NewzIntel.com

Category: Commerce

  • MIL-OSI United Kingdom: Roundtable to help turbo-charge Scotland’s agriculture industry

    Source: United Kingdom – Executive Government & Departments

    News story

    Roundtable to help turbo-charge Scotland’s agriculture industry

    Scotland Office Minister Kirsty McNeill to hear from sector experts on barriers to growth in the Scottish agri-food supply chain

    Leading members of Scotland’s agriculture sector will join the UK and Scottish Governments in Edinburgh today (April 30) to investigate key issues facing the agri-food supply chain – and help identify potential solutions.

    Minister McNeill pledged to host a food and farming roundtable with industry when she attended the NFU Scotland (NFUS) conference earlier this year.

    The Minister will be joined by Defra and Department for Business and Trade representatives as well as Scottish Government Agriculture Minister, Jim Fairlie

    It’s part of ongoing extensive engagement with a sector crucial to the UK Government’s Plan for Change to deliver security and renewal by kick-starting economic growth to create jobs, put more money in working people’s pockets, boost economic growth and improve living standards right across the UK, including rural communities which are vital to feeding the UK and achieving net zero.

    Up for discussion will be: immigration and access to labour; fairness in the supply chain; and supporting economic growth.

    While the topics for discussion are policy areas reserved to the UK Government, agriculture is almost entirely devolved to the Scottish Government.

    UK Government Scotland Office Minister Kirsty McNeill said:

    Food and farming are vital to the country and this is an important opportunity for the industry and government to discuss issues and identify creative solutions.

    There is much we can and are doing for the sector through the UK Government’s Plan for Change to turbo-charge economic growth and deliver a decade of national renewal and opportunity for all. But I appreciate that there are a number of highly complex issues facing Scottish agriculture and I look forward to a constructive discussion.

    We will continue to engage with this vital industry and we will continue to strengthen relations with the Scottish Government, respecting the fact that agriculture policy is largely devolved.

    Scottish Government Agriculture Minister Jim Fairlie said:

    The Scottish Government is committed to supporting our agriculture sector in sustainable food production whilst also contributing to nature and climate targets. We are reforming how we support farming and food production, towards our Vision for Agriculture for Scotland to become a global leader in sustainable and regenerative agriculture.

    Recent and ongoing global events show the fragility of food security, and we are taking action to improve Scotland’s food resilience and strengthen our supply chains. We will continue to work with the UK Government and across the sector to monitor the threats to the supply chain and mitigate against future shocks and impacts on food security.

    NFU Scotland President Andrew Connon said:

    NFU Scotland is pleased to attend the Scotland Office Food and Farming Roundtable this week and represent our members across the country. We will be discussing important issues such as barriers to growth, seasonal workers and immigration and fairness in the supply chain – each critical for a profitable and sustainable future agricultural sector in Scotland.

    We look forward to underlining the importance of farmers and crofters to the food and drink industry and to rural communities and hearing what actions the UK Government will take to help address the issues seriously impacting our sector currently.

    The Scottish food and drink manufacturing sector has grown by more than 35% over the last decade and now contributes £5.2 billion to the Scottish economy, while accounting for over one third of Scotland’s manufacturing turnover.

    Office for National Statistics data, analysed by the Food and Drink Federation, also showed that the industry provides around 47,000 jobs in Scotland’s 1,220 food and drink businesses.

    Industry attendees expected at Queen Elizabeth House are:
    NFUS
    Quality Meat Scotland
    Scottish Crofters’ Federation
    Scotland Food & Drink
    Food and Drink Federation
    Scottish Association of Meat Wholesalers
    Agricultural Industries Confederation
    Aberdeen & Northern Marts Group
    James Hutton Institute
    SRUC
    Scottish Agricultural Organisation Society
    Angus Growers
    Scottish Land & Estates
    Food & Agriculture Stakeholder Taskforce
    Scottish Tenant Farmers’ Association

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Chief Executives appointed to lead TRA

    Source: United Kingdom – Executive Government & Departments

    News story

    New Chief Executives appointed to lead TRA

    The UK Trade Remedies Authority has confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement.

    The UK Trade Remedies Authority (TRA) has today confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement. They will take up the role from 2 June.

    The Trade Remedies Authority is the UK’s independent public body responsible for investigating allegations of unfair trading practices and unforeseen surges in imports that cause injury to UK industry. It makes evidence-based recommendations to the Secretary of State for Business and Trade. 

    The TRA’s Chair Nick Baird recently met with the Secretary of State for Business and Trade to agree how during the current global trade turmoil, the TRA will be stepping up its active data monitoring of emerging trade risks to help the Government spot and tackle the potential dumping of unfairly low-priced goods into the UK.

    New leadership on trade remedies

    Jessica and Carmen join the TRA from the Ministry of Housing, Communities and Local Government (MHCLG) and have held a number of senior roles both within and outside government, with a particular focus on trade, investment and regulation.

    Business and Trade Secretary Jonathan Reynolds said:  

    “This Government is standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.

    The work of the TRA has never been more important in achieving this objective, and I’m delighted to welcome Jessica and Carmen to their new role. Their skills will be vital to ensure the TRA continues to protect British producers from unfairly low-priced imports.”

    Jessica and Carmen have jobshared since 2017. Their senior roles together have included: leading the Department for Business’ (BEIS) analytical work on EU Exit and international trade; the coordination of the UK Government work on no-deal business readiness; Senior Responsible Officers (SROs) for the level playing field chapter of the UK/EU trade negotiations (including subsidy control and remedial measures); establishing the UK’s domestic subsidy control regime; leading on Brexit Opportunities and regulatory reform in Cabinet Office; and most recently, leading the delivery of local growth funds and Freeports in MHCLG.

    Before joining the Civil Service, Jessica’s career featured 12 years working in Investment Banking, providing strategic and financial advice to CEOs and boards of directors on mergers, acquisitions and capital raisings in London, Singapore and Sydney. After joining the Civil Service in 2010, she led analytical work in BEIS’ Better Regulation Executive and then the Europe Directorate.

    Carmen joined the Civil Service in 2017 from the Financial Conduct Authority, where she led on embedding competition in financial regulation. Previously, she worked at the Competition and Markets Authority and Office of Fair Trading. including as lead on a number of market studies and head of evaluation. Before these Civil Service roles, she was Chief Economist at the National Farmers Union of England and Wales.

    TRA Chair Nick Baird said: ‘I am delighted that two leaders of Jessica and Carmen’s quality have joined us at this turbulent time in the international trade environment. They have exactly the skills and experience to lead the TRA through the changes that are needed to help UK business navigate this new world.’

    New appointees Carmen and Jessica said: “We are thrilled to be joining the TRA and look forward to working with its Board, staff and stakeholders to ensure that trade remedies, particularly at this crucial time, are a cornerstone of the UK’s international standing and growth ambitions.”

    Background Information

    • Trade remedy measures are a trade defence tool to protect domestic industries against injury caused by unfair trade practices or unforeseen increases in imports. They are a specific type of tariffs allowed under World Trade Organization rules when specific criteria are met (evidence of dumping, subsidy or a surge in imports). They usually take the form of an additional duty placed on imports of specific products, which are collected by HMRC prior to a good entering into free circulation.
    • The TRA has been led by Steve O’Donoghue as interim Chief Executive since March 2025, when the TRA’s previous Chief Executive Oliver Griffiths left to take up a new role – TRA announces interim CEO and confirms board leadership – GOV.UK.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: LCQ21: Measures to promote STEAM education

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Lillian Kwok and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (April 30): 

    Question:

         It is learnt that the Government is committed to promoting STEAM (i.e. Science, Technology, Engineering, Arts and Mathematics) education and has provided schools with support measures, including offering learning grant schemes, optimising curriculum framework and enhancing teacher training. In this connection, will the Government inform this Council:

    (1) of the frequency of upgrading artificial intelligence (AI) teaching equipment and the coverage of smart classrooms in various publicly-funded primary and secondary schools in Hong Kong over the past three years;

    (2) whether the Government will formulate guidelines and specifications in relation to AI ethics education and data security for schools; if so, of the details; if not, the reasons for that;

    (3) given that the Quality Education Fund (QEF) has implemented the e-Learning Ancillary Facilities Programme to promote co-operation between the education and business sectors for the development of e-learning ancillary facilities that meet local education needs, and that the QEF will also sponsor schools to use the deliverables of the projects under the Programme, of the number of schools which have purchased the e-learning ancillary facilities developed under the Programme with the subsidy of the QEF since the launch of the Programme, and the details of such ancillary facilities; and

    (4) of the number of schools currently adopting the teaching materials of the Enriched Module on Coding Education for Upper Primary Level and the Module on AI for Junior Secondary Level, and whether the Government will step up its efforts in promoting the adoption of such teaching materials by schools; if so, of the details?

    Reply:

    President,

         The Education Bureau (EDB) has been stepping up its efforts to promote STEAM (Science, Technology, Engineering, Arts and Mathematics) education and digital education in primary and secondary schools. Through a range of diversified strategies, including ongoing curriculum renewal, strengthening teacher training, optimising education ancillary infrastructure, providing resource support, and organising student activities, the EDB assists schools in harnessing innovation and technology (I&T) (including artificial intelligence (AI)) to enhance the digital literacy and competence of both teachers and students, and foster learning and teaching effectiveness, with a view to nurturing talent for the future. Meanwhile, we have been enhancing our efforts in promoting media and information literacy to enable students to use digital technology effectively and ethically in daily life and learning.

         Our consolidated reply to the written question raised by the Hon Lillian Kwok is as follows:

    Enhancing curriculum related to I&T (including AI)

         The EDB launched the Module on AI for Junior Secondary Level in the 2023/24 school year, with the aim of developing students’ understanding of AI and its applications. The EDB also launched the Enriched Module on Coding Education for Upper Primary Level to prepare primary school students for further studying the basics and applications of AI and big data in secondary schools. The Module on AI for Junior Secondary Level covers topics such as AI basics, AI ethics, societal impact and future of work, and enables teachers and students to learn about the ethics and appropriate application scenarios of AI, as well as relevant security topics such as personal data privacy and data security. At present, almost all publicly-funded primary and secondary schools have implemented the enriched coding education and AI education at the upper primary level and the junior secondary level respectively.

    Developing relevant learning and teaching resources

         Last year, the EDB launched the updated “Information Literacy for Hong Kong Students” Learning Framework (2024) to cover education on AI ethics and data security. Apart from this, the EDB has also been developing various learning and teaching resources, including those on AI ethics education and data security. In collaboration with the Hong Kong Police Force and the Journalism Education Foundation, the EDB has launched the learning and teaching resources on Cyber Security and Technology Crime Information and Media and Information Literacy respectively, which include content to enhance students’ ability to discern the authenticity of information and promote the proper use of social media.

    Providing professional development training for in-service teachers

         To tie in with the implementation of the above I&T curriculum modules, the EDB has continuously enhanced teacher training and strengthened the promotion and support for schools to adopt these modules. Since the 2023/24 school year, the EDB has organised 22 sessions of professional development programmes on AI education for the junior secondary level, with over 650 participating teachers. As for primary schools, a total of over 60 sessions of training programmes on coding education have been organised, with the attendance of over 1 550 teachers. The training programmes are conducted in both online and offline modes to benefit a greater number of teachers. In addition, the EDB has actively provided teachers with AI-related professional development programmes, covering topics like the development of AI, planning of applying AI in teaching and learning, as well as the application of AI tools in different subjects, and including such themes as safeguarding data security.

    Strengthening digital education ancillary infrastructure

         The Quality Education Fund (QEF) has included STEM/STEAM education as one of the priority themes and implemented the Dedicated Funding Programme for Publicly-funded Schools starting from the 2018/19 school year. From the 2018/19 to 2023/24 school years, the QEF approved over 1 200 projects related to information technology (IT) in education and STEM/STEAM education through the Priority Themes Funding Programme and the Dedicated Funding Programme for Publicly-funded Schools, with a total funding of over $1.1 billion. The measures included enhancing facilities and support for schools to develop school-based STEM/STEAM education.

         Moreover, to optimise education ancillary infrastructure, the QEF has allocated $500 million for the implementation of the e-Learning Ancillary Facilities Programme to develop e-learning ancillary facilities that meet local learning and teaching needs through co-operation between the education and business sectors. A total of 22 projects have been funded under the Programme and have commenced in the beginning of the 2023/24 school year. The learning platforms and resources developed under these projects deploy innovative technologies such as big data and AI to enhance learning and teaching effectiveness in a wide array of subjects/areas. The development period of each project ranges from two to three years. As at end-March 2025, around 400 schools participated in the collaborative development projects, involving around 31 000 students. It is expected that the deliverables of the projects will be successively released for subscription by schools in mid-2025 and will be available for use starting from the 2025/26 school year. The QEF will also sponsor publicly-funded schools to use the deliverables of the projects to facilitate the sustainable development of the projects. As the Programme is still at the development stage, figures on the numbers of subscribing schools and student beneficiaries, as well as the sponsored amount are not available for the time being.

    Providing resource support

         In applying digital technology to facilitate teaching, starting from the 2004/05 school year, the EDB has been providing all public sector schools with the Composite Information Technology Grant (CITG). Schools may deploy the grant flexibly, according to their school-based pedagogical needs, to purchase and enhance various kinds of hardware and software for teaching (including AI teaching equipment and smart classroom-related facilities), subscribe to Wi-Fi services, and strengthen their IT staffing support. In the 2024/25 school year, the rate of CITG for each school ranges from $275,355 to $898,390, depending on the school type and the number of classes. The grant rates will be adjusted annually in accordance with the movement of the Composite Consumer Price Index.

         Over the years, publicly-funded primary and secondary schools in Hong Kong have been flexibly updating the hardware and equipment in schools, having regard to the school-based circumstances and the learning and teaching needs of students and teachers. The relevant expenditures are subject to vetting by the school management committees/incorporated management committees. The EDB does not maintain relevant statistics on the updating of teaching equipment including AI equipment and the coverage rate of smart classrooms in schools.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CFS announces food safety report for March

    Source: Hong Kong Government special administrative region

    The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (April 30) released the findings of its food safety report for last month. The results of about 5 400 food samples tested (including food items purchased online) were found to be satisfactory except for two unsatisfactory samples that were announced earlier. The overall satisfactory rate was 99.9 per cent.

    A CFS spokesman said about 1 900 food samples were collected for microbiological tests, and about 3 500 samples were taken for chemical and radiation level tests.

    The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.

    The samples comprised about 1 700 samples of vegetables and fruit and their products; about 400 samples of cereals, grains and their products; about 700 samples of meat and poultry and their products; about 800 samples of milk, milk products and frozen confections; about 700 samples of aquatic and related products; and about 1 100 samples of other food commodities (including beverages, bakery products and snacks).

    The two unsatisfactory samples comprised a papaya sample detected with a pesticide residue at a level exceeding the legal limit and a prepackaged double cream sample detected with a total bacterial count exceeding the legal limit.

    The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.

    The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.

    Separately, in response to the Japanese Government’s discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Nominations for Young Astronaut Training Camp 2025 to start tomorrow

    Source: Hong Kong Government special administrative region

         The nomination for the Leisure and Cultural Services Department’s Young Astronaut Training Camp 2025 will open for local secondary schools starting from tomorrow (May 1) until May 31. Selected participants will experience astronaut training on the Mainland free of charge this summer to learn about space science, astronomy and China’s aerospace achievements.

         The training camp will run from July 25 to August 2. During the nine-day training camp, participants will visit Beijing, Jiuquan and Xi’an. The itinerary includes visiting various key astronomy and aerospace facilities such as Beijing Aerospace City, the Xinglong Observatory of the National Astronomical Observatories and the Jiuquan Satellite Launch Center. In addition, participants will experience astronaut training activities and have a chance to meet with astronauts and aerospace experts.

         The quota for the training camp is 30. Candidates must be local full-time students currently enrolled in Secondary Two to Secondary Six for the 2024/25 academic year, aged 12 or above and be nominated by their respective schools. Each school can nominate two students at most. There will be three rounds of selection – a quiz, a pre-camp training and an interview. Candidates with outstanding performance will be selected to join the camp. A briefing on the Camp will be conducted on May 6, at 5pm in the Lecture Hall of the Hong Kong Space Museum. Please visit the Hong Kong Space Museum website at hk.space.museum/en/web/spm/activities/yatc.html for more details.

         The training camp is jointly presented by the Leisure and Cultural Services Department (LCSD) and the Chinese General Chamber of Commerce in association with the Beijing-Hong Kong Academic Exchange Centre. The training camp is organised by the Hong Kong Space Museum and sponsored by the Chinese General Chamber of Commerce.
     
         The camp is also one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.ccpo.gov.hk/en/.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: ALL-INDIA CONSUMER PRICE INDEX NUMBERS FOR AGRICULTURAL AND RURAL LABOURERS – MARCH, 2025

    Source: Government of India

    Posted On: 30 APR 2025 3:05PM by PIB Delhi

    The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) (Base: 1986-87=100) decreased by 3 points & 2 points, for the month of March 2025, falling to 1306 and 1319 points, respectively.

     The year-on-year inflation rates based on CPI-AL and CPI-RL for March 2025 were recorded at 3.73% and 3.86%, respectively, compared to 7.15% and 7.08% in March 2024. The corresponding figures for February 2025 stood at 4.05% for CPI-AL and 4.10% for CPI-RL.

    All India Consumer Price Index (General and Group-wise):

    Group

    Agricultural Labourers

    Rural Labourers

     

    February,             2025

    March,             2025

    February,             2025

    March,             2025

    General Index

    1309

    1306

    1321

    1319

    Food

    1242

    1234

    1249

    1241

    Pan, Supari, etc.

    2118

    2138

    2125

    2145

    Fuel & Light

    1391

    1400

    1380

    1389

    Clothing, Bedding & Footwear

    1336

    1341

    1402

    1407

    Miscellaneous

    1390

    1395

    1389

    1395

    ***

    Manish Gautam/Divyanshu Kumar

    (Release ID: 2125445) Visitor Counter : 15

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ7: Developing the halal market

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 30):
     
    Question:
     
         It has been reported that the global Muslim population currently exceeds 2 billion, representing about 25 per cent of the world’s total population. Based on the State of the Global Islamic Economy Report 2022 released by DinarStandard in 2023, Muslims spent US$2.29 trillion in 2022 on, among others, food, pharmaceuticals, cosmetics, fashion and travel, and the global Islamic finance assets are expected to reach US$5.96 trillion by 2026. There are views that Hong Kong should expand its share of the international halal market in the countries along the Belt and Road, and strengthen industrial co-operation with the relevant countries. Regarding the development of the halal market, will the Government inform this Council:
     
    (1) whether it has kept information on the Gross Domestic Product (GDP) contributed to Hong Kong by the halal industry; if so, of the respective GDP generated in Hong Kong in each of the past five years by the products or industries in the halal market (i.e. (i) food and beverages, (ii) pharmaceutical and health products, (iii) cosmetics, (iv) fashion, (v) hotel and tourism, and (vi) financial services); if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (2) whether it has kept information on Hong Kong enterprises which have exported goods to Muslim countries; if so, of the number of Hong Kong enterprises which have exported goods to Muslim countries in each of the past five years, the types of their goods and the respective GDP involved; if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (3) whether it knows if the products currently re-exported through Hong Kong can be sold in the relevant Muslim countries after being certified by the Incorporated Trustees of the Islamic Community Fund of Hong Kong in accordance with Islamic law and procedures; if so, of the details; if not, what channels are available for such re-exported products to be sold in Muslim countries; and
     
    (4) whether it has plans to introduce a “halal certification system” and conduct mutual recognition of halal certification with major Muslim countries, so as to become a core corridor for certification and trade between related Mainland production enterprises and the halal consumer market, thereby promoting a steady growth in the trading volume of halal products in Hong Kong; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Upon consulting the Culture, Sports and Tourism Bureau and the Financial Services and the Treasury Bureau, the consolidated reply to the Hon Yung Hoi-yan’s question is as follows:
     
         Emerging markets such as the Middle East, the Association of Southeast Asian Nations (ASEAN) and other countries along the Belt and Road (B&R) have been the Government’s valued trade and economic partners. These countries’ economic development is growing rapidly and their markets possess vast potential, alongside enormous population of Muslims. The Government has been actively encouraging various sectors of society to seize business opportunities in these markets, so that they can develop in areas such as trade, tourism and finance and provide products and services tailored to the needs of these emerging markets, including the Muslim population therein.
     
         According to the information provided by the Census and Statistics Department (C&SD), the total value of Hong Kong’s domestic exports to Muslim countries (Note) increased from HK$2.7 billion in 2020 to HK$5.5 billion in 2024 whilst the total value of Hong Kong’s re-exports to Muslim countries increased from HK$178.8 billion in 2020 to HK$215.8 billion in 2024, recording an average annual growth rate of about 19.0 per cent and 4.8 per cent respectively in the past five years. The values of Hong Kong’s domestic exports and re-exports to individual Muslim countries in the past five years are at Appendices 1 and 2 respectively. Amongst others, major commodities of Hong Kong’s domestic exports to Muslim countries include “beverages”, “jewellery, goldsmiths’ and silversmiths’ wares, and other articles of precious or semi-precious materials” and “petroleum, petroleum products and related materials”, whilst major commodities of Hong Kong’s re-exports to Muslim countries include “telecommunications and sound recording and reproducing apparatus and equipment”, “electrical machinery, apparatus and appliances, and electrical parts thereof” and “office machines and automatic data processing machines”. The C&SD does not separately maintain information about the number of companies in Hong Kong exporting products to Muslim countries nor the relevant value of gross domestic product.
     
