NewzIntel.com

Category: Australia

  • MIL-OSI Australia: Arrest – Serious Traffic Offences – Darwin

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested a 35-year-old male yesterday in relation to serious traffic offences committed over the past month.

    Between 27 March and 21 April 2025, the rider of a motorcycle displaying false plates committed a number of high-speed driving offences within the Greater Darwin region reaching speeds of up to 215 kilometres per hour.

    Officers from the Territory Road Policing Division investigated the incidents, identifying the rider and motorcycle involved.

    Yesterday morning, members executed a search warrant on the riders residence in Karama locating the motorcycle and alleged offender at the location.

    The Motorcycle was seized and the 35-year-old male was arrested and conveyed to the Palmerston Watch House. He has since been charged with 54 offences including:

    • Possess thing to administer dangerous drug;
    • Posses schedule 1 dangerous drug – Less than traffickable quantity;
    • Drive at a speed and manner dangerous;
    • Driving at a dangerous speed more 45 kilometres over;
    • Fail to comply with police direction;
    • Possess plates calculated to deceive;
    • Breach of bail;
    • Drive a motor vehicle while unlicenced;
    • Drive unregistered motor vehicle; and
    • Drive unregistered motor vehicle.

    He is remanded to appear in Darwin Local Court on 1 May 2025.

    Sergeant Rowan Benson of the Territory Road Policing Division said “It is extremely disappointing that we are still seeing these dangerous offences being committed. The reckless actions of the person involved has created unjustifiable risk to so many members of the public and it is lucky that on this occasion nobody has been seriously injured or killed.

    “The Northern Territory Police Force will continue to work tirelessly to investigate and prosecute people that choose to put other Territorians in danger.”

    Road users are encouraged to report traffic offending to police either by calling 131 444 or by submitting a report online at http://pfes.nt.gov.au/reportonline. You can make anonymous reports via Crime Stoppers online at https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Australia: Call for information – Unlawful entry – Katherine

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information following an unlawful entry in Katherine.

    Around 8:45am this morning, the Joint Emergency Services Communication Centre received reports of an alleged unlawful entry at a business facility near the intersection of First and O’Shea Streets. 

    While inside, the unknown offenders allegedly caused significant damage to multiple doors and deployed a fire extinguisher within one of the office spaces.

    Police attended and established a crime scene.

    Investigations are ongoing, and anyone with information is urged to contact police on 131 444. Please quote reference number P25117919. Anonymous reports can be made via Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Australia: Arrests – Aggravated assault – Palmerston

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested three females in relation to an aggravated assault that occurred outside a small shopping precinct in Palmerston yesterday afternoon.

    About 3:15pm, the Joint Emergency Services Communication Centre received reports of a female being assaulted by a group of four females. Police allege the female was struck to the head with a bottle and further hit with blunt objects before a male bystander tried to intervene and was also assaulted.

    The group fled the scene before police arrival but were arrested nearby a short time later and conveyed to the Palmerston Watch House.

    St John Ambulance attended and conveyed the female victim to Royal Darwin Hospital for medical assessment. The male was treated for minor injuries at the scene.

    Three females, aged 30, 58 and 59, are expected to be charged at a later date. One of the alleged offenders remains outstanding and Serious Crime detectives have carriage of the investigation.

    Anyone with information in relation to the incident is urged to contact police on 131 444. Anonymous reports can be made via Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Australia: UPDATE: Charges – Aggravated robbery – Karama

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has charged a 17-year-old male in relation to an aggravated robbery that occurred in Karama on Monday evening.

    Further investigation determined the second male was not inside the store at the time of the incident, and there is currently insufficient evidence to confirm his involvement.

    The 17-year-old was charged yesterday afternoon with aggravated robbery and was remanded to appear in court today. 

    MIL OSI News –

  • MIL-OSI Asia-Pac: LCQ14: Enticing international online celebrity to visit Hong Kong

    Source: Hong Kong Government special administrative region

    LCQ14: Enticing international online celebrity to visit Hong Kong 
    Question:
     
    It has been reported that earlier on, an internationally renowned online celebrity live-streamed his activities on YouTube, a video-sharing website, during his visit to Hong Kong, attracting a large number of local and overseas fans to follow him physically, and the number of viewers of the relevant live streams has exceeded 10 million, thus bringing to Hong Kong international exposure that can hardly be ignored. There are views that online celebrities’ “decentralised and spontaneous high-profile events” of this kind enable viewers around the world to see the daily street situations in Hong Kong in real time, which is in line with the concept of “Tourism is everywhere in Hong Kong”. In this connection, will the Government inform this Council:
     
    (1) as it has been reported that massive crowds of people were drawn by the aforesaid online celebrity when he was doing the live streams, whether the authorities will formulate plans to assist in maintaining public order during similar events in the future; if so, of the details; if not, the reasons for that;
     
    (2) as there are views that the experience of the aforesaid online celebrity’s visit to Hong Kong attests to the high interactivity and cost-effectiveness of high-traffic online celebrities, whether the authorities will study stepping up efforts to entice them to visit Hong Kong and integrating such events into tourism promotional campaigns; if so, of the details; if not, the reasons for that; and
     
    (3) as it has been reported that the aforesaid online celebrity had earlier on experienced a high-tech tour in Shenzhen, including riding in an amphibious vehicle, watching a robot dance and experiencing a food delivery service by drone, and such activities have demonstrated our country’s high level of technology to the international community, whether the authorities will draw up a list of high-tech projects for visits in Hong Kong to facilitate visits by international high-traffic online celebrities and overseas travellers; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
    In respect of the question raised by the Dr Hon Dennis Lam, having consulted the Security Bureau and the Innovation, Technology and Industry Bureau (ITIB), the reply is as follows:
     
    (1) The Police have always attached great importance to and endeavoured to maintain public safety and order. Regarding the live webcasting activities conducted by a Key Opinion Leader (KOL) in public places earlier, the Police had been keeping a close watch on the activities and making continuous assessment of the situation. The Police had also taken the initiative to liaise with the team of the KOL, so as to make timely manpower deployment when necessary, with a view to maintaining public safety and order. In case of similar activities in the future, the Police will, as in the past, closely monitor the situation and make timely assessment, and flexibly deploy police manpower to deal with any possible emergencies.
     
    (2) “Seeing is Believing” forms the cornerstone of our strategic approach to showcase Hong Kong’s authentic appeal and diverse tourism offerings. The Hong Kong Tourism Board (HKTB) consistently invites KOLs, influencers, media, and industry partners from around the world to experience the city’s diverse charm firsthand, so as to promote Hong Kong tourism.
     
    The HKTB has tailor-made a variety of thematic itineraries for these guests, covering Chinese and Western arts, pop culture, water and harbour experiences, traditional festivities, gastronomy and outdoor exploration. This aims to create positive word-of-mouth through their personal experiences by leveraging their vast influence, with a view to attracting more visitors to come to Hong Kong.
     
    In 2024, the HKTB proactively invited more than 2 600 KOLs, influencers, media and trade partners from different source markets (including the Mainland, Southeast Asia, Taiwan, Japan, South Korea and long-haul markets) to visit Hong Kong. Counting only KOLs, the HKTB proactively invited over 620 KOLs from local, the Mainland, and overseas markets in 2024 to experience Hong Kong and tell the world the good stories of Hong Kong through their first-hand travel experiences. Collectively, these KOLs have a fan base of approximately 380 million.
     
    The top 10 KOLs invited by the HKTB in 2024 are as follows:
     

    KOLThis year, the HKTB continues to take proactive measures. In the first quarter, the HKTB invited over 650 KOLs, influencers, media, and industry partners to come to Hong Kong to create positive exposure. Particularly during the “Hong Kong Super March”, the HKTB collaborated with nearly 100 KOLs and celebrities from various countries and regions (including the Mainland, Taiwan, the UK, Australia, South Korea, Thailand, Indonesia), who shared their first-hand experiences on social media, reaching over 50 million followers. Notable participants included South Korean actor Wi Ha-joon, who starred in Netflix’s hit series Squid Game 2, world number one snooker player Judd Trump, Mainland Chinese singer Zhang Yuan, rising Thai stars Boss and Noeul, former British rugby player Ryan Wilson and Indonesian artist Eva Alicia.
     
    Looking ahead, the HKTB will adhere to the strategy of “Seeing is Believing” and invite more globally renowned KOLs, media, and industry representatives to visit Hong Kong, spreading its unique charm worldwide and attracting more visitors to make advance plans to travel to Hong Kong.
     
    The HKTB stands ready to provide appropriate support to KOLs who are interested in visiting and promoting Hong Kong tourism, subject to evaluation of various factors including the size of their fanbase, their social media posts engagement rates, their professional status and image, whether they tie in with the target source markets and marketing strategies, with the aim of leveraging their first-hand experiences to showcase Hong Kong’s unique charm.
     
    (3) According to the ITIB, the Government is dedicated to promoting Hong Kong’s innovation and technology (I&T) development by leveraging Hong Kong’s advantages as an international city to foster global I&T collaboration. The two I&T flagships (Hong Kong Science and Technology Parks Corporation and Cyberport) support tech enterprises to expand their network of collaborative partners in the Mainland and overseas markets as well as liaise with their I&T park enterprises and the I&T sector, actively participate in international or regional conferences and exhibitions, with a view to promoting commercialisation of research and development outcomes as well as the products to both the Mainland and overseas markets.
     
    Regarding the HKTB’s initiative of inviting KOLs, influencers, media, and industry partners to come to Hong Kong and tailor-making a variety of thematic itineraries, the HKTB stands ready to incorporate different elements (including those related to technology) into the itineraries to showcase Hong Kong’s characteristics, thereby promoting Hong Kong’s appeal and attracting more visitors to come to Hong Kong.
    Issued at HKT 11:55

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    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Amid Dutton’s ‘hate media’ and Trump’s despotism, press freedom is more vital than ever

    COMMENTARY: By Alexandra Wake

    Despite all the political machinations and hate towards the media coming from the president of the United States, I always thought the majority of Australian politicians supported the role of the press in safeguarding democracy.

    And I certainly did not expect Peter Dutton — amid an election campaign, one with citizens heading to the polls on World Press Freedom Day — to come out swinging at the ABC and Guardian Australia, telling his followers to ignore “the hate media”.

    I’m not saying Labor is likely to be the great saviour of the free press either.

    The ALP has been slow to act on a range of important press freedom issues, including continuing to charge journalism students upwards of $50,000 for the privilege of learning at university how to be a decent watchdog for society.

    Labor has increased, slightly, funding for the ABC, and has tried to continue with the Coalition’s plans to force the big tech platforms to pay for news. But that is not enough.

    The World Press Freedom Index has been telling us for some time that Australia’s press is in a perilous state. Last year, Australia dropped to 39th out of 190 countries because of what Reporters Without Borders said was a “hyperconcentration of the media combined with growing pressure from the authorities”.

    We should know on election day if we’ve fallen even further.

    What is happening in America is having a profound impact on journalism (and by extension journalism education) in Australia.

    ‘Friendly’ influencers
    We’ve seen both parties subtly start to sideline the mainstream media by going to “friendly” influencers and podcasters, and avoid the harder questions that come from journalists whose job it is to read and understand the policies being presented.

    What Australia really needs — on top of stable and guaranteed funding for independent and reliable public interest journalism, including the ABC and SBS — is a Media Freedom Act.

    My colleague Professor Peter Greste has spent years working on the details of such an act, one that would give media in Australia the protection lacking from not having a Bill of Rights safeguarding media and free speech. So far, neither side of government has signed up to publicly support it.

    Australia also needs an accompanying Journalism Australia organisation, where ethical and trained journalists committed to the job of watchdog journalism can distinguish themselves from individuals on YouTube and TikTok who may be pushing their own agendas and who aren’t held to the same journalistic code of ethics and standards.

    I’m not going to argue that all parts of the Australian news media are working impartially in the best interests of ordinary people. But the good journalists who are need help.

    The continuing underfunding of our national broadcasters needs to be resolved. University fees for journalism degrees need to be cut, in recognition of the value of the profession to the fabric of Australian society. We need regulations to force news organisations to disclose when they are using AI to do the job of journalists and broadcasters without human oversight.

    And we need more funding for critical news literacy education, not just for school kids but also for adults.

    Critical need for public interest journalism
    There has never been a more critical need to support public interest journalism. We have all watched in horror as Donald Trump has denied wire services access for minor issues, such as failing to comply with an ungazetted decision to rename the Gulf of Mexico to the Gulf of America.

    And mere days ago, 60 Minutes chief Bill Owens resigned citing encroachments on his journalistic independence due to pressure from the president.

    The Committee to Protect Journalists is so concerned about what’s occurring in America that it has issued a travel advisory for journalists travelling to the US, citing risks under Trump administration policies.

