at Fieldays 2024.
    Since then, the Minister has joined Federated Farmers for a national webinar and visited farmers to hear firsthand about the practical challenges they face.
    “We’re proud to have played a meaningful role in helping get this reform process off the ground,” Birkett says.
    “Farm safety is absolutely vital, but the rules need to be grounded in fairness, practicality and common sense.
    “These proposals show we’re finally moving in the right direction, with clearer and more workable expectations for farmers.
    “That said, we know there’s still work needed to lift the bar in our sector. Our priority now is helping farmers feel supported and confident to engage with health and safety in a way that genuinely reduces risk on-farm – not just ticks boxes.”

    MIL OSI New Zealand News –

  • MIL-OSI: Amundi: First half and second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Amundi: First half and second quarter 2025 results

    Record inflows of +€52bn in the first half of the year

    Inflows
    already at
    full year 2024
    level    		   Assets under management1at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect

    Net inflows +€52bn in H1, of which +€20bn in Q2

    • +€48bn in medium-to-long-term assets2(MLT) in H1
    • Record half-year net inflows for Institutionals: +€31bn
         
    Growth in
    profit before tax    		   First half 2025: profit before tax3,4€895m, up +4% H1/H14:

    • Driven by revenue growth (+5%)
    • Cost control, with a cost-income ratio at 52.5%3
         
    Continued success on strategic pillars   Partnership with Victory Capital finalised on 1 April
    Strong H1 inflows in strategic priorities:

    • Third-party distribution +€13bn, of which 40% with digital players
    • Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution
    • ETFs +€19bn, with success in European strategies and innovation
    • Responsible investment: wins of key institutional mandates

    Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo
    Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved

    Paris, 29 July 2025

    Amundi’s Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.

    Valérie Baudson, Chief Executive Officer, said: “With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients’ needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.

    Amundi has continued to grow both in terms of activity and results, with first half revenues3up +5% and profit before tax3up +4% year-on-year4.

    Amundi has also leveraged its position as Europe’s leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»

    * * * * *

    Highlights

    Continued organic growth thanks to continued successes in the strategic pillars

    2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group’s growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi’s growth momentum.

    • Amundi, the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 105; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets6 in euro-denominated securities; this European expertise is a key differentiator for Amundi’s comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
    • The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People’s Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile’s sovereign wealth fund thanks to the index and ESG expertise;
    • Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn7 was in the first half of 2025, mainly in MLT assets8, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets8, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;
    • Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP9 license in Third-Party Distribution10, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
    • ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors’ renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
    • Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
    • Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
    • Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

    On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital’s publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.

    Activity

    Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024

    Assets under management1as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.

    These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.

    In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,

    Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.

    Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT8 excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).

    These MLT net inflows8 (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.

    Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.

    The three main client segments contributed to the net inflows of +€52bn:

    • the Retail segment, at +€7bn, thanks to Third-Party Distributors (+€13bn) and Amundi BOC WM (+€1.0bn), while risk aversion continues to affect net inflows from Partner networks;
    • the Institutional segment, at +€31bn, particularly in fixed income and equities thanks to the gain in the first quarter of The People’s Pension mandate (+€21bn, +22 in H1); all sub-segments contributed, to note the very high level of activity in Employee Savings & Retirement, at +€4bn, a record since the creation of Amundi, and the mandates of the insurers of Crédit Agricole and Société Générale, at +€9bn, which benefited from the renewed interest of French savers in life “euro” contracts;
    • and finally, JVs (+€13bn) posted a very positive performance over the half-year; despite market volatility in India, the SBI MF subsidiary gathered +€7bn thanks to a rebound in the second quarter, NH-Amundi (South Korea) +€5bn, and ABC-CA (China) +€2bn (excluding the discontinued Channel business), mainly driven by treasury products.
    • The net inflows from the US distribution of Victory Capital, recorded only over one quarter and only for the Group’s share of 26%, were at breakeven.