         Besides, although the “halal industry” does not have standard international industrial classifications like the retail and the catering industries rendering it impossible to draw up corresponding statistical coverage of the “halal industries” for compiling relevant information, the Government has been actively encouraging various sectors of society to seize opportunities in these halal markets, including promoting developments in areas such as trade, tourism and finance.
     
         In terms of trade, meeting the requirements for relevant halal product certifications and understanding the opportunities and challenges within the relevant markets are crucial. In this regard, the Hong Kong Trade Development Council (HKTDC) has been conducting research on individual key halal markets to understand their latest developments, and providing practical information to Hong Kong businesses, including the information on relevant product certification bodies. Furthermore, the HKTDC has also been providing various platforms to promote business opportunities in the halal market. For example, the HKTDC has been promoting different high-quality halal products and food, as well as related trading of products, at its annual Food Expo PRO to help the catering industry to expand its network and businesses. To assist Hong Kong enterprises in grasping the opportunities of the halal food market and facilitate buyers in procurement, the HKTDC introduced the Halal Showcase and added halal food and beverage labels to relevant exhibitors in the 2024 Food Expo PRO. The event also offered different seminars, explaining the requirements of halal food certification and analysing market opportunities and challenges, in order to promote multi-faceted business opportunities relevant to halal food to the businesses.
     
     
         In 2025-26, the HKTDC will arrange for local halal food manufacturers to participate in its Food Expo PRO to strengthen their collaboration with other halal food markets, as well as set up relevant pavilions at the Food Expo PRO to showcase more halal food and products and further explore Islamic business opportunities.
     
         At the same time, the Government strives to assist Hong Kong enterprises in developing more diversified markets and enhancing their competitiveness through various funding schemes and support measures. Among others, the Dedicated Fund on Branding, Upgrading and Domestic Sales provides funding support for enterprises to develop business in 40 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements (IPPAs), including seven Muslim countries. Also, the SME Export Marketing Fund provides funding support for enterprises to participate in export promotion activities, promoting appropriate products and services to the Muslim population in markets outside Hong Kong.
     
         The Government will continue to actively explore emerging markets, including ASEAN, the Middle East and markets along the B&R, which have large Muslim population. The Government has been actively visiting ASEAN Member States to maintain close communication. For example, from 2022 to 2024, the Chief Executive led delegations to visit seven ASEAN Member States, concluding nearly 90 memoranda of understanding (MOU) and agreements, which helped create business opportunities for Hong Kong and strengthened friendships between the two places. The Government has also been actively reaching out to potential partners in the region, and signed an IPPA with Bahrain in March 2024, which is the third IPPA signed with economies in the Middle East region after the ones with Kuwait and the United Arab Emirates. At the same time, we are exploring the signing of IPPAs with Saudi Arabia, Bangladesh, Egypt and Peru.
     
         In view of the huge economic potential of the countries along the B&R (including those with large Muslin population), Invest Hong Kong (InvestHK) set up consultant offices in Cairo, the capital of Egypt, and Izmir, the third largest city in Türkiye, within 2024-25 according to the 2023 Policy Address and 2024-25 Budget. This will be beneficial to attracting capital and enterprises from these two member states of the Organisation of Islamic Cooperation and seizing relevant business opportunities.
     
         In respect of tourism, the Chief Executive stated in the 2024 Policy Address that the Government would actively develop visitor sources from the Middle East and ASEAN which have large Muslim population to seize opportunities. It is estimated that by 2028, there will be 250 million Muslim visitors worldwide and tourism receipts will reach US$225 billion.
     
         To encourage the travel trade to enhance Muslim-friendly tourism facilities, the Hong Kong Tourism Board (HKTB) has commissioned the internationally recognised halal travel promotion company CrescentRating since 2024 to carry out a series of work to study how Hong Kong can further enhance its “Muslim-friendly” tourism facilities, and assess local hotels, attractions and meetings, incentive travels, conventions and exhibitions (MICE) venues based on categories and standards on par with international benchmarks while taking into account Hong Kong’s actual situation. As at mid-April this year, 61 hotels, and five attractions and MICE venues have successfully applied for and obtained the ratings from CrescentRating.
     
         Besides, to encourage restaurants to obtain halal-related certification, the HKTB works with local halal certification authority, the Incorporated Trustees of the Islamic Community Fund of Hong Kong (Board of Trustees, BOT), to promote existing accreditations in the city and encourage food and beverage establishments to apply for certification. As at mid-April this year, the number of certified restaurants has increased from about 100 at the beginning of 2024 to more than 170, which also include high-end Chinese restaurant, Cantonese restaurant and contemporary Hong Kong-style noodle restaurants. In addition, four brands in the city are now offering halal-certified bakery products to provide more choices of souvenirs for Muslim visitors.
     
         Regarding financial services, the Government amended the laws in 2013 and 2014 to provide a tax structure for sukuk comparable with that for conventional bonds, and to allow for the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, to demonstrate the viability of Hong Kong’s finance platform and that our legal, regulatory and taxation framework can readily support sukuk issuances of different structures. Besides, an array of Islamic financial products and services have been introduced in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices and Islamic banking windows. Asia’s first exchange-traded fund (ETF) tracking the Saudi Arabia market was also listed on the HKEX in November 2023.
     
         In the area of investment co-operation, the Hong Kong Monetary Authority signed an MOU with the Public Investment Fund of Saudi Arabia (PIF) to jointly anchor a new investment fund of US$1 billion to facilitate companies with nexus to Hong Kong and the Greater Bay Area to develop their business in Saudi Arabia. The Government will continue to expand market development efforts, including promoting the advantages of Hong Kong’s financial system and market, so as to explore further collaboration with Islamic markets in the area of finance.
     
    Note: The “Muslim countries” as mentioned in this reply refer to the 57 Members of the Organisation of Islamic Cooperation.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Judicial appointments

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Judiciary:

    The Judiciary today (April 30) announced the appointment of one Recorder and the reappointment of two incumbent Recorders of the Court of First Instance of the High Court. All appointments are made by the Chief Executive on the recommendation of the Judicial Officers Recommendation Commission.

    Mr Eric Kwok Tung-ming, SC, is newly appointed as Recorder of the Court of First Instance of the High Court. The appointment will be effective from May 1, 2025, for a term of three years.
     
    Miss Maggie Wong Pui-kei, SC, and Mr Derek Chan Ching-lung, SC, are reappointed as Recorders of the Court of First Instance of the High Court. The reappointments will be for three years commencing on May 1, 2025, upon expiry of their current terms.
     
    The biographical notes of the appointees are as follows:

    Mr Eric Kwok Tung-ming, SC

    Mr Kwok, SC, was born in 1959 in Hong Kong. He obtained a Bachelor of Laws degree from the University of Reading, United Kingdom, in 1983. He completed the Bar Final Examination of the Council of Legal Education in the United Kingdom in 1984. He was called to the Hong Kong Bar in 1985. He was appointed as Senior Counsel in 2004. He served in the then Attorney General’s Chambers between 1985 and 1988. He has been in private practice since 1988. He was appointed as Deputy Judge of the Court of First Instance of the High Court for periods from 2022 to 2025.
     
    Miss Maggie Wong Pui-kei, SC

    Miss Wong, SC, was born in 1973 in Hong Kong. She obtained her LL.B. from the University of Hong Kong in 1995. She further obtained her P.C.LL. from the University of Hong Kong in 1996. She was called to the Hong Kong Bar in 2000, and in Brunei Darussalam on an ad hoc basis in 2004 respectively. She has been in private practice in Hong Kong since 2001. She was appointed as Senior Counsel in 2018. She was appointed as Deputy Judge of the Court of First Instance of the High Court for periods from 2020 to 2022. She has been appointed as Recorder of the Court of First Instance of the High Court since 2022.

    Mr Derek Chan Ching-lung, SC

    Mr Chan, SC, was born in 1979 in Hong Kong. He obtained his LL.B. and Bachelor of Commerce from the University of Auckland, New Zealand, in 2001. He further obtained his P.C.LL. from the City University of Hong Kong in 2003. He was called to the Hong Kong Bar in 2004. He has been in private practice in Hong Kong since 2004. He was appointed as Senior Counsel in 2018. He was appointed as Deputy Judge of the Court of First Instance of the High Court for periods in 2020 and 2021. He has been appointed as Recorder of the Court of First Instance of the High Court since 2022.

    MIL OSI Asia Pacific News –

  • MIL-OSI: GPTBots Integrates Alibaba’s Qwen3 Model to Continuously Deliver Cutting-Edge AI for Enterprises

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, April 30, 2025 (GLOBE NEWSWIRE) — GPTBots, a leading enterprise-grade AI platform, is excited to announce the integration of Alibaba’s Qwen3 model family, marking a significant step forward in delivering state-of-the-art AI solutions tailored for enterprise needs. This integration enhances GPTBots’ ability to provide businesses with unparalleled performance, multilingual capabilities, and advanced reasoning, further solidifying its position as a leader in AI-powered enterprise transformation.

    Enhancing Multilingual Capabilities and Hybrid Reasoning to Drive Business Innovation
    The integration of Qwen3 into GPTBots brings a host of advanced capabilities that are perfectly aligned with the demands of modern enterprises:

    • Hybrid Reasoning for Complex and Routine Tasks
      Qwen3’s hybrid reasoning functionality allows GPTBots to handle a wide range of tasks with precision and efficiency. The “thinking” mode is ideal for solving intricate problems, while the “non-thinking” mode delivers rapid responses for routine inquiries, ensuring businesses can optimize both speed and accuracy.
    • Enhanced Multilingual Support
      With support for 119 languages and dialects, Qwen3 significantly strengthens GPTBots’ ability to serve global enterprises. This ensures seamless communication and localization, empowering businesses to engage with diverse audiences and markets effectively.
    • Flagship Model Breakthrough: The All-in-One Task Expert
      Powered by the Qwen-3-235B flagship model and the Qwen-3-30B lightweight version, GPTBots’ integration of the Qwen 3.0 matrix delivers industry-leading performance in code generation, mathematical reasoning, and instruction execution.
          • Qwen-3-235B: With exceptional computational power, it excels in complex logical reasoning and multimodal content generation, making it ideal for heavy-duty tasks such as enterprise-level data analysis and strategic decision-making.
         • Qwen-3-30B: Optimized for private deployment, this lightweight model is designed for efficient resource utilization in localized servers and private cloud environments. Tailored for industries like finance, government, and manufacturing, it ensures data sovereignty and compliance while allowing parameter fine-tuning to adapt to specific business workflows. This ensures system stability and flexible AI deployment.
    • Seamless Integration with Enterprise Systems
      GPTBots leverages Qwen3’s capabilities to seamlessly integrate with ERP, CRM, CMS, and other enterprise systems. This ensures businesses can break down data silos, streamline workflows, and achieve real-time insights into customer behavior, market trends, and operational performance.

    Streamlining SOPs to Redefine Enterprise Operations
    The integration of Qwen3 aligns seamlessly with GPTBots’ mission to “Reimagine Enterprise Efficiency with AI.” By combining advanced technology with scenario adaptability, GPTBots delivers three core value enhancements:

    • Automated SOPs: Unlocking Workforce Potential
      GPTBots’ AI agents enable 24/7 automation for SOP-driven tasks like customer support, data entry, and report generation, significantly boosting efficiency and cutting labor costs. Supporting 90+ languages, the platform handles high-frequency queries such as order tracking, logistics updates, and return policies with over 90% automation accuracy, reducing customer service costs by 70%. Additionally, real-time integration with ERP and CRM systems automates multi-dimensional reporting, minimizing errors and enabling employees to focus on strategic and creative tasks.
    • Global, Round-the-Clock Service: Reaching Diverse Audiences
      With robust multilingual capabilities, GPTBots ensures “native-level” service experiences across 119 languages and dialects, facilitating seamless cross-cultural communication. From English support in North America to Spanish after-sales in Latin America, the platform adapts to local languages and cultural nuances, enhancing customer satisfaction and boosting repurchase rates.
    • Data-Driven Decision Making: Real-Time Insights
      Powered by Qwen3’s advanced reasoning capabilities, GPTBots provides real-time, actionable insights by analyzing operational data. It identifies potential best-sellers from sales data, uncovers customer pain points for personalized recommendations, and monitors market trends to inform proactive strategies. Seamless integration with ERP, CRM, and BI systems ensures real-time data updates, improving decision-making efficiency by 50%.

    Aurora Mobile Founder, Chris Lo, stated, “The integration of Qwen3 marks a significant upgrade in our technological capabilities. By addressing operational pain points in standardized processes, we aim to deliver ‘cost reduction without compromise, efficiency with intelligence.’ Moving forward, we will continue to integrate cutting-edge technologies to empower our clients in building sustainable competitive advantages during their digital transformation journey.”

    About GPTBots.ai
    GPTBots.ai is an enterprise AI agent platform that empowers businesses to streamline operations, enhance customer experiences, and drive growth. Offering end-to-end AI solutions across customer service, knowledge search, data analysis, and lead generation, GPTBots enables enterprises to harness the full potential of AI with ease. With seamless integration into various systems, and support for scalable, secure deployments, GPTBots is dedicated to reducing costs, accelerating growth, and helping businesses thrive in the AI era.

    For more information, visit www.gptbots.ai.

    Media Contact:
    Silvia
    Senior Marketing Manager
    marketing@gptbots.ai

    The MIL Network –

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Integrates Alibaba’s Qwen3 Model to Continuously Deliver Cutting-Edge AI for Enterprises

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, April 30, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced the integration of Alibaba’s Qwen3 model family into its leading enterprise-grade AI platform GPTBots.ai, marking a significant step forward in delivering state-of-the-art AI solutions tailored for enterprise needs. The integration enhances GPTBots.ai’s ability to provide businesses with unparalleled performance, multilingual capabilities, and advanced reasoning, further solidifying its position as a leader in AI-powered enterprise transformation.

    Enhancing Multilingual Capabilities and Hybrid Reasoning to Drive Business Innovation

    The integration of Qwen3 into GPTBots.ai brings a host of advanced capabilities that are perfectly aligned with the demands of modern enterprises:

    • Hybrid Reasoning for Complex and Routine Tasks
      Qwen3’s hybrid reasoning functionality empowers GPTBots.ai to handle a wide range of tasks with precision and efficiency. The “thinking” mode excels at solving intricate problems, while the “non-thinking” mode delivers rapid responses for routine inquiries, ensuring businesses can optimize both speed and accuracy.
    • Enhanced Multilingual Support
      With support for 119 languages and dialects, Qwen3 significantly strengthens GPTBots.ai’s ability to serve global enterprises. This ensures seamless communication and localization, empowering businesses to engage with diverse audiences and markets effectively.
    • Flagship Model Breakthrough: The All-in-One Task Expert
      Powered by the flagship Qwen-3-235B model and the Qwen-3-30B lightweight version, GPTBots.ai’s integration of the Qwen 3.0 matrix delivers industry-leading performance in code generation, mathematical reasoning, and instruction execution.
    • Qwen-3-235B: With exceptional computational power, it excels at complex logical reasoning and multimodal content generation, making it ideal for heavy-duty tasks such as enterprise-level data analysis and strategic decision-making.
    • Qwen-3-30B: Optimized for private deployment, this lightweight model is designed for efficient resource utilization in localized servers and private cloud environments. Tailored for industries like finance, government, and manufacturing, it ensures data sovereignty and compliance while allowing parameter fine-tuning to adapt to specific business workflows. This ensures system stability and flexible AI deployment.
    • Seamless Integration with Enterprise Systems
      GPTBots.ai leverages Qwen3’s capabilities to seamlessly integrate with ERP, CRM, CMS, and other enterprise systems. This ensures businesses can break down data silos, streamline workflows, and achieve real-time insights into customer behavior, market trends, and operational performance.

    Streamlining SOPs to Redefine Enterprise Operations

    The integration of Qwen3 aligns seamlessly with GPTBots.ai’s mission to “Reimagine Enterprise Efficiency with AI.” By combining advanced technology with scenario adaptability, GPTBots.ai delivers three core value enhancements:

    ● Automated SOPs: Unlocking Workforce Potential
    GPTBots.ai’s AI agents enable 24/7 automation for SOP-driven tasks like customer support, data entry, and report generation, significantly boosting efficiency and cutting labor costs. Supporting 90+ languages, the platform handles high-frequency queries such as order tracking, logistics updates, and return policies with over 90% automation accuracy, reducing customer service costs by 70%. Additionally, real-time integration with ERP and CRM systems automates multi-dimensional reporting, minimizing errors and enabling employees to focus on strategic and creative tasks.

    ● Global, Round-the-Clock Service: Reaching Diverse Audiences
    With robust multilingual capabilities, GPTBots.ai ensures “native-level” service experiences across 119 languages and dialects, facilitating seamless cross-cultural communication. From English support in North America to Spanish after-sales in Latin America, the platform adapts to local languages and cultural nuances, enhancing customer satisfaction and boosting repurchase rates.

    ● Data-Driven Decision Making: Real-Time Insights
    Powered by Qwen3’s advanced reasoning capabilities, GPTBots.ai provides real-time, actionable insights by analyzing operational data. It identifies potential best-sellers from sales data, uncovers customer pain points for personalized recommendations, and monitors market trends to inform proactive strategies. Seamless integration with ERP, CRM, and BI systems ensures real-time data updates, improving decision-making efficiency by 50%.

    GPTBots.ai Founder, Chris Lo, stated, “The integration of Qwen3 marks a significant upgrade in our technological capabilities. By tackling operational pain points in standardized processes, we aim to deliver cost reduction without compromise and efficiency powered by intelligence. Moving forward, we will continue to integrate cutting-edge technologies that empower our clients to build sustainable competitive advantages throughout their digital transformation journey.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited 
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI United Kingdom: Two Trustees appointed to the Natural History Museum board for four year terms commencing 17 March 2025

    Source: United Kingdom – Executive Government & Departments

    News story

    Two Trustees appointed to the Natural History Museum board for four year terms commencing 17 March 2025

    The Prime Minister has appointed Kate Robson Brown and Tanuja Randery as Trustees of the Natural History Museum.

    Kate Robson Brown

    Professor Kate Robson Brown is Vice-President for Research, Innovation and Impact, at University College Dublin, Ireland. In this role she leads both UCDResearch (discovery and applied research) and NovaUCD (enterprise and commercial activities), and is the University AI Champion. She is Professor of Engineering Mathematics and Biological Anthropology. She is a member of the Ireland National Advisory Forum for Space Research, Honorary Fellow of the Alan Turing Institute for Data Science and AI, President of the European Low Gravity Research Association, co-chair of the UK Space Academic Network, and a Visiting Professor in Data Science at Strathmore University in Nairobi. Her previous role was Director of the Jean Golding Institute for Data Science and AI at the University of Bristol. Her research explores the computational modelling of the microstructure and performance of living tissues and manufactured materials and their response to changing and extreme environments, including space. She has a collaborative ESA and UKSA funded experiment currently in orbit on the ISS.

    Tanuja Randery

    Tanuja is Managing Director of Amazon Web Services EMEA, responsible for setting EMEA strategy and guiding the company’s growth across the region. She leads multi-country, cross-functional teams who work closely with customers to support digital transformation, from start ups through to the world’s largest enterprises. Tanuja has more than 25 years of strategic, commercial and operational experience. She was previously Partner at management consulting firm McKinsey & Company, where she was responsible for leading enterprise transformation projects in the technology and industrial sectors.

    Prior to this she served as CEO, UK & Ireland for Schneider Electric, the global energy management firm. Tanuja serves as non-executive director on the board of BusinessLDN and was previously a trustee for Save the Children UK. She is committed to diversity projects and founded the PowerWomen Network—a cross-industry network for senior women business leaders. She was recognised as a top-50 Champions for Women in Business by the Financial Times’ HERoes in 2017 and 2018. She was ranked number 6 on the UK Tech50 2022 list of most influential people in IT and was recognised in the Yahoo Finance 2022 Heroes Women Role Model Lists. Tanuja also hosts a podcast, PowerWomen Speak, on what it takes for women to be successful in business. Born and educated in India, with a Master’s degree from Boston University, Tanuja has lived in London for the past 19 years.

    Remuneration and Governance Code

    Trustees of the Natural History Museum are not remunerated. This appointment has been made in accordance with the Cabinet Office’s [Governance Code on Public Appointments].

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Kate Robson Brown and Tanuja Randery have not declared any significant political activity.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: RSH publishes regulatory judgements for 18 social landlords

    Source: United Kingdom – Executive Government & Departments

    Press release

    RSH publishes regulatory judgements for 18 social landlords

    The Regulator of Social Housing (RSH) has today published a range of judgements following inspections of social landlords and ongoing responsive work.

