NewzIntel.com

Category: Commerce

  • MIL-OSI Security: Met prioritises neighbourhood policing to tackle crime in London hotspots

    Source: United Kingdom London Metropolitan Police

    The Metropolitan Police is ruthlessly prioritising resources and putting more officers on the beat in the busiest parts of London – including the West End – to focus on core policing priorities, protect the public, and tackle areas with high crime.

    Despite the Met getting smaller, it is applying more resources and smarter tactics to tackle the biggest priorities.

    Up to 80 more officers will join the dedicated West End team to bear down on crimes which Londoners care about the most – including antisocial behaviour, violence against women and girls, shoplifting and phone robbery – as part of the Met’s focus on neighbourhood policing.

    The intensified action is part of ongoing work by the Met and Mayor of London to boost local neighbourhood teams, enhance partnership working and put high visibility policing at the heart of fighting crime and rebuilding trust.

    The West End will see its policing team grow by over 50 per cent so they can relentlessly target prolific offenders as well as being visible and approachable to protect the public and deter criminals.

    Six town centre teams will also be expanded or newly created with 90 additional officers in areas with the highest volumes of thefts and robberies covering Brixton, Kingston, Ealing, Finsbury Park, Southwark, and Spitalfields.

    Commissioner Sir Mark Rowley said:

    “The Met is getting smaller but more capable. We have a laser-like focus on ensuring our officers and staff are in roles where they can drive down crime on issues that matter the most to Londoners.

    “This is what the public expects of the police, which is why we are putting neighbourhood policing first, tackling the crimes that we know are impacting the public in the busiest areas, and making the capital’s streets safer.

    “We’re adding up to 170 additional officers, split between the West End and town centres across London. Thanks to the hard work of our local teams, neighbourhood crime has already fallen by almost a fifth over the last year and moving these officers to the frontline will make sure we are a more visible presence in London.

    “While our budget has decreased in real terms, we are using this additional funding from City Hall and Home Office productively to support our mission to take a targeted approach to tackling volume crime and bolster our specialist tactics to disrupt the criminal gangs who fuel anti-social behaviour, robbery and theft.”

    The Mayor of London, Sadiq Khan, said:

    “Nothing is more important to me than keeping Londoners safe. Thanks to record funding from City Hall, the West End will see a 50 per cent increase in the number of police officers on the beat and an additional 90 police officers working in new or enhanced town centre teams in hotspot areas.

    “Despite years of austerity by the previous government, this is the latest example of the Met Police and I prioritising what Londoners want and delivering on our pledge to put high visibility policing at the heart of fighting crime and rebuilding community confidence and trust.

    “These new and boosted Safer Neighbourhood Teams will focus on tackling antisocial behaviour, phone robbery and shoplifting in key areas. This fresh targeted action is happening in tandem with enhanced police and partnership work already underway in our high streets and town centres this summer. We will continue to build on the crime reductions already achieved in the capital – with robbery, theft and knife crime down since the start of the financial year – to build a safer London for all.”

    Already, the Met has recruited over 300 additional PCSOs for neighbourhood policing teams towards a target of 500, as well as adding over 300 officers from Superintendents to Constables.

    This work to focus resource in the right places, builds on enhanced partnership action with local authorities, businesses and communities to tackle crime in London’s busy town centres and high streets, announced earlier this month.

    The Met is arresting 1000 more criminals each month and thanks to the hard work of its officers, London’s Violence Reduction Unit, Mayor’s Office for Policing and Crime (MOPAC), local authorities and partners, the first six weeks of this financial year have seen promising reductions in a number of crime types compared to the same period last year.

    • Neighbourhood crime down by 15.3 per cent
    • Knife crime down by 18.1 per cent
    • Residential burglary down by 17.7 per cent
    • Theft from the person down by 15.6 per cent
    • Personal robbery down by 12.8 per cent
    • Shoplifting – solved 163 per cent more cases this year
    • In the West End specifically the Met has reduced:
    • Personal robbery by 20%
    • Violence with injury by 25%
    • Violence against a person by 8%

    Ros Morgan, Chief Executive, Heart of London Business Alliance:

    “A safer West End is essential to its success. We welcome the Mayor and Met Commissioner’s response to our calls for more policing. With over 200 million visitors a year and a £50 billion contribution to the UK economy, keeping this district secure isn’t optional — it’s vital. We’ll continue working with the Met to protect the West End’s reputation as a world-class destination.”

    Dee Corsi, Chief Executive, New West End Company, said:

    “We know, first-hand, the incredible work that the Metropolitan Police Service undertakes every day here in the West End to tackle anti-social behaviour, shoplifting, phone robbery and violence against women and girls. But we also know that tackling complex crime challenges is more difficult when resources are squeezed. That’s why today’s announcement, and renewed commitment to the West End, is a critical step forward. We will continue to work in partnership with the Metropolitan Police Service, the Mayor of London and other local stakeholders to ensure the West End remains safe and welcoming for all.”

    Anthony Hemmerdinger, Managing Director, Boots said:

    “Retail theft alongside intimidation and abuse of our team members is unacceptable, so we welcome this additional support from the Mayor and Metropolitan Police to increase resources in some of our busiest central London store locations.

    “While we continue to invest significantly in schemes to deter and disrupt crime, including our state-of-the-art CCTV monitoring centre and bodycams for our team members in stores, it is only through close partnership working with Government, Police, and local communities, that we can ensure high streets feel like welcoming and safe spaces for people to work, shop and visit, all the time.”

    Against the backdrop of these improvements and increased demand for policing in London, tough choices are still being made across the organisation.

    The Met is shrinking overall by 1,700 officers and staff – they have started by moving officers from the dedicated Royal Parks policing team and schools officers into local policing teams. This will ensure officers are part of larger neighbourhood policing teams, policing parks as part of larger teams and ensuring children are safe on their school commute where they are most at risk.

    The Met are going further to place officers on the beat, ensuring London is a safer place to live, work and visit. A more visible presence will increase reassurance for the public and create a hostile environment for criminals who will be arrested in greater numbers.

    The Met secured additional funding after submitting their draft budget which laid out how they would spend their money in 2025/26. As a result, they are using £32 million of additional funding from City Hall and the Home Office to reduce the total officer and staff reductions in priority areas.

    The efficiency savings are due to real-term reductions in public spending on policing and every decision the Met makes is to ensure resources are focussed in the most vital areas and on core-policing priorities.

    The funding will also allow specialist police capabilities to be expanded to support neighbourhood policing priorities and improve out outcomes in tackling high-harm offenders and violence against women and girls. This will include:

    • Bolstering Flying Squad with over 50 additional officers to support neighbourhood policing as they tackle the organised crime gangs that fuel phone robbery and shoplifting.
    • Scaling up our use of Live Facial Recognition (LFR) more widely supported by additional officers and staff. Currently LFR is used four times a week across two days, but this will increase up to five days a week, delivering up to 10 deployments a week across London to drive up arrests of wanted offenders.
    • The Public Order Crime Team will expand to accommodate the rise in protest-related criminal investigations to ensure frontline officers are freed up to focus on local issues. Demand in this area increased in the last two years.
    • Additional resource will be funded to support local policing teams to coordinate work to hunt down dangerous and predatory offenders identified in our V100 and Violence Harm Assessment work.

    As well as targeting resource in specific priority areas, the funding has allowed the Met to reduce some of the previously outlined cuts – including providing 17 officers to join neighbourhood policing teams to support the continued policing of Royal Parks as part of our business as usually work and stopping previously proposed reductions to Flying Squad.

    The Met is also publishing A New Met for London: Phase 2 – a plan for the next three years, following the success of the first plan to deliver more trust, less crime and high standards.

    The new plan focusses on shedding distractions and bureaucracy that divert police away from crime-fighting, allowing our officers and staff to focus on what matters most to the public we serve, making greater use of technologies such as live facial recognition and automation, and providing officers and staff with the tools and equipment they need, to be more effective and more productive.

    The Met is asking the public for their views. To share your views complete this survey: https://www.surveymonkey.com/r/6NCR3LH

    MIL Security OSI –

  • MIL-OSI Security: Met prioritises neighbourhood policing to tackle crime in London hotspots

    Source: United Kingdom London Metropolitan Police

    The Metropolitan Police is ruthlessly prioritising resources and putting more officers on the beat in the busiest parts of London – including the West End – to focus on core policing priorities, protect the public, and tackle areas with high crime.

    Despite the Met getting smaller, it is applying more resources and smarter tactics to tackle the biggest priorities.

    Up to 80 more officers will join the dedicated West End team to bear down on crimes which Londoners care about the most – including antisocial behaviour, violence against women and girls, shoplifting and phone robbery – as part of the Met’s focus on neighbourhood policing.

    The intensified action is part of ongoing work by the Met and Mayor of London to boost local neighbourhood teams, enhance partnership working and put high visibility policing at the heart of fighting crime and rebuilding trust.

    The West End will see its policing team grow by over 50 per cent so they can relentlessly target prolific offenders as well as being visible and approachable to protect the public and deter criminals.

    Six town centre teams will also be expanded or newly created with 90 additional officers in areas with the highest volumes of thefts and robberies covering Brixton, Kingston, Ealing, Finsbury Park, Southwark, and Spitalfields.

    Commissioner Sir Mark Rowley said:

    “The Met is getting smaller but more capable. We have a laser-like focus on ensuring our officers and staff are in roles where they can drive down crime on issues that matter the most to Londoners.

    “This is what the public expects of the police, which is why we are putting neighbourhood policing first, tackling the crimes that we know are impacting the public in the busiest areas, and making the capital’s streets safer.

    “We’re adding up to 170 additional officers, split between the West End and town centres across London. Thanks to the hard work of our local teams, neighbourhood crime has already fallen by almost a fifth over the last year and moving these officers to the frontline will make sure we are a more visible presence in London.

    “While our budget has decreased in real terms, we are using this additional funding from City Hall and Home Office productively to support our mission to take a targeted approach to tackling volume crime and bolster our specialist tactics to disrupt the criminal gangs who fuel anti-social behaviour, robbery and theft.”

    The Mayor of London, Sadiq Khan, said:

    “Nothing is more important to me than keeping Londoners safe. Thanks to record funding from City Hall, the West End will see a 50 per cent increase in the number of police officers on the beat and an additional 90 police officers working in new or enhanced town centre teams in hotspot areas.

    “Despite years of austerity by the previous government, this is the latest example of the Met Police and I prioritising what Londoners want and delivering on our pledge to put high visibility policing at the heart of fighting crime and rebuilding community confidence and trust.

    “These new and boosted Safer Neighbourhood Teams will focus on tackling antisocial behaviour, phone robbery and shoplifting in key areas. This fresh targeted action is happening in tandem with enhanced police and partnership work already underway in our high streets and town centres this summer. We will continue to build on the crime reductions already achieved in the capital – with robbery, theft and knife crime down since the start of the financial year – to build a safer London for all.”

    Already, the Met has recruited over 300 additional PCSOs for neighbourhood policing teams towards a target of 500, as well as adding over 300 officers from Superintendents to Constables.

    This work to focus resource in the right places, builds on enhanced partnership action with local authorities, businesses and communities to tackle crime in London’s busy town centres and high streets, announced earlier this month.

    The Met is arresting 1000 more criminals each month and thanks to the hard work of its officers, London’s Violence Reduction Unit, Mayor’s Office for Policing and Crime (MOPAC), local authorities and partners, the first six weeks of this financial year have seen promising reductions in a number of crime types compared to the same period last year.

    • Neighbourhood crime down by 15.3 per cent
    • Knife crime down by 18.1 per cent
    • Residential burglary down by 17.7 per cent
    • Theft from the person down by 15.6 per cent
    • Personal robbery down by 12.8 per cent
    • Shoplifting – solved 163 per cent more cases this year
    • In the West End specifically the Met has reduced:
    • Personal robbery by 20%
    • Violence with injury by 25%
    • Violence against a person by 8%

    Ros Morgan, Chief Executive, Heart of London Business Alliance:

    “A safer West End is essential to its success. We welcome the Mayor and Met Commissioner’s response to our calls for more policing. With over 200 million visitors a year and a £50 billion contribution to the UK economy, keeping this district secure isn’t optional — it’s vital. We’ll continue working with the Met to protect the West End’s reputation as a world-class destination.”

    Dee Corsi, Chief Executive, New West End Company, said:

    “We know, first-hand, the incredible work that the Metropolitan Police Service undertakes every day here in the West End to tackle anti-social behaviour, shoplifting, phone robbery and violence against women and girls. But we also know that tackling complex crime challenges is more difficult when resources are squeezed. That’s why today’s announcement, and renewed commitment to the West End, is a critical step forward. We will continue to work in partnership with the Metropolitan Police Service, the Mayor of London and other local stakeholders to ensure the West End remains safe and welcoming for all.”

    Anthony Hemmerdinger, Managing Director, Boots said:

    “Retail theft alongside intimidation and abuse of our team members is unacceptable, so we welcome this additional support from the Mayor and Metropolitan Police to increase resources in some of our busiest central London store locations.

    “While we continue to invest significantly in schemes to deter and disrupt crime, including our state-of-the-art CCTV monitoring centre and bodycams for our team members in stores, it is only through close partnership working with Government, Police, and local communities, that we can ensure high streets feel like welcoming and safe spaces for people to work, shop and visit, all the time.”