    Those of us who cover politically sensitive issues that the US administration may view as critical or hostile may be stopped and questioned by border agents. That can extend to cardigan-wearing academics attending conferences.

    While we don’t have the latest Australian figures from the annual Reuters survey, a new Pew Research Centre study shows a growing gap between how much Americans say they value press freedom and how free they think the press actually is. Two-thirds of Americans believe press freedom is critical. But only a third believe the media is truly free to do its job.

    If the press isn’t free in the US (where it is guaranteed in their constitution), how are we in Australia expected to be able to keep the powerful honest?

    Every single day, journalists put their lives on the line for journalism. It’s not always as dramatic as those who are covering the ongoing conflict in the Middle East, but those in the media in Australia still front up and do the job across a range of news organisations in some fairly poor conditions.

    If you care about democracy at all this election, then please consider wisely who you vote for, and perhaps ask their views on supporting press freedom — which is your right to know.

    Alexandra Wake is an associate professor in journalism at RMIT University. She came to the academy after a long career as a journalist and broadcaster. She has worked in Australia, Ireland, the Middle East and across the Asia Pacific. Her research, teaching and practice sits at the nexus of journalism practice, journalism education, equality, diversity and mental health.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Manchester launches annual State of the City Report

    Source: City of Manchester

    The latest State of the City report, detailing Manchester’s progress in delivering its 10-year strategy, comes at a pivotal moment.

    It is published as the current 2015-25 Our Manchester Strategy period concludes, and the city prepares to launch its new strategy for the next decade. 

    The annual State of the City report provides a snapshot of how the city has progressed and where deep-rooted challenges are being addressed. 

    Bev Craig, Leader of Manchester City Council, said: “This is a significant year for Manchester as we prepare to launch the new Our Manchester Strategy which will guide the city for the next decade, and reflect on the progress we have collectively made in the last 10 years. 

    “Our annual State of the City report enables us to chart that progress as well as the challenges that still remain. 

    “The report demonstrates Manchester’s dynamism as we continue to see strong population and economic growth and begin to see the impact of a raft of initiatives to tackle inequalities and ensure that everyone is included in the city’s success. That includes overseeing the building of more council, social and genuinely affordable homes than at any time in the last 15 years.  

    “We’re also investing in improving neighbourhoods across the city. Progress is being made. But while Manchester is now firmly established among leading European cities, and is one of the fastest growing, we are focused on taking that success to the next level – and taking all Mancunians with us.”  

    The State of the City report assesses progress against the 2015-25 Our Manchester Strategy’s five key themes: 

    A Thriving and Sustainable City  

    In 2024, Manchester’s population continued to grow, driven primarily by international migration and a rise in student numbers. This growth has had a positive impact on the city’s overall development, particularly in the city centre, which remains a central hub for economic growth, benefiting both Manchester itself and the wider region. 

    The demand for office space in Manchester remains robust, with 2024 expected to see record levels of leasing activity for office spaces, marking a significant milestone in the post-pandemic recovery. Additionally, the Oxford Road corridor continues to attract large-scale investments, such as the launch of City Labs 4.0 and new office and research opportunities on Upper Brook Street, alongside the approval of a strategic regeneration framework for Sister – a new innovation district and global science hub. 

    Manchester’s cultural, tourism, and leisure sectors have also seen a surge in visitor numbers throughout 2024. Aviva Studios and Co-op Live have quickly become key venues, drawing in crowds for major music and cultural events. At the same time, investment in the city’s district centres, supported by Government funding secured by the Council has led to noticeable progress, particularly in areas like Wythenshawe, Gorton, Moston and Withington with impetus to expand this to high streets across the city.  

    A Highly Skilled City 

    As Manchester’s population continues to grow, the city’s workforce has also expanded, with 426,000 people in employment.  Most schools in the city are now rated as good or outstanding. Additionally, more young people are pursuing post-16 education, with an increase in capacity at various colleges and schools, although this remains an ongoing challenge. 

    Manchester continues to attract and retain a large number of graduates, which contributes to the city’s thriving workforce. Economic growth has been fueled by the rise of highly skilled jobs in industries such as digital technology, biotechnology, and advanced materials.  

    However, there are still significant levels of economic inactivity, particularly due to poor health. To address this, a variety of programs have been introduced to help individuals access employment opportunities and improve their skills. 

    Targeted initiatives have focused on specific sectors and employers, with local job fairs and customised support programs being backed by various funding schemes. As part of the city’s efforts to achieve UNICEF Child Friendly City status, partnerships between schools and employers have been established.  

    Furthermore, Manchester has earned the designation of a UNESCO City of Lifelong Learning, a step forward in supporting adult education and lifelong learning. In addition to these efforts, significant programs are underway to create green jobs, aligning with the growing demand for sustainable employment in the economy. 

    A Progressive and Equitable City 

    Making Manchester Fairer is the city’s five-year action plan aimed at tackling health inequalities across Manchester. In 2024, key milestones included the delivery of one million meals through the Manchester Food Board Partnership and the continued support of local initiatives via the In Our Nature project, which is designed to help communities across the city. 

    The ongoing cost-of-living crisis has left 100,000 households with less than £30 per month in disposable income. To support these households, Manchester has provided a range of services, including free school meals, digital inclusion initiatives, a dedicated advice line, and direct financial support through a household support fund. 

    Homelessness remains a significant challenge, with a high number of people presenting as homeless each year. However, there has been progress, with the use of B&B accommodation for families all but eradicated, a decrease in rough sleeping, and fewer individuals in temporary accommodation.  

    Alongside this, a new Children and Young People’s Plan for 2024-2027 has been developed, informed by the voices of children and young people. This plan emphasises prevention and early intervention, aiming to help young people stay safe and thrive within their communities. 

    As part of the UNICEF Child Friendly City program, 11,000 children shared their views, and in January 2024, key priorities were established, including ensuring children are safe and secure, have a sense of place, and lead healthy lives. In addition, the city continues to prioritise addressing health inequalities through a variety of public health measures, which remain central to the “Making Manchester Fairer” initiative. 

     A Liveable and Zero Carbon City 

    The Housing Strategy 2022-2032 sets an ambitious target of constructing 36,000 homes, with at least 10,000 of those being affordable.  

    In its first two years, significant progress has already been made. Last year 600 affordable homes were completed with a further 1,500 on site and a further 1,450 in the pipeline – meaning Manchester is on track to meet this target.  

    To further support housing development, Strategic Regeneration Frameworks have been introduced in key areas across the city, including Victoria North, Grey Mare Lane, Strangeways, and Holt Town, which will see large numbers of new homes including affordable homes built. Additionally, a retrofit programme is in place, aiming to improve the energy efficiency of a third of the homes managed by the Manchester Housing Providers Partnership by 2032. 

    Manchester has made progress in reducing its carbon emissions, with a 5% decrease in 2022 (the latest data available). However, more work is needed to meet long-term sustainability targets. To accelerate efforts, a new framework for the period of 2025-2030 is currently under development. 

    Safety remains a top priority for residents, and the Manchester Community Safety Partnership has rolled out several key initiatives to address the city’s main concerns. 

    Meanwhile, Manchester’s parks and green spaces have seen a significant increase in activity, with a 7% rise in the number of events and activities hosted in 2024. 

    The launch of Always, Everywhere: the Manchester Culture Ambition in 2024 followed extensive consultation and marked a significant step forward for the city’s cultural development. The English National Opera (ENO) also announced its move to Manchester, and the completion of HOME Arches provides a new creative workspace for the city’s artists and innovators. 

    In the sporting realm, Manchester hosted 24 major sporting events in 2024, further solidifying its reputation as a sporting hub. Additionally, the city was named the first European Capital of Cycling, showcasing its commitment to sustainable transport and active living. 

    A Connected City 

    In collaboration with Transport for Greater Manchester (TfGM), significant road improvements are currently underway on Whitworth Street West and Deansgate. These upgrades are part of the city’s broader efforts to enhance its infrastructure and transportation network. 

    Manchester has also developed an ambitious plan to expand Electric Vehicle charging across the city, supporting the transition to greener transportation options. This initiative is a key part of the city’s strategy to promote sustainability and reduce carbon emissions. 

    The Bee Network, an integrated public transport system for Greater Manchester, continues to grow and improve. All remaining buses in the city were franchised and brought under local control, further streamlining the public transport experience for residents. 

    Additionally, 14 active travel schemes focused on walking and cycling are either underway or in the planning stages. These initiatives aim to promote healthier, more sustainable travel options, making it easier for residents to choose active modes of transport. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Respite facility gets sensory area boost

    Source: Scotland – City of Perth

    The team at Woodlea Cottage in Perth provides personalised family support programmes to help families where children have complex needs, including respite stays at the purpose-built provision.  

    Through the Council’s Angel Share initiative, aimed at supporting innovative project ideas to come to fruition, the team received £3000 funding to develop a sensory area in Kirsty House, an existing outdoor playhouse at Woodlea Cottage, along with new play facilities, for respite service users.  The funding has enabled the purchase of sensory equipment and toys, and outdoor play equipment including a mud kitchen and trampoline to create an inviting, enjoyable and exciting space. 

    A number of local businesses also got involved to transform the community facility. Robertson Construction Tayside agreed to manage the transformation at zero cost and also donated the outdoor play equipment. Members of its supply chain including Kilmac, Sidey, Lesterose, Devar Flooring, Presdec and Caledonian Play, further supported the project by donating materials, resources and labour to give back to the community facility. 

    On Monday 28 April 2025, Council officials, elected members and representatives from the companies gathered at Woodlea Cottage to see the completed improvements for the first time. 

    Perth and Kinross Council Depute Chief Executive, Clare Mailer said: “Angel Share looks to support fresh ideas that will make a difference for communities within Perth and Kinross. The children and young people who use Woodlea Cottage have significant challenges in their everyday lives, and the team here who support them and their families came up with a great proposal to improve the facilities further. I was very pleased also that local companies were willing and ready to assist with making the sensory area project a reality and contribute positively to their communities.” 

    Kevin Dickson, Regional Managing Director, Robertson Construction Tayside, commented: “This project has been a true team effort together with the Council and our supply chain partners to create an inclusive, engaging and vibrant new space. In total, 12 people dedicated 210 hours alongside in-kind donation to support a truly deserving cause. 

    “We are committed to delivering meaningful, long-lasting benefits in the communities where we work, and we hope the young people at Woodlea Cottage enjoy this new space for years to come.” 

    Lauren Pratt, Social Value Manager for Kilmac said: “Kilmac is passionate about supporting the local community, particularly when it comes to assisting with disability-related needs. By improving the play area’s accessibility and safety, we created a more inclusive environment. We look forward to seeing the positive impact these improvements will have on the families and children who use Woodlea Cottage. ”  

    Jamie Bruce Jones, Managing Director of Caledonia Play commented: “Caledonia Play were delighted to provide a range of play equipment for the sensory area at Woodlea Cottage. We believe that play is essential for a child’s development and to add fun and joy to their daily routine. The area created will offer a welcoming, inclusive space where everyone can enjoy the benefits of play with sensory stimulation.” 

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Clean your boots – let’s fight phytophthora!

    Source: Tasmania Police

    Issued: 23 Apr 2025

    Signage at Bunya Mountains National Park

    Queensland Parks and Wildlife Service (QPWS) is ramping up efforts to safeguard the iconic Bunya Mountains National Park from the devastating impact of phytophthora.

    Phytophthora – which in Greek means “plant destroyer” – is a group of soil borne pathogens that have caused environmental ecosystem damage world-wide.

    We need help in reducing the spread of phytophthora, and help starts with visitors to Bunya Mountains National Park cleaning their boots.

    Boot cleaning stations have been installed at the entrance of all walking tracks in the Bunya Mountains National Park, and it is now a requirement that all park visitors use them.

    “In the past we have been educating visitors about the risk phytophthora poses to this fragile ecosystem, and now, by installing these stations, we are making it even easier for visitors to the park to play their part,” said South Burnett Senior Ranger Mark Casey.

    “The stations make a big difference in helping us reduce the spread of this pathogen and will soon be complemented by signage to help visitors understand their obligations,” Mr Casey said.

    “Without action to reduce the spread of phytophthora, the ancient Bunya Pines and the species that depend on them could be at risk.

    “This is about preserving one of Queensland’s most iconic natural landscapes for future generations.

    “We’re taking an educate-and-enforce approach—raising awareness while also ensuring visitors do their part.”

    It is also strongly urged that boots are cleaned before arriving and after leaving the park to minimise the risk of spreading pathogens between natural areas.

    Fines can apply should it become clear people are still accessing the park without using the boot cleaning stations.