    RSH has found serious issues with three councils, which have each failed to meet the outcomes in the consumer standards.

    The London Borough of Tower Hamlets:

    • Does not have an accurate understanding of tenants’ homes, with only 47% of individual property surveys carried out within the last five years
    • Has thousands of homes that do not meet the Decent Homes Standard (23% of around 11,000 total homes).
    • Has around 2,500 overdue fire safety actions, 1,400 overdue communal electrical safety actions and 750 overdue water safety actions.

    Reading Borough Council:

    • Failed to provide an effective and timely repairs service, with around 1,600 overdue repairs at the time of the inspection.
    • Only surveyed half of its tenants’ homes over the past five years.
    • Failed to provide meaningful opportunities for tenants to scrutinise its performance, and did not give all tenants access to a fair and effective complaints process.

    Winchester City Council:

    • Does not have up-to-date information about the majority of tenants’ homes, with its last stock condition survey completed more than 10 years ago.
    • Is unable to provide assurance that it is completing required health and safety checks for all homes and communal areas – including those for fire, electrical and water safety.
    • Has not been able to demonstrate that it provides all tenants with accessible information.

    Each council has been given a C3 grade and they must make significant improvements. RSH will continue to engage intensively with them as they deliver their improvement plans and put things right for tenants.  

    Following a self-referral, RSH found that Mid Devon District Council had overcharged rent for over 1,200 tenants, and undercharged over 1,600. As a result it has failed to meet the outcomes of the rent standard. The council is continuing to investigate these issues and has advised RSH that it will confirm the refunds due to individual tenants.  

    RSH also continues its important work in checking that housing associations are well run and financially viable. This is reflected in judgements which reinforce the importance of good governance in managing strategic risks.    

    RSH found weaknesses in how the Community Housing Group and Richmond Housing Partnership are managing their strategic risks. Each landlord needs to improve their internal controls assurance so that consistent improvement is seen in outcomes for tenants. RSH has downgraded both landlords to a G2 grading for governance as a result.

    RSH expects all housing associations and other private registered providers to have G1 governance grades. RSH continues to drive improvements in social landlords, with Islington and Shoreditch Housing Association and Watmos Community Housing upgraded to G1 following improvements in their governance.

    Kate Dodsworth, Chief of Regulatory Engagement at RSH, said:

    “We continue to take action on a wide range of issues when landlords fail to meet our standards.  

    “Our judgements show the importance of good governance in driving improvements for tenants and ensuring landlords are on top of their strategic risks. A clear theme is the need for accurate, up-to-date information about key risks – whether they are financial or relate to tenants’ health and safety.

    “Through our regulation we will continue to support a sector that is well run and financially viable. This is the foundation for providing good-quality homes for tenants and building new homes for the future.”

    RSH has also removed a previous regulatory notice for the London Borough of Croydon as the landlord has delivered the required improvements.

    RSH has published 18 regulatory judgements in total today, following planned inspections and responsive engagement. The full details are provided in the table below along with links to each of the judgements.

    Notes to editors

    Social landlord Consumer grade Governance grade Viability grade Process
    Brentwood Borough Council C2 – – Inspection
    Broadland Housing Association Limited C2 G1 V2 Inspection
    Gateshead Metropolitan Borough Council C2 – – Inspection
    Hastoe Housing Association Limited C2 G1 V2 (regrade from V1) Inspection
    Islington and Shoreditch Housing Association Limited – G1 (upgrade from G2) V2 (based on previous assessment) Responsive engagement
    London Borough of Tower Hamlets C3 – – Inspection
    London Borough of Waltham Forest C2 – – Inspection
    Mid Devon District Council – – – Responsive engagement (rent standard)
    Poplar Housing and Regeneration Community Association Limited C1 G1 V2 Inspection
    Raven Housing Trust Limited C1 G1 V2 Inspection
    Reading Borough Council C3 – – Inspection
    Richmond Housing Partnership Limited   G2 (downgrade from G1) V1 Responsive engagement
    South Liverpool Homes Limited C1 G1 V1 Inspection
    St Mungo Community Housing Association C2 G2 V2 Inspection
    Teign Housing C2 G1 V2 Inspection
    The Community Housing Group C2 G2 (downgrade from G1) V2 Inspection
    Watmos Community Homes C1 G1 (upgrade from G2) V2 Inspection
    Winchester City Council C3 – – Responsive engagement
    1. RSH regulates housing associations and other private registered providers against its full set of standards. Councils are regulated against the consumer and rent standards only.
    2. More information about RSH’s responsive engagement, programmed inspections and consumer gradings is also available on its website.
    3. RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.
    4. For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Igniting Gen Z Innovation: Samsung India Launches ‘Solve for Tomorrow 2025’ Competition with Over INR 1 Crore In Grants

    Source: Samsung

    (Left to right) Shubham Mukherjee, Head of CSR & Corporate Communication at Samsung Southwest Asia; Abhishek Singh, Additional Secretary, MeitY; JB Park, President & CEO, Samsung Southwest Asia; Shombi Sharp, United Nations Resident Coordinator in India; Prof Rangan Banerjee, Director, IIT Delhi; Dr Sapna Poti, Senior Director, Office of Principal Scientific Adviser to the Government of India
     
    Samsung, India’s largest consumer electronics brand, unveiled the fourth iteration of its Samsung ‘Solve for Tomorrow’ initiative – a nationwide contest designed to inspire students to create innovative solutions to address some of society’s most pressing challenges by leveraging technology.
     
    Samsung ‘Solve for Tomorrow 2025’ will provide INR 1 crore to the top four winning teams to support the incubation of their projects, along with hands-on prototyping, investor connects, and expert mentorship from Samsung leaders and IIT Delhi faculty.
     
    This recognition highlights the significance of nurturing solutions that not only excel in the competition but also transcend it, ultimately evolving into scalable and sustainable ventures that will play a pivotal role in shaping communities across India.
     
    The programme, spanning six months, invites students aged 14-22 to submit their tech ideas as either individuals or groups. This year, participants are encouraged to create solutions across four key themes: AI for a Safer, Smarter, and Inclusive Bharat; Future of Health, Hygiene, and Well-being in India; Social change through Sports and Tech for Education and Better Futures; and Environmental Sustainability via Technology.
     
    “With Solve for Tomorrow, we are inspiring young innovators across every corner of India to dream big, tackle real-world challenges, and shape a smarter, more inclusive future through technology. This year, Solve for Tomorrow is going to be even bigger and more inclusive. We are reaching more cities, engaging students from more schools and colleges, and creating avenues for them to innovate, while applying the principles of design thinking. Solve for Tomorrow stands as a testament to our unwavering commitment to the Government of India’s pioneering #DigitalIndia initiative that empowers our youth to become architects of the future,” said JB Park, President & CEO, Samsung Southwest Asia.
     
    “IIT Delhi is excited about fostering innovation, entrepreneurship, and real-world problem solving among youth. Our collaboration with Samsung Solve for Tomorrow offers mentorship, research infrastructure, and technical guidance to help the young turn their ideas into products that impact society. We are delighted to be part of this initiative that enables socially conscious innovation and contributes to Viksit Bharat,” said Prof Rangan Banerjee, Director, IIT Delhi.
     
    “India’s young innovators are at the heart of achieving the Sustainable Development Goals by 2030 and realizing the vision of a Viksit Bharat by 2047. With more young minds to tap solutions than any country ever before, India is uniquely positioned to lead with ideas that address local challenges and inspire global change. Initiatives like Samsung’s Solve for Tomorrow provide a vital platform for young people to turn their ideas into solutions for the global good, using technology to drive inclusive and sustainable progress. The UN in India is proud to support such collaborations, especially with the private sector, that uplift youth leadership, innovation, and action, ensuring that we leave no one behind,” said Shombi Sharp, United Nations Resident Coordinator in India.
     
    “Young people hold the key to solving today’s most urgent global challenges. Initiatives Iike Solve for Tomorrow 2025 empower them to turn their ideas into reality using technology. We are excited to see solutions that help scale youth-led ideas to drive real change across communities,” said Abhishek Singh, Additional Secretary, Ministry of Electronics & Information Technology (MeitY).
     
    The fourth iteration of Samsung India’s flagship Corporate Social Responsibility (CSR) initiative aims to involve thousands of participants, offering more than 82,000 hours of extensive training in Design Thinking, Hands-on Prototyping, Go-to-Market Strategies, and Business Planning. In the final phase, teams selected as finalists will benefit from specialized training and mentorship provided by Samsung, IIT Delhi, and industry professionals.
     
    ‘Solve for Tomorrow 2025’ was inaugurated at IIT Delhi in the presence of all partners on Tuesday. Present at the event were Dr Sapna Poti, Senior Director, Office of Principal Scientific Adviser to the Government of India, Shardul Rao, Scientist C, Department of Science & Technology, Government of India and P. S. Madanagopal, CEO, MeitY Startup Hub.
     
    From ideas to impact: Programme stages
    The application window for the initiative will be open from April 29 to June 30, 2025. During this period, Samsung will host immersive design-thinking workshops in schools and colleges across the nation, empowering participants with essential problem solving and ideation skills.
     
    After the initial application phase, the top 100 teams will be chosen, with 25 teams selected from each of the themes. At this stage, participants will undergo online training led by thematic experts, followed by a video pitch round where 40 teams will be shortlisted – 10 teams from each theme.
     
    The top 10 semi-finalist teams from each theme will then progress to an intensive mentorship program guided by Samsung’s industry veterans and subject matter experts. These teams will also participate in curated learning visits to Samsung’s state-of-the-art facilities, including the Samsung R&D Institute India in Bengaluru, Noida, and Delhi, as well as Samsung Design Delhi, offering them first-hand exposure to world-class innovation ecosystems.
     
    This phase will culminate in an experiential, hands-on Prototyping Programme at Delhi’s state-of-the-art labs, in collaboration with ‘Solve for Tomorrow’ alumni. There will also be a Residential Bootcamp focused on refining ideas and preparing for the final pitch. The top 20 teams will be finalized after this phase, with five teams from each theme advancing to the grand finale. These top five teams from each theme will receive exclusive one-on-one mentoring sessions with Samsung experts. They will participate in a Prototyping Day, Pitch Presentation, Investor Meet, and Awards Ceremony, all held over the last three days of the competition.
     
    What is in it for the participants
    The top 100 teams will receive certificates of achievement. The top 40 teams will receive INR 8 lakh and the latest Samsung laptops for every member. The top 20 will receive with INR 20 lakh and the latest Samsung ZFlip smartphones for each member.
     
    In addition, special awards include the Goodwill Award, Young Innovator Award, and Social Media Champion, with a total prize amount of INR 4.5 lakh.
     
    The four winning teams will collectively receive a grant of INR 1 crore for incubation at IIT Delhi, providing substantial resources to accelerate their innovative projects. This funding aims to nurture their ideas into reality.
     
    First launched in the US in 2010, ‘Solve for Tomorrow’ is currently operational in 68 countries globally and has seen over 3 million young people participate worldwide.
     
    The Global CSR vision of Samsung Electronics – ‘Together for Tomorrow! Enabling People’ – is determined to provide education to young people around the world and empower them to become the leaders of tomorrow. Read more stories on Samsung Electronics’ CSR efforts on our CSR webpage https://csr.samsung.com/en-in/localMain.do
     

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

    Source: Republic of China Taiwan

    Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

    Date：2024-12-14
    Data Source：Department of European Affairs

    December 14, 2024  
    No. 461  

    To assist Ukraine in revitalizing its domestic insurance market and to boost international investment interest in Ukraine, Taiwan has agreed to allocate €4 million from the TaiwanBusiness-EBRD Technical Cooperation Fund for the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) initiative led by the European Bank for Reconstruction and Development (EBRD). The donation agreement was signed in Taipei on December 2 at a ceremony witnessed by Deputy Minister of Foreign Affairs Tien Chung-kwang. It was signed on behalf of Taiwan by Jonathan C. Y. Sun, Director General of the Department of International Organizations at the Ministry of Foreign Affairs, and by Director for Donor Partnerships Camilla Otto on behalf of the EBRD. 
     
    The EBRD held a ceremony to launch the URGF in its London headquarters on December 12, which was attended by Taiwan Representative to the United Kingdom Vincent C. H. Yao. In his remarks at the event, Representative Yao said that Taiwan staunchly supported Ukraine and looked forward to working with like-minded democratic allies to assist in Ukraine’s reconstruction through the URGF mechanism.
     
    Due to the Russia-Ukraine war, international reinsurance companies have had reservations about providing coverage for businesses operating in Ukraine. The EBRD thus aims to raise €110 million via the URGF mechanism so as to provide additional guarantees for potential losses incurred by war-related risks. This will increase international investor confidence and, in turn, accelerate economic recovery and improve the lives of the Ukrainian people. France, the United Kingdom, Norway, the European Union, and Switzerland have also pledged to donate to the URGF. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Italy-Türkiye Business Forum

    Source: Government of Italy (English)

    29 Aprile 2025

    The President of the Council of Ministers, Giorgia Meloni, and the President of the Republic of Türkiye, Recep Tayyip Erdoğan, both delivered an address at the Italy-Türkiye Business Forum in Rome today.

    MIL OSI Europe News –

  • MIL-OSI USA: Congresswoman Schrier’s Bipartisan Bill to Strengthen Domestic Manufacturing and Critical Infrastructure Passes House

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    WASHINGTON, D.C. – Today, the U.S. House of Representatives passed Congresswoman Kim Schrier’s, M.D. (WA-08) bipartisan Critical Infrastructure Manufacturing Feasibility Act. Congresswoman Schrier was joined in introducing this bipartisan legislation by Congresswoman Mariannette Miller-Meeks, M.D. (IA-01). This bill will direct the Secretary of Commerce to conduct a study on the feasibility of manufacturing more critical infrastructure goods in the United States, with a focus on identifying rural communities best suited to support domestic production.

    “We need a clear understanding of what products can and should be manufactured in the United States. We cannot remain dependent on just a handful of other countries for critical parts and products,” said Congresswoman Schrier. “That’s why I was proud to introduce this commonsense, bipartisan bill with Congresswoman Miller Meeks that will allow us to make evidence-based, thoughtful decisions about the role domestic manufacturing will play in the years ahead, and I am thrilled to see it pass the House.”

    “With House passage of my bill HR 1721, we are now one step closer to getting this critical bill to President Trump’s desk and advancing his America First priorities,” said Rep. Miller-Meeks. “We can no longer allow adversarial nations, like China, to control the flow of goods and disrupt our economy. This bill takes a proactive step to assess how we can expand American manufacturing, particularly in rural areas, to protect our supply chains and strengthen our economy. I urge the Senate to swiftly pass this legislation that would greatly benefit the Hawkeye State.”

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

    Source: Republic of China Taiwan

    Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

    Date：2025-01-14
    Data Source：Department of European Affairs

    January 14, 2025  
    No. 012  

    Minister of Foreign Affairs Lin Chia-lung on January 14 hosted a welcome luncheon for former Lithuanian Minister of Foreign Affairs Gabrielius Landsbergis and his wife. During the event, the two sides exchanged views on how democracies can counter authoritarian nations, furthering bilateral collaboration on drone development, and exploring other areas of cooperation. 
     
    Minister Lin thanked Mr. Landsbergis for his staunch support of Taiwan and for his proactive efforts to bolster bilateral relations between Taiwan and Lithuania during his tenure as foreign minister, adding that this was an excellent model of democratic solidarity. He stated that he had led 20 drone-related Taiwanese companies to the Drone Industry Business Forum in Lithuania last November, demonstrating Taiwan’s determination to build democratic supply chains together with Lithuania and substantively implementing integrated diplomacy. 
     
    Minister Lin also noted that authoritarian expansionism posed a significant challenge to the democratic community. Pointing to the recent incidents of underwater cable sabotage in the Baltic Sea and the waters around Taiwan, he underscored the urgent need for democracies to collaborate and adopt joint strategic responses and prevention measures.
     
    Mr. Landsbergis said that Taiwan and Lithuania had done their utmost to protect freedom and democracy since transitioning away from authoritarian rule in the 1980s. Observing that the two nations had long faced geopolitical security threats from authoritarian countries, he stressed that it was important for democratic partners to work in concert and that the peoples of Taiwan and Lithuania had forged a friendship based on mutual understanding and appreciation. With the two countries having achieved considerable success in various joint projects, he expressed the hope that bilateral cooperation would continue to deepen.
     
    During his tenure as foreign minister, Mr. Landsbergis arranged for Lithuania to donate COVID-19 vaccines to Taiwan, making it the first European country to do so. He further showed a firm commitment to safeguarding the values of democracy and freedom and backed the establishment of a Taiwanese representative office in Lithuania including the name Taiwan. A staunch friend of Taiwan, he spared no effort to strengthen relations between the two countries. During his visit, Mr. Landsbergis will deliver a speech at an event organized by the Prospect Foundation and will engage with Taiwanese students at National Taiwan University. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: Quadient: 11% Increase in Software Sales to Mail Clients in 2024 Reflects Rising Demand for Smarter, Multichannel Communications

    Source: GlobeNewswire (MIL-OSI)

    Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, shared today that businesses are increasingly turning to digital solutions to meet rising customer expectations for modern, multichannel communication. This shift is driving tangible growth: in fiscal year 2024, Quadient recorded a record 11% increase in cross-sales of its Digital automation solutions within its Mail customer base.

    This growth highlights a broader shift in customer engagement strategies, driven by evolving consumer expectations. Independent research commissioned by Quadient in fall 2024, which surveyed 6,000 consumers across the United States, United Kingdom, and France, revealed a clear demand for more modern, multichannel communication experiences. While physical mail remains relevant, a majority of respondents in each country want companies to communicate through multiple channels, including email, mail, text, mobile apps, and social media. This includes 73 percent in the USA, 66 percent in France, and 62 percent in the UK. The findings send a critical message to businesses: organizations that align their strategies with these changing preferences are better positioned to improve customer satisfaction, foster loyalty, and remain competitive in an increasingly digital marketplace.

    “We’re meeting our customers where they are and helping them go further,” said Alain Fairise, Chief Solution Officer, Mail Automation at Quadient. “This isn’t just about adopting new technology, it’s about enabling smarter, more agile ways to connect. Consumers are not only ready for smarter digital communications, they now expect it. To stay competitive, businesses need trusted partners who can guide them through digital transformation with confidence and minimal disruption. Our growth in Digital cross-sales reflects that trust. By combining intelligent automation with proven expertise in physical communications, we’re helping organizations reduce complexity, unlock growth opportunities, and build more resilient, future-ready customer relationships.”

    With more than 350,000 business customers worldwide, Quadient is helping organizations across industries modernize how they communicate. Through its intelligent automation platform, including Quadient Impress and Quadient Inspire, companies are leveraging both physical and digital channels to improve efficiency, consistency, and responsiveness. In 2024, Quadient recorded its highest level of Digital solution sales into its Mail customer base, while its Mail business continued to outperform the market. Looking ahead, Quadient will continue investing in intelligent hybrid communication solutions to support businesses in delivering meaningful, future-ready customer communications. To know more about Quadient’s smart mail solutions, go to https://mail.quadient.com/en/mailroom-software.