    Against the backdrop of these improvements and increased demand for policing in London, tough choices are still being made across the organisation.

    The Met is shrinking overall by 1,700 officers and staff – they have started by moving officers from the dedicated Royal Parks policing team and schools officers into local policing teams. This will ensure officers are part of larger neighbourhood policing teams, policing parks as part of larger teams and ensuring children are safe on their school commute where they are most at risk.

    The Met are going further to place officers on the beat, ensuring London is a safer place to live, work and visit. A more visible presence will increase reassurance for the public and create a hostile environment for criminals who will be arrested in greater numbers.

    The Met secured additional funding after submitting their draft budget which laid out how they would spend their money in 2025/26. As a result, they are using £32 million of additional funding from City Hall and the Home Office to reduce the total officer and staff reductions in priority areas.

    The efficiency savings are due to real-term reductions in public spending on policing and every decision the Met makes is to ensure resources are focussed in the most vital areas and on core-policing priorities.

    The funding will also allow specialist police capabilities to be expanded to support neighbourhood policing priorities and improve out outcomes in tackling high-harm offenders and violence against women and girls. This will include:

    • Bolstering Flying Squad with over 50 additional officers to support neighbourhood policing as they tackle the organised crime gangs that fuel phone robbery and shoplifting.
    • Scaling up our use of Live Facial Recognition (LFR) more widely supported by additional officers and staff. Currently LFR is used four times a week across two days, but this will increase up to five days a week, delivering up to 10 deployments a week across London to drive up arrests of wanted offenders.
    • The Public Order Crime Team will expand to accommodate the rise in protest-related criminal investigations to ensure frontline officers are freed up to focus on local issues. Demand in this area increased in the last two years.
    • Additional resource will be funded to support local policing teams to coordinate work to hunt down dangerous and predatory offenders identified in our V100 and Violence Harm Assessment work.

    As well as targeting resource in specific priority areas, the funding has allowed the Met to reduce some of the previously outlined cuts – including providing 17 officers to join neighbourhood policing teams to support the continued policing of Royal Parks as part of our business as usually work and stopping previously proposed reductions to Flying Squad.

    The Met is also publishing A New Met for London: Phase 2 – a plan for the next three years, following the success of the first plan to deliver more trust, less crime and high standards.

    The new plan focusses on shedding distractions and bureaucracy that divert police away from crime-fighting, allowing our officers and staff to focus on what matters most to the public we serve, making greater use of technologies such as live facial recognition and automation, and providing officers and staff with the tools and equipment they need, to be more effective and more productive.

    The Met is asking the public for their views. To share your views complete this survey: https://www.surveymonkey.com/r/6NCR3LH

    MIL Security OSI –

  • MIL-OSI USA: Senators Marshall & Baldwin Introduce Legislation to End Dairy Mislabeling

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Senator Tammy Baldwin (D-Wisconsin) to introduce the bipartisan Defending Against Imitations and Replacements of Yogurt, milk, and cheese to Promote Regular Intake of Dairy Everyday Act (DAIRY PRIDE Act) of 2025. This legislation will ensure that non-dairy products cannot engage in duplicitous labeling practices, such as calling non-dairy imitation products “milk” or “yogurt” that do not contain dairy and are instead from a plant, nut, or grain.
    “Consumers deserve clear, honest labels on the products they purchase. Misleading labels on non-dairy products, which are often nutritionally inferior, cause confusion and undermine the value of real dairy,” said Senator Marshall. “With 90% of Americans falling short of daily dairy intake recommendations, milk stands out as an excellent source of critical nutrients like Calcium and Vitamin D, essential for building strong bones in kids and adults. These imitation products not only fail to match the 13 essential nutrients found in whole milk but also harm dairy farmers who tirelessly meet rigorous health standards to deliver the most nutritious drink known to man.”
    “Wisconsin is known across the world as America’s Dairyland because our hardworking dairy farmers produce the best products with the highest nutritional value,” said Senator Baldwin. “But, for far too long, imitation dairy products made from plants and nuts have ridden the coattails of our dairy farmers and gotten away with using dairy’s good name without meeting those standards. I’m proud to work with my Democratic and Republican colleagues to settle this once and for all by requiring the federal government to stop these imitation products of lesser nutritional value from using labels like milk, cheese, and yogurt.”
    The legislation was cosponsored by Senators Jim Risch (R-Idaho), Susan Collins (R-Maine), Peter Welch (D-Vermont), Pete Ricketts (R-Nebraska), Mike Crapo (R-Idaho), Angus King (I-Maine), Kirsten Gillibrand (D-New York), John Fetterman (D-Pennsylvania), Tina Smith (D-Minnesota), Amy Klobuchar (D-Minnesota), and Mike Rounds (R-South Dakota).
    “Dairy comes from cows, goats, and sheep—not almonds. Plant-based products’ misleading branding is a disservice to consumers and the farmers who dedicate their lives to making the nutritious dairy products Idahoans enjoy,” said Senator Risch. “The DAIRY PRIDE Act requires the FDA to enforce accurate definitions for dairy terminology, end deceptive labeling, and advocate for the farmers who feed us.”
    “As an Aroostook County native, I know how essential the dairy industry is to Maine’s economy and how hard our state’s dairy farmers work to produce nutritious milk, yogurt, cheese, and other products. It is unfair for non-dairy products to capitalize on milk’s nutritious brand,” said Senator Collins. “This bipartisan legislation would help protect our dairy farmers and the quality of their goods by requiring non-dairy producers to accurately label their products.”
    “Our dairy farms are the heart of Vermont’s economy, our history, and our communities.  The work they do should be protected and supported. That’s why I’m proud to join Senators Baldwin, Risch, and Collins in introducing the bipartisan DAIRY PRIDE Act,” said Senator Welch. “This bill will give our farmers much needed support and correct FDA’s misguided efforts to allow non-dairy products to use dairy names—giving dairy farmers the protections they need to thrive.”
    This legislation is supported by the National Milk Producers Federation, American Farm Bureau Federation, EDGE Dairy Farmer Cooperative, Midwest Dairy Coalition, FarmFirst Dairy Cooperative, Wisconsin Farm Bureau Federation, Wisconsin Cheese Makers Association, Idaho Dairymen’s Association, and Associated Milk Producers, Inc. (AMPI).
    Click here to read the full bill text.
    Background:

    Current Food and Drug Administration (FDA) regulations define dairy products as being from animals. But the most recent FDA guidance on fluid dairy products allows plant-based alternatives to continue to use dairy terms despite not containing dairy.
    The DAIRY PRIDE Act would require the FDA to issue guidance for nationwide enforcement of mislabeled imitation dairy products within 90 days and require the FDA to report to Congress two years after enactment to hold the agency accountable for this update in its enforcement obligations.
    Senator Marshall understands the nutritional importance of real, whole dairy products. He introduced the Whole Milk for Healthy Kids Act, which would expand healthy milk options in schools by reversing the Obama-era law that took whole milk out of school cafeterias.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall: The USDA is Coming to Kansas City

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Questions Deputy Secretary of Agriculture About the USDA Reorganization
    Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), questioned Deputy Secretary of Agriculture,The Honorable Stephen Alexander Vaden, during a recent Senate Committee on Agriculture, Nutrition, and Forestry hearing focused on the recently announced USDA reorganizational proposal.

    Click HERE or on the image above to watch Senator Marshall’s full exchange.
    Highlights from the hearing include: 
    On why the USDA relocation to Kansas City makes sense:
    Senator Marshall: “Mr. Vaden, welcome. Glad you’re here today. In your testimony, you were mentioning some of the advantages of moving to some of these communities. And I would just point out that you failed to mention that moving to Kansas City that suddenly you would have the advantage of being a Chiefs fan, rather than suffering through another year here with the Washington Commanders. You failed to mention, to be within an hour of the most storied basketball program in the nation, and just barely two hours away from the first land-grant university in America.
    “And I just would want to give you a chance to talk a little bit more. You think about the Kansas City Metro, within a two-hour drive of the Iowa State University, the Nebraska University, Missouri, Arkansas…. How far away is Auburn? Not too far. So, my point is, you know what? You can’t coach talent. You have to have talent, and within just miles of there, some of the greatest ag research in the world. How important is that to American agriculture to have, let alone the affordability issues you mentioned?”
    Deputy Secretary Vaden: “It’s vital. And I want to add to the mix, NBAF. We haven’t forgotten about that. You haven’t either. I know there’s some unfinished business left there. But when you think about the potential that facility has and the technology and level of research that can go on there that are vital for the future of American agriculture, you’ve pointed to many of the reasons why Kansas City also joined as one of our five hubs.
    “The Department put some thought into this. We want to spark that level of collaboration that you have noted, whether it be with our land grant and non-land grant university partners, whether it be with individual farmers, whether it be with the local Chamber of Commerce in an area that is driven and motivated, even though it may be in an urban setting, by agriculture.
    “I know that you’re well aware that the Federal Reserve has a location in Kansas City, and that we’re looking at the shape of the agricultural economy for inclusion in the Beige Book, so we look to what the Kansas City Fed has to say. USDA will be able to take advantage of all of these synergies, and not only Kansas City, but the other hubs that we have laid out.”
    On the USDA’s right to reinitiate the relocation process:
    Senator Marshall: “Over the past four years, it was reported that only 6% of USDA employees were in the office as well. And more and more, just a crescendo of complaints from my ag producers back home that they could work with their local FSA officer or their conservation officer, but then that report would get somehow clogged here in DC. I want to compliment the White House on the $10 billion that was appropriated in [the] spring; within days, my farmers had the help that they needed.
    “And then, more recently, I think it was a $16 billion, so something is working, right from a standpoint of customer services. And I just can’t help but think when you’re when you have people working for USDA out there, going to church, going to the soccer match, all those type of things with the local farmers and ranchers, is going to be a better service of wealth. So just talk about customer service, how that was going to be impacted by these people, the net, net moving out into the hinterlands, as we call it.”
    Deputy Secretary Vaden: “Well, I don’t consider it the hinterlands, I consider it home, Senator. But with regard to having more people in the field, we agree with you that we think the level of service will improve. Not only do we agree with you, even if we had a disagreement, the Congress has legislated on this point, and this is another matter that drove our consideration of this plan, and that’s looking at USDA reorganization authority, which was granted to us by the Congress in 1953.
    “And if you actually look at the statute, I’m a former judge, so I tend to look at statutes. What does the statute say? The statute says, in carrying out this law, quote, ‘the Secretary shall seek to simplify and make efficient the operation of the Department of Agriculture, to place the administration of farm programs close to the state and local levels,’ close quote from the statute. This is exactly what Congress intended: the maximum amount of USDA resources dedicated out in the field, not in Washington, D.C.”
    Senator Marshall: “Just want to make one last point, President Trump’s tariffs are working. He has made incredible trade deals that are going to open up markets that we never had access to before. We’ve never sold a cheeseburger in all of Europe. Ethanol: 40% of our corn crop goes to ethanol. Suddenly, the EU, UK, and all these countries are going to be buying ethanol as well. We’re seeing manufacturing jobs move back to this country because of these tariffs as well. American agriculture will benefit significantly from long-term trade. Agreements for long-term success as well, and we can’t wait to see what’s next coming out of the White House and the tariffs. Thank you, Mr. Chairman. I yield back.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Pharmac makes annual tender decisions

    Source: New Zealand Government

    Associate Education Minister David Seymour welcomes Pharmac’s decision to reduce the cost of some funded medicines to free up money for new medicines.

    “For many New Zealanders, funding for pharmaceuticals is life or death, or the difference between a life of pain and suffering or living freely,” Mr Seymour says.  

    “The annual tender helps us manage how much New Zealand spends on medicines by reducing the cost of those we already fund. This frees up money to fund new medicines.

    Annual tender changes allow Pharmac to free up between $30 million and $50 million annually. 

    “Each year, Pharmac invites suppliers to bid to be the main supplier of medicines that are no longer under patent,” Mr Seymour says.

    “Medicine patents typically last for 20 years from the date of filing. Once a patent expires the doors are opened to generic competition. Other manufacturers can apply to produce and sell products containing the previously patented active ingredient. Generic market competition drives the price of medicines down significantly. 

    “Where practicable, and once relevant groups are consulted on, Pharmac might change from some original brand-name product to generic alternatives. 

    “My expectation is that Pharmac should have good processes to ensure that people with an illness, their carers and family, can provide input to decision-making processes. This is part of the ACT-National Coalition Agreement. 

    “People should have the opportunity to share what the impact of brand changes would be for them, and what support would be required if there was a change to their current medicine. I expect all key groups to be involved in changes to funded medicine brands through the annual tender. 

    “Pharmac received significant feedback at the end of last year about a decision to move to Estradiol TDP Mylan as the only funded brand of oestradiol patch. The community let Pharmac know that they weren’t consulted enough on the original decision. 

    “Pharmac has learnt from this. They added an additional consultation step to the annual tender process to seek feedback when considering a medicine brand change. This patient-centric approach was taken in today’s decisions. 

    “Pharmac asked for feedback from people who use the medicines in the list below, as well as from healthcare professionals and advocacy groups. The feedback has helped Pharmac shape its decisions.

