NewzIntel.com

Category: Economy

  • MIL-OSI USA: Feenstra Introduces Legislation to Protect Solvency of Social Security for Iowa Seniors

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Today, U.S. Rep. Randy Feenstra (R-Hull) introduced the Save Our Seniors Act, which would help protect the long-term solvency of Social Security by requiring the Congressional Budget Office (CBO) to include the honest projection of its financial health in its annual ten-year economic outlook.

    “After a lifetime of hard work, our seniors deserve to retire with dignity and receive the Social Security benefits that they earned. However, thanks to reckless government spending and congressional inaction, the Congressional Budget Office forecasts that the Social Security Trust Fund will run out of sufficient funds by 2033 to pay Social Security benefits in full. It’s wrong and absolutely unacceptable,” said Rep. Feenstra. “That’s why I introduced the Save Our Seniors Act to help protect the long-term solvency of Social Security by requiring the Congressional Budget Office to include an honest and accurate projection of Social Security’s financial health in its annual ten-year economic outlook. This fix will ensure that our seniors receive their Social Security checks on time and in full while demanding real solutions from Congress to keep the Social Security Trust Fund solvent for generations to come. Serving on the House Ways and Means Committee’s Social Security Subcommittee, I will continue to work to ensure that our seniors and workers receive the benefits that they deserve and have earned while strengthening our nation’s fiscal foundation.”

    “Representative Feenstra’s Save Our Seniors Act is a commonsense proposal to require more transparency from the Congressional Budget Office. CBO’s baseline does not actually reflect current law, providing a misleading picture of what would happen when the Social Security Trust Fund is depleted within the next decade. It is crucial for Congress and the American people to understand the truth, so we can instead achieve better results for seniors and taxpayers,” said Matthew Dickerson, Director of Budget Policy at the Economic Policy Innovation Center (EPIC).

    More specifically, the Save Our Seniors Act would ensure that a simple and easy-to-understand graph depicting the actual outlook for the OASDI Trust Fund is included in the CBO’s ten-year economic outlook. Similar graphs exist in other Social Security related reports, like the Trustees Reports, but not in a document as widely viewed as the CBO’s outlook, which is used by members of Congress and economists to get a detailed look at the health of our nation’s economy and the federal budget.

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    MIL OSI USA News –

  • MIL-OSI United Kingdom: City of York Council Welcomes Over £1 Million to Tackle Economic Inactivity

    Source: City of York

    The Get Britain Working Trailblazer programme is aimed at reducing economic inactivity and supporting residents into good jobs, volunteering, and training opportunities.

    The funding, totalling £1,038,250, comes from the York and North Yorkshire Combined Authority (YNYCA) and will support a wide range of local projects targeting groups most affected by long-term unemployment, including young people, disabled residents, unpaid carers, and veterans.

    Peter Roderick, Director of Public Health at City of York Council, said:

    “This funding is a real opportunity to make a difference in the lives of York residents who face barriers to employment due to health or personal circumstances. We’re proud to be delivering a programme that puts people first—offering tailored support, improving wellbeing, and helping individuals find meaningful work. It’s about building a healthier, more inclusive city.”

    Cllr Pete Kilbane, Deputy Leader and Executive Member for Economy & Culture, added:

    “This investment aligns perfectly with our Economic Strategy and our ambition to create good jobs and a thriving local economy. By working with partners across the city, we’re scaling up what works and piloting new, innovative approaches. It’s a bold step forward in unlocking York’s hidden talent and ensuring no one is left behind.”

    The funding will support 15 York-specific schemes, including mental health hubs, youth mentoring, workplace health checks, and employer engagement initiatives. It also complements wider regional programmes such as wage subsidies and primary care interventions.

    The Council has committed to delivering all projects within the 2025/26 financial year, with a focus on collaboration, innovation, and measurable impact. A report detailing the funding will go to a joint councillor decision session on 5 August

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: More transport choices are coming to Mackworth

    Source: City of Derby

    Derby’s final mobility hub is underway, bringing more transport choices to residents in Mackworth.

    Building on the success of similar schemes elsewhere in the city, the new mobility hub will be installed at the Prince Charles Avenue shopping precinct, giving residents and local businesses greater choice when deciding how they travel around their local community.

    Mobility hubs provide greater opportunities to use sustainable and active travel methods – such as walking and cycling – making it easier to access local amenities. It is hoped that they will also draw more people into the area and enhance the local economy.

    Work on site to install the Prince Charles Avenue mobility hub is expected to be completed later this summer and will include:

    • Electric vehicle (EV) charging and dedicated parking for up to three EVs
    • An Enterprise Car Club location (subject to expected demand)
    • An accessible seating area with bike storage, designed in consultation with local businesses, ward councillors and the Police
    • Interactive information totem with live travel updates

    Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability said:

    This mobility hub will be the final piece of the jigsaw in delivering enhanced, sustainable transport choices to our communities. 

    A welcome addition to our ever-growing transport network, the Mackworth mobility hub will support our work to combat climate change through reduced pollution and congestion in Derby.

    The Mackworth mobility hub will add to the network of hubs already completed or in construction in Six Streets, Chaddesden, Allenton and Normanton/Arboretum. As well as providing alternative transport choices, the hubs help the Council to learn more about the community’s travel needs and preferences, helping to shape future schemes. 

    Mobility hubs are funded by the Department for Transport (DFT)’s Future Transport Zones Fund, which was awarded to Derby City Council to trial new and exciting developments in transport.

    Residents who would like to know more about the mobility hubs can get in touch with the Future Transport Zones team by emailing traffic.management@derby.gov.uk.
    Ends. 

    MIL OSI United Kingdom –

  • MIL-OSI USA: Congressman Valadao Builds Local Partnerships to Help Feed Our Communities

    Source: United States House of Representatives – Congressman David G Valadao (CA-21)

    WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Rob Bresnahan (PA-08), Chellie Pingree (ME-01), and Josh Riley (NY-19) in introducing the Local Farmers Feeding our Communities Act. This bipartisan bill would allow states, through the U.S. Department of Agriculture (USDA), to establish cooperative agreements connecting regional farmers and producers with local food distribution organizations. Through these agreements, funds would be used to purchase local, fresh, and minimally processed foods like meat, seafood, milk, cheese, eggs, fruit, and poultry.

    “The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Congressman Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”

    “Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”

    “When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Congresswoman Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”

    “It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Congressman Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”

    Additional co-sponsors include: Reps. Tony Wied (WI-08), Dan Newhouse (WA-04), Zach Nunn (IA-03), Nikki Budzinski (IL-13), Jim Costa (CA-21), Eugene Vindman (VA-07), Jimmy Panetta (CA-19), and Alma Adams (NC-12).

    “This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Congressman Newhouse. “It cuts down on food waste, supplies food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”

    “Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families and food banks can afford the fresh produce grown right here in our communities,” said Congressman Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”

    “I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Congresswoman Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”

    “As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Congressman Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”

    The Local Farmers Feeding our Communities Act:

    • Allows USDA to create cooperative agreements with state agencies to purchase and distribute local food.
    • Sets aside a portion of funding specifically for smaller farmers and ranchers, as well as veteran-owned operations.
    • Provides technical assistance to help farmers meet food safety standards and grow their operations.
    • Strengthens local and regional food systems to improve food security, reduce supply chain disruptions, and minimize waste.

    Read the full bill here.

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    MIL OSI USA News –

  • MIL-OSI USA: NREL Technical Support Empowers Local Governments and Tribes To Boost Energy Efficiency and Cut Costs

    Source: US National Renewable Energy Laboratory

    NREL Provides Expertise to Local Governments and Tribes Through the Energy Efficiency and Conservation Block Grant Program

    From capital cities in the East to Alaskan villages in the West, NREL is advancing community-driven energy solutions from coast to coast through the U.S. Department of Energy (DOE) Energy Efficiency and Conservation Block Grant (EECBG) Program.

    The EECBG Program has allocated noncompetitive funding for energy projects and programs in hundreds of communities. Community grant recipients can use funding for projects and programs that cut energy costs, improve energy efficiency, and create jobs. 

    Recipients also receive vouchers to access support from NREL experts with a wide array of technical expertise in order to advance their priorities using EECBG funding. NREL, leveraging the wealth of the laboratory’s modeling and analysis capabilities, began working with dozens of communities to deliver this support in the fall of 2024.

    “Already, DOE’s EECBG Program is helping so many different areas of the country,” said Nathan Wiltse, decision support analysis group manager and EECBG technical lead for NREL. “Through the program, big cities and small towns can set their course in realizing their energy goals. Their drive and enthusiasm has been encouraging, and our NREL team is proud to be a part of their journey through the technical assistance we provide with DOE’s guidance.”

    DOE-funded EECBG Program support—provided by NREL—spans multiple sectors, tapping into technical knowledge and expertise that provide local governments with actionable insights for their self-identified priorities, helping them improve energy affordability and more in their jurisdictions.

    Improving Mobility Options in Encinitas, California

    A bus crosses an intersection in Encinitas, California. Encinitas is considering microtransit in addition to more traditional public transportation methods like buses. Photo from the city of Encinitas

    The beach city of Encinitas in San Diego County, California, is served by a regional rail service, with many workers commuting into the city. Tourism is also a big economic driver for the city, with many recreation opportunities and annual arts and cultural events.

    To better support commuters, tourists, and residents, the city is looking to expand its public mobility options through microtransit. Microtransit systems commonly use smaller vehicles like minivans, which operate in a defined service area and provide rides to users on request. Instead of having fixed routes, like more traditional bus and rail services, microtransit generally provides varying point-to-point services as requested by riders.

    According to NREL research, microtransit provides a low-cost and convenient alternative to personal car use. Applying this strategy for public transportation can then save costs for riders while improving air quality in communities.

    “For a relatively small city like Encinitas, more traditional public transportation methods may not be the best fit,” said Andy Duvall, NREL researcher and voucher support subject matter expert. “Exploring microtransit could provide a variety of financial and environmental benefits for residents, visitors, and the community.”

    With EECBG voucher technical assistance, NREL will assist Encinitas in developing a microtransit program by conducting analysis that gives the community a better understanding of its current transportation landscape and viable microtransit options and funding strategies. This support will be rooted in community engagement, with community workshops and data collection built in to learn about the residents’ challenges with public transit, specific issues, and ideas for solutions that will bolster the economy.

    Increasing Household Energy Efficiency in Chenega, Alaska

    Chenega, Alaska, is only accessible by air or water. Photo from the Native Village of Chenega

    Chenega, home to the Native Village of Chenega, is located on an island in Southern Alaska. The community spans less than 30 square miles and has 19 residential buildings. Though small in size, Chenega has big goals to improve energy efficiency for residents, with a target of reducing the Tribe’s energy usage by 50% by 2050 or sooner, significantly cutting energy costs.

    The Native Village of Chenega and the Chenega Corporation want to use their EECBG funding to help implement a community-wide energy efficiency program. To help Chenega plan for this program, NREL is organizing energy audits for a majority of homes in the community. Energy audits consist of a thorough inspection of a home both inside and out to identify potential comfort or safety problems and energy-saving opportunities. Through this process, Chenega will get a better understanding of which upgrades will be most cost-effective for their residents.

    “Our technical assistance is helping Chenega set the foundation for more work to come that will cut energy costs for their community,” said Wiltse, who has over a decade of experience as a buildings researcher and economist in Alaska.

    Chenega aims to use the results from these energy audits to apply for grant funding to implement the upgrades. The community also wants to use the audits to satisfy pre-installation requirements for DOE’s Tribal Home Electrification and Appliance Rebates, which can provide rebates of up to $14,000 per household for efficiency and appliance upgrades.

    Reducing Energy Use and Costs in Sugar Land, Texas

    As Sugar Land, Texas, charts out its future energy projects, one of the city’s top priorities is reducing energy use and saving money for residents. To embed this commitment into daily operations, the city is developing a strategic energy plan focused on increasing efficiency, cutting waste, and lowering energy consumption across public buildings and infrastructure. To make this comprehensive energy plan succeed, the city needs more information on its current energy landscape.

    Using tools like NREL’s State and Local Planning for Energy Platform, researchers are helping Sugar Land understand its current energy consumption and potential efficiency opportunities. With expert guidance from NREL, the city will move step by step through a hands-on energy planning process, from setting goals to evaluating project feasibility and prioritizing actions. Researchers will also analyze energy savings potential and financial impacts of various energy efficiency strategies across the city.

    “Our research and analysis will help the city understand which energy efficiency strategies will be most cost-effective,” said Vanessa Mathews, NREL researcher. “Sugar Land can use this information to apply for funding opportunities and take meaningful steps towards its energy goals.”

    Through the energy planning process, the city will identify clear, actionable steps to better understand its energy costs, evaluate the costs and benefits of potential efficiency projects, and explore reliable and affordable energy options and potential funding sources to inform the city’s future budget decisions.

    Learn more about NREL’s technical assistance for EECBG.

    MIL OSI USA News –

  • MIL-OSI: WENDEL: 2025 Half-Year Results

    Source: GlobeNewswire (MIL-OSI)

    2025 Half-Year Results:

    Continued strategic deployment with the

    Asset Management Platform ramp up:

    Wendel Group now manages €45 billion+,
    of which €39 billion of Private Assets under Management
    for third parties

    NAV per share at €167.7 as of June 30, 2025

    Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50

    Taking into account the dividend payment of €4.7, the fully diluted net asset value1per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.

    The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:

    • Principal Investments:
      • Listed assets (38% of Gross Asset Value excluding cash): +5.0% vs Q1 2025 thanks to Bureau Veritas, IHS and Tarkett share prices increase
      • Unlisted assets (38% of GAV excl. cash): total value down 4.8% vs Q1 2025, reflecting mainly multiples and aggregates evolution
    • Asset Management activities (22% of GAV excl. cash): total valuation up +9.0% vs Q1 2025, induced by multiples and aggregates evolution

    Principal investments: H1 2025 performance supported by listed companies

    • Positive contribution from the Group’s listed companies, driven by higher share prices over the period
    • Total sales of Group companies up 3.9% organically
    • New CEOs at Crisis Prevention Institute and Scalian

    Asset management: strong momentum in fundraising and revenue growth

    • Wendel Asset Management platform AuM reach close to €39 billion, focused on midmarket. Altogether IK Partners and Monroe Capital have raised c.€4.3 billion of new funds on various strategies over H1 2025, without any sponsor money from Wendel in H1. IK Partners reached its hard caps on its Midcap and Small Cap funds in the first half of 2025, and Monroe Capital raised $4 billion.
    • Management fees totalled €152 million and Fee Related Earnings totalled €59 million, growing more than threefold vs last year, thanks to organic growth and strong scope effects

    Dynamic implementation of new strategic directions

    • Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
      • Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
      • Total net proceeds for Wendel of €750 million
      • Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas
    • Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €39 billion in AUM2
      • On March 31, 2025, Wendel has invested $1.133 billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

    A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025

    • Ordinary dividend of €4.70 per share for 2024, up 17.5% compared to 2023, paid in May 2025, representing a distribution to shareholders of €200 million
    • €1.50 interim dividend to be paid in November 2025
      • In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year
      • The balance of the 2025 dividend, will be paid in May 2026, in line with Wendel dividend policy
      • This new interim dividend policy will be recurring

    Strong financial structure and committed to remaining Investment Grade

    • Average debt maturity of 3.1 years with an average cost of 2.4%
    • LTV ratio at 18.5%4 on a pro forma basis
    • On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

    Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date

    • Net income from operations, group share down 17.9% at €86.0 million
    • H1 2025 net income (Group share) at €4.3 million impacted by a negative scope effect due to the disposal of Constantia Flexibles (€419m capital gain, group share) in the first half of 2024, while the capital gain related to the forward sale of 6.7% of Bureau Veritas share capital in March 2025 is not accounted in the P&L
    Laurent Mignon, Wendel Group CEO, commented:

    “ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity.