    About Quadient
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

    Contacts

    Joe Scolaro, Quadient            Sandy Armstrong, Sterling Kilgore
    Global Press Relations Manager   VP of Media & Communications
    +1 203-301-3673   +1-630-699-8979
    j.scolaro@quadient.com     sarmstrong@sterlingkilgore.com

    Attachment

    The MIL Network –

  • 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: Societe Generale: First quarter 2025 earnings

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 31 MARCH 2025


    Press release                                                            
    Paris, 30 April 2025

    STRONG QUARTERLY RESULTS, AHEAD OF OUR 2025 TARGETS

    Quarterly revenues of EUR 7.1 billion, +6.6% vs. Q1 24 and +10.2% excluding asset disposals
    (vs. an annual target of more than +3%). Positive contribution from all businesses, driven by a strong rebound in French Retail Banking, a solid performance of Global Banking and Investor Solutions and a sustained activity in Mobility, International Retail Banking and Financial Services

    Strict cost management with operating expenses down -4.4% vs. Q1 24, excluding asset disposals. Ahead of our 2025 target to reduce operating expenses by more than -1%, excluding asset disposals

    Cost-to-income ratio at 65.0% in Q1 25, ahead of our 2025 target (<66%)

    Low cost of risk at 23 basis points in Q1 25, below the 2025 target of 25 to 30 basis points. The amount of S1/S2 provisions remains high at EUR 3.1 billion (more than 2x 2024 cost of risk), and has been further increased

    Group net income of EUR 1,608 million, x2.4 vs. Q1 24

    Profitability (ROTE) at 11.0%, ahead of our 2025 target of more than 8%. Even if restated for net gains on asset disposals of around EUR 200 million and considering a quarterly linear distribution of taxes (IFRIC 21) for an amount of around EUR 300 million, the ROTE stands at 10.9%

    SOLID CAPITAL AND LIQUIDITY PROFILE

    CET1 ratio of 13.4%1 at end-Q1 25, around 320 basis points above the regulatory requirement

    Liquidity Coverage Ratio at 140% at end-Q1 25

    Provision for distribution of EUR 0.912 per share, at end-March 2025

    Completion of the 2024 share buy-back programme of EUR 872 million

    ORDERLY EXECUTION OF ASSET DISPOSALS

    Disposal of SGEF’s activities completed on 28 February 2025, except for those in the Czech Republic and Slovakia, representing a positive impact of around +30 basis points on the Group’s CET1 ratio in Q1 25

    Disposals of Societe Generale Private Banking Suisse and SG Kleinwort Hambros completed on 31 January 2025 and 31 March 2025, for a total impact of around +10 basis points on the Group’s CET1 ratio

    Slawomir Krupa, the Group’s Chief Executive Officer, commented:
    « We are releasing today a very good set of results. Our revenues have grown across all our businesses. Our costs and our cost-to-income ratio have decreased across all our businesses. Our first quarter results are above all our annual targets, putting us in a favourable position to achieve them, thanks to our disciplined execution and prudent and rigorous risk management. Since the presentation of our Strategic Plan, we have built a strong capital position, and we have delivered a steady and material increase in our performance. Our diversified and resilient model allows us to navigate efficiently in the current environment. This is the result of the precise execution of our strategy by fully focused and talented teams whom I warmly thank for their commitment. We measure how far we’ve come and how far we still have to go. We will therefore pursue our work with the same focus and discipline, confident in our ability to deliver our 2026 roadmap and beyond, a sustainable and profitable growth. »

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q1 25 Q1 24 Change
    Net banking income 7,083 6,645 +6.6% +9.9%*
    Operating expenses (4,604) (4,980) -7.6% -4.6%*
    Gross operating income 2,479 1,665 +48.9% +53.0%*
    Net cost of risk (344) (400) -13.9% -9.5%*
    Operating income 2,135 1,265 +68.8% +72.1%*
    Net profits or losses from other assets 202 (80) n/s n/s
    Income tax (490) (274) +79.0% +84.8%*
    Net income 1,855 917 x 2.0 x 2.1*
    O.w. non-controlling interests 247 237 +4.0% +12.0%*
    Group net income 1,608 680 x 2.4 x 2.4*
    ROE 9.7% 3.6%    
    ROTE 11.0% 4.1%    
    Cost to income 65.0% 74.9%    

    Asterisks* in the document refer to data at constant perimeter and exchange rates

    Societe Generale’s Board of Directors, which met on 29 April 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for the first quarter of 2025.

    Net banking income 

    Net banking income stood at EUR 7.1 billion, up +6.6% vs. Q1 24 and up +10.2% vs. Q1 24, excluding asset disposals.

    Revenues of French Retail, Private Banking and Insurance were up +14.1% vs. Q1 24 (+16.5% excluding asset disposals and +2.5% excluding both asset disposals and short-term hedge impact) to stand at EUR 2.3 billion in Q1 25. Net interest income recovered sharply in Q1 25 (+28.4% vs. Q1 24) and was broadly stable when restated for asset disposals and short-term hedges accounted for in Q1 24 (around EUR -270 million). Assets under management in Private Banking and Insurance grew by +6% and +5%, respectively (excluding asset disposals in Switzerland and in the United Kingdom) in Q1 25 vs. Q1 24. Lastly, BoursoBank continued its strong commercial development with nearly 460,000 new customers during the quarter, reaching a customer base of around 7.6 million clients at end-March 2025.

    Global Banking and Investor Solutions registered a +10.0% increase in revenues relative to Q1 24. These totalled EUR 2.9 billion for the quarter, driven by strong momentum in equities and in Financing and Advisory. Global Markets grew by +10.9% in Q1 25 vs. Q1 24. Equity revenues were up +21.8%, reaching a quarterly record level3, driven by strong momentum in flow and listed products. Fixed income and currencies were down -2.4% due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial activity nevertheless remained buoyant in rates and forex brokerage due to high volatility. In Global Banking and Advisory, revenues are up +10.5% with a solid commercial momentum in asset finance. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM). Similarly, Global Transaction and Payment Services posted an +8.7% increase in revenues vs. Q1 24, driven by higher payment volumes with institutional clients and strong commercial development for corporate clients.

    Mobility, International Retail Banking and Financial Services’ revenues were down -7.4% vs. Q1 24, mainly due to a perimeter effect of EUR -176 million in Q1 25. Excluding the impact of asset disposals, they were up +0.8%. International Retail Banking recorded a -12.1% fall in revenues vs. Q1 24 to EUR 0.9 billion, due to a perimeter effect related to the disposals completed in Africa (Morocco, Chad, Madagascar). They rose by +1.9% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were also down -3.0% vs. Q1 24 due to the disposal of SGEF’s operations (except for those in the Czech Republic and Slovakia) in Q1 25. Besides, Ayvens’ revenues were stable vs. Q1 24 owing to improved margins, offsetting the normalisation of the results of used car sales.

    The Corporate Centre recorded revenues of EUR -112 million in Q1 25.

    Operating expenses 

    Operating expenses came to EUR 4,604 million in Q1 25, down -7.6% vs. Q1 24 and -4.4% excluding asset disposals. The decrease in operating expenses is notably explained by a decrease in transformation charges of EUR 278 million, an increase of EUR 29 million related to taxes on variable compensation, an increase in expenses of EUR 22 million related to Bernstein perimeter, and EUR 5 million related to disposal transaction costs. Excluding these non-recurring items, operating expenses were slightly up, confirming the strong cost discipline.

    The cost-to-income ratio stood at 65.0% in Q1 25, down sharply from Q1 24 (74.9%) and below the target of <66% estimated for 2025.

    Cost of risk

    The cost of risk was stable over the quarter at 23 basis points (or EUR 344 million). It comprises a provision for non-performing loans of EUR 330 million (around 22 basis points) and a provision for performing loans of EUR 14 million.

    At end-March, the Group had a stock of provisions for performing loans of EUR 3,131 million, slightly up +0.4% compared with 31 December 2024, which represents more than 2x 2024 cost of risk.

    The gross non-performing loan ratio stood at 2.82%4,5 at 31 March 2025, broadly stable compared to its end – December 2024 level (2.81%). The net coverage ratio on the Group’s non-performing loans stood at 82%6 at 31 March 2025 (after netting of guarantees and collateral).

    Net profits from other assets

    The Group recorded a net gain of EUR +202 million in Q1 25, mainly related to the accounting impacts of completed asset sales of SGEF7, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    Group net income stood at EUR 1,608 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 11.0%.

    1. DELIVERING ON OUR ESG AMBITIONS

    The Group is in line with its portfolio alignment targets in the most carbon-emitting sectors, including since 2019 a reduction of more than 50% in its upstream exposure to oil and gas, and a reduction of around 50% of its carbon emission intensity in power.

    Reflecting progress on portfolio alignment, the Group’s contribution to sustainable finance amounted to around 80 billion euros at the end of 2024, ahead of its target of 500 billion euros for the 2024-2030 period.

    The Group is well positioned to seize new opportunities in the environmental transition. Societe Generale has acted as exclusive financial advisor for the UK’s Net Zero Teesside Power and Northern Endurance Partnership projects, which aim to be the world’s first gas-fired power station project with carbon capture and storage.

    These actions are recognized externally, with best-in-class ratings from extra-financial rating agencies and through numerous awards.

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 31 March 2025, the Group’s Common Equity Tier 1 ratio stood at 13.4%, or around 320 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well above regulatory requirements at 140% at end-March 2025 (an average of 150% for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 115% at end-March 2025.

    All liquidity and solvency ratios are well above the regulatory requirements.

      31/03/2025 31/12/2024 Requirements
    CET1(1) 13.4% 13.3% 10.22%
    Tier 1 ratio(1) 16.1% 16.1% 12.14%
    Total Capital(1) 19.1% 18.9% 14.70%
    Leverage ratio(1) 4.4% 4.3% 3.60%
    TLAC (% RWA)(1) 29.7% 29.7% 22.32%
    TLAC (% leverage)(1) 8.2% 8.0% 6.75%
    MREL (% RWA)(1) 33.3% 34.2% 27.59%
    MREL (% leverage)(1) 9.2% 9.2% 6.23%
    End of period LCR 140% 162% >100%
    Period average LCR 150% 150% >100%
    NSFR 115% 117% >100%
    In EURbn 31/03/2025 31/12/2024
    Total consolidated balance sheet 1,554 1,574
    Group shareholders’ equity 71 70
    Risk-weighted assets 393 390
    O.w. credit risk 318 327
    Total funded balance sheet 931 952
    Customer loans 459 463
    Customer deposits 596 614

    8
    As of 31 March 2025, the parent company has issued EUR 9.0 billion of medium/long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at the end of 2024. The subsidiaries had issued EUR 1.0 billion. In all, the Group has issued a total of EUR 10.0 billion in medium/long-term debt.

    At end of April 2025, the parent company’s 2025 funding programme is 54% complete for vanilla notes.

    The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,299 2,016 +14.1% +16.5%*
    Of which net interest income 1,061 827 +28.4% +31.6%*
    Of which fees 1,056 1,018 +3.7% +6.2%*
    Operating expenses (1,566) (1,728) -9.4% -6.6%*
    Gross operating income 734 288 x 2.5 x 2.5*
    Net cost of risk (171) (247) -30.8% -30.8%*
    Operating income 563 41 x 13.7 x 11.2*
    Net profits or losses from other assets 7 0 x 19.2 x 19.2*
    Group net income 421 31 x 13.4 x 10.9*
    Cost to income 68.1% 85.7%    

    Commercial activity

    SG network, Private Banking and Insurance 

    The SG network’s average deposit outstandings amounted to EUR 230 billion in Q1 25, down -1% from Q1 24, with a shift of inflows into savings life insurance.

    The SG network’s average loan outstandings contracted by -3% vs. Q1 24 to EUR 193 billion, and
    by -1.8% vs. Q1 24 excluding repayments of state-guaranteed loans. Mortgage loan production saw a sharp increase of +115% vs. Q1 24.

    The average loan-to-deposit ratio stood at 83.8% in Q1 25, down 1.1 percentage point relative to Q1 24.

    In Private Banking, assets under management9 strongly rose by +6% vs. Q1 24 at EUR 130 billion. Net asset inflows totalled EUR 2 billion in Q1 25, with asset gathering (annualised net new money divided by AuM) standing at +6% in Q1 25. Net banking income came to EUR 361 million for the quarter, a +3.4% increase at constant perimeter1 and exchange rates, down -3.9% vs. Q1 24.

    Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +5% vs. Q1 24 to reach a record EUR 148 billion at end- March 2025. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 5.4 billion in Q1 25.

    In France, personal protection and Property & Casualty premia were up by +4% vs. Q1 24.

    BoursoBank 

    BoursoBank reached almost 7.6 million clients in Q1 25. The bank recorded growth of +20.7% in the number of clients vs. Q1 24 (+1.3 million year-on-year), with onboarding still high this quarter (~458,000 new clients in Q1 25) while the churn rate remained low.

    BoursoBank has once again confirmed its leading position in France in terms of client satisfaction with an NPS (Net Promoter Score) of +5410. The online bank is also ranked as the best digital bank in France11.

    Average loan outstandings rose by +7.3% compared with Q1 24 to EUR 16 billion in Q1 25.

    Average outstanding savings, including deposits and financial savings, totalled EUR 67 billion, an increase of +15.5% vs. Q1 24. Deposits outstanding totalled EUR 41 billion in Q1 25, posting another sharp increase of +16.3% vs. Q1 24. Average life insurance outstandings, at EUR 13 billion in Q1 25, rose by +8.9% vs. Q1 24 (of which 49.2% in unit-linked products). This activity continued to register strong gross inflows over the quarter (+24.6% vs. Q1 24, 57% in unit-linked products). The brokerage activity recorded more than 3 million transactions in Q1 25, a record quarter with an increase of +48.4%
    vs. Q1 24.

    Net banking income

    In Q1 25, revenues came to EUR 2,299 million (including PEL/CEL provision), up +14.1% vs. Q1 24. Net interest income grew by +28.4% vs. Q1 24 and was broadly stable excluding asset disposals and the impact of short-term hedges in Q1 24. Fee income rose by +3.7% relative to Q1 24.

    Operating expenses

    Operating expenses came to EUR 1,566 million for the quarter, including around EUR 23 million euros of transformation charges, down -9.4% vs. Q1 24. The cost-to-income ratio stood at 68.1% in Q1 25, an improvement of 17.6 percentage points vs. Q1 24.

    Cost of risk

    In Q1 25, the cost of risk amounted to EUR 171 million, or 29 basis points, which was higher than in Q4 24 (20 basis points).

    Group net Income

    Group net income totalled EUR 421 million for the quarter. RONE stood at 9.5% in Q1 25.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EUR m Q1 25 Q1 24 Change
    Net banking income 2,896 2,631 +10.0% +8.8%*
    Operating expenses (1,755) (1,757) -0.1% -0.6%*
    Gross operating income 1,140 874 +30.4% +27.6%*
    Net cost of risk (55) 20 n/s n/s
    Operating income 1,085 894 +21.3% +18.9%*
    Group net income 856 697 +22.8% +19.6%*
    Cost to income 60.6% 66.8% 0 +0.0%*

    Net banking income

    Global Banking and Investor Solutions reported strong results in Q1 25, with revenues up +10.0% vs. Q1 24 to stand at EUR 2,896 million.

    Global Markets and Investor Services recorded solid growth of +10.0% over the quarter compared with Q1 24, at EUR 1,922 million.

    Market Activities grew in the first quarter with revenues of EUR 1,759 million, up +10.9% vs. Q1 24 in a volatile market environment.

    The Equities business delivered a record performance12 in Q1 25 with revenues of EUR 1,061 million, a sharp increase of +21.8% compared with Q1 24, driven by positive momentum particularly in flow and listed products.

    Fixed Income and Currencies were slightly down -2.4% to EUR 698 million in Q1 25, due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial momentum also remained strong in flow activities, particularly for rates and forex products, driven by higher volatility.

    In Securities Services, revenues were up +1.4% compared with Q1 24 at EUR 163 million and overall stable (-0.2%) excluding participation. The level of fees is good in comparison to a high Q1 24, notably thanks to a strong commercial performance in fund distribution. Assets under Custody and Assets under Administration amounted to EUR 5,194 billion and EUR 637 billion, respectively.

    Revenues for the Financing and Advisory business totalled EUR 973 million, a sharp increase of +10.0% vs. Q1 24.

    Global Banking & Advisory posted significant revenues, up +10.5% compared with Q1 24, driven by buoyant activity in asset finance. Asset-Backed Products are steady despite less conducive market conditions compared to Q1 24. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM).

    Global Transaction & Payment Services once again delivered a strong performance compared with Q1 24, with a sharp increase in revenues of +8.7%, notably due to higher payment volumes with institutional clients and good commercial performance on the corporate franchise.

    Operating expenses

    Operating expenses came to EUR 1,755 million for the quarter and included around EUR 12 million in transformation charges. These are stable relative to Q1 24. The cost-to-income ratio stood at 60.6% in Q1 25.

    Cost of risk

    Over the quarter, the cost of risk was EUR 55 million, or 13 basis points vs. -5 basis points in Q1 24.

    Group net Income

    Group net income increased by +22.8% vs. Q1 24 to EUR 856 million.

    Global Banking and Investor Solutions reported a strong RONE of 18.7% for the quarter.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,000 2,161 -7.4% +1.1%*
    Operating expenses (1,180) (1,350) -12.6% -4.8%*
    Gross operating income 820 810 +1.2% +10.8%*
    Net cost of risk (124) (182) -31.8% -23.1%*
    Operating income 696 629 +10.7% +20.3%*
    Net profits or losses from other assets 0 4 -98.3% -98.3%*
    Non-controlling interests 212 195 +8.3% +16.1%*
    Group net income 319 278 +14.5% +24.4%*
    Cost to income 59.0% 62.5%    

    Commercial activity

    International Retail Banking

    International Retail Banking posted robust commercial activity with loan outstandings of
    EUR 61 billion, up +4.3%* vs. Q1 24, and deposits of EUR 75 billion, slightly up +1.1%* vs. Q1 24.

    In Europe, loan outstandings rose by 6.1%* vs. Q1 24 to EUR 45 billion in Q1 25 for both client segments of KB and BRD, particularly in home loans. Deposit outstandings totalled EUR 55 billion in
    Q1 25, slightly up +0.6%* vs. Q1 24, mainly driven by Romania.

    Overall, loan outstandings in Africa, Mediterranean Basin and French Overseas Territories amounted to EUR 16 billion, broadly stable* vs. Q1 24, with mixed situations across geographies. Deposit outstandings increased by +2.5%* vs. Q1 24 to EUR 20 billion in Q1 25, mainly driven by sight deposits from corporate clients.

    Mobility and Financial Services

    Overall, Mobility and Financial Services maintained a good commercial performance.

    Ayvens’ earning assets totalled EUR 53.5 billion at end-March 2025, a +1.4% increase vs. end-March 2024.

    Consumer Finance posted loans outstanding of EUR 23 billion, still down -3.0% vs. Q1 24, but decreasing at a slower pace than previously.

    Net banking income

    In Q1 25, Mobility, International Retail Banking and Financial Services recorded revenues of EUR 2,000 million, up slightly (+1.1%* vs. Q1 24).

    International Retail Banking revenues increased slightly by +1.9%* vs. Q1 24, to EUR 913 million in
    Q1 25.

    Revenues in Europe increased by +5.4%* vs. Q1 24, to EUR 520 million in Q1 25. This robust growth, both in the Czech Republic and Romania, was driven by a solid performance of net interest income and a sharp increase in fees.

    In Africa, Mediterranean Basin and French Overseas Territories, revenues remained high at
    EUR 393 million in Q1 25, a slight down -2.3%* compared with a strong first quarter of 2024.

    Overall, revenues from Mobility and Financial Services were stable* vs. Q1 24, to EUR 1,087 million in Q1 25.

    At Ayvens, net banking income stood at EUR 796 million in Q1 25, stable vs. Q1 24, with an increase in margins13. Margins are continuing to improve, standing at 562 basis points in Q1 25, vs. 522 basis points in Q1 24. The secondary market for vehicle sales is gradually returning to normal, as expected, with an average profit margin per vehicle of EUR 1,22914 per unit this quarter, vs. EUR 1,2672 in Q4 24 and
    EUR 1,6611 in Q1 24. At its level, Ayvens has a cost-to-income ratio of 58.0%15, in line with the 2025 target (57%-59%).

    Revenues for the Consumer Finance business stabilised vs. Q1 24 at EUR 223 million in Q1 25.

    Operating expenses

    Over the quarter, operating expenses decreased significantly by -4.8%* vs. Q1 24, to EUR 1,180 million in Q1 25 (of which EUR 39 million of transformation charges). The cost-to-income ratio improved in Q1 25 to 59.0% vs. 62.5% in Q1 24.

    International Retail Banking posted costs of EUR 546 million in Q1 25, down by -3.2%* vs. Q1 24.

    Mobility and Financial Services costs reached EUR 635 million in Q1 25, a sharp decrease of -6.1%*
    vs. Q1 24, with cost synergies materialising at Ayvens driven by the continued LeasePlan integration.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 124 million or 31 basis points, which was considerably lower than in Q1 24 (43 basis points).

    Group net Income

    Over the quarter, Group net income came to EUR 319 million, up +24.4%* vs. Q1 24. RONE stood at 11.2% in Q1 25. RONE was 14.1% in International Retail Banking and 9.4% in Mobility and Financial Services in Q1 25.

    1. CORPORATE CENTRE
    In EURm Q1 25 Q1 24
    Net banking income (112) (162)
    Operating expenses (103) (145)
    Gross operating income (215) (308)
    Net cost of risk 6 9
    Net profits or losses from other assets 192 (84)
    Income tax 61 90
    Group net income 12 (327)

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    The Corporate Centre’s net banking income totalled EUR -112 million for the quarter, vs. EUR – 162 million in Q1 24, notably thanks to management actions to more efficiently use excess liquidity.

    Operating expenses

    Over the quarter, operating expenses totalled EUR -103 million, vs. EUR -145 million in Q1 24, notably thanks to a decrease in transformation charges.

    Net profits from other assets

    The Group recorded EUR +192 million in net profits from other assets during the quarter at the Corporate Centre level, notably following asset disposals of SGEF16, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    The Corporate Centre’s net income totalled EUR +12 million for the quarter, vs. EUR -327 million
    in Q1 24.