    In the second quarter, net inflows reached +€20.4bn, divided between:

    • the MLT assets8 at +€11.1bn, driven by Third-Party Distributors (+€5bn) and the Institutional division (+€10.8bn); the activity was at a record level in Employee Savings & Retirement, even for a seasonally high quarter (+€4.1bn) and Crédit Agricole and Société Générale insurance mandates recorded a good performance (+4.6bn€), in the context already mentioned of the renewed interest in life “euro” contracts and the arbitrage of treasury products in favour of short-duration bonds; as regards asset classes, ETFs confirmed their success (+€8.2bn), but also positive net inflows in active management (+€2.9 billion), driven by fixed income;
    • JVs, for +€10.3bn, thanks in particular to the rebound in SBI MF’s activity in India (+€7.8bn) after two quarters of market volatility and withdrawals related to the end of the fiscal year in the first quarter; ABC-CA (China, +€1.2bn excluding Channel Business) also confirmed the recovery of its activity, particularly in fixed income, driven by a more favourable local market;
    • Treasury products posted outflows (-€1.0bn), with the continuation of seasonal withdrawals from Corporates (-€3.8bn), while all other segments posted net inflows or at least breakeven.

    First half 2025 results

    The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.

    The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)

    Profit before tax3+4% H1/H14

    Adjusted data3

    The Group’s results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.

    Victory Capital’s contribution is accounted for under the equity method for its 26% share with a one-quarter lag.

    The profit before tax3reached €895m in up +4.2% compared to the first half of 2024 pro forma4. This growth comes mainly from revenue growth.

    Adjusted net revenues3 reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:

    • Net Management Fees grew by +4.6% compared to the first half of 2024 pro forma4, at €1,542m, and reflect the increase in average assets under management2 thanks to the good level of activity, despite the negative effect of the product mix on revenue margins;
    • Amundi Technology’s revenues, at €52m, grew strongly (+48.0% compared to the first half of 2024), amplified by the consolidation of aixigo (+€8m), organic growth was +25%;
    • Financial and other revenues3 amounted to €52m, +10.4% compared to the first half of 2024 on a pro forma basis4 thanks to capital gains on seed private equity investments and the portfolio’s positive mark-to-market in the first quarter, although the half-year remains characterised by the negative impact on voluntary investments of the fall in short-term rates in the euro zone, which halved in one year;
    • Performance fees (€58m), on the other hand, decreased by -13.2% compared to the first half of 2024 on a pro forma basis4, reflecting greater market volatility since the beginning of the year, particularly in the second quarter; however, the performance of Amundi′s management remains good, with more than 70% of assets under management ranked in the first or second quartiles according to Morningstar11 over 1, 3 or 5 years, and 243 Amundi funds rated 4 or 5 stars by Morningstar as at 30 June.

    The increase in adjusted operating expenses3, €894m, is +5,3% compared to the first half of 2024 pro forma4 and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group’s operational efficiency.

    In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.

    The cost-income ratio at 52,5%, on an adjusted basis3, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).

    The adjusted gross operating income3reached €808m, up +4,5% compared to the first half of 2024 pro forma4, reflecting growth in revenues and cost control.

    The contribution of equity-accounted JVs12, at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC-CA.

    The adjusted contribution3of the U.S. operations, accounted for under the equity method, which includes Victory Capital’s Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital’s first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.

    The adjusted corporate tax expense3 of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma4.

    In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated13 to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€205m and the adjusted effective tax rate3 would be equivalent to that of the first half of 2024.

    Adjusted net income3 rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma4.

    Adjusted3earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted3 earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma4.

    Accounting data in the first half of 2025

    Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.

    As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.

    As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

    Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.

    Second quarter 2025 results

    The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).

    Q2/Q2 decline in profit before tax3due to performance fees and financial revenues

    Adjusted data3

    The results include aixigo, acquisition of which was finalised in early November 2024. 

    Adjusted net revenues3 totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma4, but business-related revenues, management fees and technology revenues, were up:

    • Net Management Fees grew by +1.2% compared to the second quarter of 2024 pro forma4, at €717m, thanks to the increase in average assets under management2 over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of approximately 25% of invested assets2; compared to the first quarter of 2025 pro forma4, two-thirds of the decline in these fees are explained by the fall in the US dollar;
    • Amundi Technology’s revenues, at €26m, continued their sustained growth (+46.2% compared to the second quarter of 2024), amplified by the consolidation of aixigo (+€3m); excluding aixigo, these revenues were up +30% organically;
    • Performance fees were down due to market volatility (28.9% compared to the second quarter of 2024 pro forma4), but they are higher than in the first quarter on a pro forma basis4 (+53,5%);
    • Financial revenues (-47.2%) were down due to the fall in short-term rates in the euro zone over the period.