    With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business.

    We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment.

    Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ”

    Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis

    Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

    Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.

    FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.

    Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.

    Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.

    Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.

    Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.

    Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.

    Fully diluted NAV per share of €167.7 as of June 30, 2025

    (in millions of euros)     06/30/2025 03/31/2025
    Listed investments Number of shares Share price (1) 3,088 2,965
    Bureau Veritas 89.9m(2)/120.3m €29.2/€28.5 2,630 2,565
    IHS 63.0m/63.0m $5.7/$4.4 307 254
    Tarkett   €16.9/€16.4 151 146
    Investment in unlisted assets (3) 3,071 3,346
    Asset Management Activities (4) 1,824 1,778
    Asset Managers (IK Partners & Monroe Capital) 1,775 1,749
    Sponsor Money 49 29
    Other assets and liabilities of Wendel & holding companies (5) 150 161
    Net cash position & financial assets (6) 1,770 2,058
    Gross asset value     9,903 10,308
    Wendel bond debt & accrued interests     -2,373 -2,378
    IK Partners transaction deferred payment and Monroe Capital earnout -235 -244
    Net Asset Value     7,295 7,686
    Of which net debt     -838 -564
    Number of shares     44,461,997 44,461,997
    Net Asset Value per share €164.1 €172.9
    Wendel’s 20 days share price average   €86.6 €92.0
    Premium (discount) on NAV -47.2% -46.8%
    Number of shares – fully diluted 42,457,994 42,456,176
    Fully diluted Net Asset Value, per share €167.7 €176.7
    Premium (discount) on fully diluted NAV -48.4% -47.9%

    (1)  Last 20 trading days average as of June 30, 2025, and March 31, 2025.
    (2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
    (3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
    (4)  Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
    (5)  Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
    (6)  Cash position and short-term financial assets of Wendel & holdings.
    Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
    If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

    Wendel’s Principal Investments’ portfolio rotation

    On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

    Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.

    Wendel’s Asset Management platform evolution

    Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

    Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

    With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM5, and should generate, on a full-year basis, c.€ 455 million revenues6, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

    Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash

    Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.

    As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.

    The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.

    IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.

    As of June 30, 2025 Wendel’s third-party asset management platform7 represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder8), and FPAuM9 of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.

    Sponsor money invested by Wendel

    Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.

    Principal Investment companies’ sales

    Figures post IFRS 16 unless otherwise specified.

    Listed Assets: 38% of Gross Asset Value excluding cash

    Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook

    (full consolidation)

    Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.

    First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.

    As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).

    2025 share buyback program

    Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus

    acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the

    months of May and June 2025. The purchase was completed at an average price of €29.77 per share.

    2025 outlook confirmed

    Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

    • Mid-to-high single-digit organic revenue growth,
    • Improvement in adjusted operating margin at constant exchange rates,
    • Strong cash flow, with a cash conversion10 above 90%.

    For further details: group.bureauveritas.com

    IHS Towers – IHS Towers will report its H1 2025 results in August 2025

    Tarkett reported its H1 on July 29, 2025

    For more information: https://www.tarkett-group.com/en/investors/

    Unlisted Assets: 38% of Gross Asset Value excluding cash

    (in millions) Sales EBITDA Net debt
      H1 2024 H1 2025 H1 2024 including IFRS 16 H1 2025 including IFRS 16 Δ end of June including IFRS 16
    Stahl €464.7 €462.9 €106.7 €90.8 -14.9% €357.8
    CPI $66.9 $69.5 $28.4 $29.9 +5.3% $370.8
    ACAMS $48.7 $53.4 $8.9 $13.7 +53.9% $161.2
    Scalian €271.8 €257.6 €30.3 €28.9 -4.6% €354.8
    Globeducate(1) €202.6 €224.7 na €77.7 na €739.6

    (1)   Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.

    Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.

    (Full consolidation) 

    Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.

    Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.

    Half Year 2025 EBITDA11 amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

    Net debt as of June 30th, 2025, was €357.8 million12, versus €383.8 million at the end of 2024 and leverage stood at 1.9x13.

    Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.

    (full consolidation)

    Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.

    H1 2025 EBITDA was $29.9 million14, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.

    As of June 30, 2025, net debt totaled $370.8 million15, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.

    On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.

    Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.

    Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.

    ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
    (full consolidation)  

    ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales. 

    H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.

    EBITDA16 for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.

    As of June 30, 2025, net debt totaled $161.2 million17, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

    ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.

    Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.

    Changes in governance with the appointment of a new Chief Executive Officer.

    Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.

    Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.

    Scalian generated €28.9 million in EBITDA18 over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt19 stood at €354.8 million (leverage of 6.7x20 EBITDA).

    Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:

    • Creation of a team focusing on key strategic clients and sectors with high growth potential
    • Expansion of the bestshoring platform
    • Launch of the “One Motion” plan, a transformation designed to improve the efficiency of the Scalian business model in three areas (sales and staffing, automation for productivity, and finance and operations)
    • Dynamic management of utilization rates
    • Accelerated integration of acquisitions and generation of related synergies
    • Targeted indirect cost reduction actions
    • More disciplined management of working capital

    These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.

    Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.

    Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.

    David Darmon, Chairman of Scalian’s Supervisory Board:

    “On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.

    We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.” 

    Globeducate – Total sales up +10.9%21over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%22in line with expectations.

    (Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).

    Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million1 for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.

    EBITDA2 for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

    Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.

    Net debt as of May 31, 2025, was €739.6 million23 and leverage stood at 6.3x4.

    Consolidated Accounts

    The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.

    Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.

    The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.

    Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.

    H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.

    Estimated impact of new tariffs on Wendel’s businesses 

    Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.

    Agenda

    Thursday, October 23, 2025

    Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

    Friday, December 12, 2025,

    2025 Investor Day.

    Wednesday, February 25, 2026

    Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

    Wednesday, April 22, 2026

    Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

    Thursday, May 21, 2026

    Annual General Meeting

    Wednesday, July 29, 2026

    H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.

    Wendel is listed on Eurolist by Euronext Paris.

    Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 

    Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

    Follow us on LinkedIn @Wendel 

    Appendix 1: H1 2025 Consolidated sales and results

    H1 2025 consolidated net sales

    (in millions of euros) H1 2024 H1 2025 Δ Organic Δ
    Bureau Veritas 3,021.7 3,192.5 +5.7% +6.7%
    Stahl 464.7 462.9 -0.4% -5.9%
    Scalian (1) 271.8 257.6 -5.2% -11.1%
    CPI 61.9 63.7 +3.0% +3.2%
    ACAMS 44.5 48.8 +9.6% +9.8%
    IK Partners (2) 33.4 91.2 n.a. n.a.
    Monroe Capital (3) n.a. 60.8 n.a. n.a.
    Consolidated sales 3,897.9 4,177.6 +7.2% +3.9%

    (1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.

    (2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.

    (3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.

    H1 2025 net sales of equity-accounted companies

    (in millions of euros) H1 2024 H1 2025 Δ Organic Δ
    Tarkett (4) 1,558.7 1,573.5 +0.9% -0.2%
    Globeducate (5) n.a. 224.7 n.a. n.a.

    (4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.

    (5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.

    H1 2025 consolidated results

    (in millions of euros) H1 2024 H1 2025
    Contribution from asset management 11.6 49.0
    Consolidated subsidiaries 364.6 353.8
    Financing, operating expenses and taxes -32.9 -46.0
    Net income from operations(1) 343.4 356.8
    Net income from operations, Group share 104.8 86.0
    Non-recurring income/loss 643.4 15.7
    Impact of goodwill allocation -50.4 -65.1
    Impairment -90.6 -39.4
    Total net income (2) 845.8 268.0
    Net income, Group share 388.2 4.3

    (1)        Net income before goodwill allocation entries and non-recurring items.

    (2)        IHS is accounted for as financial assets through OCI

    H1 2025 net income from operations

    (in millions of euros) H1 2024 H1 2025 Change
    IK Partners 11.6 30.3 +161.8%
    Monroe Capital n.a. 18.7 n.a.
    Total contribution from asset management 11.6 49.0 n.a.
    Total contribution from AM Group share 5.9 29.3 +153.2%
    Bureau Veritas 302.5 307.9 +1.8%
    Stahl 52.6 36.0 -31.6%
    Scalian 0.3 -6.5 n.a.
    CPI 4.8 6.0 +23.7%
    ACAMS -3.0 -1.3 n.a.
    Tarkett (equity accounted) 7.4 3.7 -50.4%
    Globeducate (equity accounted) n.a. 8.0 n.a;
    Total contribution from Group companies 364.6 353.8 -3.0%
    of which Group share 131.6 102.5 -22.1%
    Operating expenses net of management fees -38.2 -32.2 -15.6%
    Taxes -1.7 -2.1 +21.3%
    Financial expenses 19.0 -1.0 -105.3%
    Non-cash operating expenses -11.9 -10.5 -11.2%
    Net income from operations 343.4 356.8 +3.9%
    of which Group share 104.8 86.0 -17.9%

    Appendix 2: Conversion from accounting presentation to economic presentation

    Please refer to table 5.1 of the consolidated statements.

    Appendix 3: Glossary

    • AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
    • FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
    • GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

    1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
    2 As of end of June 2025, AuM of IK Partners and Monroe Capital

    3 This amount includes usual closing adjustments

    4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).

    5 As of end of June 2025

    6 Based on USD/EUR exchange rate of 1.08

    7 IK Partners and Monroe Capital

    8 Commitments not yet invested

    9 Fee Paying AuM

    10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

    11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.

    12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.

    13 Leverage as per credit documentation definition.

    14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m

    15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.

    16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m

    17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.

    18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.

    19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.

    20 As per credit documentation (pre IFRS 16).

    21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.

    22 EBITDA including IFRS 16 impacts and excluding Indian activities.

    23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.

    4 Leverage as per credit documentation definition.

    Attachment

    The MIL Network –

  • MIL-OSI: Crédit Mutuel Alliance Fédérale – 2025 Half-year results press release

    Source: GlobeNewswire (MIL-OSI)

    Results for the period ended June 30, 20251

    1

    		 Press Release
      Strasbourg, July 30, 2025

    First half of 2025:
    very strong business activity and solid results,
    penalized by the non-recurring income tax surcharge

    Crédit Mutuel Alliance Fédérale posted solid results in the first half of 2025, demonstrating the strength of its universal banking and insurance model and the relevance of its Togetherness Performance Solidarity 2024-2027 strategic plan.

    The mutualist group’s operating results reached record levels, with net revenue of €8.8 billion (+6.2%) and income before tax of €2.9 billion (+8.4%). Net income came to €1.8 billion, (-10.1%), penalized by €314 million due to the non-recurring income tax surcharge introduced by the French 2025 Finance Act.

    All business lines delivered solid performances. The banking networks were buoyed by improved net interest margin and a rebound in new business. The insurance and specialized business lines remain solid, despite being particularly hard hit by the surcharge.

    Total cost of risk stabilized at €902 million (-5.8%). It remains high due to the difficulties faced by companies in the current economic climate. With €68 billion in shareholders’ equity and a CET1 ratio of 19.5% estimated at June 30, 2025, the group ranks among the most solid banks in the Eurozone.

    General operating expenses amounted to €5 billion (+6.7%). They reflect Credit Mutuel Alliance Federale’s investments to maintain its technological lead, expand in France and Europe with the planned acquisition of German bank OLB, and maintain a strong social pact.

    Crédit Mutuel Alliance Fédérale, the first bank to adopt the “benefit corporation” approach, has stepped up its efforts to promote the common good. Twenty strong commitments have been adopted by the Chambre Syndicale et interfédérale, its mutualist parliament. These include the Societal Dividend, which allocates 15% of its consolidated net income each year to building a fairer, more sustainable world.

    Results for the period ended June 30, 2025 06/30/2025 06/30/2024 Change
    Record net revenue €8.768bn €8.257bn         +6.2 %
    of which retail banking €6.466bn €6.094bn         +6.1 %
    of which insurance €812m €701m         +15.9 %
    of which specialized business lines 2 €1.532bn €1.491bn         +2.8 %
    General operating expenses reflecting investments -€5.026bn -€4.712bn         +6.7 %
    Stabilized cost of risk -€902m -€957m         -5.8 %
    Record income before tax €2.863bn €2.641bn         +8.4 %
    Net income down due to the corporate tax surcharge effect €1.826bn €2.032bn         -10.1 %
    of which income tax surcharge -€314m N/A N/A
    RENEWED GROWTH IN FINANCING3: +1.1%
    Home loans Equipment loans Consumer credit
    €263.6bn €146.9bn €58.3bn
    A SOLID FINANCIAL STRUCTURE
    CET1 ratio4 Shareholders’ equity
    19.5% €67.7bn

    1 Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF). 2 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking. 3 Change in outstandings calculated over twelve months. 4 Estimated at June 30, 2025, the inclusion of the result in shareholders’ equity is subject to the approval of the ECB.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains

    Source: The Conversation – Africa – By Veda Vaidyanathan, Associate, Harvard University Asia Center, Harvard Kennedy School

    Ghana has historically been an anchor of Indian enterprise and diplomacy on the African continent.

    New Delhi and Accra formalised ties in 1957. At the time, their partnership was grounded in shared anti-colonial ideals and a common vision for post-independence development. India offered counsel on building Ghana’s institutions, including its external intelligence agency. Meanwhile, Indian teachers, technicians, and traders regularly travelled to the west African country in search of opportunity.

    The July 2025 visit of the Indian prime minister, Narendra Modi, to Ghana – the first by an Indian leader in over three decades – came at a critical moment for the continent. As the global order shifts towards multi-polarity, countries like Ghana are navigating a complex landscape, which includes western donors scaling back commitments. This has opened space to deepen cooperation through pragmatic, interest-driven collaborations with longstanding partners like India. Speaking at the Munich Security Conference, Ghana’s President John Mahama captured the spirit of this global realignment, noting that

    as bridges are burning, new bridges are being formed.