    “The decisions to add an additional consultation step on the annual tender process follows the appointment of Natalie McMurtry as the incoming Chief Executive, appointing a Consumer Working Group, publishing the Pharmac Consumer Engagement Workshop Report, and my letters of expectations, as positive steps towards a system which works for the people who rely on it.”

    Information onthe annual tender process can be found here: https://www.pharmac.govt.nz/news-and-resources/consultations-and-decisions/31-july-tender-notification

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Newsom strengthens local control in Los Angeles burn scar areas

    Source: US State of California Governor

    Jul 30, 2025

    What you need to know: In response to concerns from local elected leaders and community members about the potential for widespread SB 9 development concentrated in areas rebuilding from destructive fires and crowding evacuation routes, the Governor today issued an executive order that will give local government the discretion to limit SB 9 development in very high fire hazard severity zones within the rebuilding areas.

    LOS ANGELES — Governor Gavin Newsom today issued an executive order providing local governments with stronger authority to limit Senate Bill 9 development in high fire hazard severity zones in Los Angeles County that fall within the burn scar areas. The executive order continues the Governor’s efforts to help respond to local concerns, provide tools to address rebuilding, and ensure that communities can recover safely. Read the executive order here.

    “We will continue to assist communities in rebuilding safely in ways that are responsive to local concerns. This executive order responds directly to requests from local officials and community feedback, recognizing the need for local discretion in recovery and that not all laws are designed for rebuilding entire communities destroyed by fires overnight.”

    Governor Gavin Newsom

    The executive order remains in effect as long as the state of emergency remains active. The order:

    • Grants local governments authority to adjust rules for SB 9 development (lot splits and duplexes in single-family residential zones) in very high fire severity zones within the LA fire burn scars. This order affects the entire Palisades within the city of LA, the eastern foothills portions of Altadena, Sunset Mesa, and Malibu. 
    • Includes a seven-day pause on SB 9 development in these specific areas while locals develop their own standards. 
    • Provides local governments with the flexibility to tailor standards based on community needs. For example, local officials could add additional mitigation requirements or designate areas within the affected zones where SB 9 development is or isn’t allowed. It allows local officials to make determinations as to what best serves their community — balancing the needs of their community and fire-resilient, safe recovery.

    The executive order is consistent with the state’s commitment to increasing the state’s housing supply and its unwavering dedication to supporting local officials in rebuilding their communities. It leaves the SB 9 framework in place everywhere other than very high fire hazard severity zones in the burn scar, and within those zones allows local leaders discretion to ensure that SB 9 development in the rebuilding areas appropriately accounts for fire safety concerns.

    Helping communities rebuild

    Today’s announcement adds to recent orders by the Governor to help the Los Angeles community recover and rebuild, including another order fast-tracking rebuilding the homes and schools affected by the disaster by suspending permitting laws and building codes, which adds to earlier orders cutting red tape and streamlining the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. The Governor also issued an executive order removing administrative barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.

    California’s all-in efforts

    Since the first day these firestorms ignited, Governor Newsom has been on the ground leading an all-in state response and recovery. 

    The Governor deployed resources before the hurricane-force fires broke out – growing to over 16,000 boots on the ground at the peak of the state’s response. And in the hours that followed, Governor Newsom launched historic recovery and rebuilding efforts to help Los Angeles get back on its feet, faster. 

    Even before the fires were out, Governor Newsom worked closely with outgoing President Joe Biden to secure a Presidential Major Disaster Declaration and then coordinated with the Trump Administration to ensure comprehensive federal support for Los Angeles. 

    That work has paid dividends as the current pace of debris and hazardous waste removal is months ahead of the cleanup timeline for the Camp, Woolsey, Hill fires in 2019 and Tubbs Fire in 2017/18, which at the time were themselves the fastest of their kind. 

    State and federal officials worked hand in glove to clear hazardous waste from 9,000 homes in less than 30 days. At the project’s peak, as many as 500 crews of expert heavy equipment operators from the Army Corps of Engineers worked around the clock to rapidly clear ash, soot, and fire debris from structures damaged by the Eaton and Palisades fires. 

    By the numbers 

    • 16,000 first responders and recovery personnel deployed
    • $2.5 billion in Small Business Administration Assistance approved. 
    • $144.2 million in individual assistance disbursed
    • $100 million in dedicated community partnerships through LA Rises
    • 40,000 totals visitors to disaster recovery centers 
    • 30 days to clear properties of hazardous waste
    • 9,195 properties cleared of debris 
    • 2,300 homes cleared of debris 
    • 12,500 right of entry forms submitted 
    • 8 of 8 schools resumed in person instruction 
    • 9 of 9 water systems reactivated  

    Recent news

    Jul 30, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:AB 17 by Assemblymember Juan Alanis (R-Modesto) – Elections: precinct maps.AB 377 by Assemblymember David Tangipa (R-Clovis) – High-Speed Rail Authority: business plan:…

    Jul 30, 2025

    News What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers.  SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of…

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar Opening Remarks on Protecting Online Data

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, delivered the following opening statement at the subcommittee hearing titled “Protecting the Virtual You: Safeguarding Americans’ Online Data.”

    Testifying at the hearing was Alan Butler, Executive Director and President of the Electronic Privacy Information Center; Samuel Levine, Senior Fellow at the UC Berkeley Center for Consumer Law & Economic Justice; Kate Goodloe, Managing Director at the Business Software Alliance; Paul Martino, General Counsel at the Main Street Privacy Coalition; and Joel Thayer, President of the Digital Progress Institute.

    A rough transcript of Klobuchar’s full opening statement is available below and a video can be downloaded here.

    Senator Klobuchar: Well. Thank you very much, Chair Blackburn, and thank you to all of our witnesses, and I’m really grateful for your leadership on these issues, Madam Chair, and your willingness to work with me and Senator Blumenthal and many others. 

    We all know new technologies have made it easier for people to monitor their health, collaborate with colleagues, communicate with loved ones, and more. But federal law doesn’t do enough, as we all know, to address the privacy that comes with these innovations, the privacy concerns.

    Technology companies collect an enormous amount of personal information about our daily lives. They know what we buy, who our friends are, where we live, where we work and travel, even how much we would be willing to pay for something. Yet, for too long, the big tech companies, many of which dominate the market that they operate in, have been telling American consumers, “Just trust us,” even though their business models are designed to collect personal information and to use it for profit. 

    The bottom line is that we are the product, we are, and that’s how many tech companies make their money, and a lot of it. In 2024, Google and Meta earned a combined $420 billion in advertising revenues alone. And they made a lot more money because Americans lack privacy protections. An American’s data earned Meta $68 in a single quarter last year. Think about that, all these people who don’t realize that they’re being tracked. But a European Facebook user with a comprehensive privacy protection only generated $23, and that money can be used for a lot of other things that people need right now.

    And it seems like every day we hear a new story about companies playing fast and loose with data and taking advantage of customers. Earlier this year, a whistleblower from Facebook, now Meta, testified to another subcommittee about how the company would track users so closely that it could identify when teenage girls felt emotionally vulnerable and then target them with ads exploiting these emotions. For example, when a teenage girl would delete a selfie, Facebook might serve her an ad for diet products. 

    Criminals also view huge troves of data as attractive targets for hacking. We’ve seen major data breaches ranging from the 2017 Equifax database breach that exposed sensitive financial information from more than 140 million individuals to the hack of Change Healthcare, affecting 190 million people and causing more than 100 electronic systems vital to the U.S. health care system to be shut down. 

    On my way here, I was on the phone with the mayor of St. Paul, Minnesota, because they, like so many other jurisdictions, are responding to a targeted cyber-attack on their IT infrastructure, which has shut down some of the city’s digital services and may have compromised city employee data. 

    Once in the hands of criminals, data can be used for everything from identity theft to more serious crimes. And we all learned too tragically with the horrific murders in my state of my good friend Melissa Hortman, the former Speaker of the House, and her husband Mark how accessible personal data is, including people’s addresses, because the murderer only killed the people and went to the houses of the people whose addresses he had. 

    Businesses are also using personal data collected across the internet in novel ways, such as to set individualized prices designed to increase costs for consumers.

    Should a person, and this is a question we have to ask as Senators, really have to submit to this kind of intrusive data collection just to send a message to a friend online, to book a flight, or to order some diapers? I don’t think so. 

    That’s why more than 20 states have stepped in. I suspect today we’ll hear from some of our witnesses about the patchwork of state laws. I agree it’s a problem, but I believe we should have passed privacy legislation many, many years ago. I advocated for it back then. We tried, and in fact, in [2024], I [worked on] a comprehensive privacy bill with Senator Cantwell and Kathy McMorris Rogers, a former Republican House member. The bill would have required companies to collect only the information necessary to provide the goods and services that consumers sought, ensured consumers consented before their personal data was shared with third parties, and put consumers in control of their data by allowing them to access, correct, and even delete personal data. 

    But many of the businesses that today complain about the burden of complying with the patchwork of state laws, I have the advantage of having been there then, even before Maria Cantwell’s bill was introduced, when the companies were lobbying against a federal privacy law, and now they’re back complaining about the patchwork of laws. And I would like to change that, but I do think it’s important to know that’s why we’re in the position that we are and to understand why some of these states are looking at this going, “Wait a minute.”

    The need for federal privacy reform is even more urgent as AI continues to expand its role in to our lives. Data is both the gasoline and the engine for AI models. That means that demand for our data is skyrocketing, so it is critical that we set guardrails to ensure the data that powers AI is responsibly sourced and used for legitimate means and protected when you want to have it protected. 

    Luckily, there is a bipartisan agreement that Congress needs to act. The Commerce Committee, on which Chair Blackburn and I also sit, has seen strong bipartisan, bicameral proposals for federal privacy reform. Not everyone agrees with all of them, but there has been some start out of that committee, and I look forward to hearing from our witnesses about why we need these guardrails now. 

    Thank you, Senator Blackburn.

    MIL OSI USA News –

  • MIL-OSI USA: Boozman, Cotton Back Effort to Establish Drone Production Facility at Red River Army Depot

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON—U.S. Senators John Boozman (R-AR) and Tom Cotton (R-AR) joined Senators Ted Cruz (R-TX) and John Cornyn (R-TX) to introduce the SkyFoundry Act of 2025, legislation to establish a Department of Defense drone production facility at the Red River Army Depot to develop, produce and field drones for the Department of Defense.

    “The men and women of the Red River Army Depot are committed to providing our servicemembers with the tools they need to defend our nation,” said Boozman. “With unmanned aircraft systems playing an increasingly prominent role in modern warfare, tasking them with developing and sustaining an adequate supply of drone systems would be a win for this skilled workforce and our armed forces. I am pleased to join my colleagues to champion this effort and the Arkansans whose vital contributions to Red River support our national security and local economy.”

    “Large-scale manufacturing of small drones is critical to the Army’s current and future operational capability,” said Cotton. “This bill is a win for national security and for Arkansas as the Skyfoundry program presents a unique opportunity to more fully utilize the Army’s organic industrial base by positioning Red River Army Depot to meet the Army’s emerging requirements.”

    “Establishing a drone manufacturing facility at the Red River Army Depot will help ensure that the United States remains at the forefront of drone production,” said Cruz. “I’m proud to see the Lone Star State continuing to lead in defense innovation, and I look forward to working with my colleagues in Congress to swiftly pass this legislation.”

    “Russia and China are currently outpacing America in scalable drone production and investment, making us vulnerable to national security threats if left unmatched,” said Cornyn. “This legislation seeks to close this gap and help ensure America remains competitive with our foreign adversaries by establishing a new innovation and production facility that would rapidly improve our ability to develop, test, and mass-produce small unmanned aircraft systems.”

    Specifically, the SkyFoundry Act of 2025 will:

    • Establish a production facility and innovation facility for the manufacturing and development of small unmanned aircraft systems;
    • Utilize a Government-Owned, Government-Operated Contractor Augmented (GOGO/CA) model, blending military, civilian and contract personnel; and
    • Encourage public-private partnerships with industry, academia and nonprofits.

    Boozman has continually championed efforts to support the Red River Army Depot,  successfully securing $47 million in 2024 for workforce support and recently advancing an additional $93 million in funding through the Senate Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA) Appropriations Subcommittee as part of the FY 2026 MilCon-VA Appropriations Act.  

    This legislation is supported by the Texarkana Chamber of Commerce and the TexAmericas Center.

    Companion legislation was introduced in the U.S. House of Representatives by Congressman Pat Harrigan (NC-10).

    The bill text is available here.

    MIL OSI USA News –

  • MIL-OSI USA: State Chief Information Officer Announces the State’s First Chief Privacy Officer

    Source: US State of Oregon

    regon Chief Information Officer Terrence Woods, Director of Enterprise Information Services (EIS), has appointed Nik Blosser as the state of Oregon’s first Chief Privacy Officer (CPO) and Artificial Intelligence (AI) Strategist. The CPO will be charged with crafting the strategic vision for the state of Oregon relating to privacy, data protection, and AI. As the first-of-a-kind position in Oregon state government, the CPO must make strategic judgements and decisions relating to developing policy and as the AI Strategist, Nik will play a pivotal role in shaping Oregon’s AI landscape.