    Adjusted operating expenses3 are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma4 and were stable excluding aixigo, reflecting the Group’s operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia. 

    The cost-income ratio at 52,7% on an adjusted data basis3 is in line with the Ambitions 2025 objective (<53%).

    The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m14in the second half of the year. 

    The Adjusted gross operating income3(GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma4.

    The contribution of JVs15, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC-CA.

    The adjusted contribution3of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital’s first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US’s contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.

    Adjusted income before tax3reached €437m, down -1.8% compared to the second quarter of 2024 pro forma4.

    The adjusted corporate tax expense3 of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma4.

    In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated16 at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€95m and the adjusted3 effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma4.

    Adjusted net income3 was €334m. Excluding the exceptional tax contribution, it would have been €343m.

    Adjusted3earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.

    Accounting data in the second quarter of 2025

    Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.

    As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

    Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.

    A solid financial structure, €1.3bn in surplus capital 

    Tangible equity17 amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).

    As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.

    The capital surplus at the end of the first quarter stood at €1.3bn. 

    In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi’s A+ issuer rating18 with a stable outlook, the best in the sector.

    * * * * *

    APPENDICES

    Adjusted income statement3of the first half of 2025

    (M€)   H1 2025 H1 2024* % ch. H1/H1*
             
    Net revenue – adjusted   1,703 1,623, +4.9%
    Management fees   1,542 1,475 +4.6%
    Performance fees   58 66 -13.2%
    Technology   52 35 +48.0%
    Financial income and other revenues   52 47 +10.4%
    Operating expenses – adjusted   (894) (849) +5.3%
    Cost/income ratio – adjusted (%)   52.5% 52.3% +0.2pp
    Gross operating income – adjusted   808, 773, +4.5%
    Cost of risk & others   (6) (8) -28.7%
    Equity-accounted companies – JVs   66 61 +7.1%
    Equity-accounted companies – Adjusted Victory Capital   26 32 -16.8%
    Income before tax – adjusted   895 858, +4.2%
    Corporate tax – adjusted   (259) (192) +35.0%
    Non-controlling interests   2 1 +88.1%
    Net income group share – adjusted   638, 668, -4.5%
    Amortization of intangible assets after tax   (28) (32) -10.8%
    Integration costs and amortisation of the PPA after tax   (7) 0 NS
    Victory Capital adjustments (after tax, on a co-payment basis)   (7) 0 NS
    Victory Capital Capital Capital Gain, after tax   402 0 NS
    Net income group share   998 636 +56.9%
    Earnings per share (€)   4.86 3.11 +56.3%
    Earnings per share – adjusted (€)   3.11 3.26 -4.8%

    * Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

    Adjusted income statement3of the second quarter

    (M€)   Q2 2025 Q2 2024* % var. T2/T2*   Q1 2025* % ch. Q2/Q1*
                   
    Net revenue – adjusted   790 799 -1.0%   823 -3.9%
    Management fees   717 709 +1.2%   737 -2.7%
    Performance fees   35 49 -28.9%   23 +53.5%
    Technology   26 17 +49.8%   26 +0.7%
    Financial income & other revenues   12 23 -47.2%   37 -66.9%
    Operating expenses – adjusted   (417) (410) +1.6%   (416) +0.2%
    Cost/income ratio – adjusted (%)   52,7% 51,4% +1.4pp   50.6% +2.2pp
    gross operating income – adjusted   374 388 -3.8%   407 -8.1%
    Cost of risk & others   (1) (8) -82.4%   (4) -67.4%
    Equity-accounted companies – JVs   38 33 +16.6%   28 +38.6%
    Equity-accounted companies – Adjusted Victory Capital   26 32 -16.8%   22 +21.2%
    Income before tax – adjusted   437 445 -1.8%   452 -3.3%
    Corporate tax – adjusted   (104) (95) +9.0%   (149) -30.6%
    Non-controlling interests   1 0 NS   1 +32.6%
    Net income group share – adjusted   334 350 -4.5%   303 +10.2%
    Amortization of intangible assets after tax   (15) (17) -13.7%   (14) +8.8%
    Integration costs and amortisation of the PPA after tax   (1) 0 NS   (3) -78.2%
    Victory Capital adjustments (after tax, on a co-payment basis)   (7) 0 NS   (4) +62.2%
    Victory Capital Capital Capital Gain, after tax   402 0 NS   0 NS
    Net income group share   715 333 NS   283 NS
    Earnings per share (€)   3.48 1.63 NS   1.38 NS
    Earnings per share – adjusted (€)   1.63 1.71 -4.8%   1.48 +10.2%

    * Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

    Pro Forma Historical Series3Adjusted4– First semester

    (m€)   H1 2025   H1 2024 -Contrib. Amundi US
    T2 2024    		 H1 2024
    pro forma    		   % ch. 25/24 % ch. 25/24
    pro forma
                       
    Net management fees   1,542   1,560 85 1,475   -1.2% -1.4%
    Performance fees   58   67 1 66   -14.1% -13.6%
    Net asset management revenues   1,599   1,627 86 1 541   -1.7% -1.9%
    Technology   52   35 0 35   +48.0% +48.0%
    financial income & other revenues   12   6 3 3   NS NS
    Financial income & other revenues – adjusted   52   50 3 47   +4.1% +6.6%
    Net revenue (a)   1,663   1 667 89 1,578   -0.3% -0.3%
    Net revenue – adjusted (b)   1,703   1 711 89 1,623   -0.5% -0.6%
    Operating expenses (c)   (905)   (900) (51) (849)   +0.6% -1.4%
    Operating expenses – adjusted (d)   (894)   (900) (51) (849)   -0.6% -2.0%
    Gross operating income (e)=(a)+(c)   758   767 38 729   -1.2% +0.9%
    Gross operating income – adjusted (f)=(b)+(d)   808   811 38 773   -0.4% +0.9%
    Cost/income ratio (%) -(c)/(a)   54.4%   54.0% 57.2% 53.8%   0.44pp -0.56pp
    Cost/income ratio – adjusted (%) -(d)/(b)   52.5%   52.6% 57.2% 52.3%   -0.06pp -0.72pp
    Cost of risk & others (g)   397   (5) 3 (8)   NS NS
    Cost of risk & others – adjusted (h)   (6)   (5) 3 (8)   +16.4% -29.7%
    Equity-accounted companies – JV (i)   66   61   61   +7.1% +7.1%
    Equity-accounted companies – US operations (j)   20   0 (32) 32   NS +18.1%
    Equity-accounted companies – U.S. operations – adjusted (k)   26   0 (32) 32   NS +51.8%
    Income before tax (l)=(e)+(g)+(i)+(j)   1,240   824 9 814   +50.6% +51.8%
    Income before tax – adjusted (m)=(f)+(h)+(i)+(k)   895   868 9 858   +3.1% +3.5%
    Corporate tax (n)   (245)   (189) (9) (179)   +29.6% +33.8%
    Corporate tax – adjusted (o)   (259)   (201) (9) (192)   +28.8% +32.0%
    Non-controlling interests (p)   2   1 0 1   +88.1% +88.1%
    Net income group share (q)=(l)+(n)+(p)   998   636 0 636   +56.9% +56.9%
    Net income group share – adjusted (r)=(m)+(o)+(p)   638   668 0 668   -4.5% -4.5%
                       
    Earnings per share (€)   4.86   3.11   3.11   +56.3% +56.3%
    Earnings per share – adjusted (€)   3.11   3.26   3.26   -4.8% -4.8%

    * Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.        