    Against this backdrop, Prime Minister Modi’s visit offered an opportunity to both revive and recalibrate bilateral ties. The visit carried a strong economic and strategic orientation. Ghana positioned itself as a partner in areas where India holds comparative advantage, such as pharmaceuticals. Over 26% of Africa’s generic medicines are sourced from India. The Food and Drugs Authority’s (Ghana’s regulator of pharmaceutical standards) listing of foreign pharmaceutical manufacturing facilities is dominated by Indian firms.

    Defence cooperation was also on the agenda. Ghana is looking to India for training, equipment and broader security engagement in response to rising threats from the Sahel and coastal piracy.

    This emphasis on shared security interests is underscored by Ghana’s alignment with India on counter-terrorism. President Mahama for instance has condemned the Pahalgam terrorist attacks that occurred in April, 2025.

    Reviving economic ties

    Economic ties are at the heart of this renewed engagement between the two countries. Bilateral trade currently stands at around US$3 billion. Both leaders aim to double it to US$6 billion over the next five years. Currently, Ghana enjoys a trade surplus with India. This is mainly due to gold exports, which account for over 70% of its shipments. Cocoa, cashew nuts, and timber are also key exports, while imports from India include pharmaceuticals, machinery, vehicles, and various industrial goods.

    India has invested more than US$2 billion in Ghana. These investments span private capital, concessional finance and grants across 900 projects. India now ranks among Ghana’s top investors. Indian firms and state-backed institutions play a key role in critical infrastructure development. Landmark projects include the 97km standard gauge Tema-Mpakadan Railway Line and the Ghana-India Kofi Annan ICT Centre, a hub for innovation and research.

    In an earlier study, I documented the perspectives of Indian entrepreneurs in Ghana. The findings underscored the country’s appeal as a land of economic opportunity. In interviews, Indian businesses highlighted Ghana’s stable political environment. An expanding consumer base, and relatively transparent regulatory framework were also mentioned. Together, these factors continue to attract investor interest.

    This economic momentum likely paved the way to pursue a closer bilateral relationship, marked by the elevation to a ‘Comprehensive Partnership’.

    While delegates in the July visit addressed issues such as financial inclusion, healthcare and agriculture, the tangible outcomes were limited. Four memoranda of understanding were signed. They cover cooperation on traditional medicine, regulatory standards and cultural exchange. The creation of a joint commission to structure and advance bilateral collaboration across priority sectors was also signed.

    Moving forward, Ghana offers India an entry point into west Africa’s resource landscape. With reserves of gold, bauxite, manganese and lithium, Ghana is well positioned to contribute to India’s needs for critical minerals. President Mahama’s invitation for investment in mineral extraction and processing aligns with India’s National Critical Mineral Mission, New Delhi is looking for supply chains for its energy transition. It creates an opportunity for Indian mining companies to expand into African markets.

    Read more: The world is rushing to Africa to mine critical minerals like lithium – how the continent should deal with the demand

    Pragmatic diplomacy

    With nearly US$100 billion in trade, cumulative investments of nearly US$75 billion, and a 3.5 million strong diaspora, the broader contours of India’s Africa policy is increasingly pragmatic and issue based.

    New Delhi’s evolving relations with Accra reflects this. It comes as Ghana is making sweeping economic reforms domestically, particularly in fiscal management and debt restructuring.

    This ambitious “economic reboot” hinges on attracting private sector investment. In this context, the Indian diaspora, already deeply embedded in Ghana’s commercial networks, is well positioned to foster stronger economic ties.

    In his address to Ghana’s Parliament, The Indian Prime Minister spoke of development cooperation that is demand driven and focused on building local capacity and creating local opportunities. This approach “to not just invest, but empower”, signals India’s growing intent to anchor relationships in mutual agency, rather than dependency.

    – Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains
    – https://theconversation.com/modis-visit-to-ghana-signals-indias-broader-africa-strategy-a-researcher-explains-261187

    MIL OSI Africa –

  • MIL-OSI Africa: 8 policies that would help fight poverty in South Africa’s economic hub Gauteng

    Source: The Conversation – Africa – By Adrino Mazenda, Senior Researcher, Associate Professor Economic Management Sciences, University of Pretoria

    Poverty goes beyond income. It often arises when health, education and opportunities fall short of meeting people’s needs.

    Individuals are classified as impoverished when they face deprivation in one-third or more of the indicators in a multidimensional poverty index. The index reflects the various influences on socioeconomic class. These include housing, sanitation, electricity, cooking fuel, nutrition and school attendance.

    The index is one of the most comprehensive measures of poverty. The fact that the multidimentional index captures multiple dimensions enables it to reflect overlapping disadvantages. And provides a fuller picture of well-being. Other monetary measures such as income aren’t as comprehensive.

    About 18% of the world’s population are poor by the definition of the multidimentional poverty index. Sub-Saharan Africa is especially affected, with a multidimensional poverty rate nearing 59%.

    In South Africa, it is at around 40%. This means it experiences four in 10 of the dimensions of poverty.

    The province of Gauteng is South Africa’s economic hub. Nevertheless it contains pockets of severe deprivation. About 4.6% of households are poor. In some wards up to 68% are severely deprived.

    We are social scientists with research histories in food systems and livelihoods, public policy and economics of human capital. We recently conducted a study focused on Gauteng. We wanted to determine what could enable poor and vulnerable households to move out of those categories.

    We used a modelling exercise that allowed us to isolate the most relevant factors for this transition.

    The study found six factors: education, age, income, working time, medical aid and being a recipient of a low income municipal support grant. We concluded from this that attending to these six variables was the foundation for upward mobility.

    Conversely, vulnerability to economic shocks, such as job loss or food insecurity, can trigger rapid downward mobility.

    Based on our findings we make eight policy recommendations. These include boosting education and skills training, better healthcare and affordable, reliable transport.

    Range of factors

    Multidimensional poverty intersects with socioeconomic class structures. It reinforces inequality by placing individuals into hierarchical groups. These range from the affluent and middle class to the transient, vulnerable, and chronically poor.

    These disparities shape access to resources, opportunities and upward mobility.

    Lower-class households differ from middle-class and affluent (non-poor) households across multiple dimensions. These differences include income stability, consumption patterns, access to services, asset ownership, social capital and vulnerability to shocks.

    In the light of this we adopted a multidimensional poverty approach to classify households. We used various dimensions and indicators of poverty to assess the extent of deprivation and associated poverty levels.

    We calculated the deprivation score and classified households into three levels: not poor, moderate poverty (vulnerable), and severe poverty (chronically poor).

    Working time had the strongest effect. Part- or full-time work greatly lowered odds of severe poverty (chronic poverty) and moderate poverty (transient poverty). Working time refers to the duration that a person is engaged in paid employment or work-related activities. This is usually between 35 and 45 hours per week for full-time employment. And fewer than 35 hours per week for part-time employment.

    Some factors only influenced certain groups. For severe poverty, transport access, household health, food parcel reliance, household size, and skipping meals were significant. For moderate poverty, gender, food parcel reliance and skipping meals mattered. And for the vulnerable non-poor (middle class), distance from public transport was the only additional factor.

    Social grants and being part of the black population group showed little influence. Transitions and the ability to transcend poverty classes were driven mainly by direct socio-economic factors.

    These dynamics underscore the precariousness of low-income households. They also highlight the importance of targeted interventions to break cycles of poverty.

    Higher education, stable income and access to full-time work, drastically reduce the odds of remaining in severe or moderate poverty or being vulnerable. Medical aid access and municipal assistance programmes that provide free or subsidised basic services, also serve as protective factors. These help households meet essential health and welfare needs.

    However, several structural and socio-economic constraints hinder transitions out of poverty. For example, living a greater distance from public transport increases the likelihood of severe poverty and vulnerability.

    Food insecurity, measured by skipping meals or dependence on food parcels, remains a persistent marker of entrenched deprivation.

    Gender disparities suggest underlying labour market or social vulnerabilities that require targeted policy interventions. For example, male-headed households are more likely than female-headed households to be moderately poor.

    What can be done

    Escaping multidimensional poverty in Gauteng requires targeted, practical and complementary interventions. Examples include subsidised transport, decentralised clinics, or housing closer to jobs.

    This will enable grants to be translated to improved well-being.

    We suggest eight areas for improvement:

    • access to education, vocational training and digital skills. This will help to increase employment prospects

    • public works and youth entrepreneurship support. This will boost income generation

    • social protection like indigent benefits, food vouchers and subsidised medical aid

    • food security. This can be done through community gardens and nutrition programmes

    • support for female-headed households and young people

    • affordable, reliable public transport. Services also need to be decentralised

    • data-driven municipal planning to guide infrastructure and service investments

    • consistently tracking progress against defined objectives.

    The province implements multiple poverty-reduction initiatives. These include expanded public works, township economy support, food gardens, free basic services, subsidised housing, and public transport projects.

    These efforts address income, food security and mobility. But they have limited impact due to persistent barriers. This is because many, particularly young people, don’t have market-relevant skills. In addition, spatial inequality results in long, costly commutes. And housing shortages and rising food prices deepen vulnerability.

    Fragmented funding, weak coordination and inadequate data tracking also undermine progress.

    – 8 policies that would help fight poverty in South Africa’s economic hub Gauteng
    – https://theconversation.com/8-policies-that-would-help-fight-poverty-in-south-africas-economic-hub-gauteng-261388

    MIL OSI Africa –

  • MIL-OSI Analysis: People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats

    Source: The Conversation – UK – By David Suber, Departmental Lecturer in Criminology, University of Oxford

    In the latest attempt to crack down on irregular migration, the UK government has announced a raft of international sanctions against people smugglers. The sanctions will use asset freezes, travel bans and other financial restrictions to go after businesses and individuals thought to be facilitating smuggling operations.

    The government has committed to treating irregular migration as a national security threat, to be tackled with tools drawn from the counter-terrorism playbook. But, given the supply and demand forces that drive the smuggling industry, sanctions may not be effective.

    Smuggling is, essentially, a service industry. Opportunistic entrepreneurs charge migrants a fee to enable them to cross borders they wouldn’t otherwise be able to.

    These operations rely on wide networks: suppliers of dinghies and vehicles, informal money transfer brokers, local guides skilled at avoiding detection. While the routes and logistics vary across regions, empirical research consistently shows that smuggling is usually low-skill and fragmented. It’s rarely the domain of organised, mafia-style cartels.

    This regime of sanctions and asset freezes adds a new tactic to a familiar policy toolbox. Previous Conservative governments and EU countries have treated smuggling as a form of organised crime that can only be defeated through security responses. They’ve invested in surveillance, border walls and policing at home and internationally. Evidence suggests this approach is not only ineffective – it can backfire.

    Why sanctions may miss the target

    Smugglers and migrants alike operate in highly hostile environments. Evading detection and minimising risk is essential. This has made migrant smuggling particularly adaptable to criminal justice responses.

    Take money transfers between migrants and smugglers. Smuggling fees are often handled through the informal “hawala” money transfer system. A migrant deposits funds with a broker in the departure country, who holds the money and issues a code. Only once the migrant has safely arrived at their destination is the code released to a second broker, who then pays the smuggler. Debts between hawala brokers are settled when future operations move money in the opposite direction.

    Hawala money transfers are legal in most countries. But as no funds cross borders directly, this type of informal banking lends itself well to transactions that are anonymous and untraceable. The UK’s new sanctions target hawala brokers involved in handling payments between smugglers and their clients. But, in the same way that the structures of smuggling groups have evolved and adapted in response to police or border enforcement, so will their systems to move money safely.

    Follow the money: the new sanctions take aim at the business of smuggling.
    Andrzej Rostek/Shutterstock

    On heavily policed borders such as those in the Balkans, small-scale smugglers, often migrants themselves, have formed more coordinated groups bonded by ethnicity or language. Many of the groups listed in the UK sanctions, such as the Kazawi and Tatwani groups, have been on Interpol’s radar for years.

    Even when key figures are arrested, these groups have demonstrated the ability to disband and regroup on a different border. Sometimes they go quiet while developing new strategies, only to resurface in the same areas, driven by unchanged demand in smuggling services. Hawala brokers hit by the new sanction regime are likely to close and restart operations under different names.

    How effective can UK sanctions be if the targets and their assets are not in the UK, and if their operations can quickly shift across borders and names? Unless other countries follow suit and enforce similar measures, these sanctions may amount to little more than politically symbolic.

    Supply and demand

    So long as migration policy focuses almost exclusively on “smashing the gangs” and targeting the supply side of irregular migration, smugglers and other entrepreneurs involved in facilitating it are likely to reinvent themselves and find new, more precarious ways to circumvent border restrictions.

    Unless implemented internationally, UK sanctions will do little to change this. But international counter-smuggling responses are highly dependant on the specific circumstances faced by the states involved.

    In Italy, right and left-leaning governments have pursued an anti-mafia approach to smuggling for years, with limited results. Earlier this year, Italian authorities arrested suspected trafficker Osama Elmasry Njeem, following a warrant by the International Criminal Court on charges of murder, rape and torture.

    They then released him and repatriated him to Libya, sparking a row with the ICC. Although Italy has made deals with with the Libyan government in Tripoli to stop irregular migrant boats, it appears there were concerns that his arrest could strain relations with Libyan counterparts and trigger a surge in boat arrivals from North Africa. This situation highlights the challenges that can arise with such tactics.

    The idea that cracking down on smugglers, through sanctions or criminal justice responses, will deter people from seeking their services is not supported by evidence. If anything, it increases the risks migrants must take, making journeys more dangerous but no less likely. Migration flows to Europe rise and fall in patterns driven far more by global instability and lack of legal alternatives than by changes in law enforcement.

    Including smugglers in a sanctions regime may create headlines, but it misses the bigger point: people smuggling exists because people need to move. It is a demand-led phenomenon, and it is the demand side – why people turn to smugglers in the first place – that remains largely unaddressed.

    To reduce the power and appeal of smugglers, governments need to open safe, legal pathways for migration. This would reduce reliance on illicit networks, protect vulnerable people and restore order to a system that is politically defined by routine crises.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    David Suber received funding from the UK’s Economic and Social Research Council for his PhD in 2020-2024.

    – ref. People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats – https://theconversation.com/people-smugglers-adapt-to-attempts-to-shut-them-down-financial-sanctions-wont-stop-the-boats-261864

    MIL OSI Analysis –

  • MIL-OSI Analysis: Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow?

    Source: The Conversation – UK – By Sam Halvorsen, Reader in Human Geography, Queen Mary University of London

    When UK Conservative party head Kemi Badenoch recently declared that she aspires to be Britain’s Milei, she aligned herself with one of the world’s most radical and controversial leaders.

    Javier Milei, Argentina’s self-styled “anarcho-capitalist” president, has gained global notoriety since his election in December 2023 for wielding a chainsaw at rallies, promising to destroy the so-called “political caste” and launching a scorched-earth economic reform programme.

    But what has Milei actually achieved since entering office? And should Britain really be looking to his administration for inspiration?

