Category: Energy

MIL-OSI Europe: EIB Board approves €2.4 billion of financing for business innovation, energy grids, flood resilience and transport
Source: European Investment Bank
- Discussion of EIB Global strategic reorientation and support for European electricity grids
- Energy-saving for businesses across Europe
- Financing to expand hydrogen refuelling in Europe and rebuild damaged heating infrastructure in Ukraine
The European Investment Bank (EIB) today approved €2.4 billion of new financing for business investment, clean energy, transport, telecommunications and flood protection in Europe.

The EIB Board of Directors also discussed the strategic orientation of EIB Global. Reflecting the changing geopolitical context and even better aligning with EU external policy priorities, the Bank’s investments outside of the EU will continue contribute to a stronger Europe in a more stable, more prosperous and sustainable world.

The Board examined ways to further increase support for electricity networks in Europe. In 2024, the Bank mobilised over €100 billion of additional investment for energy and financed a record high of €8.5 billion for electricity grids, which mobilised 40% of total EU investment in electricity grids.

“We are ahead of the investment targets of the RePowerEU programme to bring cheaper and clean energy to European households and businesses. Last year the EIB marked a record in investment in energy grids and inter connectors, to bolster Europe’s competitiveness and security”, said EIB Group President Nadia Calviño.

Energy networks, flood defences

The first EIB Board of Directors of the year approved financing totalling €791 million to expand hydrogen production for transport, strengthen electricity distribution, and improve flood protection in Poland.

This includes funding to boost research into and development of hydrogen and to increase the number of hydrogen refueling stations for cars and trucks.

In support of Ukraine, the Board paved the way for financing of €100 million to repair damaged municipal heating infrastructure in the country.

Outside the EU, the EIB agreed to provide financing to upgrade and extend electricity distribution in Panama. The goal is to increase renewable/energy use, bolster grids and expand power distribution to unserved communities in the country.

Green innovation

The Board also approved financing totalling €879 million for innovation and investment by businesses to improve energy efficiency and environmental sustainability.

This includes backing automotive-component research and development at 15 manufacturing sites across Europe and low-carbon glass production in France and Spain.

The EIB endorsed a new securitisation scheme to support Dutch business investment in climate action and environmental sustainability.

Better connections

The Board agreed €768 million in financing for transport and telecom networks in the EU and beyond.

In Colombia, the Board approved EUR 418 million for construction of and the acquisition of trains for Metro Line 1 in the capital Bogota – a service expected to carry more than 1 million passengers a day when operational.

The Board also gave the green light for financing of €350 million to expand mobile-phone networks across Italy.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.
MIL OSI Europe News –
February 6, 2025
MIL-OSI Asia-Pac: English rendering of PM’s reply to the Motion of Thanks on the President’s Address in Lok Sabha

Source: Government of India

Posted On: 04 FEB 2025 8:57PM by PIB Delhi

Respected Chairman,

I am present here to express my gratitude to the address of the honourable President. Yesterday and today till late at night, all the honourable MPs enriched this motion of thanks with their views. Many honourable experienced MPs also expressed their views, and naturally, as is the tradition of democracy, where there was need, there was praise, where there was a problem, there were some negative things, but this is very natural! Mr. Speaker, it is a great fortune for me that the people of the country have given me the opportunity to sit at this place for the 14th time and express my gratitude to the address of the President, and therefore, today I want to express my gratitude to the people with great respect, and I also express my gratitude to all those who participated in the discussion in the House and enriched the discussion.

Respected Chairman,

We are in 2025, in a way 25% of the 21st century has already passed. Time will decide what happened in the 20th century after independence and in the first 25 years of the 21st century, and how it happened, but if we study this President’s address closely, it is clearly visible that the President has told the country about the next 25 years and a new confidence-building speech for a developed India. In a way, this speech of the respected President is going to strengthen the resolve for a developed India, create new confidence and inspire the general public.

Respected Chairman,

All the studies have repeatedly said that in the last 10 years, the people of the country have given us a chance to serve them. 25 crore countrymen have come out of poverty by defeating the poverty.

Respected Chairman,

For five decades you have heard slogans of eradicating poverty and now 25 crore poor people have come out after defeating poverty. It does not happen just like that. It happens when one spend one’s life for the poor in a planned manner with full sensitivity and dedication.

Respected Chairman,

When people connected to the land spend their lives on the land while knowing the truth about the land, then change on the land is certain.

Respected Chairman,

We have not given false slogans to the poor, we have given them true development. The pain of the poor, the suffering of the common man, the dreams of the middle class are not understood just like that. Respected Chairman, this requires passion and I have to say with sadness that some people do not have it.

Respected Chairman,

How difficult it is to live under a thatched roof with plastic sheets during the rainy season. There are moments when dreams are crushed every moment. Not everyone can understand this.

Respected Chairman,

Till now the poor have got 4 crore houses. Those who have lived that life do not understand what it means to get a house with a concrete roof.

Respected Chairman,

When a woman is forced to defecate in the open, she can either go out before sunrise or after sunset after facing a lot of difficulties to do this small daily ritual, such people cannot understand what trouble she has to go through, respected chairman.

Respected Chairman,

We have solved the problems of our sisters and daughters by building more than 12 crore toilets. Respected Chairman, these days there is a lot of discussion in the media. It is happening more on social media. Some leaders are focusing on Jacuzzi and stylish showers in homes, but our focus is on providing water to every home. After 75 years of independence, 70-75% of the country’s population, i.e. more than 16 crore households, did not have tap water connection. Our government has provided tap water to 12 crore families in 5 years and that work is progressing rapidly.

Respected Chairman,

We have done so much work for the poor and because of this, the honourable President has described it in detail in his speech. Those who keep themselves entertained by having photo sessions in the huts of the poor will find it boring to talk about the poor in the Parliament.

Respected Chairman,

I can understand their anger. Respected Chairman, identifying the problem is one thing but if there is a responsibility then you cannot leave it after identifying the problem, you have to make dedicated efforts to solve it. We have seen, and you must have seen our work of the last 10 years and also in the President’s address, our effort is to solve the problem and we make dedicated efforts.

Respected Chairman,

There used to be a Prime Minister in our country, it had become a fashion to call him Mr. Clean. It had become fashionable to call the Prime Minister Mr. Clean. He had identified a problem and he had said that if 1 rupee comes out from Delhi, then only 15 paise reaches the village. Now at that time, from the Panchayat to the Parliament, there was rule of one party, from the Panchayat to the Parliament, there was rule of one party and at that time he had publicly said that 1 rupee comes out and 15 paise reaches. It was an amazing kind of sleight of hand. Even a common man of the country can easily understand to whom the 15 paise used to go.

Respected Chairman,

The country gave us an opportunity, we tried to find solutions. Our model is savings as well as development, public money for the public. We created the Gem Trinity of Jan Dhan, Aadhar and Mobile and started giving direct benefit, direct benefit transfer through DBT.

Respected Chairman,

During our tenure, we deposited Rs 40 lakh crore directly into the accounts of the people.

Respected Chairman,

Look at the misfortune of this country, how the governments were run and for whom they were run.

Respected Chairman,

When the fever rises, people say anything, but when along with it, frustration and despair spreads, even then they say a lot.

Respected Chairman,

10 crore such fake people who were not born, who had not appeared on this land of India, were taking benefit of various schemes from the government treasury.

Respected Chairman,

So that the right does not face injustice, without worrying about political gain or loss, we removed these 10 crore fake names and launched a campaign to find the real beneficiaries and provide help to them.

Respected Chairman,

When these 10 crore fake people are removed and the accounts of various schemes are calculated, then almost 3 lakh crore rupees were saved from going into wrong hands. I am not saying whose hands were involved, it was from the wrong hands.

Respected Chairman,

We have also made full use of technology in government procurement, brought transparency and today even state governments are using the Gem portal. The purchases made through the Gem portal cost less than what is usually made and the government has saved Rs 1,15,000 crore.

Respected Chairman,

Our Swachh Bharat Abhiyan was ridiculed a lot, as if we had committed a sin, a mistake. I don’t know what all was said, but today I can say with satisfaction that due to this cleanliness drive, the government has earned 2300 crore rupees in recent years from the junk sold from government offices alone. Mahatma Gandhi used to talk about the principle of trusteeship. He used to say that we are trustees, this property belongs to the people and therefore we try to save every penny on the basis of this principle of trusteeship and use it at the right place and only then 2300 crore rupees are coming into the government treasury by selling junk from the Swachh Bharat Abhiyan.

Respected Chairman,

We made an important decision of ethanol blending. We know that we are not energy independent and we have to import it from outside. When ethanol blending was done and our income from petrol and diesel decreased, that one decision made a difference of Rs 100000 crore and this money of almost Rs 100000 crore has gone into the pockets of farmers.

Respected Chairman,

I am talking about saving, but earlier the headlines of newspapers used to be, scams worth so many lakhs. Scams worth so many lakhs, scams worth so many lakhs, it has been 10 years since these scams were not committed. By not having scams, lakhs and crores of rupees of the country have been saved, which are being used in the service of the people.

Respected Chairman,

The various steps we have taken have saved lakhs of crores of rupees, but we have not used that money to build a palace for mirrors. We have used it to build the country. The infrastructure budget was Rs 180000 crore 10 years ago, before we came. Respected Chairman, today the infrastructure budget is Rs 11 lakh crore and that is why the President has described how the foundation of India is getting stronger. Be it roads, highways, railways or village roads, a strong foundation of development has been laid for all these works.

Respected Chairman,

Savings in the government treasury is one thing and that should be done as I said about trusteeship, but we have also kept in mind that the general public should also get the benefit of these savings. The schemes should be such that the public also saves and you must have seen the expenses incurred by the common man due to illness under the Ayushman Bharat Yojana. On the basis of the people who have taken its benefit till now, I would say that due to taking benefit of Ayushman Yojana, the expenses that the countrymen would have to bear from their own pockets, like this, Rs 120000 crore has been saved for the public. It is necessary that now like Jan Aushadhi Kendra, today in the middle class families, all the gentlemen are of 60-70 years of age, so it is natural that some disease or the other comes, there is also the cost of medicines, medicines are also expensive, since we have opened Jan Aushadhi Kendras, there is 80% discount and because of that, the families who have taken medicines from these Jan Aushadhi Kendras have saved nearly Rs 30000 crore on the cost of medicines.

Respected Mr Chairman,

UNICEF also estimates that they have done a big survey of the families whose homes have sanitation and toilets, that family has saved about Rs. 70,000 in a year. Be it the Swachhata Abhiyan, the work of building toilets, the work of providing pure water, our common families are getting huge benefits.

Respected Mr Chairman,

I mentioned tap water in the beginning. There is a report from WHO, WHO says that because of getting pure tap water, the average family has saved Rs. 40000 on expenses incurred on other diseases. I am not counting much, but there are many such schemes which have saved the expenses of the common man.

Respected Chairman,

Free food grains are given to crores of countrymen, and the family saves thousands of rupees. PM Surya Ghar Free Electricity Scheme: Wherever this scheme has been implemented, those families are saving on an average 25 to 30 thousand rupees on electricity every year, there is saving in expenses and if there is more electricity, then they are earning money by selling it. That is, there is also saving for the common man. We had run a campaign for LED bulbs. You know that before we came, LED bulbs were sold for Rs. 400 each. We ran such a campaign that its price came down to ₹40 and because of LED bulbs there was saving of electricity and more light was also available and about 20,000 crore rupees of the countrymen were saved in this.

Respected Chairman,

Farmers who have used Soil Health Cards scientifically have benefited greatly and such farmers have saved Rs 30,000 per acre.

Respected Mr Chairman,

In the last 10 years, by reducing the income tax, we have also worked to increase the savings of the middle class.

Respected Mr Chairman,

Before 2014, such bombs were hurled, such bullets were fired that the lives of the countrymen were shattered. We gradually moved ahead by filling up those wounds. 200000 rupees, in 2013-14, ₹200000, only ₹200000, there was income tax exemption on that and today 12 lakh rupees are completely exempted from income tax and in the intervening period also in 2014, in 2017, in 2019, in 2023, we have been doing this continuously, healing the wounds and today the bandage that was left has also been done. If we add 75000 standard deduction to it, then after 1st April, the salaried class of the country will not have to pay any income tax up to 12.75 lakh rupees.

Respected Chairman,

When you were working in Yuva Morcha, you must have heard and read about a Prime Minister who used to say 21st century, 21st century almost every day. In a way, it had become a memorized phrase, it had become a catchphrase. He used to say 21st century, 21st century. When it was said so often, R K Laxman had made a great cartoon in Times of India. That cartoon was very interesting. In that cartoon, there is an airplane and a pilot. I don’t know why he liked the pilot. Some passengers were sitting and the airplane was placed on a cart and workers were pushing the cart and 21st century was written on it. That cartoon seemed like a joke at that time, but later on it proved to be true.

Respected Mr Chairman,

This was a sarcasm; it was a cartoon that demonstrated how disconnected from ground reality the then Prime Minister was that he was engaged in baseless talk.

Respected Mr Chairman,

Those who then talked about the 21st century were not even able to fulfill the needs of the 20th century.

Respected Mr Chairman,

Today when I see that I have got the opportunity to look closely at all the things that happened in the last 10 years, I feel very sad. We are 40-50 years late, the work which should have been done 40-50 years ago, and hence this year when the people of the country gave us the opportunity to serve from 2014, we focused more and more on the youth. We emphasized on the aspirations of the youth, we created more opportunities for the youth, we opened many sectors and due to which we are seeing that the youth of the country are waving the flag of their capabilities. We opened the space sector in the country, opened the defense sector, brought the semiconductor mission, we gave shape to many new schemes to promote innovation, completely developed the Startup India ecosystem and in this budget also, respected Chairman ji, a very important decision has been taken. Income tax exemption on income of Rs 12 lakh, this news became so big that many important things have still not been noticed by some people. That important decision has been taken; we have opened up the nuclear energy sector and the country is going to see its far-reaching positive impacts and results.

Respected Mr Chairman,

We are also among those who are making efforts to discuss AI, 3D printing, robotics, virtual reality and what is the significance of gaming. I have told the youth of the country that why should India not become the gaming capital of the world and the creativity capital of the world and I see that our people are working very fast. Some people use this word when it is in fashion, but for me there is no single AI, there is double AI, India has double strength, one AI is Artificial Intelligence and the other is AI Aspirational India. We started 10000 tinkering labs in schools and today the children coming out of those tinkering labs are surprising people by making robotics and in this budget, provision has been made for 50000 new tinkering labs. India is a country about whose India AI mission the whole world is very optimistic and India’s presence has gained an important place in the world’s AI platform.

Respected Mr Chairman,

In this year’s budget, we have talked about investment in the domain of deep tech and I believe that in order to move ahead at a fast pace in deep tech and the 21st century being a completely technology driven century, it is necessary for us that India moves ahead very fast in the field of deep tech.

Respected Mr Chairman,

We are constantly working keeping the youth’s future in mind, but there are some parties that are constantly cheating the youth. These parties will give this allowance or that allowance during elections, they make promises but do not fulfill them.

Respected Mr Chairman,

These parties have become a disaster for the future of the youth.

Respected Chairman,

The country has just seen in Haryana how we work. We had promised jobs without any expenditure and without any slips. As soon as the government was formed, the youth got jobs. This is the result of what we say.

Respected Mr Chairman,

Grand victory for the third time in Haryana and victory for the third time in the history of Haryana, this is a historic event in itself.

Respected Mr Chairman,

Historical result in Maharashtra too, blessings of the people, for the first time in the history of Maharashtra the ruling party has so many seats, we have achieved this with the blessings of the people.

Respected Mr Chairman,

In his address, the Honourable President has also discussed in detail the completion of 75 years of our Constitution.

Respected Mr Chairman,

Apart from the clauses in the constitution, there is also a spirit of the constitution and to strengthen the constitution, the spirit of the constitution has to be lived and today I want to explain this with examples. We are the people who live the constitution.

Respected Mr Chairman,

It is true that in our country, when the President addresses the House, he gives details of the government’s tenure for that year. Similarly, in the state, when the Governor addresses the House, he gives details of the activities of that state. What is the spirit of the Constitution and democracy? When Gujarat completed 50 years, we were celebrating its Golden Jubilee Year and luckily I was serving as the Chief Minister at that time, we took an important decision. We decided that in this Golden Jubilee Year, all the speeches of the Governors in the House in the last 50 years, that is, the governments of that time are praised in it. We said that all the speeches of the Governors in those 50 years should be prepared in the form of a book, a treatise should be made and today that treatise is available in all the libraries. I was from BJP, in Gujarat, there were mostly Congress governments. There were speeches of the governors of those governments, but the job of making them famous was being done by the BJP, this Chief Minister from the BJP, why? We know how to live the Constitution. We are dedicated to the Constitution. We understand the spirit of the Constitution.

Respected Mr Chairman,

You know that when we came in 2014, there was no honourable opposition. There was no Recognised Opposition Party. No one had come with even that many marks. There were many laws in India that had complete freedom to work according to those laws, there were many committees in which it was written that the Leader of the Opposition would be in them. But there was no opposition, there was no Recognised Opposition. This was our nature of living the Constitution, this was the spirit of our Constitution, this was our intention to follow the limits of democracy, we decided that even though there would not be an honourable opposition, there would not be a Recognised Opposition, but the leader of the largest party would be called in the meetings. This is the spirit of democracy, it happens then. Committees of the Election Commission, respected Mr Chairman,earlier the Prime Minister used to file it and issue it, it is we who have included the Leader of Opposition in it and we have also made a law for it and today when the Election Commission will be formally formed, the Opposition Leader will also be a part of its decision making process, we do this work. And I have already done this, we do it because we live the Constitution.

Respected Mr Chairman,

You will find many places in Delhi where some families have built their own museums. The work is being done with the money of the people, what is the spirit of democracy, what is it called living the Constitution, we built the PM Museum and the life and work of all the Prime Ministers of the country from the first to my predecessors have been made in that PM Museum and I would like that the families of the great men who are in this PM Museum should take out time to see that museum and if they feel like adding something to it, then they should draw the attention of the government so that the museum is enriched and inspires the new children of the country, this is the spirit of the Constitution! Everyone does everything for themselves, the group of people who live for themselves is not very small, people who live for the Constitution are sitting here.

Respected Mr Chairman,

When power becomes service, nation building happens. When power is made a legacy, democracy ends.