    “Adding a Chief Privacy Officer and AI Strategist to the team at EIS has been a goal of mine for a few years and I am excited to bring Nik onboard,” said Woods. “Nik will significantly enhance our ability to safeguard data, ensure compliance with privacy regulations, prioritize workforce AI literacy, and lead efforts to promote a culture of awareness across all state agencies, ultimately making Oregon a leader in data protection, privacy management, and AI Governance.”

    Blosser brings a wealth of experience and a distinguished career to his new role. A Stanford University graduate with a Bachelor of Arts and Science in Aeronautical Engineering and English, he has a diverse educational background.

    He has worked in both private and public sectors, with his career highlights including serving as Chair and Board Member of Sokol Blosser Winery for 22 years, one of the oldest family-owned and operated wineries in Oregon. Blosser also held significant roles in the Executive Office of the President, Portland General Electric, The White House, and served as Chief of Staff for Oregon Governor Kate Brown.

    Blosser co-founded Celilo Group Media, Inc., a company focused on sustainable products and services, and has been actively involved in numerous volunteer roles, including board memberships with Literary Arts, Oregon Business & Industry, and the Oregon Environmental Council.

    Nik Blosser’s leadership and dedication to public service and sustainability make him an invaluable asset to EIS and the state of Oregon.

    MIL OSI USA News –

  • MIL-OSI USA: State Chief Information Officer Announces the State’s First Chief Privacy Officer

    Source: US State of Oregon

    regon Chief Information Officer Terrence Woods, Director of Enterprise Information Services (EIS), has appointed Nik Blosser as the state of Oregon’s first Chief Privacy Officer (CPO) and Artificial Intelligence (AI) Strategist. The CPO will be charged with crafting the strategic vision for the state of Oregon relating to privacy, data protection, and AI. As the first-of-a-kind position in Oregon state government, the CPO must make strategic judgements and decisions relating to developing policy and as the AI Strategist, Nik will play a pivotal role in shaping Oregon’s AI landscape.

    “Adding a Chief Privacy Officer and AI Strategist to the team at EIS has been a goal of mine for a few years and I am excited to bring Nik onboard,” said Woods. “Nik will significantly enhance our ability to safeguard data, ensure compliance with privacy regulations, prioritize workforce AI literacy, and lead efforts to promote a culture of awareness across all state agencies, ultimately making Oregon a leader in data protection, privacy management, and AI Governance.”

    Blosser brings a wealth of experience and a distinguished career to his new role. A Stanford University graduate with a Bachelor of Arts and Science in Aeronautical Engineering and English, he has a diverse educational background.

    He has worked in both private and public sectors, with his career highlights including serving as Chair and Board Member of Sokol Blosser Winery for 22 years, one of the oldest family-owned and operated wineries in Oregon. Blosser also held significant roles in the Executive Office of the President, Portland General Electric, The White House, and served as Chief of Staff for Oregon Governor Kate Brown.

    Blosser co-founded Celilo Group Media, Inc., a company focused on sustainable products and services, and has been actively involved in numerous volunteer roles, including board memberships with Literary Arts, Oregon Business & Industry, and the Oregon Environmental Council.

    Nik Blosser’s leadership and dedication to public service and sustainability make him an invaluable asset to EIS and the state of Oregon.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Delivers Floor Speech on Need for Bipartisan Permitting Reform Legislation

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s floor remarks, click here or the image above.

    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, delivered remarks on Senate Floor outlining the need for comprehensive, bipartisan reforms to our nation’s environmental review and permitting processes.

    “The opportunity is here, this is right in front of us, and I can guarantee you that I will be at the forefront of these efforts to make sure that these reforms can become a reality. I encourage my colleagues to heed the importance of this moment,”Chairman Capito said.

    Below are the floor remarks of Chairman Shelley Moore Capito (R-W.Va.) as delivered.

    “As we both know, for too long, critical projects central to American energy development, infrastructure improvement, and economic development have been trapped in a cycle of redundant reviews, shifting goalposts, endless red tape, and regulatory uncertainty.

    “Businesses large and small, looking to build things in our country again, really need certainty that is necessary for long-term investments, and projects needed to deploy new energy technologies, and efforts to restore the environment, have been caught in the same regulatory swamp as well.

    “This has been loaded on for years. Years of changes in guidance have created a complex web of ever-expanding, duplicative, and contradictory requirements, while Congress has not stepped in to provide the clarifications that our country needs. All this has led to lost jobs, missed economic opportunities, and higher prices across America, underpinning the importance of comprehensive reform to our environmental review and permitting processes. I can tell you, I get asked about this consistently, every day, more than a few times a day.

    “So, let me talk a little bit about my home state of West Virginia. I’ve seen firsthand how projects that our communities rely on face needless delays and how costs are then shifted to our families who pay more for energy, housing, transportation, and basic goods as a result.

    “These types of delays nearly stopped what will become one of the most environmentally friendly steel production facilities in the world that will employ over a thousand people in Mason County.

    “Top highway projects, like Corridor H that would improve both safety, mobility, and create economic development, have encountered multiple permitting delays and uncertainty under a litany of environmental statutes. Even West Virginia water extensions, broadband deployments, and bridge replacements have all faced delays from the federal permitting process.

    “If you’ve spent time in my state, visited our communities, or traveled across our mountains, it’s obvious how important these projects are to our state of West Virginia. They impact everything from how we heat our homes, to how we connect our schools with internet, and maintain the roads and bridges that our residents travel on every single day.

    “Point blank, these delays are holding our state and every state back from reaching our full potential, robbing our people of investments and economic development that would improve the quality of their lives. I believe it is time for Congress act.

    “Clearly, I am no stranger to the ever-illusive topic of permitting reform. Throughout my time in the Senate, I have introduced multiple bills on the subject and have been involved in the regulations on this topic, and while we were able to include some reforms in the bipartisan Fiscal Responsibility Act, it is very clear that much more needs to be done.

    “The fact of the matter is, each one of us in this chamber has a critical need in our state that could be addressed by improving our permitting and environmental processes. Like building more housing, we always hear about a housing shortage, or bringing energy projects online, we hear about the expansions of nuclear, that are going to be held in the permitting process, or improving the conditions of surface transportation infrastructure, just to name a few. No matter what our constituents need, we all know that permitting reform is needed to deliver projects more quickly and more efficiently.

    “In my role as the Chair of the EPW Committee, where we have jurisdiction over the laws that set the framework for our environmental review and permitting processes, I could not be more earnest in my desire to lead this effort with our Ranking Member. Our Committee’s involvement on this issue remains apparent by the delivery of not just this speech we’re doing together, but as we continue to work together with the goal of crafting bipartisan legislation.

    “Together, we started bipartisan conversations in our Committee in February, when we held a hearing to gain the perspectives of leaders who are directly involved with navigating these processes.

    “To ensure that we would gather a complete look at all of the issues, we kept the hearing record open for over a month to give all stakeholders the opportunity to share their experience with these existing environmental review and permitting processes, and identify challenges and recommend possible solutions to this Congress.

    “From this record, we garnered 107 submissions representing 146 individual organizations, and an additional 854 individual requests on how to improve the federal environmental review and permitting process.

    “These responses have helped the EPW Committee identify the challenges that persist across the wide variety of projects and to identify consensus on the potential solutions to address these challenges.

    “While we’ve talked about the issue of permitting for a number of years in Congress, it’s important that we currently find ourselves, I think, in like-thought all across the spectrum. Each branch of the federal government, from the Executive, to Congress, and the Judiciary, are united in our dissatisfaction with the current permitting and environmental review processes.

    “The Trump Administration has taken numerous actions to cut red tape and to put the United States in the best possible position to grow our economy and create jobs.

    “The Supreme Court delivered a unanimous decision in the Seven County Infrastructure Coalition case in May that validated what many of my colleagues and I have long been saying, and that is the responsibilities of federal agencies under the [National Environmental Policy Act] have evolved beyond what Congress intended, creating roadblocks instead of considering the environment in federal decision-making.

    “Right now, we have the momentum, I believe, needed to deliver meaningful and lasting reforms to the environmental review and permitting process, and I believe this is an unprecedented opportunity and something we can truly accomplish.

    “I do believe, and we know this well, Senator Whitehouse and I know this well, that there are areas of strong disagreement in this area between the two of us, and what we’re going to try to do is to find those areas of like-thinking, that moves the process along. No matter how difficult it might be, this is the only way we get a permanent solution, so we don’t see the swings of the environmental process that we’ve seen over the last few years.

    “To start, durable and implementable reforms need to be successful, they have to be bipartisan. Legislation that the Senate crafts must take into account all types of projects, not just politically favored projects no matter who is favoring them, or projects that will support the infrastructure needs of some Americans but not others. We must provide clarity and transparency in these processes, and be thoughtful in the way we craft the legislation.

    “We need to address every stage of these processes to find efficiencies while balancing public health, the environment, and the needs of our economy, and our legislation must establish guardrails that cease the endless amounts of agency delays and litigation that stunts the development of our projects. I’ve seen investments in my state collapse under the weight of legal challenges, denying benefits to those that needed it the most.

    “I want to stress that modernizing these processes does not mean cutting corners or weakening our environmental and public health protections, and this is exceedingly important to all of us and to the process. It means focusing the government on meeting the needs of the American people, ensuring the quality of our environment for generations to come, and making the processes more efficient, predictable, and transparent so that they’re not stuck in a bureaucratic purgatory of endless litigation.

    “The reality is this, hardworking Americans want a government that works for them, not one that keeps them waiting for the benefits that many of these projects promise to their communities. What happens when you wait, if the project still goes forward? It gets more and more and more expensive with time.

    “I was encouraged to see bipartisan efforts from our colleagues in the House of Representatives, as last week, Natural Resources Committee Chairman Bruce Westerman and Representative Jared Golden announced a proposal to address many of the concerns I just laid out.

    “As negotiations continue in the Senate, we must remember that it will take the collaboration of both chambers [of Congress] and the Administration to get impactful legislation across the finish line.

    “The opportunity is here, this is right in front of us, and I can guarantee you that I will be at the forefront of these efforts to make sure that these reforms can become a reality. I encourage my colleagues to heed the importance of this moment, and many of our colleagues are talking about this and have great expertise in this area, and we need your help.

    “With that, I yield the floor.”

    MIL OSI USA News –

  • MIL-OSI USA: Capito: The OBBB Delivers Tax Relief for West Virginians

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C. – The One Big Beautiful Bill prevents what could have been the largest tax increase in history for working- and middle-class Americans. By permanently extending and expanding on the successful Tax Cuts and Jobs Act (TCJA), passed during President Trump’s first term, Senate Republicans are delivering on their promise to foster an environment of economic growth and increase affordability for American families.

    “The One Big Beautiful Bill delivers the largest tax cut in history to hardworking people in West Virginia and across the country. That means that West Virginia families not only get to keep more of their hard-earned paychecks, but they will see their take-home pay increase by thousands of dollars. These tax cuts will also help small businesses grow and hire more people, leading to greater economic growth and more opportunity,” Senator Capito said.

    West Virginia Wins:

    • Around 400 thousand seniors in West Virginia could benefit from the no taxes on social security.
    • 5% of the labor force is employed in occupations that will benefit from the no taxes on tips.
    • Establishes a $6,000 bonus deduction for seniors. 
    • Establishes a permanent small business deduction and increases Section 179, Small Business Expensing Cap from $1.25 million to $2.5 million. 
    • Extends the Hydrogen Tax Credit (945V) until January 1, 2028, which will save Hydrogen Hubs across the country, including West Virginia’s ARCH2 project. 
    • Permanently restores 163j interest deductibility beginning after December 31, 2024, which will provide West Virginia’s small business owners the tools they need to compete, grow, and hire.

    What Others Are Saying:

    “The One Big Beautiful Bill Act is a landmark victory for West Virginia’s small businesses. By making the Small Business Tax Deduction permanent, Congress delivered the certainty that Main Street needs, allowing small business owners to continue to create jobs, grow their business, and invest in their communities. With the One Big Beautiful Bill Act, Senator Capito along with both Chambers of Congress, have strengthened the foundation of our economy and provided a boost not just for small businesses, but a boost for the entire country,” Gil White, NFIB West Virginia State Director, said.

    “Senator Capito has always been a champion and leader for West Virginia’s hospitality and tourism industry, which is an economic driver that employs thousands of West Virginia workers and welcomes millions of visitors to our great state annually. We are thankful for Senator Capito’s support of key provisions in the One Big, Beautiful Bill that will positively impact our restaurant, lodging, and tourism industry members. Important policies included in the bill – such as ‘no tax or tips’ and ‘no taxes on overtime,” full expensing of capital equipment purchases, qualified business income deductions, and permanent family and medical leave credits – provide much-needed benefits to hospitality and tourism employees and regulatory and tax certainty for small business owners that will allow tourism to continue as an economic powerhouse for West Virginia,” Richie Heath, Executive Director of the West Virginia Hospitality and Travel Association, said.

    MIL OSI USA News –

  • MIL-OSI China: China, US should respect each other’s core interests, avoid conflicts: Chinese FM

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

    China and the United States should respect each other’s core and major interests, and avoid falling into confrontation and conflict, Chinese Foreign Minister Wang Yi said in Beijing on Wednesday.