    Milei swept to power on a wave of anti-establishment anger. Styling himself as an outsider economist rallying against the ruling caste, he promised to slash state spending and replace Argentina’s peso with the more stable US dollar. He also pledged to eliminate entire government ministries, including health, education and culture.

    His now-famous “chainsaw plan” proposed a dramatic restructuring of Argentina’s political and economic institutions, which he blamed for decades of stagnation and corruption. Backed by business elites and libertarian ideologues, Milei offered a vision of Argentina remade through radical individualism and state retrenchment.

    His campaign, which contained some clear populist tendencies, was built as much on spectacle as substance. It contained daily media outbursts, personal attacks and an anti-caste rhetoric designed to turn governance into performance.

    Inflation was central to Milei’s campaign. When he took office, annual inflation in Argentina stood at over 130%, one of the highest rates in the world. Milei promised to bring it under control by slashing the fiscal deficit and enforcing monetary discipline.

    Monthly inflation doubled in the first months of his administration, forcing millions of Argentinians further into poverty. But it has fallen below 50% since the middle of 2025, which has been held by the government as a success.

    However, the decrease in the inflation rate is the result of economic recession. While international markets have praised Milei’s fiscal orthodoxy, there is little sign of a growth rebound. Investment has stalled, consumption has plummeted and local industries are struggling amid cuts to public procurement.

    Consumption has shown signs of recovery in the last few months, but only in the high-income segment. This has deepened a dual reality where middle-class and working sectors cannot make ends meet. Instead of helping the Argentinian economy recover, high-income consumption also pushes the trade balance to deteriorate.

    Milei’s government has endeavoured to keep the Argentine peso strong. A strong currency has seen foreign investments paused and, despite ongoing capital controls, millions of US dollars leave the country with a surge in Argentinian tourism abroad. This trend is exactly the opposite of the most controversial of Milei’s promises: to adopt the dollar in Argentina.

    Given the critical level of the central bank’s foreign reserves, the International Monetary Fund (IMF) approved the release of a US$4.7 billion (£3.5 billion) loan tranche in April 2024. It is expected to loan an extra US$2 billion before the 2025 mid-term elections in October.

    Squeezing Argentinian society

    Job losses have been extensive. Tens of thousands of public sector workers have been laid off, and many more have seen their salaries decimated by inflation. Entire agencies have been shut, from science and housing to the post office.

    Milei’s framing of public employees as part of a parasitic caste has helped him politically. It has reinforced his anti-establishment credentials and mobilised resentment among private sector workers and the self-employed. But it has further polarised an already fragmented Argentinian society.

    Unions and civil society organisations have mobilised in response, organising strikes and mass protests. These have been met in turn with crackdowns, the criminalisation of dissent and expanded police powers.

    Meanwhile, Congress has been sidelined. Milei’s critics warn of creeping authoritarianism as the president governs increasingly by decree, perhaps most notably by attempting to fill two vacancies of the Supreme Court in February.

    Environmental protection and foreign policy have also been reshaped by Milei’s radical agenda. The ministry of environment was among the agencies targeted for elimination. And Milei’s sweeping law of bases bill, which became law in 2024, included provisions to weaken environmental regulations and accelerate extractive industries such as lithium and oil.

    Milei dismisses environmental concerns as leftist distractions from economic freedom. This is a stance echoed in his foreign policy, which has seen Argentina pivot away from regional cooperation. He has snubbed neighbours like Brazil, withdrawn from the accession process to the Brics group of nations and has aligned himself more closely with the US, Israel and the global far right.

    He frequently rails against “global socialism”, and presents himself as a figurehead of a new anti-globalist movement. This posture appeals to his domestic base and international allies, but has further isolated Argentina diplomatically and eroded longstanding regional ties.

    If Badenoch wants to emulate Milei, it raises serious questions about the political and economic future she envisions for Britain. Argentina is currently living through a radical experiment in state destruction. Despite circumstantially winning praise from bond markets and libertarian circles, it has brought pain, polarisation and increasing levels of repression.

    For those looking beyond spectacle, Milei’s presidency offers not a blueprint for bold reform, but a cautionary tale about the dangers of governing by chainsaw.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow? – https://theconversation.com/kemi-badenoch-says-she-wants-to-be-britains-javier-milei-but-is-the-argentinian-president-a-model-to-follow-261915

    MIL OSI Analysis –

  • MIL-OSI Analysis: Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains

    Source: The Conversation – Africa (2) – By Veda Vaidyanathan, Associate, Harvard University Asia Center, Harvard Kennedy School

    Ghana has historically been an anchor of Indian enterprise and diplomacy on the African continent.

    New Delhi and Accra formalised ties in 1957. At the time, their partnership was grounded in shared anti-colonial ideals and a common vision for post-independence development. India offered counsel on building Ghana’s institutions, including its external intelligence agency. Meanwhile, Indian teachers, technicians, and traders regularly travelled to the west African country in search of opportunity.

    The July 2025 visit of the Indian prime minister, Narendra Modi, to Ghana – the first by an Indian leader in over three decades – came at a critical moment for the continent. As the global order shifts towards multi-polarity, countries like Ghana are navigating a complex landscape, which includes western donors scaling back commitments. This has opened space to deepen cooperation through pragmatic, interest-driven collaborations with longstanding partners like India. Speaking at the Munich Security Conference, Ghana’s President John Mahama captured the spirit of this global realignment, noting that

    as bridges are burning, new bridges are being formed.

    Against this backdrop, Prime Minister Modi’s visit offered an opportunity to both revive and recalibrate bilateral ties. The visit carried a strong economic and strategic orientation. Ghana positioned itself as a partner in areas where India holds comparative advantage, such as pharmaceuticals. Over 26% of Africa’s generic medicines are sourced from India. The Food and Drugs Authority’s (Ghana’s regulator of pharmaceutical standards) listing of foreign pharmaceutical manufacturing facilities is dominated by Indian firms.

    Defence cooperation was also on the agenda. Ghana is looking to India for training, equipment and broader security engagement in response to rising threats from the Sahel and coastal piracy.

    This emphasis on shared security interests is underscored by Ghana’s alignment with India on counter-terrorism. President Mahama for instance has condemned the Pahalgam terrorist attacks that occurred in April, 2025.

    Reviving economic ties

    Economic ties are at the heart of this renewed engagement between the two countries. Bilateral trade currently stands at around US$3 billion. Both leaders aim to double it to US$6 billion over the next five years. Currently, Ghana enjoys a trade surplus with India. This is mainly due to gold exports, which account for over 70% of its shipments. Cocoa, cashew nuts, and timber are also key exports, while imports from India include pharmaceuticals, machinery, vehicles, and various industrial goods.

    India has invested more than US$2 billion in Ghana. These investments span private capital, concessional finance and grants across 900 projects. India now ranks among Ghana’s top investors. Indian firms and state-backed institutions play a key role in critical infrastructure development. Landmark projects include the 97km standard gauge Tema-Mpakadan Railway Line and the Ghana-India Kofi Annan ICT Centre, a hub for innovation and research.

    In an earlier study, I documented the perspectives of Indian entrepreneurs in Ghana. The findings underscored the country’s appeal as a land of economic opportunity. In interviews, Indian businesses highlighted Ghana’s stable political environment. An expanding consumer base, and relatively transparent regulatory framework were also mentioned. Together, these factors continue to attract investor interest.

    This economic momentum likely paved the way to pursue a closer bilateral relationship, marked by the elevation to a ‘Comprehensive Partnership’.

    While delegates in the July visit addressed issues such as financial inclusion, healthcare and agriculture, the tangible outcomes were limited. Four memoranda of understanding were signed. They cover cooperation on traditional medicine, regulatory standards and cultural exchange. The creation of a joint commission to structure and advance bilateral collaboration across priority sectors was also signed.

    Moving forward, Ghana offers India an entry point into west Africa’s resource landscape. With reserves of gold, bauxite, manganese and lithium, Ghana is well positioned to contribute to India’s needs for critical minerals. President Mahama’s invitation for investment in mineral extraction and processing aligns with India’s National Critical Mineral Mission, New Delhi is looking for supply chains for its energy transition. It creates an opportunity for Indian mining companies to expand into African markets.



    Read more:
    The world is rushing to Africa to mine critical minerals like lithium – how the continent should deal with the demand

    Pragmatic diplomacy

    With nearly US$100 billion in trade, cumulative investments of nearly US$75 billion, and a 3.5 million strong diaspora, the broader contours of India’s Africa policy is increasingly pragmatic and issue based.

    New Delhi’s evolving relations with Accra reflects this. It comes as Ghana is making sweeping economic reforms domestically, particularly in fiscal management and debt restructuring.

    This ambitious “economic reboot” hinges on attracting private sector investment. In this context, the Indian diaspora, already deeply embedded in Ghana’s commercial networks, is well positioned to foster stronger economic ties.

    In his address to Ghana’s Parliament, The Indian Prime Minister spoke of development cooperation that is demand driven and focused on building local capacity and creating local opportunities. This approach “to not just invest, but empower”, signals India’s growing intent to anchor relationships in mutual agency, rather than dependency.

    Veda Vaidyanathan is Fellow, Foreign Policy and Security Studies, at a leading Indian think tank.

    – ref. Modi’s visit to Ghana signals India’s broader Africa strategy. A researcher explains – https://theconversation.com/modis-visit-to-ghana-signals-indias-broader-africa-strategy-a-researcher-explains-261187

    MIL OSI Analysis –

  • MIL-OSI Analysis: 8 policies that would help fight poverty in South Africa’s economic hub Gauteng

    Source: The Conversation – Africa – By Adrino Mazenda, Senior Researcher, Associate Professor Economic Management Sciences, University of Pretoria

    Poverty goes beyond income. It often arises when health, education and opportunities fall short of meeting people’s needs.

    Individuals are classified as impoverished when they face deprivation in one-third or more of the indicators in a multidimensional poverty index. The index reflects the various influences on socioeconomic class. These include housing, sanitation, electricity, cooking fuel, nutrition and school attendance.

    The index is one of the most comprehensive measures of poverty. The fact that the multidimentional index captures multiple dimensions enables it to reflect overlapping disadvantages. And provides a fuller picture of well-being. Other monetary measures such as income aren’t as comprehensive.

    About 18% of the world’s population are poor by the definition of the multidimentional poverty index. Sub-Saharan Africa is especially affected, with a multidimensional poverty rate nearing 59%.

    In South Africa, it is at around 40%. This means it experiences four in 10 of the dimensions of poverty.

    The province of Gauteng is South Africa’s economic hub. Nevertheless it contains pockets of severe deprivation. About 4.6% of households are poor. In some wards up to 68% are severely deprived.

    We are social scientists with research histories in food systems and livelihoods, public policy and economics of human capital. We recently conducted a study focused on Gauteng. We wanted to determine what could enable poor and vulnerable households to move out of those categories.

    We used a modelling exercise that allowed us to isolate the most relevant factors for this transition.

    The study found six factors: education, age, income, working time, medical aid and being a recipient of a low income municipal support grant. We concluded from this that attending to these six variables was the foundation for upward mobility.

    Conversely, vulnerability to economic shocks, such as job loss or food insecurity, can trigger rapid downward mobility.

    Based on our findings we make eight policy recommendations. These include boosting education and skills training, better healthcare and affordable, reliable transport.

    Range of factors

    Multidimensional poverty intersects with socioeconomic class structures. It reinforces inequality by placing individuals into hierarchical groups. These range from the affluent and middle class to the transient, vulnerable, and chronically poor.

    These disparities shape access to resources, opportunities and upward mobility.

    Lower-class households differ from middle-class and affluent (non-poor) households across multiple dimensions. These differences include income stability, consumption patterns, access to services, asset ownership, social capital and vulnerability to shocks.

    In the light of this we adopted a multidimensional poverty approach to classify households. We used various dimensions and indicators of poverty to assess the extent of deprivation and associated poverty levels.

    We calculated the deprivation score and classified households into three levels: not poor, moderate poverty (vulnerable), and severe poverty (chronically poor).

    Working time had the strongest effect. Part- or full-time work greatly lowered odds of severe poverty (chronic poverty) and moderate poverty (transient poverty). Working time refers to the duration that a person is engaged in paid employment or work-related activities. This is usually between 35 and 45 hours per week for full-time employment. And fewer than 35 hours per week for part-time employment.

    Some factors only influenced certain groups. For severe poverty, transport access, household health, food parcel reliance, household size, and skipping meals were significant. For moderate poverty, gender, food parcel reliance and skipping meals mattered. And for the vulnerable non-poor (middle class), distance from public transport was the only additional factor.

    Social grants and being part of the black population group showed little influence. Transitions and the ability to transcend poverty classes were driven mainly by direct socio-economic factors.

    These dynamics underscore the precariousness of low-income households. They also highlight the importance of targeted interventions to break cycles of poverty.

    Higher education, stable income and access to full-time work, drastically reduce the odds of remaining in severe or moderate poverty or being vulnerable. Medical aid access and municipal assistance programmes that provide free or subsidised basic services, also serve as protective factors. These help households meet essential health and welfare needs.

    However, several structural and socio-economic constraints hinder transitions out of poverty. For example, living a greater distance from public transport increases the likelihood of severe poverty and vulnerability.

    Food insecurity, measured by skipping meals or dependence on food parcels, remains a persistent marker of entrenched deprivation.

    Gender disparities suggest underlying labour market or social vulnerabilities that require targeted policy interventions. For example, male-headed households are more likely than female-headed households to be moderately poor.

    What can be done

    Escaping multidimensional poverty in Gauteng requires targeted, practical and complementary interventions. Examples include subsidised transport, decentralised clinics, or housing closer to jobs.

    This will enable grants to be translated to improved well-being.

    We suggest eight areas for improvement:

    • access to education, vocational training and digital skills. This will help to increase employment prospects

    • public works and youth entrepreneurship support. This will boost income generation

    • social protection like indigent benefits, food vouchers and subsidised medical aid

    • food security. This can be done through community gardens and nutrition programmes

    • support for female-headed households and young people

    • affordable, reliable public transport. Services also need to be decentralised

    • data-driven municipal planning to guide infrastructure and service investments

    • consistently tracking progress against defined objectives.

    The province implements multiple poverty-reduction initiatives. These include expanded public works, township economy support, food gardens, free basic services, subsidised housing, and public transport projects.

    These efforts address income, food security and mobility. But they have limited impact due to persistent barriers. This is because many, particularly young people, don’t have market-relevant skills. In addition, spatial inequality results in long, costly commutes. And housing shortages and rising food prices deepen vulnerability.

    Fragmented funding, weak coordination and inadequate data tracking also undermine progress.

    Massimiliano Tani receives funding from Australian Research Council (unrelated to this article).