    “We need your help to ensure the Bunya Mountains’ incredible biodiversity is preserved,” Mr Casey said.

    “Please play your part protecting Bunya Mountains National Park by staying on designated walking tracks, ensuring your gear is clean and free of dirt before entering and exiting the park, use the boot cleaning stations provided, and avoid walking during wet, muddy conditions.”

    MIL OSI News –

  • MIL-OSI Australia: Limited access returns to world class Ex-HMAS Brisbane dive site after ex-Tropical Cyclone Alfred

    Source: Tasmania Police

    Issued: 30 Apr 2025

    The Ex-HMAS Brisbane Conservation Park dive site has partially reopened following a temporary closure in the wake of ex-Tropical Cyclone Alfred.

    Renowned for its crystal-clear waters and vibrant marine life, this iconic piece of Australian naval history offers divers an unforgettable underwater experience just off the Sunshine Coast.

    Although rectification works are continuing to protect both divers and its surrounding marine environment, guided external-only dives have been given the green light to recommence.

    Access to the site is available exclusively through bookings with SunReef and Scuba World, with the public mooring set to remain closed until further notice to support rectification activities and ensure visitor safety.

    Principal Ranger of Southern Marine Parks, Queensland Parks and Wildlife Service, Steve Hoseck emphasised the importance of the rectification efforts in getting tourism operators back in business.

    “Reinstating the Ex-HMAS Brisbane as one of Australia’s premier wreck diving destinations is a top priority,” Mr Hoseck said.

    “We’re allowing controlled access for certified advanced divers, giving them a unique opportunity to witness the impact of a cyclone on a wreck while making sure ongoing rectification work continues uninterrupted.

    “Divers from around the world are drawn to the Ex-HMAS Brisbane wreck, and even with limited access, we’re delighted to get people back in the water to experience this Queensland icon.”

    Access Guidelines:

    • No physical contact with the wreck permitted.
    • Water visibility must be greater than 5m.
    • No swimming over or entering the rectification areas.
    • Divers must remain 2.5m away from the wreck.
    • Max distance between divers of 2m.
    • Group sizes are limited and must be accompanied by a certified guide.
    • Set dive route.
    • Certified advanced divers and above.

    For the latest updates on access and restoration progress, head to our official Park Alert.

    Media contact: DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

    MIL OSI News –

  • MIL-OSI Australia: Illegal hunters catch heavy fines in Bribie Island National Park

    Source: Tasmania Police

    Issued: 30 Apr 2025

    Queensland Police Service (QPS), in collaboration with Queensland Parks and Wildlife Service (QPWS), have fined two men for illegal pig hunting activity within Bribie Island National Park.

    Feral pigs are a declared pest in Queensland and can be managed under strict control measures on private land, but hunting in national parks is strictly prohibited.

    The incident occurred late last month after park rangers and police were alerted to two vehicles entering the park on multiple occasions to hunt feral pigs.

    Officers and rangers observed suspicious activity in the area and upon further investigation, discovered the men had travelled on restricted access roads, entering the park unlawfully with pig-hunting dogs and associated equipment.

    The offenders allegedly removed their number plates to avoid detection from number plate recognition cameras, however police were able to successfully identify the involved vehicles.

    The two men were intercepted by police and issued infringement notices, receiving a combined $9,032 in fines under Queensland’s Nature Conservation Act 1992 and various Transport Operations Acts and Regulations.

    QPWS Manager Chris Skennar said the illegal activities can cause major disruption to coordinated pest programs. QPWS carries out targeted pest control around Bribie Island National Park to protect native wildlife, manage invasive species and help restore the island’s natural ecosystems.

    “Bribie Island National Park is a fragile ecosystem that supports a wide variety of unique native species. Illegal hunting not only poses a direct threat to local wildlife, but also damages sensitive landscapes, undermining the conservation efforts our rangers work so hard to maintain.”

    “Even if the intention is to target a pest species, the way it’s done matters. National parks aren’t a remote property, they’re a shared, protected space. We’re committed to enforcing the law and ensuring our parks are safe for both visitors and wildlife.

    “We work closely with QPS to protect these areas and appreciate their support and the support of the community in reporting incidents like this; your information helps to ensure our national parks are protected.”

    Moreton District Officer Acting Chief Superintendent Adam Guild said illegal activity will be met with significant fines or charges.

    “I acknowledge the good policing work that was done to identify and intercept the alleged offenders, despite their attempts to go undetected.

    “We will continue to support QPWS and work with the rangers to assist in protecting our national parks and eliminating criminal behaviour within them.”

    Any illegal activity in national parks and state forests can be reported anonymously by calling 1300 130 372.

    Media contact:                 DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

    MIL OSI News –

  • MIL-OSI Security: Australia, Philippines, and U.S. Conduct Multilateral Maritime Cooperative Activity

    Source: United States INDO PACIFIC COMMAND

    Philippines’ Exclusive Economic Zone — The combined armed and defense forces of Australia, the Philippines, and the United States, demonstrating a collective commitment to strengthen regional and international cooperation in support of a free and open Indo-Pacific, conducted a multilateral Maritime Cooperative Activity (MCA) within the Philippines’ Exclusive Economic Zone, April 29, 2025.

    MIL Security OSI –

  • MIL-Evening Report: Election Diary: post-election rate cut and phone call from Trump in the pipeline

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    It used to be de rigueur for the prime minister and opposition leader to turn up to the National Press Club in the final week of the election campaign. But now Liberal leaders are not so keen.

    Scott Morrison gave it a miss in 2022, although he was there in 2019. Nobody expected Peter Dutton, who has often been reluctant to face the Canberra press gallery in the past three years, to front the club this week.

    It’s also happened in the past that a leader has said something significantly newsworthy during the Q&A session on these final big occasions.

    Bob Hawke, days away from becoming prime minister in 1983, flagged he would be willing to break election promises if he found, on reaching office, that fiscal circumstances were different from what was anticipated. They were, and he did.

    Anthony Albanese on Wednesday made his appearance, but he was not going to grab a headline with anything unexpected.

    He delivered a spirited stump speech concentrating on everything Labor is offering voters – improvements to Medicare, tax cuts all round, and much else. He played and replayed his familiar mantra about nobody being left behind or held back. When it came to questions, the prime minister defended and deflected.

    Are Australians better off than before he was elected? Well, they’d be worse off if Dutton had had his way.

    Will whoever is in government need to increase the tax base in the next decade? “We’ll have not one but two income tax cuts.”

    Would he consider a compromise on Labor’s plan to tax unrealised capital gains on some superannuation balances? “We have our policy.”

    Is there something he regrets from the last three years? “I don’t pretend to be perfect.” So no regrets? “I’m not saying that at all.”

    What he is saying is that the final sprint of the campaign is not the time to enter the confessional.

    With the polls, and even most Liberals, at least privately, expecting Albanese to still be PM next week, whether in minority or majority government, he knows he has two challenges in these last days: to avoid being caught on any sticky paper, and to continue to project a sense of momentum by going full tilt (Labor people remember Bill Shorten easing up just before polling day in 2019). He is visiting every state, before he votes in his home electorate of Grayndler where, he indicated, his talisman dog Toto will accompany him to the polling booth on Saturday.

    Before his press club appearance, Albanese had encouraging news from the latest consumer price index quarterly figures, which showed underlying inflation falling to 2.9%. This points to another cut in interest rates.

    Westpac said, “Inflationary pressures have moderated, and the door is open for a rate cut in May”.

    The Reserve Bank doesn’t meet until May 19-20, but the prospect of a cut can be a mood lifter for stretched households – just as the pre-campaign February decrease was.

    Also able to be cast positively, US President Donald Trump, who has proved elusive in the face of the government’s attempts to get him to pick up the phone to discuss a tariff deal, confirmed a call would come. Asked whether he would speak to Albanese about trade, the president said, “they are calling, and I will talk to him, yes.”

    There is no detail of whether, or what, deal could be in the offing, but Trump, by signalling the call, has given (inadvertently) another bit of help to the government in an election in which the “Trump factor” has played all Albanese’s way.

    Instead of the press club, Dutton had done an hour’s “Ask Me Anything” appearance on Tuesday with Paul Murray on Sky, taking around a dozen viewers’ questions. It was an easy, friendly gig, directed squarely at his base. That might be one thing if he’s seeking the preferences of those voting One Nation or Trumpet of Patriots, but it is not where the middle-ground swinging voters are.

    In this last week, Dutton has put his anger at a section of the media on display. Earlier in the week he lashed out at the ABC, Guardian and “other hate media”.

    On Wednesday he doubled down, in a bit of pointed but embittered humour on FM radio when quizzed on tips for a good election night party. “I think alcohol is the first essential ingredient, I’m sure of that. Responsible drinking as well, but not watching the ABC would be a good start. For any young ones listening at home, forget the ABC.”

    Dutton’s disdain for the ABC is long-standing and well-known. But in an election campaign, why he thinks it is a good tactic to expose it so blatantly is a mystery. It shows questionable judgement and a lack of discipline.

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

    – ref. Election Diary: post-election rate cut and phone call from Trump in the pipeline – https://theconversation.com/election-diary-post-election-rate-cut-and-phone-call-from-trump-in-the-pipeline-255615

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: UPDATE: Operation Eclipse

    Source: New South Wales – News

    Police have seized more than $1.7 million worth of vapes and illegal tobacco and more than $80k cash following a truck stop on the states Far North last week.

    About 4.30pm on Friday 25 April, police at Far North Local Service Area, Traffic Services Branch and Serious and Organised Crime Branch stopped a refrigerated truck at Port Augusta at a drug transit route operation at Port Augusta.

    Police spoke with the occupants of the truck and searched the truck where they located and seized in excess of $1.74 million in vapes, $26,000 in loose tobacco and $80,100 cash.

    The seizure resulted in the arrest of a 32-year-old man and a 62-year-old man both from New South Wales, they were charged with unlawful possession and possession of tobacco products for sale.  Both men appeared in Port Augusta Magistrates court on 28 April where they were remanded in custody to next appear in court on 1 July.

    The refrigerated truck has been seized and will be the subject of confiscations proceedings.

    Operation Eclipse have taken carriage of the investigation which is ongoing.

    Operation Eclipse Commander, Detective Chief Inspector Brett Featherby said, “The seizure demonstrates the risk to syndicates should they seek to transport illicit tobacco through South Australia to other states.

    “Organised crime syndicates transporting illicit tobacco through transit routes in regional areas will be subject to a whole of SAPOL response to disrupt their criminal activity and financial operations.

    “SAPOL will pursue criminal charges when sufficient evidence exists and that includes those who are supporting and enabling that activity and take every opportunity to enforce the full extent of the confiscations legislation to seize assets of those involved,” he said.

    Operation Eclipse has so far resulted in 35 arrests for offences including blackmail, possess tobacco products for sale, arson, money laundering and serious criminal trespass.

    There have been 184 premises searched – 47 residential, 123 businesses and 14 storage facilities – in excess of $2.2 million in cash, three firearms and $17.97 million in tobacco products.

    Significantly, there have been 394 calls to Crime Stoppers since 2 October that have resulted in information being provided to police.

    Anyone with any information on criminal activities surrounding the sale of illicit tobacco is urged to call Crime Stoppers on 1800 333 000 or visit crimstopperssa.com.au – You can remain anonymous.

    MIL OSI News –

  • MIL-OSI: Crédit Agricole Assurances: Outstanding activity with record net inflows

    Source: GlobeNewswire (MIL-OSI)

    Press release                                                                             Paris, April 30, 2025

    Outstanding activity with record net inflows

    Q1 2025 KEY FIGURES:

    • Total premium income1at a record high of €14.8 billion, up +20.7%2
    • Record net inflows of +€4,0 billion, including +€1.9 billion on the General Account

    “In the first quarter of 2025, Crédit Agricole Assurances had continued dynamic activity across all business lines, both in France and abroad, and once again proved the usefulness and efficiency of our universal banking and insurance model. In particular, net inflows reached a record high of nearly €4 billion, including €1.9 billion on the General Account. These successes demonstrate the commitment of all our employees who work day after day to satisfy our customers and enable us to consolidate our leading positions in savings and property and casualty. In this year of our 40thanniversary, we will continue to build our new company project and will put conquest at the heart of the strategy with all our partner banks”.
    Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

    DOUBLE-DIGIT ACTIVITY GROWTH, DRIVEN BY SAVINGS AND RETIREMENT BUSINESS

    In the first quarter of 2025, Crédit Agricole Assurances generated record total premium income1 of €14.8 billion, up +20.7%2 compared to the end of March 2024 driven by France (+23.5%) and international markets (+5.7%2). Life insurance business is particularly dynamic in France (+28.3%) thanks to the success of inflow collection by our partner banks.