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with a delegation of the Board of Directors of the U.S.-China Business Council in Beijing, capital of China, July 30, 2025. (Xinhua/Gao Jie)

    He called on the two sides to establish more channels for communication and consultation, view each other with an objective, rational and pragmatic attitude, and foster correct strategic perceptions.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with a delegation of the Board of Directors of the U.S.-China Business Council (USCBC).

    He said that no matter how the situation changes, China has maintained the continuity and stability of its policy towards the United States, and China will handle and advance its relations with the U.S. in accordance with three principles: mutual respect, peaceful coexistence and win-win cooperation.

    China is willing to strengthen contact with the United States to avoid misjudgment, control differences, explore cooperation, implement the consensus reached between their two heads of state, and promote the stable, healthy and sustainable development of China-U.S. relations, he said.

    He also urged adhering to the principles of respect, equality and reciprocity and refraining from unilateral hegemony, calling for doing more big, practical and good things for the benefits of the two countries and the world.

    Wang noted that China will expand its high-level opening-up and build a first-class business environment that is market-oriented, law-based and internationalized. China hopes that U.S. companies will continue to be optimistic about China and invest in the country to achieve mutual benefits and common growth, he added.

    China hopes that the U.S. business community will take on the role of conveying correct perceptions of China, cultivate friendship between the Chinese and U.S. peoples, and practice mutually beneficial cooperation, making new and positive contributions to the development of China-U.S. relations and the friendship between the two peoples, he said.

    The delegation included USCBC Board Chair Rajesh Subramaniam; Thermo Fisher Scientific Chairman Marc N. Casper; Otis Worldwide Corporation Chair Judy Marks; Goldman Sachs President and COO John E. Waldron; Senior Vice President of the Boeing Company and President of Boeing Global Brendan Nelson; founder and Vice Chair of United Family Healthcare Roberta Lipson; Apple Inc. COO Sabih Khan; and USCBC President Sean Stein.

    They said that the U.S.-China relationship is the most important bilateral relationship in the world today, and that the good, far-sighted interaction between the two countries’ heads of state has provided guidance and impetus for the development of bilateral relations.

    The U.S. business community will continue to take root in China and deepen its presence, expanding cooperation in areas such as trade, investment, technological innovation, green development and health care, they said, noting that they will participate in China’s high-quality development and promote further connectivity between China and the world.

    USCBC is committed to actively leveraging its influence to expand bilateral economic and trade cooperation, strengthen people-to-people exchange, enhance mutual understanding, and advance the U.S.-China relationship towards a more vigorous, balanced and mutually beneficial direction, they said.

    MIL OSI China News –

  • MIL-OSI Banking: Samsung Electronics Announces Second Quarter 2025 Results

    Source: Samsung

    Samsung Electronics today reported financial results for the second quarter ended June 30, 2025.
     
    The Company posted KRW 74.6 trillion in consolidated revenue, a decrease of 5.8% compared to the previous quarter. Operating profit decreased to KRW 4.7 trillion.
     
    The Device Solutions (DS) Division reported an increase in revenue on the back of expanded sales of high density, high-performance memory products, but inventory value adjustments in memory and one-off costs related to the impacts of export restrictions related to China in non-memory had an adverse effect on profit. In the Device eXperience (DX) Division, operating profit declined quarter-on-quarter due to a sequential decline in sales volume following the launch of new smartphone models in the first quarter.
     
    Looking ahead to H2, the DS Division plans to proactively meet the growing demand for high-value-added and AI-driven products and continue to strengthen competitiveness in advanced semiconductors. The DX Division will seek to minimize the impact of uncertainties stemming from tariff policies that are likely to persist.
     
     
    Semiconductors Expected To Proactively Meet Continued AI Demand
    The DS Division posted KRW 27.9 trillion in consolidated revenue and KRW 0.4 trillion in operating profit for the second quarter.
     
    In Q2 2025, the Memory Business proactively addressed robust server demand by expanding HBM3E sales and by expanding the proportion of high-density DDR5 products. Also, with the resumption of datacenter projects that were previously delayed, sales of server SSDs increased, helping NAND inventory to decrease significantly. However, earnings were impacted by one-off costs such as inventory value adjustments.
     
    In H2 2025, AI demand is expected to remain robust due to continued investments by major cloud service providers, and therefore server demand for both DRAM and NAND is expected to stay strong.
     
    To align with solid AI-server demand for DRAM, the Memory Business will proactively address the need for high-density products and diversify product offerings through HBM, server LPDDR5x, high-density DDR5, 24Gb GDDR7 and other products. For NAND, the Memory Business plans to increase sales of high-density and high-performance SSDs while accelerating the transition to 8th Generation V-NAND across all applications.
     
    The System LSI Business generated solid revenue from shipments of flagship systems-on-a-chip (SoCs) using the Gate-All-Around (GAA) process, but earnings improvement was limited due to higher costs of developing advanced products.
     
    In H2 2025, the System LSI Business will focus on improving Exynos competitiveness to ensure its adoption in 2026 flagship mobile lineups of a major customer and expanding the sales of ultra-high-resolution and nano-prism sensors.
     
    Despite significant growth in revenue from the first quarter, earnings for the Foundry Business remained weak due to the impact of inventory value adjustments that stemmed from US export restrictions on advanced AI chips to China, as well as a continued low utilization rates at mature nodes.
     
    In H2 2025, the Foundry Business will ramp up mass production of a new mobile SoC with the 2nm GAA process. It also aims to improve factory utilization and profitability through expanded sales to major customers.
     
     
    SDC To Further Accelerate Leadership By Differentiating and Enhancing Display Technologies
    Samsung Display Corporation (SDC) posted KRW 6.4 trillion in consolidated revenue and KRW 0.5 trillion in operating profit for the second quarter.
     
    For the mobile display business, SDC saw a revenue increase based on the response to new smartphones of major customers as well as the expansion of sales in the IT and automotive segments. The large display business experienced continued growth in sales of QD-OLED monitor displays, driven by robust demand in the gaming market.
     
    In H2 2025, the mobile display business expects sales growth from major customers’ new smartphone launches amid ongoing market uncertainties. It also aims to strengthen market leadership with differentiated technologies and the continued expansion of sales beyond smartphone displays. The large display business will seek to maintain a stable supply of TV panels while continuing to accelerate the penetration of QD-OLED monitors by enhancing the product lineup.
     
     
    MX Grows Revenue and Operating Profit YoY, Will Focus on Flagship Sales and AI Capabilities
    The Mobile eXperience (MX) and Networks businesses posted KRW 29.2 trillion in consolidated revenue and KRW 3.1 trillion in operating profit for the second quarter.
     
    In Q2 2025, the MX Business experienced a decrease in smartphone shipments compared to Q1, when new models were released, but both revenue and operating profit grew YoY through robust sales of the Galaxy S25 series, Galaxy A series and Galaxy tablets. The Business also maintained solid double-digit profitability via efficient resource management.
     
    In H2 2025, the MX Business plans to continue a flagship-first approach for smartphone sales focusing on foldables and the Galaxy S25 series — while emphasizing the AI functionality of the Galaxy A series — to increase market share. It will also reinforce the AI capabilities of tablets and wearables and expand the Galaxy ecosystem with the launch of products with new form-factors, including extended reality (XR) and TriFold devices, and contribute to maintaining solid profitability despite market uncertainties and rising bill of materials (BOM) costs.
     
    The Networks Business improved profitability in Q2 2025 by expanding revenue in overseas markets and enhancing cost efficiencies, and in H2 2025, it will focus on achieving revenue targets and regaining competitiveness by securing new orders with optimized costs.
     
     
    Visual Display Enhances Sales Mix, Targets the Capture of Peak-Season Demand in H2
    The Visual Display and Digital Appliances businesses posted KRW 14.1 trillion in consolidated revenue and KRW 0.2 trillion in operating profit in the second quarter.
     
    In Q2 2025, the Visual Display Business improved the sales of premium products, such as Neo QLED and OLED TVs, but earnings declined due to stagnant demand and intensified competition.
     
    In H2 2025, the Business plans to reinforce revenue growth by capturing peak-season demand, based on a strengthened lineup of high-value-added TVs offering superior viewing experiences with enhanced AI features. In addition, the Business will drive solid profitability and growth through its differentiated experiences and services including SmartThings, Samsung Knox, Samsung Art Store and Samsung TV Plus.

    MIL OSI Global Banks –

  • MIL-OSI China: China, U.S. should respect each other’s core interests, avoid conflicts: Chinese FM

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

    China, U.S. should respect each other’s core interests, avoid conflicts: Chinese FM

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with a delegation of the Board of Directors of the U.S.-China Business Council in Beijing, capital of China, July 30, 2025. [Photo/Xinhua]

    BEIJING, July 30 — China and the United States should respect each other’s core and major interests, and avoid falling into confrontation and conflict, Chinese Foreign Minister Wang Yi said in Beijing on Wednesday.

    He called on the two sides to establish more channels for communication and consultation, view each other with an objective, rational and pragmatic attitude, and foster correct strategic perceptions.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with a delegation of the Board of Directors of the U.S.-China Business Council (USCBC).

    He said that no matter how the situation changes, China has maintained the continuity and stability of its policy towards the United States, and China will handle and advance its relations with the U.S. in accordance with three principles: mutual respect, peaceful coexistence and win-win cooperation.

    China is willing to strengthen contact with the United States to avoid misjudgment, control differences, explore cooperation, implement the consensus reached between their two heads of state, and promote the stable, healthy and sustainable development of China-U.S. relations, he said.

    He also urged adhering to the principles of respect, equality and reciprocity and refraining from unilateral hegemony, calling for doing more big, practical and good things for the benefits of the two countries and the world.

    Wang noted that China will expand its high-level opening-up and build a first-class business environment that is market-oriented, law-based and internationalized. China hopes that U.S. companies will continue to be optimistic about China and invest in the country to achieve mutual benefits and common growth, he added.

    China hopes that the U.S. business community will take on the role of conveying correct perceptions of China, cultivate friendship between the Chinese and U.S. peoples, and practice mutually beneficial cooperation, making new and positive contributions to the development of China-U.S. relations and the friendship between the two peoples, he said.

    The delegation included USCBC Board Chair Rajesh Subramaniam; Thermo Fisher Scientific Chairman Marc N. Casper; Otis Worldwide Corporation Chair Judy Marks; Goldman Sachs President and COO John E. Waldron; Senior Vice President of the Boeing Company and President of Boeing Global Brendan Nelson; founder and Vice Chair of United Family Healthcare Roberta Lipson; Apple Inc. COO Sabih Khan; and USCBC President Sean Stein.

    They said that the U.S.-China relationship is the most important bilateral relationship in the world today, and that the good, far-sighted interaction between the two countries’ heads of state has provided guidance and impetus for the development of bilateral relations.

    The U.S. business community will continue to take root in China and deepen its presence, expanding cooperation in areas such as trade, investment, technological innovation, green development and health care, they said, noting that they will participate in China’s high-quality development and promote further connectivity between China and the world.

    USCBC is committed to actively leveraging its influence to expand bilateral economic and trade cooperation, strengthen people-to-people exchange, enhance mutual understanding, and advance the U.S.-China relationship towards a more vigorous, balanced and mutually beneficial direction, they said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: OZZY fans say final farewell as thousands line streets to witness cortege

    Source: City of Birmingham

    Birmingham City welcomed thousands of Ozzy Osbourne fans who flocked to watch an emotional cortege wind through the city in honour of the rock legend who died last Tuesday (July 22).

    Ozzy Osbourne’s family including wife Sharon followed a hearse and brass band along the route in memory of the Aston-born star.

    The public show of respect in his hometown has been arranged and funded by the Osbourne family and has been supported by partners, including Birmingham City Council.

    Ozzy and fellow Black Sabbath band members received Freedom of the City for their significant contribution to the musical and cultural identify of Birmingham, during a civic ceremony held at Council House on Saturday, June 28. He was therefore one of the city’s most recent Freeman.

    It was just weeks before Ozzy’s last charity gig on July 5 at Villa Park, a stone’s throw away from where Black Sabbath was originally formed.

    Today, thousands of fans lined the streets to watch as the musician’s hearse passed slowly through the city, along Broad Street, Black Sabbath Bridge, and the Black Sabbath bench, to the beat of a brass band.

    The Osbourne family were able to witness the flowers and tributes along the route laid by fans from all over the world ever since the news was announced last week.

    A book of condolence has been opened for people to sign at Birmingham City Museum and Art Gallery’s (BMAG) Round Room and which now contains thousands of signatures. The book will close on Sunday, August 3. Fans can also freely visit the exhibition ‘Ozzy Osbourne (1948 – 2025) Working Class Hero’.

    An online book of Condolence is also available for fans to send messages and can be accessed and signed here Book of condolence and will close on Friday, August 1.

    Birmingham City Council and BMAG will work behind the scenes to ensure that all messages are collected for the family to read, including cards and messages laid with flowers and other memorabilia.

    Birmingham’s Lord Mayor, Councillor Zafar Iqbal, said: “Once again, Ozzy has put Birmingham firmly on the map. His sad passing has evoked a sense of pain and pride in the city and the world has watched as we have said our final farewell.