    Adrino Mazenda and Catherine Althaus do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. 8 policies that would help fight poverty in South Africa’s economic hub Gauteng – https://theconversation.com/8-policies-that-would-help-fight-poverty-in-south-africas-economic-hub-gauteng-261388

    MIL OSI Analysis –

  • MIL-OSI USA: After Trump’s Cuts, Pingree Leads Bipartisan Effort to Restore Local Food Lifelines

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Today, Congresswoman Chellie Pingree (D-Maine), a longtime farmer and member of the House Agriculture Committee, led a bipartisan group of her colleagues in introducing the Local Farmers Feeding our Communities Act to boost the purchasing and distribution of local food. The bill, co-led by Representatives Rob Bresnahan (R-Pa.), David Valadao (R-Calif.), and Josh Riley (D-N.Y.), will help build stronger connections between local producers and community food programs, expanding markets and improving access to healthy food for those in need.

    “When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Rep. Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”

    The Local Farmers Feeding our Communities Act will allow states, through USDA, to establish cooperative agreements connecting local farmers and producers with local food distribution organizations. Through these agreements, funds will be used to purchase local, fresh, and minimally processed foods like seafood, meat, milk, cheese, eggs, fruit, and poultry. The bill also sets aside a portion of these funds to purchase food specifically from small, mid-size, beginning, and veteran farmers. Text can be found here.

    “Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”

    “The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Rep. Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”

    “It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Rep. Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”

    Original cosponsors include Tony Wied (R-Wisc.), Dan Newhouse (R-Wash.), Zach Nunn (R-Iowa), Nikki Budzinski (D-Ill.), Jim Costa (D-Calif.), Eugene Vindman (D-Va.), Jimmy Panetta (D-Calif.), and Alma Adams (D-N.C.). 

    “Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families, schools, and food banks can afford the fresh produce grown right here in our communities,” said Rep. Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”

    “This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Rep. Newhouse. “It cuts down on food waste, supplies local schools and food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”

    “I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Rep. Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”

    “As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Rep. Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”

    The Local Farmers Feeding our Communities Act is endorsed by the Feeding America, National Milk Producers Federation (NMPF), National Association of State Departments of Agriculture (NASDA), the National Sustainable Agriculture Coalition (NSAC), National Farmers Union (NFU), Save the Children, Full Plates Full Potential, Good Shepherd Food Bank, Maine Organic Farmers and Gardeners Association (MOFGA), and more.

    “Maine’s food system has been hit hard over the past few months due to the instability created by changing government policies and cuts to established food programs, like the Local Food for Schools program which helped schools buy local food from local farms,” said Anna Korsen, Deputy Director of Full Plates Full Potential. “We know children go hungry when household and school budgets get squeezed, so Full Plates welcomes the Local Farmers Feeding Our Communities Act and the potential it has to build on what Maine does best – community solutions to community problems.”

    “The Local Farmers Feeding Our Communities Act recognizes and advances the work of thousands of farmers and proponents nationally who have worked to bolster the resiliency of our local food system and Nation’s food supply chain,” Colleen Hanlon-Smith of Farm to Neighbor Maine. “We applaud Congresswoman Pingree for her work to advance this Act. Both LFPA and LFS offered an opportunity for the federal government and the public’s tax dollars to strategically inject funding at the intersection of local food access and farm viability. These were not only incredibly successful programs but critical to shifting the needle on food security by ensuring economic investments locally, to the benefit of our Nation’s farmers, food insecure citizens and local communities.”

    “The proposed bill would be a win for both local farmers and families facing hunger,” said Heather Paquette, President of Good Shepherd Food Bank. “By prioritizing the purchase of local foods and partnering with organizations that have deep experience in food distribution, we can ensure that nutritious food reaches the people who need it most, all while strengthening local economies.”

    “As Executive Director of the Maine Organic Farmers and Gardeners Association, I strongly support the Local Farmers Feeding Our Communities Act because it uplifts the hardworking farmers and food producers who nourish our communities every day,” said Sarah Alexander, Executive Director of MOFGA. “By investing in cooperative agreements that build local food infrastructure and markets, this Act empowers states and Tribal governments to create resilient, community-based food systems. It’s a smart, values-driven approach that strengthens local economies, improves food access, and ensures a healthier, more sustainable future for all.”

    “Maine has spent the last two decades building strong, innovative programs to support small farms and connect local producers with their communities. This legislation will help strengthen that foundation, ensuring we continue to grow, adapt, and meet the evolving needs of both farmers and families,” said Jimmy DeBiasi, Executive Director of the Maine Federation of Farmers’ Markets. “If we’re serious about making America healthier, we have to start with what we’re eating. This bill recognizes that feeding people nutritious, locally grown food is not just good policy—it’s a smart investment in public health and our agricultural future.”

    “This legislation benefits family farmers and the communities they feed,”said Rob Larew, President of National Farmers Union. “It strengthens local food systems, expands economic opportunity, and builds more resilient farms.”

    “PFB appreciates Representative Bresnahan (R-PA-08) championing legislation that will expand our farmers’ market opportunities, reduce food waste, and get locally grown food to American families’ tables,” said Chris Hoffman, President, Pennsylvania Farm Bureau. “The Local Farmers Feeding Our Communities Act exemplifies the importance of cherishing the hard work that goes into producing food and not wanting to waste it, while providing less fortunate consumers with local options that provide them with the opportunity to support their local farmers. This is a win-win piece of legislation for all involved, and we look forward to working with Congress to advance it.”

    “Fresh produce, dairy, and protein are some of the most requested items across the charitable food network,” said Julie Bancroft, CEO, Feeding Pennsylvania. “This bill will strengthen the farm-to-food bank supply chain, create new markets for farmers, and ensure food bank shelves are stocked with locally grown, nutritious food products that help Pennsylvanians access the food they need to thrive. Feeding Pennsylvania is pleased to see the introduction of this important legislation and looks forward to working with our members of Congress as it moves through the legislative process.”

    “We commend Representatives Rob Bresnahan, R-PA, Josh Riley, D-NY, David Valadao, R-CA, and Chellie Pingree, D-ME, for their bipartisan Local Farmers Feeding our Communities Act,” said the National Milk Producers Federation. “This bill will provide an additional pipeline for dairy farmers to provide their communities with nutritious milk and dairy products. We especially thank the sponsors for ensuring that farmer-owned cooperatives are eligible to participate in this important food security initiative and look forward to working to enact this legislation.” 

    “Our nation’s farmers are a key part of the nutritious food provided to community members through local food banks and pantries,” said Vince Hall, Chief of Government Relations Officer, Feeding America. “Farmers have worked in partnership with Feeding America food banks for over half a century. The Local Farmers Feeding our Communities Act would increase resources for states to support local growers and ensure their nutritious food is connected with community members through local organizations like food banks. Feeding America supports the introduction of this legislation and encourages members of Congress to endorse this bipartisan bill that helps farmers and food banks.”

    “The bipartisan Local Farmers Feeding Our Communities Act makes meaningful investments in local and regional food systems by connecting small and mid-sized farmers to nearby communities, strengthening rural economies and advancing health-driven outcomes for consumers,” said Ted McKinney, CEO, NASDA. “NASDA supports this legislation led by U.S. House Representatives Bresnahan (PA) and Riley (NY) and urges the House to swiftly pass this bill.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Legacy Investment for Technology (LIFT) Announces Loan for North Dakota Energy Services Company

    Source: US State of North Dakota

    The North Dakota Department of Commerce announced that the Legacy Investment for Technology (LIFT) program has awarded a $1 million loan to Trilogy LLC, a North Dakota-based company that developed the Sand Titan, a high-performance sand separator for the oil and gas industry.

    “The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s oil and gas industry,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “This funding highlights our commitment to supporting North Dakota businesses that drive economic impact in our core industries and create lasting impact across the state.”

    LIFT is an innovation loan fund that supports technology advancement by providing financing for the commercialization of intellectual property within North Dakota. The loan funds are available to enhance capacity and, when possible, leverage state, federal and private sources of funding.

    Since its inception, the LIFT program has awarded more than $45 million across 72 projects, with an average award of approximately $635,000. These investments span sectors such as health care, agriculture technology, energy, and advanced computing, demonstrating the program’s broad impact on North Dakota’s innovation economy.

    Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the next two years, and a standard Bank of North Dakota loan rate for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.

    For more information, application guidelines and program details, visit https://belegendary.link/LIFT.

    MIL OSI USA News –

  • MIL-OSI: Banque Fédérative du Crédit Mutuel – 2025 half-year results press release

    Source: GlobeNewswire (MIL-OSI)

    Results for the period ended June 30, 20251 Press release
      Strasbourg, July 30, 2025

    First half of 2025:
    very strong business activity and solid results,
    penalized by the non-recurring income tax surcharge

    Results for the period ended June 30, 2025 06/30/2025 06/30/2024 Change
    Record net revenue €6.549bn €6.178bn         +6.0%        
    of which retail banking €4.427bn €4.159bn         +6.4%        
    of which insurance €822m €711m         +15.7%        
    of which specialized business lines 2 €1.532bn €1.491bn         +2.8%        
    General operating expenses reflecting investments -€3.405bn -€3.208bn         +6.1%        
    Stabilized cost of risk -€782m -€799m         -2.1%        
    Record income before tax €2.402bn €2.210bn         +8.7%        
    Net income down due to the corporate tax surcharge effect €1.638bn €1.714bn         -4.4%        
    of which income tax surcharge €192m N/A N/A
    RENEWED GROWTH IN FINANCING3: +1,8%
    Home loans Equipment loans Consumer credit
    €119.8bn €119.4bn €49.1bn
    A SOLID FINANCIAL STRUCTURE
    CET1 ratio4 Shareholders’ equity
    19.5% €46.7bn

    Press contacts:

    Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr

    Press relations – +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr

    Investor contact:

    Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr

    1.1. Financial results

    (in € millions) 06/30/2025 06/30/2024 Change
    Net revenue 6,549 6,178 +6.0 %
    General operating expenses -3,405 -3,208 +6.1 %
    Gross operating income/(loss) 3,144 2,970 +5.9 %
    Cost of risk -782 -799 -2.1 %
    cost of proven risk -733 -782 -6.3 %
    cost of non-proven risk -49 -17 n.s
    Operating income 2,363 2,171 +8.8 %
    Net gains and losses on other assets and ECC (1) 39 39 +0.8 %
    Income before tax 2,402 2,210 +8.7 %
    Income tax -764 -496 +54.0 %
    Net income 1,638 1,714 -4.4 %
    Non-controlling interests 191 189 +1.0 %
    GROUP NET INCOME 1,447 1,524 -5.1 %

    (1)ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.

    Net revenue

    At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.

    Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).

    The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).

    Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.

    Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.

    Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.

    Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.

    General operating expenses and gross operating income

    General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.

    To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.

    The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.

    Gross operating income rose by +5.9% to €3,144 million.

    Cost of risk and operating income

    In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.

    It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).

    The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.

    In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.

    Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.

    Other

    Net gains/(losses) on other assets and ECC amounted to €39 million.

    Income before tax

    Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.

    Net income

    Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.

    Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.

    1.2. Financial structure

    Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.

    BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%2.

    The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:

      LT/ST Counterparty** Issuer/LT preferred senior debt Outlook ST preferred senior debt Stand-alone rating*** Date of last publication
    Standard & Poor’s (1) AA-/A-1+ A+ Stable A-1 a 11/07/2024
    Moody’s (2) Aa3/P-1 A1 Stable P-1 a3 12/19/2024
    Fitch Ratings * (3) AA- AA- Stable F1+ a+ 06/17/2025

    * The Issuer Default Rating is stable at A+.
    ** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
    *** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
    (1) Standard & Poor’s: Crédit Mutuel group rating.
    (2) Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
    In terms of Moody’s ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
    (3) Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).

    Despite a start to 2025 still marked by action on France’s sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody’s), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.

    As a reminder, Moody’s downgraded France’s sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency’s methodology).

    The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale’s diversification, with an impact on CET1 that would not alter the agencies’ assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.

    1.3. Results by business line

    Retail banking

    Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.

    Insurance

    Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale’s long-standing partner in Canada).
    General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
    Net income was €495 million, up +0.5% compared with end-June 2024.

    Asset management and private banking

    Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
    Net income was €129 million, up by 14.3% compared with the first half of 2024.

    Corporate banking

    Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.

    Capital markets

    The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.

    Private equity

    In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.

    In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024

    1.4. Key figures

    Banque Fédérative du Crédit Mutuel3

    (in € millions) 06/30/2025 12/31/2024
    Financial structure and business activity    
    Balance sheet total 732,747 734,840
    Shareholders’ equity (including net income for the period before dividend pay-outs) 46,698 45,203
    Customer loans 343,888 342,285
    Total savings 670,633 665,478
    – of which customer deposits 287,627 295,099
    – of which insurance savings 55,168 53,650
    – of which financial savings (under management and in custody) 327,838 316,730
         
      06/30/2025 12/31/2024
    Key figures    
    Number of branches 2 2
    Number of customers (in millions) 22.4 22.2
         
    Key ratios    
    Cost/income ratio (at 06/30/2025 vs 06/30/2024)         52.0%                 51.9%        
    Loan-to-deposit ratio         119.6%                 116.0%        
    Overall solvency ratio2 (estimated for 06/2025)         21.8%                 21.0%        
    CET1 ratio2 (estimated for 06/2025)         19.5%                 18.8%        
         

    1.5 Banque Fédérative du Crédit Mutuel  financial statements

    Balance sheet (assets)

    (in € millions) 06/30/2025 12/31/2024
    Cash and central banks 75,012 86,190
    Financial assets at fair value through profit or loss 41,077 39,653
    Hedging derivatives 1,588 1,701
    Financial assets at fair value through equity 46,814 44,421
    Securities at amortized cost 5,952 5,680
    Loans and receivables due from credit institutions and similar at amortized cost 61,836 61,897
    Loans and receivables due from customers at amortized cost 343,888 342,285
    Revaluation adjustment on rate-hedged books 284 209
    Financial investments of insurance activities 140,977 135,472
    Insurance contracts issued – Assets 8 10
    Reinsurance contracts held – Assets 247 284
    Current tax assets 780 1,002
    Deferred tax assets 858 1,005
    Accruals and miscellaneous assets 7,077 8,682
    Non-current assets held for sale 0 0
    Investments in equity consolidated companies 929 911
    Investment property 56 36
    Property, plant and equipment 2,556 2,606
    Intangible assets 494 483
    Goodwill 2,315 2,315
    TOTAL ASSETS 732,747 734,840

    Balance Sheet – Liabilities and shareholders’ equity

    (in € millions) 06/30/2025 12/31/2024
    Central banks 15 18
    Financial liabilities at fair value through profit or loss 26,847 26,643
    Hedging derivatives 2,660 3,261
    Debt securities at amortized cost 158,853 163,710
    Due to credit and similar institutions at amortized cost 50,404 46,031
    Due to customers at amortized cost 287,627 295,099
    Revaluation adjustment on rate-hedged books -16 -15
    Current tax liabilities 425 450
    Deferred tax liabilities 478 481
    Accruals and miscellaneous liabilities 12,010 12,671
    Debt related to non-current assets held for sale 0 0
    Insurance contracts issued – liabilities 129,868 125,195
    Provisions 3,285 2,913
    Subordinated debt at amortized cost 13,593 13,180
    Total shareholders’ equity 46,698 45,203
    Shareholders’ equity – Attributable to the group 41,997 40,737
    Capital and related reserves 6,568 6,568
    Consolidated reserves 33,822 30,959
    Gains and losses recognized directly in equity 161 195
    Profit (loss) for the period 1,447 3,015
    Shareholders’ equity – Non-controlling interests 4,701 4,466
    TOTAL LIABILITIES 732,747 734,840

    At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.