    In savings and retirement, premium income1 reached €10.8 billion at the end of March 2025, up +26.8% year-on-year. The first three months of 2025 benefited from the full effect of the preferential profit sharing (PAB) offers on euro payments, launched at the end of the first quarter of 2024; these have boosted gross inflows3 on the General Account to €7.1 billion (+36.6%). Unit-Linked gross inflows3 totalled €3.7 billion, up +11.4% compared to the first quarter of 2024. As a result, the share of Unit-Linked within gross inflows3 fell to 34.3% (-4.7 points year on-year).

    Net inflows3 set quarterly record of nearly +€4.0 billion, up +€2.9 billion compared to the first quarter of 2024. By product, net inflows3 amounted to +€2.0 billion on unit-linked and +€1.9 billion on the General Account.

    Life insurance outstandings4 reached €352.4 billion at the end of March 2025 thanks to very strong net inflows and a positive market effect. They included €246.7 billion on the General Account (+1.4% over three months) and €105.7 billion on Unit-Linked (+1.5% over three months). Unit-Linked reserves represented 30.0% of total life insurance outstandings at the end of March 2025, stable compared to December 31, 2024.

    In property and casualty5, the business continued its momentum with gross written premiums1 up +8.0% compared to the end of March 2024, reaching €2.6 billion. Including CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.1% and exceeded 16.8 million contracts, representing a net contribution of 512,000 contracts over one year; in addition to the price increases induced by climate change and inflation of repair costs, the average premium benefited from changes in the product mix.

    Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (44.2%6, up +0,8 point), LCL (28.0%6, up +0.2 point) and CA Italia (20.3%7, up +1.0 points).

    In personal protection (death and disability / creditor / group insurance8), gross written premiums1 increased by +4.3% compared to the end of March 2024, to €1.4 billion. Group insurance recorded an excellent first quarter of 2025 (+23.8%) in connection with the entry into force of a significant group health contract. Creditor insurance (+1.8%) and individual death and disability (+2.7%) are resilient.

    A SOLID CONTRIBUTION TO CREDIT AGRICOLE S.A.’S PRE-TAX INCOME

    Crédit Agricole Assurances contribution to Crédit Agricole S.A.’s pre-tax income was €631 million, stable2 year on year, supported by savings and retirement business (linked to the increase of life insurance outstandings) and property and casualty insurance, offsetting a tightening of technical margins in creditor insurance combined with methodological effects.

    The combined ratio9 stood at 93.2%, an improvement by -0.6 point year-on-year thanks to contained claims.
    The net undiscounted combined ratio decreased by -0.4 point over one year to stand at 95.9%, with a broadly neutral effect of discount.

    The Contractual Service Margin10 amounted to €25.8 billion at the end of March 2025, up +2.2% since December 31, 2024, benefiting from a new business contribution which is higher than the release through P&L.

    RATINGS

    Rating agency Date of last decision Main operating subsidiaries Crédit Agricole Assurances Outlook Subordinated debt
    S&P Global Ratings October 3, 2024 A+ A Stable BBB+

    HIGHLIGHTS SINCE THE LAST PUBLICATION

    About Crédit Agricole Assurances
    Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
    www.ca-assurances.com

    Press contacts
    Géraldine Bailacq +33 (0)6 81 75 87 59
    Nicolas Leviaux +33 (0)6 19 60 48 53
    Julien Badé +33 (0)7 85 18 68 05
    service.presse@ca-assurances.fr    		 Investor relations contacts
    Yael Beer-Gabel +33 (0)1 57 72 66 84
    Gaël Hoyer +33 (0)1 57 72 62 22
    Sophie Santourian +33 (0)1 57 72 43 42
    Cécile Roy +33 (0)1 57 72 61 86
    relations.investisseurs@ca-assurances.fr

    1« Non-GAAP » revenues
    2Excluding the 1stconsolidation of CATU (Crédit Agricole Towaraystow Ubezpieczeń, property and casualty insurance subsidiary in Poland) on 30 June 2024 with retroactive effect from 1 January 2024, changes are: +20.7% for total premium income, +5.4% for international premium income and +0.1% for Crédit Agricole Assurances contribution to Crédit Agricole S.A.’s pre-tax income
    3In local GAAP
    4Savings, Retirement and Protection (funeral)
    5At constant scope: +7.7% growth in non-life gross written premiums, +2.9% increase in the portfolio, net addition of more than 467,000 policies; at March 31, 2025, CATU’s portfolio comprised nearly 348,000 policies, including net addition of more than 45,000 policies over one year
    6Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances’ non-life insurance subsidiary
    7Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
    8Excluding savings and retirement
    9P&C combined ratio in France (Pacifica scope) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
    10CSM or Contractual Service Margin: corresponds to the expected profits by the insurer on the insurance activity, over the duration of the contract, for profitable contracts, for Savings, Retirement, Death and Disability and Creditor products

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    The MIL Network –

  • MIL-OSI: Equasens: EXCLUSIVE NEGOTIATIONS INITIATED WITH A FRENCH SOFTWARE EDITOR

    Source: GlobeNewswire (MIL-OSI)

    Villers-lès-Nancy, 30 April 2025 – 8:00 AM (CET)

    PRESS RELEASE

    EXCLUSIVE NEGOTIATIONS INITIATED WITH A FRENCH SOFTWARE EDITOR TO ACQUIRE TWO SOFTWARE PUBLISHING BUSINESSES OPERATING IN THE PUBLIC HEALTH SECTOR

    • Project for a targeted acquisition in the public health sector:
      • Acquisition of Novaprove, publisher of the ResUrgences software,
      • Acquisition of the DIS business assets,
    • Strategic reinforcement of Equasens Group’s Axigate Link division in this market segment

    ***

    Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -$EQS), today announced that through its subsidiary Axigate, publisher of the HOSPILINK electronic medical record (EMR) solution for hospitals, the Axigate Link Division has entered into exclusive negotiations with a French software solutions editor regarding the possibility of acquiring two businesses specialising in software solutions for the public healthcare sector.

    Nature and scope of the proposed acquisition
    This proposed acquisition covers two complementary businesses:

    Firstly, ResUrgences (Novaprove), a web-based software platform specialising in the management of hospital emergency medical services featuring a new and innovative technological solution that optimises patient intake, pathway management and emergency care delivery processes.

    Secondly, the comprehensive DIS (including FACDIS) suite of digital solutions for public healthcare establishments, covering accounting, billing, human resources and financial management that work seamlessly with the electronic patient record.

    If this transaction is completed, these two activities would be integrated into the Axigate Link Division, a European expert in software and applications for health and medico-social establishments.

    A strong strategic focus
    This project is fully in line with Equasens’ development strategy by seeking to reinforce its positioning and market share in the fast-growing public health software sector.
    Through this acquisition, the Group also seeks to expand its portfolio of solutions by offering a more comprehensive, high value-added offering. The resulting technical and commercial synergies with the Axigate Link Division’s existing solutions will be a major growth driver by optimising resources and accelerating innovation. 
    Finally, this potential acquisition would contribute to consolidating the Group’s position as a driving force in the digital transformation of the healthcare system, by providing increasingly customised solutions adapted to the specific needs of healthcare establishments and their practitioners.

    Provisional timetable
    Completion of this transaction remains subject to the information and consultation procedures with the relevant employee representation bodies, signature of the final agreements and fulfilment of the other conditions normally applicable in such matters. Equasens will keep the market informed of significant progress on this project, in accordance with its regulatory disclosure obligations.
    The closing of this transaction is expected to be completed before the end of Q3 2025.

    Next publication

    • 12 May 2025: Q1 2025 revenue – After the close of trading

    About Equasens Group – Follow us also on LinkedIn

    Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe.
    Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
    And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

    Listed on Euronext Paris, Equasens Group applies a two-pronged development strategy combining organic growth with targeted acquisitions at a European level.

    CONTACTS

    Analyst and Investor Relations:
    Chief Administrative and Financial Officer: Frédérique Schmidt
    Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

    Financial communications agency:
    FIN’EXTENSO – Isabelle Aprile

    Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

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    The MIL Network –

  • MIL-OSI: CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes issued on April 8, 2014 (ISIN: XS1055037920)

    Source: GlobeNewswire (MIL-OSI)

                                                Montrouge, 30 April 2025

    CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF
    the outstanding principal amount of its
    GBP Undated Deeply Subordinated Additional Tier 1
    Fixed Rate Resettable Notes issued on April 8, 2014
    (ISIN: XS1055037920)*

    Crédit Agricole S.A. (the “Issuer”) announces today the full redemption (the “Redemption”) with effect on June 30, 2025 (the “Redemption Date”) of the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “Notes”) which amount as of today to GBP103,316,000 (ISIN: XS1055037920).

    The Notes were issued on April 8, 2014 with a principal amount of GBP500,000,000 on the basis of the terms and conditions (the “Terms and Conditions”) included in the prospectus dated April 2, 2014 which was granted the visa n° 14-123 by the Autorité des marchés financiers on April 2, 2014 (the “Prospectus”). The Notes are governed by English law, which, following the United Kingdom’s withdrawal from the European Union, has become a third country law. The Terms and Conditions do not include a contractual recognition of bail-in clause and, as a result, the Notes will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with Article 494b(1) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms (as amended) (the “CRR Regulation”).

    On May 20, 2021, the Issuer launched an exchange offer inviting the eligible holders of the Notes to exchange their Notes for an equivalent principal amount of its new Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable GBP Notes (the “New Notes”) (the “Exchange Offer”). The Exchange Offer was intended to offer eligible holders of the Notes the opportunity to receive New Notes for which the economic terms were substantially similar to those of the Notes, with the exception of, in addition to certain technical modifications aimed at aligning the Terms and Conditions with market practice (i) the replacement of the LIBOR linked mid-swap rate by a SONIA linked mid-swap rate in the context of the discontinuation of the LIBOR rate used for securities denominated in pounds sterling, and (ii) modifications aimed at enabling the New Notes to qualify as Additional Tier 1 capital under banking regulations in force at that date, notably through the introduction of a contractual bail-in recognition clause. As a result of the Exchange Offer, the Notes were exchanged up to an aggregate principal amount of GBP 396,684,000 against New Notes.

    The Notes that were not exchanged in the context of the Exchange Offer and that are still outstanding as of today,  i.e a principal amount of GBP103,316,000, will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with article 494(b)(1) of the CRR Regulation. Therefore a Capital Event will occur on June 28, 2025 enabling the Issuer, pursuant to Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, to redeem the outstanding principal amount of such Notes (i.e. GBP103,316,000).

    In accordance with Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, the Notes will be redeemed at their par value, together with any accrued interest thereon (the “Redemption Amount”) and such Redemption Amount shall become due and payable on the Redemption Date. As of such date, in accordance with Condition 5.2 (Accrual of Interest) of the Terms and Conditions, each Note shall cease to bear interest unless the Redemption Amount is improperly withheld or refused.

    The holders of the Notes will receive formal notice of the Redemption in accordance with the Terms and Conditions.

    The Issuer has requested and obtained the prior permission of the European Central bank to redeem the Notes early.

    For further information on Crédit Agricole S.A., please see Crédit Agricole S.A.’s website: https://www.credit-agricole.com/en/finance.   

    DISCLAIMER

    This press release does not constitute an offer to buy or the solicitation of an offer to sell the Notes in the United States of America, Canada, Australia or Japan or in any other jurisdiction. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

    No communication or information relating to the redemption of the Notes may be distributed to the public in a country where a registration obligation or an approval is required. No action has been or will be taken in any country where such action would be required. The redemption of the Notes may be subject to specific legal and regulatory restrictions in certain jurisdictions; Crédit Agricole S.A. accepts no liability in connection with a breach by any person of such restrictions.

    This press release is an advertisement; and none of this press release, any notice or any other document or material made public and/or delivered, or which may be made public and/or delivered to the holders of the Notes in connection with the redemption of the Notes is or is intended to be a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). No prospectus will be published in connection with the redemption of the Notes for the purposes of the Prospectus Regulation.

    This press release does not, and shall not, in any circumstances, constitute an offer to the public of Notes by Crédit Agricole S.A. nor an invitation to the public in connection with any offer in any jurisdiction, including France.

    * The ISIN number is included solely for the convenience of the holders of the Notes. No representation is being made as to the correctness or accuracy of the ISIN number as contained herein.