Respected Mr Chairman,

We follow the spirit of the Constitution. We don’t do politics of poison. We give utmost importance to the unity of the country and that is why we build the world’s tallest statue of Sardar Vallabhbhai Patel and we remember the great man who worked to unite the country with the Statue of Unity and he was not from the BJP, he was not from the Jan Sangh. We live the Constitution, that is why we move forward with this thinking.

Respected Mr Chairman,

It is the misfortune of the country that these days some people are openly speaking the language of urban Naxals and the things that urban Naxals say, like taking on the Indian State, these people who speak the language of urban Naxals and declare war against the Indian State can neither understand the Constitution nor the unity of the country.

Respected Mr Chairman,

For seven decades, Jammu & Kashmir and Ladakh were deprived of the rights of the Constitution. This was injustice to the Constitution and also injustice to the people of Jammu & Kashmir and Ladakh. We broke the wall of Article 370, now the citizens of those states of Jammu & Kashmir and Ladakh are getting the rights that the countrymen have and we know the importance of the Constitution, we live by the spirit of the Constitution, that is why we take such strong decisions.

Respected Mr Chairman,

Our Constitution does not give us the right to discriminate. Those who live with the Constitution in their pockets do not know what kind of problems you forced Muslim women to live in. We have worked to give rights to Muslim daughters in accordance with the spirit of the Constitution by abolishing triple talaq, and have given them the right to equality. Whenever there has been an NDA government in the country, we have worked with a long vision. I don’t know what kind of language is being used to divide the country, I don’t know how far frustration and disappointment will take them, but what is our thinking, in which direction do the NDA partners think, for us, we pay more attention to what is behind, what is last and what Mahatma Gandhi had said and the result of that is that even if we create ministries, then which ministry do we create, we create a separate ministry for the North-East. We have been in the country for so many years, till Atal ji came, no one understood, he kept giving speeches, NDA created a separate ministry for the tribals.

Respected Mr Chairman,

Our southern states are connected to the sea coast. Many states in our east are connected to the sea coast. Fisheries work and fishermen are a very large part of the society there. They should also be taken care of and in the areas where there is a small amount of water inside the land, there are fishermen from the last section of the society too. It is our government which has created a separate ministry for fisheries.

Respected Mr Chairman,

The downtrodden and deprived people of the society have a potential within them, if emphasis is laid on skill development, new opportunities can be created for them. Their hopes and aspirations can create a new life and hence we created a separate Skill Ministry.

Respected Mr Chairman,

The first duty of democracy in the country is that we should give power to the common man and keeping this in mind, there is an opportunity to connect crores of people of the country to make the cooperative sector of India more prosperous and healthy. The cooperative movement can be increased in many areas and keeping this in mind, we have created a separate cooperative ministry. What is the vision is known here.

Respected Mr Chairman,

Talking about caste has become a fashion for some people. For the last 30 years, the MPs from the OBC community who have been coming to the House for the last 30 years, have been demanding for the last 30-35 years that the OBC Commission be given constitutional status by rising above party differences. Those who see profit in casteism today, did not remember the OBC community at that time, it is us who gave constitutional status to the OBC community. The Backward Classes Commission is included in the constitutional system today.

Respected Mr Chairman,

We have worked very strongly in the direction of providing maximum opportunities to SC, ST and OBC in every sector. Today, through this House, I want to put forth an important question before the countrymen and Mr. Speaker, the countrymen will surely ponder over this question of mine and will also discuss it at crossroads. Someone please tell me, has there ever been three SC MPs from the same family in the Parliament at the same time? Have there ever been three SC MPs from the same family? I want to ask another question, can someone please tell me whether there have ever been three ST MPs from the same family in the Parliament at the same time and in the same period?

Respected Mr Chairman,

I got the answer to one of my questions about the difference between the speech and behavior of some people. The difference is like the difference between the earth and the sky, the difference is like the difference between night and day.

Respected Mr Chairman,

How are we empowering SC ST society? Respected Chairman, I will give you an example of how the welfare of the deprived society is done while maintaining the spirit of unity without creating tension in the society. Before 2014, the number of medical colleges in our country was 387. Today there are 780 medical colleges. Now that the number of medical colleges has increased, the seats have also increased. This is a very important angle, Respected Chairman, and hence the colleges have increased and the seats have also increased. Before 2014, the MBBS seats for SC students in our country were 7700. Before we came, there was a possibility of 7700 youth from Dalit society becoming doctors. We worked for 10 years, today the number has increased and arrangements have been made for 17000 MBBS doctors of SC society. Where is 7700 and where is 17000, if there is any welfare of Dalit society and if there is no tension in the society while increasing the respect of each other.

Respected Mr Chairman,

Before 2014, there were 3800 MBBS seats for ST students. Today this number has increased to around 9000. Before 2014, there were less than 14000 MBBS seats for OBC students. Today their number has increased to around 32000. 32000 MBBS doctors will be made from OBC community.

Respected Mr Chairman,

In the last 10 years a new university has been established every week, a new ITI has been built every day, a new college has opened every 2 days, just imagine how much growth has taken place for our SC, ST, OBC young men and women.

Respected Mr Chairman,

We are behind every scheme- 100% saturation, implement it 100%, the beneficiaries should not be left out, we are working in that direction. First of all, we want that the one who is entitled to it should get it, if there is a scheme, then it should reach him, the game of 1 rupee 15 paise cannot work. But what some people did is that they made a model that gave to only a few people and torment others and did the politics of appeasement. To make the country a developed India, we will have to get rid of appeasement. We have chosen the path of satisfaction, not appeasement, and we are walking on that path. Every society, every class of people should get what is their right without any discrimination, this is satisfaction and according to me when I talk about 100% saturation, it means that it is actually social justice. This is actually secularism and in fact it is respect for the constitution.

Respected Mr Chairman,

The spirit of the Constitution is that everyone should get better health and today is also Cancer Day. Today, a lot of discussions are going on about health in the country and the world. But there are some people who are creating obstacles in providing health services to the poor and the elderly and that too due to their political interests. Today, 30,000 hospitals in the country and good specialized private hospitals are associated with Ayushman. Where Ayushman card holders get free treatment. But some political parties, due to their narrow mindset, due to bad policies, have kept the doors of these hospitals closed for the poor and cancer patients have suffered the loss. Recently, a study by the public health journal Lancet has come out, which says that cancer treatment is starting on time with the Ayushman scheme. The government is very serious about cancer detection. Because the sooner the detection is done, the sooner the treatment starts, we can save the cancer patient and Lancet has given credit to the Ayushman scheme and said that a lot of work has been done in this direction in India.

Respected Mr Chairman,

In this budget too, we have taken a very important step towards making cancer medicines cheaper. Not only this, an important decision has been taken in the coming days and since today is Cancer Day, I would definitely like to say that all the honourable MPs can take advantage of this for such patients in their area, and that is the patients, you know that due to lack of enough hospitals, patients coming from outside face a lot of problems, a decision has been taken in this budget to build 200 day care centers. These day care centers will provide great relief to the patient as well as his family.

Respected Mr President,

While discussing the speech of the President, foreign policy was also discussed and some people feel that unless they talk about foreign policy, they do not look mature, so they feel that foreign policy should be talked about even if it causes loss to the country. I want to tell such people, if they are really interested in foreign policy subject and want to understand foreign policy and want to do something in future, I am not saying this for Shashi ji, so I would tell such people to definitely read a book, maybe they will understand what to say where, the name of that book is JFK’s forgotten crisis. It is about JF Kennedy. It is a book named JFK’s forgotten crisis. This book has been written by a famous foreign policy scholar and important events are mentioned in it. This book also mentions the first Prime Minister of India and he also led the foreign policy. This book also describes in detail the discussions and decisions taken between Pandit Nehru and the then President of America, John F. Kane. When the country was facing a lot of challenges, what game was going on in the name of foreign policy then, is now coming to light through that book and so now I would say that please read this book.

Respected Mr Chairman,

After the President’s speech, it is your wish if a woman President, daughter of a poor family, could not be respected, but she is being insulted by all sorts of things being said. I can understand political frustration and disappointment, but what is the reason against a President, what is the reason.

Respected Mr Chairman,

Today India is moving ahead by leaving this kind of distorted mentality and thinking behind and following the mantra of women led development. If half of the population gets full opportunity, then India can progress at twice the speed and this is my belief, after working in this field for 25 years my belief has become stronger.

Respected Mr Chairman,

In the last 10 years, 10 crore new women have joined Self Help Groups (SHGs), and these women are from underprivileged families, from rural backgrounds. The strength of these women sitting at the bottom of the society has increased, their social status has also improved and the government has increased their assistance to Rs 20 lakh, so that they can take this work forward. We are making efforts in this direction to increase their work capacity, increase its scale and today it is having a very positive impact on the rural economy.

Respected Mr Chairman,

The President has discussed the Lakhpati Didi Abhiyan in his speech. According to the information registered so far after the formation of our new government for the third time, we have received information about more than 50 lakh Lakhpati Didis and since I have taken this scheme forward, till now about 1.25 crore women have become Lakhpati Didis and our target is to make three crore women Lakhpati Didis and for this, emphasis will be laid on economic programs.

Respected Mr Chairman,

Today, Drone Didi is being discussed in many villages of the country, a psychological change has come in the village, seeing a woman flying a drone in her hand, the villagers’ view of women is changing and today Namo Drone Didi has started earning lakhs of rupees by working in the fields. Mudra Yojana is also playing a very important role in the empowerment of women. Crores of women have stepped into the industry for the first time with the help of Mudra Yojana and have come into the role of industrialists.

Respected Mr Chairman,

Out of the houses given to 4 crore families, approximately 75 percent of the houses are owned by women.

Respected Mr Chairman,

This change is laying the foundation of a strong India of the 21st century. Respected Speaker, the goal of developed India is the rural economy, without strengthening it we cannot build a developed India and therefore we have tried to touch every sector of the rural economy and we know that agriculture is very important in the rural economy. Our farmers are a strong pillar among the four pillars of developed India. In the last decade, the budget for agriculture has been increased 10 times. Let me tell you about the period after 2014 and this is a very big jump.

Respected Mr Chairman,

Those who talk about farmers here today, before 2014, they used to be beaten up for asking for urea. They had to stand in queues all night and that was the time when fertilizers were issued in the name of farmers, but did not reach the fields, somewhere else in black millet and the game of sleight of hand of 1 rupee and 15 paise was going on. Today farmers are getting enough fertilizers. The great crisis of Covid came, the entire supply chain got disturbed, the prices in the world increased unreasonably and the result was that because we are dependent on urea, we have to import it from outside, today for the Indian government a bag of urea costs ₹ 3000, the government has borne the burden and has given it to the farmer at a price less than 300, less than 300 rupees. We are continuously working to ensure that the farmer gets maximum benefit.

Respected Mr Chairman,

In the last 10 years, 12 lakh crore rupees have been spent to ensure that farmers get cheap fertilizers. Around 3.5 lakh crore rupees have been transferred directly to farmers’ accounts through PM Kisan Samman Nidhi. We have also increased the MSP on a record basis and have procured three times more in the last decade than before. Farmers should get loans, easy loans, cheap loans, and that too has increased three times. Earlier, farmers were left to fend for themselves during natural calamities. During our tenure, farmers have received 2 lakh crore rupees under PM Fasal Bima.

Respected Mr Chairman,

Unprecedented steps have been taken for irrigation in the last decade and it is unfortunate that those who talk about the Constitution do not have much knowledge. Very few people would know that in our country, Dr. Babasaheb Ambedkar’s vision regarding water schemes was so clear, so comprehensive and so inclusive that it inspires us even today. We launched a campaign to complete more than 100 irrigation projects that were pending for decades, so that water reaches the farmers’ fields. Babasaheb’s vision was to link rivers, Babasaheb Ambedkar advocated linking of rivers. But for years, decades passed, nothing happened. Today we have started work on the Ken-Betwa Link Project and the Parvati-Kalisindh-Chambal Link Project and I have also had a successful experience of working to revive extinct rivers by linking many rivers in Gujarat in this way.

Respected Mr Chairman,

This should be the dream of every citizen of the country. It should be the dream of all of us that there should be Made in India food packets on every dining table in the world. Today I feel happy when along with Indian tea, our coffee is also spreading its fragrance in the world. It is making a splash in the markets. Even our turmeric has seen the highest demand after Covid.

Respected Mr Chairman,

You will definitely see that in the coming times, our processed seafood and the Makhana of Bihar, which some people are worried about and don’t know when and why, is going to reach the world. Our coarse grain i.e. Shri Anna, will also increase the prestige of India in the world markets.

Respected Mr Chairman,

Future Ready cities are also very important for a developed India. Our country is rapidly moving towards urbanisation and this should not be considered a challenge or a crisis. It should be considered an opportunity and we should work in that direction. Expansion of infrastructure leads to expansion of opportunities. Where connectivity increases, possibilities also increase. The first Namo Rail connecting Delhi-UP was inaugurated and I also got the opportunity to travel in it. Such connectivity, such infrastructure should reach all the major cities of India, this is our need in the coming days and our direction.

Respected Mr Chairman,

Delhi’s network has doubled and today the metro network is reaching tier-2 and tier-3 cities as well. Today we can all be proud that India’s metro network has crossed 1000 km and not only this, work is currently underway on another 1000 km. That means we are progressing so fast.

Respected Mr Chairman,

The Government of India has taken many initiatives to reduce pollution. We have started running 12 thousand electric buses in the country and have also done a great service to Delhi. We have given this to Delhi as well.

Respected Mr Chairman,

A new economy has always been expanding from time to time in our country. Today, the Gig Economy is developing as an important area in big cities. Lakhs of youth are joining it. We have said in this budget that labour! Such Gig workers should register themselves on the e-Shram portal and after verification, how can we help them in this new age service economy and they should get an ID card after coming on the e-Shram portal and we have said that these Gig workers will also be given the benefit of Ayushman Yojana so that Gig workers will move in the right direction and it is estimated that today there are about one crore Gig workers in the country and we are also working in that direction.

Respected Mr Chairman,

The MSME sector brings a huge number of job opportunities and this is a sector that has immense employment potential. These small industries are a symbol of self-reliant India. Our MSME sector is making a huge contribution to the country’s economy. Our policy is clear, simplicity, convenience and support to MSMEs is a sector that has employment potential and this time we have emphasized on Mission Manufacturing and in a Mission Mode, we are moving forward by giving emphasis to the entire ecosystem of manufacturing sector i.e. giving strength to MSMEs and giving employment to many youth through MSMEs and preparing youth for employment through skill development. We have started working on many aspects to improve the MSMEs sector. The criteria for MSMEs was made in 2006, it was not updated. In the last 10 years, we have tried to upgrade this criteria twice and this time we have taken a very big jump. For the first time in 2020, for the second time in this budget, we have tried to promote MSMEs. They are being given financial assistance everywhere.

The challenge before MSMEs has been the lack of formal financial resources. During the Covid crisis, MSMEs were given a special emphasis. We have given special emphasis to the toy industry. We gave special emphasis to the textile industry, did not let them face cash-flow shortage and gave loans without any guarantee. Possibilities of lakhs of jobs were created in thousands of industries and jobs were also secured.

For small industries, we took steps in the direction of Customised Credit Card, Credit Guarantee Coverage, due to which their Ease of Doing Business also got a boost and by reducing unnecessary rules, their administrative burden, they had to pay one or two people for work, that too was stopped. You will be happy to know that we have made new policies to promote MSMEs, there was a time before 2014, we used to import things like toys, today I can proudly say that the small toy-making industries of my country are exporting toys to the world today and there has been a huge decline in imports. There has been an increase of about 239 percent in exports. There are many sectors run by MSMEs that are making their mark across the world. Made in India clothes, electronics, electrical scouts’ goods are today becoming a part of the lives of other countries.

Respected Mr Chairman,

The country is moving ahead to fulfill the dream of a developed India and is moving ahead with great confidence. The dream of a developed India is not a government dream. It is the dream of 140 crore countrymen and now everyone has to give as much energy as they can to this dream and there are examples in the world, in a period of 20-25 years many countries of the world have shown that they have become developed, so India has immense potential. We have demography, democracy, demand, why can’t we do it? We have to move ahead with this confidence and we are also moving ahead with the dream that by 2047, when the country will become independent, it will be 100 years of independence and by then we will become a developed India.

And Honorable Chairman,

I say with confidence that we have to achieve bigger goals and we will achieve them and Honorable Speaker, this is only our third term. As per the requirement of the country, we are going to remain dedicated for many years to come to build a modern India, a capable India and to realize the resolution of a developed India.

Respected Mr Chairman,

I appeal to all the parties, I appeal to all the leaders, I appeal to the countrymen, everyone has their own political ideologies, their own political programs, but nothing can be bigger than the country. The country is paramount for all of us and together we will fulfill the dream of a developed India, the dream of 140 crore countrymen is also our dream where every sitting MP is working to fulfill the dream of a developed India.

Respected Mr Chairman,

While expressing my gratitude for the President’s speech, I also express my gratitude to you and the House. Thank you!

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI Asia-Pac: “Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.: Union Minister Dr. Jitendra Singh

Source: Government of India (2)

“Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.: Union Minister Dr. Jitendra Singh

₹20,000 crore for R&D in Small Modular Reactors, targeting at least five indigenously designed operational SMRs by 2033: Dr. Singh

Posted On: 05 FEB 2025 7:21PM by PIB Delhi

Union Minister Dr. Jitendra Singh, in an exclusive media interview, said here today that the “Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.

Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, Minister of State in the Prime Minister’s Office, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances, and Pensions, Dr. Jitendra Singh, underscored the crucial role of nuclear power in ensuring India’s energy security. He emphasized the government’s futuristic roadmap for the nuclear energy sector, which will significantly contribute to achieving self-sufficiency in energy production.

Dr. Jitendra Singh hailed the revolutionary decision to provide tax relief on income up to ₹12 lakh, noting that this initiative will bring satisfaction to a large section of the population and have a multiplier effect on the economy.

In a landmark move, Dr Jitendra Singh hailed the announcement that India’s nuclear energy sector has been opened for private sector participation. Calling this step “revolutionary,” he noted that for 60-70 years, the sector operated under secrecy. Now, with greater openness and collaboration, India can accelerate growth and innovation in nuclear energy, aligning with the vision of Aatmanirbhar Bharat.

Dr. Jitendra Singh recalled how Prime Minister Narendra Modi’s decision to open the Space sector for private players transformed the industry. He expressed confidence that the nuclear sector will experience similar growth and innovation, leading to a major shift in energy security.