    Income statement

    (in € millions) 06/30/2025 06/30/2024
    Interest and similar income 14,617 17,055
    Interest and similar expenses -11,235 -13,787
    Commissions (income) 2,389 2,332
    Commissions (expenses) -743 -698
    Net gains on financial instruments at fair value through profit or loss 839 497
    Net gains or losses on financial assets at fair value through shareholders’ equity 16 -13
    Net gains or losses resulting from derecognition of financial assets at amortized cost 2 0
    Income from insurance contracts issued 3,901 3,712
    Expenses related to insurance contracts issued -3,170 -3,085
    Income and expenses related to reinsurance contracts held -67 -51
    Financial income or financial expenses from insurance contracts issued -2,992 -3,073
    Financial income or expenses related to reinsurance contracts held 3 4
    Net income from financial investments related to insurance activities 3,115 3,189
    Income from other activities 659 371
    Expenses on other activities -784 -275
    Net revenue 6,549 6,178
    of which Net income from insurance activities 789 695
    General operating expenses -3,231 -3,041
    Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets -174 -166
    Gross operating income 3,144 2,970
    Cost of counterparty risk -782 -799
    Operating income 2,363 2,171
    Share of net income of equity consolidated companies 37 40
    Net gains and losses on other assets 0 -2
    Changes in the value of goodwill 1 0
    Income before tax 2,402 2,210
    Income taxes -764 -496
    Net income 1,638 1,714
    Net income – Non-controlling interests 191 189
    NET INCOME ATTRIBUTABLE TO THE GROUP 1,447 1,524

    At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.

    1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF).
    2 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
    3 Change in outstandings calculated over twelve months.
    4 Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.

    2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.

    3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.

    2 Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.

    Attachment

    The MIL Network –

  • PM Modi condoles demise of renowned economist Meghnad Desai

    Source: Government of India

    Source: Government of India (4)

    Distinguished Indian-origin economist, author, and member of the UK House of Lords, Lord Meghnad Desai, passed away at the age of 85 on Tuesday, prompting an outpouring of condolences from across the world, including Prime Minister Narendra Modi and the British High Commissioner to India, Lindy Cameron.

    Born as Meghnad Jagdishchandra Desai in 1940 in Vadodara, the economist began his academic journey in economics at the University of Mumbai, where he earned both his Bachelor’s and Master’s degrees, following which he received a scholarship to the University of Pennsylvania, completing his PhD in economics in 1963, three years after enrolling.

    Following the news of his demise, PM Modi expressed grief and recalled his valuable contributions to economic thought and India-UK relations.

    In a post on X, PM Modi said, “Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti.”

    The British High Commissioner to India also expressed her condolences over Desai’s demise, stating, “RIP Lord Desai. Thoughts with Kishwar Desai and his wider family and friends. Such fond memories of watching the UK general election with him last year,” in a post on X.

    “So sad to learn Lord Meghnad Desai passed away in Delhi this evening. First Indian Labour Party Peer, Professor Emeritus LSE, renowned economist and author. A passionate advocate for UK-India links. Thoughts of all UK in India with his wife Lady Kishwar and their children,” said Christina Scott, Deputy High Commissioner of the UK to India in a post on X.

    The High Commission of India in London also paid tribute to Desai, noting that he had championed the strong and lasting ties between India and the UK and that his contributions would continue to inspire diplomats, academics, and thought leaders in both nations.

    “The High Commission of India in London is deeply saddened by the passing of Lord Meghnad Desai. A teacher, scholar, thought leader and great advocate of the enduring friendship between India and the UK. Lord Desai’s work will be cherished by generations of diplomats, scholars and thought leaders in both countries. His role in the installation of a statue of Mahatma Gandhi at Parliament Square in London ensures that his legacy will endure,” said the High Commission of India in London in a post on X.

    Desai was elevated to the UK House of Lords in 1991, where he served as the first Indian-origin peer from the Labour Party. He held the title of Professor Emeritus at the London School of Economics (LSE) and was widely respected for his academic contributions and public policy insights.

    (ANI)

  • MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

    Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

    Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system.  I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

    The energy and vitality of this movement continues to inspire.  This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

    At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).  Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

    Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

    Since then, Governments have continued to shift how they govern and shape policy for food systems.  A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

    In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

    More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices.  At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

    I am proud of what we have achieved.  We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

    And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

    The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

    These are powerful commitments to transform food systems for people and the planet that you have helped inspire.  Thanks to your collective work and efforts we are better equipped to meet our ambition.

    You are strengthening coalitions and launching new initiatives to help drive our work, including:

    • The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
    • Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
    • Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground.  These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
    • As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes.  The launch for this large-scale commitment will take place in New York this September 2025.
    • The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
    • Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
    • The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
    • The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.

    With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

    As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

    The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed:  hunger and malnutrition persist.  Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

    It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet.  Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

    People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death.  Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

    Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security.  Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital.  Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

    As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition.  Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices.  Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

    As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

    First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves.  The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

    Second, is to deepen the implementation of National Pathways for Food Systems Transformation.  The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

    Third, we must unlock finance and investment.  That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation.  It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

    And we have work to do to scale up private sector investment in agriculture and food systems.  This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

    Fourth, we must continue the drive for an integrated approach.  We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems.  Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

    Fifth, we must continue to leverage science, technology and knowledge.  Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies.  Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

    New technologies, such as artificial intelligence, are changing our economies and our societies.  The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet.  The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

    And, finally, we must connect with our future.  I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation.  Policies should enhance opportunities for young people to create, innovate and thrive.

    On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage.  These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

    UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

    The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners.  Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

    I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda.  Let’s continue to lead the way — together.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Investor Alert: IPO Capital And SM Trading Centre Are Not Registered

    Source: Government of Canada regional news

    Released on July 30, 2025

    The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities known as IPO Capital and SM Trading Centre.

    “The FCAA urges Saskatchewan residents to always check an entity’s registration status at aretheyregistered.ca before making an investment,” FCAA Securities Division Executive Director Dean Murrison said. “Registration status indicates if a business is legitimate. Only dealing with registered entities is an easy way to protect yourself and keep your investments safe.”

    IPO Capital and SM Trading Centre claim to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies, forex, indices and commodities. Additionally, IPO Capital claims to offer Contracts for Difference (CFDs) commodities. 

    This alert applies to the online entities using the websites “https://ipo capital” and “smtradingcentre com” (these URLs have been manually altered so as not to be interactive).

    IPO Capital and SM Trading Centre are not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

    If you have invested with IPO Capital or SM Trading Centre or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

    In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

    Tips to protect yourself:

    • Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
    • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
    • Get a second opinion and seek professional advice about the investment.
    • Do not allow unknown or unverified individuals to remotely access your computer.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: LYNO Debuts Presale Offering for AI-Powered Arbitrage Token

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — The team behind $LYNO has officially launched the first phase of its presale for a decentralized, AI-powered cross-chain arbitrage protocol designed to operate across more than 15 EVM-compatible blockchains. The presale is structured into seven stages and aims to provide early participants with tiered pricing and bonus opportunities.

    7-Stage LYNO Presale Begins—Early Access Tokens Available at Discounted Rate

    The presale of LYNO has already begun, and it is well-organized with a 7-phase launch plan that will reward early participants. The Early Bird phase is the first Community Round, where 16 million tokens or 3.20 percent of the total 140 million supply will be offered at a highly discounted price of 0.05 dollars per token, in order to encourage early participation. This round aims at raising 800,000. After this level, the price of the token shoots to 0.055 – the next level immediately adding value to the early investors who get the tokens at the lowest rates.

    The Community Round is now underway, offering 16 million tokens—or 3.20% of the total 140 million supply—at a discounted price of $0.05 per token. This phase targets a raise of $800,000 before the token price increases to $0.055 in the next stage. Participants can use ETH or USDT on the Ethereum network and must connect via Web3-compatible wallets such as MetaMask or Trust Wallet.

    Smart contracts associated with the presale have been audited by Cyberscope , providing an added layer of transparency and security. Purchased tokens will be claimable via the official LYNO dashboard upon the conclusion of the presale.

    Introducing the LYNO Protocol

    The $LYNO protocol is an AI-powered, decentralized arbitrage system that autonomously identifies and executes cross-chain trading opportunities. By leveraging real-time market data and machine learning algorithms, it seeks to detect price inefficiencies and execute arbitrage with minimal latency.

    The protocol consists of four core modules:

    1. Data Aggregation
    2. AI-Based Decision Making
    3. Autonomous Execution
    4. Settlement and Reporting

    It is built to interact seamlessly with popular chains including Ethereum, BNB Chain, Polygon, Arbitrum, and Optimism. Interoperability is enabled through bridges such as LayerZero, Axelar, and Wormhole.

    The $LYNO token will serve multiple functions within the ecosystem, including:

    • Governance voting
    • Profit-sharing via staking
    • Protocol upgrades and community initiatives

    Next Steps

    The team encourages interested participants to review the project documentation and join the community channels for regular updates.

    For more information:

    Contact:

    LYNO AI
    Email: contact@lyno.ai

    Disclaimer: This content is provided by LYNO AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ddc05c6a-661b-4f0a-8d44-d8c207fa0e5e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6e21c7b3-e34c-4d1b-9e86-9db02e733906

    The MIL Network –

  • MIL-OSI: BSNFinance Expands Global Operations, Marking 10+ Years of Consistent Growth

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 30, 2025 (GLOBE NEWSWIRE) — In a significant milestone for the company, BSNFinance has announced the expansion of its global operations, underscoring more than a decade of sustained performance in the rapidly evolving digital asset landscape. This latest development reinforces the platform’s longstanding commitment to innovation, market stability, and delivering value to a growing base of international investors.

    With over 10 years in operation, BSNFinance has established itself as a trusted name in the world of cryptocurrency trading, offering a comprehensive suite of tools designed to meet the demands of both institutional and retail clients. The platform’s ability to adapt to market changes while maintaining consistent growth has positioned it as a leader among multi-asset trading solutions.

    Throughout its history, BSNFinance has focused on delivering high-performance technology and reliable execution, attributes that have earned it a strong reputation within the industry. Its expansion into new global markets reflects a strategic plan to leverage this experience, ensuring clients benefit from advanced infrastructure and seamless access to a diverse range of crypto assets.

    One of the key elements that has fueled this growth is the platform’s emphasis on continuous technological development. Over the past decade, BSNFinance has invested heavily in infrastructure that enables faster trade execution, enhanced risk management tools, and advanced analytical features for traders seeking precision in volatile markets. These efforts have contributed to the company’s reputation as a forward-thinking trading platform that consistently delivers measurable value.

    As the digital asset market becomes increasingly competitive, trust and credibility play a crucial role in client acquisition and retention. Independent analyses and numerous BSNFinance reviews highlight the platform’s ability to combine stability with innovation, making it a preferred choice for traders navigating diverse market conditions. The expansion of operations is expected to strengthen these capabilities further, enabling the company to deliver its proven solutions on a larger scale.

    Another significant factor behind BSNFinance’s success is its commitment to client-centric development. The platform has spent over a decade refining user experience, ensuring that both new and seasoned traders have access to intuitive interfaces and reliable market data. This approach has been consistently reflected in BSNFinance reviews, which emphasize the company’s focus on user satisfaction and long-term relationship building.

    The expansion plan includes the integration of advanced liquidity networks, allowing BSNFinance to offer enhanced market depth and competitive pricing. These improvements are designed to support traders across a wide range of strategies, from day trading to long-term portfolio management. Such strategic developments underscore the platform’s ability to evolve in response to changing market demands while preserving the consistency that has defined its operations for over a decade.

    Industry observers note that BSNFinance reviews frequently highlight the company’s ability to maintain high performance across different market cycles. This consistency is a direct result of its comprehensive approach to risk management and technology integration, both of which are at the core of the platform’s expansion initiatives. By scaling its operations globally, BSNFinance aims to ensure that its clients continue to benefit from the same stability and reliability, regardless of market volatility.

    The company’s decade-long presence in the crypto trading space has also allowed it to develop strong partnerships and networks within the financial ecosystem. These connections play a crucial role in supporting the platform’s expansion strategy, ensuring seamless access to liquidity and market insights. Many BSNFinance reviews emphasize this depth of market integration as one of the defining features that separate the platform from newer entrants in the industry.

    With more than 10 years of operational excellence, BSNFinance is uniquely positioned to navigate the complexities of today’s digital asset landscape. Its latest global expansion is not just a reflection of past success but also a signal of its continued commitment to delivering cutting-edge solutions to traders worldwide. This strategic move ensures that the platform remains a key player in the crypto trading sector, balancing innovation with the proven stability that clients have come to expect.

    As the company enters this next phase of growth, BSNFinance reviews are expected to continue reinforcing its reputation as a trusted and established leader in the market. The combination of technological advancement, client-focused development, and over a decade of experience provides a strong foundation for sustained success in an increasingly competitive environment.

    Australia – Sydney
    “BSNFinance has been my go-to trading platform for years. The stability and accuracy of their tools are unmatched, especially during volatile market swings.”

    Australia – Melbourne
    “After using several platforms, BSNFinance stands out for its consistency and execution speed. A decade of experience really shows in the way they operate.”

    Canada – Toronto
    “I’ve seen steady growth in my portfolio thanks to BSNFinance. The platform combines advanced technology with a user-friendly interface that makes trading efficient.”

    Canada – Vancouver
    “Reliable, professional, and innovative. BSNFinance has maintained a high standard for over a decade, and it continues to deliver excellent results.”

    About BSNFinance

    BSNFinance is a global cryptocurrency trading platform with over 10 years of operational excellence in the digital asset market. The company provides a comprehensive suite of trading solutions, advanced analytics, and robust infrastructure designed to serve both institutional and retail traders worldwide. Known for its consistent performance and client-focused innovation, BSNFinance continues to deliver trusted solutions that adapt to evolving market dynamics.

    Disclaimer: trading involves risk and may not be suitable for all investors. This content is for informational purposes only and does not constitute investment or legal advice.

    The MIL Network –

  • MIL-OSI: Little Pepe (LILPEPE) Sells Out Presale Stage 8 Ahead of Schedule, Raised Amount Crosses $13,775,000

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 30, 2025 (GLOBE NEWSWIRE) — Little Pepe (LILPEPE), the newest token sensation in the meme coin sphere, is successfully selling Presale Stage 8 long before the planned deadline, and this marks a significant milestone on the way to the outfit raising funds. Earlier today, the amount raised had already skyrocketed to an impressive amount nearing $13.7 million. The project momentum is only then gaining speed as it starts attracting the interest of investors in the whole crypto space.