    CRÉDIT AGRICOLE S.A. PRESS CONTACT

    Alexandre Barat                             + 33 1 57 72 12 19                                      alexandre.barat@credit-agricole-sa.fr
    Olivier Tassain                               + 33 1 43 23 25 41                                      olivier.tassain@credit-agricole-sa.fr

    Find our press release on: www.credit-agricole.com – www.creditagricole.info

      Crédit_Agricole   Groupe Crédit Agricole   créditagricole_sa

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    The MIL Network –

  • MIL-Evening Report: People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity

    Source: The Conversation (Au and NZ) – By Ang Li, ARC DECRA and Senior Research Fellow, NHMRC Centre of Research Excellence in Healthy Housing, Melbourne School of Population and Global Health, The University of Melbourne

    Across Australia, communities are grappling with climate disasters that are striking more frequently and with greater intensity. Bushfires, floods and cyclones are no longer one-off events. And this pattern is predicted to worsen due to climate change.

    As it becomes more common to face climate disasters again and again, what does this mean for the mental health and wellbeing of people affected?

    In a new study published today in the Lancet Public Health, we found experiencing repeated disasters leads to more severe and sustained effects on mental health compared to experiencing a single disaster.

    What we did in our study

    We drew on ten years of Australian data (2009–19) from the nationally representative Household, Income and Labour Dynamics in Australia survey.

    Specifically, our study involved data from 1,511 people who experienced at least one disaster. We tracked them from the year before the first disaster, at the first disaster, and, where applicable, each subsequent disaster, and a few years after each disaster.

    We also included 3,880 people who did not experience disasters during this time but shared similar demographic, socioeconomic, health and place-based characteristics for comparison.

    We measured exposure to climate disasters based on whether respondents reported a weather-related disaster (for example, flood, bushfire or cyclone) damaged or destroyed their home in the previous year.

    The mental health outcomes were measured using two questionnaires commonly administered to assess depression and anxiety disorders (the 5-item mental health inventory) and psychological distress (the Kessler Psychological Distress Scale).

    Cumulative effects

    Our results show mental health declines became more severe with repeated disasters.

    The graph below plots the mental health trajectories for everyone in our study who experienced at least one disaster, and the control group who did not experience any disasters. We looked at a maximum of three disasters in the study due to data availability.

    It shows experiencing one disaster led to a decline in mental health during the disaster year, followed by a recovery to pre-disaster levels in the post-disaster period.

    However, with repeated disasters, mental health trajectories declined further and it took longer to recover to pre-disaster levels.

    We also found experiencing an additional disaster close to a previous disaster (for example, one or two years apart) was linked to greater mental health declines than disasters that were spaced further apart.

    Some risk factors

    We observed that certain factors consistently shaped mental health outcomes. For instance, having social support was consistently a protective factor, while having a long-term health condition consistently increased the risk of poorer mental health. This was true regardless of the number of disasters someone experienced.

    On the other hand, some risk factors became stronger with each disaster. In particular, households with lower incomes, those in rural areas, and younger people appeared to experience greater effects of cumulative disasters.

    There are some limitations to our research. For example, the data we had did not detail the type or severity of each disaster. It also was limited in what it could tell us about the mental health effects of three or more disasters.

    Nonetheless, our study provides novel insights into the mental health consequences of multiple climate disasters. This highlights the need for better support for communities facing an increasing number of emergencies.

    Our findings also align with other studies that have observed increasing risk to mental health with multiple disasters.

    At the same time, our findings add a new perspective by showing how trajectories can change over time. People’s mental health often recovers to pre-disaster levels after a single disaster, but repeat disasters can delay or halt this recovery.

    Why might repeated disasters lead to worse mental health?

    Repeated disasters, especially when they occur in close succession, can lead to cumulative stress driven by trauma and uncertainty. This can create a reinforcing cycle. People already facing social disadvantages – such as poor health and low income – are more likely to be exposed to disasters. In turn, these events disproportionately affect those facing existing disadvantages.

    The result is a compounding effect that can contribute to worsening mental health outcomes and slower recovery over multiple disasters. This means disasters are an issue of social equity and must be considered in efforts to reduce poverty and improve social outcomes, as well as health outcomes.

    Repeated disasters in particular can drain financial, social and community resources. They can exacerbate existing strain on household savings, disrupted social ties due to displacement, and reduced access to services after disasters – especially in rural areas.

    What can we do to support people through multiple disasters?

    We need to transform the way we think about disasters. It’s estimated children born today will experience up to seven times the number of extreme weather events across their lifetimes than someone born in 1960.

    We are starting to get a better picture of what people need to recover from climate disasters. Our research points to the need for clinical services (for example, GPs) to screen for past disaster exposures in mental health assessments.

    Emergency services need to plan services to reach at-risk groups during disasters. They also need to ensure recovery planning considers the effects of past disasters, for example by making sure support programs are not just tied to one disaster, but can be used across multiple.

    The current approach to emergency services that looks at “one disaster at a time” doesn’t work anymore. As the climate continues to change, we urgently need to consider the effects of multiple disasters in public health, welfare and disaster services.

    Ang Li receives funding from the Australian Research Council.

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

    – ref. People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity – https://theconversation.com/peoples-mental-health-goes-downhill-after-repeated-climate-disasters-its-an-issue-of-social-equity-254475

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu Presents Certificates of Appointment to OCAC Honorary Consultants

    Source: Republic of China Taiwan

    Director General David Cheng-Wei Wu was honoured to present Certificates of Appointment to the newly appointed OCAC Honorary Consultants, including Senior Advisers, Council Members, Advisers, and Associate Advisers of the Overseas Community Affairs Council, R.O.C. (Taiwan).
    Guided by the core principles of unity, harmony, and generational continuity, the government aims to integrate the strength of global overseas Taiwanese communities to form #TeamTaiwan in response to growing international political and economic challenges.
    We look forward to working hand in hand with all OCAC Honorary Consultants in Sydney to further strengthen the solidarity of the Taiwanese community, deepen Taiwan–Australia ties and contribute to Taiwan’s vision of becoming “A Country Where the Economic Sun Never Sets” .

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 196

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL6

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 196
    NWS Storm Prediction Center Norman OK
    1255 AM CDT Wed Apr 30 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Southwest and South-Central Oklahoma
    Northwest and North-Central Texas

    * Effective this Wednesday morning from 1255 AM until 800 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2
    inches in diameter likely
    Scattered damaging wind gusts to 70 mph likely
    A tornado or two possible

    SUMMARY…Strong to severe thunderstorms are expected to persist
    throughout the night in the vicinity of an outflow boundary that
    extends across the region. Hail will be the primary risk with this
    more cellular development. There is also some potential for the
    storms in west TX to evolve into an organized line segment that
    could progress across the region later. Damaging gusts would be the
    primary risk with this more linear activity.

    The severe thunderstorm watch area is approximately along and 50
    statute miles north and south of a line from 50 miles south
    southwest of Altus OK to 30 miles south southeast of Mcalester OK.
    For a complete depiction of the watch see the associated watch
    outline update (WOUS64 KWNS WOU6).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 194…WW 195…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    24035.

    …Mosier

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW6
    WW 196 SEVERE TSTM OK TX 300555Z – 301300Z
    AXIS..50 STATUTE MILES NORTH AND SOUTH OF LINE..
    50SSW LTS/ALTUS OK/ – 30SSE MLC/MCALESTER OK/
    ..AVIATION COORDS.. 45NM N/S /41SE CDS – 24SSE MLC/
    HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

    LAT…LON 34709960 35209558 33759558 33259960

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU6.

    Watch 196 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (5%)

    Wind

    Probability of 10 or more severe wind events

    Mod (60%)

    Probability of 1 or more wind events > 65 knots

    Low (10%)

    Hail

    Probability of 10 or more severe hail events

    Mod (60%)

    Probability of 1 or more hailstones > 2 inches

    Mod (60%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

    Source: GlobeNewswire (MIL-OSI)

                                       INCREASED REVENUES, STRONG PROFITABILITY
                                             DESPITE EXCEPTIONAL HIGH TAX IMPACT    		  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
      Q1 2025 Var. Q1/Q1 Q1 2025 Var Q1/Q1    
    Revenues 7,256 +6.6% 10,048 +5.5%    
    Expenses -3,991 +8.8% -5,992 +7.2%    
    Gross Operating Income 3,266 +4.1% 4,056 +3.0%    
    Cost of risk -413 +3.4% -735 +12.9%    
    Net pre-tax income 2,900 +4.6% 3,399 +1.6%    
    Net income group share 1,824 -4.2% 2,165 -9.2%    
    C/I ratio 55.0% +1.1 pp 59.6% +1.0 pp    
    NET PRE-TAX INCOME UP

    • Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity
    • Stable cost of risk
    • Results impacted by additional corporate tax charge

    EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION

    • High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB
    • Loan production in France recovered compared with the low point in early 2024 without

    confirming the end-of-year momentum and consumer finance down, impacted by

    decreased activity in automotive financing; international credit activity at a high level.

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Creation of the GAC Sofinco Leasing joint venture
      • Partnership created between Amundi and Victory Capital
    • Stake in the capital of Banco BPM increased to 19.8%
      • Planned acquisition of Banque Thaler announced by Indosuez Wealth Management

    AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3.

    • Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and businesses
     

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

    “Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“
     
     

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

    “The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

    At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate1 rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

    In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

    Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%2 of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

    Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing3 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy4 totalled €6 billion at 31 December 2024.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition5 amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

    In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing6, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

    Group results

    In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

    -9.2% compared to the first quarter of 2024.

    Credit Agricole Group, Income statement Q1-25 and Q1-2024

    €m Q1-25 Q1-24 ∆ Q1/Q1  
    Revenues 10,048 9,525 +5.5%  
    Operating expenses (5,992) (5,589) +7.2%  
    Gross operating income 4,056 3,936 +3.0%  
    Cost of risk (735) (651) +12.9%  
    Equity-accounted entities 75 68 +9.5%  
    Net income on other assets 4 (7) n.m.  
    Change in value of goodwill – – n.m.  
    Income before tax 3,399 3,347 +1.6%  
    Tax (1,041) (755) +37.9%  
    Net income from discont’d or held-for-sale ope. (0) – n.m.  
    Net income 2,358 2,592 (9.0%)  
    Non controlling interests (193) (208) (7.2%)  
    Net income Group Share 2,165 2,384 (9.2%)  
    Cost/Income ratio (%) 59.6% 58.7% +1.0 pp  

    In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

    The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings7reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis8.

    Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

    Regional banks

    Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%9 over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.   
    Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance10 was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
    In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 202411. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect11). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
    Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect 11).
    The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect11).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

    Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

    En m€ T1-25 T1-24 ∆ T1/T1
    Revenues 7,256 6,806 +6.6%
    Operating expenses (3,991) (3,669) +8.8%
    Gross operating income 3,266 3,137 +4.1%
    Cost of risk (413) (400) +3.4%
    Equity-accounted entities 47 43 +9.2%
    Net income on other assets 1 (6) n.m.
    Change in value of goodwill – – n.m.
    Income before tax 2,900 2,773 +4.6%
    Tax (827) (610) +35.5%
    Net income from discont’d or held-for-sale ope. 0 – n.m.
    Net income 2,073 2,163 (4.1%)
    Non controlling interests (249) (259) (3.9%)
    Net income Group Share 1,824 1,903 (4.2%)
    Earnings per share (€) 0.56 0.50 +11.4%
    Cost/Income ratio (%) 55.0% 53.9% +1.1 pp

    In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

    In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam12. Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

    Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million13 and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

    The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

    Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

    As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio14 was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

    The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period15 and 30 basis points on an annualised quarterly basis16 (a decrease of one basis point, versus the first quarter of 2024).

    The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

    Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

    The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

    Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
    RoTE17, which is calculated on the basis of an annualised Net Income Group Share 18 and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

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

    Activity of the Asset Gathering division

    In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

    In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%19.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

    In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%20 compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million21 policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%22, an improvement of -0.6 percentage point year-on-year.

    In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty23. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets24(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

    For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion25, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

    Results of the Asset Gathering division

    In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

    In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

    Insurance results

    In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance26, €103 million from personal protection27 and €122 million from property and casualty insurance28.

    The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

    Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 202429, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments29. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capital30 integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France. 

    Wealth Management results31

    In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 202432. Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect32 and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

    Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.  

    Activity of the Large Customers division

    The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

    Financing activities consolidated its leading position in syndicated loans (#1 in France33 and #2 in EMEA33). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide33) and was ranked #1 in Green, Social & Sustainable bonds in EUR34. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

    Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

    Results of the Large Customers division

    In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

    The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

    Corporate and Investment Banking results

    In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

    Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

    Asset servicing results

    In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
    -€368 million, due to the decrease in ISB integration costs compared to the first quarter of 202435. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing36 in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%37, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

    The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

    Personal Finance and Mobility results

    CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points38, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

    Leasing & Factoring results

    CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points38, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

    Crédit Agricole S.A. Retail Banking activity

    In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

    Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

    Loan outstandings at CA Italia stood at €61.1 billion at end-March 202539, up +1.6% compared with end-March 2024, in a stable Italian market40, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

    Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

    French retail banking results

    In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

    Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

    The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

    In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

    In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

    International Retail Banking results41

    In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

    At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

    Results in Italy

    In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

    Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings42 stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

    International Retail Banking results – excluding Italy

    In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).  

