Source: United States Marines
U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.
US Senate News:
Source: United States Senator for New Hampshire Maggie Hassan
HELP Committee Also Advances Additional Hassan-Led Bills
WASHINGTON – The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously voted today to advance a package that includes the SAFE Sunscreen Standards Act, bipartisan legislation led by U.S. Senators Maggie Hassan (D-NH) and Roger Marshall (R-KS) to modernize the U.S. Food and Drug Administration’s process for reviewing and approving new sunscreens. The FDA has not approved a new sunscreen active ingredient since 1999, while other countries, such as France and South Korea, have innovative sunscreen products on the market that often use newer, more effective UV filters. The SAFE Sunscreen Standards Act would require the FDA to improve its outdated approval process and will help American consumers access more effective sun protection options that have been safely used in other countries for years.
“As Granite Staters head outside and enjoy summer, Congress needs to remove the outdated barriers that prevent Americans from being able to use modern sunscreen products,” said Senator Hassan. “This commonsense bipartisan legislation will modernize the FDA’s approval process to allow American manufacturers to make more up-to-date, effective sunscreens that people are already using safely around the world. I am pleased to see this important measure advance, and I will continue working to get this bill signed into law.”
As part of the bipartisan package, the HELP Committee also advanced the bipartisan Prescription-to-OTC Process Act, led by Senators Hassan and Husted (R-Ohio), which directs the FDA to communicate more clearly with the health industry about the process and standards for switching medications from prescription to over-the-counter marketing. In addition, the committee voted unanimously to advance Senator Hassan’s Advocate for Employee Ownership Act, which establishes an Advocate for Employee Ownership position at the Department of Labor to promote and improve access to employee stock ownership plans, or ESOPs.
US Senate News:
Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI), Shelley Moore Capito (R-WV), and Maggie Hassan (D-NH) introduced the Safe Response Act, bipartisan legislation to reauthorize a grant program that allows states, local government entities, and Tribes to train and provide resources to first responders to respond to drug overdoses.
“The opioid crisis has left thousands of families across Wisconsin with an empty seat at the dinner table. As we start to turn the tide on this epidemic, we need to double down on what is working and ensure communities have the tools they need to reverse overdoses and poisonings,” said Senator Baldwin. “I’m proud to back this bipartisan bill to ensure first responders have the training they need to use lifesaving tools like Narcan and protect Wisconsin families from the heartbreak of losing a loved one too soon.”
“West Virginians know all too well the devastation and heartbreak drug overdoses cause in our communities. That’s why it is essential Congress provides the resources and training our first responders need to administer life-saving overdose reversal drugs and keep themselves safe in the process. I’m proud to join my colleagues in reintroducing this legislation that will equip our first responders with the necessary tools to save more lives,” said Senator Capito.
“Fire fighters, paramedics, police officers, and other first responders are on the frontlines fighting the opioid epidemic and we must keep working to ensure that they have the resources and support that they need,” said Senator Hassan. “This bipartisan legislation will help to ensure that more first responders in New Hampshire and across the country have access to training on how to use overdose reversal drugs like naloxone to save more lives.”
According to the Centers for Disease Control (CDC), there were 80,391 drug overdose deaths in the United States in 2024. Of those, over 50,000 overdose deaths were due to opioids, including fentanyl. This marked a sharp decline from the previous year — a decrease of 26.9% from the 110,037 deaths estimated in 2023 – in part due to the availability of opioid reversal drugs like naloxone.
The 2018 SUPPORT Act included a grant program to provide funding for states, local government entities, Indian Tribes, and tribal organizations to train and provide resources to first responders to respond to an overdose. The Safe Response Act would reauthorize this grant program, included as part of the bipartisan SUPPORT Act, providing $57 million per year for fiscal years 2026 through 2030 for grants to first responders and those in key community sectors to respond to overdoses. Grants may be used to:
Senator Baldwin’s Safe Response Act has garnered strong support from local, state, and national public safety leaders and organizations, including the Wisconsin Professional Police Association, Wisconsin State Fire Chiefs Association, Racine Police Chief Alexander Ramirez, Milwaukee Fire Chief Aaron Lipski, Kenosha Fire Chief Daniel Tilton, Green Bay Metro Fire Chief Matthew Knott, Rock County Sheriff Curt Fell, Kenosha City Administrator and former Kenosha Chief of Police John Morrissey, Waukesha Mayor Shawn Reilly, Waukesha Fire Chief Robert Goplin, Waukesha Police Chief Dan Thompson, Madison Mayor Satya Rhodes-Conway, Mothers Against Prescription Drug Abuse (MAPDA), Big Cities Health Coalition, National Association of Police Organizations, National Council of Urban Indian Health, and Association of State and Territorial Health Officials (ASTHO).
“As Chief of the Milwaukee Fire Department, I know firsthand the importance of supporting our first responders with critical training and resources to prevent overdose deaths. We recognize the importance of the Safe Response Act as substance misuse and overdose continue to significantly impact our local communities,” said Aaron Lipski, Chief of the Milwaukee Fire Department and Chair of RISE – Drug-Free MKE. “Thank you, Senator Baldwin, for your dedication to the ongoing efforts of helping those in the community with substance use issues to receive the best possible immediate and follow-up care through training and valuable resources to present a positive outcome for all involved.”
“The reauthorization of the Safe Response Act is a smart and necessary allocation of funds. As someone who spent decades in law enforcement and now serves in city leadership, I’ve seen firsthand how critical it is for our first responders to have the right tools, training, and resources,” said John W. Morrissey, Kenosha City Administrator and former Kenosha Police Chief. “The increased funding—from $36 to $57 million annually—will make a real difference for communities like Kenosha. I fully support this legislation and urge Congress to move it forward.”
“The opioid epidemic is not an abstract concept for local communities in Wisconsin. We are on the frontlines and need the resources to respond to this public health crisis. Senator Baldwin’s leadership on the Safe Response Act is deeply appreciated. This is an important tool to support first responders and our residents,” said Madison Mayor Satya Rhodes-Conway.