Highlighting India’s reliance on petroleum imports, Dr. Jitendra Singh reaffirmed the government’s commitment to clean and sustainable energy solutions. And categorically mentioned that nuclear energy will be a major source of India’s energy security.

Recognizing nuclear power as a cornerstone for energy security, the government has introduced the Nuclear Energy Mission for Viksit Bharat, aiming to enhance domestic nuclear capabilities, promote private sector participation, and deploy advanced nuclear technologies.

The Union Budget 2025-26 has allocated ₹20,000 crore for R&D in Small Modular Reactors, targeting at least five indigenously designed operational SMRs by 2033. This aligns with India’s target of 100 GW nuclear power capacity by 2047, a major step toward reducing carbon emissions and ensuring energy sustainability.

Dr. Jitendra Singh informed that India’s nuclear power capacity, currently at 8,180 MW, is set to expand to 22,480 MW by 2031-32, with ten reactors under construction across Gujarat, Rajasthan, Tamil Nadu, Haryana, Karnataka, and Madhya Pradesh. Additionally, plans for ten more reactors are in progress, with a major 6 x 1208 MW nuclear power plant in collaboration with the USA at Kovvada, Andhra Pradesh.

He shared that a significant milestone was achieved on September 19, 2024, when the Rajasthan Atomic Power Project’s Unit-7 (RAPP-7) reached criticality, marking the beginning of a controlled fission chain reaction—an achievement highlighting India’s growing nuclear prowess.

Dr. Singh reaffirmed India’s commitment to achieving 500 GW of non-fossil fuel-based energy generation by 2030, in line with its COP26 pledge, and PM Modi’s vision for net-zero emissions by 2070 he remarked that it was Prime Minister Modi who initiated the Mission LiFE. He emphasized that India’s approach to nuclear and biotech advancements follows a whole-of-government and whole-of-science model, ensuring integrated progress.

Dr. Singh also introduced the recently announced BIOe3 Policy, India’s first-of-its-kind initiative to foster a biotechnology-driven industrial revolution. He emphasized the creation of BIRAC, a platform to support biotech startups and facilitate collaborations with the Department of Biotechnology. India has already seen success in biotechnology, with achievements such as the development of its first antibiotic Nafithromycin and the Human Papilloma Virus (HPV) vaccine.

The BIOe3 Policy will drive advancements in bio-manufacturing, bio-foundries, and circular economy models, promoting recyclable and reusable products under the “Wealth from Waste” concept. This initiative is expected to spur economic growth, generate employment, and foster environmental sustainability.

Towards the conclusion Dr. Jitendra Singh reiterated that provisions for nuclear power in Union Budget 2025-26 mark a transformative shift in India’s energy landscape. By expanding nuclear energy as a sustainable, scalable, and secure power source, the government aims to bolster energy security and meet the nation’s long-term economic and environmental goals. Dr. Singh reaffirmed that the Nuclear Energy Mission for Viksit Bharat is poised to accelerate nuclear power development, positioning India as a global leader in advanced nuclear technology by 2047.

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NKR/PSM

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MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI Asia-Pac: CHIEF OF DEFENCE STAFF INAUGURATES VARIOUS INFRASTRUCTURE AT NAVAL BASE KARWAR

Source: Government of India (2)

CHIEF OF DEFENCE STAFF INAUGURATES VARIOUS INFRASTRUCTURE AT NAVAL BASE KARWAR

These infrastructure developments are part of the ongoing Phase IIA of Project Seabird

Posted On: 05 FEB 2025 7:09PM by PIB Delhi

General Anil Chauhan, Chief of Defence Staff & Secretary, DMA inaugurated residential accommodation for Senior Sailors of Indian Navy and Main Distribution Sub Station as part of the Trunk facilities at Naval Base, Karwar on 04 Feb 25 with VAdm Krishna Swaminathan, Vice Chief of the Naval Staff, Shri SG Dastidar, DAS, FA (DS) and other senior officers in attendance.

The residential accommodation consisting of four towers with 240 dwelling units for Master Chief Petty Officers (MCPOs) and Chief Petty Officers (CPOs) has been constructed by M/S NCC Pvt. Ltd., Hyderabad.

The Main Distribution Sub Station at the Naval Base comprises four 33/11 KV – 35 MVA transformer capable of providing 65 MVA of stabilised power supply to operational piers, accommodation and utilities through seventy-seven state-of-the-art 33 KV Gas Insulated Switchgears, frequency convertors and voltage stabilizers. The three Captive Power Plants of 3 MVA capacity will provide power backup to the Naval Base. M/s ITD Cementation India Ltd., Mumbai has constructed the Main Distribution Sub Station.

These infrastructure developments are part of the ongoing Phase IIA of Project Seabird which will support berthing of a large number of ships and submarines at Karwar. The project also includes a dual-use Naval Air Station, a full-fledged Naval Dockyard, Covered Dry Berths and several logistics facilities for ships and aircraft. The ongoing construction of Phase IIA of Project Seabird has created 7,000 direct and 25,000 indirect jobs. The Project conforms to the extant norms of Ministry of Environment, Forest & Climate Change (MoEF&CC) and Indian Green Building Council (IGBC). The Project aligns with the concept of Aatmanirbhar Bharat, sourcing over 90% of material and equipment from Indian vendors.

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VM/SPS 30/25

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MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI USA: Sens. Markey, Cruz Statement on Commerce Committee Vote to Advance AM Radio for Every Vehicle Act

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (February 5, 2025) – Senator Edward J. Markey (D-Mass.) member of the Science, Commerce, and Transportation Committee, and Ted Cruz (R-Texas), Chairman of the Science, Commerce, and Transportation Committee today released the following statement on the committee’s vote to advance the AM Radio for Every Vehicle Act, bipartisan and bicameral legislation that would direct federal regulators to require automakers to include AM broadcast radio in their new vehicles at no additional charge.

“Today’s vote to advance the AM Radio for Every Vehicle Act broadcasts a clear message to car manufacturers that AM radio is an essential communication tool for millions of Americans across the country. From emergency response to sports, entertainment, and news, AM radio is a lifeline that must be protected. Our bill ensures that no one is cut off from their communities and that AM radio stays a part of our constituents’ daily lives.”

In May 2023, Senators Markey and Cruz led their colleagues in introducing the AM Radio for Every Vehicle Act. The AM Radio for Every Vehicle Act passed through the Senate Commerce Committee in July 2023 and passed through the House Energy and Commerce Committee in September 2024.

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: 02.05.2025 Cruz, Fetterman, Slotkin Introduce Bipartisan Bill to Prohibit Strategic Petroleum Reserve Sales to Foreign Adversaries

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), John Fetterman (D-Penn.) and Elissa Slotkin (D-Mich.) introduced theBanning SPR Oil Exports to Foreign Adversaries Act. The bipartisan bill prohibits the sale or export of oil from the U.S. Strategic Petroleum Reserve (SPR) to China, Russia, Iran, North Korea, or any entity owned or controlled by those nations.
Upon introduction, Sen. Cruz said, “The Strategic Petroleum Reserve is meant to protect the U.S. during crises, not supply our adversaries. Under President Biden, part of this reserve was sold, benefiting China’s strategic interests. There is strong bipartisan consensus around preventing such a sale from being repeated. I’m proud to work with Senator Fetterman and Senator Slotkin on this legislation, which will prevent U.S. oil reserves from being sold to adversarial nations.”
Sen. Fetterman said, “The Strategic Petroleum Reserve protects America’s energy, economic, and national security. We must prioritize the safety of America and our allies – we cannot allow our adversaries to purchase oil from our critical energy reserves. This is a commonsense bill with strong bipartisan support. I’m proud to introduce it with Senator Cruz, Senator Slotkin, and my colleagues in the House. I look forward to getting it signed into law this congress.”
Sen. Slotkin said, “Our Strategic Petroleum Reserve is meant to bolster our national security, and it should never be sold to hostile nations like Russia, Iran or China. This bipartisan bill prevents hostile nations from buying oil from our Strategic Petroleum Reserve. Energy security shouldn’t ever be a partisan issue, and I look forward to working with my colleagues to pass this bill and fortify our energy security as a nation.”
The companion legislation was introduced in the House by U.S. Rep. Chrissy Houlahan (D-Penn.-6).
Rep. Houlahan said, “When I heard there was a loophole enabling our foreign adversaries to purchase oil from our strategic reserves, I was shocked and outraged. When gas prices rise, releases from the strategic reserve are meant to ease the financial burden for working families—not potentially end up in the hands of those who wish our service members, country, and NATO Allies harm. Closing this loophole requires a Congressional fix, and I’m proud to partner with Reps. Don Bacon and Jay Obernolte to do just that. We’ve seen support for it in the past; it’s time to get this bill across the finish line and signed into law.”
Read the bill text here.
BACKGROUND
Sen. Cruz previously led a bipartisan effort to have an amendment similar to the bill included in the FY24 National Defense Authorization Act (NDAA). The amendment was agreed to by the Senate with overwhelming bipartisan support. The House companion bill, introduced by Representatives Houlahan (D-PA) and Don Bacon (R-NE), also passed the House unanimously as a part of the FY24 NDAA.
The SPR, which was established by Congress in 1975 in response to OPEC’s oil embargo against the United States, exists to minimize the impacts of oil supply shocks on the United States. Today, as the world’s largest supply of emergency crude oil, it continues to protect and strengthen U.S. national, economic, and energy security. The U.S. Department of Energy manages the SPR and regularly conducts public sales of excess crude oil to the highest bidders through competitive public auction. During both the Biden and Trump Administrations, foreign companies with direct ties to our adversaries have won these auctions, giving anti-democratic regimes access to critical energy reserves.

MIL OSI USA News –

February 6, 2025
MIL-OSI Global: Why personal climate action matters – according to experts

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

EL_Images/Shutterstock

Do you feel powerless?

You probably aren’t responsible for the investment decisions of an energy company, nor do you have a hand in government policy. But still, you are reading about climate change – a problem that can easily seem intractable to most people.

The Veganuary campaign reported record participation this year: 25.8 million people worldwide tried a lighter lifestyle without meat and dairy in January, knowing that enormous emission sources sit beyond their immediate control. If such resolve to fix our planet exists, how can people exercise it?

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

You might be used to thinking of climate change in terms of your carbon footprint. That’s no accident, says science communicator Sam Illingworth (Edinburgh Napier). A public relations firm, hired by oil giant BP, invented the concept in 2004 as part of a deliberate effort to shift attention from corporate culpability, he says.

“In my research into climate communication, I see how stories of guilt resonate with communities already facing misplaced blame,” Illingworth adds.

You’re not alone

“Net zero heroes” are set up to fail, Illingworth says. But realising this only makes collective action more important, and shows the futility of trying to bear the weight of the problem on your own.

Read more:
You don’t have to be a net zero hero – how focus on personal climate action can distract from systemic problems

Your choices do not exist in a vacuum. Earth is an interconnected community of living and non-living things says ethicist Patrick Effiong Ben of the University of Manchester. African philosophers like Jonathan Chimakonam and Aïda Terblanché-Greeff have a helpful concept for thinking through the weightiness of your decisions: complementarity.

Life on Earth is connected in often subtle and unpredictable ways.
Lois GoBe/Shutterstock

“Complementarity holds that the relationships that unite individual things can extend to prove the value of every contribution, no matter its size,” Ben says.

Read more:
Think your efforts to help the climate don’t matter? African philosophers disagree

You can test this notion by choosing to eat a plant-based diet or forgo flying and observing your influence on others. If you’re sceptical, just think how many of your habits or turns of phrase are borrowed from loved ones. Steve Westlake, a behavioural psychologist at Cardiff University, says that your pro-environment choices can ultimately alter what other people consider “normal”.

“In a survey I conducted, half of the respondents who knew someone who has given up flying because of climate change said they fly less because of this example. That alone seemed pretty impressive to me,” he says.

Read more:
Climate change: yes, your individual action does make a difference

“They explained that the bold and unusual position to give up flying had: conveyed the seriousness of climate change and flying’s contribution to it; crystallised the link between values and actions; and even reduced feelings of isolation that flying less was a valid and sensible response to climate change.”

What’s stopping us?

Often, is is not apathy that holds us back, but a seeming lack of options. In the UK, where I live, a train is by far the better travel choice emissions-wise but it is usually much more expensive than a flight that covers the same distance.

Environmental psychologists Christina Demski (University of Bath) and Stuart Capstick (Cardiff University) criticise the laissez-faire approach of successive governments that have “[gone] with the grain of consumer choice” while failing to recognise that many people would gladly choose the green option if they could afford or access it.

Read more:
To address climate change, lifestyles must change – but the government’s reluctance to help is holding us back

This desire to do something meaningful is continually frustrated, they say, but it will not vanish as the crisis worsens. Everyone alive and yet to live needs a liveable climate. Securing it is within our technical and material means.

The human species has no home but this one.
Canities/Shutterstock

Just listen to this from sustainability researcher Joel Millward-Hopkins (Université de Lausanne, previously University of Leeds):

“Fortunately, in new research we found that using 60% less energy than today, decent living standards could be provided to a global population of 10 billion by 2050. That’s 75% less energy than the world is currently forecast to consume by 2050 on our present trajectory – or as much energy as the world used in the 1960s.”

Read more:
How 10 billion people could live well by 2050 – using as much energy as we did 60 years ago

Instead of seeing your new vegan diet as a personal choice, think of it as a political act taken in solidarity with people and other species bearing the brunt of climate change say political philosophers Alasdair Cochrane (University of Sheffield) and Mara-Daria Cojocaru (Munich School of Philosophy).

Read more:
Veganism: why we should see it as a political movement rather than a dietary choice

And remember that it isn’t all sacrifice. The joy that is possible with more expensive and more energy-hungry lifestyles is fleeting says Capstick, but contentment, he argues, is low-carbon.

Read more:
Climate change: greener lifestyles linked to greater happiness – in both rich and poor countries

– ref. Why personal climate action matters – according to experts – https://theconversation.com/why-personal-climate-action-matters-according-to-experts-248960

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI USA: Cramer Reintroduces Fair Access to Banking Act to Protect Legal Industries from Debanking

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)

***Click here for audio.***

WASHINGTON, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers.

U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, reintroduced his Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives.

“When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation.

The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. Cramer helped craft the rule, and his legislation codifies these protections. The Biden administration paused the rule’s implementation in early 2021.

Cramer’s legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.

In the years since Cramer first introduced the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, Lignite Energy Council, National Association of Wholesaler-Distributors, and National Mining Association.

The bill is cosponsored by U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

Click here for bill text.

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

Washington, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers.

U.S. Senators Markwayne Mullin (R-OK), Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, and 39 of their Senate GOP colleagues reintroduced the Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives.

Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation.

The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. The Biden administration paused the rule’s implementation in early 2021.

The senators’ legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.

In the years since the first introduction of the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, the Lignite Energy Council, and National Association of Wholesaler-Distributors.

Joining Sens. Mullin and Cramer on this legislation are Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

Read exclusively about the Fair Access to Banking Act in the Daily Wire.

Click here for bill text.

MIL OSI USA News –

February 6, 2025
MIL-OSI: Radix, Gold Sponsor at ARC Industry Leadership Forum 2025, Revolutionizes Asset Performance & Operations

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation is proud to showcase a groundbreaking AI-powered solution designed to revolutionize operations in asset-intensive industries.

As a Gold Sponsor at the ARC Leadership Forum 2025, taking place in Orlando, Florida, from February 10-13, 2025, Radix takes center stage for adding tangible, adoptable and scalable AI capabilities that deliver best-in-class asset performance and sustainability.

What makes Radix AI solutions unique is the tailored effectiveness of their custom-built applications paired with the in-house, industry expertise and personalized customer focus and attention, resulting in immediate, beneficial impacts to both production and profits for any industrial company. At ARC, these capabilities will reflect the Radix theme of “On the Ground: Accelerate. Optimize. Scale.”

Alex Clausbruch, CEO of North America at Radix, expressed his enthusiasm for the company’s continued participation with a large executive team attending alongside partners, such as Cognite and clients, like Devon Energy. “We pride ourselves on being “on the ground,” working side by side with our customers and partners. We are happy to share the innovative approaches to Asset performance management, energy transition, digitalization and sustainability to empower our customers to achieve transformational business performance and excellence,” Clausbruch commented

Heavy hitters from Radix’s executive team and industry experts, along with its long-standing partners and customers, will be showcasing solutions during the ARC event and plan to focus on industries like Oil and Gas, Chemical, Manufacturing, and Power in both workshops and in scheduled sessions.

“We are quickly growing and expanding our footprint in North America, and ARC is a fantastic platform to showcase what are doing to create a sustainable impact with our clients,” said, Natalia Klafke, Executive Vice President of Energy and Sustainability at Radix. “From energy management to more ways on how digital next-gen solutions are empowering customers to reach decarbonization targets, Radix is proud to showcase these and other capabilities at ARC 2025.”

Radix’s delegation will participate in various sessions, including an interactive lunch workshop on asset-intensive solutions, a risk-reduction via smart infrastructure sustainability session, and an AI Industrial Co-pilot session focusing on cutting edge technology and successful transformation initiatives.

For more information visit RADIX | ARC Industry Leadership Forum 2025.

About Radix

Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions.

Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

For more information:
Citalouise Geiggar, Ph.D.
citalouise.geiggar@radixeng.com
Radix

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb0b2847-918b-4b84-bce7-0f69e507e71f

The MIL Network –

February 6, 2025

MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

Source: GlobeNewswire (MIL-OSI)

Paris, February 5, 2025

STRONG PERFORMANCES IN 2024

• Excellent performance in Q4-24 •
• Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
• VISION 2030: dynamic implementation of the strategic project •

Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income²of €3.5bn, up by 26% YoY

Very high levels of solvency and liquidity with a CET1 ratio of 15.6%³ and a LCR of 142%⁴ at end-2024

RETAIL BANKING & INSURANCE Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients⁶in 2024

Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
Deposits & savings⁷up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
Insurance: gross inflows⁸ of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate⁹for P&C and Personal Protection insurance stood at ~35% at end-December 2024

Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

Financial strength: CET1 ratio of 15.6%³at end-December 2024; liquidity reserves of €302bn

VISION 2030 strategic project: fast-paced and dynamic implementation

April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
Plans to create a shared technology platform for retail banking activities

¹ See the notes on methodology annexed to this press release ²Group share ³ Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions ⁴Average end-of month LCRs in Q4-24 ⁵ Estimated at end-December 2024 ⁶ 196,100 new active clients over the year ⁷ On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit ⁸ Excluding reinsurance treaty with CNP Assurance ⁹ Scope of the individual clients in the BP and CE retail banking networks

Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4^thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

Groupe BPCE

€m¹	Q4-24	Q4-23	% Change	2024	2023	% Change
Net banking income	6,046	5,462	11%	23,317	22,198	5%
Operating expenses	(4,184)	(4,129)	1%	(16,384)	(16,328)	0%
Gross operating income	1,862	1,332	40%	6,933	5,870	18%
Cost of risk	(596)	(744)	(20)%	(2,061)	(1,731)	19%
Income before tax	1,262	537	135%	4,956	4,182	19%
Income tax	(326)	(159)	106%	(1,357)	(1,340)	1%
Net income – Group share	913	381	140%	3,520	2,804	26%
Exceptional items	(64)	(100)	(35)%	(155)	(122)	28%
Underlying²net income – Group share	977	481	103%	3,675	2,925	26%
Underlying cost to income ratio³	67.8%	74.6%	(6.8)pp	69.4%	72.9%	(3.5)pp

¹ Reported figures as far as “Net income (Group share)” ² “Underlying” means exclusive of exceptional items ³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.