    At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

    At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
    The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
    • Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

    The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

    At 31 March 2025, risk-weighted assets stood at €35.1 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

    Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

    The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

    For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        31/03/25 31/12/24 Requirements
    31/03/25    		   31/03/25 31/12/24 Requirements
    31/03/25
    Phased-in CET1 ratio43   17.6% 17.2% 9.8%   12.1% 11.7% 8.6%
    Tier1 ratio43   19.0% 18.3% 11.7%   14.3% 13.4% 10.4%
    Total capital ratio43   21.8% 20.9% 14.1%   18,4% 17.4% 12.8%
    Risk-weighted assets (€bn)   641 653     405 415  
    Leverage ratio   5.6% 5.5% 3.5%   4.0% 3.9% 3.0%
    Leverage exposure (€bn)   2,173 2,186     1,434 1,446  
    TLAC ratio (% RWA) 43,44   28.5% 26.9% 22,32%        
    TLAC ratio (% LRE)44   8.4% 8.0% 6.75%        
    Subordinated MREL ratio (% RWA) 43   28.5% 26.9% 22.57%        
    Subordinated MREL ratio (% LRE)   8.4% 8.0% 6.25%        
    Total MREL ratio (% RWA) 43   34.0% 32.4% 26.33%        
    Total MREL ratio (% LRE)   10.0% 9.7% 6.25%        
    Distance to the distribution restriction trigger (€bn)45   46 43     14 12  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger45, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements44. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

    The Group’s liquidity reserves, at market value and after haircuts46, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

    Liquidity reserves covered more than twice the short term debt net of treasury assets.

    This increase in liquidity reserves is notably explained by:

    • The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
    • The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
    • The increase in central bank deposits for €3 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

    Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

    • Senior secured debt of €89 billion, up +€5 billion;
    • Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
    • Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €24 billion, down -€1 billion.

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

    At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

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

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

    At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion47in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

    In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:  

    • Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market48,49.

    The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

    • €1.75 billion50,51;
    • 3.5 billion US dollars (€3.4 billion equivalent);
    • 0.8 billion pounds sterling (€1 billion equivalent);
    • 94.3 billion Japanese yen (€0.6 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent).

    At end-March, Crédit Agricole S.A. had issued 76%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

    The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

    The programme was 56% completed at 31 March 2025, with:

    • €3.8 billion in senior secured debt;
    • €1.3 billion equivalent in senior preferred debt;
    • €4.7 billion equivalent in senior non-preferred debt;
    • €1.4 billion equivalent in Tier 2 debt.

    Appendix 1 – Credit Agricole Group : income statement by business line

    Credit Agricole Group – Results by business line, Q1-25 and Q1-24

      Q1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,352 963 1,048 2,049 868 2,408 (640) 10,048
    Operating expenses (2,530) (625) (535) (936) (474) (1,360) 468 (5,992)
    Gross operating income 822 338 513 1,113 395 1,047 (172) 4,056
    Cost of risk (319) (92) (67) (11) (249) 25 (22) (735)
    Equity-accounted entities 6 – – 28 36 6 – 75
    Net income on other assets 3 1 (0) (0) 0 0 0 4
    Income before tax 511 247 445 1,130 182 1,078 (194) 3,399
    Tax (170) (112) (137) (351) (12) (305) 46 (1,041)
    Net income from discont’d or held-for-sale ope. – – 0 – – – (0) (0)
    Net income 341 135 308 779 170 773 (148) 2,358
    Non controlling interests 0 (0) (42) (101) (21) (36) 7 (193)
    Net income Group Share 341 135 266 679 148 738 (141) 2,165
      Q1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,314 954 1,081 1,793 846 2,266 (728) 9,525
    Operating expenses (2,484) (602) (524) (754) (454) (1,297) 527 (5,589)
    Gross operating income 830 351 556 1,039 392 969 (201) 3,936
    Cost of risk (247) (119) (84) (3) (219) 33 (13) (651)
    Equity-accounted entities 5 – – 29 30 4 – 68
    Net income on other assets 2 2 (0) (8) (0) 0 (2) (7)
    Income before tax 589 234 472 1,056 203 1,006 (216) 3,347
    Tax (147) (53) (143) (220) (42) (235) 85 (755)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 442 181 330 837 161 772 (131) 2,592
    Non controlling interests (0) (0) (51) (112) (19) (34) 7 (208)
    Net income Group Share 442 181 279 725 142 738 (123) 2,384

    Appendix 2 – Credit Agricole S.A. : Income statement by business line

    Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

      Q1-25
    En m€ AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,058 2,408 868 963 1,025 (67) 7,256
    Operating expenses (936) (1,360) (474) (625) (515) (81) (3,991)
    Gross operating income 1,123 1,048 395 338 511 (148) 3,266
    Cost of risk (11) 25 (249) (92) (66) (21) (413)
    Equity-accounted entities 28 6 36 – – (22) 47
    Net income on other assets (0) 0 0 1 (0) 0 1
    Income before tax 1,139 1,078 182 247 444 (191) 2,900
    Tax (352) (305) (12) (112) (137) 92 (827)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 787 774 170 135 308 (99) 2,073
    Non controlling interests (107) (50) (21) (6) (62) (3) (249)
    Net income Group Share 680 723 148 129 246 (102) 1,824
      Q1-24  
    En m€ AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,789 2,266 846 954 1,057 (107) 6,806
    Operating expenses (754) (1,297) (454) (602) (505) (56) (3,669)
    Gross operating income 1,035 969 392 351 552 (163) 3,137
    Cost of risk (3) 33 (219) (119) (82) (11) (400)
    Equity-accounted entities 29 4 30 – – (20) 43
    Net income on other assets (8) 0 (0) 2 (0) – (6)
    Income before tax 1,053 1,006 203 234 470 (194) 2,773
    Tax (220) (235) (42) (53) (142) 82 (610)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 834 772 161 181 328 (112) 2,163
    Non controlling interests (117) (50) (19) (8) (71) 5 (259)
    Net income Group Share 716 722 142 173 257 (107) 1,903

    Appendix 3 – Data per share

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

    (€m)

    Q1-2025
    Q1-2024

    Net income Group share

    1,824
    1,903

    – Interests on AT1, including issuance costs, before tax

    (129)
    (138)

    – Foreign exchange impact on reimbursed AT1

    –
    (247)

    NIGS attributable to ordinary shares

    [A]
    1,695
    1,518

    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,018

    Net earnings per share

    [A]/[B]
    0.56 €
    0.50 €

    (€m)

    31/03/2025
    31/03/2024

    Shareholder’s equity Group share

    77,378
    72,429

    – AT1 issuances

    (8,726)
    (7,184)

    – Unrealised gains and losses on OCI – Group share

    1,222
    1,021

    – Payout assumption on annual results*

    (3,327)
    (3,181)

    Net book value (NBV), not revaluated, attributable to ordin. sh.

    [D]
    66,546
    63,086

    – Goodwill & intangibles** – Group share

    (17,764)
    (17,280)

    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

    [E]
    48,783
    45,807

    Total shares in issue, excluding treasury shares (period end, m)

    [F]
    3,025
    3,026

    NBV per share , after deduction of dividend to pay (€)
    + Dividend to pay (€)

    TNBV per share, after deduction of dividend to pay (€)
    TNBV per sh., before deduct. of divid. to pay (€)

    [D]/[F]
    22.0 €
    20.9 €

    [H]
    1.10 €
    1.05 €

    [G]=[E]/[F]
    16.1 €
    15.1 €

    [G]+[H]
    17.2 €
    16.2 €

    * dividend proposed to the Board meeting to be paid
    ** including goodwill in the equity-accounted entities

    (€m)

    Q1-25
    Q1-24

    Net income Group share

    [K]
    1,824
    1,903

    Impairment of intangible assets

    [L]
    0
    0

    Additional corporate tax

    [LL]
    -123
    – 

    IFRIC

    [M]
    -173
    -110

    NIGS annualised (1)

    [N]
    8,111
    7,944

    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]
    -515
    -799

    Result adjusted

    [P] = [N]+[O]
    7,596
    7,145

    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

    [J]
    47,752
    44,671

    Stated ROTE adjusted (%)

    = [P] / [J]
    15.9%
    16.0%

    *** including assumption of dividend for the current exercice

    (1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
    (2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators54

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

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

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

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

    Applicable standards and comparability

    The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    Other information

    Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

    As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

    26 May 2025: ex-dividend date
    27 May 2025: Record date
    28 May 2025: Dividend payment

    Financial Agenda

    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         

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

               

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
    6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

    7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    9 Average rate of loans to monthly production for January and February 2025.
    10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share 
    12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
    13 Includes -€115 million in scope effect on Degroof Petercam

    14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
    19 In local standards
    20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

    21 Scope: property and casualty in France and abroad
    22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
    23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
    24 Excluding JV
    25 Excluding assets under custody for institutional clients
    26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    28 Net of reinsurance cost, including financial results
    29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
    30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
    31 Indosuez Wealth Management scope
    32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
    33 Refinitiv LSEG
    34 Bloomberg in EUR
    35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
    36 CA Auto Bank, automotive JVs and auto activities of other entities
    37 CA Auto Bank and automotive JVs
    38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    39 Net of POCI outstandings
    40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
    41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    42 Over a rolling four quarter period.
    43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.  
    44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
    45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
    46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    47 Gross amount before buy-backs and amortisations
    48 Gross amount before buy-backs and amortisations
    49 Excl. AT1 issuances
    50 Excl. AT1 issuances
    51 Excl. senior secured issuances
    52 Excl. AT1 issuances
    53 Excl. senior secured issuances
    54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI NGOs: Major parties must reject Trump’s dangerous plans to mine the Pacific deep sea

    Source: Greenpeace Statement –

    SYDNEY, Wednesday 30 April 2025 — Ahead of the Federal Election, Greenpeace Australia Pacific is calling on all parties to support a moratorium on deep sea mining, with news today that The Metals Company is forging ahead with plans to commercially mine the Pacific seabed following President Trump’s executive order greenlighting the harmful practice. 

    Controversial deep sea mining company The Metals Company (TMC) – headed by Australian CEO Gerard Barron – has overnight submitted the first-ever application to mine the Pacific Ocean seabed. Lauded on its website as a “world-first”, the company says minerals extracted from the deep, environmentally sensitive ocean floor would be used to support the green transition, but Trump’s executive order states they would also be used by the US for weapons manufacturing and infrastructure.

    Last year, an investigation by the Sydney Morning Herald exposed TMC’s links to former PM Scott Morrison and the AUKUS deal. Greenpeace says the move threatens Pacific sovereignty and is a power play in the United States’ national interest. 

    Glenn Walker, Head of Nature at Greenpeace Australia Pacific, said: “The ocean is under attack from every angle, suffering from climate change, destructive industrial fishing, plastic pollution, and now the new threat of deep sea mining, driven by the Trump administration and billionaire elites seeking to profit from ocean destruction. 

    “Australians love the ocean and want to protect it. Now is the time for all Australian political parties, including Prime Minister Anthony Albanese and Opposition Leader Peter Dutton, to set themselves apart from Trump and publicly and strongly support a moratorium on deep sea mining, and be a good neighbour to Pacific nations. Our leaders now have a choice: protect our blue planet, or sit idly by and allow Trump to undermine international law and plunder the ocean.” 

    The move by the US undermines international law and breaks the longstanding tradition of it being a good-faith actor on UNCLOS (The United Nations Convention on the Law of the Sea). 

    Greenpeace Aotearoa spokesperson Juressa Lee said: “The Metals Company and Donald Trump are wilfully ignoring the rules-based international order and the science that deep sea mining will wreak havoc on the oceans. 

    “Pacific Peoples have deep cultural ties to the ocean, and it is the source of livelihoods for many. Our home is more ocean than land, and our ancestors were wayfarers who traversed the Pacific Ocean for centuries. Deep sea mining is not the answer to the green transition away from carbon-based fossil fuels.” 

    Currently, 32 countries have backed a moratorium or precautionary pause on deep sea mining, including Tuvalu, Palau, Solomon Islands, Marshall Islands, Fiji, the Federated States of Micronesia, Vanuatu and Samoa. Australia has not.

    Australia will have a crucial chance to support a moratorium on deep sea mining at the UN Ocean Conference in June.

    —ENDS—

    MIL OSI NGO –

  • MIL-Evening Report: Older Australians are also hurting from the housing crisis. Where are the election policies to help them?