“As Fire Chief of the Green Bay Metro Fire Department, I’m proud to support Senator Baldwin’s Safe Response Act. Every day, our firefighters and paramedics witness the impact that the opioid and fentanyl crisis has on our community. This legislation will give first responders the training and resources they need to save lives and stay safe while doing it,” said Matthew Knott, Chief of the Green Bay Metro Fire Department.
A one-pager on this legislation is available here. Full text of this legislation is available here.
US Senate News:
Source: United States Senator for Kentucky Mitch McConnell
WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Defense Subcommittee, delivered opening remarks at a McCain Institute event “Highlighting Policy Recommendations for Post-War Russia.” Below are his remarks as prepared for delivery:
It’s hard to think of a more appropriate home for the Task Force’s important work than the McCain Institute, or a more fitting ringleader than a proud McCain alumnus like Dan Twining.
My good friend, John McCain, was so unapologetic and clear-eyed about the scope of America’s interests. And he relished being the speck in Vladimir Putin’s eye through his solidarity with the free peoples of eastern Europe…
He supported the expansion of the greatest military alliance in the history of the world… And stood for the right of sovereign nations to choose their destiny.
When Putin called the fall of the Soviet Union the “greatest political catastrophe of the 20th century,” John understood that he meant it, and urged our colleagues to take Russia’s neo-Soviet ambitions seriously.
In the not-so-distant past, that sort of clarity – acknowledging that Russia still threatened America’s interests – could invite public scorn…
…Like the sort of sanctimonious condemnation a certain former colleague of mine received from President Obama during a prime-time debate.
We heard that Putin would moderate… That his ambitions were limited… And that anyone who suggested otherwise was a dusty Cold Warrior past his prime.
Well, to that I say: It is so good to be among friends!
***
Needless to say, the importance of grappling with Russia’s behavior and motivations can no longer be laughed away.
Wake-up call is perhaps the most tired phrase of the past three years.
And yet that’s exactly what Putin’s escalation in 2022 was: an urgent, overdue, uncomfortable, and undeniable alarm.
It was a reminder that the realities of geopolitics don’t care which region we’d rather prioritize or what we’d rather spend our treasure on. The bravery of Ukraine’s defenders and the suffering of its civilians press us to remember that our enemies get a vote.
There are, of course, promising signs that the West has managed to free itself from the delusion that hegemonic aggressors can be appeased.
Reports of our European allies’ rebuilding their military strength are not exaggerated.
Nearly all NATO members today are striving toward the Baltics’ example of investment and readiness… And those who are not should hear from all of us.
In the process, allies are making overdue sacrifices to stamp out dependency on Russian energy…
They’re placing enormous investments in cutting-edge American-made weapons…
And they’re proving willing to break domestic political china – even changing a Constitution or two – to unlock deeper and more sustained commitments to collective defense.
This transformation is real. It’s well underway. And it’ll be essential to securing America’s interests in the coming decades.
What about here at home? As friends of Ukraine, we may be tempted to dwell on the ways we drag behind this progress… and overlook the ways we underpin it.
We may rightly be frustrated by years of murky commitments, slow-walked assistance, fear of escalation, and confusion about who the aggressor is.
But I would suggest that, on this, America has much to be proud of.
Just consider the cascading benefits of U.S. assistance to Ukraine: a small fraction of our defense budget has helped Ukraine resist and degrade a more powerful military aggressor.
After years of talk and little action to address the shortcomings of our own arsenal and defense industrial base, we’ve spurred massive investments in replenishing stocks and producing deterrent capabilities faster.
By partnering with the world’s most experienced practitioners of drone warfare, we’ve tapped into a wealth of knowledge about the changing nature of the modern battlefield. Ukraine’s expertise is teaching America today what our forces will need to prevail tomorrow.
And as NATO’s biggest spender, America has encouraged much of our allies’ transformation.
***
Of course, I don’t mean to suggest that we’ve escaped the gravitational pull of complacency and short-sightedness for good. Our allies’ progress is not assured forever. European security – and trans-Atlantic security – is not some clock to be wound once and left alone.
Perhaps the biggest lesson of 2022 – even bigger than the need to invest urgently today – is the importance of long-term commitments, and steady, annual investments in defense.
And on this front, America must continue to lead by our example. We simply cannot expect allies to reach and sustain five percent if we’re only willing to spend three-and-a-half, ourselves.
A strategy to lead from behind is no strategy at all. And as the Task Force makes perfectly clear, this goes beyond spending targets – it’s about presence, too.
Even as our allies and partners build more lethal forces, there’s still no more credible deterrent than American commitment.
No wonder European allies generously support rotational deployments of U.S. troops and invest in state-of-the-art training ranges for joint exercises. These commitments improve our collective readiness and interoperability, and they’re worth sustaining.
The task of illustrating the strategic importance of Europe to America’s security interests is not ours, alone. In fact, for years now, there’s been no more effective communicator of what’s at stake in Ukraine – strategically and morally – than Putin, himself.
As he continues to throw a generation into the meat-grinder of combat and target Ukrainian mothers and children at will, Putin is sending a clear message.
And in the face of his brutal aggression and public revisionism, overwhelming majorities of Americans recognize Russia as our adversary… and see that the outcome of Putin’s war of conquest matters immensely to us.
Much to the dismay of restrainers and isolationists who thought they’d get to freelance American foreign policy, the President of the United States increasingly sees Putin’s signals for what they are.
The President has been right to recognize Putin’s play for time. He’s been right to entertain proposals for new, secondary sanctions. Most importantly, he’s been right to green-light further lethal assistance to Ukraine.
I’ve said this before: Stopping the killing is a noble goal, but the price of peace matters. And there will be no enduring peace unless Ukraine is equipped to credibly deter further aggression from Russia.
***
The appetite of neo-Soviet imperialism does not end with Ukraine. How do we know?