    “We have been supporting the family with behind-the-scenes operations, such as ensuring the city is safe and secure for the fans who have made their way here for this sad occasion.

    “It was only right to honour Ozzy as our latest Freeman to the city and my thanks go to the staff at Birmingham City Council who have made this event possible with our partners in such a very short space of time.”

    Deputy Leader, Councillor Sharon Thompson, added: “Never before have I witnessed such passion from the people of Birmingham for a musician. They have lost their ‘Prince of Darkness’.

    “We all know that Ozzy was an exceptional human being who was driven to entertain and ensure his city of Birmingham was never forgotten, along with his passion for charitable causes. ‘Birmingham Forever’ as he would say.”

    The Osbourne family plan to hold a private funeral for the star.

    Birmingham City Council would like to thank all of its partners for their hard work in bringing together a team to ensure the event ran smoothly.

    Thanks in particular to: Opus Events, Brindley Place business community, West Midlands Police, West Midlands Fire and Rescue Service, West Side Business Improvement District, West Midlands Combined Authority, the Ambulance Service.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Publication of CCPC Annual Report 2024

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    30th July 2025

    The Minister for Enterprise, Tourism and Employment, Peter Burke, has welcomed the publication of the Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024, highlighting the Commission’s vital role in safeguarding consumer rights and promoting fair competition in Irish markets.

    The report outlines a year of significant progress and impact, including: 

    • A 21% increase in merger notifications and a landmark decision to block the proposed acquisition of a car park at Dublin Airport by DAA, protecting consumer choice.
    • Over 178,000 unsafe products removed or prevented from reaching the Irish market.
    • Five successful prosecutions for breaches of consumer protection law, including action against misleading pricing practices.
    • The establishment of new enforcement units, including a Competition Adjudication Unit and a Surveillance Unit, under expanded legislative powers.
    •  A record 1.8 million visits to the CCPC website and 2.7 million views of the CCPC-sponsored RTÉ consumer rights series, The Complaints Bureau.

    Speaking today, Minister Burke said:

    “The CCPC continues to deliver for Irish consumers and businesses by ensuring our markets remain competitive, transparent, and safe. Their work in 2024—from blocking anti-competitive mergers to removing dangerous products and empowering consumers through education—demonstrates the importance of strong, independent enforcement. I particularly welcome the CCPC’s leadership in financial literacy and its commitment to protecting consumers in an increasingly digital economy. As Minister, I look forward to continuing our close collaboration to ensure the CCPC have sufficient powers and resources to effectively advocate for and enforce competition and consumer protection legislation benefitting our economy’s competitiveness and Irish consumers.”

    Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth, also welcomed the report, stating:

    “The CCPC’s work is fundamental to ensuring that consumers are protected and that businesses operate on a level playing field. I commend the CCPC’s achievements in 2024, particularly its proactive enforcement actions and its focus on emerging challenges in digital markets. As we look to the future, I aim to continue supporting the CCPC in its mission to uphold fairness, transparency, and consumer confidence across the economy”.

    The Annual Report also marks the CCPC’s 10th anniversary, reflecting on a decade of progress and outlining its evolving role in areas such as digital markets, data governance, and sustainability.

    The full report is available at www.ccpc.ie.

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI Europe: Ireland joins the Equal Pay International Coalition (EPIC)

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    30th July 2025

    Minister of State for Small Business, Retail and Employment Alan Dillon has today announced Ireland’s accession to the Equal Pay International Coalition; a multilateral partnership working to reduce the gender pay gap at global, regional and national levels.

    Minister Dillon made the announcement on the margins of the G20 Labour and Employment Ministerial Meeting, taking place on 30-31 July in George, South Africa.

    Minister Dillon said: 

    “I am proud to announce that Ireland has officially become a member of the Equal Pay International Coalition. This marks a significant step forward in our commitment, as a nation, in ensuring that all individuals, regardless of gender, receive equal pay for work of equal value. Aligned with the vision of the United Nations Agenda for Sustainable Development, the Coalition works to accelerate progress toward this goal, recognising that sustained and collective efforts are needed to close the gender pay gap.” 

    EPIC is a global initiative that brings together governments, employer and worker organisations, academia, civil society and private sector entities to tackle the gender pay gap through coordinated action. It operates at global, regional and national levels, making it the only coalition of its kind to focus on equal pay.  

    Gilbert Houngbo, International Labour Organization (ILO) Director General, said:

    “On behalf of the ILO, I warmly welcome Ireland to the Equal Pay International Coalition. As a co-lead of EPIC, together with UN Women and the OECD, we are pleased to witness the growing momentum behind this global effort to redress pay inequalities. Ireland’s strong legal framework and commitment to social dialogue further strengthen the Coalition. We look forward to Ireland’s active engagement as we work together to advance equal pay for work of equal value everywhere.” 

    Maíra Lacerda, Head of the Special Advisory Office for International Affairs at the Ministry of Labor and Employment of Brazil and Chair of EPIC said: 

    “As the Chair of EPIC, I warmly welcome Ireland to the Coalition. Every new member brings valuable expertise and fresh momentum to our shared mission. Ireland’s longstanding commitment to pay equity and social dialogue strengthens our collective efforts to tackle persistent pay inequalities and promote fairer, more inclusive labour markets. Together, we grow stronger and closer to the goal of equal pay for work of equal value.”

    Minister Dillon went on to say: 

    “As an EPIC member, Ireland will benefit from membership including through access to a wealth of global resources. We will also have the opportunity to exchange best practices with international counterparts and tap into a dynamic network of policy and equality experts. Joining EPIC is a joint initiative between the Department of Enterprise, Tourism and Employment and the Department of Children, Disability and Equality, which leads on gender equality and gender pay gap policy.  This combined approach is designed to maximise the impact of Ireland’s membership of EPIC.” 

    ENDS

    Notes for Editors

    • The Equal Pay International Coalition (EPIC) is led by the International Labour Organization (ILO), UN Women, and the Organisation for Economic Co-operation and Development (OECD). 
    • It is currently the only multi-stakeholder partnership working to reduce the gender pay gap at global, regional and national levels.
    • The Coalition’s goal is to achieve equal pay for women and men everywhere. EPIC supports governments, employers, workers, and their organisations to make concrete and coordinated progress towards this goal. 
    • The Coalition comprises 67 members, including government entities from 28 countries, international and national employer and worker organisations, international organisations, academia, civil society organisations, as well as the private sector. 
    • The Irish Congress of Trade Unions is a member of the Coalition. 

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI Russia: Portugal questions fairness of EU-US trade deal

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    LISBON, July 29 (Xinhua) — Portugal has expressed concern over the recently concluded tariff deal between the EU and the United States, calling it a limited improvement that is not in line with genuine free trade principles and comes at a high cost to both sides.

    The country’s Ministry of Economy and Territorial Integrity acknowledged that the agreement, which sets US tariffs on European goods at 15 percent, could provide some predictability. However, “nothing can replace free trade,” and Portugal will continue to actively advocate for the gradual elimination of tariffs and other trade barriers, the ministry stressed.

    The Confederation of Portuguese Businesses (CPB) expressed only “relative relief” at the agreement, noting that the price to be paid was “high for both sides.”

    “When you were expecting a hurricane, you are glad that it is just a normal storm,” said CBP Director General Rafael Alves Rocha. However, he warned that the agreed duties were significantly higher than the current average of around 2.5 percent, representing a setback for exporters and highlighting the asymmetry of the EU and US tariff structures.

    The CPB said the agreement was unbalanced and put European producers at a disadvantage.

    The Portuguese government responded to the potential negative consequences with financial support measures for businesses.

    The Reforcar programme, aimed at protecting companies from adverse trade consequences, was launched in April. To date, 14,000 applications have been submitted for a total of €3.2 billion, of which €2.5 billion has been approved and €1.6 billion has already been spent.

    In addition, a special credit line has been created to support export-oriented small and medium-sized enterprises. The Ministry of Economy received 2.6 thousand applications for 1.3 billion euros, of which 600 million euros were approved.

    The new PT2030 incentive programme has launched a non-repayable grant pipeline to support internationalisation, targeting joint projects and cooperation strategies in foreign markets. The ministry announced that public applications for collective internationalisation initiatives will open on 31 July.

    Despite these supportive measures, Lisbon’s cautious tone and criticism from the business community reflect significant doubts about the long-term benefits of the EU-US trade deal. –0–

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

    .

    MIL OSI Russia News –

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

    Source: ASEAN

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

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

    MIL OSI Economics –

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

    Source: GlobeNewswire (MIL-OSI)

    Amundi: First half and second quarter 2025 results

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

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

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

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

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

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

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

    Paris, 29 July 2025

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

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

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

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

    * * * * *

    Highlights

    Continued organic growth thanks to continued successes in the strategic pillars

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

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

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

    Activity

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

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

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

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

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

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

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

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

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

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

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

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

    First half 2025 results

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

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

    Profit before tax3+4% H1/H14

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the first half of 2025

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

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

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

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

    Second quarter 2025 results

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

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

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the second quarter of 2025

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

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

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

    A solid financial structure, €1.3bn in surplus capital 

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

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

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

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

    * * * * *

    APPENDICES

    Adjusted income statement3of the first half of 2025

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

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

    Adjusted income statement3of the second quarter

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

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

    Pro Forma Historical Series3Adjusted4– First semester

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

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

            

    Pro Forma Historical Series3Adjusted4– Quarters 2024-2025

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

    Definition of assets under management

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

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

    (€bn) Assets under management Collection

    Net

    		 Market and exchange rate effect Scope
    effect    		   Change in assets under management
    vs. prior quarter
    As of 31/12/2021 2,064         +14%19
    Q1 2022   +3.2 -46.4   –  
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.7   –  
    As of 30/06/2022 1,925         -4.8%
    Q3 2022   -12.9 -16.3   –  
    As of 30/09/2022 1,895         -1.6%
    Q4 2022   +15.0 -6.2   –  
    As of 31/12/2022 1,904         +0.5%
    Q1 2023   -11.1 +40.9   –  
    As of 31/03/2023 1,934         +1.6%
    Q2 2023   +3.7 +23.8   –  
    As of 31/06/2023 1,961         +1.4%
    Q3 2023   +13.7 -1.7   –  
    As of 30/09/2023 1,973         +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037         +3.2%
    Q1 2024   +16.6 +62.9   –  
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +7.9  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   –  
    30/09/2024 2,192         +1.6%
    Q4 2024   +20.5 +28.1   –  
    31/12/2024 2,240         +2.2%
    Q1 2025   +31.1 -24.0   –  
    31/03/2025 2,247         +0.3%
    Q2 2025   +20.4 +10.1   -10.6  
    30/06/2025 2,267         +0.9%

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

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

    Details of assets under management and net inflows by client segments20

    (€bn) AuM

    30.06.2025

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

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes20

    (€bn) AuM

    30.06.2025

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

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

    (€bn) AuM

    30.06.2025

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

    Details of assets under management and net inflows by geographic area20

    (€bn) AuM

    30.06.2025

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

    Methodological Annex – Alternative Performance Indicators (APIs)

    Accounting and adjusted data

    Accounting data – These include

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

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

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

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

    Partnership with Victory Capital

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

    Alternative Performance Indicators21

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

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

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

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

    Shareholding

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

    Average number of shares prorata temporis.

    • The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
    • A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
    • Amundi announced on 7 October 2024 a buyback program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.                                                

    Financial communication calendar

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

    About Amundi

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

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

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

    Amundi, a trusted partner, working every day in the interest of its clients and society

    www.amundi.com          

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

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

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

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

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

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

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

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

    1        See definition of assets under management p.14
    2        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
    3        Adjusted data: see p. 16
    4        For explanations of pro forma variations, see p. 12 and 13
    5        Source: IPE “Top 500 Asset Managers” published in June 2025
    6        Including JV and Victory Capital – US Distribution
    7        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
    8        Medium to Long-Term Assets, excluding JVs
    9        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
    10        See Third-Party Distribution Investor Workshop of 19 June 2025
    11        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
    12        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    13        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    14        Currently being estimated
    15        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    16        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    17        Net equity minus goodwill and intangible assets
    18        Long-Term Issuer Default Rating (IDR)
    19        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
    20        See definition of assets under management, p.14
    21        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
    22Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
    23Amundi data as at 30/06/2025
    24Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Finance Sector – FinCap to launch report calling for controls on debt collectors

    Source: FinCap

    FinCap will launch its annual Voices report at Parliament on 31 July, at an event hosted by Commerce and Consumer Affairs Minister Scott Simpson.
    The report will provide data on the circumstances of people seeking assistance from financial mentors to cope with debt and make recommendations, including controls on harassment and abuse by debt collectors.
    What: Launch of the FinCap Voices report
    Where: Beehive Theatrette, Parliament Buildings
    When: 10am-11am, 31 July, 2025
    The report will be available on our FinCap website following the launch.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Upcoming consultations: Public CBC reporting exemptions

    Source: New places to play in Gungahlin

    We’re hosting virtual consultation sessions about Public country-by-country (CBC) reporting exemptions on:

    • Thursday 7 August 2025, 11:00 am to 12:30 pm AEST.
    • Friday 22 August 2025, 11:00 am to 12:30 pm AEST.