    Source: The Conversation (Au and NZ) – By Victoria Cornell, Research Fellow, Flinders University

    shutterstock beeboys/Shutterstock

    It would be impossible at this stage in the election campaign to be unaware that housing is a critical, potentially vote-changing, issue. But the suite of policies being proposed by the major parties largely focus on young, first home buyers.

    What is glaringly noticeable is the lack of measures to improve availability and affordability for older people.

    Modern older lives are diverse, yet older people have become too easily pigeonholed. No more so than in respect to property, where a perception has flourished that older people own more than their fair share of housing wealth.

    While the value of housing has no doubt increased, home ownership rates among people reaching retirement age has actually declined since the mid-1990s.

    Older people can also face rental stress and homelessness – with almost 20,000 homeless people in Australia aged over 55. Severe housing stress is a key contributing to those homelessness figures.

    It’s easy to blame older Australians for causing, or exacerbating, the housing crisis. But doing so ignores the fact that right now, our housing system is badly failing many older people too.

    No age limits

    Owning a home has traditionally provided financial security for retirees, especially ones relying on the age pension. This is so much so, that home ownership is sometimes described as the “fourth pillar” of Australia’s retirement system.

    But housing has become more expensive – to rent or buy – for everyone.

    Falling rates of home ownership
    combined with carriage of mortgage debt into retirement, restricted access to shrinking stocks of social housing, and lack of housing affordability in the private rental market have a particular impact on older people.

    Housing rethink

    Housing policy for older Australians has mostly focused on age-specific options, such as retirement villages and aged care. Taking such a limited view excludes other potential solutions from across the broader housing system that should be considered.

    Furthermore, not all older people want to live in a retirement village, and fewer than 5% of older people live in residential aged care.

    More than 20,000 older Australians are homeless, blamed in part on severe housing stress.
    Michael Heim/Shutterstock

    During my Churchill Fellowship study exploring alternative, affordable models of housing for older people, I discovered three cultural themes that are stopping us from having a productive conversation about housing for older people.

    • Australia’s tradition of home ownership undervalues renting and treats housing as a commodity, not a basic need. This disadvantages older renters and those on low income.

    • There’s a stigma regarding welfare in Australia, which influences who is seen as “deserving” and shapes the policy responses.

    • While widely encouraged, “ageing-in-place” means different things to different people. It can include formal facilities or the family home that needs modifications to make it habitable as someone ages.

    These themes are firmly entrenched, often driven by policy narratives such as the primacy of home ownership over renting. In the past 50 years or so, many have come to view welfare, such as social housing, as a last resort, and have aimed to age in their family home or move into a “desirable” retirement village.

    Variety is key

    A more flexible approach could deliver housing for older Australians that is more varied in design, cost and investment models.

    The promises made so far by political parties to help younger home buyers are welcome. However, the housing system is a complex beast and there is no single quick fix solution.

    First and foremost, a national housing and homelessness plan is required, which also involves the states and territories. The plan must include explicit consideration of housing options for older people.

    Funding for housing developments needs to be more flexible in terms of public-private sector investment and direct government assistance that goes beyond first home buyer incentives.

    International models

    For inspiration, we could look to Denmark, which has developed numerous co-housing communities.

    Co-housing models generally involve self-managing communities where residents have their own private, self-contained home, supported by communal facilities and spaces. They can be developed and designed by the owner or by a social housing provider. They can be age-specific or multi-generational.

    Australian policy makers could look to the success of social housing developments in Copenhagen, Denmark.
    ToniSo/Shutterstock

    Funding flexibility, planning and design are key to their success. Institutional investors include

    • so-called impact investors, who seek social returns and often accept lower financial returns

    • community housing providers

    • member-based organisations, such as mutuals and co-operatives.

    Government also plays a part by expediting the development process and providing new pathways to more affordable ownership and rental options.

    Europe is also leading the way on social housing, where cultural attitudes are different from here.

    In Vienna, Austria, more than 60% of residents live in 440,000 socially provided homes. These homes are available for a person’s entire life, with appropriate age-related modifications permitted if required.

    At over 20% of the total housing stock, social housing is also a large sector in Denmark, where the state and municipalities support the construction of non-profit housing.

    Overcoming stereotyes

    Our population is ageing rapidly, and more older people are now renting or facing housing insecurity.

    If policymakers continue to ignore their housing needs, even more older people will be at risk of living on the street, and as a result will suffer poor health and social isolation.

    Overcoming stereotypes – such as the idea that all older people are wealthy homeowners – is key to building fairer, more inclusive solutions.

    This isn’t just about older Australians. It’s about creating a housing system that works for everyone, at every stage of life.

    Victoria Cornell is employed by Flinders University, and received The AV Jennings Churchill Fellowship to investigate alternative, affordable models of housing that could help older Australians to age-in-place

    – ref. Older Australians are also hurting from the housing crisis. Where are the election policies to help them? – https://theconversation.com/older-australians-are-also-hurting-from-the-housing-crisis-where-are-the-election-policies-to-help-them-255391

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: One year from extinction day: Minister urged to act

    Source: ACT Party

    “We are now less than one year away from a potential mass extinction event for small incorporated societies across New Zealand,” warns ACT MP Laura McClure, who has a bill in Parliament’s ballot to address the issue.

    With the Incorporated Societies Act 2022 set to require all existing societies to re-register under a new regime by April next year, McClure is raising the alarm again that it will impose unsustainable costs on many grassroots small societies.

    RNZ has reported that around 18,000 incorporated societies are yet to re-register under the new legislation.

    “Small societies are telling me that they lack the expertise to deal with the upcoming regime’s unworkable rules. Stamp collecting groups and running clubs can’t necessarily afford the thousands of dollars in financial and legal advice to stay above board,” says McClure.

    “These are not large societies. These are local clubs and community associations that have operated successfully, providing valuable services to the community, and now they face the real risk of folding entirely.

    “I have lodged a member’s bill that would define small societies, and effectively carve them out from the most onerous new liabilities and financial reporting requirements. This week I have written to the new Commerce and Consumer Affairs Minister to urge that he either implement my suggested changes to legislation, or defer the looming compliance deadline.

    “It is not too late to act, but the clock is ticking.”

    Laura McClure’s Incorporated Societies (Small Societies) Amendment Bill can be found here.

    Her letter to the Minister can be found here.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Bailey Student-Athlete Success Center Will Transform College Experience for Huskies

    Source: US State of Connecticut

    One of the most storied athletic locations at UConn is about to begin a brand-new era.

    Starting this spring, Guyer Gymnasium on Hillside Avenue will be fully overhauled, along with along with renovation of smaller spaces in the connecting Hugh S. Greer Field House and Wolff-Zackin Natatorium. Together, they will be known as the Bailey Student-Athlete Success Center, named in honor of Trisha Bailey ’99 (CLAS), whose lead gift is among the largest from any UConn graduate.

    The project was kicked off with a groundbreaking ceremony on April 23 featuring Bailey, student athletes, coaches, Board of Trustees Chairman Dan Toscano, UConn President Radenka Maric, Director of Athletics David Benedict, and others.

    “Congratulations, coaches. Congratulations, students. Congratulations, alumni,” said Maric. “Congratulations to our staff and everybody who supports our athletics and our university. This is the day that you waited for, for a long time.”

    The project will bring athletics, research, academic support, sports medicine, and other programs together in one facility to build upon each other in support of the student success journey, one of the mainstays of UConn’s Strategic Plan. If all goes as scheduled, the new center will open in Spring 2027.

    Nancy Stevens, former head coach of UConn’s field hockey team, shakes hands with UConn Athletic Director David Benedict during the groundbreaking ceremony for the Bailey Student-Athlete Success Center and Nayden Academic Excellence Center in the Hugh S. Greer Field House on Wednesday, April 23, 2025. (Sydney Herdle/UConn Photo)

    “The Bailey Student-Athlete Success Center will transform the college experience for young men and women who wear the Husky uniform,” said David Benedict, director of athletics.

    Bailey, a former track athlete at UConn, founded Bailey’s Medical Equipment and Supplies after her time in Storrs. She quoted her grandmother at the ceremony: “’Dream so big that not even you can believe that these dreams can come true,’” said Bailey. “What does that mean? It means that when you dream, you need to go beyond what the dream looks like.”

    Also on April 23, UConn announced a transformative $15 million commitment from longtime supporters Denis and Britta Nayden that will establish The Nayden Center for Academic Excellence within the Bailey Student-Athlete Success Center. At the core of this transformative project, the 12,000 square foot academic center will become the home for holistic development, academic accomplishment, and well-being for every student-athlete at UConn. This comprehensive space will facilitate learning, testing, meeting, tutoring, and all academic activities.

    The gymnasium will be renovated to house UConn’s Student-Athlete Success Program (SASP), which supports student-athletes with tutoring, study spaces, post-graduation career or academic planning, and other academic services.

    It will also house offices, support spaces, locker rooms, team meeting areas, and other spaces for women’s field hockey, women’s rowing, women’s tennis, women’s swimming & diving, women’s cross country, and men’s and women’s track & field.

    “Thanks to Trisha Bailey’s anchor donation, the vision of a student-athlete success center took hold, and became real,” said Nayden ’76 (BUS) ’77 MBA. “I’ve seen the drawings, and I have no doubt that the new facility will be state of the art, beautiful and impressive. But what attracted us, and what was really impressive, is everything that would occur inside.”

    Trisha Bailey ’99 (CLAS) mingles with attendees as seen through the wall used during the groundbreaking ceremony for the Bailey Student-Athlete Success Center and Nayden Academic Excellence Center in the Hugh S. Greer Field House on Wednesday, April 23, 2025. (Sydney Herdle/UConn Photo)

    Other speakers included former field hockey coach Nancy Stevens, men’s tennis coach Glenn Marshall, and student athletes Chioma Okafor ’26 (BUS, ENG) and Travis Roux ’25 (BUS).

    The construction will turn the field house into a LEED-certified building and add an estimated 50 to 60 years of active use to the complex. The improvements help UConn take another step in its Sustainability Action Plan and will help UConn reach carbon neutrality by 2030.

    New space will be created for the UConn Department of Kinesiology, strength and conditioning rooms, rehabilitation and recovery areas and hydrotherapy and biomedical analysis.

    The field house, named for longtime men’s basketball coach and athletic director Hugh Greer, opened in 1954 and was the home of the men’s and women’s basketball teams until Gampel Pavilion opened in 1990.

    “We want everyone to achieve excellence. This will be a learning center, a financial literacy center, a personal development center, a mental health center, a tutoring center, a nutrition center,” said Nayden. “It will be a social center. It will be a hub of life.”

    MIL OSI USA News –

  • MIL-Evening Report: Inflation is easing, boosting the case for another interest rate cut in May

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Daria Nipot/Shutterstock

    Australia’s headline inflation rate held steady at a four-year low of 2.4% in the March quarter, according to official data, adding to the case for a cut in interest rates at the next Reserve Bank board meeting in May.

    A key measure of underlying inflation closely watched by the RBA fell to 2.9%, returning to within the 2-3% inflation target band for the first time since 2021.

    Food and beverages, tobacco, education and housing were the main contributors to the rise in the headline Consumer Price Index.

    Financial markets are pricing in a quarter-percentage point cut in the cash rate to 3.85% in May.

    The inflation report was the last piece of major economic data before Saturday’s federal election.

    Prices are still rising, just at a slower rate

    A fall in inflation does not mean prices are falling. Overall, prices are continuing to rise, but at a slower pace.

    Moreover, prices continue to rise at a higher rate for some things people notice most, such as meat, fruit and vegetables. Concerns about the high cost of living will not go away. But it is good news for households that prices are now rising less than wages, which are growing by 3.2%.

    Some of the CPI components rising fastest are services such as health, which rose 4.1% in the year to March, and education, up 5.7%.

    Rents increased by 5.5% over the year, still rapid but less than in 2023 and 2024. The movements differed across the country. Rents were up almost 9% in Perth but fell in Hobart.

    New home prices only rose by 1.4% over the year as project-home builders made promotional offers to attract buyers in a more subdued market.

    Some of the recent fall in inflation represents the effect of government measures such as temporary electricity rebates and lower public transport fares. These represent some relief for households from cost-of-living pressures. But they may obscure trends in underlying inflationary pressures.

    The Reserve Bank’s preferred measure of underlying inflation, the trimmed mean measure, removes such impacts by excluding items with the largest price movements up or down. This measure of inflation has fallen to 2.9%, back within the central bank’s target, from 3.3%.

    Green light for an interest rate cut

    Headline inflation is around the middle of the Reserve Bank’s 2-3% medium-term target band. The large 1% quarterly increase in the June quarter of 2024 will drop out of the next annual calculation. So inflation may soon be below the bottom of the band. This has been forecast by Westpac’s economics team (headed by former RBA assistant governor Luci Ellis), for example.