Because Putin’s predecessors subjugated far wider swaths of Europe…
Because he invaded Georgia…
And because, as we speak, his troops are in Moldova, too!
Nations that have spent centuries in Russia’s shadow do not stumble westward by accident.
Finland and Sweden did not join NATO out of symbolic solidarity with Ukraine.
They did it because they know that Putin wants more.
So the Task Force is right to take the long view and grapple seriously with what comes next.
What comes next for the trans-Atlantic alliance?
What comes next for the increasingly aligned authoritarians working to undermine U.S. interests and influence?
What comes next for America and our ability to defend these interests and preserve this influence?
As you put it, our deterrence is not divisible. And I would add: this is because our credibility is not divisible.
No U.S. ally in the Indo-Pacific has time to waste on the notion that the implications of deterrence in Europe are confined to a separate sphere of influence.
No ally in Europe can afford to miss the crystal-clear connection between Russian aggression and support from China, North Korea, and Iran.
The consequences of America’s strategic decisions still ripple across oceans and continents with equal speed.
And a headline that reads “Russia Wins, America Loses” will read as clearly in Beijing, Tehran, and Pyongyang as it does here in Washington.
Avoiding that outcome will take more work from all of us. Thank you for all you’re doing.
Source: GlobeNewswire (MIL-OSI)
SAN DIEGO, July 30, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of Generative AI-driven analytics and operational software for casinos and resorts, today announced that it has secured a significant minority growth investment from Curve Partners. This strategic funding backs QCI’s current management team – led by co-founders Dr. Ralph Thomas and Andrew Cardno – to continue their remarkable growth trajectory and will fuel further acceleration of product expansion and global reach markets.financialcontent.com. The investment underscores confidence in QCI’s vision and provides significant capital to extend the company’s market leadership in the gaming resort technology sector.
QCI’s co-founders weighed multiple investment offers over the past year before selecting Curve Partners as their growth partner. “For us, finding the right investment partner was critical,” said Dr. Ralph Thomas, Co-Founder and CEO of QCI. “We engaged with several potential investors, but Curve Partners stood out with their understanding of our industry and their commitment to helping companies like ours scale responsibly. This investment is not just capital – it’s a partnership that validates our vision and gives us additional firepower to accelerate product development and customer success.” QCI’s leadership was impressed by Curve’s focus on high-growth, founder-led companies and their enthusiasm for the resort systems space – the sophisticated software and analytics powering modern casino resorts. Curve’s team recognized QCI as the clear market leader in this domain, given QCI’s extensive deployment and innovation track record markets.financialcontent.com. The growth capital infusion not only validates QCI’s success to date but also positions the company for even faster expansion in the coming years.
Landon Jaussi, Founder and Managing Partner at Curve Partners www.curvepartners.co, expressed his excitement about the new partnership. “QCI is everything we look for at Curve,” said Jaussi. “It is a bootstrapped, founder-led, and product-first company that is deeply respected by customers. As investors, we have been looking closely at the resort systems and gaming technology sector, and QCI stands out as a clear leader. Ralph and Andrew have built a powerful vertical SaaS platform with real technical depth and multi-product scale, all while remaining high growth and profitable. Their reputations in the industry are unmatched, and Curve is proud to support them as the first institutional investor and board member.”
QCI’s recent growth and product diversification have been nothing short of remarkable. Key milestones over the past year include:
“Having Curve Partners on board is a huge validation of what our team has built,” added Andrew Cardno, Co-Founder and CTO of QCI. “Curve’s support will help us double down on our product roadmap and global expansion plans. We believe this partnership will translate into even greater value for our customers as we continue to lead the market with cutting-edge solutions for the casino and resort industry.” According to Cardno, the funding will enable QCI to accelerate R&D in new features and AI capabilities while maintaining the company’s focus on customer success and innovation. Both co-founders emphasized that Curve’s investment aligns with QCI’s long-term strategy of sustainable, tech-driven growth in the hospitality gaming sector.
About Quick Custom Intelligence (QCI)
Quick Custom Intelligence (QCI) has pioneered the QCI Enterprise Platform, an artificial intelligence-driven solution that seamlessly integrates player development, marketing, and gaming operations with powerful real-time tools for the gaming and hospitality industries. QCI’s advanced, highly configurable software is deployed in over 300 casino resorts across North America, Europe, Asia, Australia, Latin America and beyond, managing more than $40 billion in annual gross gaming revenue. The QCI platform is recognized as a best-in-class solution that enables fully coordinated activities across all aspects of casino and resort operations, helping operators make swift, data-informed decisions that optimize resources, increase profits, and enhance the guest experience. Co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno, QCI is headquartered in San Diego, with additional offices in Las Vegas, St. Louis, Denver, and Phoenix. For more information, visit the QCI website at quickcustomintelligence.com.
About Curve Partners
Founded by Landon Jaussi, former TCV investor, Curve Partners (www.curvepartners.co) invests in leading, bootstrapped technology companies at early-growth inflection points. The firm partners with exceptional, founder-led teams building capital-efficient businesses in B2B and B2B2C software and data platforms. Curve Partners’ investment approach centers on providing strategic support and capital to help companies scale sustainably and achieve market leadership.
Legal counsel for Curve Partners was provided by Croke Fairchild Duarte & Beres LLC
ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.
ABOUT Dr. Ralph Thomas
Dr. Ralph Thomas is the Co-Founder and Chief Executive Officer of Quick Custom Intelligence. Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.
Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354
Source: GlobeNewswire (MIL-OSI)
SAN DIEGO, July 30, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of Generative AI-driven analytics and operational software for casinos and resorts, today announced that it has secured a significant minority growth investment from Curve Partners. This strategic funding backs QCI’s current management team – led by co-founders Dr. Ralph Thomas and Andrew Cardno – to continue their remarkable growth trajectory and will fuel further acceleration of product expansion and global reach markets.financialcontent.com. The investment underscores confidence in QCI’s vision and provides significant capital to extend the company’s market leadership in the gaming resort technology sector.