1. Groupe BPCE

Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients¹ across all markets since the beginning of the year.

Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows² of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

The underlying cost/income ratio³ improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

¹ 196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

Underlying net income (Group share)¹ rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

1 “Underlying” means exclusive of exceptional items

2. A Group mobilized to decarbonize the economy and committed to making impact accessible to all

Strong commitments in 2024

Climate commitments:

The Group has published new decarbonization ambitions for the 11¹ most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

Environmental commitments:

Groupe BPCE has strengthened its commitment by joining act4nature international.

Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

Innovative and concrete actions for our clients

The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1^st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

¹ Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

3. Capital, loss-absorbing capacity, liquidity, and funding

3.1 CET1¹ratio

Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

Retained earnings: +21bps,
Net issuance of cooperative shares: +3bps,
Change in risk-weighted assets: – 33bps,
Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

3.2 TLAC ratio¹

The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%² at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

3.3 MREL ratio¹

Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%² and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%³ and 27.3%³ respectively.

3.4 Leverage ratio¹

At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

3.5 Liquidity reserves at a high level

The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4^th quarter 2024.
Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

3.6 MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
3 billion euros senior preferred debt,
10 billion euros in covered bonds.

The target for ABS is 8 billion euros.

At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
1.7 billion euros in covered bonds (17% of requirements).

At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

Capital adequacy, Total loss-absorbing capacity – see the note on methodology
¹ Estimated at December 31, 2024 ² Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. ³ Following reception of MREL’s annual letter for 2024

4. Results of the business lines

4.1 Retail Banking & Insurance

€m¹	Q4-24	% Change	2024	% Change
Net banking income	4,064	14%	15,397	4%
Operating expenses	(2,497)	(0)%	(9,902)	1%
Gross operating income	1,567	45%	5,495	10%
Cost of risk	(556)	(13)%	(1,751)	16%
Income before tax	998	142%	3,807	8%
Exceptional items	(45)	(60)%	(115)	3%
Underlying²income before tax	1,044	98%	3,922	8%
Underlying cost/income ratio³	60.4%	(8.5)pp	63.6%	(2.2)pp

At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums⁴ rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

The underlying cost/income ratio³ improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

Underlying income before tax² amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

4.1.1 Banque Populaire network
The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
Guarantee Companies.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,614	17%	6,098	4%
Operating expenses	(980)	1%	(4,047)	2%
Gross operating income	634	56%	2,051	8%
Cost of risk	(266)	(6)%	(814)	25%
Income before tax	352	137%	1,285	(2)%
Exceptional items	(17)	77%	(51)	ns
Underlying²income before tax	369	133%	1,336	2%
Underlying cost/income ratio³	59.7%	(10.2)pp	65.5%	(1.9)pp

Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin^4,5 up 5% year-on-year, and 2.9 billion euros in commissions⁵ (up 3% year-on-year).
In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
The underlying cost/income ratio³ consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

Underlying income before tax² amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
(+2%).

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Excluding provisions for home-purchase savings schemes ⁵ Income on regulated savings has been restated to account for the net interest margin and included under commissions

4.1.2 Caisse d’Epargne network
The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,616	14%	6,054	3%
Operating expenses	(1,084)	0%	(4,216)	1%
Gross operating income	531	55%	1,838	10%
Cost of risk	(205)	(6)%	(640)	16%
Income before tax	328	161%	1,200	7%
Exceptional items	(27)	171%	(60)	ns
Underlying²income before tax	355	162%	1,260	13%
Underlying cost/income ratio³	65.4%	(9.8)pp	68.7%	(2.7)pp

Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

2.6 billion euros in net interest margin^4,5, down 3% year-on-year,
3.4 billion euros in commissions⁵ up 7% year-on-year.

Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

The underlying cost/income ratio³ improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
(+7%).

Underlying income before tax² amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
(+13%).

4.1.3 Financial Solutions & Expertise

€m¹	Q4-24	% Change	2024	% Change
Net banking income	334	(0)%	1,303	2%
Operating expenses	(169)	1%	(636)	1%
Gross operating income	165	(2)%	667	3%
Cost of risk	(38)	(30)%	(108)	11%
Income before tax	125	11%	555	2%
Exceptional items	0	ns	0	ns
Underlying²income before tax	125	11%	555	1%
Underlying cost/income ratio³	50.7%	1.0pp	48.8%	(0.3)pp

Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

The underlying cost/income ratio³ increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

Underlying income before tax² rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

4.1.4 Insurance¹
The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

€m²	Q4-24	% Change	2024	% Change
Net banking income	171	17%	694	10%
Operating expenses³	(36)	(10)%⁴	(143)	(12)%⁴
Gross operating income	135	28%	550	17%
Income before tax	141	32%	566	19%
Exceptional items	0	ns	0	ns
Underlying⁵income before tax	141	30%	566	17%
Underlying cost/income ratio⁶	21.3%	(5.3)pp	20.7%	(4.1)pp

In Q4-24, premiums⁷ reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums⁷ rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

Life insurance assets under management⁷ reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows⁷ in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows⁷ at the end of December 2024.

In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%⁸ at the end of December 2024, up 0.5pp since the end of December 2023.

Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

Operating expenses³ fell by 10%⁴ year-on-year in Q4-24 to 36 million euros, and by 12%⁴ in full-year 2024 to 143 million euros.

The underlying cost/income ratio⁶ improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

Underlying⁵income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

¹ BPCE Assurances ² Reported figures until “Income before tax” ³ “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts ⁴ At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY ⁵ “Underlying” means exclusive of exceptional items ⁶ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁷ Excluding reinsurance treaty with CNP Assurance
⁸ Scope: combined individual clients of the BP and CE networks

4.1.5 Digital & Payments

€m¹	Q4-24	% Change	2024	% Change
Net banking income	227	14%	873	7%
o/w Payments	128	10%	491	6%
o/w Oney	99	19%	382	8%
Operating expenses	(173)	1%	(646)	(1)%
o/w Payments	(108)	9%	(394)	3%
o/w Oney	(65)	(10)%	(252)	(7)%
Gross operating income	54	96%	227	39%
Cost of risk	(33)	(52)%	(126)	(26)%
Income before tax	20	ns	97	ns
Exceptional items	(1)	(99)%	(5)	(96)%
Underlying²income before tax	21	ns	102	125%
Underlying cost/income ratio³	76.2%	(3.5)pp	73.9%	(2.1)pp

Digital & AI

At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

Payments

Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

Oney Bank

Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL⁴ segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

Management expenses remained well under control, falling by 7% in full-year 2024.

The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

This led to a 3.5pp improvement in the underlying cost/income ratio³ to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

Underlying²income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

4.2 Global Financial Services
The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
Natixis.

€m¹	Q4-24	% Change	Constant Fx % change	2024	% Change	Constant Fx % change
Net banking income	2,055	8%	7%	7,947	8%	8%
o/w CIB	1,087	5%	5%	4,440	7%	7%
o/w AWM	968	11%	10%	3,507	10%	10%
Operating expenses	(1,501)	8%	7%	(5,651)	7%	7%
o/w CIB	(738)	5%	5%	(2,889)	8%	8%
o/w AWM	(763)	11%	10%	(2,763)	6%	6%
Gross operating income	553	8%	7%	2,296	10%	10%
Cost of risk	(86)	18%		(268)	73%
Income before tax	479	14%		2,051	4%
Exceptional items	0	ns		0	ns
Underlying²income before tax	479	10%		2,051	3%
Underlying cost/income ratio³	73.1%	0.7pp		71.1%	(0.1)pp

GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

The underlying cost/income ratio³ was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

Underlying²income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

4.2.1 Corporate & Investment Banking
The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
M&A activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,087	5%	4,440	7%
Operating expenses	(738)	5%	(2,889)	8%
Gross operating income	349	5%	1,551	3%
Cost of risk	(98)	60%	(282)	78%
Income before tax	262	3%	1,293	(3)%
Exceptional items	0	ns	0	ns
Underlying²income before tax	262	1%	1,293	(4)%
Underlying cost/income ratio³	67.9%	0.2pp	65.1%	1.2pp

Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

The underlying cost/income ratio³ increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

Underlying²income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

4.2.2 Asset & Wealth Management
The business unit includes the Asset & Wealth Management activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	968	11%	3,507	10%
Operating expenses	(763)	11%	(2,763)	6%
Gross operating income	205	12%	744	27%
Income before tax	217	32%	759	21%
Exceptional items	0	ns	0	ns
Underlying²income before tax	217	24%	759	16%
Underlying cost/income ratio³	78.8%	1.0pp	78.8%	(2.0)pp

In Asset Management, assets under management⁴ reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

Net inflows into Asset Management⁴ reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

ESG assets accounted for 40.3% of assets under management at the end of December 2024.

Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

In Asset Management⁴ in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

The underlying cost/income ratio³increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

Underlying²income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

ANNEXES

Notes on methodology

Presentation on the pro-forma quarterly results

The 2023 quarterly series are presented pro forma with changes in standards and organization:
The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
The main evolutions impact RB&I, GFS and the Corporate center.
The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
The quarterly series of Groupe BPCE remain unchanged.
The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

Exceptional items

Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

Net banking income

Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

Operating expenses

Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

Cost/income ratio

Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

Cost of risk

The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

Loan oustandings and deposits & savings

Restatements regarding transitions from book outstandings to outstandings under management are as follows:
Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

Capital Adequacy

Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

Total loss-absorbing capacity

The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
This amount is consequently comprised of the 4 following items:

Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
- The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
- The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
- The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

Liquidity

Total liquidity reserves comprise the following:

Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
Customer deposits are subject to the following adjustments:

Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

Business line indicators – BP & CE networks

Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

Digital indicators

The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

Impact indicators

Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

– Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
– ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
– ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

Within the scope of CIB activities, Green revenues are comprised of:

Sustainable Finance (GSH scope)
Renewable & new energies franchises
Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

(restated for scope reconciliations).

Reconciliation of 2023 data to pro forma data

Retail banking and Insurance	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,891	(2,496)	1,107	(269)	840
Sectoral reallocation	12	(1)	11	0	11
Pro forma figures	3,903	(2,497)	1,118	(269)	851

Global Financial Services	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,822	(1,303)	590	(146)	432
Sectoral reallocation	0	0	0	0	0
New rules	32	(2)	30	(4)	26
Pro forma figures	1,854	(1,305)	621	(151)	458

Corporate center	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	102	(788)	(729)	(10)	(739)
Sectoral reallocation	(12)	1	(11)	0	(11)
New rules	(32)	2	(30)	4	(26)
Pro forma figures	57	(785)	(771)	(5)	(776)

Retail banking and Insurance	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,655	(2,459)	952	(224)	729
Sectoral reallocation	(15)	(1)	(15)	(0)	(15)
Pro forma figures	3,640	(2,460)	936	(224)	713

Global Financial Services	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,798	(1,282)	429	(115)	300
Sectoral reallocation	(0)	(0)	(0)	(0)	(0)
New rules	31	(5)	26	(3)	22
Pro forma figures	1,829	(1,287)	455	(118)	322

Corporate center	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	13	(58)	(44)	(14)	(56)
Sectoral reallocation	15	1	16	0	16
New rules	(31)	5	(26)	3	(22)
Pro forma figures	(3)	(52)	(54)	(10)	(63)

Retail banking and Insurance	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,721	(2,358)	1,072	(268)	799
Sectoral reallocation	(13)	(1)	(14)	0	(14)
Pro forma figures	3,709	(2,359)	1,058	(268)	785

Global Financial Services	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,736	(1,279)	444	(114)	319
Sectoral reallocation	(0)	(0)	(0)	0	(0)
New rules	31	(4)	27	(4)	23
Pro forma figures	1,767	(1,283)	470	(118)	341

Corporate center	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	(3)	(175)	(176)	(23)	(200)
Sectoral reallocation	13	1	14	0	14
New rules	(31)	4	(27)	4	(23)
Pro forma figures	(21)	(170)	(189)	(19)	(210)

Retail banking and Insurance	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,557	(2,497)	395	(122)	294
Sectoral reallocation	19	(1)	18	(0)	18
Pro forma figures	3,576	(2,499)	413	(122)	312

Global Financial Services	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,874	(1,389)	391	(118)	255
Sectoral reallocation	0	(1)	(0)	(0)	(0)
New rules	33	(4)	29	(3)	26
Pro forma figures	1,908	(1,394)	420	(121)	280

Corporate center	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	31	(243)	(249)	81	(168)
Sectoral reallocation	(20)	2	(18)	0	(18)
New rules	(33)	4	(29)	3	(26)
Pro forma figures	(22)	(237)	(296)	84	(211)

Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported Q4-24 results		6,046	(4,184)	(596)	(35)	1,262	913
Transformation and reorganization costs	Business lines/Corporate center	0	(86)		(1)	(87)	(64)
Disposals	Corporate center				(1)	(1)	(1)
Q4-24 results excluding exceptional items		6,045	(4,098)	(596)	(34)	1,349	977

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported Q4-23 results		5,462	(4,129)	(744)	(43)	537	381
Transformation and reorganization costs	Business lines/Corporate center	(5)	(54)	(34)		(93)	(57)
Disposals	Corporate center				(43)	(43)	(43)
Pro forma Q4-23 results excluding exceptional items		5,467	(4,076)	(710)	(0)	672	481

2024 & 2023 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported 2024 results		23,317	(16,384)	(2,061)	28	4,956	3,520
Transformation and reorganization costs	Business lines/Corporate center	3	(208)		(1)	(206)	(153)
Disposals	Corporate center	0			(3)	(3)	(3)
2024 results excluding exceptional items		23,314	(16,176)	(2,061)	32	5,165	3,675

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported 2023 results		22,198	(16,328)	(1,731)	8	4,182	2,804
Transformation and reorganization costs	Business lines/Corporate center	2	(213)	(32)		(242)	(164)
Disposals	Corporate center				(45)	(45)	(44)
Litigations	Business lines/Corporate center	87				87	87
Pro forma 2023 results excluding exceptional items		22,108	(16,115)	(1,699)	53	4,381	2,925

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-24 reported figures	6,046	(4,184)
Impact of exceptional items	0	(86)
Q4-24 underlying figures	6,045	(4,098)	67.8%

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-23 Pro forma reported figures	5,462	(4,129)
Impact of exceptional items	(5)	(54)
Q4-23 Pro forma underlying figures	5,467	(4,076)	74.6%

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
2024 reported figures	23,317	(16,384)
Impact of exceptional items	3	(208)
2024 underlying figures	23,314	(16,176)	69.4%

€m	Net banking income	Operating expenses	Underlying cost income ratio
2023 Pro forma reported figures	22,198	(16,328)
Impact of exceptional items	89	(213)
2023 Pro forma underlying figures	22,108	(16,115)	72.9%

Groupe BPCE : quarterly income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	4,064	3,576	2,055	1,908	(73)	(22)	6,046	5,462	11%
Operating expenses	(2,497)	(2,499)	(1,501)	(1,394)	(186)	(237)	(4,184)	(4,129)	1%
Gross operating income	1,567	1,077	553	514	(259)	(259)	1,862	1,332	40%
Cost of risk	(556)	(643)	(86)	(73)	46	(28)	(596)	(744)	(20)%
Income before tax	998	413	479	420	(215)	(296)	1,262	537	x 2
Income tax	(222)	(122)	(124)	(121)	19	84	(326)	(159)	x 2
Non-controlling interests	(5)	21	(18)	(19)	0	1	(23)	3	ns
Net income – Group share	772	312	337	280	(196)	(211)	913	381	x 2

Groupe BPCE : 2024 income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	2024	2023	2024	2023	2024	2023	2024	2023	%
Net banking income	15,397	14,828	7,947	7,358	(27)	12	23,317	22,198	5%
Operating expenses	(9,902)	(9,815)	(5,651)	(5,269)	(831)	(1,244)	(16,384)	(16,328)	0%
Gross operating income	5,495	5,013	2,296	2,088	(858)	(1,232)	6,933	5,870	18%
Cost of risk	(1,751)	(1,505)	(268)	(154)	(43)	(72)	(2,061)	(1,731)	19%
Income before tax	3,807	3,526	2,051	1,966	(902)	(1,310)	4,956	4,182	19%
Income tax	(891)	(882)	(534)	(507)	67	49	(1,357)	(1,340)	1%
Non-controlling interests	(14)	18	(66)	(56)	1	1	(79)	(38)	x 2
Net income – Group share	2,902	2,661	1,452	1,402	(834)	(1,260)	3,520	2,804	26%

Groupe BPCE : quarterly series

GROUPE BPCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	5,815	5,467	5,455	5,462	5,753	5,626	5,892	6,046
Operating expenses	(4,587)	(3,799)	(3,812)	(4,129)	(4,151)	(4,008)	(4,041)	(4,184)
Gross operating income	1,228	1,667	1,642	1,332	1,602	1,618	1,851	1,862
Cost of risk	(326)	(342)	(319)	(744)	(382)	(560)	(523)	(596)
Income before tax	968	1,337	1,339	537	1,233	1,124	1,336	1,262
Net income – Group share	533	973	917	381	875	806	925	913