    1. 2025 FINANCIAL CALENDAR
    2025 Financial communication calendar
    May 20th, 2025 Combined General Meeting
    May 26th, 2025 Dividend detachment
    May 28th, 2025 Dividend payment
    July 31st, 2025 Second quarter and first half 2025 results
    October 30th, 2025 Third quarter and nine months 2025 results
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.
    1. APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q1 25 Q1 24 Variation
    French Retail, Private Banking and Insurance 421 31 x 13.4
    Global Banking and Investor Solutions 856 697 +22.8%
    Mobility, International Retail Banking & Financial Services 319 278 +14.5%
    Core Businesses 1,596 1,007 +58.5%
    Corporate Centre 12 (327) n/s
    Group 1,608 680 x 2.4

    MAIN EXCEPTIONAL ITEMS

    In EURm Q1 25 Q1 24
    Operating expenses – Total one-off items and transformation charges (74) (352)
    Transformation charges (74) (352)
    Of which French Retail, Private Banking and Insurance (23) (81)
    Of which Global Banking & Investor Solutions (12) (154)
    Of which Mobility, International Retail Banking & Financial Services (39) (69)
    Of which Corporate Centre 0 (47)
         
    Other one-off items – Total 202 (80)
    Net profits or losses from other assets 202 (80)

    CONSOLIDATED BALANCE SHEET

    In EUR m   31/03/2025 31/12/2024
    Cash, due from central banks   169,891 201,680
    Financial assets at fair value through profit or loss   548,999 526,048
    Hedging derivatives   8,171 9,233
    Financial assets at fair value through other comprehensive income   99,248 96,024
    Securities at amortised cost   41,224 32,655
    Due from banks at amortised cost   91,527 84,051
    Customer loans at amortised cost   447,815 454,622
    Revaluation differences on portfolios hedged against interest rate risk   (480) (292)
    Insurance and reinsurance contracts assets   545 615
    Tax assets   4,170 4,687
    Other assets   73,618 70,903
    Non-current assets held for sale   2,911 26,426
    Investments accounted for using the equity method   414 398
    Tangible and intangible fixed assets   61,250 61,409
    Goodwill   5,085 5,086
    Total   1,554,388 1,573,545
    In EUR m   31/03/2025 31/12/2024
    Due to central banks   10,661 11,364
    Financial liabilities at fair value through profit or loss   405,056 396,614
    Hedging derivatives   14,028 15,750
    Debt securities issued   154,356 162,200
    Due to banks   100,825 99,744
    Customer deposits   521,141 531,675
    Revaluation differences on portfolios hedged

    against interest rate risk

    		   (6,168) (5,277)
    Tax liabilities   2,301 2,237
    Other liabilities   96,417 90,786
    Non-current liabilities held for sale   2,560 17,079
    Insurance and reinsurance contracts liabilities   152,899 150,691
    Provisions   4,098 4,085
    Subordinated debts   16,148 17,009
    Total liabilities   1,474,322 1,493,957
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   20,812 21,281
    Other equity instruments   9,873 9,873
    Retained earnings   37,863 33,863
    Net income   1,608 4,200
    Sub-total   70,156 69,217
    Unrealised or deferred capital gains and losses   400 1,039
    Sub-total equity, Group share   70,556 70,256
    Non-controlling interests   9,510 9,332
    Total equity   80,066 79,588
    Total   1,554,388 1,573,545
    1. APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the first quarter 2025 was examined by the Board of Directors on April 29th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The information has not been audited.

    2 – Net banking income

    The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q1 25 Q1 24
    French Retail, Private Banking and Insurance Net Cost Of Risk 171 247
    Gross loan Outstandings 233,536 238,394
    Cost of Risk in bps 29 41
    Global Banking and Investor Solutions Net Cost Of Risk 55 (20)
    Gross loan Outstandings 172,782 162,457
    Cost of Risk in bps 13 (5)
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 124 182
    Gross loan Outstandings 159,126 167,892
    Cost of Risk in bps 31 43
    Corporate Centre Net Cost Of Risk (6) (9)
    Gross loan Outstandings 25,592 23,365
    Cost of Risk in bps (9) (15)
    Societe Generale Group Net Cost Of Risk 344 400
    Gross loan Outstandings 591,036 592,108
    Cost of Risk in bps 23 27

    The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Starting from Q1 25 results, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q1 25 Q1 24
    Shareholders’ equity Group share 70,556 67,342
    Deeply subordinated and undated subordinated notes (10,153) (10,166)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (60) (71)
    OCI excluding conversion reserves 582 696
    Distribution provision(2) (710) (256)
    Distribution N-1 to be paid (1,718) (999)
    ROE equity end-of-period 58,496 56,545
    Average ROE equity 58,609 56,522
    Average Goodwill(3) (4,191) (4,006)
    Average Intangible Assets (2,835) (2,956)
    Average ROTE equity 51,583 49,560
         
    Group net Income 1,608 680
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (188) (166)
    Adjusted Group net Income 1,420 514
    ROTE 11.0% 4.1%

    171819

    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q1 25 Q1 24 Change
    French Retail, Private Banking and Insurance 17,687 16,518 +7.1%
    Global Banking and Investor Solutions 18,324 16,011 +14.4%
    Mobility, International Retail Banking & Financial Services 11,376 11,252 +1.1%
    Core Businesses 47,386 43,781 +8.2%
    Corporate Centre 11,223 12,741 -11.9%
    Group 58,609 56,522 +3.7%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
    2021

    End of period (in EURm) Q1 25 2024 2023
    Shareholders’ equity Group share 70,556 70,256 65,975
    Deeply subordinated and undated subordinated notes (10,153) (10,526) (9,095)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) (60) (25) (21)
    Book value of own shares in trading portfolio (44) 8 36
    Net Asset Value 60,299 59,713 56,895
    Goodwill(2) (4,175) (4,207) (4,008)
    Intangible Assets (2,798) (2,871) (2,954)
    Net Tangible Asset Value 53,326 52,635 49,933
           
    Number of shares used to calculate NAPS(3) 783,671 796,498 796,244
    Net Asset Value per Share 76.9 75.0 71.5
    Net Tangible Asset Value per Share 68.0 66.1 62.7

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) Q1 25 2024 2023
    Existing shares 800,317 801,915 818,008
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 2,586 4,402 6,802
    Other own shares and treasury shares 7,646 2,344 11,891
    Number of shares used to calculate EPS(4) 790,085 795,169 799,315
    Group net Income (in EUR m) 1,608 4,200 2,493
    Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (188) (720) (759)
    Adjusted Group net income (in EUR m) 1,420 3,481 1,735
    EPS (in EUR) 1.80 4.38 2.17

    2223
    8 – Solvency and leverage ratios

    Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

    9 – Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    1 Including Basel IV phasing
    2 Based on a pay-out ratio of 50% of the Group net income restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q1 25 results
    3 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    4 Ratio calculated according to EBA methodology published on 16 July 2019
    5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    7 Except for operations in the Czech Republic and Slovakia
    8 Including Basel IV phasing and pro forma Q1 25 results
    NB: SG network, Private Banking and Insurance – end Q1 25 loans and deposits exclude disposals
    9 Excluding asset disposals in Switzerland and the United Kingdom
    10 Jointly with another bank in 2025, Bain and Company, April 2025
    11 Deloitte, January 2025
    12 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    13 Excluding non-recurring items
    14 Excluding impacts of depreciation adjustments
    15 As communicated by Ayvens in its Q1 25 results (excluding used car sales result and non-recurring items)
    16 Except for operations in the Czech Republic and Slovakia
    17 Interest net of tax
    18 The distribution provision is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
    19 Excluding goodwill arising from non-controlling interests
    20 Interest net of tax
    21 Excluding goodwill arising from non-controlling interests
    22 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)
    23 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)

    Attachment

    The MIL Network –

  • 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-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 News: ICYMI: Celebrating President Trump’s Incredible First 100 Days

    Source: The White House

    President Donald J. Trump has accomplished more in 100 days than most presidents do over an entire term — and he’s still just getting started. President Trump’s unprecedented work in the first 100 days has earned praise from across Capitol Hill and beyond.

    Here’s what they’re saying:

    Speaker Mike Johnson: “@POTUS has been able to do far more for the American people in the first 100 days than the Biden Administration did in four years. Thanks to the Trump White House, AMERICA IS BACK – and we’re just getting started.”

    Senate Majority Leader John Thune: “It’s been 100 days of the new Trump administration, and @POTUS is delivering. Securing our southern border, restoring American strength, extending tax relief for Americans, unleashing American energy, saving taxpayer dollars, and restoring common sense.”

    Senate Majority Whip John Barrasso: “In the first 100 days under @POTUS Trump, Republicans are fighting for the American people. Secure the border. Rebuild the economy. Restore peace through strength. Unleash American energy.”

    Senate Republican Conference Chair Tom Cotton: “Joe Biden unleashed mass illegal migration across our nation during his time in office. In his first 100 days, President Trump ended the Biden Border Crisis by cracking down on criminals and following the law.”

    Sen. Jim Banks: “100 days of securing the border… Thanks to President Trump’s strong leadership, the invasion along our borders is over!”

    Sen. Marsha Blackburn: “Congratulations to President Trump on 100 days of Making America Great Again.”

    Sen. Katie Britt: “President Trump has kept his promises in the first 100 days.”

    Sen. Ted Budd: “From day one: clear goals, hard work, concrete results. At Day 100, @POTUS has built real momentum to deliver long-term prosperity for the American people — and he’s just getting started.”

    Sen. Shelley Moore Capito: “Real leadership leads to real results. @SenateGOP and @POTUS are delivering on our promises in these 100 days to protect and secure our country.”

    Sen. Bill Cassidy: “After 100 days, the results are clear: America is safer and the border is secure.”

    Sen. John Cornyn: “I’ve worked hand-in-glove with President Trump to accomplish his agenda during his first 100 days.”

    Sen. Mike Crapo: “President Trump has had phenomenal successes in his first 100 days. He has closed the border, revitalized our energy production, brought trillions of dollars of capital investment into the United States.”

    Sen. Steve Daines: “In just 100 days, @POTUS has delivered win after win. Border crossings are at an all-time low, American energy is thriving & we’re kicking Biden and the left’s woke agenda to the curb. If this is what 100 days of progress looks like, can’t wait for what the future brings!”

    Sen. Joni Ernst: “From a wide-open southern border to complete border security in just 100 days. That is the Trump effect.”

    Sen. Chuck Grassley: “2day marks 100 days of Pres Trumps return 2 White House Ive seen the President working hard 2 KEEP HIS PROMISES + RESTORE COMMON SENSE Praise the Lord we hv a Commander in Chief who is standing on the platform he ran on& getting things done for the American ppl.”

    Sen. Lindsay Graham: “In just 100 days, President Trump has delivered historic results for the American people… I look forward to continue working with the President and his team in the Senate to make sure we DELIVER his historic agenda to the American people.”

    Sen. Bill Hagerty: “This has been the most effective, most impactful in a positive sense 100 days in my lifetime.”

    Sen. Josh Hawley: “For the first time in decades, working Americans have a President who stands with them. Trump’s giving Americans their country back”

    Sen. John Hoeven: “#100Days in, @POTUS has secured the border and now he’s empowering our energy producers to make the country energy dominant—removing barriers, driving growth, and restoring America’s place as the world’s energy leader.”

    Sen. Jon Husted: “Daily border apprehensions have dropped 95% since @POTUS took office. Pres. Trump is following through on his promise to secure the border and safeguard Americans.”

    Sen. Cindy Hyde-Smith: “Just 100 days in, @POTUS and the Senate Republicans are delivering for the American people – securing our border, rolling back harmful Biden policies, confirming Trump nominees, passing common-sense laws, and locking in a strong budget.”

    Sen. Jim Justice: “100 days under @POTUS:
    ✔️American Energy Unleashed
    ✔️Border is secure
    ✔️Manufacturing is coming back to the states
    ✔️ West Virginia Coal making a comeback
    President Trump is just getting started and I will keep working alongside him to get results for Americans!”

    Sen. John Kennedy: “In just 100 days, President Trump has secured the border, fought racial quotas, and totally changed the national conversation about the budget.”

    Sen. James Lankford: “An unprecedented 100 days under President Trump!” Let’s continue this moment for the American people—great job @POTUS.”

    Sen. Mike Lee: “A HISTORIC FIRST 100 DAYS.”

    Sen. Cynthia Lummis: “100 days of a stronger and safer America.”

    Sen. Roger Marshall: “The President’s first 100 days is a return to American greatness.”

    Sen. Dave McCormick: “We’re 100 days into the Trump Administration and we’re already seeing enormous change on behalf of the American people, just like the president promised.”

    Sen. Ashley Moody: “Today marks President Trump’s first 100 days, and the country is already stronger and safer than it has ever been before.”

    Sen. Jerry Moran: “In his first 100 days in office, President Trump has made our southern border safer by ending catch & release, signing the Laken Riley Act into law & reinstating Remain in Mexico. Illegal encounters at the southern border are down 95% thanks to these commonsense policies.”

    Sen. Markwayne Mullin: “100 DAYS: PROMISES MADE, PROMISES KEPT.”

    Sen. Rand Paul: “100 days of cutting government waste, securing the border, pursuing peace abroad, and simply restoring sanity to the American people.”

    Sen. Pete Ricketts: “In his first 100 days in office, President Trump has delivered for the American people.”

    Sen. Jim Risch: “100 days of America First”

    Sen. Rick Scott: “President Trump is delivering on his promises to make our country safer, our economy stronger, and America Great Again!”

    Sen. Tim Scott: “How do you describe 100 days of President Trump? Promises made, promises kept.”

    Sen. Eric Schmitt: “100 days of putting America first. Us”

    Sen. Tim Sheehy: “Whether it’s ending Biden’s border crisis, unleashing American energy, bolstering our military and restoring American strength, or securing better deals for hardworking families, @POTUS has delivered win after win in his first 100 days.”

    Sen. Dan Sullivan: “Congratulations @POTUS on 100 days in office and thank you in particular for working to unleash Alaska’s extraordinary resource potential!”

    Sen. Tommy Tuberville: “He’s done an outstanding job A+, we continue to even get better because he’s solving more problems everyday Thank you, President Trump for what you’ve done!”

    Sen. Roger Wicker: “Mr. President you’re bringing the kind of peace through strength our children will talk about fifty years from now- we thank you.”

    House Majority Leader Steve Scalise: “Today marks 100 DAYS of President Trump and Republican majorities in Congress. … America First and common sense are BACK. And we’re just getting started. Promises made. Promises kept.”

    House Majority Whip Tom Emmer: “100 days in, President Trump is delivering for the people of Minnesota.”

    House Republican Conference Chair Lisa McClain: “Today, @HouseGOP celebrates POTUS’ historic first 100 days in office. He has delivered on his promises to secure the borders, restore energy independence, show peace through strength, and make America COMPETITIVE.”

    House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump is securing our borders, reining in inflation, unleashing American energy dominance, combatting antisemitism, supporting the rule of law, and restoring American greatness and peace through strength on the world stage.”

    Rep. Mark Alford: “100 days ago, America was on the brink. Today, because of President Trump: Hope is back. Strength is back. America is BACK.”

    Rep. Rick Allen: “Promises made, promises kept. In just 100 days, @POTUS has delivered:
    ✅ A secure border
    ✅ Safer communities
    ✅ Energy independence
    ✅ Job growth
    ✅ Lowers costs for essentials like gas and eggs
    The list goes on and we’re just getting started!”

    Rep. Jodey Arrington: “In the first 100 days of President Trump’s second term our nation has experienced unprecedented achievements in a new era of American politics defined by competent leadership, common sense policies, and a commitment to America first.”

    Rep. Brian Babin: “100 days in and America is roaring back to life. The economy is up. The border is secure. Our pride is restored. The American comeback is here. FIGHT, FIGHT, FIGHT!”

    Rep. Don Bacon: “I commend the Trump Administration for tackling these campaign promises in the first 100 days:
    ✅ Restoring energy independence & bringing prices under control
    ✅ Securing our border with 95% drop in illegal crossings
    ✅ Taking decisive action against the Houthis
    The border and energy independence were top priorities this past Nov.”

    Rep. Jim Baird: “In 100 days, POTUS and his administration have been reversing the disastrous Biden-era policies and are working hard to usher in the Golden Age of America. Promises made. Promises kept.”

    Rep. Troy Balderson: “In President Trump’s first 100 days, he has…
    us Secured the border
    Unleashed American energy
    Rooted out government waste
    Added 345,000 jobs
    …and we’re just getting started”

    Rep. Andy Barr: “President @realDonaldTrump’s first 100 days have been nothing short of historic. I’m honored to stand with him as we secure the border, unleash American energy, rebuild our economy, and put America First again. Together, we’re delivering the results the American people demanded.”

    Rep. Tom Barrett: “In President Trump’s first 100 days, we’ve teamed up to secure the border, bring manufacturing jobs back, and unleash American energy.
    🚨 Illegal border crossings are at historic lows.
    The Laken Riley Act is signed into law.
    📉 Inflation and energy prices are falling..
    🚔 We are making our communities safe again.
    America First is back and we’re just getting started. #100Days”

    Rep. Michael Baumgartner: “On National Fentanyl Awareness Day, we celebrate the progress made with record low border crossings. President Trump’s first 100 days in office set the stage for this success. Let’s continue the fight to eradicate fentanyl and protect our communities.”

    Rep. Aaron Bean: “We’re celebrating #100Days of President Trump in office, and one thing is abundantly clear: America’s future is looking up! Since day one, POTUS  has understood the assignment: undo the damage done by the previous administration and usher in the Golden Age of America.  Working together at historic speed, we are securing our border, slashing wasteful spending, reviving our economy, and defending our American values.”

    Rep. Stephanie Bice: “100 days of bringing back America first policies.”

    Rep. Gus Bilirakis: “One of President Trump’s biggest success stories in his first 100 days is enhanced border security.  U. S. Customs and Border Protection now has total control of the border, with daily border encounters down by 93%.  March of 2025 saw the lowest monthly number of border encounters in recorded history.  Also, in March of 2025, fentanyl traffic at the southern border fell by 54% compared to March of 2024.  To date, the Trump Administration has also arrested more than 151,000 illegal aliens and has deported over 135,000. This includes 600 members of Tren De Aragua and thousands of MS-13 and 18thStreet Gang members.   We will continue to get dangerous predators off our streets!”

    Rep. Andy Biggs: “President Trump has done more for our country in his first 100 days than Democrats could dream of accomplishing in four years. Countless nations have already reached out to amend unfair trade practices.”

    Rep. Sheri Biggs: “100 Days of Results: President Trump promised to secure our border—and he’s delivered. Illegal crossings are down 94%, catch & release is over, and the border is finally under control.”

    Rep. Mike Bost: “What a difference 100 days make! Border apprehensions dropped by 94%, gas prices are down 6.3%, and egg prices have fallen by 56%. Over 100,000 illegal aliens have been deported, and U.S. manufacturing is roaring back.”

    Rep. Josh Brecheen: “We have seen tremendous progress at our borders due to President
    @realDonaldTrump taking decisive action in his first 100 days:
    • Daily border encounters are DOWN by 93%.
    • Over 135,000 illegal aliens have been DEPORTED.
    • Illegal alien crossings are DOWN by 99.99%.
    Promises made, promises kept!”

    Rep. Vern Buchanan: “In his first 100 days, POTUS has delivered on his promises.”

    Rep. Eric Burlison: “✅ Illegal crossings down 94%
    ✅ $Trillions in private investments
    ✅ Ended the Green New Scam
    ✅ Peace Through Strength
    ✅ Protecting women in sports
    Still not tired of winning.”

    Rep. Ken Calvert: “In the four years of Joe Biden’s presidency the border was in chaos as illegal immigrants and deadly drugs flowed unchecked into America. In the first 100 days of Donald Trump’s presidency order and security has been restored at the border.”

    Rep. Kat Cammack: “In 100 days, President Trump has protected women and girls’ sports, reduced illegal border crossings by 95%, removed dangerous criminals from the U.S., protected our children, enhanced transparency, and more!”

    Rep. Buddy Carter: “It’s been a historic and productive first 100 days of the second Trump Administration. From securing the southern border to reestablishing fair trade deals and unleashing American energy dominance, this presidency can be defined by one word: efficiency.”

    Rep. Juan Ciscomani: “.@POTUS Trump delivered on his promise to secure the border in his first 100 days – and it’s making a real difference for families in #AZ06.Just ask Jim and Sue Chilton. Under President Biden, their ranch saw 5,640 illegal crossings in April 2024. Under President Trump, things have changed for the better. In April 2025, they recorded ZERO crossings in a span of three weeks — a direct result of President Trump’s strong border policies. ✅Promises made, promises kept!”

    Rep. Ben Cline: “Trump’s first 100 days are a new era of American renewal”

    Rep. Michael Cloud: “The difference is undeniable. In just 100 days, President Trump has reversed the failures of the Biden administration and put America back on the path to greatness.”

    Rep. Andrew Clyde: “Today marks 100 days of President Trump putting America FIRST!”

    Rep. Mike Collins: “This has been the most consequential first 100 days in any American presidency.
    ✅The border crisis is solved.
    ✅Domestic manufacturing is back.
    ✅America is respected again.
    ✅DEI is dead.
    100 down and 1362 to go.”

    Rep. James Comer: “100 Days. President Trump has delivered on dozens of promises made to the American people… America’s future is bright under President Trump’s leadership.”

    Rep. Eli Crane: “Thank you, President Trump, for ending the premeditated border invasion. We didn’t need new legislation. We just needed a new President.”