QCI’s co-founders weighed multiple investment offers over the past year before selecting Curve Partners as their growth partner. “For us, finding the right investment partner was critical,” said Dr. Ralph Thomas, Co-Founder and CEO of QCI. “We engaged with several potential investors, but Curve Partners stood out with their understanding of our industry and their commitment to helping companies like ours scale responsibly. This investment is not just capital – it’s a partnership that validates our vision and gives us additional firepower to accelerate product development and customer success.” QCI’s leadership was impressed by Curve’s focus on high-growth, founder-led companies and their enthusiasm for the resort systems space – the sophisticated software and analytics powering modern casino resorts. Curve’s team recognized QCI as the clear market leader in this domain, given QCI’s extensive deployment and innovation track record markets.financialcontent.com. The growth capital infusion not only validates QCI’s success to date but also positions the company for even faster expansion in the coming years.
Landon Jaussi, Founder and Managing Partner at Curve Partners www.curvepartners.co, expressed his excitement about the new partnership. “QCI is everything we look for at Curve,” said Jaussi. “It is a bootstrapped, founder-led, and product-first company that is deeply respected by customers. As investors, we have been looking closely at the resort systems and gaming technology sector, and QCI stands out as a clear leader. Ralph and Andrew have built a powerful vertical SaaS platform with real technical depth and multi-product scale, all while remaining high growth and profitable. Their reputations in the industry are unmatched, and Curve is proud to support them as the first institutional investor and board member.”
QCI’s recent growth and product diversification have been nothing short of remarkable. Key milestones over the past year include:
“Having Curve Partners on board is a huge validation of what our team has built,” added Andrew Cardno, Co-Founder and CTO of QCI. “Curve’s support will help us double down on our product roadmap and global expansion plans. We believe this partnership will translate into even greater value for our customers as we continue to lead the market with cutting-edge solutions for the casino and resort industry.” According to Cardno, the funding will enable QCI to accelerate R&D in new features and AI capabilities while maintaining the company’s focus on customer success and innovation. Both co-founders emphasized that Curve’s investment aligns with QCI’s long-term strategy of sustainable, tech-driven growth in the hospitality gaming sector.
About Quick Custom Intelligence (QCI)
Quick Custom Intelligence (QCI) has pioneered the QCI Enterprise Platform, an artificial intelligence-driven solution that seamlessly integrates player development, marketing, and gaming operations with powerful real-time tools for the gaming and hospitality industries. QCI’s advanced, highly configurable software is deployed in over 300 casino resorts across North America, Europe, Asia, Australia, Latin America and beyond, managing more than $40 billion in annual gross gaming revenue. The QCI platform is recognized as a best-in-class solution that enables fully coordinated activities across all aspects of casino and resort operations, helping operators make swift, data-informed decisions that optimize resources, increase profits, and enhance the guest experience. Co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno, QCI is headquartered in San Diego, with additional offices in Las Vegas, St. Louis, Denver, and Phoenix. For more information, visit the QCI website at quickcustomintelligence.com.
About Curve Partners
Founded by Landon Jaussi, former TCV investor, Curve Partners (www.curvepartners.co) invests in leading, bootstrapped technology companies at early-growth inflection points. The firm partners with exceptional, founder-led teams building capital-efficient businesses in B2B and B2B2C software and data platforms. Curve Partners’ investment approach centers on providing strategic support and capital to help companies scale sustainably and achieve market leadership.
Legal counsel for Curve Partners was provided by Croke Fairchild Duarte & Beres LLC
ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.
ABOUT Dr. Ralph Thomas
Dr. Ralph Thomas is the Co-Founder and Chief Executive Officer of Quick Custom Intelligence. Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.
Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354
Source: United States House of Representatives – Congressman Frank J. Mrvan (IN)
Gary, IN – Today, Rep. Frank J. Mrvan (IN-01) and Rep. Nikki Budzinski (IL-13) held a Workforce Roundtable through their roles with the New Democrat Coalition with Northwest Indiana representatives of organized labor, higher education institutions, and local nonprofit organizations to discuss the federal government’s role in strengthening the workforce through education and training initiatives.
The roundtable included representatives from the Center of Workforce Innovations, the Construction Advancement Foundation, Goodwill Industries of Michiana, IBEW Union 6th District, the Indiana Plan, Ironworkers Local Union 395, Ivy Tech Community College, the Northwest Indiana Building Constructions Trade Council, Operating Engineers Local Union 150, United Steelworkers Local Unions 1010 and 1014, and United Way Northwest Indiana.
Congressman Mrvan stated, “Thank you to Rep. Budzinski, all of our colleagues in the New Democrat Coalition, and all of the participants today for this discussion on how we can continue to collaborate together to create more work and wealth in Northwest Indiana and communities across our country. Northwest Indiana is a community of people who work hard to get ahead, and I am grateful that this conversation can focus on the invaluable contributions from labor unions and their apprenticeship programs, nonprofits with dedicated job training resources, and technical education programs offered at high schools and institutions of higher education. This region’s commitment to education and training sends a clear message that Northwest Indiana is not only open for business, but we have the skilled workforce to get the job done.”
Congresswoman Budzinski stated, “I was excited to join Congressman Mrvan for our seventh New Dems on the Road stop to talk about a workforce development agenda that meets the demands of the 21st century economy. As a trade unionist, I know that a traditional four-year degree is far from the only path to a successful career – in fact, programs like registered apprenticeships offer incredible opportunities for folks to learn in-demand skills and get connected with good-paying jobs. It was great to hear from union leaders, community colleges, and local nonprofits about the work they’re doing in Indiana to expand access to these job training programs, and I look forward to bringing the insights from this conversation back to Washington, DC.”
For additional information on the New Democrat Coalition workforce initiatives, click here.