Groupe BPCE : Consolidated balance sheet

ASSETS €m	Dec. 31, 2024	Dec. 31, 2023
Cash and amounts due from central banks	133,186	152,669
Financial assets at fair value through profit or loss	230,521	214,582
Hedging derivatives	7,624	8,855
Financial assets at fair value through other comprehensive income	57,166	48,073
Securities at amortized cost	27,021	26,373
Loans and advances to banks and similar at amortized cost	115,862	108,631
Loans and receivables due from customers at amortized cost	851,843	839,457
Revaluation difference on interest rate risk-hedged portfolios	(856)	(2,626)
Financial investments of insurance activities	115,631	103,615
Insurance contracts issued – Assets	1,134	1,124
Reinsurance contracts held – Assets	9,320	9,564
Current tax assets	640	829
Deferred tax assets	4,160	4,575
Accrued income and other assets	16,444	14,611
Non-current assets held for sale	438	–
Investments in accounted for using equity method	2,146	1,616
Investment property	733	717
Property, plant and equipment	6,085	6,023
Intangible assets	1,147	1,110
Goodwill	4,312	4,224
TOTAL ASSETS	1,584,558	1,544,022

LIABILITIES €m	Dec. 31, 2024	Dec. 31, 2023
Amounts due to central banks	1	2
Financial liabilities at fair value through profit or loss	218,963	204,023
Hedging derivatives	14,260	14,973
Debt securities	304,957	292,598
Amounts due to banks and similar	69,953	79,634
Amounts due to customers	723,090	711,658
Revaluation difference on interest rate risk-hedged portfolios, liabilities	14	159
Insurance contracts issued – Liabilities	117,551	106,137
Reinsurance contracts held – Liabilities	119	149
Current tax liabilities	2,206	2,026
Deferred tax liabilities	1,323	1,640
Accrued expenses and other liabilities	20,892	22,492
Liabilities associated with non-current assets held for sale	312	–
Provisions	4,748	4,825
Subordinated debt	18,401	18,801
Shareholders’ equity	87,768	84,905
Equity attributable to equity holders of the parent	87,137	84,351
Non-controlling interests	630	553
TOTAL LIABILITIES	1,584,558	1,544,022

Groupe BPCE : Goodwill

€m	Dec. 31, 2023	Acquisitions	IRFS5 reclassifications	Translation adjustments	Dec. 31, 2024
Retail Banking & Insurance	822	58			879
Asset & Wealth Management	3,257	1	(72)	95	3,280
Corporate & Investment Banking	144			7	151
Total	4,224	58	(72)	102	4,312

Groupe BPCE: Statement of changes in shareholders’ equity

€m	Equity attributable to shareholders’ equity
December 31, 2023	84,407
Restatements¹	(56)
December 31, 2023 restated	84,351
Distributions	(833)
Change in capital (cooperative shares)	90
Impact of acquisitions and disposals on non-controlling interests (minority interests)	(48)
Income	3,520
Changes in gains & losses directly recognized in equity	144
Capital gains and losses reclassified as reserves	(31)
Others	(56)
December 31, 2024	87,137

¹ Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

Retail Banking & Insurance: quarterly income statement

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24		Q4-23	%	Q4-24		Q4-23	%
Net banking income	1,614	1,382	17%	1,616	1,423	14%	334	335	(0)%	171	146	17%	227	199	14%	101		91	12%	4,064		3,576	14%
Operating expenses	(980)	(975)	1%	(1,084)	(1,081)	0%	(169)	(167)	1%	(36)	(41)	(10)%	(173)	(171)	1%	(53)		(63)	(16)%	(2,497)		(2,499)	(0)%
Gross operating income	634	407	56%	531	343	55%	165	168	(2)%	135	105	28%	54	27	96%	48		28	75%	1,567		1,077	45%
Cost of risk	(266)	(282)	(6)%	(205)	(218)	(6)%	(38)	(54)	(31)%				(33)	(69)	(52)%	(15)		(19)	(23)%	(556)		(643)	(13)%
Income before tax	352	149	x2	328	126	x3	125	112	12%	141	107	32%	20	(89)	ns	33		9	x4	998		413	x2
Income tax	(73)	(45)	62%	(78)	(20)	x4	(33)	(27)	22%	(29)	(25)	16%	0	(2)	ns	(8)		(2)	x4	(222)		(122)	82%
Non-controlling interests	(0)	(6)	(94)%	(1)	(3)	(66)%	0	(0)	ns	0	(1)	ns	(3)	30	ns					(5)		21	ns
Net income – Group share	278	98	x3	248	103	x2	92	85	8%	112	81	39%	16	(61)	ns	25		7	x4	772		312	x2

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024		2023	%	2024		2023	%
Net banking income	6,098	5,862	4%	6,054	5,858	3%	1,303	1,274	2%	694	633	10%	873	816	7%	375		384	(2)%	15,397		14,828	4,%
Operating expenses	(4,047)	(3,970)	2%	(4,216)	(4,181)	1%	(636)	(630)	1%	(143)	(163)	(12)%	(646)	(652)	(1)%	(213)		(218)	(2)%	(9,902)		(9,815)	1%
Gross operating income	2,051	1,892	8%	1,838	1,677	10%	667	644	3%	550	470	17%	227	164	39%	162		166	(2)%	5,495		5,013	10%
Cost of risk	(814)	(651)	25%	(640)	(553)	16%	(108)	(98)	11%				(126)	(171)	(26)%	(62)		(33)	89%	(1,751)		(1,505)	16%
Income before tax	1,285	1,308	(2)%	1,200	1,125	7%	555	545	2%	566	475	19%	97	(68)	ns	103		140	(26)%	3,807		3,526	8%
Income tax	(307)	(329)	(7)%	(264)	(254)	4%	(146)	(140)	4%	(123)	(99)	24%	(27)	(25)	9%	(24)		(35)	(30)%	(891)		(882)	1%
Non-controlling interests	(9)	(24)	(64)%	(5)	(7)	(24)%	0	(0)	ns	0	(0)	ns	(0)	49	ns					(14)		18	ns
Net income – Group share	970	954	2%	931	864	8%	409	405	1%	443	376	18%	70	(43)	ns	79		106	(25)%	2,902		2,661	9%

Retail Banking & Insurance: 2024 income statement

Retail banking & insurance: quarterly series

RETAIL BANKING & INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	3,903	3,640	3,709	3,576	3,763	3,701	3,869	4,064
Operating expenses	(2,497)	(2,460)	(2,359)	(2,499)	(2,547)	(2,456)	(2,403)	(2,497)
Gross operating income	1,406	1,180	1,350	1,077	1,217	1,245	1,467	1,567
Cost of risk	(308)	(252)	(302)	(643)	(296)	(475)	(423)	(556)
Income before tax	1,118	936	1,058	413	934	831	1,044	998
Net income – Group share	851	713	785	312	709	637	785	772

Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

BANQUE POPULAIRE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,569	1,442	1,469	1,382	1,489	1,489	1,506	1,614
Operating expenses	(1,018)	(1,015)	(961)	(975)	(1,043)	(1,025)	(999)	(980)
Gross operating income	551	427	508	407	445	464	508	634
Cost of risk	(132)	(110)	(127)	(282)	(125)	(228)	(195)	(266)
Income before tax	434	328	398	149	329	290	315	352
Net income – Group share	332	240	284	98	252	210	230	278

CAISSE D’EPARGNE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,537	1,465	1,432	1,423	1,454	1,467	1,517	1,616
Operating expenses	(1,066)	(1,041)	(993)	(1,081)	(1,085)	(1,038)	(1,008)	(1,084)
Gross operating income	470	424	440	343	368	429	509	531
Cost of risk	(136)	(84)	(115)	(218)	(100)	(176)	(159)	(205)
Income before tax	334	340	325	126	270	252	350	328
Net income – Group share	253	256	253	103	208	194	281	248

Retail Banking & Insurance: FSE quarterly series

FINANCIAL SOLUTIONS & EXPERTISE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	315	306	318	335	327	320	322	334
Operating expenses	(157)	(151)	(154)	(167)	(162)	(154)	(151)	(169)
Gross operating income	158	155	164	168	166	166	171	165
Cost of risk	(6)	(19)	(18)	(54)	(24)	(22)	(24)	(38)
Income before tax	151	136	146	112	141	143	146	125
Net income – Group share	112	102	107	85	104	106	108	92

Retail Banking & Insurance: Insurance quarterly series

INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	180	126	181	146	188	118	217	171
Operating expenses	(43)	(37)	(42)	(41)	(42)	(25)	(40)	(36)
Gross operating income	137	89	139	105	146	93	177	135
Income before tax	139	93	137	107	149	99	177	141
Net income – Group share	109	83	103	81	113	92	126	112

Retail Banking & Insurance: Digital & Payments quarterly series

DIGITAL & PAYMENTS
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	205	203	209	199	215	214	218	227
Operating expenses	(161)	(163)	(157)	(171)	(160)	(159)	(154)	(173)
Gross operating income	44	40	52	27	55	55	64	54
Cost of risk	(32)	(41)	(29)	(69)	(31)	(32)	(30)	(33)
Income before tax	8	(6)	19	(89)	24	22	32	20
Net income – Group share	7	(3)	13	(61)	17	16	21	16

Retail Banking & Insurance: Other network quarterly series

OTHER NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	97	97	99	91	91	93	90	101
Operating expenses	(51)	(52)	(52)	(63)	(55)	(55)	(51)	(53)
Gross operating income	46	45	47	28	37	38	39	48
Cost of risk	(2)	2	(14)	(19)	(16)	(17)	(14)	(15)
Income before tax	52	47	33	9	20	25	25	33
Net income – Group share	39	36	25	7	16	19	20	25

Global Financial Services: quarterly income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	968	874	1,087	1,034	2,055	1,908	8%
Operating expenses	(763)	(691)	(738)	(703)	(1,501)	(1,394)	8%
Gross operating income	205	183	349	331	553	514	8%
Cost of risk	12	(12)	(98)	(62)	(86)	(73)	18%
Share in net income of associates	0	0	12	4	12	4	x3
Gains or losses on other assets	0	(7)	0	(17)	0	(24)	ns
Income before tax	217	165	262	255	479	420	14%
Net income – Group share	143	105	194	176	337	280	20%

Global Financial Services: 2024 income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	2024	2023	2024	2023	2024	2023	%
Net banking income	3,507	3,192	4,440	4,166	7,947	7,358	8%
Operating expenses	(2,763)	(2,604)	(2,889)	(2,666)	(5,651)	(5,269)	7%
Gross operating income	744	588	1,551	1,500	2,296	2,088	10%
Cost of risk	14	4	(282)	(158)	(268)	(154)	73%
Share in net income of associates	0	0	23	13	23	14	67%
Gains or losses on other assets	0	35	0	(17)	0	18	ns
Income before tax	759	627	1,293	1,338	2,051	1,966	4%
Net income – Group share	500	425	952	977	1,452	1,402	4%

Global Financial Services: quarterly series

GLOBAL FINANCIAL SERVICES
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,854	1,829	1,767	1,908	1,933	1,983	1,976	2,055
Operating expenses	(1,305)	(1,287)	(1,283)	(1,394)	(1,368)	(1,366)	(1,415)	(1,501)
Gross operating income	549	542	483	514	564	617	561	553
Cost of risk	27	(91)	(17)	(73)	(58)	(82)	(41)	(86)
Income before tax	621	455	470	420	510	539	525	479
Net income – Group share	458	322	341	280	364	384	366	337

Corporate & Investment Banking: quarterly series

CORPORATE & INVESTMENT BANKING
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,074	1,056	1,002	1,034	1,102	1,133	1,118	1,087
Operating expenses	(661)	(651)	(650)	(703)	(706)	(694)	(751)	(738)
Gross operating income	412	405	352	331	396	439	367	349
Cost of risk	21	(90)	(28)	(62)	(54)	(91)	(39)	(98)
Income before tax	437	318	328	255	346	352	333	262
Net income – Group share	321	233	247	176	255	261	242	194

Asset & Wealth Management: quarterly series

ASSET & WEALTH MANAGEMENT
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	781	773	764	874	830	850	858	968
Operating expenses	(644)	(636)	(633)	(691)	(662)	(673)	(664)	(763)
Gross operating income	137	137	131	183	168	178	194	205
Cost of risk	6	(1)	11	(12)	(5)	9	(2)	12
Income before tax	184	136	143	165	163	187	192	217
Net income – Group share	137	89	94	105	109	123	124	143

Corporate center: quarterly series

CORPORATE CENTER
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	57	(3)	(21)	(22)	57	(58)	46	(73)
Operating expenses	(785)	(52)	(170)	(237)	(236)	(186)	(223)	(186)
Gross operating income	(728)	(55)	(191)	(259)	(179)	(244)	(176)	(259)
Cost of risk	(46)	1	0	(28)	(28)	(2)	(59)	46
Share in income of associates	2	0	1	(9)	3	0	1	5
Gains or losses on other assets	(0)	0	(0)	(0)	(6)	1	3	(8)
Income before tax	(771)	(54)	(189)	(296)	(210)	(245)	(232)	(215)
Net income – Group share	(776)	(63)	(210)	(211)	(198)	(215)	(226)	(196)

DISCLAIMER

This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

groupebpce.com

Attachment

Groupe BPCE_PR_Results_Q4-24 & 2024_FV

The MIL Network –

February 6, 2025

MIL-OSI Economics: IADC Welcomes 2 New Regional Reps for Latin America

Source: International Association of Drilling Contractors – IADC

Headline: IADC Welcomes 2 New Regional Reps for Latin America

IADC recently welcomed two new Regional Representatives for the IADC Latin America (LATAM) Regional Chapter: Soraya Carvalho and Ricardo Carvalho of Soraya & Carvalho Consulting.

Soraya and Ricardo each bring over 17 years of industry experience and have been actively involved with the IADC LATAM Chapter since its beginning. Their extensive backgrounds include leadership roles at NOV, Transocean, and IADC, where they gained deep expertise in business development, sales, project management, contract negotiations, strategic planning, and overall business operations. In addition to running their own consulting firm, Soraya and Ricardo are key members of Sophia Oilfield Supply Services — Ricardo serves as the Director of Operations – LATAM, while Soraya is the VP of Sales – LATAM.

IADC is very pleased to welcome Soraya and Ricardo as the new IADC LATAM Chapter Regional Representatives. Their dynamic leadership will be key to strengthening our community and enhancing Member value throughout the region.

MIL OSI Economics –

February 6, 2025

MIL-OSI: Canadian General Investments: Investment Update – Unaudited

Source: GlobeNewswire (MIL-OSI)

TORONTO, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at January 31, 2025 was $70.79 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1% and 26.3%, respectively. These compare with the 3.5% and 25.2% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at January 31, 2025, the leverage represented 13.5% of CGI’s net assets, down from 13.8% at the end of 2024 and 14.7% at January 31, 2024.

The closing price for CGI’s common shares at January 31, 2025 was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -1.8% and 14.0%, respectively.

The sector weightings of CGI’s investment portfolio at market as of January 31, 2025 were as follows:


Information Technology	23.7	%
Industrials	22.7	%
Financials	13.9	%
Energy	11.7	%
Materials	11.4	%
Consumer Discretionary	9.9	%
Real Estate	4.2	%
Cash & Cash Equivalents	1.9	%
Communication Services	0.6	%

The top ten investments which comprised 37.0% of the investment portfolio at market as of January 31, 2025 were as follows:


The Descartes Systems Group Inc.	4.0	%
TFI International Inc.	4.0	%
Canadian Pacific Kansas City Limited	4.0	%
NVIDIA Corporation	3.9	%
Celestica Inc.	3.7	%
Apple Inc.	3.5	%
Shopify Inc.	3.5	%
WSP Global Inc.	3.5	%
Mastercard Incorporated	3.5	%
Franco-Nevada Corporation	3.4	%

FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan A. Morgan
President & CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca

The MIL Network –

February 6, 2025

MIL-OSI United Kingdom: Net Zero Council relaunched to supercharge Clean Energy Superpower Mission
Source: United Kingdom – Executive Government & Departments

Government relaunches an expanded Net Zero Council, bringing together business, civil society and local authorities to drive the clean energy transition as part of the Plan for Growth.
New Net Zero Council is tasked with ensuring the clean energy transition drives economic growth and creates jobs as part of government’s Plan for Change

brings together a broader range of representatives from organisations including World Wildlife Fund, Design Council and Local Government Association, alongside others including Siemens, HSBC and Nestle

Council to deepen public-private partnership to maximise economic opportunities for the UK

Leaders from major businesses, civil society and local authorities have backed the government’s pro-growth and clean energy superpower missions following a meeting of the relaunched Net Zero Council (5 February), with a plan to help sectors accelerate to net zero and support thousands of jobs.

Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council brings together leaders from some of the UK’s biggest businesses, charities and organisations, as well as trade unions and local authorities.

New members include representatives from the Trades Union Congress and Design Council, bringing expertise of green skills and jobs creation to the council to support the government’s mission for clean energy growth on the path to net zero.

This broader coalition strengthens the Council’s ability to unlock the opportunities of decarbonisation, with major industry players such as Siemens, Nestle and HSBC returning to the Council alongside new members including the Local Government Association and Aviva Investors to seize the growth opportunities of decarbonising the economy.

The first meeting focused on agreeing the Council’s priorities for 2025/26, which will include:

a new focus on providing expert input to inform government strategies relating to net zero

supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities

supporting small and medium-sized enterprises to decarbonise while maximising the benefits of the transition

informing the government’s approach to public engagement and developing products to support public participation with net zero

A new Delivery Group will oversee the Council’s workstreams and help to drive progress.

The relaunch reflects a new mission-led approach, ensuring government actively engages with a broad range of industry leaders and stakeholders to drive progress towards net zero. This will support the Plan for Change to help deliver new jobs and economic opportunities while ensuring a fair transition.

Energy Secretary Ed Miliband said:

Businesses and leaders across our country recognise that clean power and accelerating towards net zero represents the economic opportunity of the 21st century.

It is one which will protect bills, create jobs, and tackle the climate crisis. This Council is about mission-driven leadership, bringing government, business and civil society together to turn ambition into action.

By working in partnership, we can drive the investment, innovation and industrial transformation needed to make the UK a clean energy superpower.

Climate Minister Kerry McCarthy said:

The relaunch of the Net Zero Council comes at a critical moment in the UK’s journey towards a clean energy future.

Bringing together leaders from across business, finance and civil society, the Council will play a crucial role in accelerating net zero ambitions, driving economic growth and creating thousands of jobs.

Shirine Khoury-Haq, CEO of The Co-operative Group, said:

Working urgently for a faster, fairer transition to a greener, cleaner economy is an absolute imperative. For the sake of our planet and for every community here in the UK and around the globe, it’s crucial we work together to unlock the significant opportunities the transition will bring for economic growth too.