            

    Pro Forma Historical Series3Adjusted4– Quarters 2024-2025

    (m€)   Q2 2025   Q2 2024 -Contrib. Amundi US
    Q2 2024    		 Q2 2024
    pro forma    		   % ch. T2/T2 % var. Q2/Q2
    pro forma    		   Q1 2025* -Contrib. Amundi US
    T1 2025    		 Q1 2025
    pro forma    		   % ch. T2/T1 % var. Q2/Q1
    pro forma
    Net management fees   717   794 85 709   -9.7% +1.2%   824 88 737   -13.0% -2.7%
    Performance fees   35   50 1 49   -29.9% -28.9%   23 0 23   +52.0% +53.5%
    Net asset management revenues   752   844 86 758   -10.9% -0.8%   847 88 760   -11.2% -1.0%
    Technology   26   17 0 17   +49.8% +49.8%   26 0 26   +0.7% +0.7%
    Financial income and other revenues   (7)   3 3 (0)   NS NS   19 2 18   NS NS
    Financial income and other revenues – adjusted   12   26 3 22   -52.9% -43.7%   39 2 37   -68.4% -66.9%
    Net income (a)   771   864 89 775   -10.8% -0.6%   892 90 803   -13.7% -4.0%
    Net income – adjusted (b)   790   887 89 799   -10.9% -1.0%   912 90 823   -13.4% -3.9%
    Operating expenses (c)   (418)   (461) (51) (410)   -9.2% +2.0%   (486) (67) (419)   -14.0% -0.2%
    Operating expenses – adjusted (d)   (417)   (461) (51) (410)   -9.6% +1.6%   (478) (62) (416)   -12.8% +0.2%
    Gross Operating Income (e)=(a)+(c)   352   403 38 365   -12.6% -3.5%   406 22 384   -13.3% -8.2%
    Rross operating income – adjusted (f)=(b)+(d)   374   426 38 388   -12.4% -3.8%   434 28 407   -14.0% -8.1%
    Cost/income ratio (%) -(c)/(a)   54.3%   53.4% 57.2% 52.9%   0.95pp 1.38pp   54.5% 75.0% 52.2%   -0.20pp 2.08pp
    Cost/income ratio – adjusted (%) -(d)/(b)   52.7%   51.9% 57.2% 51.4%   0.79pp 1.37pp   52.4% 69.0% 50.6%   0.35pp 2.16pp
    Cost of risk & others (g)   401   (5) 3 (8)   NS NS   (4) (0) (4)   NS NS
    Cost of Risk & Other – adjusted (h)   (1)   (5) 3 (8)   -71.0% -82.4%   (4) (0) (4)   -67.9% -67.4%
    Equity-accounted companies – JV (i)   38   33 0 33   +16.6% +16.6%   28 0 28   +38.6% +38.6%
    Equity-accounted companies – US operations (j)   20   0 (32) 32   NS -37.7%   0 (18) 18   NS +11.7%
    Equity-accounted companies – U.S. operations – adjusted (k)   26   0 (32) 32   NS -16.8%   0 (22) 22   NS +21.2%
    Profit before tax (l)=(e)+(g)+(i)+(j)   811   431 9 421   +88.3% +92.5%   429 5 425   +89.0% +91.0%
    Profit before tax – adjusted (m)=(f)+(h)+(i)+(k)   437   454 9 445   -3.8% -1.8%   458 10 452   -4.5% -3.3%
    Corporate tax (n)   (97)   (98) (9) (89)   -0.5% +10.1%   (147) (5) (143)   -33.7% -31.6%
    Corporate tax – adjusted (o)   (104)   (105) (9) (95)   -0.8% +9.0%   (155) (6) (149)   -33.2% -30.6%
    Non-controlling interests (p)   1   0 0 0   NS NS   1 0 1   +32.6% +32.6%
    Net income group share (q)=(l)+(n)+(p)   715   333 0 333   NS NS   283 0 283   NS NS
    Net income group share – adjusted (r)=(m)+(o)+(p)   334   350 0 350   -4.5% -4.5%   303 0 303   +10.2% +10.2%
                                     
    Earnings per share (€)   3.48   1.63   1.63   NS NS   1.38   1.38   NS NS
    Earnings per share – adjusted (€)   1.63   1.71   1.71   -4.8% -4.8%   1.48   1.48   +10.2% +10.2%

    Definition of assets under management

    Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV

    Evolution of assets under management from the end of 2021 to the end of June 2025