    To express your interest in participating, email PublicCBC@ato.gov.au with:

    • your name
    • company or organisation name
    • position or role.

    We’ll be updating our web guidance on Public CBC reporting over the coming weeks with more information on reporting exemptions and exclusions.

    Remember you can also submit your comments on draft Practice Statement Law Administration PS LA 2025/D1: Public country-by-country reporting exemptions until 5 September 2025.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI Submissions: Africa – African Women in Business unveils Association to Boost Intra‑African Trade

    Source: Media Fast

    The network facilitated by the International Trade Centre (ITC) in partnership with the African Union Commission, brings together over 102 women business associations from six regions across Africa

    Johannesburg, South Africa: July 29, 2025 -The Continental Network for Women’s Business Associations in Africa (CONWOBAA) aimed at promoting intra-African trade, was officially unveiled at the inaugural Global SME Ministerial Meeting held in Johannesburg, South Africa last week.

    The game-changing initiative – facilitated by the International Trade Centre (ITC) in partnership with the African Union Commission and supported by the AWIP Pavilion under the framework of ITC’s SheTrades and One Trade Africa strategies, has brought together 102 women’s business associations from West Africa, North Africa, Indian Ocean, Central Africa, East Africa, and Southern Africa.

    The Association also unveiled its leadership with South Africa’s Dimakatso Malwela, President of Women of Value South Africa (WOVSA) being elected the first Association’s chairperson. She will be deputized by Ms. Fanja Razakaboana, who is the President of the Madagascar Women Entrepreneurs Association (GFEM).

    Kenya’s Laura Akunga Mwenje, who is the Founder and CEO of Benchmark Solutions Limited and the Chairperson of African Women Entrepreneurship Program (AWEP) Kenya and Secretariat, has been elected the treasurer of the Association, while Ms. Mabel Ibidun Quarshie – the Chief Executive Officer of Acquatic Foods Limited Ghana, will serve as the Association’s Secretary.

    Other regional representatives on the Association’s Board include Ms. Sitti Abdallah Mshangama (Comoros), Ms. Brbara Banda (Malawi), Ms. Yomita El Sheridy (Egypt), Ms. Leila Belkhira Jaber (Tunisia), Dr. Blessing Irabor-Oza (Nigeria), Ms. Nicole Gakou Gomis (Senegal), Ms. Betty Mulanga Kadima (the Democratic Republic of Congo), Ms. Esther Omam (Cameroon), and Dr. Nigest Haile (Ethiopia).

    “We are delighted to bring together women’s business associations from across Africa to advance intra‑African trade. This Network underpins ITC’s broader efforts through SheTrades and One Trade Africa to create real market access for women-led enterprises,” ITC Deputy Executive Director Dorothy Tembo said while unveiling the association’s leadership.

    Addressing important challenges

    In her acceptance remark, Ms. Malwela said the Association has the capacity to address important challenges facing women entrepreneurs across Africa.

    “Women entrepreneurs face a multitude of challenges, primarily revolving around access to funding and financial resources, gender bias and discrimination, work-life balance, and establishing strong support networks and confidence. Oftentimes, these hurdles impede their ability to launch, grow, and sustain their businesses. As the Association looks to the future, we will seize opportunities to advance policies that address these challenges,” Ms. Malwela said.

    CONWOBAA has been designed to facilitate trade for women entrepreneurs through the African Continental Free Trade Area (AfCFTA), helping members of the WBAs access cross-border trade opportunities and build sustainable businesses.

    “This powerful network is led by women in leadership who are successfully running businesses and advocating for the growth of women-led enterprises across Africa. We look forward to the continued growth of this network and the opportunities it will create for women entrepreneurs across Africa to leverage AfCFTA and elevate their businesses to new heights,” Ms. Tembo said.

    MIL OSI – Submitted News –

  • MIL-OSI United Kingdom: Chancellor pledges to unlock growth in Cornwall

    Source: United Kingdom – Executive Government & Departments

    Press release

    Chancellor pledges to unlock growth in Cornwall

    Rachel Reeves confirms up to 1,300 jobs could be created following a £28.6 million National Wealth Fund investment to support the reopening of South Crofty Tin mine.

    • Investment will help cement Cornwall’s role in supplying a nationally critical material, supporting the government’s Industrial Strategy to boost growth in priority industries as part of the Plan for Change.

    • Proposals to cut licensing red tape announced yesterday will breathe life into Cornwall’s pubs, clubs, restaurants, and cafes with more alfresco dining and longer opening hours on offer for residents and tourists, as part of the Small Business Plan.

    • Chancellor’s pledge to renew Cornwall follows the Spending Review which delivered record investment across the UK, creating jobs and delivering economic growth that puts money in people’s pockets.

    Rachel Reeves has pledged to unlock growth in Cornwall through investment, slashing growth-stunting red tape, and creating good jobs that will put more money in Cornish people’s pockets.

    While touring Cornish Metals in Redruth this week, the Chancellor confirmed that a £28.6 million investment delivered by the National Wealth Fund to help finance the re-opening of the South Crofty Tin mine could create 1,300 jobs for the region.

    As well as the project itself creating over 300 jobs, it is estimated that a further 1,000 jobs will be created more widely as the company uses more local suppliers like metal fabricators and electricians and the mine itself will fuel supply chains in in the UK.

    Chancellor of the Exchequer, Rachel Reeves, said:

    Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result.

    Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people’s pockets.

    Our investment to revive Cornwall’s proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county, and there is more to come in our Plan for Change.

    This supports the government’s Industrial Strategy to boost growth in the UK’s high-growth industries, including clean energy, as tin is a critical material used in a wide range of electronic products manufactured by the sector.

    As demand for its use in solar panels, wind turbines, electric vehicles, semi-conductors, and energy storage increases as Britain transforms into a clean energy superpower, Cornwall’s role in strengthening our domestic tin supply will be cemented. 

    The Chancellor pointed to this as an example of how the government will deliver renewal in Cornwall and elsewhere in the UK after delivering record investment in our security, health, and economy in the Spending Review, leading to new jobs and economic growth – the number one mission of the Plan for Change.

    Don Turvey, CEO of Cornish Metals, said:

    We are honoured to welcome the Chancellor to South Crofty and proud to showcase the significant progress we’re making as we move toward production. The UK government’s £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall’s mining industry.

    Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles, and renewable infrastructure. By reviving domestic production at South Crofty, we’re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.

    Our focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We’re proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.

    Ian Brown, Head of Banking & Investments at the National Wealth Fund, said:

    Cornish Metals have made excellent progress as they work towards re-opening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round job opportunities, and driving local growth.

    Stopping off for a spot of fish and chips on the seafront, the Chancellor also met with staff at Harbour Lights fish and chip shop on Arwenack Street in Falmouth to discuss the government’s proposals to rip up arduous regulations that have blocked restaurants like theirs from growing.

    Ensuring local councils are more lenient when considering licensing applications, making it easier for pubs to serve their customers outside and for longer, and binning the outdated rule that businesses need to pay to advertise in locally printed press if applying for a license are three of ten recommendations being considered by the government so the hospitality industry in Cornwall and further afield can thrive.

    A consultation on the proposals will be launched later this year and this follows the reform of planning rules announced in the Autumn, which will further free the hospitality industry from growth-stunting regulations, fuel the economy and reduce government borrowing by £3.4 billion. This comes ahead of the publication of the Small Business Plan, which will show how the Plan for Change will rejuvenate smaller businesses and put more money in people’s pockets.

    The Chancellor also visited APCL A&P Falmouth, where she saw at first hand, how the ship repair facility supports the Royal Navy, Royal Fleet Auxiliary, and commercial vessels.

    The Chancellor welcomed APCL’s plans to redevelop the docks. The proposed expansion would significantly increase the port’s capacity for supporting defence, offshore, ferries and cruise vessels.

    As well as hearing about the economic benefits the plans could deliver for Cornwall, she also discussed APCL’s contribution to the deployment of floating offshore wind infrastructure as the government works to boost the country’s homegrown, clean energy supply to bring down bills for families.

    Mike Spicer, Managing Director of APCL A&P Falmouth, said:

    APCL A&P Falmouth is a centre of excellence for the Royal Navy, Royal Fleet Auxiliary, offshore vessels, cruise ships and ferries. The facility is also a busy working port, handling over 100,000 tonnes of product annually and welcoming 56 cruise calls this year. 

    APCL was delighted to welcome the Chancellor to our facility and demonstrate at first hand our capabilities.

    The visit also provided a platform to discuss our plans to expand our facility, which would significantly enhance the services we can offer to our defence, offshore and cruise customers and help fulfil Cornwall’s ambitious floating offshore wind agenda.

    In a separate engagement, the Chancellor met with Kensa, a Cornish-founded and headquartered manufacturer of ground source heat pumps that has manufactured and installed over 17,000 in the UK since its establishment in 1999.

    As the government has stepped up efforts to transform Britain into a clean energy superpower and support households to upgrade their heating and energy efficiency, Kensa aims to support this by expanding its operations significantly, increasing its workforce from 200 to 450 by 2030 and growing its heat pump production and installations from 2,500 a year to 25,000 a year.

    Tamsin Lishman, CEO of Kensa, said:

    Kensa sits at the heart of the government’s plans for green industrial growth, a proud Cornish manufacturer of ground source heat pumps and a nationwide installer of heat networks.

    Kensa has bold ambitions to invest and expand its workforce and operations over the next five years, increasing employment in Cornwall and the wider UK to 450 people and many hundreds more in our installation supply chains.

    I have been buoyed by the recent government announcements on the Future Homes Standard, major funding commitments for the Warm Homes Plan, and a clear plan to bolster heat pump manufacturing as part of the new Industrial Strategy. This is the policy platform we need for growth in Kensa and in Cornwall, and we look forward to working with the government to deliver it.

    Updates to this page

    Published 29 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: International Trade Centre (ITC) SheTrades and Visa expand partnership to support women and youth entrepreneurs in sub-Saharan Africa

    Source: APO


    .

    The International Trade Centre’s (ITC) SheTrades initiative and Visa announce a regional capacity building programme to support women and youth-led businesses in Kenya and South Africa, expanding their partnership into sub-Saharan Africa. 

    Building on collaborations in the Gulf and Asia-Pacific regions, the programme will enhance the digital, financial and entrepreneurial capacities of micro, small and medium-sized enterprises (MSMEs) led by women and youth – two key groups driving innovation and inclusive growth across the continent.

    Entrepreneurs can register to join the programme here.

    Across sub-Saharan Africa, women are estimated to own close to 60% of MSMEs, while earning 38% less in profits. Structural barriers – such as limited access to finance, digital technologies and tailored business support – continue to impede their full participation in formal economies. 

    Similarly, while the region’s young demographic can be considered a strength, young entrepreneurs encounter challenges in accessing the skills, tools and networks required to build and scale their enterprises. According to the African Development Bank, narrowing gender and age-based disparities in labour markets and enterprises could boost economic output by as much as 34%, underscoring the potential positive impact of inclusive economic participation.

    To address these barriers, the programme offers a hybrid learning experience combining online and in-person capacity building tailored to the needs of women and youth-led MSMEs in the region, including on topics such as artificial intelligence for business, financial literacy, digital payments, investment readiness and broader entrepreneurial skills.

    At the core of the programme is Visa’s She’s Next, which provides women entrepreneurs with mentorship, funding and networking. By connecting programme participants with the She’s Next alumni and the wider SheTrades community, the initiative will foster peer learning, sustained engagement and a supportive entrepreneurial ecosystem. 

    ‘This partnership reflects our shared commitment to closing the digital and financial inclusion gap for African entrepreneurs,’ said ITC Executive Director Pamela Coke-Hamilton. ‘We look forward to building on our partnership with Visa to enable long-term economic empowerment of women and youth, who, when fully engaged in trade, become powerful agents of change in their communities and countries.’

    The programme will be delivered in collaboration with a network of public and private partners, including the SheTrades Hubs in Kenya and South Africa, hosted by ABSA Bank Kenya and the Small Enterprise and Finance Development Agency (SEDFA), respectively. Microsoft Philanthropies will contribute AI-focused learning modules, which will be made available as UN public goods through the SheTrades Academy.

    ‘At Visa, we believe that economies that include everyone, everywhere, uplift everyone, everywhere. Our expanded partnership with ITC SheTrades through the She’s Next initiative is a testament to this belief,’ said Michael Berner, Head of Visa Southern and Eastern Africa. ‘By equipping women and youth entrepreneurs with the digital tools, financial knowledge, and networks they need to succeed, we are helping individual businesses thrive and contributing to the broader economic resilience and inclusive growth of the region. This initiative reflects Visa’s ongoing commitment to driving equitable access to the digital economy and unlocking opportunities for underrepresented communities across Sub-Saharan Africa.’

    The programme was announced during the Global SME Ministerial Meeting, organised by ITC in collaboration with South Africa’s Department of Small Business Development, where Visa contributed to discussions on financing solutions for sustainable small business growth.

    Upcoming webinars include:

    • Kick-off & Microsoft AI Launch: 31 July

    • Digital Tools & AI Integration: 28 August

    • Budgeting & Financial Planning: 18 September

    Entrepreneurs can register to join the programme here.

    Distributed by APO Group on behalf of International Trade Centre.