I’m therefore delighted to be continuing in my role as Co-chair of the Net Zero Council. The science couldn’t be clearer that we must act collectively and decisively, and co-operation between businesses, civic society and government is what we need now more than ever.

While the Council itself is made up of senior leaders from key sectors, it is committed to an inclusive engagement strategy, ensuring a broad range of voices contribute to net zero delivery beyond formal members. This approach will ensure that businesses, communities and experts across the UK have opportunities to inform strategy, share best practices and help shape the transition.

Statements from Net Zero Council and Delivery Group members

Bev Cornaby, Director of the UK Corporate Leaders Group (CLG UK), said:

The relaunch of the Net Zero Council marks an important step in strengthening collaboration between government, business, civil society, and local government to accelerate the UK’s transition to net zero. Businesses are ready to lead, invest, and innovate, but they need the right policy framework and long-term clarity to unlock the full potential of a clean, competitive economy. The UK Corporate Leaders Group welcomes the opportunity to bring business leadership and ambition to the Council, supporting accelerated delivery and ensuring that government strategies are informed by real-world insights and that industry can play a central role in delivering a net zero future.

David Thomas, Chief Executive of Barratt Redrow, said:

I’m pleased to join the Net Zero Council at a critical time for the environment and as we scale up to build the new high quality, energy efficient homes the UK desperately needs.

Government has set out its clear ambition to shift to clean energy, meanwhile the homebuilding industry is making good progress towards delivering net zero homes and places – but we must unite behind one plan and work together to build a sustainable future.

Minnie Moll, Chief Executive of the Design Council, said:  

I am honoured to join the Net Zero Council to contribute to this crucial national mission and represent the voice of design as a transformative tool for innovation. Design has the power to cut across sectors, fuelling innovative thinking, embracing circular approaches, and turning the challenges of climate change into opportunities for economic growth, improved quality of life, and a cleaner, more sustainable future for all. We are excited to bring our expertise to this ambitious mission and support the UK’s leadership in becoming a clean energy superpower.

John Scanlon, Chief Executive Officer for SUEZ recycling and recovery UK said:

I am delighted to bring SUEZ’s expertise in the circular economy to the Net Zero Council. Often unseen, the work of the waste and resources sector sits at the core of the delivery of the Industrial Strategy – at the same time as we are taking steps to decarbonise our own operations, the sector is helping other sectors to decarbonise by providing secondary resources for manufacturing, and energy and fuels for transport, homes and industry. A resource efficient economy is a thriving economy and I’m looking forward to working in partnership with industry peers to advance the Government’s mission to become a Clean Energy Superpower.

Ian Simm, Founder & Chief Executive, Impax Asset Management said:

It’s very encouraging to see the Net Zero Council relaunched and I welcome the decision to expand its membership to include representatives from civil society and local government. The Council has a vital role to play at a moment when pivotal decisions are being made that will decide the future shape of the UK economy, not least on housing, infrastructure, and energy supply. I look forward to providing an investor’s view regarding how the Council can maximise its impact and effectiveness, both in helping to shape the shift to a net-zero economy and in supporting the Government’s broader and much needed growth agenda.

 Jennifer Beckwith, Senior Manager, CBI, said:

Accelerating to net zero and achieving growth is society’s defining economic challenge – one that can only be achieved through industry and government partnership. Inaction on the transition is costlier than action and business wants to play its part in achieving sustainable growth.

Increasing decarbonisation beyond the power sector is the big opportunity to grow clean energy markets, scale infrastructure and advance green technologies. The government leading collaboration across business and finance sectors powerfully signals to investors a focus on delivery that can help get capital moving.

Ed Lockhart, Convenor, Broadway Initiative, said:

UK businesses need certainty, including on the transition to a clean energy future, to invest, grow and ultimately improve living standards.

By launching the Net Zero Council aligned to the clean energy mission, the Government is providing a much-needed platform for the business community, financial institutions, civil society and Government to work in partnership on a shared and inclusive long-term plan.

The Broadway Initiative looks forward to bringing business and environmental organisations together to make the most of this opportunity.

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Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI Security: Former SCDC Captain Pleads Guilty to $279,000 Bribery Conspiracy

Source: Federal Bureau of Investigation (FBI) State Crime News

COLUMBIA, S.C. —Christine Mary Livingston, 47, of Gaston, has pleaded guilty to honest services wire fraud conspiracy for her role in a bribery scheme in a South Carolina prison.

According to evidence presented in court, the investigation revealed that Livingston was a 16-year veteran of the South Carolina Department of Corrections (SCDC) at the time of her resignation in November 2021. By virtue of her position as Captain at the Broad River Correctional Institute (BRCI) from 2016 through 2021, she managed security operations at BRCI and was responsible for enforcing contraband policy and law. SCDC policy and state law prohibited her from accepting bribes or anything of value to influence the exercise of her official responsibilities.

From July 2018 through November 2021, however, Livingston accepted bribes from a least 45 prisoners and three family members of prisoners in exchange for smuggling contraband into BRCI and in exchange for failing to enforce contraband law and policy. She operated at least 14 peer-to-peer payment accounts on platforms such as Cash App that were established in false names but were linked to her legitimate bank accounts. One of her Cash App accounts received at least $279,000 in bribes, of which more than $225,000 was transferred to her personal bank accounts. She then used the proceeds for personal enrichment including on shopping, ATM cash withdraws, and the purchase of cryptocurrency.

At least 173 cell phones were purchased by Livingston on her personal Amazon account during the conspiracy, along with 130 SIM cards and phone accessories, headphones, screen protectors, and phone chargers. At least eight witnesses would have cooperated against Livingston at trial, including family members of prisoners, and records obtained from Facebook and contraband phones recovered by SCDC confirmed the bribery scheme.

“Livingston used her position and rank for personal, criminal gain which endangered other staff members and those housed at Broad River Correctional Institute,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “We will continue to work with SCDC to prosecute those who commit crimes within prison walls.”

“This is one more example of how illegal cellphones ruin lives, including those of correctional officers who get involved in the contraband trade,” SCDC Director Bryan Stirling said. “We appreciate the FBI and U.S. Attorney’s office investigating and prosecuting this case and holding these criminals accountable for their actions.”

Jerell Reaves, a co-defendant and prisoner responsible for more than $42,000 in bribes to Livingston, was recently sentenced to 60 months imprisonment by United States District Judge Sherri A. Lydon, to be followed by three years of supervision by U.S. Probation.

Livingston faces up to 20 years in federal prison, with the Government agreeing to recommend up to eight years as a part of her plea agreement, to be followed by court ordered supervision, $250,000 in monetary penalties, and forfeiture of assets including up to the full value of the bribes. Livingston is scheduled to be sentenced by United States District Judge Sherri A. Lydon on June 30 at 10:00 a.m.

The case was investigated by the FBI Columbia Field Office and the SCDC Office of Inspector General. Assistant U.S. Attorneys Elliott B. Daniels and Michael Shedd are prosecuting the case.

###

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Call for Papers: Conference on Resilience of Nuclear Installations

Source: International Atomic Energy Agency – IAEA

“The resilience of nuclear installations can be viewed as the ability of the installation to quickly return to its original safety state after the occurrence of a potentially damaging event such as an earthquake, hurricane, or aircraft crash,” said Paolo Contri, Head of the IAEA Section of External Events Safety.

He added: “Resilience is coupled with the concept of robustness against external hazards, which encompasses the development of engineering solutions in siting, design and operation phases, that can support the response to extreme scenarios, but also to emerging challenges, or unknown threats, as well as planning, response and recovery strategies.”

Contributors interested in submitting papers for the conference can find the topics of interest here, which includes areas such as the identification and analysis of external hazards, the consideration of uncertainties in hazard analyses and events resulting from combined hazards; and the impact of external hazards on nuclear installations and radioactive waste disposal facilities as well as the safety features of innovative new reactor designs and their contribution to resilience.

MIL Security OSI –

February 6, 2025
MIL-OSI USA: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
Source: US State of North Carolina

Headline: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene

Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
bwood
Wed, 02/05/2025 – 10:16

Raleigh, NC
Today, Governor Josh Stein announced that the Duke Endowment has committed $5 million to the Western North Carolina Small Business Initiative grant program, which will support small businesses impacted by Hurricane Helene. Since its initial announcement on January 31, the WNCSBI grant program has already seen nearly 900 applicants—a number that is increasing daily.

“I am grateful that the Duke Endowment has joined our private-public partnership to ensure that small businesses in western North Carolina can get on the road to recovery,” said Governor Josh Stein. “This program is making a difference for the economy, but the need is great. I encourage more North Carolina philanthropies to support this critical work.”

“Small businesses are essential to the social and economic fabric of Western North Carolina,” said Duke Endowment president Rhett Mabry. “As communities work to recover from the devastation caused by Hurricane Helene, The Duke Endowment remains steadfast in its commitment to support rebuilding efforts, such as this, ensuring small businesses have the resources they need to emerge stronger than before.”

The Duke Endowment joins the Dogwood Health Trust in participating with the state on this initiative. Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below:

Businesses with an annual revenue of up to and including $2.5 million

Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.
Feb 5, 2025

MIL OSI USA News –
February 6, 2025
MIL-OSI Security: Assistant Attorney General John P. Carlin Delivers Remarks at Practising Law Institute’s Coping with U.S. Export Controls and Sanctions 2015 Conference
Source: United States Attorneys General 13

Remarks as prepared for delivery

Thank you for that introduction, and for the opportunity to be a part of this important discussion.

As you all know, foreign governments and other non-state adversaries of the United States are engaged in an aggressive campaign to evade U.S. sanctions regimes and acquire sensitive U.S. technology. In so doing, they threaten our economy, our prosperity and, most importantly, our national security. Disrupting these national security threats is among the highest priorities of the Department of Justice, and the National Security Division.

But the responsibility of protecting our nation from these threats is a shared one. Your clients – the companies you represent – and thus, you, have a critical role to play.

Because our companies have our nation’s crown jewels in their possession. They house information targeted by thieves ranging from foreign powers bent on economic and military superiority, to individual criminals who know the market demand for this information, to terrorists who wish to create weapons of mass destruction.

Of course, companies have a responsibility to comply with the export control and sanctions regime. We must also recognize that our companies are not immune from becoming unwitting victims of thieves and spies. We live in an age where the threats we face are not limited to unlawful shipments and deliveries of goods. Threats are also posed by insiders and through cyberspace. Therefore, to protect what we value, our national assets, companies must learn how to comply with the law and how to protect themselves.

That is why it is good to see such a strong turnout. Lawyers are on the front line helping clients adapt to an ever evolving export control regime. Lawyers shape strategy – hardening collective defenses and counseling companies on best practices.

For example, sitting here today, you know to help your clients comply with export controls and sanctions. Regimes designed to keep export controlled data and trade secrets out of the hands of rogue nations or terrorists.

But have you had the chance to counsel those same clients when a cyber-hacker exfiltrated that information? If you have not, unfortunately, it may only be a matter of time. Cases involving the theft of export-controlled information via hacking are no longer uncommon.

Recently, we’ve brought cases where hackers targeted cleared U.S. defense contractors and stole massive amounts of sensitive data related to military technology, including export-controlled software. These cases are not the first of their kind, and they will almost certainly not be the last.

You have the power to help your clients protect themselves. In a modern, interconnected world, there is quickly emerging a blending of practice areas. Trade controls blends with data privacy, and export controls and sanctions trigger questions not only of compliance but of cybersecurity.

It is a fascinating time to be a practicing lawyer in this area, but one that brings with it grave responsibility.

Today, we’ll talk about a broad range of issues that go into being a modern export control practitioner.

National Security Division

But first, I can explain a bit about the National Security Division of the Department of Justice.

The National Security Division was created in the wake of the September 11th terrorist attacks, in part in response to a specific recommendation from the WMD Commission.

The Commission identified intelligence failures that contributed to the attacks. It highlighted the danger of the so-called wall between foreign intelligence and law enforcement. We needed to be able to connect the dots. We needed to change.

So in 2006, Congress created the National Security Division, creating the first new litigating division in the Department in almost half a century. The National Security Division brings all of the department’s resources to bear. We bring down the wall, uniting prosecutors and law enforcement officials with intelligence attorneys and the Intelligence Community.

We are responsible for executing the highest priority of the Department of Justice – to protect this nation from the full range of national security threats we face. We are proud to have this essential mission.

At the top of our priority list is protecting our nation from terrorist threats. In recent days, you’ve heard everyone from the president to the attorney general and the director of the FBI speaking at length about the steps we are taking to combat that threat each and every day.

Just yesterday, we arrested Jalil Ibn Ameer Aziz, 19, a U.S. citizen and resident of Harrisburg, Pennsylvania, on charges of conspiring to provide, and attempting to provide, material support to the Islamic State of Iraq and the Levant (ISIL). Aziz is alleged to have served as an intermediary between ISIL supporters. Passing location information, including maps and a phone number, to assist persons seeking to travel and travel to and wage jihad with ISIL.

Although it may not seem so at first, fighting terrorism and preventing the illegal export of U.S. technology are interrelated goals. Take the case of Feras Diri. Diri is indicted in the very same district as Aziz. We allege he was involved in a scheme to illegally export U.S. goods to Syria in violation of U.S. sanctions. Some of these good were dual-use items. It doesn’t take much to imagine the consequences of those items falling into the wrong hands once it reaches Syria.

One of the most significant national security threats we face, is the protection of our nation’s assets – including export controlled information, as well as other sensitive information that may be targeted by nation states and terrorists. In so doing, we take an intelligence-driven, threat-based approach.

We have an entire section devoted to this work – the Counterintelligence and Export Control Section, or simply CES. We changed the name as part of a restructure to reflect the significance of export control and sanctions enforcement. This year, CES also finalized a new Strategic Plan, setting forth an aggressive, comprehensive approach. We know from experience that those seeking to do us harm will look for any available vulnerability to exploit. They use all tools against us; it is our responsibility to do the same. Our strategy is driven by the intelligence picture we see, which helps us prioritize and focus on the areas of most significant threat.

Our Priorities and Our Regime

Two of our highest priority areas involve China and WMDs. Both are subject to export controls and regulations.

Our economy profits from exports, and we support the flow of goods across borders. But we must balance economic gain with the real threat to national security posed by certain technologies falling into the wrong hands.

That is why our export control regime is so important. It is the best way to keep sensitive military and dual-use technologies, or even information that could be used in weapons of mass destruction, from ending up in the hands of terrorists and other adversaries. They protect our innovation from being turned against us.

With an ever-growing and evolving set of threats targeting our sensitive technologies and information, we must be vigilant. We must look at how transactions could make us more vulnerable, and do everything in our power to mitigate those vulnerabilities.

Take China – despite a long-standing U.S. arms embargo, China continues to surge efforts to acquire advanced U.S. military technology. China seeks U.S. persons with expertise to illegally provide services and know-how related to sensitive, export-controlled U.S. technology for military gain. As an example, they targeted U.S. experts on jet engines to assist in developing Chinese-made engines. If successful, our military edge over China is reduced; our country is put at greater risk. Knowing what China seeks and why is essential to any sound export compliance and training program.

Iranian Sanctions

Likewise, a high priority remains Iran.

Earlier this year, the United States, Iran, the E.U. and five other nations reached a Joint Comprehensive Plan of Action (JCPOA).

The sanctions relief specified in the JCPOA does not go into effect until Implementation Day – which does not occur until after Iran has completed all necessary nuclear steps, as verified by the International Atomic Energy Agency.

Even after Implementation Day, sanctions relief will not affect most laws and regulations enforced by the Department of Justice.

With few exceptions, U.S. or foreign persons involved in the export or re-export of U.S. goods or services to Iran remain subject to prosecution under the Iranian Transactions and Sanctions Regulations, as do U.S. persons involved in Iranian transactions.

The only sanctions relief relates to:
- the export, re-export, sale, lease or transfer to Iran of commercial passenger aircraft, parts and services for civil end-uses;
- the import of Iranian-origin carpets and foodstuffs; and
- certain transactions involving Iran by foreign entities owned or controlled by a U.S. person.
Looking beyond the sanctions to other U.S. export regulations, the JCPOA will have no effect on the International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR). Likewise, our commitment to prosecuting cases where defense articles on the U.S. Munitions List (USML), defense services and items subject to the EAR are exported to Iran remains as strong as ever.

So as a practical matter, what does this mean? Bottom line, companies and individuals, whether U.S. or foreign, need to remain vigilant when it comes to any possible commercial or financial interactions with Iran. We will continue to investigate and, where appropriate, prosecute U.S. export control and sanctions cases involving Iran under our domestic authorities. Because anything else is simply unacceptable.

The export control and sanctions regime in place exists to protect this nation from the proliferation threat. From sensitive information and technology that could pose a grave danger in the wrong hands making its way to terrorists. From our innovation being used to develop weapons of mass destruction or ballistic missiles.

Iran remains a designated state sponsor of terrorism, and we will not take our eye off of countering Iran’s efforts to support international terrorism and other destabilizing activities in the region.

Corporate Misconduct

U.S. companies – particularly in large international corporate structures, must understand this reality.

The risks – not only compliance-based risks, but security risks – must be front of mind, and we hope that as the lawyers who counsel, advise and represent these companies, you will talk frankly about them.

At the Department of Justice, we continue to prioritize corporate misconduct related to export control and sanctions violations. The deputy attorney general issued guidance and directed changes to the U.S. Attorneys’ Manual to reflect the department’s sharpened focus in this area including on individual corporate defendants.

To provide you clarity as you advise clients, we will provide guidance to make clear our current practices on voluntary self-disclosure of export and sanctions criminal violations. We want to be transparent about our process and the factors we consider when assessing voluntary self-disclosures. That way, the benefits for your clients are clear, and you can provide clear counsel.

Because when a company voluntarily self-discloses export control and sanctions misconduct, fully cooperates and appropriately remediates, we will grant the company a significantly reduced penalty. That can include a non-prosecution agreement (NPA), a reduced period of supervised compliance, a reduced fine and forfeiture and no requirement for a monitor.

If one or more aggravating factors are present to a substantial degree – like numerous willful shipments of defense articles to a foreign terrorist organization – a more stringent resolution might be necessary. In all cases, however, the company that voluntary discloses will find itself in a better position one that does not.

We are also discussing these issues with our regulatory partners to help you understand how the Department of Justice fits in to the broader regime. The Department of Justice guidance we ultimately issue on VSDs will not supplant or supersede obligations to regulators. Our ultimate goal is to be more transparent, so that companies will have more certainty about the benefits of self-disclosure are when dealing with prosecutors. In the end, we think this is good for our national security mission and good for business.