    (€bn) Assets under management Collection

    Net

    		 Market and exchange rate effect Scope
    effect    		   Change in assets under management
    vs. prior quarter
    As of 31/12/2021 2,064         +14%19
    Q1 2022   +3.2 -46.4   –  
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.7   –  
    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 +62.9   –  
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +7.9  
    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%
    Q1 2025   +31.1 -24.0   –  
    31/03/2025 2,247         +0.3%
    Q2 2025   +20.4 +10.1   -10.6  
    30/06/2025 2,267         +0.9%

    Total over one year between 30 June 2024 and 30 June 2025: +5.2%

    • Net inflows        +€74.9bn
    • Market effect        +€108.8bn
    • Forex effect        -€62.1bn
    • Scope effects        -€10.6bn        
      (Q2 2025 effect of the exit of Amundi US assets under management from Amundi US and the acquisition of 26% of Victory Capital assets under management in the US, the acquisition of aixigo has no effect on assets under management)

    Details of assets under management and net inflows by client segments20

    (€bn) AuM

    30.06.2025

    		 AuM 30.06.24 % change /30.06.24 Q2 2025 inflows Q2 2024 inflows H1 2025 inflows H1 2024 inflows
    Networks France 139 133 +4.3% -0.7 -2.4 -0.5 -0.9
    International networks 161 165 -2.5% -2.9 -0.8 -5.6 -2.8
    Of which Amundi BOC WM 3 3 -15.0% +0.7 +0.4 +1.0 +0.1
    Third-Party Distributors 350 359 -2.5% +5.0 +5.4 +13.3 +12.4
    Retail 650 658 -1.1% +1.4 +2.2 +7.2 +8.7
    Institutional & Sovereigns (*) 548 520 +5.4% +1.7 +1.1 +31.8 +10.7
    Corporates 107 108 -1.4% -3.7 -3.9 -14.0 -8.1
    Company savings 101 90 +12.8% +4.9 +3.8 +4.0 +2.9
    CA & SG Insurers 445 424 +4.8% +5.9 +0.8 +9.4 +1.7
    Institutional 1,201 1,142 +5.1% +8.7 +1.7 +31.2 +7.3
    JVs 359 356 +0.6% +10.3 +11.6 +13.2 +16.1
    Victory- US distribution 58 0 NS -0.0 0.0 -0.0 0.0
    Total 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes20

    (€bn) AuM

    30.06.2025

    		 AuM 30.06.2024 % change /30.06.2024 Q2 2025 inflows Q2 2024 inflows H1 2025 inflows H1 2024 inflows
    Actions 556 515 +8.0% +6.9 +3.2 +33.3 +0.7
    Diversified 270 282 -4.3% +0.1 +0.7 -0.9 -6.9
    Obligations 737 706 +4.3% +6.6 +10.1 +20.9 +24.0
    Real, alternative, and structured 108 112 -4.0% -2.5 +1.0 -5.2 +0.7
    TOTAL MLT ASSETS
    excl. JV & US Distribution    		 1,671 1,616 +3.4% +11.1 +15.1 +48.0 +18.5
    Treasury products
    excl. JVs & US Distribution    		 180 184 -2.1% -1.0 -11.2 -9.6 -2.5
    TOTAL ASSETS
    excl. JV & US Distribution    		 1,851 1,800 +2.8% +10.2 +3.9 +38.4 +16.0
    JVs 359 356 +0.6% +10.3 +11.6 +13.2 +16.1
    Victory-distribution US 58 0 NS -0.0 0.0 -0.0 0.0
    TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1
    Of which MLT assets 2,051 1,938 +5.8% +16.5 +23.7 +56.3 +31.5
    Of which treasury products 216 218 -0.9% +3.9 -8.3 -4.7 +0.6

    Details of assets under management and net inflows by type of management and asset classes20