    Rep. Dan Crenshaw: “Today marks President Trump’s 100th day back in office. He promised action, and he’s delivering it. If you listened during the campaign, you knew this was coming — promises made, promises kept”

    Rep. Warren Davidson: “President Trump in his first 100 days:
    – Secured the border
    – Removed woke ideology from the military
    – Eliminated billions in fraud and abuse
    – Deported over 100K illegal aliens
    Best sequel EVER”

    Rep. Monica De La Cruz: “During his first 100 days, President Trump stood up for South Texas farmers and ranchers — demanding Mexico honor its water delivery commitments, and he has delivered. Thank you, @POTUS! #PromisesMadePromisesKept”

    Rep. Mario Diaz-Balart: “100 days of SUCCESS with President Trump back in the White House—leading with strength, and laying the foundation for prosperity and peace for America to be the global powerhouse for generations to come.”

    Rep. Byron Donalds: “THE BEST IS YET TO COME”

    Rep. Troy Downing: “President Trump in his first term talked about promises made, promises kept. This time, it’s on steroids.”

    Rep. Neal Dunn: “100 days in, and the Trump administration has already achieved countless victories! From plummeting illegal border crossings to swift downsizing of the bloated federal bureaucracy, President Trump is delivering for the American people!”

    Rep. Ron Estes: “Today marks 100 days of President Trump’s second term. @POTUS and House Republicans have been hard at work to turn the page on four years of open borders, a sluggish economy and runaway federal spending. In just 100 days, border encounters are down 95%, hostages have returned home, violent criminals are being deported, more than $5 trillion in new investments have been secured, and the Department of Government Efficiency has saved taxpayers $160 billion (that’s an average saving of $1.6 billion every day). But we’re just getting started – we’re working to extend the 2017 Tax Cuts and Jobs Act, preserve and protect Social Security, reduce wasteful spending and restore our energy independence.”

    Rep. Mike Ezell: “During @POTUS’s first 100 days, the Coast Guard has worked around the clock to defend our maritime borders and stop the flow of illegal drugs and migrants. I’m proud that President Trump is recognizing their hard work—service that too often goes unnoticed but is vital to our national security.”

    Rep. Pat Fallon: “President Trump’s border security measures have yielded incredible results in 100 days. With 113,000 arrests, over 100,000 deportations, and a 94% reduction in illegal crossings, his policies are in the best interest of all Americans and public safety.”

    Rep. Julie Fedorchak: “Today is the 100 day marker for @POTUS Trump. He is tackling big issues that have long been ignored.
    ✅ Illegal border crossings are down 95%. Turns out we didn’t need new laws. We needed a new President that would actually enforce them.
    ✅ American energy is on the move. We are aggressively and responsibly developing our nation’s abundant, diverse natural resources.
    ✅ President Biden’s stifling regulations are being rolled back—lifting burdens off our farmers, businesses, and energy producers.
    ✅ Government waste, fraud and abuse is being identified and eliminated.
    Promises made. Promises kept.”

    Rep. Randy Feenstra: “In just 100 days, President Trump has achieved incredible victories for our country. He locked down our border, deported violent criminals, repealed ridiculous Biden-era regulations, and rooted our waste, fraud, and abuse in our government.”

    Rep. Brad Finstad: “In his first 100 days in office, President Trump has delivered on his promises, with over 300,000 new jobs created, strengthened border security, and an improved economic outlook for our nation. Together, we will continue working to restore the American Dream by making our communities safer and addressing the kitchen-table issues that matter most to the American people.”

    Rep. Michelle Fischbach: “In his first 100 days, @POTUS has signed the Laken Riley Act into law, has dangerous gangs and cartels shaking in their boots, and has shut our borders to illegal immigrants.”

    Rep. Scott Fitzgerald: “Only 100 days in, and @POTUS has delivered real results… I’m proud to stand with President Trump and the America First agenda!”

    Rep. Chuck Fleischmann: “In his first 100 Days, @POTUS is taking strong action to get America back on track! President Trump has:
    Secured our borders.
    Ended the war on American-made energy.
    Begun rebuilding our economy.
    Signed the Laken Riley Act into law.
    Restored commonsense in government.”

    Rep. Vince Fong: “In his first 100 days, President Trump has relentlessly pursued policies that are delivering on his promises to Central Valley families and the American people as we speak.”

    Rep. Scott Franklin: “100 days back in the White House and the results speak for themselves… America is back on the path to strength, security and prosperity!”

    Rep. Russell Fry: “President Trump’s first 100 days in office have been the MOST SUCCESSFUL IN THE HISTORY OF THE COUNTRY.”

    Rep. Brandon Gill: “President Trump’s historic presidency delivered major wins for the American people in his first 100 days.”

    Rep. Craig Goldman:” For years, we had a President who allowed millions of illegal aliens to flood across our borders. In 100 days, @POTUS has secured the border. The difference is clear:
    ✅ Daily apprehensions are down 94%
    ✅ Known gotaways are down 90%
    ✅ 100,000+ illegal aliens have been deported”

    Rep. Tony Gonzales: “Illegal Border Crossings⬇️95%
    Unleashing American Energy
    Water Deliveries from Mexico to South Texas
    Empowering LEOs to Tackle Crime & Protect our Communities
    And we’re just getting started! #100Days”

    Rep. Lance Gooden: “Just 100 days into President Donald Trump’s second term, the answer is resounding: Yes, we are better off.”

    Rep. Sam Graves: “In his first 100 days, President Trump has moved quickly to secure the border, unleash American energy production, and get rid of burdensome regulations… It’s exactly what the American people voted for.”

    Rep. Mark Green: “In less than three months, President Trump has restored law and order to our nation’s borders, removed criminal illegal aliens from our communities, and helped ensure the safety of the American people by empowering DHS law enforcement to do their jobs.”

    Rep. Marjorie Taylor Greene: “The American people & I are SO happy with the work President Trump has done the last 100 days! Our nation is safer, common sense has been restored, and America is being put first!”

    Rep. Glenn Grothman: “In his first 100 days, President Trump delivered more for the American people than Joe Biden had in four years. He’s keeping his promises, prioritizing American interests, securing our border, and leading with transparency. In the House, we’re building on that momentum to deliver real results that honor the American people’s electoral mandate.”

    Rep. Brett Guthrie: “Today marks the first 100 days of President Trump’s Administration. @POTUS has delivered on his promises of securing our border, unleashing American energy and repealing burdensome red tape. Promises made, promises kept.”

    Rep. Harriet Hageman: “In his first 100 days, President Trump has fixed a lot of what Biden and Kamala Harris broke and he’s on track to do a lot more.”

    Rep. Abe Hamadeh: “Promises made. Promises kept. Congratulations to @POTUS on an incredibly successful First 100 Days!”

    Rep. Mike Haridopolos: “President Trump is keeping the promises that he made to the American people. Just 100 days in, we’re already seeing the RESULTS.”

    Rep. Pat Harrigan: “100 days in, the Trump Doctrine holds firm: American interests first, American sovereignty always.”

    Rep. Mark Harris: “It’s been 100 days of:
    ✅Restoring common sense
    ✅Protecting Americans from criminal illegals
    ✅Rooting out government waste, fraud, and abuse
    Looking forward to the next 1361 days!!”

    Rep. Diana Harshbarger: “100 days of investing in America… Promises Made, Promises Kept.”

    Rep. Kevin Hern: “The last 100 days have gone by quickly but so much has happened. POTUS is moving at record pace to RESTORE American strength, SAVE taxpayers’ money, and PROTECT our national security and sovereignty.”

    Rep. Clay Higgins: “100 days of MAGA. President Trump’s administration is restoring common sense, securing our border, unleashing America’s energy potential, and attacking waste, fraud, abuse, and theft in the bureaucracy.”

    Rep. Ashley Hinson: “Closing in on 100 days of President Trump back in the Oval, and the results speak for themselves: strong and CLOSED borders, American energy back on top, peace through strength restored on the world stage, and a more competitive America. Promises made, promises kept.”

    Rep. French Hill: “100 days into his second term, and President Trump continues to move with unprecedented speed to deliver on the promises made to the American people. America is back on the path to restoring our strength, security, and prosperity. I’m looking forward to building on these early wins to lower costs, expand opportunity, and make the Trump tax cuts permanent for working families, small businesses, and the middle class.”

    Rep. Erin Houchin: “President Trump is off to a strong start! In just 100 days, he’s delivering on his promises to secure our border, rebuild our economy, and restore law and order. Proud to stand with him as we fight to put America First again!”

    Rep. Bill Huizenga: “President Trump is delivering on promise after promise for the American people. In just 100 days, he has secured our border, unleashed American energy, and restored common-sense regulatory policies to Washington. And we are just getting started!”

    Rep. Wesley Hunt: “100 Days in and Trump is keeping his promises.
    – 345,000 New Jobs
    – 4th highest Payroll Growth in 2 years
    – 9,000 New Manufacturing Jobs
    – Unemployment Rate Decreased
    – Consumer Price Decline
    – Hourly Wage Growth”

    Rep. Jeff Hurd: “I commend @POTUS and @HouseGOP for delivering on key promises in the first 100 days:
    ✅ Establishing energy dominance for rural America
    ✅ Securing our borders with a significant drop in illegal crossings
    ✅ Reviving the coal industry and identifying coal resources on federal lands”

    Rep. Darrell Issa: “In only 100 days, @realDonaldTrump ended the Biden border crisis, extended economic opportunity, slashed billions in government waste, and restored our standing in the world. This is setting the pace for the next four years as we Make America Great Again.”

    Rep. Jim Jordan: “President Trump said he’d stop federal censorship, defend religious liberty, and promote school choice. He’s done all of it. Promises made. Promises kept.”

    Rep. Mike Kelly: “In just his first 100 days, President Trump has:
    – Cracked down on illegal immigration – Compared to March 2024, Southwest border apprehensions have decreased by 94% and Northern border land encounters have decreased by 73%.
    – Expanded American energy production
    – Secured trillions of dollars in new U.S.-based economic investment
    – Brought jobs back to the U.S. and restructured trade negotiations
    – Restored accountability and transparency in government
    – Secured the release of Butler County native Marc Fogel and freed hostages

    @POTUS and @HouseGOP are putting America first!”

    Rep. Trent Kelly: “Today marks the 100th day in office for President Donald Trump. During this time, the Trump administration has made significant progress and worked quickly to fulfill his promises by securing the border, restoring energy independence, strengthening national defense, and boosting American competitiveness.”

    Rep. Brad Knott: “Never have the first 100 days of a presidency been so consequential. Following four years of disastrous and destructive policy from Biden-Harris, Americans were eager to see big, sweeping change and @POTUS delivered.”

    Rep. David Kustoff: “President Trump Has Kept His Promises in the First 100 Days!
    1. Strengthened border security, slashing illegal crossings to record lows 🚓
    2. Fueled growth in U.S. manufacturing and industrial production 🏭
    3. Curbed inflation, easing the cost-of-living crisis for Americans 💸
    4. Enacted the Laken Riley Act to ensure justice for crime victims ⚖️
    5. Combatted Tren de Aragua and MS-13 gangs in American communities 🚨
    6. Cracked down on sanctuary cities, upholding federal immigration laws 🔒
    7. Championed energy independence through robust oil and gas expansion ⛽️
    8. Lifted the natural gas export ban, cementing U.S. energy dominance 🛢️
    9. Dismantled DEI policies in government and DoD, recognized only male/female genders 🚻
    10. Declassified JFK and RFK records for transparency 📂
    11. Reduced the amount of federal bureaucracy 🏛️”

    Rep. Darin LaHood: “President Trump’s first 100 days have secured our border, made our communities safer, and put U.S. foreign adversaries on notice.”

    Rep. Doug LaMalfa: “In just 100 days, President Trump has delivered the most secure border this country has seen in modern history. Illegal crossings are down 95%, gotaways have dropped by 99%, and catch-and-release is over. Over 139,000 illegal immigrants have been deported, construction on the border wall is back underway, and Kamala Harris’ migrant app has been shut down for good. Violent gangs like Tren de Aragua and MS-13 are being dismantled, sanctuary cities are finally being held accountable, and the Trump administration is making clear that migrant crime will not be ignored — signing the Laken Riley Act into law to deliver justice for American families. Promises made, promises kept.”

    Rep. Bob Latta: “Today marks @POTUS’s first 100 days in office. From day one, he has prioritized the American people, working to eliminate waste, fraud, and abuse. Proud to work with
    @HouseGOP and President Trump to make life better for people in Ohio and across the country. Promises made, promises kept.”

    Rep. Nick Langworthy: “100 days of President Trump putting America First… and we are just getting started.”

    Rep. Laurel Lee: “In his first 100 days in office, President Trump is driving the American dream forward at a historic rate by securing American manufacturing, unleashing American energy, and supporting American-owned businesses.”

    Rep. Julia Letlow: “In 100 days President Trump has: reduced illegal border encounters by 95%, reduced total migrant crossings by nearly 100%, ended the Biden Border Crisis.”

    Rep. Barry Loudermilk: “Marking 100 days into his presidency, @POTUS continues to deliver on his promises to Make America Great Again.
    • 26 hostages freed from adversarial nations
    • Women’s sports protected
    • Unleashing the American worker and industry
    • $5 trillion in new investments/trade commitments secured
    All we needed was a different President.”

    Rep. Anna Paulina Luna: “In 100 days, President Trump has: Secured our border, declassified the JFK+RFK files, deported thousands of illegal alien thugs, protected American manufacturing & workers, started eliminating rampant waste, fraud, and abuse, crushed DEI in academia & business.”

    Rep. Morgan Luttrell: “President Trump is ushering in a Golden Age of America.

    ✅ 100k+ illegal aliens deported
    ✅ Gas prices down
    ✅ Border crossings down 94%
    ✅ Eggs down 56%
    ✅ 228,000 jobs in March”

    Rep. Nancy Mace: “100 days of holding the line. Thank you President Donald J. Trump.”

    Rep. Tracey Mann: “On Inauguration Day, President Trump promised he would usher in the Golden Age of America. 100 days into his historic second term, he is delivering just that for the American people. Promises made, promises kept.”

    Rep. Brian Mast: “Today marks 100 days of President Trump’s historic second term. We’re closing the border, bringing investments and manufacturing back to America, and reducing inflation. But we’re just getting started.”

    Rep. Nicolle Malliotakis: “From securing our border and deporting criminals to attracting trillions in private investment to negotiating the release of dozens of hostages, it’s been a fast & furious first 100 days!”

    Rep. Michael McCaul: “The American people gave a mandate to secure the border, and
    @POTUS delivered. Today, on his 100th day in office, @HomelandGOP is working to fully fund his border security agenda & protect the homeland for years to come.”

    Rep. Addison McDowell: “During President Trump’s first hundred days, the Coast Guard has defended our maritime border and stood on the front lines against illegal drugs and migrants. President Trump has made it clear—their hard work matters, and it won’t go unnoticed.”

    Rep. John McGuire: “President Trump promised a secure border. In his first 100 days, border encounters are down 95%.”

    Rep. Mark Messmer: “In just 100 days, @POTUS is restoring American Greatness with…
    ✅ Secure borders
    ✅ Energy independence
    ✅ Lower grocery prices
    ✅ Peace through strength”

    Rep. Dan Meuser: “In just 100 days President @realDonaldTrump has worked to strengthen our national security, create an America-First economy, deliver savings for taxpayers, restore global leadership, and bring commonsense back to Washington. The border is secure, American energy is recovering, jobs are coming back, inflation is falling, and our military recruitment is surging — among much more. President Trump has a plan that will lead to long-term success for the United States.”

    Rep. Mary Miller: “As we reach the first 100 days of President Donald Trump’s second term in the White House, it is abundantly clear: Christians across America once again have a powerful, unapologetic advocate in the Oval Office.”

    Rep. Mariannette Miller-Meeks: “Today marks 100 days since @POTUS returned to the White House, and @HouseGOP is hard at work delivering on his America First agenda!”

    Rep. Riley Moore: “It’s been an incredible first 100 days for @POTUS
    ✅ Sealed the border
    ✅ Deporting violent criminals
    ✅ Lowering prices & reversing inflation
    ✅ Only 2 genders
    ✅ Over $5 trillion in private investment
    ✅ Negotiating free and fair trade relationships
    Commonsense is back!”

    Rep. Tim Moore: “Since Day 1, President Trump has made it clear that rebuilding Western North Carolina and helping Hurricane Helene victims was one of his top priorities. 100 days in, there’s still a lot of work to do, but President Trump has completely turned around the federal response.”

    Rep. Nathaniel Moran: “Great visiting with local and national media to highlight @POTUS successes during his first 100 days in office. We’ve delivered real results as a party—but there’s still more work to do for the American people. I look forward to advancing President Trump’s agenda in the days ahead and keeping our commitment to putting America First.”

    Rep. Troy Nehls: “Today marks President Trump’s first 100 days back in the White House.
    Border is secured.
    Gas prices are dropping.
    DEI is dead.
    Historic investments secured.
    American energy is back.
    Common sense is restored.
    Protected women’s sports.
    We just keep winning!”

    Rep. Ralph Norman: “Within a mere 100 days – Gas prices have dropped 7%, energy prices are down 2%, egg prices dropped over 50%. @POTUS has delivered for the American people!! Welcome to the GOLDEN AGE!”

    Rep. Zach Nunn: “After 100 days of Biden: 451,063 CBP Apprehensions
    After 100 days of Trump: 21,528 CBP Apprehensions
    ⬇️ Apprehensions down 95%
    ⬇️ Migrant crossings down 99.99%
    ✅ Iowa communities safer & more secure”

    Rep. Andy Ogles: “It’s working — thanks to President Trump, ‘Made in Middle Tennessee’ is back and stronger than ever.”

    Rep. Burgess Owens: “President @realDonaldTrump brought back something Washington had lost: America First leadership. 100 Days of historic and unprecedented wings for our nation. Promises made. Promises kept. us”

    Rep. Gary Palmer: “In his first 100 days, President Trump has brought common sense back to the White House.”

    Rep. Jimmy Patronis: “Since @POTUS took office and reversed Biden’s burdensome regulations, Americans have enjoyed 100 days of lower prices.
    📉A/Cs
    📉Gas Stoves
    📉Water Heaters
    📉Lightbulbs
    📈WINNING
    Having a strong quarterback in the White House matters; and it’s just the first quarter”

    Rep. August Pfluger: “The first 100 days have set the foundation, the next 100 days will build the framework, and the next 100 years will showcase the lasting legacy of conservative governance done right.”

    Rep. Guy Reschenthaler: “100 days of American greatness — and many more to come”

    Rep. Hal Rogers: “Celebrating @POTUS ‘s first 100 days in office and the positive impact he is having in our country, including: 
    -Securing our borders
    -Putting drug cartels on the run
    -Ending unfair trade policies
    -Restoring commonsense, conservative policies that protect the American people
    -Strengthening our domestic energy supply, and much more.”

    Rep. Mike Rogers: “President Trump has accomplished more in 100 days than Biden did in his entire presidency. I am proud to see an America that is stronger and safer than it was 100 days ago.”

    Rep. John Rose: “In just 100 days, President Trump and his administration have accomplished more than Joe Biden did in four years.”

    Rep. David Rouzer: “President Trump is ushering in a new Golden Age of America!
    ✅ Restarted construction of the southern border wall
    ✅ Created 345,000 jobs
    ✅ Unlocked America’s Energy potential—bringing gas prices down 6.3%
    ✅ Reversed Biden-era rules – saving the average family of four $11,000
    ✅ Ended DEI in the military and government”

    Rep. Mike Rulli: “100 Days of Action. 100 Days of Results.
    President Trump is keeping his promises to the American people:
    🛑 Secured the border & ended catch-and-release
    🧱 Restarted the wall & deported criminal illegals
    ⚡ Declared a National Energy Emergency
    💸 Slashed waste, fraud & DEI bloat
    🏗️ Bringing jobs back through smarter trade”

    Rep. Maria Elvira Salazar: “Biden left us an open border. Now, border crossings are down 99 percent, criminals are being held accountable, and American manufacturing is coming back. It’s only the beginning.”

    Rep. Derek Schmidt: “✅ Secured the border
    ✅ Lowered inflation
    ✅ Unleashed American energy
    ✅ Eliminated waste, fraud, & abuse
    ✅ Reestablished peace through strength
    @POTUS’ first 100 days have been success after success- and he’s just getting started. us”

    Rep. Keith Self: “President Trump’s first 100 days embody the spirit of leadership, strength, and America First values. By upholding Reagan’s legacy of peace through strength, he fights to secure our nation and defend our freedoms. Thank you, @realDonaldTrump!”

    Rep. Jefferson Shreve: “Today, we mark 100 days of promises made and promises kept. .@HouseGOP
     and the @WhiteHouse  have been delivering — for the American people.

    ✅Securing our southern border
    ✅Unleashing American energy dominance
    ✅Deporting terrorists and illegal criminals
    ✅Investing in American manufacturing
    ✅Saving billions of dollars for the American taxpayers”

    Rep. Mike Simpson: “100 Days: @POTUS has delivered promise after promise to make America safer, more prosperous, and stronger. From securing our southern border to reducing regulations and restoring government transparency, President Trump has followed through for the American people.”

    Rep. Jason Smith: “President Trump’s first 100 days in office have been 100 days of promises made, promises kept.”

    Rep. Lloyd Smucker: “Promises made, promises kept. I’m proud to work alongside the Trump administration to extend tax relief for hardworking families and small businesses, cut government waste, secure our border, unleash American energy dominance, and achieve peace through strength.”