    LILPEPE Raises Over $13.7M as Token Demand Soars in Stage 8
    Little Pepe ($LILPEPE) is smashing through its presale of Stage 8, raising $13.75 million, bringing the funds raised to a total of around $13.775 million. The Ethereum-based meme coin, with over 9.7 billion tokens sold at the price of $0.0017, was still a strong attraction to investors.

    The presale has experienced growth in interest, taking place in phases of increased prices and in Stage 7, it was an $11.225 million fund. A low-cost, scalable, EVM-compatible network is a great way to create a meme coin with some actual utility, with $LILPEPE tapping into the future of the part culture, meme NFTs, and utilities of the blockchain industry.

    $777K Little Pepe Giveaway Still Open
    To thank the early adopters, Little Pepe is running a giveaway of 777,000 dollars. The winners will be 10 people who will share 77,000 dollars worth of LILPEPE tokens.

    The entry requires buying a minimum of $100 in Little Pepe during the presale and performing social actions such as following, sharing, tagging, and others and you should only enter via the official site, LittlePepe.com, to not getting scammed. Little Pepe will never DM or contact you to request wallet information.

    About Little Pepe
    Little Pepe is a blockchain of the next generation that combines the meme culture and the light infrastructure of decentralization, which is low-cost and fast at the same time and it is entirely EVM-compatible and able to support scalable applications with low fees. The project builds on these factors, as there is power in the $LILPEPE token, making this a project that brings utility and virality together, providing a meme coin with utility and cutting-edge technology.

    Conclusion
    Little Pepe ($LILPEPE) is quickly gaining traction, as Stage 8 is seeing its tokens sell out before its completion, and more than $13.7 million has already been raised. It poses a strong possibility in the meme coin market by having the support of a strong community and being useful. The giveaway of 777K is still ongoing, making it a great moment to attract new users. As it gets ready to launch, Little Pepe is establishing that meme coins can be more than hype-fueled vehicles; they can be a source of genuine innovation on the crypto scene.

    For More Details About Little PEPE, Visit The Below Link:
    Website: https://littlepepe.com

    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

    Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34b6a1c5-e3f2-4a29-ab26-3ec0613d3f17

    The MIL Network –

  • MIL-OSI USA: Rep. Young Kim Introduces Bipartisan Bill to Fix Regulations Hurting U.S. Taxpayers

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, U.S. Representatives Young Kim (CA-40) and Eugene Vindman (VA-07) introduced the bipartisan Cutting Paperwork for Taxpayers Act (H.R.4826) to close a loophole in the tax code that penalizes Americans waiting on tax refunds from the Internal Revenue Service (IRS). 

    Under current law, when the IRS is delayed more than 45 days in issuing a tax refund, interest begins to accrue on the refund. If this interest exceeds $10, taxpayers must report it as income by filing a separate 1099-INT form, creating an unnecessary administrative and financial burden on taxpayers for delays outside of their control.  

    The Cutting Paperwork for Taxpayers Act would correct this flaw in the tax code and designate IRS-paid interest on late refunds as non-taxable, sparing individual filers and small businesses from having to report this interest as additional income. 

    “Taxpayers shouldn’t have to foot the bill for inefficiency at the IRS,” said Rep. Young Kim. “I’m proud to help lead this bipartisan bill to cut red tape at the IRS and save working Americans time and money. I will always fight to ensure our federal government works for taxpayers, not against them.” 

    “The cost of living is too damn high, and I’m working hard to change that. This common-sense, bipartisan bill would put money back in your pocket. Families who file their taxes on time and are owed a refund should get their money hassle free,” said Rep. Vindman. “I’m proud to team up with Congresswoman Kim on this effort to make life easier.”

    Read more about the bill HERE.

    MIL OSI USA News –

  • MIL-OSI: Societe Generale: shares & voting rights as of 28 July 2025

    Source: GlobeNewswire (MIL-OSI)

    NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 28 JULY 2025

    Regulated Information

    Paris, 30 July 2025

    Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

    Date Number of shares composing current share capital Total number of
    voting rights
    28 July 2025 785,180,327

    Gross: 874,777,040

    Press contacts:

    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Pacific General Leads Investment in NAYA

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Pacific General, a New York based investment firm specializing in consumer and industrials private equity investments, announced today that it has invested in Naya Group LLC (“NAYA” or the “Company”), a rapidly growing Middle Eastern fast-casual restaurant brand with 35 units across six states.

    The investment is part of a single-asset continuation vehicle transaction of TriSpan (USA), LLC (“TriSpan”), a transatlantic private equity firm with offices in New York and London. The transaction was led by Pacific General, with Kline Hill Partners LP (“Kline Hill”) serving as co-lead. Pacific General’s investment offered liquidity to TriSpan’s investors while also providing growth equity capital to support NAYA’s expansion into a national brand.

    Hady Kfoury, founder and CEO of NAYA, commented, “We are pleased to welcome Pacific General as our investor alongside our longstanding partner TriSpan. We look forward to leveraging Pacific General’s strategic support and industry insights to help accelerate our growth.”

    “We are excited about our partnership with NAYA and TriSpan and also teaming up with Kline Hill to contribute to laying the cornerstone for the Company’s next phase of growth,” said Matthew Yoon, Managing Partner of Pacific General. “TriSpan and the management of NAYA have built the Company as a standout brand in the Mediterranean / Middle Eastern fast casual dining space, and we are thrilled to be joining the journey.”

    “NAYA aligns with our investment strategy of supporting highly scalable, authentic restaurant brands with strong unit economics and significant whitespace for growth. The investment underscores our team’s ability to identify, source, and execute high-quality investment opportunities in the restaurant space,” said Dajeong Lee, Partner of Pacific General.

    Proskauer Rose LLP acted as legal counsel to Pacific General. Goodwin Procter LLP and Goldman Sachs & Co. LLC served as legal counsel and financial advisor, respectively, to TriSpan. Golenbock LLP acted as legal counsel to NAYA.

    About NAYA

    NAYA is a high-growth, fast-casual restaurant brand reimagining Middle Eastern / Mediterranean cuisine for the modern consumer. Blending bold flavors with fresh, high-quality ingredients, NAYA offers a customizable menu of craveable, wholesome dishes served in a sleek, contemporary setting. With generous portions, an efficient counter-service model, and broad demographic appeal, NAYA’s value proposition has resonated strongly with U.S. consumers, making it a go-to destination for flavorful, satisfying meals at an accessible price point. For more on NAYA, visit www.eatnaya.com.

    About Pacific General

    Pacific General is an investment firm focusing on private equity and alternative investments. The firm specializes in originating, structuring, and investing in businesses with growth potential in the consumer, industrials and business services sectors, and leverages its cross-border expertise and global network to create value. The firm operates through offices in New York and Seoul, South Korea and with a presence in Riyadh, Saudi Arabia. For more information, please visit www.pacificgeneral.com.

    About TriSpan

    Founded in 2015, TriSpan, LLP is a private equity firm with offices in New York and London that invests in lower middle market companies in North America, Europe, and the United Kingdom. TriSpan, LLP is committed to creating value by leveraging a combination of deep operational and financial resources to accelerate growth and drive improved performance. Since inception, the firm has completed 24 platform investments, alongside nearly 100 bolt-on acquisitions across its portfolio. TriSpan’s Rising Stars strategy focuses on control-oriented growth investments in differentiated, high-growth restaurant concepts. For more information, please visit www.trispanllp.com.

    About Kline Hill Partners

    Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $5.4 billion in assets under management, Kline Hill’s funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Together, Kline Hill’s secondary strategies make up a platform designed to serve the entirety of the small-deal secondary market, with capabilities spanning LP fund transfers, GP-led transactions, and secondary direct transactions. For more information, please visit www.klinehill.com.

    The MIL Network –

  • MIL-OSI USA: Preliminary Analysis of How Federal Investment in Nondefense Research and Development Affects the Economy and the Federal Budget

    Source: US Congressional Budget Office

    CBO responds to a request for information about the economic and budgetary effects of federal investment in nondefense research and development (R&D). For this preliminary assessment of the effects of providing additional funding for such investment—which the Congressional Budget Office expects to update in the coming months—the agency examined two illustrative scenarios in which federal funding for nondefense R&D is increased by $30 billion per year for the next 10 years.

    Under Scenario 1, the $300 billion increase in federal funding for nondefense R&D over the next 10 years is financed by a reduction in noninvestment spending of the same amount. That approach, which is deficit-neutral before macroeconomic changes are accounted for, is estimated to have the following effects:

    • In 2035, real gross domestic product (GDP)—that is, the nation’s economic output adjusted to remove the effects of inflation—would be 0.1 percent higher than CBO projects it would be under current law. In 2055, real GDP would be 0.8 percent higher than it would be under current law, which corresponds to an increase of 0.03 percentage points in the average annual growth rate of real GDP over the 2026–2055 period.
    • The cumulative deficit for the next 10 years, 2026 to 2035, would be $31 billion (or 0.1 percent) smaller than it is projected to be under current law. The cumulative deficit for the next 30 years, 2026 to 2055, would be 2.1 percent smaller than projected under current law.

    Under Scenario 2, that same increase in federal funding for nondefense R&D is financed by additional borrowing by the federal government. The effects on the economy would be similar to those under Scenario 1, but the effects on the budget would differ:

    • In 2035, real GDP would be 0.1 percent higher than CBO projects it would be under current law. In 2055, real GDP would be 0.8 percent higher than projected under current law; the average annual growth rate of real GDP over the 30-year period would increase by 0.03 percentage points.
    • The cumulative deficit for the next 10 years would be a total of $303 billion (or 1.4 percent) larger than projected under current law. However, the cumulative deficit for the next 30 years would be 1.1 percent smaller than projected under current law.

    Although those two scenarios illustrate the effects of a $300 billion increase in funding, CBO expects that the results of a decrease in funding of a similar amount would be roughly symmetric—that is, the economic and budgetary effects would be of a similar magnitude but opposite sign.

    The analysis presented here follows the framework the agency used in its August 2021 report about the effects of federal investment in physical infrastructure on the budget and the economy over 10-year and 30-year periods. CBO projected budgetary and economic outcomes under the two scenarios and compared them with its January 2025 baseline projections and with its March 2025 extended baseline projections, both of which reflect the assumption that laws governing taxes and spending generally remain unchanged.

    MIL OSI USA News –

  • MIL-OSI USA: July 30th, 2025 Heinrich, Rounds, Tillis, Kim Reintroduce Legislation Supporting AI Innovation in Financial Services

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), and Andy Kim (D-N.J.) reintroduced bipartisan legislation to promote artificial intelligence (AI) innovation in the financial services industry. The Unleashing AI Innovation in Financial Services Act will establish regulatory guardrails at financial regulatory agencies for regulated entities to test AI projects, allowing them to experiment with cutting-edge technologies in a safe way.

    “To unlock AI’s full potential and ensure it is deployed responsibly, we need regulatory guardrails that are informed by real-life use cases,” said Heinrich. “Our Unleashing AI Innovation in Financial Services Act does exactly this by enabling the private sector and government agencies to work together and encourage innovation that protects consumers.”

    The Unleashing AI Innovation in Financial Services Act establishes regulatory innovation labs for AI test projects at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). Regulated entities would apply through their primary regulator and must be able to demonstrate the project will serve the public interest (including consumer projection), enhance efficiency or increase competitiveness and not present a systemic risk to the financial system.

    The legislation is led by U.S. Representatives French Hill (R-Ark.), Ritchie Torres (D-N.Y.), Bryan Steil (R-Wis.), and Josh Gottheimer (D-N.J.) in the House.

    The full text of the bill is here.

    MIL OSI USA News –

  • MIL-OSI Canada: More classroom spaces on the way | Un plus grand nombre de places en salles de classe à venir

    To support schools in managing the growing number of students, Alberta’s government is investing $50 million to add 62 pre-made classrooms this fall. Through previous Budget 2025 commitments, a total $100 million will deliver 109 new modular classrooms, creating space for 2,725 students and relocating 575 more.

    “Alberta’s government is moving quickly to build new schools and create more classroom spaces, so our students continue to have room to grow and thrive. This additional funding for modular classrooms will help us get much-needed spaces to some of our busiest schools, while we work as quickly as possible to open the doors to more than 130 school projects underway in the province.”

    Demetrios Nicolaides, Minister of Education and Childcare

    “Rocky View Schools welcomes these additional modular classrooms to help ease current enrolment pressures while we await completion of the seven much-needed new schools approved in budgets 2024 and 2025. RVS has experienced years of unprecedented enrolment growth and appreciates the Government of Alberta’s recognition of the urgent need for more student spaces in our fast-growing communities. We remain committed to working with the government to ensure new school and modular approvals keep pace with student enrolment growth across RVS.”

    Fiona Gilbert, board chair, Rocky View Schools

    Alberta’s government is also providing $1 million in planning funding to advance four new charter school projects. The funds are being provided to New Horizons Charter Academy, New Humble Community School, Suzuki Charter School and Thrive Charter School to finalize planning details such as programming needs and the size and type of classrooms needed in each school. When completed, these new charter schools will contribute more than 2,400 new or updated student spaces.

    “The Thrive Charter School Society is excited about this opportunity to advance efforts in addressing opportunity gaps for students in Edmonton. This investment paves the way to serve more students and their families with the programming and supports necessary to truly thrive.”

    Michael Hladun, vice-chair, Thrive Charter School Society

    Alberta’s government is looking to the future by providing $610,000 in pre-planning funding for 13 potential future school projects. Pre-planning funding helps school boards begin planning for school projects they believe will become priorities within the next three to five years. Examples of pre-planning activities include project scoping and community engagement and outreach. Although it is an important first step, pre-planning funding does not guarantee a school project will be built.

    These investments in modulars and school planning are all part of the province’s Schools Now program, which includes a generational investment of $8.6 billion to build and update more than 100 schools across the province and create more classroom spaces now. Over seven years, Schools Now will create more than 200,000 student spaces, helping school boards manage class sizes and bringing learning closer to home for more Alberta students and families.

    Quick facts

    • Alberta’s student population rose from about 735,000 in 2020-21 to nearly 826,000 in 2024-25 – and counting.
    • The most recent $50-million investment supports the purchase of 62 modular classrooms, three washroom units and the relocation of four units.
      • The pre-made classrooms will start to be manufactured this summer and will be installed throughout the 2025-26 school year.
    • The $50 million invested in modular classrooms earlier in the year supported the purchase of 47 new modular classrooms, three washroom units and 19 relocations.
    • With the addition of four new charter school projects, there are now seven charter school projects underway in Alberta. When complete, these projects will contribute more than 4,400 student spaces.
    • The province also invested $140 million towards modular classrooms in 2024.? 