###
US Senate News:
Source: United States Senator for Kansas Roger Marshall
Senator Marshall Joins the Brian Kilmeade Show to Discuss Trump Trade Deals, the MAHA Movement, and Democrats Obstructing Confirmations
Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Brian Kilmeade on The Brian Kilmeade Show on Fox News Radio to discuss President Trump’s historic trade deals and what they mean specifically for Kansas agriculture, MAHA movement momentum, China deterrence, and Senate Democrats’ attempts to obstruct the confirmation process.
Click HERE or on the image above to listen to Senator Marshall’s full interview.
On President Trump’s trade deals:
“Brian, I mean, we’re ecstatic, absolutely ecstatic. Every time I see the President, I’ll tell him we’re not tired of winning. But you know, who’s excited about these trade deals are my Kansas farmers and the aerospace industry. What Kansas exports are agriculture products and airplanes, and jets. So just ecstatic about these deals. The President removing these non-trade barriers all these countries, in addition to giving us basically zero types of penalties going into their country’s tariffs, but they’re also opening their markets, and they’re moving investment into America. Just this past week, I had several of the large pharma companies who make their drugs overseas, very popular, very successful [say that] they’re moving that manufacturing here, so we’re all excited about them.”
On Fed Chair Powell and interest rates:
“I sure hope so. Jerome “too late” Powell, he is too late, kind of like “too tall” Jones. This is Jerome “too late” Powell. He should have cut it a quarter point, some time ago, a quarter point now, half point in the future. He’s a lame duck, and I don’t know what he’s going to do. If he doesn’t drop something today, I just have to think it’s politically or emotionally motivated.”
On the progress of the MAHA movement:
“Yeah, we’re making great progress. Making incredible progress. We have a group of bills that will help support that movement as well. A group of bills that’s going to make our soil healthier, help our farmers grow more with less pesticides, and with less fertilizers. The thing I’m worried about right now, which is coming to my attention, Brian is China continues to make a lot of knockoffs. So, for instance, China is making a knockoff of a GLP-1, that they’re sending to the US, that’s compounded into a pharmacy. 14 people have died from that. So, one of my big emphases here is moving all that supply chain back to the United States. It’s easier said than done.”
On U.S.-China trade deals:
“The big picture is that with China, we have a $270 billion trade deficit to address. I think that people missed the calculated way that the Trump administration is doing this. Basically, they boxed in China. Think about it. They’ve done the EU. They’ve done Indonesia, the Philippines, Vietnam, Japan, and Australia, so that by having bilateral trade agreements with them, it’s putting a lot of pressure on China. One other thing China does to cheat is they’ll send a bunch of T-shirts that they made or tennis shoes, and they’ll send them to Vietnam, and then Vietnam is getting them in at their lower tariff rate. So, the President is doubling up on that type of transaction to make sure that those are tarred appropriately. So, we absolutely are getting there. To your point, I’m much more concerned about fentanyl poisoning, their intellectual property theft, the counterfeits they make, all those things. But I have faith in Scott Bessent. This guy is one of the sharpest people I’ve ever met.”
On Democrats stalling nominations and spending bills:
“I think this is the big political picture here, and you get this, but what’s driving the Democrat Party right now is the far left. Chuck Schumer is scared to death of AOC on the far left, so they’re demanding he’s got to do something. He’s got to do something. So, he’s doing everything in his power to gum up the process, whether it’s nominations or appropriations bills as well. He’s in a panicked mode right now, and he’s lashing out, slowing up what is traditionally done. People that would pass with unanimous consent and take zero floor time, we’re having to vote on them three times and spend two hours or more on each one of them. So, if they’re going to keep doing that, then we just need to stay here in August till we get more of these people confirmed.
On the Senate delaying recess until nominations are confirmed:
“The Democrats secretly want to all go home, right? That is their number one priority. These people are professional politicians; they’re used to having all summer off. And by the way, when I go back, I’m going to work harder back in Kansas than I do here. Then, at the same time, their leader is scared to death. I can’t believe he’s still there. Their leader hasn’t been fired yet, but he’s scared to death to be in a primary. So it’s all about his political legacy right now, keeping that together. But I just have to emphasize, Brian, yes, I want to go home, but I’ve done four telephone town halls up here with people back in Kansas in the last two weeks, with over 5,000 people on each one of those calls. You can go home on weekends. We’ve had significant, strong events as well. We could stay for easily two weeks, and still go back and accomplish that mission of targeting the great things about the Big Beautiful Bill, whether it’s the biggest tax cut in American history or no tax on tips, all those types of things. So, I think we can walk and chew gum. But, what we could do most to help the people of America is get President Trump’s nominations confirmed so they can execute his agenda.”
On Democrats battling each other on bipartisan bills:
“First of all, the one thing I learned politically up here is when your opponent is forming a circular firing squad, don’t hop in the middle of them. So, I think we need to give them all the rope we can on this. This kind of takes us back to what I was talking about earlier. The far left of the Democrat Party is the tail wagging the dog. Here’s Cory Booker running for president, right? He’s trying to reach that primary base, saying he’s the most radical, progressive person up here. That’s what he’s doing right there. And again, this is a party that won’t stop digging. They’re in this hole. They have no respect for law and order. They he just keep digging and digging. These bills that she’s proposing are bipartisan, stronger law and order support the police. He’s out there still shouting like this mayor candidate from New York that wants to defund the police. So, I think this is all political. They’re more interested in running for president, Cory Booker is. Then here, you have Amy Klobuchar, who’s one of the most moderate Democrats, level-headed people up here. And to be honest, it’s just been a joy to get to know and work with her. We’re in bipartisan prayer breakfast together. It’s something you’ll never see, but she gave just an incredible lesson to us today about life in our bipartisan prayer breakfast.”
Source: GlobeNewswire (MIL-OSI)
Australia – HERE Technologies, a global leader in digital mapping and location data, is expanding its collaboration with EROAD, a leading provider of fleet management and telematics solutions, to power EROAD’s first vehicle-aware navigation application for Oceania. The solution will be available in Australia and New Zealand and is designed to enhance driver safety, fleet efficiency and regulatory compliance. The new solution will be built on the HERE platform, leveraging advanced routing services and truck-specific data.