    Rep. Pete Stauber: “In his first 100 days, President Trump has delivered major wins for the American people:
    ✅Secured the border.
    ✅Deported violent illegal gang members.
    ✅Unleashed American energy and lowered gas prices.
    ✅Reduced government waste.
    ✅Protected women’s sports.
    ✅Boosted military recruitment.
    ✅Brought hostages home.
    Promises made, promises kept!”

    Rep. Greg Steube: “They laughed. They doubted. They lied. But President Trump DELIVERED. The border is secure. DEI is DEAD. Women’s sports are protected. This is what fighting for America looks like. And we’re just getting started.”

    Rep. Dale Strong: “In his first 100 days, @POTUS has delivered real results for the people of North Alabama. From strengthening national security to fueling job growth and reinvigorating American industry, Trump is taking action to push back against the failed policies of the radical left that weakened America’s economy, values, and institutions.”

    Rep. Dave Taylor: “President Trump is on a roll. In his first 100 days in office he has:
    – Lowered border encounters by 95%
    – Created 345,000 jobs
    – Signed the Laken Riley Act into law
    – Invested in American energy & manufacturing
    – Repealed restrictive Biden-era regulations
    Republicans are ready to work with President Trump to deliver on his mandate. And we’re just getting started!”

    Rep. Claudia Tenney: “President Trump has had a more productive first 100 days than any other president in history!”

    Rep. Tom Tiffany: “President Trump delivered in just 100 days.
    Secured the border.
    Lowered gas prices.
    Ended DEI programs.
    Boosted investments.
    Cut government waste.
    Brought hostages home.
    Deported gang members.
    Protected women’s sports.
    Revived military recruitment.
    Promises made. Promises kept.”

    Rep. Glenn Thompson: “Over the past 100 days, President Trump has worked tirelessly to secure our border, unleash American energy, and root out waste, fraud, and abuse in our government. Promises made, promises kept.”

    Rep. William Timmons: “President Trump did more in 100 days than Joe Biden did in four years.”

    Rep. Jeff Van Drew: “In just 100 days, President Trump did what Biden wouldn’t in four years:
    ✅ Laken Riley Act: signed
    ✅ Remain in Mexico: reinstated
    ✅ CBP One App: shut down
    ✅ Catch and Release: ended
    ✅ Criminal illegals: deported
    Biden opened the floodgates and Trump slammed them shut.”

    Rep. Beth Van Duyne: “100 days in and we are not tired of winning!
    ✅ Secured the border.
    ✅ $5+ trillion in new private U.S. investment
    ✅ Unleashed American Energy
    ✅ Lowered prices
    ✅ Negotiating for free and fair trade”

    Rep. Derrick Van Orden: “Over 77 million Americans and 1.7 million Wisconsinites put their trust in President Trump to get our nation back on track after four years of disastrous policy from the Biden administration. In just 100 days, President Trump has delivered on his promises to the American people.”

    Rep. Tim Walberg: “100 days in, Trump creating new Golden Age.”

    Rep. Randy Weber: “President Trump has been in office 100 GREAT days. Thank you for finally putting Americans FIRST. A new era of greatness has begun for our great country.”

    Rep. Daniel Webster: “President Trump is getting our country back on track. In just the first 100 days, @POTUS:
    ✅ Secured the border – 94% drop in illegal crossings.
    ✅ Unleashed American energy – gas prices have fallen 6.3%.
    ✅ Secured trillions in new U.S. based investments, and brought back American jobs.
    ✅ Restored peace through Strength.
    ✅ Cut waste, fraud, and abuse in the federal government.
    The Golden Age of America has only just begun.”

    Rep. Tony Wied: “100 days of a secure border, 100 days of eliminating waste in our government, 100 days of unleashing American energy, 100 days of putting America First.”

    Rep. Roger Williams: “In just 100 days under @POTUS, Illegal border encounters are DOWN by 95% and gotaways are DOWN by 99%.”

    Rep. Joe Wilson: “Today marks 100 days since President Donald Trump took back the White House, and along with the Republican-led House and Senate, immediately began Promises Made, Promises Kept, delivering for American families. In just 100 days, the Trump administration has secured the borders, restored energy independence, began Peace Through Strength, and brought massive investments and jobs, making America competitive again. President Trump is keeping his promises to families, making the country strong, safe, and secure.”

    Rep. Steve Womack: “In the first 100 days, @POTUS Trump has delivered huge wins for our nation, securing our borders and halting the surge of illegal crossings witnessed under Biden. National security begins with strong border policies, and I’m pleased to see this administration making it a top priority.”

    Rep. Rudy Yakym: “100 days of promises made, promises kept
    ✅Illegal border crossings down 95%
    ✅Deporting violent criminals
    ✅Bringing dozens of hostages home
    ✅Restoring peace through strength
    ✅Unleashing American energy”

    Rep. Ryan Zinke: “First 100 days of @POTUS by the numbers:
    📉Border encounters down 88% since last year
    📉Gas Prices down 6.3%
    📉Eggs prices down 56%
    📈10,000 new manufacturing jobs
    📈 8,900 new auto jobs
    ➡️ over 100,000 illegal aliens deported”

    Vice President JD Vance: “President Trump has made historic progress in the first 100 days of his presidency, but he’s also revealed the ways in which the entrenched bureaucracy in Washington is working to undermine the will of the American people. Thank God, we have a president who is fighting back.”

    Secretary of the Treasury Scott Bessent: “Bringing down persistent Bidenflation has been a priority for the first 100 days of the Trump administration, and @POTUS has done a great job of leading that effort.”

    Attorney General Pam Bondi: “This is all at Donald Trump’s directive, and this is what all of us have been doing, as a team, since Day One when he took office – Make America Safe Again.”

    Secretary of Energy Doug Burgum: “100 Days of promises made, promises kept! This administration is bolstering our national security, reducing inflation, ending our reliance on foreign adversaries, & cementing this country as a global energy powerhouse.”

    Secretary of Veterans Affairs Doug Collins: “The first 100 days of the second Trump Administration have been full of great news for America’s Veterans. Under @POTUS’ leadership, we are putting Veterans first!”

    Secretary of Labor Lori Chavez-DeRemer: “In just the first 100 days, we’re witnessing a resurgence of the grit, determination, and ingenuity that built our country into a shining city on a hill.”

    Secretary of Transportation Sean Duffy: “From zero to 100 days: How Donald Trump is revolutionizing transportation.”

    Director of National Intelligence Tulsi Gabbard: “President Trump’s first 100 days have delivered historic change for the American people, to make our country more safe, secure, and free.”

    Secretary of Health and Human Services Robert F. Kennedy, Jr.: “The first 100 days of the Trump administration have been historic—a critical course correction for a nation suffering from chronic disease and the stranglehold of corporate power.”

    Small Business Administration Administrator Kelly Loeffler: “No better place to celebrate the wins of President Trump’s first 100 Days than with America’s small businesses and workers. In record time, he’s delivering the strongest pro-growth agenda in modern history– to help Main Street hire, build, and boom again.”

    Secretary of Education Linda McMahon: “The American people gave us a historic mandate to restore our education system. We’re 100 days in, and we’re just getting started.”

    Secretary of Homeland Security Kristi Noem: “Under the leadership of President Donald J. Trump, we have the most secure border in American history. In less than 100 days, daily border encounters are down 93%… The world is hearing our message: do not come to this country illegally. If you do, we will arrest you, deport you and you will not be allowed to return.”

    Secretary of Agriculture Brooke Rollins: “As President Donald J. Trump ushers in a new golden age of prosperity for our economy, we are fighting to give farmers and ranchers a seat at the table. For far too long, the hardworking Americans who feed, fuel, and clothe the world were left on the sidelines. At USDA, I am reversing the policies of the Biden Administration that actively made life harder for America’s farmers and ranchers and instead pushing to expand market access and unleash prosperity for generations to come.”

    Secretary of Housing and Urban Development Scott Turner: “After 100 Days of President Trump’s leadership, we are well on our way to restoring the American Dream.”

    National Security Advisor Mike Waltz: “One hundred days into President Trump’s historic second term, America is far safer than it was during Joe Biden’s disastrous presidency.”

    Secretary of Energy Chris Wright: “100 days in—President Trump’s leadership is turning policy into power.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Coons condemns President Trump’s disastrous first 100 days in speech on Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.) delivered a floor speech tonight criticizing President Donald Trump’s first 100 days in office, describing a period marked by weakened global alliances, harsh cuts to foreign aid, and an overhaul of key federal agencies. 
    Today marks the 100th day of President Trump’s second term, and Senator Coons’ early review of his presidency is that he has made Americans less prosperous and less secure, both at home and abroad. Trump has disrupted long-standing diplomatic relationships and global partnerships by recklessly imposing tariffs on nearly every country and asserting that he will take over Canada, Greenland, and the Panama Canal. Our closest allies and partners have responded with unease and outright resistance. In his speech, Senator Coons remarked on Prime Minister Mark Carney’s victory in Canada’s national election yesterday, an outcome viewed as a rejection of Trump’s policies. 
    He also expressed concern over the administration’s dismantling of foreign aid and health programs, warning that it makes Americans less safe and creates an opportunity for our adversaries like China. Additionally, Senator Coons highlighted his visit to Taiwan this month to bolster U.S.-Taiwan relations and stand against China’s attempts to limit Taiwan’s role on the global stage. 
    Senator Coons also called for Congress to reassert its constitutional responsibilities as Trump pushes the boundaries of executive power. 
    A video and transcript of Senator Coons’ comments are available below.
    WATCH HERE
    Senator Coons: In a hundred days – in a hundred days – what can a president accomplish?
    The last hundred days, President Trump has made Americans less safe, less prosperous, and less free.
    He has chosen to move us in a direction at home and abroad that is the opposite of what those who voted for him expected, and that is aligned with what those of us who worked against him feared. 
    What I’ve heard my whole life, whether in business or in foreign policy, as a lawyer or in my community as a local elected official – folks need trust, and they need predictability. Businesses say they need predictability in order to decide what to invest in, who to hire, where to grow. Other countries around the world say that they need to know they can trust us, that they can rely on us. And in the last hundred days, President Trump has shattered both of them. I’m going to speak for a few minutes about foreign policy because so many of my colleagues in my caucus have stood to talk about the disastrous cuts led by Elon Musk and DOGE, and the ways they’ve impacted Americans all over the country. 
    But if you think about our reputation globally –statement after statement, tweet after tweet by President Trump has puzzled, concerned, even alarmed our allies. He’s going to invade Greenland, a NATO ally. He’s going to take back the Panama Canal. He’s going to take over the Gaza Strip and make it ‘Mar-a-Gaza.’ He’s going to turn Canada into the 51st State. One of my Republican colleagues said, ‘don’t pay so much attention to what he says, look what he does.’ Well, lots of our partners and allies looked at what he has done by imposing tariffs on allies and partners, and recoiled. 
    In an election in Canada last night, where Trump was the issue, [they] elected a new prime minister, Mark Carney, who ran on a platform of standing up to America, of standing up to Donald Trump. Look, folks, the actions he’s taken, in slashing foreign aid, in abandoning decades-old bipartisan programs around the world that save lives, and that help other countries to trust and rely on us, have weakened us abroad and created openings for our pacing threat – the People’s Republic of China. I was recently in the Philippines, a nation that faces more natural disasters than any country on Earth – more typhoons, more earthquakes, more volcanoes. And for decades, they’ve relied on the United States and the help of USAID, volunteers, nonprofits – coordinated through our government – to respond to these disasters. It has built a long and close partnership of trust. Gone. 
    I was recently in Taiwan, a country looking to decide whether they can rely on us should China make real their threats to reunite Taiwan with the mainland by force. Can they trust us? Well, what I’m going to say is that in a hundred days, President Trump has shown weakness in Europe and created openings for China. We have long relied on a global network of allies and partners to keep us safe and strong, to make us prosperous, and to build our role in the world. China doesn’t have that. They have nervous neighbors and client states, countries that can’t count on them and view them as predatory. Yet, now through the actions of President Trump, Elon Musk and DOGE, and the silence and collaboration of Republicans in this chamber, even our closest, most trusted allies, like Canada, question whether they can count on us. 
    Back to the Reagan days, Republicans have talked about ‘peace through strength.’ What we’ve seen from Donald Trump in a hundred days: ‘weakness through chaos.’ A hundred days in, he’s not stopping Putin, he’s preparing to sell out Ukraine and Europe to Putin. A hundred days in, he’s not deterring Xi Jinping––he’s backing down every time he says he’s going to stand up to him. At the end of the day, these first hundred days have shown that we are weaker. The world is less stable. Americans are less safe.
    And I have to say, Madam President, a hundred days is more than enough time for my Republican colleagues to have seen enough, to stand up to this president, and to restore the role of this Senate and return our position of strength to the world. Thank you. 

    MIL OSI USA News –

  • MIL-OSI China: China draws foreign investment as ‘oasis of certainty’

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

    BEIJING, April 29 — In an increasingly unpredictable global environment, China is becoming an “oasis of certainty” as it continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors from tech giants to automakers into the world’s second-largest economy.

    Latest data from the Ministry of Commerce shows that foreign direct investment (FDI) in the Chinese mainland in actual use climbed by 13.2 percent year on year last month. In the first quarter (Q1) of 2025, 12,603 new foreign-invested enterprises were established nationwide, representing a year-on-year growth of 4.3 percent.

    ANCHOR FOR GLOBAL ECONOMIC GROWTH

    At a petrochemical plant rising a hundred meters from the ground, the sounds of welding, cutting and roaring interweave … The over 80 billion yuan (about 11 billion U.S. dollars) cooperation project co-invested by Saudi oil giant Aramco and Chinese enterprises in Panjin, northeastern Liaoning Province, has progressed to more than 60 percent.

    Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. “China is already the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand,” said Amin H. Nasser, president and CEO of the company. He noted, “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

    Since the start of this year, more and more foreign brands from various sectors have beefed up investment in China, leveraging its super-large market advantage. For example, fast fashion brand Zara opened its Asian flagship store in Nanjing, while U.S. hair care brand Aveda opened its first store in south China in Guangzhou. German retail giant ALDI entered China’s Jiangsu market.

    Besides a vast market size, China’s crucial role in fueling world economic growth has been harnessed by solid economic fundamentals and a stable policy framework, according to foreign institutions.

    China’s gross domestic product registered a 5.4 percent year-on-year growth in Q1. This expectation-beating performance is attributed to the fact that it has increased fiscal spending, vigorously boosted consumption, and introduced a series of measures to stabilize the property market and the stock market, Nathan Chow, senior economist at DBS Bank said.

    The stable growth momentum in China’s economy is stability that serves as an important global public good, helping to buffer uncertainties across international markets, said Bernd Einmeier, president of the German-Chinese Association for Economy, Education, and Culture.

    According to the 2025 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China has led all emerging markets for three consecutive years. The market is expected to become a “stabilizer” for business confidence worldwide, with its steady growth, open attitude and innovative vitality, said He Xiaoqing, president of Kearney Greater China.

    INDUSTRIAL STRENGTH, INNOVATION DRIVE

    Industry experts believe China’s industrial strength and innovation drive have become key factors drawing foreign investment. At the same time, its market solidifies its crucial role in the integrated development of global industries, contributing to economic growth.

    During an earlier business trip to China, Apple’s COO, Jeff Williams, visited the company’s supplier, Goertek, in east China’s Shandong Province and praised its automated manufacturing and artificial intelligence technology on the production lines. Among the company’s top 200 suppliers worldwide, more than 80 percent have factories in China engaging in related businesses.

    China’s ability to integrate industrial chains is almost irreplaceable on a global scale, whether in terms of engineer supply, industrial supporting capabilities, or scale advantages, noted Xing Ziqiang, chief economist at Morgan Stanley China.

    This has attracted more and more foreign investment into the global manufacturing powerhouse and innovation hub, with Toyota committing to a 14.6-billion yuan strategic cooperation agreement in Shanghai, and AstraZeneca signing a landmark agreement to invest 2.5 billion U.S. dollars in a global strategic research and development center in Beijing.

    In Rugao City in east China’s Jiangsu Province, welding robots are busy on the production lines of Swedish truckmaker Scania. “The Scania Rugao Industrial Hub, the most advanced and sustainable in Scania’s world, will add significant capacity to Scania’s global production system, easing previous bottlenecks and benefiting both the Chinese and global markets,” said Ruthger de Vries, president of Scania Industrial Operations Asia.

    INSTITUTIONAL OPENING-UP ACCELERATES

    Translating its opening-up pledge into concrete actions, China’s growing economic openness spanning various sectors has further cemented its position as the world’s second-largest FDI destination.

    While all restrictions on foreign investment in the manufacturing sector were removed in China last year, the country has now extended its opening-up efforts to the service sector. China approved value-added telecommunications business operations of 13 foreign-funded enterprises in Q1, according to the Ministry of Industry and Information Technology (MIIT).

    The number of foreign-invested telecommunications enterprises surged 26.5 percent from a year earlier and topped 2,400 in China at the end of last month. Over 40 foreign-funded biotechnology projects have kicked off, and three new wholly foreign-owned hospitals have been approved for operation by late March, according to the country’s commerce ministry.

    The constant opening-up in China’s service sector has brought new development opportunities to foreign-funded enterprises and injected confidence into deepening the Chinese market, said Jacqueline Jiang, chair of the Chinese mainland at John Swire & Sons. Last month, a subsidiary of the group obtained the first foreign-owned cardiovascular specialty hospital practice license in China.

    In the financial sector, an increasing number of foreign financial institutions have cast a vote of confidence in China by establishing new securities entities and expanding the scope of their existing businesses in recent years, with the latest move by UBS increasing its equity stake in UBS Securities from 67 percent to 100 percent.

    Despite deficits in service trade, China seeks to further open sectors like medical and internet services in a well-conceived way. Pilot opening-up programs in free trade zones and select cities have been accelerated, with wholly foreign-owned hospitals now allowed in certain areas. According to the MIIT, China seeks to remove restrictions on the percentage of foreign capital for service businesses such as app stores and internet access in certain regions.

    “In China, foreign companies can invest here because they find a good business environment, and those investments are also long-term and not only short-term,” said Maximilian Butek, executive director and board member of the German Chamber of Commerce in China, the east China region.

    “We have a strong business commitment here in China,” he added.

    MIL OSI China News –

  • MIL-OSI USA: In Response to Questioning by Sen. Murray, Top Watchdog Says It’s Opened 39 Impoundment Investigations

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    At hearing on FY26 budget requests for GAO, CBO, GPO, Murray asks about Trump impoundment investigations, Republicans’ reconciliation bill
    GAO Comptroller General says OMB has not been cooperative
    ***WATCH: Senator Murray’s questioning***
    Washington, D.C. — Today—at a Senate Appropriations Legislative Branch Subcommittee hearing to review the FY26 budget requests for the Government Accountability Office, Congressional Budget Office, and the Government Publishing Office—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, asked Gene L. Dodaro, Comptroller General of the Government Accountability Office (GAO) about the status of the agency’s work investigating this administration’s impoundment of funding approved by Congress.
    [IMPOUNDMENT INVESTIGATIONS]
    Senator Murray stated: “You know, from day one, President Trump has unilaterally frozen or contravened critical funding provided in our bipartisan laws. Those actions by Trump and Russ Vought have really wreaked havoc for families and communities across the country. That is really not what the Constitution envisioned. Congress has the power of the purse—period. Our Presidents cannot pick and choose which parts of a law that they can follow.”
    She then asked Mr. Dorado, “You have testified that GAO is investigating the Trump Administration’s efforts to block federal funds as potential violations of the Impoundment Control Act. What is the status of those investigations?”
    Dorado replied: “We have right now 39 different investigations underway. We’re trying to get the information from the agencies about what their legal position is for not expending the money. I’m looking forward to what I understand to be a submission by the administration as a recission package, which would fall in the Impoundment Control Act, so we’ll look at that. We’re monitoring all the litigation surrounding these areas that we’re investigating in. Only three agencies, so far have given us the information that we need. OMB has not been responsive, nor EPA. A number of other agencies are due to get us information this week or next week. So, I would imagine starting next month after we look to see what is in the recission package.” (Dodaro later clarified in response to a separate question that only two agencies have been responsive.)
    “Next month as in May?” Senator Murray inquired.
    Dorado responded in part: “Yes. …. They won’t all come at once. They’ll come as we collect and analyze all the information.”
    “What options do you have if you don’t get timely, responsive information from the federal agencies?” Senator Murray followed up.
    “Well, we’ll have to make decisions on our own based upon the available information. Some of it will be in the lawsuit filings that we’re following right now—and then we’ll have to go forward doing this,” Dorado responded, in part.
    [REPUBLICANS RECONCILIATION BILL + MEDICAID CUTS]
    Senator Murray then discussed Republicans’ reconciliation package, stating: “Republicans are, as you know, moving full speed ahead with the reconciliation package, promising to deliver more than $5.3 trillion in new tax breaks for billionaires and large corporations. And at the same time, some Republicans have promised that Medicaid – which is a lifeline for our kids and seniors – is safe. But the reality is: Republicans can’t keep both these promises.”
    She asked Dr. Phillip Swagel, Director of the Congressional Budget Office (CBO), about how the math works out, “The Republican reconciliation instructions direct $880 billion in cuts within the House Energy and Commerce Committee, which has jurisdiction over Medicaid and the Children’s Health Insurance Program, or CHIP,” said Senator Murray. “You responded to a question from House Ranking Member Brendan Boyle and Frank Pallone in March regarding spending within the House Energy and Commerce Committee’s jurisdiction, excluding Medicare—which Republicans say is off the table. In your response, you said over 10 years, Medicaid outlays will account for 93% of baseline budget projections for Energy and Commerce, is that correct?”
    “Yes, that is correct,” said Swagel.
    “And if you add in CHIP, is it fair to say you are now talking north of 95%?” Murray followed up.
    Swagel confirmed, “That’s right. Once you take out Medicaid and CHIP there is only $381 billion still in the current baseline.”
    Senator Murray reiterated: “So looking at table 1 in that March 5th letter, is it fair to say the remainder is nowhere close to that $880 billion?”
    “That’s correct in the letter that we sent to Mr. Boyle and Mr. Pallone, the dollars after Medicare, Medicare, and CHIP are much smaller than the instruction.” Swagel responded.
    “Okay, so for the record, I just want to say it would appear to me to be impossible for Energy and Commerce – the committee with jurisdiction– to reach the spending cuts required under the Republican reconciliation instructions without cutting Medicaid, or putting Medicare back on the table,” Murray concluded.