Voluntary self-disclosure is responsible. But even if you choose not to pursue the route of voluntary self-disclosure and cooperation, your corporate clients need to remain vigilant or they may suffer serious consequences.

Time and again, we have shown that willfully facilitating illegal transactions will not go unpunished.

Earlier this year, Schlumberger Oilfield Holdings Ltd. (SOHL), a wholly-owned subsidiary of Schlumberger Ltd., one of the largest oil and gas services companies in the world, pleaded guilty and agreed to pay a penalty of over $232 million for conspiring to violate the International Emergency Economic Powers Act (IEEPA) by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan.

What it ultimately came down to, was that one subsidiary failed to adequately train its employees to ensure that all U.S. persons, including non-U.S. citizens who resided in the United States, complied with Schlumberger Ltd.’s sanctions policies and compliance procedures.

We will not hesitate to prosecute individuals and entities that facilitate illegal transactions in violation of U.S. sanctions.

Vigilance is essential. Policies and procedures are simply not enough. They must be fully executed and reinforced. Simply “checking the box” by implementing an export control and sanctions compliance program without the proper support or follow through will not insulate a company from prosecution.

Another point to keep in mind is the need to know your markets and your people. When you’re part of a large corporate family with many segments located overseas, some subject to very different export control laws in foreign countries, you have be careful to ensure that conduct illegal in the U.S. does not become practice here. If you have doubts, check with your regulator. Something a foreign national employee does overseas may have been entirely legal there, but once transferred here, is a crime.

When working with your clients on these and other difficult issues, implore them to be vigilant. These are complicated areas, and it takes sound advice and a high level of scrutiny to ensure compliance.

Insider Threats

Unfortunately, compliance is only one piece of the puzzle. Because, in addition to the compliance risks that are common in global operations, your corporate clients – and, in fact, even potentially their outside counsel –also are vulnerable to the threats from insiders and hackers.

Insider threats – threats from trusted employees and contractors – is now a significant problem. And they are threat to national security when they steal sensitive export-controlled technology.

For instance, Mozaffar Khazaee stole materials from each of three defense contractors who employed him, including materials relating to the F35 Joint Strike Fighter. He attempted to illegally export a shipping container’s worth of those proprietary, export-controlled materials to Iran in order to gain employment there. After pleading guilty, he received 97 months in prison.

Although that sentence sends a strong message to any insider who would consider violating the trust of his or her employer, deterrence alone is not enough.

So what can you do to address this problem? Report incidents of suspected insider theft as soon as they are detected. Create detailed internal training and compliance programs designed to neutralize threats before they even occur, and provide evidence of willful or knowing conduct in the event an insider is not deterred.

Cyber-Enabled Export Violations

That helps with threats from within our perimeters. But unfortunately, we also face them from outside our borders. That is why another of our export control enforcement priorities is to combat cyber exfiltration of sensitive U.S. technologies, including ITAR-controlled technical data.

In the digital age, foreign nations and their agents can now steal information, including export-controlled technical data and technology, without setting foot on American soil. Left unchecked, cyber espionage can erode our strategic advantages across commercial and military spectrums.

When possible, we will use investigations, arrests and prosecutions, to disrupt efforts to steal from you and your clients. We will also look to use all other legally available tools to deter, like sanctions, designations, diplomacy and other tactics.

But your partnership is critical. You can harden your defenses, create resilient systems, evaluate your cyber hygiene and cooperate with law enforcement when your defenses simply aren’t enough.

That is why we at the National Security Division and others throughout the U.S. government, including the FBI, have made cooperation with the private sector a key component of our export control strategy.

Outreach

We work with U.S. companies, across all industry sectors, to ensure that our national security interests are protected. We have spent time and energy in face-to-face sit downs so that we may better understand the concerns and challenges faced by U.S. companies, share guidance and information, and be there to help with protection, detection, attribution and response. We can warn our companies that manufacture or sell targeted U.S. parts and technology when certain bad actors are seeking the particular parts and technology they make.

Corporate outreach helps sensitize industry to the threat and thereby maximizes the prevention of export control and sanctions violations. We believe that through such efforts we can help stem the flow of those sensitive goods out of the U.S. to malicious end-users that would use them to threaten our national security interests and the safety of our warfighters.

It’s likely that many of you here today have clients that we’ve already met with recently to discuss these types of issues. If you do not, we would certainly welcome the opportunity to do so in the future.

Conclusion

In conclusion, we recognize that our export control laws and sanctions regimes are complex and have a significant impact on the U.S. economy. But they are there to protect against the many threats we face.

And you play a critical role in that effort. You and your clients can successfully negotiate the current export control and sanctions regimes and help keep America safe.

Scrutinize closely each and every transaction undertaken with a foreign counterparty, whether a good or a financial transaction.

Make sure that you understand the relevant compliance and sanctions regimes and how they apply.

Make a voluntary self-disclosure to the National Security Division when you discover a willful violation of U.S. export control laws.

Develop robust training and compliance programs.

Focus not only on internal compliance, but on the threats posed by insiders and through cyberspace.

Harden your cyber defenses.

Develop a relationship with law enforcement, so that we may share valuable information with you to help you protect yourself, and be there to help you respond when your defense may simply not be enough.

Profits may be the lifeblood of our corporations, but cutting corners here in the interest of the bottom line, is potentially catastrophic. You and your clients risk enforcement actions, financial penalties and prison time. But perhaps more significantly, doing so can provide a dangerous capability to an adversary who wishes to bring about damage, destruction or death to many. So understanding and addressing how to comply with these regimes and neutralize these threats is not only the responsible thing to do, but the only thing to do.

The National Security Division will continue to approach export controls and sanctions with a broad and varied toolkit. We will continue to vigorously pursue and prosecute those who violate our nation’s export control laws, but that is not how we define success. Success is working with you to increase education and compliance and to prevent sensitive controlled technologies from falling into the wrong hands. We will combat threats posed by insiders and through cyberspace. And we will coordinate with our colleagues throughout the federal government to use an all tools approach – prosecution, listing, sanctions and other means of disruption – to combat national security threats.

With the careful calibration of these tools and with an eye toward mitigating vulnerabilities and defending against threats, we can protect the national security while simultaneously fostering economic growth and job creation.

Thank you for inviting me here this morning, and for your interest in these issues.

MIL Security OSI –
February 6, 2025
MIL-OSI United Kingdom: INEOS cuts brutal blow for community

Source: Scottish Greens

05 Feb 2025 Economy Energy

Local Green MSP reacts to brutal INEOS cuts at Grangemouth

More in Economy

INEOS has announced redundancies of over 400 staff members at their Grangemouth refinery in central Scotland.

Gillian Mackay, the Scottish Greens MSP for Central Scotland, grew up just 200 yards from the refinery.

Ms Mackay said:

“This is a brutal blow for Scotland, but particularly for the community I grew up in and the workers who I know well. I know how hurt the community feels at this time; my thoughts are with everyone.

“All of us in the town know somebody who is employed directly or indirectly by the refinery. They’re the ones now suffering. Many people will be extremely worried and possibly angry about what will happen next. I am too, I feel the same.

“This is the opposite of the just transition that is needed for the site and for Grangemouth. We have known for a long time that change is needed. The workers at Grangemouth are some of the most talented and skilled anywhere in Scotland, they must be at the heart of shaping Scotland’s green industrial future. Scotland deserves better; what is happening in Grangemouth is a warning sign for the lack of government support for the just transition in Scotland.

“Our community has yet again been let down by both governments. Politicians of all parties need to step up and work with trade unions and the community to do everything they can to support local people.”

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI Security: Assistant Attorney General Makan Delrahim Remarks at the American Bar Association Antitrust Section Fall Forum

Source: United States Attorneys General 13

“November Rain”: Antitrust Enforcement on Behalf of American Consumers and Taxpayers

Good morning, and thank you for the kind introduction. I’d like to thank the American Bar Association for your invitation to this year’s Fall Forum and Deb Garza for her leadership of the Section this year.

I find it hard to believe it’s been only a little more than a year since I was confirmed as AAG and spoke at last year’s Fall Forum. Over the past year, the Antitrust Division has been hard at work on behalf of American consumers. We made a number of significant enforcement actions this week, but before I turn to those, I’d like to update you on a few recent changes in the Front Office.

First, Michael Murray recently joined us from the Deputy Attorney General’s office, where he served as Associate Deputy Attorney General. Mike now will be a Deputy Assistant Attorney General in the Front Office, where he will be overseeing our Appellate Section and our 4A damage actions on behalf of the American taxpayer. Mike has significant appellate experience, including as a law clerk for Justice Anthony Kennedy.

In addition, our new acting Deputy Assistant Attorney General for Economics is Jeff Wilder. Jeff received his Ph.D. from MIT and has distinguished himself as an outstanding economist serving as one of the leaders in the Division’s Economic Analysis Group, and we’re happy to have him join us in the Front Office.

Some of you may remember that at last year’s Fall Forum, I spoke about antitrust and deregulation. In those remarks, I focused on remedies, including our preference for structural remedies and our emphasis on making consent decrees more enforceable. I also discussed our commitment to the view that antitrust enforcement is law enforcement, not industrial regulation, and that the Antitrust Division should strive to accomplish its law enforcement mission in the most efficient and effective way possible. The Division has stood by those principles.

More recently, in a speech at Georgetown, I announced several improvements to the merger review process. We are making good on those changes as well. Today, we posted a model timing agreement and a model voluntary request letter on our website. Those documents increase transparency and predictability and will help merging businesses and their counsel know what to expect as part of the merger review process. We’ve also begun tracking the duration of merger reviews more carefully, so that we can monitor our performance and factors affecting it. You will recall our goal is to resolve investigations within six months of filing, provided that the parties cooperate and comply with our document and data requests during the entire process.

I would like to focus the remainder of my remarks today on four important settlements in the last week that reflect the Antitrust Division’s commitment to vigilant and effective antitrust enforcement.

As some of you may have seen, the Division announced just yesterday a set of global settlements with three South Korean companies. Those unprecedented settlements resolve criminal charges and civil claims arising from a bid-rigging conspiracy that targeted fuel supply contracts to U.S. military bases in South Korea. They are the result of tremendous hard work in parallel criminal and civil investigations by the Antitrust Division’s Washington Criminal I Section, the Transportation, Energy, and Agriculture Section, and the Fraud Section of the Civil Division. We were assisted ably by our partners at the FBI and the Defense Criminal Investigative Service.

The United States currently maintains numerous military bases in South Korea, housing American soldiers, marines, airmen, and sailors in the region. These military bases need fuel for various purposes, and two Department of Defense agencies, the Defense Logistics Agency (DLA) and Army and Air Force Exchange Service (AAFES), contract with South Korean companies to supply fuel to the numerous U.S. military bases throughout South Korea.

Our investigation, which is ongoing, revealed that SK Energy, GS Caltex, Hanjin Transportation, along with other co-conspirators, rigged bids and fixed prices for fuel supply contracts issued by the U.S. military in South Korea for over a decade. They cheated the Military and American taxpayers out of precious limited resources. As a result of the conspiracy, the Department of Defense paid substantially more for fuel supply services. Although the immediate victim here was the U.S. military, the American taxpayer, you and me, ultimately footed the bill.

The three companies agreed yesterday to plead guilty to criminal charges under Section 1 of the Sherman Act, and they will pay at least $82 million in criminal fines for their involvement in the conspiracy. Importantly, the three defendants have also agreed to cooperate with the ongoing criminal investigation of the conduct.

Robert Jackson, who is one of my legal heroes, recognized that bid rigging is particularly harmful to government purchasers. When he served as Assistant Attorney General in charge of the Antitrust Division, Jackson broadly denounced arrangements that “compel purchasers to pay a price based on calculation, not competition,” and specifically emphasized that “[w]hatever the effect of this on private buyers, it completely destroys the mechanism set up by federal, state, and municipal governments to keep favoritism and corruption out of public buying.”

The harm Jackson recognized still exists today, and these settlements serve as an important reminder that the Justice Department and its law enforcement partners will investigate aggressively and prosecute without hesitation companies who cheat the United States government and the American taxpayer.

We did not stop there. We are committed to using all authorities Congress has granted to us to remedy antitrust injuries to the American taxpayer. Those tools include the authority conferred in Section 4A of the Clayton Act. Section 4A is an important but underused enforcement tool that allows the government to recover treble damages for antitrust violations when the government itself is the victim.

To that end, the Division established a parallel civil enforcement team, led by Kathy O’Neill and a group of capable litigators from the Transportation, Energy, and Agriculture Section to pursue parallel civil actions for damages. We negotiated separate civil resolutions with each of the three defendants on behalf of American taxpayers. We also worked alongside our partners in the Civil Division’s Fraud Section, who pursued charges against the defendants under the False Claims Act for making false statements to the government in connection with their conspiracy.

To resolve both the civil antitrust and the False Claims Act violations, these three defendants have agreed to pay an additional $154 million in total. They also have agreed to cooperate fully with the Division’s ongoing civil investigation and to implement effective antitrust compliance programs.

These historic cases mark the first significant settlements under Section 4A in many years. In fact, as far as we can tell based on our records, they are the largest settlements the government has ever recovered since the enactment of Section 4A.

Let me take a step back to review the history of Section 4A.

When Congress enacted the Sherman Act in 1890 and the Clayton Act in 1914, neither statute contained a provision specifically allowing the government to recover damages it suffered as a result of an antitrust violation. In 1939, the United States, led by Assistant Attorney General Thurman Arnold, brought its first-ever antitrust suit for damages on its own behalf.   The government claimed authority to do so under Section 7 of the Sherman Act, which was the predecessor of Section 4 of the Clayton Act. As most of you know, Section 4 permits “any person” injured by an antitrust violation to recover the damages they suffered.

In that pioneering case, United States v. Cooper, the government alleged that eighteen defendants had “collusively fixed” bids that were “identical to the penny on eighty-two different sizes of tires” sold to the United States. The defendants successfully moved to dismiss the action on the question of whether the government is a “person” entitled to bring an action for damages under the statute. The Second Circuit affirmed, and the Supreme Court ultimately held that the United States is not a “person” entitled to sue.

In 1955, Congress amended the Clayton Act in response to the Court’s ruling in Cooper by adding Section 4A. As originally enacted, Section 4A allowed the government to recover only single damages, so that the government could recover damages where it was the victim of an antitrust violation.

At first, the Division used Section 4A aggressively, filing numerous cases for damages throughout the 1960s and 1970s. In the 1980s, however, the government brought only four cases under Section 4A—a remarkable decline from the prior two decades. Some attributed this drop, in part, to the Supreme Court’s Illinois Brick decision in 1978, because many of the cases brought in the ‘60s and ‘70s involved claims by the United States as an indirect purchaser. The government, however, increasingly purchases goods and services directly.

The next milestone came in 1990, when Congress amended the Clayton Act again to allow the government to seek treble damages in Section 4A cases.

Since 1990, a span of nearly thirty years, only three Section 4A cases have been filed. In 1991, the Division recovered $250,000 from two companies for rigging bids to purchase surplus gunpowder. In 1994, the Division filed suit against two defense contractors for entering into a “teaming” arrangement that eliminated competition in supplying the Department of Defense with cluster bombs. In that case, the Division recovered $4 million on behalf of American taxpayers and obtained an $8 million discount on the bid price. In 2012, the Division challenged collusion between two companies bidding on four natural gas leases at auctions run by the Bureau of Land Management. The Division recovered $275,000 from each company.

The American Taxpayer deserves to see a revitalization of the government’s Section 4A authority. This week’s settlements are only the first in that direction. Going forward, the Division will exercise 4A authority to seek compensation for taxpayers when the government has been the victim of an antitrust violation. We hope that these efforts will also deter future violations.

In light of our policy of seeking damages under Section 4A where available, I would like to address how parallel criminal and civil enforcement will proceed going forward.

First, the Division’s new focus on Section 4A enforcement will not require any changes to the Division’s leniency policy. The Division offers strong incentives to come forward to report criminal antitrust violations in exchange for leniency, and those incentives do not change when the government is harmed by the violation.

The Antitrust Criminal Penalty Enhancement and Reform Act of 2004, better known as ACPERA, created another valuable incentive for leniency applications. Under ACPERA’s detrebling provision, those who successfully qualify for leniency will be subject only to single damages in follow-on civil suits, rather than treble damages. In addition, those who successfully qualify for leniency are not subject to joint and several liability.

This detrebling incentive will apply to any Section 4A claims brought by the government. We will also follow the underlying requirements for ACPERA in Section 4A cases: companies will need to cooperate with the civil team, as they would with any private plaintiff, in order to reap the detrebling benefits.

The bottom line is that the Division’s enforcement of Section 4A will increase the incentive for co-conspirators in cartel cases to come forward.

Separately, I should note that global resolutions like the ones announced yesterday should serve the interests of the parties as well. Cooperating companies subject to penalties under multiple statutes can gain certainty and finality. Employees, customers, and investors can resolve the problem and move on. This is consistent with the Department’s broader policies on coordination of corporate penalties.

Next, as we pursue Section 4A damages going forward, global resolutions of criminal and civil antitrust liability will help maintain a consistent policy on how to calculate civil damages. Yesterday’s settlements underscore this point. They provide that SK Energy, GS Caltex, and Hanjin each will pay an amount calculated to exceed the overcharge paid by the government. At the same time, the amount reflects both the value of the cooperation commitments each defendant made as a condition of settlement and the cost savings the Division realized by avoiding extended litigation.

As a general matter, if the government is required to litigate claims it brings under Section 4A, the government will seek treble damages. In addition, we anticipate that earlier cooperators will benefit by paying a lower multiple of damages, because the value of their cooperation is higher earlier in our investigation.

I will turn now to another significant settlement the Division filed this week, one which resolves a complaint against six broadcast television companies alleging that they engaged in widespread, unlawful sharing of non-public, competitively sensitive information. Along with the complaint, the Division filed proposed final judgments requiring the companies to cease such conduct and to undergo rigorous compliance and reporting measures for the next seven years.

We uncovered this conduct during our investigation into Sinclair Broadcasting Group’s proposed acquisition of Tribune Media Company, which has since been abandoned.

As we allege in the complaint, the defendants agreed in local broadcasting markets throughout the United States to exchange revenue pacing information and other competitively sensitive information. “Pacing” compares a broadcast station’s revenues booked for a certain time period to the revenues booked in the same point in the previous year. Pacing indicates how each station is performing versus the rest of the market and provides insight into each station’s remaining spot advertising for the period.