This deepened partnership reflects both companies’ shared commitment to delivering innovative transport solutions tailored to the needs of commercial vehicle and fleet operators globally. By combining HERE’s location intelligence with EROAD’s operational expertise, the partnership aims to improve delivery accuracy, simplify route planning, and elevate the day-to-day experience for both drivers and fleet managers.
Built for Fleets, Designed for Drivers
EROAD’s new vehicle-aware navigation application draws on key capabilities from HERE WeGo Pro, a mobile-first, professional-grade application that transforms centrally planned routes into real-time, turn-by-turn guidance. Designed specifically for commercial fleets, the new solution offers:
“Our partnership with EROAD is critical in shaping the future of truck-specific navigation in the region,” said Deon Newman, Senior Vice President and General Manager for Asia Pacific at HERE Technologies. “With the HERE platform at its core, the vehicle-aware navigation application enables fleets to gain real-time insights, optimised truck routes, and critical alerts to prevent incidents like bridge strikes. It also helps operators remain compliant with road regulations, avoid costly fines and reduce operational risks. This level of intelligent navigation empowers fleets to operate more efficiently while enhancing safety and elevating the driver experience.”
Growing Demand in Oceania for Smarter, Connected Vehicle Technologies
The launch comes at a critical time for Australia and New Zealand’s transport and logistics sector. According to a recent report by ResearchAndMarkets.com, the installed base of fleet management systems in ANZ is projected to reach 2.7 million units by 20281, reflecting the growing demand for smarter, more connected vehicle technologies.
Meanwhile, the industry faces mounting pressure from a looming driver shortage. A report by The International Road Transport Union highlights that 47% of Australia’s truck drivers are over the age of 55, with more than 21% expected to retire by 20292. The country is already short nearly 28,000 heavy vehicle drivers, underscoring the urgent need for tools that can support both new and experienced drivers on the road.
“Oceania’s transport and logistics sector is under immense pressure – from driver shortages to rising delivery demands and increasingly complex compliance requirements,” said Mark Davidson, Chief Product Officer at EROAD. “With our expanded partnership with HERE, we’re equipping our customers with a solution that not only helps them navigate these challenges, but also positions them to operate more safely, efficiently, and competitively in a rapidly evolving market.”
To learn more about HERE’s truck-optimised navigation capabilities, visit https://www.here.com/products/wego-pro
Media Contacts
EROAD
Rich Llewellyn
027 523 2362
richard@shanahan.nz
HERE Technologies
Vanessa Lee
+65 9188 6199
Vanessa.lee@here.com
About EROAD
EROAD (NZX/ASX: ERD) is a hardware-enabled SaaS company delivering safety, compliance, sustainability and efficiency solutions for complex fleets.
Its connected platform is used by commercial and government operators across New Zealand, Australia and North America to manage vehicles, assets and drivers with greater visibility and control. EROAD supports demanding, highly regulated fleet operations, including those moving food, concrete and aggregates, enabling them to operate smarter, safer and more sustainably. EROAD’s platform is built on a foundation of regulatory expertise, having delivered the world’s first GPS-based road user charging system in New Zealand, where it remains the market leader today.
About HERE Technologies
HERE has been a pioneer in mapping and location technology for 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at here.com.
1Fleet Management in Australia and New Zealand – 9th Edition
2Global Truck Driver Shortage Report 2024
Attachment
US Senate News:
Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – During a Senate Agriculture Committee hearing today, U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, grilled U.S. Department of Agriculture (USDA) Deputy Secretary Stephen Vaden on the Trump Administration’s reorganization plan for USDA, which will rob rural communities of vital local control and leadership. Senator Welch also questioned Dep. Sec. Vaden about how USDA plans to better balance and allocate resources to specialty crop, organic, and dairy farms in comparison to large commodity farms.
“Let me be candid: I have some inclination to be supportive of folks being back home, closer to where they’re serving,” said Senator Welch. “The concern I have is whether the reorganization plan is on the level—whether it’s about empowering local communities or it’s about decimating the already severely cut back work force.”
U.S. Secretary of Agriculture Brooke Rollins’ plan to restructure USDA follows the Department’s firing of 15,000 employees as part of the Trump Administration’s mass-layoff campaign of federal employees. While USDA claims the reorganization will bring USDA closer to farmers, the proposal would force more than 2,000 local USDA federal employees to relocate across five regional hubs in North Carolina, Missouri, Indiana, Colorado, and Utah. The location of these hubs makes it clear that USDA values large-scale commodity and row cropping farms over the small-scale farms in Vermont and the Northeast.
Farmers and agricultural organizations have expressed concerns over how the sudden large-scale restructuring of USDA could disrupt essential services the agency provides and erode support for farmers and rural communities.
Watch the exchange between Senator Welch and USDA Deputy Secretary Vaden:
Read key excerpts of Senator Welch’s questioning below:
Senator Welch: “In Vermont, we’ve lost 78 staff members already. And our local USDA is terrific—they’re responsive, we call them, they give us an answer—they help us…So, how am I going to get excited about this so-called ‘reorganization plan’ where folks are going back, but we’ve already lost 78? Tell me why I should be confident about this.”
Mr. Vaden: “Well Senator, to use your phrase, this plan is ‘on the level.’ The Secretary and I are both serious. Employees who accept their new locations—they’ve got a job, and we’ve got an office for them, and we’re planning a new home for them in a location where their federal salary will go farther.”
Senator Welch: “But here’s what doesn’t make sense to me: If you believe in the local control, why do you fire local people?”
Mr. Vaden: “Senator, if you’re referring to the deferred resignation plan, those were voluntary decisions made by individual employees who chose—with the information that the agency provided to them—to seek a new career elsewhere.”