    MIL OSI USA News –

  • MIL-OSI Economics: Sony Corporation and BandLab Technologies Announce Strategic Partnership To Empower Creators With Cutting-Edge Technology And Opportunities That Make Music Creation More Accessible

    Source: Sony

    April 30, 2025

    Collaboration Brings New Technology and Artist Support to Millions of Creators, Starting with Spatial Sound Integration in BandLab

    April 30, 2025 (New York, NY) – Sony Corporation’s Personal Entertainment Business and BandLab Technologies today announced a strategic partnership set to redefine music creation for independent and emerging artists worldwide. By bringing together Sony’s legacy of audio excellence with BandLab, the world’s fast-growing social music creation platform, this collaboration reflects a shared mission to empower creators with cutting-edge technology and opportunities that fuel their growth, spark innovation, and build their careers—starting from the earliest stages of their musical journeys.

    The initial phase of this partnership integrates Sony’s Spatial Sound technology, 360 Reality Audio, directly into the BandLab app, giving millions of users around the world on any smartphone with a standard pair of headphones or earbuds the ability to both experience and make music in spatial audio.

    Starting this summer, BandLab users will be able to explore a curated collection of spatial-enabled beats in the BandLab Sounds marketplace and then build on them in BandLab Studio, adding vocals, instruments, and additional production to expand their creative possibilities within the immersive world of 360 Reality Audio.

    As the partnership evolves, a dedicated, co-branded hub within BandLab will act as a gateway for future offerings—integrating new technology and accessible tools for music creation while providing exclusive access to newly developed educational programs. Additionally, the collaboration will create additional opportunities to amplify BandLab artist success stories to a global audience, offering artists greater visibility as they reach new heights in their creative journeys.

    With over 100 million users across genres, skill levels, and geographies, BandLab is the world’s largest social music creation platform and a driving force in today’s music landscape. Together, Sony and BandLab are not only breaking down the barriers to make music, but also laying the foundation for a future where every artist has the means to create, connect, and share their music on a global stage.

    “This partnership reflects a shared belief that the technology and opportunities to create music should be available to everyone, not just a select few,” said Meng Ru Kuok, CEO & Co-Founder of BandLab Technologies. “By working with Sony Corporation, we’re combining our strengths to empower creators at every step of their journey. It’s not just about what artists can do today, but about what becomes possible when they’re given the right support to experiment and grow.”

    “Sony has long been committed to delivering premium audio experiences, and this partnership with BandLab allows us to deliver such experiences to music creators of all levels,” said Masaaki Oshima, Head of Personal Entertainment Business Unit, Sony Corporation. “By integrating our audio products and technology into BandLab’s ecosystem, we’re not only expanding access to immersive audio tools, but also strengthening our connection with the pro-consumer market, enhancing the way music is created and experienced. We’re excited to see how artists push creative boundaries with these new possibilities.”

    About Sony Corporation

    Sony Corporation is a wholly owned subsidiary of Sony Group Corporation and is responsible for the Entertainment, Technology & Services (ET&S) business. With the mission to “create the future of entertainment through the power of technology together with creators,” we aim to continue to deliver Kando* to people around the world.

    For more information, visit: Sony Corporation | Home

    • *Kando is a Japanese word that roughly translates to the sense of awe and emotion you feel when experiencing something beautiful and amazing for the first time.

    About BandLab Technologies

    BandLab Technologies is a collective of global music technology companies on a mission to break down the technical, geographic, and creative barriers for musicians and fans. Empowering creators at all stages of their creative process, the group’s wide range of offerings includes flagship mobile-first social music creation platform BandLab, award-winning, legendary desktop DAW Cakewalk, powerful artist services platform ReverbNation, and global beat and music marketplace Airbit. BandLab Technologies is headquartered in Singapore and is a division of Caldecott Music Group. For more information on BandLab Technologies, visit bandlabtechnologies.com.

    MIL OSI Economics –

  • MIL-OSI Economics: [Interview] A New and Enhanced Gallery Experience: How Samsung Transformed Photo Searching and Video Editing With the Galaxy S25 Series

    Source: Samsung

    Searching for one specific photo in an endless gallery on a smartphone can often be time-consuming. Editing multiple videos one by one may feel tedious and repetitive as well.
     
    The Galaxy S25 series uses vision AI technology and the understanding of natural language to address these issues and provide a more intuitive mobile experience for users in their daily lives. When searching for a photo in their gallery, users can enter keywords that describe the situation — such as the date or locality, any objects present, any actions taking place and so forth — and Galaxy AI will analyze them to find matching photos. In addition, the flagship series boasts Auto Trim, a new video editing feature that can automatically select key segments from multiple videos and edit them into a separate video.
     
    These features are the result of advanced research in visual technology and close collaboration. Samsung Newsroom met with developers from the Visual Technology Team of Samsung Research and the Visual Solution Team of the Mobile eXperience (MX) Business at Samsung Electronics to learn how the company developed even smarter photo and video experiences for Galaxy users.
     
    ▲ (From left) Wonwoo Lee, Inho Choi, Hongpyo Lee and Seonghwan Kim
     
     
    Labeling Every Element in a Photo With AI-Powered Classification
    Smartphones store a massive number of photos, with the average user having several thousand — or even tens of thousands — on their devices. As the number grows, it becomes increasingly difficult to find a specific photo right away. On the Galaxy S25 series, the Gallery app automatically tags and categorizes various elements in photos such as objects, people and localities, allowing users to quickly and accurately find the desired images. This is incredibly convenient for users who want to relive past memories or retrieve important information fast.
     
    Keeping in mind that an effective search depends on classification, the developers tripled the number of tag types compared to that of the previous Galaxy series, fine-tuning photo subject recognition and labeling capabilities in the Galaxy S25 series. In addition, they expanded the scope of clustering, a technique that groups data for people recognition.
     
    “By developing an image analysis engine and using zero-shot technology, we improved the performance so that the Galaxy S25 series can recognize object data it encounters for the first time,” said Hongpyo Lee from the Visual Technology Team at Samsung Research. “For people, we expanded analysis beyond facial features to include clothing, time and location, making it easier to group photos of the same person.”
     
    
    ▲ Gallery Search
     
     
    Finding Photos With Conversational, Natural Language Through Gallery Search
    Samsung also focused on enhancing natural language search performance in the Gallery. The company developed a search model that reflects frequently used phrases and various application cases, allowing users to find the photos they want using natural, conversational sentences instead of word-based searches.
     
    “We leveraged a vision-language model that learns by associating images with text and used generative AI to automatically generate a wide range of sentences that users might enter,” Lee shared. “We also optimized and compressed the search model so it runs quickly on-device.”
     
    “Building on our previous research, we successfully applied natural language processing capabilities to our products, including a context-aware image analysis engine and a large language model (LLM),” said Inho Choi from the Visual Solution Team of Samsung Electronics’ MX Business.
     
    The developers also worked to deliver unbiased and more accurate search results. “We wanted to anticipate various usage scenarios and identify potential issues in advance so that malicious search queries wouldn’t lead to inaccurate results,” Choi explained. “Building a database of negative words, profanity and neologisms, and then conducting user tests to improve search accuracy was both the most challenging and rewarding part of the process.”
     
    ▲ Inho Choi from the MX Business and Hongpyo Lee from Samsung Research
     
     
    Editing Multiple Videos at Once With Auto Trim
    Video editing is also becoming an increasingly important part of the gallery experience. While video is a popular form of media consumption, having video editing tools readily available and using them with ease is often not as simple as it seems. To address this, the Galaxy S25 series introduces a feature that makes editing much faster and more convenient through enhanced AI-powered video analytics. The Auto Trim feature extracts key scenes from multiple videos of the user’s choice to create a new short-form video.
     
    It was important for Auto Trim to be able to quickly analyze videos up to 90 minutes long, generate an edited video and adjust the length of that new video. The developers achieved this through close collaboration, seamlessly integrating Samsung Research’s advanced technological expertise with the MX Business’ mobile optimization capabilities.
     
    “Existing video analytics technologies have limitations, such as large model sizes, slow processing speeds and the uniform selection of key video segments,” said Seonghwan Kim from the MX Business’ Visual Solution Team. “We optimized the Galaxy S25 series’ video processing performance by testing and verifying multiple candidate solutions to deliver a fast and easy editing experience based on on-device AI.”
     
    “We’ve introduced a feature that enables users to effortlessly identify key moments in videos, demanding significantly more data processing than photos, and tailor the duration of these edited segments to their preferences” explained Wonwoo Lee from Samsung Research’s Visual Technology Team.
     
    “Getting Galaxy AI to identify highlights in videos with a level of sensitivity comparable to that of humans was a challenge, but by establishing the standards together, Samsung Research and the MX Business were able to significantly improve overall functionality.”
     
    
    ▲ Auto Trim
     
     
    From Analyzing to Generating: Vision AI and Its Endless Possibilities
    Samsung Electronics is researching a wide range of vision AI technologies, ranging from filming and editing technologies for smartphones to multimodal interaction technologies used in augmented reality (AR) and virtual reality (VR). The core of this research is the ability to quickly and accurately analyze subjects such as people and animals, as well as their surroundings, in videos on-device, and to recognize the meaningful moments in those videos. Through vision AI technology, Samsung aims not only to evolve typical smartphone features like shooting and viewing photos and videos, but also pioneer novel ways to consume content.
     
    “We’re actively utilizing AI technology for fast, easy and high-quality editing in the video domain,” said Kim. “Samsung will focus on further developing the technology so that AI can better understand the context of video content, helping users reduce editing time effectively and generate edited videos that reflect the user’s intent — all without requiring professional editing skills.”
     
    “By continuously advancing video analytics technology, we aim to develop even more innovative features that leverage the power to understand video content — such as video search, intelligent video editing effects and beyond,”said Wonwoo Lee. “Samsung will strive to develop cutting-edge vision AI technology that can be applied across a broad range of use cases.”
     
    ▲ Seonghwan Kim from the MX Business and Wonwoo Lee from Samsung Research
     
    Gallery Search and Auto Trim are prime examples of how Galaxy AI enhances everyday life. As developers continue to advance the company’s image and video analytics technology, Samsung Electronics will deliver an expanding range of new experiences that make it easier and more intuitive for users to find and capture life’s key moments.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Electronics Announces First Quarter 2025 Results

    Source: Samsung

    Samsung Electronics today reported financial results for the first quarter ended March 31, 2025.
     
    The Company posted KRW 79.14 trillion in consolidated revenue, an all-time quarterly high, on the back of strong sales of flagship Galaxy S25 smartphones and high-value-added products. Operating profit increased to KRW 6.7 trillion despite headwinds for the DS Division, which experienced a decrease in quarterly revenue.
     
    The Company has allocated its highest-ever annual R&D expenditure for 2024, and in the first quarter of this year, it has also increased its R&D expenditure by 16% compared to the same period last year, amounting to 9 trillion won.
     
    Despite the growing macroeconomic uncertainties due to recent global trade tensions and slowing global economic growth, making it difficult to predict future performance, the Company will continue to make various efforts to secure growth. Additionally, assuming that the uncertainties are diminished, it expects its performance to improve in the second half of the year.
     
     
    Semiconductors Projected To Continue Growth by Meeting Evolving AI Needs
    The DS Division posted KRW 25.1 trillion in consolidated revenue and KRW 1.1 trillion in operating profit for the first quarter.
     
    For the Memory Business, revenue was driven by expanded server DRAM sales and the addressing of additional NAND demand amid a perceived bottoming out of the market price.
     
    However, overall earnings were impacted by the erosion of average selling price (ASP), as well as a decrease in HBM sales due to export controls on AI chips and deferred demand in anticipation of upcoming enhanced HBM3E products.
     
    In Q2 2025, the Memory Business anticipates robust demand for AI servers and will therefore seek to strengthen our position in the high-value-added market via our server-centric portfolio, along with a ramp-up of the enhanced HBM3E 12H to meet initial demand. For NAND, the Memory Business seeks to enhance cost competitiveness by accelerating the transition to 8th Generation V-NAND for all applications.
     
    In H2 2025, AI-related demand is expected to remain high in conjunction with the launch of new GPUs. Therefore, the Memory Business will expand the sales of high-value-added products, including enhanced HBM3E 12H products and high density DDR5 modules of 128GB or higher.
     
    In the mobile and PC markets, on-device AI is expected to proliferate, so the Memory Business will proactively respond to this shift in the business environment with its industry-leading 10.7Gbps LPDDR5x products.
     
    Earnings at the System LSI Business improved modestly, due to an increased supply of high-resolution sensors and LSI products. This improvement came despite a sluggish smartphone market and the delayed adoption of the Company’s flagship system-on-a-chip (SoC).
     
    In Q2 2025, the System LSI Business will maintain steady revenue by gaining SoC adoption by a major customer for new flagship models and capitalizing on the growing adoption of 200-megapixel sensors.
     
    In H2 2025, the System LSI Business will expand its flagship SoC supply, proactively address demand for high-resolution main and telephoto camera sensors and expand its automotive sensor portfolio.
     
    Earnings for the Foundry Business were muted due to sluggish seasonal mobile demand, inventory adjustments and stagnant fab utilization. However, the Business focused on the 2nm Gate-All-Around (GAA) process, improving yields and stabilizing the line while keeping the program on schedule, while also securing additional sub-5nm orders, specifically the 2nm and 4nm nodes for AI and HPC applications.
     
    In Q2 2025, the Business will stabilize its 2nm process production and drive earnings improvement by actively addressing strong mobile and automotive demand in the United States. Looking ahead to H2 2025, the Foundry Business aims to start 2nm mass production and secure major 2nm orders and strengthen its specialty process portfolio on mature nodes.
     
     
    SDC Aims To Navigate Challenges and Drive Growth With Differentiated Offerings
    Samsung Display Corporation (SDC) posted KRW 5.9 trillion in consolidated revenue and KRW 0.5 trillion in operating profit for the first quarter.
     
    For the mobile display business, SDC reported declining profits QoQ due to seasonality. The results of the large display business have improved via the launch of new QD-OLED monitor products for major clients.
     
    In Q2 2025, the mobile display business maintains a conservative outlook on earnings while pursuing the stable supply of new products such as foldables. For the large display business, demand for gaming monitors is expected to grow due to the upcoming launches of new products.
     
    In H2 2025, SDC aims to grow the mobile display business sales through differentiated technologies and products amid rising market uncertainties. For the large display business, SDC will strengthen its presence in both B2C and B2B monitor markets with diverse product lineups.
     
     
    MX Achieves Revenue Growth, Continues To Expand AI Capabilities
    The MX and Networks businesses posted KRW 37 trillion in consolidated revenue and KRW 4.3 trillion in operating profit for the first quarter.
     
    The MX Business experienced QoQ growth in both revenue and operating profit thanks to the strong sales of its Galaxy S25 series, which features an advanced Galaxy AI experience. Enhanced cost competency and price declines for some components also contributed to solid double-digit profitability.
     
    In Q2 2025, the MX Business plans to sustain flagship-centric sales amid weak seasonality by successfully launching the Galaxy S25 Edge. It will also expand its AI smartphone lineup through the introduction of “Awesome Intelligence” to the Galaxy A series.
     
    In H2 2025, the MX Business will strengthen its foldable lineup by offering a differentiated AI user experience. In addition, the Business will launch new ecosystem products with enhanced AI and health capabilities, and explore new product segments such as XR.
     
     
    Visual Display Posts Solid Performance, Strengthens Advanced AI Features
    The Visual Display and Digital Appliances businesses posted KRW 14.5 trillion in consolidated revenue and KRW 0.3 trillion in operating profit in the first quarter.
     
    The Visual Display Business recorded solid sales of strategic products such as Neo QLEDs, OLEDs, and large models of 75 inches and over, while price increases and material cost reductions resulted in improved QoQ profitability.
     
    In Q2 2025, the Business intends to expand TV sales with its 2025 AI TV lineup and the integration of advanced AI functions.
     
    In H2 2025, the Business will focus on capturing peak season demand by strategic collaboration with distributors, based on an enhanced AI TV lineup.

    MIL OSI Economics –

  • MIL-OSI Banking: Sony Corporation and BandLab Technologies Announce Strategic Partnership To Empower Creators With Cutting-Edge Technology And Opportunities That Make Music Creation More Accessible

    Source: Sony

    April 30, 2025

    Collaboration Brings New Technology and Artist Support to Millions of Creators, Starting with Spatial Sound Integration in BandLab

    April 30, 2025 (New York, NY) – Sony Corporation’s Personal Entertainment Business and BandLab Technologies today announced a strategic partnership set to redefine music creation for independent and emerging artists worldwide. By bringing together Sony’s legacy of audio excellence with BandLab, the world’s fast-growing social music creation platform, this collaboration reflects a shared mission to empower creators with cutting-edge technology and opportunities that fuel their growth, spark innovation, and build their careers—starting from the earliest stages of their musical journeys.

    The initial phase of this partnership integrates Sony’s Spatial Sound technology, 360 Reality Audio, directly into the BandLab app, giving millions of users around the world on any smartphone with a standard pair of headphones or earbuds the ability to both experience and make music in spatial audio.

    Starting this summer, BandLab users will be able to explore a curated collection of spatial-enabled beats in the BandLab Sounds marketplace and then build on them in BandLab Studio, adding vocals, instruments, and additional production to expand their creative possibilities within the immersive world of 360 Reality Audio.

    As the partnership evolves, a dedicated, co-branded hub within BandLab will act as a gateway for future offerings—integrating new technology and accessible tools for music creation while providing exclusive access to newly developed educational programs. Additionally, the collaboration will create additional opportunities to amplify BandLab artist success stories to a global audience, offering artists greater visibility as they reach new heights in their creative journeys.

    With over 100 million users across genres, skill levels, and geographies, BandLab is the world’s largest social music creation platform and a driving force in today’s music landscape. Together, Sony and BandLab are not only breaking down the barriers to make music, but also laying the foundation for a future where every artist has the means to create, connect, and share their music on a global stage.

    “This partnership reflects a shared belief that the technology and opportunities to create music should be available to everyone, not just a select few,” said Meng Ru Kuok, CEO & Co-Founder of BandLab Technologies. “By working with Sony Corporation, we’re combining our strengths to empower creators at every step of their journey. It’s not just about what artists can do today, but about what becomes possible when they’re given the right support to experiment and grow.”

    “Sony has long been committed to delivering premium audio experiences, and this partnership with BandLab allows us to deliver such experiences to music creators of all levels,” said Masaaki Oshima, Head of Personal Entertainment Business Unit, Sony Corporation. “By integrating our audio products and technology into BandLab’s ecosystem, we’re not only expanding access to immersive audio tools, but also strengthening our connection with the pro-consumer market, enhancing the way music is created and experienced. We’re excited to see how artists push creative boundaries with these new possibilities.”

    About Sony Corporation

    Sony Corporation is a wholly owned subsidiary of Sony Group Corporation and is responsible for the Entertainment, Technology & Services (ET&S) business. With the mission to “create the future of entertainment through the power of technology together with creators,” we aim to continue to deliver Kando* to people around the world.

    For more information, visit: Sony Corporation | Home

    • *Kando is a Japanese word that roughly translates to the sense of awe and emotion you feel when experiencing something beautiful and amazing for the first time.

    About BandLab Technologies

    BandLab Technologies is a collective of global music technology companies on a mission to break down the technical, geographic, and creative barriers for musicians and fans. Empowering creators at all stages of their creative process, the group’s wide range of offerings includes flagship mobile-first social music creation platform BandLab, award-winning, legendary desktop DAW Cakewalk, powerful artist services platform ReverbNation, and global beat and music marketplace Airbit. BandLab Technologies is headquartered in Singapore and is a division of Caldecott Music Group. For more information on BandLab Technologies, visit bandlabtechnologies.com.

    MIL OSI Global Banks –