    (€bn) AuM

    30.06.2025

    		 AuM 30.06.24 % change /30.06.24 Q2 2025 inflows Q2 2024 inflows H1 2025 inflows H1 2024 inflows
    Active management 1,118 1,122 -0.4% +2.9 +8.0 +9.1 +9.3
    Equities 196 207 -5.4% -0.8 -0.4 -4.8 -3.1
    Multi-assets 261 272 -3.8% +0.0 +0.3 -0.9 -7.7
    Bonds 661 643 +2.7% +3.7 +8.1 +14.9 +20.2
    Structured products 41 42 -0.3% -1.4 +1.3 -3.5 +1.9
    Passive management 446 382 +16.7% +10.7 +6.0 +44.2 +8.5
    ETFs & ETC 288 237 +21.2% +8.2 +4.5 +18.6 +9.5
    Index & Smart beta 158 144 +9.2% +2.5 +1.5 +25.6 -1.0
    Real & Alternative Assets 67 71 -6.2% -1.0 -0.3 -1.8 -1.2
    Real assets 63 67 -5.4% -0.6 -0.1 -1.2 -0.3
    Alternative 4 4 -18.4% -0.4 -0.2 -0.5 -1.0
    TOTAL MLT ASSETS
    excl. JV & US Distribution    		 1,671 1,616 +3.4% +11.1 +15.1 +48.0 +18.5
    Treasury products
    excl. JVs & US Distribution    		 180 184 -2.1% -1.0 -11.2 -9.6 -2.5
    TOTAL ASSETS
    excl. JV & US Distribution    		 1,851 1,800 +2.8% +10.2 +3.9 +38.4 +16.0
    JVs 359 356 +19.8% +11.6 -0.9 +16.1 -1.7
    Victory-US Distribution 58 0, NS -0.0 0.0, -0.0 0.0,
    TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1
    Of which MLT assets 2,051 1,938 +5.8% +16.5 +23.7 +56.3 +31.5
    Of which treasury products 216 218 -0.9% +3.9 -8.3 -4.7 +0.6

    Details of assets under management and net inflows by geographic area20

    (€bn) AuM

    30.06.2025

    		 AuM 30.06.2024 % change /30.06.2024 Q2 2025 inflows Q2 2024 inflows H1 2025 inflows H1 2024 inflows
    France 1,028 971 +5.9% +8.7 +0.0 +9.3 +10.0
    Italy 199 207 -3.9% -1.4 -1.8 -3.4 -2.9
    Europe excluding France & Italy 461 406 +13.6% -1.0 +0.1 +22.8 +4.1
    Asia 460 451 +2.0% +13.8 +15.4 +21.6 +22.3
    Rest of the world 119 121 -1.5% +0.3 +1.7 +1.3 -1.3
    TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1
    TOTAL outside France 1,239 1,185 +4.6% +11.7 +15.5 +42.3 +22.1

    Methodological Annex – Alternative Performance Indicators (APIs)

    Accounting and adjusted data

    Accounting data – These include

    • the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
    • integration costs related to the transaction with Victory Capital and PPA amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 as operating expenses. No such costs were recorded in the first nine months of 2024.

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

    • Q1 2024: -€20m before tax and -€15m after tax
    • H1 2024: -€44m before tax and -€28m after tax
    • Q4 2024: -€38m before tax and -€28m after tax
    • Q1 2025: -€29m before tax and -€20m after tax
    • Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
    • H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)

    Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

    Partnership with Victory Capital

    Victory Capital adjusts its US GAAP accounts to better reflect the Group’s economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi’s financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.

    Alternative Performance Indicators21

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

    The adjusted data can be reconciled with the accounting data as follows:

    = accounting data
    = adjusted data
    (M€)   H1 2025 H1 2024*   Q2 2025 Q2 2024 Q2 2024*   Q1 2025 Q1 2025*
                         
                         
    Net revenue (a)   1,663 1,578   771 864 775   892 803
    – Amortisation of intangible assets (bef. Tax)   (37) (43)   (18) (22) (22)   (18) (18)
    – Other non-cash charges related to Alpha Associates   (3) (1)   (1) (1) (1)   (1) (1)
    Net revenue – adjusted (b)   1,703 1, 623   790 887 799   912 823
                         
    Operating expenses (c)   (905) (849)   (418) (461) (410)   (486) (419)
    – Integration costs (bef. tax)   (7) 0   0 0 0   (7) (2)
    – Amortisation related to aixigo PPA (bef. Tax)   (4) 0   (2) 0 0   (2) (2)
    Operating expenses – adjusted (d)   (894) (849)   (417) (461) (410)   (478) (416)
                         