Senator Welch: “You know, you’re talking about a lot of federal workers—they felt the axe was coming down, and they had to make a choice between two really terrible things: get fired…or take the buyout. So, that doesn’t satisfy me. And again, we’ve got 78 people who wanted to stay on their jobs, buy and large, and were doing a good job and would answer the phone when I called—and they’re gone.
“You know what my concern is, and I’d like to be able to follow up, because I want this in the real world to be beneficial for folks in Vermont, for our farmers who are incredibly valuable citizens.”
Source: United Kingdom London Metropolitan Police
A man has been sentenced to jail for murdering a father in front of his young child in a barbershop in Leyton.
Josh McKay, 33, was stabbed in the neck by Renai Belle in a targeted attack and died from his injuries at the scene. During the Metropolitan Police investigation, officers discovered a rap video showing Belle threaten Josh before the attack.
Belle, 30 (20.02.95), of Swaythling Close, Edmonton was sentenced to 28 years in prison on Wednesday, 30 July at the Old Bailey. He was previously convicted for Josh’s murder and possession of a knife on Wednesday, 4 June.
A man and woman were also convicted and sentenced for separate offences.
Josh’s mother, Bash Kehinde said: “Today’s sentencing changes nothing for me and my family. I will never see my beautiful son. And his two children will now face life without their hero.
“To all of the mothers of murdered children, I understand your pain, the sadness and sense of loss that is unbearable. It is made worse because it was all so senseless.
“Josh was a beautiful happy kind man and an active and loving father. The world is less kind, less bright and less funny without him here.”
Detective Inspector Chris Griffith, from Specialist Crime North, who led the investigation, said: “This was a savage and pre-planned attack, committed in broad daylight and with scant regard for passers-by. What took place left the local community reeling, and two young children without their father.
“My heart goes out to Josh’s family and friends. He was a loving parent, whose life was ended in the most horrendous way.
“I hope that today’s result provides Josh’s family with some closure, and allows the community to feel safer knowing that Belle is no longer free to commit such heinous crimes.”
The court heard that Josh was at a barbershop on Lea Bridge Road with his son on Saturday, 6 July. Around 15:00hrs, as shown on CCTV seized by the investigation team, Belle entered the shop wearing a balaclava where he stabbed Josh in the neck in a pre-meditated attack following a long-standing dispute. Belle was then chased away by Josh.
Members of the public rushed to Josh’s aid and attempted to provide medical treatment until the arrival of officers and paramedics. Despite their best efforts, Josh died from his injuries.
A determined investigation began immediately in which officers painstakingly combed through more than 100 hours of CCTV footage to track Belle’s movements and understand what took place.
Officers discovered that Belle was the passenger in a car being driven by his partner, Tenika Parker. Having seen Josh enter the barbershop, the pair drove to the address of man called Daniel Cooper. In doorbell footage later seized, Cooper was seen providing Belle with the balaclava and knife that would be used minutes later to murder Josh. Belle was then driven back to the barbers nearby before stabbing Josh. He was helped to escape by Parker in the waiting car.
A manhunt led to the arrest of Belle at an address in Pincott Road, SW19 on Monday 8 July, 2024.
As part of officers’ determination to further establish a watertight case against Belle, further enquiries led them to discover a rap video on YouTube showing Belle threaten Josh in advance of the attack, more proof that it was pre-planned.
Parker was initially arrested on suspicion of assisting an offender on Sunday, 7 July in India Dock Road, Poplar. She was stopped by police while driving the car that had been identified as involved in the murder. During a search of Parker’s vehicle, officers found distinct black sliders Belle was seen wearing in CCTV footage, as well as traces of blood that officers sent for forensic testing. This provided a DNA match to Josh. Parker was rearrested on Wednesday, 2 October, and charged with perverting the course of justice after CCTV footage showed her attempting to clean her car after the attack to remove any evidence.
Cooper was arrested after handing himself in to police on Thursday, 11 July. During a search at Cooper’s property, officers discovered two knives matching the branding of the weapon that was left at the scene of Josh’s murder. Forensic testing on the balaclava and knife discarded by Belle at the scene of Josh’s murder found DNA that matched with Cooper.
On Wednesday, 4 June, Tenika Parker, 39 (21.02.86), of Canterbury Road, Leytonstone and Daniel Cooper, 22 (20.02.03) of Gosport Road, Leytonstone stood trial alongside Belle.
Parker was convicted of possession of a knife and perverting the course of justice. On Wednesday, 30 July, she was sentenced at the Old Bailey to 2 years and 3 months years in prison.
Cooper had previously pleaded guilty to possession of a knife but was acquitted of other offences. He was sentenced on Friday, 6 June for 7.5 months.
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.
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.
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.
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.
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).
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
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.
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
Source: GlobeNewswire (MIL-OSI)
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
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)
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.
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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.
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
|
|
| Growth in profit before tax |
First half 2025: profit before tax3,4€895m, up +4% H1/H14:
|
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| Continued success on strategic pillars | Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities:
Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo |
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.
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:
In the second quarter, net inflows reached +€20.4bn, divided between:
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:
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:
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%
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 aggregate amounts of these items are as follows for the different periods under review:
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.
Financial communication calendar
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
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
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
Source: Reserve Bank of India
Ajit Prasad Press Release: 2025-2026/800 |
Source: Government of India
Source: Government of India (4)
The Thailand–Cambodia border, where fighting has raged since last week, was calm on Tuesday following a ceasefire deal and military commanders from both sides are set to meet for talks later in the day, acting Thai Prime Minister Phumtham Wechayachai said.
Phumtham and Cambodian Prime Minister Hun Manet met in Malaysia on Monday and agreed to halt their deadliest conflict in more than a decade following five days of intense fighting that killed at least 38 people, mostly civilians, and displaced over 300,000.
The Thai army said in a statement there had been attacks by Cambodian troops in at least five locations early on Tuesday, violating the ceasefire that had come into effect from midnight, and Thailand‘s military had retaliated proportionately.