    2025-26 Modular Classroom Program in-year approvals ($50 million)

    School boards

    New modulars

    Relocations

    Demolitions

    Black Gold School Division

    4

    –

    4

    Calgary Board of Education

    13

    –

    –

    Calgary Catholic School District

    4

    4

    –

    Chinook’s Edge School Division

    2

    –

    –

    Christ the Redeemer Catholic Schools

    1

    –

    –

    Connect Charter School

    1

    –

    –

    Conseil scolaire Centre-Nord

    2 + 1 washroom

    –

    –

    Edmonton Catholic Schools

    2 + 1 washroom

    –

    Edmonton Public Schools

    11

    –

    –

    Elk Island Public Schools

    2

    –

    –

    Fort McMurray Public School Division

    2

    –

    –

    Fort McMurray Catholic Schools

    3

    –

    –

    Grande Prairie and District Catholic Schools

    –

    –

    14

    Lethbridge School Division

    1

    –

    –

    Parkland School Division

    3

    –

    –

    Rocky View Schools

    5

    –

    –

    St. Albert Public Schools

    4

    –

    4

    St. Thomas Aquinas Roman Catholic Schools

    2 + 1 washroom

    –

    –

    Total

    62 classrooms + 3 washroom units

    4

    22

    Planning funding (4 projects):   

    Community

    Charter school

    Edmonton (2)

    Suzuki Charter School

    Thrive Charter School

    Leduc County

    New Humble Community School

    Sherwood Park

    New Horizons School

    Pre-planning funding (13 projects):   

    Community

    School board

    Blackfoot/Kitscoty

    Buffalo Trail Public Schools

    Calgary

    Connect Charter School

    Edmonton (4)

    Edmonton Catholic Schools

    Edmonton Public Schools (2)

    STEM Collegiate Canada

    Fort Saskatchewan

    Elk Island Public Schools

    Lacombe

    Wolf Creek Public Schools

    Okotoks

    Christ the Redeemer Catholic Schools

    Oyen

    Prairie Rose School Division

    Paddle Prairie

    Northland School Division

    Red Deer

    Red Deer Public Schools

    Stettler

    East Central Catholic Schools

    Related information

    • Planning and building schools
    • Schools Now
    • Student population statistics

    Related news

    • Fast-tracking more school projects (May 21, 2025)
    • Money for school project planning (April 4, 2025)

    À l’approche de l’année scolaire 2025-2026, le gouvernement de l’Alberta continue d’investir dans la création de nouvelles places en salles de classe.

    Afin d’appuyer les écoles à gérer le nombre croissant d’élèves, le gouvernement de l’Alberta investit 50 millions de dollars pour ajouter 62 nouvelles salles de classe modulaires cet automne. Avec les engagements précédents dans le cadre du budget 2025, cela représente un total de 100 millions de dollars qui permettront de construire 109 nouvelles salles de classe modulaires, créant ainsi 2 725 places pour les élèves, et d’en déplacer 575 autres.

    « Le gouvernement de l’Alberta agit rapidement pour construire de nouvelles écoles et augmenter le nombre de places en salles de classe afin que nos élèves continuent d’avoir l’espace nécessaire pour grandir et s’épanouir. Ce financement supplémentaire pour les salles de classe modulaires nous aidera à fournir les places dont ont tant besoin certaines de nos écoles les plus surutilisées, pendant que nous travaillons aussi vite que possible pour terminer plus de 130 projets d’écoles en cours dans la province. »

    Demetrios Nicolaides, ministre de l’Éducation et de la Garde d’enfants

    « Rocky View Schools se réjouit de l’arrivée de ces salles de classe modulaires supplémentaires qui permettront d’alléger la pression actuelle sur les inscriptions, en attendant l’achèvement des sept nouvelles écoles indispensables approuvées dans le cadre des budgets 2024 et 2025. RVS connait depuis des années une croissance sans précédent du nombre d’inscriptions et apprécie que le gouvernement de l’Alberta reconnaisse le besoin urgent de créer davantage de places pour les élèves dans nos communautés en pleine expansion. Nous restons déterminés à travailler avec le gouvernement pour veiller à ce que les autorisations de construction de nouvelles écoles et de salles de classe modulaires suivent le rythme de la croissance des inscriptions dans l’ensemble des écoles de Rocky View Schools. »

    Fiona Gilbert, présidente, Rocky View Schools

    Le gouvernement de l’Alberta fournit également un million de dollars de financement pour la planification qui fera avancer quatre projets de nouvelles écoles à charte dans la province. Ces fonds sont attribués aux écoles New Horizons Charter Academy, New Humble Community School, Suzuki Charter School et Thrive Charter School afin de finaliser les détails de planification, tels que les besoins en matière de programmation et la taille et le type de salles de classe nécessaires pour chaque école. Lorsqu’elles ouvriront leurs portes, ces nouvelles écoles à charte ajouteront plus de 2 400 places nouvelles ou modernisées.

    « La Thrive Charter School Society se réjouit de cette occasion qui lui est offerte de faire progresser les efforts visant à combler les écarts en matière d’occasions pour les élèves d’Edmonton. Cet investissement ouvre la voie à la prise en charge d’un plus grand nombre d’élèves et de leurs familles grâce à des programmes et à des soutiens nécessaires à leur épanouissement. »

    Michael Hladun, vice-président, Thrive Charter School Society

    Le gouvernement de l’Alberta pense à l’avenir en accordant un financement de 610 000 de dollars pour la planification préliminaire de 13 projets d’écoles potentiels. Le financement pour la planification préliminaire permet aux autorités scolaires de commencer à planifier des projets d’école qui, selon elles, deviendront des priorités dans les trois à cinq prochaines années. Les activités admissibles dans le cadre du financement pour la planification préliminaire comprennent, entre autres, la détermination de la portée du projet, ainsi que la consultation et la sensibilisation auprès de la communauté. Bien qu’il s’agisse d’une première étape importante, l’approbation du financement pour la planification préliminaire ne garantit pas la construction d’une école.

    Ces investissements dans les salles de classe modulaires et la planification d’écoles s’inscrivent dans le cadre du programme « Des écoles dès maintenant » (Schools Now) du gouvernement de l’Alberta, un investissement générationnel de 8,6 milliards de dollars pour bâtir et moderniser plus de 100 écoles dans la province et créer dès maintenant un plus grand nombre de places en salles de classe. Au cours des sept prochaines années, le programme « Des écoles dès maintenant » créera plus de 200 000 places pour les élèves, ce qui aidera les autorités scolaires à gérer la taille des classes et à faire en sorte qu’un plus grand nombre d’élèves et de familles albertaines aient accès à un lieu d’apprentissage plus près de chez eux.

    En bref

    • La population étudiante de l’Alberta est passée d’environ 735 000 en 2020-2021 à près de 826 000 en 2024-2025, et elle continue d’augmenter.
    • Le plus récent investissement, au montant de 50 millions de dollars, permettra d’acheter trois toilettes et 62 salles de classe modulaires, ainsi que d’en déménager quatre autres.
      • La fabrication des nouvelles salles de classe modulaires débutera cet été et les salles de classe seront installées tout au long de l’année scolaire 2025-2026.
    • Les 50 millions de dollars investis plus tôt cette année dans le programme de salles de classe modulaires ont permis d’acheter trois toilettes et 47 nouvelles salles de classe modulaires, ainsi que d’en déménager 19 autres.
    • Avec l’ajout de quatre nouveaux projets d’écoles à charte, on compte maintenant sept projets d’écoles à charte en cours de réalisation en Alberta. Une fois achevés, ces projets créeront plus de 4 400 places pour les élèves.
    • La province a également investi 140 millions de dollars dans le programme de salles de classe modulaires en 2024.

    Approbations en cours d’exercice pour le programme de salles de classe modulaires 2025-2026 (50 millions de dollars)

    Autorités scolaires

    Nouvelles salles de classe modulaire

    Déménagement

    Démolition

    Black Gold School Division

    4

    –

    4

    Calgary Board of Education

    13

    –

    –

    Calgary Catholic School District

    4

    4

    –

    Chinook’s Edge School Division

    2

    –

    –

    Christ the Redeemer Catholic Schools

    1

    –

    –

    Connect Charter School

    1

    –

    –

    Conseil scolaire Centre-Nord

    2 + 1 toilette

    –

    –

    Edmonton Catholic Schools

    2 + 1 toilette

    –

    Edmonton Public Schools

    11

    –

    –

    Elk Island Public Schools

    2

    –

    –

    Fort McMurray Public School Division

    2

    –

    –

    Fort McMurray Catholic Schools

    3

    –

    –

    Grande Prairie and District Catholic Schools

    –

    –

    14

    Lethbridge School Division

    1

    –

    –

    Parkland School Division

    3

    –

    –

    Rocky View Schools

    5

    –

    –

    St. Albert Public Schools

    4

    –

    4

    St. Thomas Aquinas Roman Catholic Schools

    2 + 1 toilette

    –

    –

    Total

    62 salles de classe + 3 toilettes

    4

    22

     

    Financement pour la planification (4 projets)   

    Collectivité

    École à charte

    Edmonton

    Suzuki Charter School

    Thrive Charter School

    Leduc County

    New Humble Community School

    Sherwood Park

    New Horizons School

     

    Financement pour la planification préliminaire (13 projets)  

    Collectivité

    Autorité scolaire

    Blackfoot/Kitscoty

    Buffalo Trail Public Schools

    Calgary

    Connect Charter School

    Edmonton (4)

    Edmonton Catholic Schools

    Edmonton Public Schools (2)

    STEM Collegiate Canada

    Fort Saskatchewan

    Elk Island Public Schools

    Lacombe

    Wolf Creek Public Schools

    Okotoks

    Christ the Redeemer Catholic Schools

    Oyen

    Prairie Rose School Division

    Paddle Prairie

    Northland School Division

    Red Deer

    Red Deer Public Schools

    Stettler

    East Central Catholic Schools

    Renseignements connexes

    • Planification et construction d’écoles
    • Des écoles dès maintenant
    • Statistiques sur la population étudiante (en anglais seulement)

    Nouvelles connexes

    • Accélérer un plus grand nombre de projets d’écoles (21 mai 2025)
    • Des fonds pour la planification d’écoles (4 avril 2025)

    MIL OSI Canada News –

  • MIL-OSI: KOZII: Real-World Yield Meets Blockchain as IEO Launches on Coinstore

    Source: GlobeNewswire (MIL-OSI)

    Singapore, July 30, 2025 (GLOBE NEWSWIRE) — KOZII, a pioneering real estate-backed Web3 project, is proud to announce the launch of its Initial Exchange Offering (IEO), marking a significant step toward making real estate investment accessible, transparent, and rewarding. Built on tangible income-generating assets and powered by blockchain technology, KOZII merges decentralized finance (DeFi) with student housing in Indonesia to create a sustainable and scalable ecosystem.

    Bridging Real Estate with DeFi

    KOZII transforms traditional real estate investment by allowing users to purchase fractional ownership of verified properties through KOZII tokens. These tokens are backed by real-world rental income, offering investors both immediate yield and long-term growth potential. This model is designed to provide genuine utility, not speculation.

    Key features include:
    Fixed 8% APY for staked tokens during the first 18 months
    Upcoming options for ownership of fractional shares in student-focused apartments
    Transparent, blockchain-based tracking of rental performance
    Profit-sharing through KOZII’s growing property portfolio in Phase 2.

    Token Overview
    ●  Token name:  KOZII token
    ●  Token symbol: KOZII
    ●  Total issue supply: 1,000,000,000
    ●  Total circulation supply: 100,000,000

    What Sets KOZII Apart

    Phase 1: Guaranteed 8% APY from Kozii ecosystem rewards for 18 months
    Phase 2: 3% of KOZII’s net annual profit distributed to token holders
    Seamless, borderless property access and ownership
    Full transparency and security through audited smart contracts

    Property Listings
    KOZII’s initial listings include premium, tokenized residential and service apartments in Jakarta, specifically selected to meet the growing demand for student accommodations. Locations include Java Island and Kuningan.

    Looking Ahead
    KOZII’s mission is to redefine how the world interacts with property investment， transforming it from a high-barrier, paperwork-heavy process into an accessible, decentralized experience backed by real assets and real yield. The project is built to deliver long-term returns, aligned with user success.

    As real-world asset (RWA) narratives gain traction in the Web3 space, KOZII offers a concrete use case and a sustainable model at the intersection of blockchain and real estate.

    KOZII Official Media
    Website | Twitter  | Telegram 

    About Coinstore
    Accessibility. Security. Equity.
    As a leading global platform for cryptocurrency and blockchain technology, Coinstore seeks to build an ecosystem that grants everyone access to digital assets and blockchain technology. With over 10 million users worldwide, Coinstore aims to become the preferred cryptocurrency trading platform and digital service provider worldwide.
    Coinstore Social Media
    Twitter | LinkedIn | Youtube | Tiktok | Telegram Announcement | Telegram Events Announcement

    The MIL Network –

  • MIL-OSI Canada: Premier celebrates first LNG Canada shipments to Asia

    Premier David Eby is celebrating hundreds of jobs and billions in economic growth that come with the first shipments of liquefied natural gas from LNG Canada to Asia, marking a historic milestone for British Columbia diversifying its trade relationships and securing its clean energy future.

    “The first shipments of made-in-B.C. energy across the Pacific come at a pivotal time for our province and the country we love,” Premier Eby said. “Projects like LNG Canada are the reason that B.C. will be the economic engine of a more independent Canada. It creates good jobs, opportunities that let young people build a life here in the North and generates the revenue we need to improve public services everyone relies on.”

    LNG Canada is the largest private-sector investment in Canadian history, with $40 billion committed to building the export facility in Kitimat and associated infrastructure. The project is expected to contribute 0.4% to Canada’s GDP once fully operational.

    The Kitimat facility is one of the cleanest of its kind in the world, with emissions 35% lower than the best-performing global facilities, and 60% lower than the global average. Approximately $6 billion in contracts have gone to B.C. and Indigenous businesses. The project was built in partnership with the Haisla Nation and other Indigenous communities.

    “British Columbia will produce some of the lowest-emission LNG in the world. It is imperative that we get our clean-energy resources to global markets so that we can deliver a stronger, more diversified economy for people and communities to benefit from,” said Adrian Dix, Minister of Energy and Climate Solutions. “LNG Canada’s first shipment to Asia is a major milestone and one that positions B.C. and Canada to meet growing global demand, while highlighting our commitment to responsible energy development.”

    Premier Eby’s recent trade mission to Asia confirmed strong demand for responsibly produced energy from B.C., demand that the LNG Canada project is helping to meet.

    The LNG Canada project has created thousands of good-paying jobs and new opportunities for people in the North and across Canada.

    Quick Facts:

    • At peak construction, there were more than 9,000 highly skilled workers at the LNG Canada site in Kitimat.   
    • More than 300 full-time permanent jobs have been created at the Kitimat facility.
    • Since the final investment decision, the project and associated pipeline have employed 65,000 workers over roughly a six-year construction period, including more than 40,000 Canadians who have worked on the site since the start of construction.

    MIL OSI Canada News –