    MIL OSI Africa –

  • MIL-OSI Banking: [Testimonials] Samsung EEIP: Driving Measurable Growth in Black-Owned SMMEs

    Source: Samsung

    As part of Samsung’s R280-million worth Equity Equivalent Investment Programme (EEIP) launched in 2019, in collaboration with the Department of Trade, Industry and Competition (Dtic) – the partners recently opened the third call, inviting all suitable, black-owned ICT and Service Centre SMMEs to take part in this year’s Samsung EEIP Enterprise Development (ED) Programme.
     
    This Samsung ED programme which aims to empower black-owned ICT and Service Centre enterprises to boost the economy and create jobs through entrepreneurship and business support – involves initiatives like grant funding, specialist business development support and access to supply chain opportunities for black-owned and women-owned small, medium and micro enterprises. This programme’s efforts are aligned with the country’s transformation goals and aim to foster a more inclusive economy. 
     
    In an effort to inspire potential future participants coupled by Samsung’s need to measure the impact and effectiveness of its CSR initiatives – the company took the time to speak to two of the beneficiaries from the ED programme in the last few years. When asked how Samsung EEIP provided the participating SMME owners with the confidence and support needed to mean business about their businesses, this is what they had to say:
     
    One of the beneficiaries is Thoriso Rangata. He is a 32-year-old, businessman and the owner of KTO Digital, which focuses on Business Process Automation, Software Development Services and Background Screening Software as a Service (SaaS) solution provider. Thoriso says from being part of the programme, he gained the reassurance and confidence he needed.
     
    Thoriso based in Johannesburg, originally from Limpopo, became part of the programme when he responded to a public call for applications in 2020. At the time, his business, KTO Digital, needed support in order to meet the company’s growth objectives. Thoriso is a true example of how the programme is able to empowerment ICT entrepreneurship as well as stimulate job creation and assist in contributing to economic growth. 
     

     
    Since being part of the EEIP programme, Thoriso’s company won the Nedbank Business of the Year Award in 2022. In the same year, his company launched their own product and received accreditation as a credit bureau business.
     
    The support he received from the programme has allowed KTO Digital to create over 20 jobs between 2021 to date. This is in line with the programme’s objective of creating both direct and indirect jobs, with a particular emphasis on Black Economic Empowerment (BEE) and the development of township economy.
     
    These achievements demonstrate how the EEIP programme has provided Thoriso and his team the opportunity to pursue their passions as well as bringing security and stability – not only to his employees but also to their families’ livelihoods. Thoriso explains, “the other direct benefits that KTO Digital received from being part of the programme included: Grant Funding, Asset Financing as well as Continuous Business Mentorship – and this, is exactly what our business needed in order to move forward.”
     
    He added: “As a company, we strongly believe that the skills we acquired from this EEIP programme, which included Business regulatory governance structures and strategic business growth approaches/methods – have contributed to the success of our business to date. This programme has really helped us to achieve our goals, and it has taken our business to new heights.”
     
    Based in Sinoville, Tshwane, the second EEIP beneficiary is Dumisani Mkhwebane – a 38-year-old businessman who co-owns and runs TIA-Solutions – an IT company with Boitumelo Mkhwebane – a 36-year-old, businesswoman. Their business focuses on Secure Scalable IT Solutions by building cloud infrastructure through collaborative team efforts. This provides their customers with resilience from cyber-attacks and contributes to productivity, efficiency as well as business continuity.
     

     
    Dumisani explained further: “As TIA-Solutions, we partner with multinational vendors such as Microsoft, Fortinet and Veritas which allow us to give our customers end-to-end, tailor-made IT solutions that cater to their business needs.”
     
    He also elaborated on how the company entered into the programme, Dumisani said: “We saw an advert on LinkedIn in 2023 about the EEIP Enterprise ED and decided to enter. We then received Capital Investment to buy computer equipment for our internal operations as well as company vehicles. In addition, we received Business Training and Skills development for our employees as well as other vital skills that we needed which included: Business Management Skills, Marketing and how to better position our company.
     
    “The programme has both Financial and Non-Financial benefits for Business Growth and Sustainability,” Dumisani added. “It is for these reasons that we would like to encourage other SMEs to apply to be part of the programme. We strongly believe that the ED programme will help grow other SMEs like it did ours and it will help a great deal in upskilling their workforce.”
     
    Importantly, this Samsung ED programme seeks to inspire potential future participants by demonstrating how the EEIP can help them kick-start their businesses. The tangible results articulated by these beneficiaries are a confirmation of Samsung’s commitment to empowering entrepreneurs and providing a reliable support system to SMEs in the country.
     
    Nicky Beukes, Samsung South Africa EEIP Project Manager concluded: “It is clear from these testimonials that through the reassurance and confidence offered by this Samsung EEIP ED programme – we are slowly, but surely achieving our intention of shifting the perception of potential candidates from “I’m working on something” to “I run a successful business”. As Samsung, we are happy to be delivering according to our programme’s overall and multi-faceted objectives which include the creation of a more inclusive and prosperous society through strategic investments, skills development and entrepreneurial support.” 
     

     

    MIL OSI Global Banks –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – June 2024

    Source: European Central Bank

    29 July 2025

    Compared with May 2025:

    • median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median expectations for inflation three and five years ahead, while median inflation expectations for one year ahead decreased;
    • expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months decreased slightly, as did expectations for mortgage interest rates 12 months ahead.

    Inflation

    In June, the median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% for the fifth consecutive month, its lowest level since September 2021. Meanwhile, median expectations for inflation over the next 12 months decreased by 0.2 percentage points to 2.6%, meaning that the increases observed in March and April were fully reversed in May and June. Expectations for three years ahead were unchanged at 2.4%, while expectations for inflation five years ahead held steady at 2.1% for the seventh consecutive month. Uncertainty about inflation expectations over the next 12 months was unchanged in June. Broadly, the evolution of inflation perceptions and expectations followed similar trends across income groups. However, over the previous year and a half lower income quintiles reported slightly higher inflation perceptions and short-horizon expectations than higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70), although the gap was narrower than in previous years.

    Inflation results

    Income and consumption

    Consumers’ expectations for nominal income growth over the next 12 months remained unchanged at 1.0% in June. However, this apparent stability conceals a decline in expectations among higher income individuals, offset by an increase in expectations among lower income groups. Perceived nominal spending growth over the previous 12 months held steady at 5.0% in June. In contrast, expected nominal spending growth over the next 12 months decreased further to 3.2% in June, from 3.5% in May and 3.7% in April. This decline reflects the heightened economic uncertainty of recent months as well as lower expected inflation.

    Income and consumption results

    Economic growth and labour market

    Economic growth expectations for the next 12 months became less negative, rising to -1.0% in June from -1.1% in May and -1.9% in April. Expectations for the unemployment rate 12 months ahead edged down to 10.3% in June, from 10.4% in May. Consumers continued to expect that the future unemployment rate would be only slightly higher than the perceived current unemployment rate (9.8%), suggesting a broadly stable labour market outlook.

    Economic growth and labour market results

    Housing and credit access

    Consumers expected the price of their home to increase by 3.1% over the next 12 months, a slight decline from 3.2% in May. Expectations for mortgage interest rates 12 months ahead fell to 4.3%, down from 4.4% in May. As in previous months, lower income households expected the highest mortgage interest rates 12 months ahead (4.9%), while higher income households expected the lowest rates (3.9%). The net percentage of households reporting tighter (relative to those reporting easier) access to credit over the previous 12 months increased slightly, while the net percentage of those expecting tighter credit conditions over the next 12 months declined marginally.

    Housing and credit access results

    The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

    The release of the Consumer Expectations Survey (CES) results for July is scheduled for 1 September 2025.

    For media queries, please contact: Alessandro Speciale, tel.: +49 172 1670791.

    Notes

    MIL OSI Europe News –

  • MIL-OSI: Aurora Mobile Unveils New Multi-Agent Collaboration Capabilities for GPTBots.ai at WAIC 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, July 29, 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 official launch of new Multi-Agent collaboration capabilities within its GPTBots.ai platform at the 2025 World Artificial Intelligence Conference (WAIC 2025) in Shanghai. The new functionality is designed to help enterprises flexibly build customized AI agents and overcome key challenges in AI implementation, such as data silos, rigid workflows, and lack of controllability. Aurora Mobile demonstrated practical use cases at WAIC 2025, including real estate sales and financial analysis, sparking strong interest from enterprises across industries including finance, e-commerce, and smart manufacturing.

    GPTBots.ai’s Multi-Agent Capabilities Address Core AI Implementation Challenges

    At the “AI for Business Applications” forum of WAIC 2025, Vice President of Aurora Mobile, Mr. Hao Yin, delivered a keynote speech addressing three critical pain points in traditional multi-agent solutions:

    Data Silos: Closed architectures that cannot access core enterprise databases or business systems

    Rigid Workflows: Predefined roles that fail to adapt to dynamic business needs

    Lack of controllability: Opaque execution processes and non-customizable outputs

    “GPTBots.ai is not a standardized black box, but an AI operations hub and command center for enterprises,” Mr. Yin emphasized. “We offer a scalable AI agent framework, similar to an orchestrated team of AI agents, flexible and scalable, to meet evolving business needs. This Multi-Agent collaboration model has already proven valuable in several core use cases, including intelligent marketing, competitive analysis & research reporting, and financial process automation.”

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

    The MIL Network –

  • MIL-OSI Russia: Entrepreneurs are invited to the fourth stream of the “Path to IPO” program

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    An important disclaimer is at the bottom of this article.

    Moscow Innovation Cluster with the support of Moscow Venture Fund opened recruitment for the fourth stream of the program “The Path to IPO”. Legal entities and individual entrepreneurs registered on the i.moscow platform can apply for participation. Applications are open until September 21. link. Training will begin in October of this year.

    “The Path to IPO program is not just an educational course. It is a real chance for companies to enter the public market with comprehensive support from the city – from knowledge and mentoring to targeted financing,” she said.

    Kristina Kostroma, Head of the Department of Entrepreneurship and Innovative Development of the City of Moscow.

    The Path to IPO program helps technology companies prepare for listing on the stock market, from training to raising funding. The fourth stream is being merged with the preferential targeted loans program. Moscow Venture Fundto enter the stock market. This will make it easier for participants to implement an IPO, pre-IPO or bond issue strategy.

    What awaits program participants

    The program consists of two training modules. At the theoretical stage, participants have access to online lectures by experts, as well as auxiliary materials, checklists and document templates. Students will learn about the requirements, procedures and regulatory aspects of the placement of securities.

    As part of the practical module, representatives of the exchange, organizing banks and other experts share their experience of entering the public market. Together with mentors, participants will formulate strategies for bringing their companies to the securities market. The best projects will be able to receive a targeted loan of up to 100 million rubles from the Moscow Venture Fund. This will cover the costs of future issuers to prepare for the placement, including the development and registration of issue documents, consulting services, etc.

    From training to implementation

    The Moscow Innovation Cluster launched the program in June 2024 and managed to train three streams, in which more than 120 representatives of Moscow companies took part. In total, more than 320 applications were received. As a result of the training, to date, two companies have entered pre-IPO, one company has issued bonds, five are planning to enter pre-IPO within a year, and four are planning to enter IPO within two years.

    The third stream of the “Path to IPO” program ended in early July this year. During the training, it was possible to compile a profile of the program participant. These are startup founders, business owners or top managers who are looking for investments for projects in the amount of 300 to 500 million rubles. Most companies are engaged in software development and scientific research. The preferred tool for attracting funds is the pre-IPO round.

    Among the successful cases is the engineering company Reinnolts, which placed bonds on the Moscow Exchange during its last cohort of students. The company has been operating since 2012 and specializes in the production of heat exchange equipment and water treatment solutions.

    Moscow Innovation Cluster promotes the creation of conditions for the development and implementation of new technologies, ensuring scientific, technical and industrial cooperation, and effective interaction between all participants in the ecosystem. The cluster includes organizations from Moscow and 86 other regions of Russia. On the Moscow Innovation Cluster platform, innovators are offered more than 50 digital services that help develop and implement products, attract investment, find partners and scale up a business. The project is supervised by the capital’s Department of Entrepreneurship and Innovative Development.

    Moscow Venture Fund — an institute for innovative development. The fund supports entrepreneurs at all stages of development — from the initial seed stage to the active growth stage, providing the necessary financial resources for successful development. Three main support programs are currently being implemented: grants, preferential loans for project development, and targeted loans for preparation for an IPO. Over the course of its operation, the fund has supported more than 100 companies in the amount of 1.3 billion rubles and helped attract more than 3.5 billion in investments.

    The Department implements three regional projects that are part of the national project “Small and Medium Entrepreneurship and Support for Individual Entrepreneurial Initiatives”. These are “Acceleration of Small and Medium Entrepreneurship Entities”, “Creating Favorable Conditions for Self-Employed Citizens to Carry Out Activities” and “Creating Conditions for an Easy Start and Comfortable Running of a Business”, as well as the regional project “Systemic Measures for the Development of International Cooperation and Export”, which is part of the national project “International Cooperation and Export”.

    Get the latest news quickly official telegram channel the city of Moscow.

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

    .

    MIL OSI Russia News –