Phumtham played down the clashes, and said he had spoken with Cambodia‘s defence minister ahead of the talks between military commanders.
“There is no escalation,” Phumtham told reporters. “Right now things are calm.”
Thai military officials in two areas had met with their Cambodian counterparts, but commanders along the stretch of the frontier that has seen the heaviest fighting during the conflict were yet to hold talks, Thai army spokesman Major Gen. Winthai Suvaree said in a statement.
The parley had been scheduled for 10 a.m. local time (0300 GMT), but it was postponed and no new time had yet been set, he added.
Maly Socheata, a spokesperson for the Cambodian Defence Ministry, said at a briefing on Tuesday that there had been no new fighting along the border.
Vehicular traffic and daily activity resumed in the Kantharalak district of Thailand‘s Sisaket province on Tuesday, about 30 km (20 miles) from the frontlines, where Thai and Cambodian troops remain amassed.
Cars and motorbikes returned to the streets, which had been largely empty since the border clashes began on Thursday, with military vehicles among civilian traffic.
Chaiya Phumjaroen, 51, said he returned to town to reopen his shop early on Tuesday, after hearing of the ceasefire deal on the news.
“I am very happy that a ceasefire happened,” he said. “If they continue to fight, we have no opportunity to make money.”
TALKS AND TRADE
The Southeast Asian neighbours have wrangled for decades over their disputed frontier and have been on a conflict footing since the killing of a Cambodian soldier in a skirmish late in May, which led to a troop buildup on both sides and a full-blown diplomatic crisis.
Monday’s peace talks came after a sustained push by Malaysian Premier Anwar Ibrahim and U.S. President Donald Trump, with the latter warning Thai and Cambodian leaders that trade negotiations would not progress if fighting continued.
Thailand and Cambodia face a tariff of 36% on their goods in the U.S., their biggest export market, unless a reduction can be negotiated. After the ceasefire deal was reached, Trump said he had spoken to both leaders and had instructed his trade team to restart tariff talks.
Pichai Chunhavajira, Thailand‘s finance minister, said on Tuesday that trade talks with Washington are expected to be concluded before August 1, and that U.S. tariffs on the country are not expected to be as high as 36%.
(Reuters)
Source: Government of India
Source: Government of India (4)
U.S. President Donald Trump said on Tuesday that he was not seeking a summit with Chinese President Xi Jinping, but added that he may visit China at Xi’s invitation, which Trump said had been extended.
“I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!,” Trump said on Truth Social.
Aides to Trump and Xi have discussed a potential meeting between the leaders during a trip by the U.S. president to Asia later this year, sources previously told Reuters.
A trip would be the first face-to-face encounter between the men since Trump’s second term in office, at a time when trade and security tensions between the two superpower rivals remain elevated.
While plans for a meeting have not been finalized, discussions on both sides of the Pacific have included a possible Trump stopover around the time of the Asia-Pacific Economic Cooperation summit in South Korea or talks on the sidelines of the October 30-November 1 event, the people said.
The third round of U.S.-China trade talks taking place in Stockholm this week may lay the groundwork ahead of a leaders’ summit in the autumn, analysts say.
A new flare-up of tariffs and export controls would likely impact any plans for a meeting with Xi.
(Reuters)
Source: Government of India
Source: Government of India (4)
As heavy rain lashed the national capital on Tuesday morning, Air India issued a travel advisory cautioning passengers that flight operations to and from Delhi may be affected due to adverse weather conditions.
The airline advised travelers to check their flight status on its official website before leaving for the airport and to allow extra time for their journey.
“Gusty winds and rain may impact flight operations to and from Delhi this morning. Please check your flight status… before heading to the airport and allow extra time for your journey,” said Air India on X.
The downpour, accompanied by thunderstorms, brought much-needed relief from the humid weather in several parts of Delhi.
Meanwhile, the India Meteorological Department (IMD) has forecasted heavy to very heavy rainfall across large parts of the country until August 4. On July 29, extremely heavy rain is expected over eastern Rajasthan and Himachal Pradesh, while Uttarakhand, Punjab, and Haryana may witness heavy showers.
In western India, Konkan and Gujarat are likely to experience isolated heavy rainfall on July 29, with light to moderate showers predicted over the next 6–7 days.
Northeast India, including Assam and Arunachal Pradesh, is expected to see heavy to very heavy rainfall. Eastern and central states like Bihar and Madhya Pradesh may face isolated heavy rain and thunderstorms.
In southern India, heavy rainfall is likely over Kerala and coastal Karnataka on July 29 and 30, accompanied by strong winds ranging between 40–50 kmph. Light to moderate rain with thunderstorms is expected in most southern states throughout the week.
The IMD further stated that fairly widespread to widespread rainfall is expected over northwest, northeast, and eastern regions of the country in the coming days, while central and peninsular India may witness scattered to fairly widespread rain.
For Wednesday, the IMD has issued a warning for heavy to very heavy rainfall at isolated places in eastern Rajasthan. Heavy rainfall is also expected at isolated locations in Arunachal Pradesh, Assam, Meghalaya, Bihar, Chhattisgarh, Himachal Pradesh, Jammu and Kashmir, Ladakh, Gilgit-Baltistan, Muzaffarabad, Jharkhand, Kerala, Mahe, Madhya Pradesh, Uttar Pradesh, Uttarakhand, West Bengal, Sikkim, and western Rajasthan.
Thunderstorms accompanied by lightning and gusty winds (30–40 kmph) are likely at isolated places in Bihar, Gangetic West Bengal, Jammu and Kashmir, Ladakh, Gilgit-Baltistan, Muzaffarabad, Jharkhand, parts of Arunachal Pradesh, Assam, Meghalaya, Chhattisgarh, Gujarat, Madhya Pradesh, Nagaland, Manipur, Mizoram, Tripura, Rajasthan, Uttar Pradesh, Uttarakhand, and Vidarbha.
(With inputs from ANI)