    In its most recent published forecast the Reserve Bank expected inflation to be 2.4% in June. So it may be pleased to see it already there for two quarters. It would also be relieved to see the underlying rate back within the target band.

    In February, Reserve Bank Governor Michele Bullock conceded the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down.

    At its April 1 meeting, the Reserve Bank board called the May 19-20 meeting “an opportune time to revisit the monetary policy setting with the benefit of additional data about inflation” and other factors.



    Read more:
    Reserve Bank holds rates steady, cautious about the economic outlook

    Global economic outlook darkens

    The outlook for global economic activity has weakened as the US’s trade war with China has escalated. The International Monetary Fund cut its forecast for global economic growth in 2025 from 3.3% to 2.8%.

    The negative outlook for the global economy and rising business uncertainty certainly adds weight to the case for an official interest rate cut. It would help Australian businesses weather a possible downturn.

    Tariff rises will push up inflation in the US. But there is a bipartisan commitment in Australia not to engage in retaliatory tariff increases. This means there will not be any such inflationary impetus here.

    Indeed, as Bullock pointed out in her April press conference, if China diverts exports that are effectively blocked from entering the US to Australia, then the US tariffs may lower inflationary pressures here.

    Concerns about the inflationary impact of a weaker Australian dollar have eased in recent days. The currency has rebounded to 64 US cents from its early April low of 59.5 US cents.

    The Reserve Bank will, as always, consider a wide range of information in deciding whether to cut interest rates in May. But the single most important piece of information is now giving it the green light.

    Market economists expect another couple of rate cuts in 2025 after May, depending on the impact of the erratic US economic policies on the global economy.

    What does it mean for the election?

    After the CPI release, Treasurer Jim Chalmers noted core inflation was at a three-year low. “This is a powerful demonstration of the progress that Australians have made together in the economy,” he said.

    Chalmers will be hoping the Reserve Bank and the electorate share his view. Labor is more likely to be re-elected if voters regard the cost-of-living pressures as abating.

    John Hawkins was previously a senior economist in the Reserve Bank.

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

    – ref. Inflation is easing, boosting the case for another interest rate cut in May – https://theconversation.com/inflation-is-easing-boosting-the-case-for-another-interest-rate-cut-in-may-255116

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 195

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL5

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 195
    NWS Storm Prediction Center Norman OK
    1050 PM CDT Tue Apr 29 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Southeast New Mexico
    West Texas

    * Effective this Tuesday night and Wednesday morning from 1050 PM
    until 600 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible
    Isolated damaging wind gusts to 70 mph possible
    A tornado or two possible

    SUMMARY…Strong to severe thunderstorms are expected to redevelop
    across the region the remainder of the evening into the overnight,
    with large hail as the most common hazard.

    The severe thunderstorm watch area is approximately along and 65
    statute miles north and south of a line from 5 miles south southwest
    of Hobbs NM to 50 miles north of Abilene TX. For a complete
    depiction of the watch see the associated watch outline update
    (WOUS64 KWNS WOU5).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 194…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    23030.

    …Guyer

    SEL5

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 195
    NWS Storm Prediction Center Norman OK
    1050 PM CDT Tue Apr 29 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    Southeast New Mexico
    West Texas

    * Effective this Tuesday night and Wednesday morning from 1050 PM
    until 600 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible
    Isolated damaging wind gusts to 70 mph possible
    A tornado or two possible

    SUMMARY…Strong to severe thunderstorms are expected to redevelop
    across the region the remainder of the evening into the overnight,
    with large hail as the most common hazard.

    The severe thunderstorm watch area is approximately along and 65
    statute miles north and south of a line from 5 miles south southwest
    of Hobbs NM to 50 miles north of Abilene TX. For a complete
    depiction of the watch see the associated watch outline update
    (WOUS64 KWNS WOU5).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 194…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    23030.

    …Guyer

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW5
    WW 195 SEVERE TSTM NM TX 300350Z – 301100Z
    AXIS..65 STATUTE MILES NORTH AND SOUTH OF LINE..
    5SSW HOB/HOBBS NM/ – 50N ABI/ABILENE TX/
    ..AVIATION COORDS.. 55NM N/S /45N INK – 41NNE ABI/
    HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 23030.

    LAT…LON 33550325 34089968 32209968 31670325

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU5.

    Watch 195 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (10%)

    Wind

    Probability of 10 or more severe wind events

    Mod (30%)

    Probability of 1 or more wind events > 65 knots

    Low (10%)

    Hail

    Probability of 10 or more severe hail events

    Mod (50%)

    Probability of 1 or more hailstones > 2 inches

    Mod (40%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (80%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI Security: 322nd CA Soldiers Strengthen Ties at Tontouta Air Base

    Source: United States INDO PACIFIC COMMAND

    NOUMEA, New Caledonia — Soldiers from the 322nd Civil Affairs Brigade’s functional specialty team, part of the crisis response team for Exercise Croix du Sud 2025, toured Tontouta Air Base on April 24, 2025, alongside Australian and Fijian military and civilian partners. The visit, about 50 kilometers northwest of Noumea, focused on sharing capabilities, strengthening interoperability and building partnerships.

    MIL Security OSI –

  • MIL-OSI Australia: Construction starts on South Tuggeranong Health Centre

    Source: Australian National Party

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 30/04/2025

    Southsiders are set to benefit from expanded services closer to home as construction kicks off for the South Tuggeranong Health Centre in Conder.

    Today Minister for Health Rachel Stephen-Smith and Head Contractor, Shape, will break ground on the new facility, which will enhance healthcare options for residents in Canberra’s south. This is part of the ACT government’s largest ever investment into ACT health care.

    “This milestone means we are a step closer to improving access for people on Canberra’s southside. The new health centre will enable Tuggeranong residents to access to care closer to home, including supported telehealth appointments that will reduce the need to go into our busy hospitals or travel to other community sites,” Minister Stephen-Smith said.

    “The design of the centre has been shaped by extensive engagement with clinicians and the local community to ensure it meets their needs. With 11 consultation rooms and a flexible layout, the centre will support a range of healthcare services delivered by Canberra Health Services and our non-government partners.

    “The new facility is the first of the four new health centres for the ACT, with another three coming to the Inner South, North Gungahlin and West Belconnen. They will all provide localised, multidisciplinary care with a focus on preventive care and advice, early intervention and the management of chronic illnesses.”

    The services for the new South Tuggeranong Health Centre include paediatrics, pathology collection, dementia care, diabetes clinics, falls and falls injury prevention, chronic disease programs and a virtual care room.

    Construction is expected to be completed in August 2026, with the centre planned to open for operation in September 2026.

    Site planning and preliminary design work are underway for the new health centres in North Gungahlin and the Inner South.

    You can find out more about the government’s health projects at builtforcbr.act.gov.au/projects/health.

    Quotes attributable to Tom Sparkes, General Manager at Shape:

    “We are honoured to be part of this important project that will bring essential healthcare services closer to the South Tuggeranong community. Our team is committed to delivering a facility that meets the highest standards of quality and functionality.”

    – Statement ends –

    Rachel Stephen-Smith, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-Evening Report: Which Roman emperor was most like Donald Trump?

    Source: The Conversation (Au and NZ) – By Peter Edwell, Associate Professor in Ancient History, Macquarie University

    SvetlanaVV/Shutterstock

    Something tells me US president Donald Trump would love to be a Roman emperor. The mythology of unrestrained power with sycophants doing his bidding would be seductive.

    But in fact, Roman emperors were heavily constrained by institutions, the economy and popular mood. Yes, some challenged and sidelined the institutions of their day – but this often sparked a powerful backlash.

    As someone who’s studied Ancient Rome for years, I’ve recently been asked which Roman emperor was most like Donald Trump. In some ways he’s a pastiche of several Roman leaders.

    Julius Caesar

    Of course, Julius Caesar was never an emperor. He was a military leader and politician when the Roman Republic was in its death throes.

    While Trump has no military experience, some have compared him with Caesar.

    English classicist Mary Beard explains the appeal of this comparison for Trump’s foes and supporters alike.

    The Roman Republic was originally a system of shared political authority. The Senate, the people and elected magistrates shared power.

    But in the first century BC, powerful and charismatic figures became more prominent. The old power-sharing arrangements broke down.

    Caesar was the ultimate populist who overthrew the conventional means of Republican government.
    Bequest of Benjamin Altman, 1913/The Metropolitan Museum of Art

    Caesar was the most significant of these figures. He was the ultimate populist who overthrew the conventional means of Republican government. Due to his military successes, vast fortune and enormous popular appeal, Caesar broke the system entirely.

    Caesar fast-tracked the development of executive power in one person. This doomed the Roman Republic itself.

    Trump has also sidelined key institutions and increased the powers of singular executive government. Threatening judges and the chair of the Federal Reserve are further examples of over-reach.

    Trump draws on popular appeal to escape ramifications for these actions. His TV career, political rallies and domination of the news cycle contribute to a cult of personality.

    Caesar paid the ultimate price for concentrating executive power in himself. He was stabbed to death by a group of angry senators. The republic, however, was beyond saving.

    Caesar and the Roman Republic were different to Trump and America. Caesar was a blue-blood patrician, which Trump isn’t. Rome had its most powerful centuries ahead of it, while America is in decline.

    Octavian: the man who became Augustus

    Caesar didn’t manage the transition from Republic to autocracy. It was his nephew, Octavian, who did that.

    After more than a decade of civil wars following Caesar’s murder in 44 BCE, Octavian became Augustus (27 BCE–14 CE) or emperor.

    While he claimed to restore the republic, Augustus exercised ultimate power over the army, political institutions and the courts. He finished the process Caesar and others began, dominating the Senate and once-powerful positions such as consulships.

    Augustus’ domination of the entire political system draws parallels with Trump. Some observers liken Trump to Augustus. They see similarities in Trump’s intimidation of institutions (including the courts and media) that provide checks on presidential power.

    Augustus also developed a cult of personality, which is a feature of Trump’s rise.

    Nero: from populist to pariah

    Nero (54–68 CE), a colourful successor of Augustus, employed advisors with no political backgrounds. Epaphroditus, for example, was a former slave who became Nero’s secretary. He controlled the flow of information to and from the emperor. He became very wealthy and was intensely loyal to Nero.

    Trump has shown similar instincts. Think of the wide-ranging powers to cut government programs granted to Elon Musk and his inexperienced team.

    Like Trump, Nero could entertain a crowd. He publicly sang and recited poetry, which previous emperors never did. The elites detested this but the broader population loved it. Nero also put on lavish palace banquets.

    But by the time of his death by suicide aged 30, Nero had isolated everyone.

    It’s too simplistic, though, to say Trump is a Nero, as others have done. Trump remains connected to a large support base, as evidenced by his two presidential election victories.

    Like Trump, Nero could entertain a crowd.
    Ivan Moreno sl/Shutterstock

    Roman emperors were constrained by institutions

    While Roman emperors dominated the institutions of state, they were still constrained by them. Some who fell foul of the army, the most important state institution, met ignominious ends.

    In 217 CE, the unpopular emperor Caracalla was knifed by a soldier while relieving himself.

    Emperor Caracalla was eventually stabbed by a soldier while relieving himself.
    Samuel D. Lee Fund, 1940/The Metropolitan Museum of Art

    Emperor Severus Alexander was murdered in 235 CE by his own troops while clutching his mother’s knees.

    Some speculate the US army might intervene to protect the Constitution against Trump. But the army’s relationship to the US government is more complex than in ancient Rome.

    Some emperors became unpopular due to their arrogance toward the Senate, court officials and their own bodyguards.

    In 96 CE, Domitian was killed in a conspiracy of the court chamberlain. His death was cheered by many due to his autocratic style.

    And Emperor Commodus, once popular due to his eccentric antics and public games, was murdered by a champion wrestler in 192 CE. His mistress, Praetorian prefect and court chamberlain arranged it. The Senate declared Commodus a public enemy.

    The creeping power of executive authority

    The over-reach of executive authority will likely define Trump’s second term. But there are many constraints he can’t ignore. Some of the most powerful operate outside America. Bond-holders, of whom China is the second largest, are a notable example.

    The eventual displeasure of support bases may hasten the demise of the Trump phenomenon. I sincerely hope it doesn’t end with the brutality some of the emperors met with.

    Executive over-reach and intimidation of key institutions may permanently damage America’s reputation. In the case of ancient Rome, we know the outcomes. What comes next in America is the great unknown.

    Peter Edwell receives funding from the Australian Research Council.

    – ref. Which Roman emperor was most like Donald Trump? – https://theconversation.com/which-roman-emperor-was-most-like-donald-trump-254573

    MIL OSI Analysis – EveningReport.nz –