    Gross operating income (e)=(a)+(c)   758 729   352 403 365   406 384
    Gross operating income – adjusted (f)=(b)+(d)   808 773   374 426 388   434 407
    Cost / Income ratio (%) -(c)/(a)   54.4% 53.8%   54.3% 53.4% 52.9%   54.5% 52.2%
    Cost / Income ratio, adjusted (%) -(d)/(b)   52.5% 52.3%   52.7% 51.9% 51.4%   52.4% 50.6%
    Cost of risk & others (g)   397 (8)   401 (5) (8)   (4) (4)
    Cost of risk & others – Adjusted (h)   (6) (8)   (1) (5) (8)   (4) (4)
    Share of net income from JVs (i)   66 61   38 33 33   28 28
    Share of net income from Victory Capital (j)   20 32   20 0 32   0 18
    Share of net income from Victory Capital – Adjusted (k)   26 32   26 0 32   0 22
    Income before tax (l)=(e)+(g)+(i)+(j)   1,240 814   811 431 421   429 425
    Income before tax – adjusted (m)=(f)+(h)+(i)+(k)   895 858   437 454 445   458 452
    Corporate tax (m)   (245) (179)   (97) (98) (89)   (147) (143)
    Corporate tax – adjusted (n)   (259) (192)   (104) (105) (95)   (155) (149)
    Non-controlling interests (o)   2 1   1 0 0   1 1
    Net income group share (q)=(l)+(n)+(p)   998 636   715 333 333   283 283
    Net income group share – adjusted (r)=(m)+(o)+(p)   638 668   334 350 350   303 303
                         
    Earnings per share (€)   4.86 3.11   3.48 1.63 1.63   1.38 1.38
    Earnings per share – adjusted (€)   3.11 3.26   1.63 1.71 1.71   1.48 1.48
                         

    * Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

    Shareholding

        30 June 2025   31 March 2025   31 December 2024   30 June 2024
    (units)   Number
    of shares    		 % of capital   Number
    of shares    		 % of capital   Number
    of shares    		 % of capital   Number
    of shares    		 % of capital
    Crédit Agricole Group   141,057,399 68.67%   141,057,399 68.67%   141,057,399 68.67%   141,057,399 68.93%
    Employees   4,398,054 2.14%   4,128,079 2.01%   4,272,132 2.08%   2,879,073 1.41%
    Self   1,625,258 0.79%   1,961,141 0.95%   1,992,485 0.97%   963,625 0.47%
    Floating   58,338,551 28.40%   58,272,643 28.37%   58,097,246 28.28%   59,747,537 29.20%
                             
    Number of equities at the end of the period   205,419,262 100.0%   205,419,262 100.0%   205,419,262 100.0%   204,647,634 100.0%
    Average number of equities since the beginning of the year   205,419,262 –   205,419,262 –   204,776,239 –   204,647,634 –
    Average number of equities quarter-to-date   205,419,262 –   205,419,262 –   205,159,257 –   204,647,634 –

    Average number of shares prorata temporis.

    • The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
    • 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 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.                                                

    Financial communication calendar

    • Tuesday 28 October 2025: Q3 and 9-month 2025 results
    • Fourth quarter 2025: new medium-term strategic plan

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players22, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets23.

    With its six international investment hubs24, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working 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.

    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 presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.

    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        See definition of assets under management p.14
    2        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
    3        Adjusted data: see p. 16
    4        For explanations of pro forma variations, see p. 12 and 13
    5        Source: IPE “Top 500 Asset Managers” published in June 2025
    6        Including JV and Victory Capital – US Distribution
    7        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
    8        Medium to Long-Term Assets, excluding JVs
    9        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
    10        See Third-Party Distribution Investor Workshop of 19 June 2025
    11        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; 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 March 2025. © 2025 Morningstar, all rights reserved
    12        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    13        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    14        Currently being estimated
    15        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    16        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    17        Net equity minus goodwill and intangible assets
    18        Long-Term Issuer Default Rating (IDR)
    19        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
    20        See definition of assets under management, p.14
    21        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
    22Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
    23Amundi data as at 30/06/2025
    24Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on July 29, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of offers received (in ₹ crore) 46,058
    Amount accepted (in ₹ crore) 46,058
    Cut off Rate (%) 5.49
    Weighted Average Rate (%) 5.48
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/800

    MIL OSI Economics –