We discovered that the defendants had been exchanging pacing information either directly between stations or corporate headquarters, or indirectly through national representatives that help local stations sell advertisements to national advertisers. By exchanging this information, the broadcasters were better able to anticipate whether their competitors were likely to raise, maintain, or lower spot advertising prices, which in turn helped inform the stations’ own pricing strategies and negotiations with advertisers. As a result, the information exchanges harmed the competitive price-setting process.

We have not heard any legitimate pro-competitive justification for this conduct. We are therefore pleased that these companies recognized that a protracted investigation and litigation would serve no purpose, and we welcome their cooperation as our investigation continues. We also want to remind businesses, as well as the antitrust practitioners that advise them, that agreements between competitors to exchange competitively sensitive information can violate the antitrust laws and lead to a civil enforcement action even if the conduct does not amount to the type of hard core cartel conduct that the Antitrust Division prosecutes criminally.

Finally, this morning we announced the third significant enforcement resolution this week—a settlement with Atrium Health, formerly known as Carolinas Healthcare System. We were joined in the settlement by the North Carolina Attorney General’s Office, and we thank them for their partnership in this action. The settlement resolves over two years of civil antitrust litigation challenging the hospital system’s use of anticompetitive steering restrictions in its contracts with major health insurers. These steering restrictions prevented health insurers from promoting innovative health plans and more cost-effective healthcare providers.

Atrium is the dominant hospital system in the Charlotte, North Carolina metropolitan area. It used its market power to limit major health insurers’ ability to introduce plans designed to encourage consumers to choose cost-effective healthcare providers. Specifically, Atrium would agree to participate in a broad network plan only if the insurer would commit not to introduce other plans that would steer patients away from Atrium. The steering restrictions also deliberately constrained insurers from providing consumers with transparency into the comparative cost and quality of their healthcare alternatives.

Because the steering restrictions were in place, insurers could not introduce more innovative health insurance plans that create financial incentives for patients to use lower-cost healthcare services. Needless to say, competition for patients encourages healthcare providers to reduce costs, lower prices, and increase quality. These steering restrictions inhibited competition among healthcare providers to provide higher quality, lower-cost services.

The resolution prevents Atrium from enforcing the steering restrictions in its contracts with major health insurers. If approved by the Court, it will restore competition between healthcare providers in Charlotte, North Carolina.

I would like to make a broader point about the Division’s settlements this week. The consent decrees in all three cases, like all other decrees the Division has entered into the past 13 months, include specific new provisions designed to improve their enforceability.

These provisions (i) address the burden of proof in a civil contempt action by providing that the preponderance standard will apply; (ii) make defendants responsible for reimbursing the government for all costs it incurs in connection with enforcing the decree; (iii) allow the United States to seek a one-time extension of the term of the decree in the event of a violation, or to terminate the decree early if continuation is no longer necessary or in the public interest. Another provision addresses interpretation of the decree by stating that courts can enforce any provisions that are stated specifically and in reasonable detail, whether or not they are clear and unambiguous on their face.

The Division serves as a guardian of American consumers, and we act in the public’s trust. When the Division enters into a consent decree to resolve charges of anticompetitive conduct, we will hold parties’ feet to the fire and enforce the decrees.

Finally, last Friday, three defendants pled guilty to conspiring to rig bids and allocate the market in auctions of foreclosed properties in Palm Beach County, Florida. This case is unlike the Division’s prior foreclosure auction prosecutions because the auction occurred online rather than in-person, and the collusion occurred primarily by text message rather than in-person. It is a good illustration of the fact that while defendants may use new platforms and technologies to commit antitrust crimes, the Division too is evolving and stands ready to prosecute these crimes in the digital age.

The conspiracy took place in the aftermath of the financial crisis, which affected the housing market nationwide and the Florida real estate market in particular. Defendants and their affiliated business entities were the largest buyers of foreclosed properties in Palm Beach County. Together, the commerce affected by the defendants’ collusion was $25 million.

The Division began an investigation into possible collusion in online foreclosure auctions in Palm Beach County, Florida after receiving an anonymous citizen complaint that included a link to a YouTube video detailing the collusion.

Co-conspirators texted each other to coordinate their bidding and facilitate the conspiracy to obtain foreclosed homes at suppressed prices. Most commonly, bidders would agree to stop bidding or to refrain from bidding at their co-conspirators’ request. In some instances, they lowered bids for each other’s benefit.

After learning of the investigation, one of the defendants used and encouraged other co-conspirators to use a text messaging application to continue colluding. He believed that law enforcement would be unable to read or trace any messages sent through the application.

The three defendants were indicted by a grand jury in November 2017. Since then, all three have pleaded guilty.

I will conclude by taking this opportunity to highlight the outstanding attorneys and economists at the Antitrust Division. They are the core of executing the Division’s mission and work tirelessly in their commitment to protect competition and consumers.

It has been a busy year at the Antitrust Division. We have been working hard on behalf of America’s consumers and taxpayers, and look forward to continuing our efforts on their behalf in the year to come.

Thank you.

MIL Security OSI –

February 6, 2025
MIL-OSI USA: Welch: “We need an Attorney General who will share my shock in a President acting in such a lawless way.”

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

Before voting NO on Bondi’s nomination for Attorney General, Welch took to the Senate Floor to urge his colleagues to stand up against Trump’s illegal power grab
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Judiciary Committee, took to the Senate Floor late last night before voting against Pam Bondi’s nomination for Attorney General of the United States. Senator Welch cited President Trump’s lawlessness, and Ms. Bondi’s unwillingness to stand up against President Trump and preserve an independent Department of Justice. He called on his colleagues to stop enabling Trump’s illegal and cruel overreach of his authority.
Watch more here: 

Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
Senate Committee on Finance
Senate Committee on Agriculture, Nutrition, & Forestry  

Ranking Member, Subcommittee on Rural Development, Energy, and Credit  

Senate Committee on the Judiciary  

Ranking Member, Subcommittee on the Constitution  

Senate Committee on Rules & Administration 
Senator Peter Welch has spent the bulk of his life working to improve the lives of folks who too often get left behind. After fighting housing discrimination in Chicago, he enrolled in law school at the UC-Berkeley, and later settled in White River Junction, Vermont, where he worked as a public defender before founding a small law practice. He was first elected to represent Windsor County in the Vermont Senate in 1980. Senator Welch was elected to the U.S. House of Representatives where he served for 16 years before being elected to the Senate in 2022. In the Senate, he’s focused on lowering costs for Vermonters, making Washington work better for Vermont, and protecting civil rights and democracy in America and abroad.  

MIL OSI USA News –

February 6, 2025
MIL-OSI Global: Why is Trump’s preferential treatment of Russia shifting? Because there’s nothing in it for him

Source: The Conversation – Canada – By James Horncastle, Assistant Professor and Edward and Emily McWhinney Professor in International Relations, Simon Fraser University

When Donald Trump assumed power in the United States for a second time, it was initially assumed that it didn’t bode well for Ukraine.

During his first term, Trump maintained questionable connections to Russia. Furthermore, his claim that he would end the Russia-Ukraine conflict in a day — with Russia still occupying much of Ukraine — led many analysts to believe that any such policy would favour the Russians.

Read more:
Can Trump deliver on his promise to end Russia’s invasion of Ukraine?

These fears, at least so far, have not come to pass. In Trump’s inaugural address, many of the items he highlighted on the campaign trail figured prominently.

Noticeably absent, however, was Ukraine. When it comes to Trump’s “America First,” philosophy, Ukraine and Russia have seemingly lost significance.

Strategy of distraction

Trump, with his bombastic nature, dominates the media cycle. His proclamations, social media statements threats and insults occur with such regularity that it’s difficult for anyone to keep pace.

Just as one news item comes into focus, a new comment or ultimatum overtakes it.

In many ways, this works to Trump’s advantage. People can be too distracted by the latest outlandish statement to pay close attention as Trump pursues his ambitious domestic policy goals. Lost in the media turmoil of Trump’s executive orders, tariff threats and heightened deportation campaign has been a shift on Russia and Ukraine.

Ukraine, for Trump, is a secondary concern. His priorities, first and foremost, are domestic and aimed at remaking America.

As such, rather than being driven by any foreign policy goals, Trump’s engagement with Ukraine and Russia will be determined by how he perceives he can benefit domestically in return. His calculations, in this regard, appear to have shifted.

Complicated relationship with Ukraine

Trump’s relationship with Ukraine during his first term was, to put it mildly, difficult. His infatuation with Russian leader Vladimir Putin, and Russia’s open disdain for Ukraine, caused him to largely ignore the country.

When he did pay attention to Ukraine, it was as part of an effort to acquire information to damage his presumed political rival, former president Joe Biden. This effort resulted in Trump withholding aid from Ukraine unless it acquiesced to his demands.

Trump’s position on Ukraine, however, has shifted over time. His antagonistic relationship with President Volodymyr Zelenskyy has seemingly improved.

While there are still tension points, most notably when Zelenskyy visited Pennsylvania during the U.S. presidential election campaign, Trump has moderated his comments on his Ukrainian counterpart. Ukraine’s purchase of American equipment and ammunition, furthermore, supports Trump’s focus on domestic production.

Lastly, Trump has expressed interest in accessing Ukraine’s rare earth metals. China currently dominates the rare earth metal market, which puts the U.S. at a disadvantage due to the minerals’ importance for future technological innovation. That means Trump has a stake in Ukraine’s future.

These developments don’t mean the relationship is perfect. Instead, Trump is unlikely to be a burden to Ukraine, and this development is in part due to his declining view of Putin.

Trump/Putin relationship

The initial assumption of many analysts when Trump came to power again was that he would immediately favour Putin. The close relationship between the two is well-documented, and has been open to considerable speculation as to why Trump courted such favour with Putin in his first term.

Trump, however, has upped his rhetoric against Russia since assuming the presidency. First, he threatened Putin with additional economic sanctions. Second, he stated that he would like OPEC to increase oil production and therefore inhibit Russia’s war effort by undermining its primary source of revenue.

Why the pivot? It likely goes to the core foundation of Trump’s persona: he likes winners. Regardless of the ultimate outcome of the Russia-Ukraine war, Russia and Putin have displayed considerable weakness in execution during the war. The Russian military, once feared globally, has largely proven to be a paper tiger.

While Russia still has several advantages in the war, it is only doing so by leveraging its future. According to Trump, Russia is in “big trouble” in terms of its economic woes. Trump is not alone in this view. Analysts, as well as perhaps Putin himself, recognize the serious challenges facing the Russian economy.

It’s not just economically that Russia has leveraged its future. To avoid straining the Russian people, Putin has reached a deal with North Korea, which is providing soldiers for the war against Ukraine.

Read more:
Amid the West’s wavering aid to Ukraine, North Korea backs Russia in a mutually beneficial move

Furthermore, Russia has deepened ties with Iran in exchange for Iranian drones.

What Putin has provided North Korea and Iran in exchange for these soldiers is unclear. That said, Russia can only provide any technological exchanges for these soldiers and drones one time, as once shared, the same technology cannot be part of other arrangements. This reality limits Russia’s influence in the years ahead.

The new art of the deal?

Trump, almost certainly, wants to make a peace deal on Ukraine. It would burnish his reputation as a statesman while simultaneously demonstrating American strength and influence to the world at a minimal cost to the U.S.

The terms of that deal, however, have shifted in the face of Russian weakness.

That’s why it’s not surprising that the mercurial Trump has pivoted his stance on Russia. Until Russia can display the strength that Trump thought it possessed, he’s unlikely to do the Russians any favours in the future.

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

– ref. Why is Trump’s preferential treatment of Russia shifting? Because there’s nothing in it for him – https://theconversation.com/why-is-trumps-preferential-treatment-of-russia-shifting-because-theres-nothing-in-it-for-him-248365

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI: Industry and Municipal Leaders Unite to Fast-Track Cleantech Adoption Across Canada
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) — Foresight Canada is proud to announce the formation of the Cleantech Adoption Platform Advisory Board, a key initiative aimed at accelerating the deployment of vetted sustainable technologies across Canadian municipalities and organizations. The advisory board will provide strategic guidance to Cleantech Adoption Platform, which is set to launch later this year, ensuring that Canadian innovators, and public and private sector leaders, can connect more effectively to drive measurable impact.

Joining the advisory board are exceptional individuals from across Canada, each bringing their unique expertise in CAP’s initial focus sectors: Built Environment, Energy Generation and Storage, Water Tech, Transportation, and Waste Management. These leaders understand the complexities of integrating cleantech solutions into industrial and municipal operations, and will play a critical role in identifying and overcoming adoption barriers. Their strategic guidance will be invaluable as the platform expands to include additional sectors and end-users.

The Cleantech Adoption Platform Advisory Board
- Adrian Dirassar (Senior Legal Counsel)
- Bofa Udisi (Project Manager, City of Toronto; Founder, AlphaCor Sustainability Solutions)
- Samantha Agtarap (Program Manager, powerNEXT, Foresight Canada; Councillor, Port Moody City Council)
- Todd Burns (CEO, Cypher Environmental)
Bridging the Gap Between Innovators and End-Users

Cleantech adoption faces two key challenges: innovators need buyers, and buyers need streamlined access to proven solutions. Foresight Canada recognizes the urgency of fostering these connections to ensure that high-impact cleantech innovations reach the market faster. The Cleantech Adoption Platform serves as a centralized hub designed to simplify and de-risk solution sourcing for industrial and municipal buyers.

Buyers will gain access to a curated selection of ready-to-deploy cleantech solutions, commercial products, and completed pilots (TRL 8+). The platform provides a structured, data-backed approach to accelerating procurement and adoption.

Key Features of the Cleantech Adoption Platform

The platform offers a holistic experience for both public and private sector buyers, providing invaluable tools and resources to facilitate adoption, including:
- Comprehensive technology database of products and solutions with detailed specifications
- Case studies and success stories showcasing real-world impact
- Technology roadmaps and business cases to support procurement decisions
- Self-guided learning modules and peer-to-peer engagement for decision-makers
- Validated assessments, including LCAs, test results, and other evaluation tools
- Matchmaking tools and support to streamline connections between buyers and innovators
A Secure, Buyer-Focused Platform

Listing a solution is entirely free for all cleantech ventures. The platform operates within a secure, gated environment, ensuring that solution details are visible only to serious buyers—helping innovators get their solutions into the hands of those ready to make a meaningful impact.

Scaling Canada’s Cleantech Leadership

By bringing together a network of expert advisors and launching a dedicated platform, Foresight Canada is creating a more efficient, transparent, and scalable pathway for cleantech adoption. This initiative will help public and private sectors identify and integrate high-impact sustainable solutions, while providing innovators with a direct route to commercialization.

With industry-driven insights and a data-backed approach, the Cleantech Adoption Platform is positioned to:
- Strengthen Canada’s economic resilience
- Accelerate emissions reductions
- Solidify Canada’s leadership in global cleantech deployment.
Market-Ready Solutions

Multiple top cleantech solutions have joined the Cleantech Adoption Platform, including:

Quotes

“I’m thrilled to see the Cleantech Adoption Platform starting to gain some momentum. Speaking as the CEO and founder of an innovative cleantech company, one of the greatest hurdles to creating adoption is education of the end user that more environmentally friendly, cost-effective solutions do in fact exist, and to get these new technologies specified in procurement contracts. The Cleantech Adoption Platform will address both of these challenges, to not only support the growth of the Canadian economy through a growing cleantech sector, but also allow communities all across Canada to meet their carbon reduction and net zero goals at a much faster pace.” — Todd Burns, CEO, Cypher Environmental

“The Cleantech Adoption Platform is a game-changer in bridging the gap between innovative climate solutions and real-world implementation. I’m excited to support this initiative in accelerating the adoption of vetted technologies that will help us hasten our journey towards net zero.” — Bofa Udisi, Project Manager, City of Toronto; Founder, AlphaCor Sustainability Solutions

“The Cleantech Adoption Platform, guided by its Advisory Board, represents a major set of tools and resources with the potential to reshape Canada’s economic landscape. By streamlining access to vetted technologies, we’re helping industries and municipalities reduce costs, improve efficiency, and stay competitive in a low-carbon world. Connecting innovators with serious buyers will drive investment, accelerate commercialization, and strengthen Canada’s overall domestic market.” — Jeanette Jackson, CEO, Foresight Canada

“We are grateful to the exceptional leaders joining the Cleantech Adoption Platform Advisory Board, whose expertise and insights will be instrumental in breaking down barriers to cleantech adoption. By bringing together industry and municipal experts with deep sector knowledge and real-world implementation experience, this board will help accelerate the deployment of Canada’s top climate solutions, driving meaningful impact where it matters most.” — Joseph Mosca, Senior Program Manager, Cleantech Adoption Platform

About Foresight Canada

Foresight Canada helps the world do more with less, sustainably. As Canada’s largest cleantech innovation and adoption accelerator, they connect public and private sectors to the world’s best clean technologies, de-risking and simplifying the adoption of innovative solutions that improve productivity, profitability, and economic competitiveness, all while addressing today’s most urgent climate challenges.

Contact:
Heather Kingdon
Manager, Communications
hkingdon@foresightcac.com

The MIL Network –
February 6, 2025

MIL-OSI USA: U.S. International Trade in Goods and Services, December and Annual 2024

Source: US Bureau of Economic Analysis

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:	$98.4 Billion	+24.7%°
Exports:	$266.5 Billion	–2.6%°
Imports:	$364.9 Billion	+3.5%°
Next release: Thursday, March 6, 2025 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 5, 2025

Exports, Imports, and Balance (exhibit 1)

December exports were $266.5 billion, $7.1 billion less than November exports. December imports were $364.9 billion, $12.4 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $18.9 billion to $123.0 billion and a decrease in the services surplus of $0.6 billion to $24.5 billion.

For 2024, the goods and services deficit increased $133.5 billion, or 17.0 percent, from 2023. Exports increased $119.8 billion or 3.9 percent. Imports increased $253.3 billion or 6.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $4.7 billion to $83.8 billion for the three months ending in December.

Average exports decreased $1.2 billion to $268.8 billion in December.
Average imports increased $3.5 billion to $352.7 billion in December.

Year-over-year, the average goods and services deficit increased $19.2 billion from the three months ending in December 2023.

Average exports increased $9.8 billion from December 2023.
Average imports increased $29.0 billion from December 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $7.5 billion to $170.2 billion in December.

Exports of goods on a Census basis decreased $6.7 billion.

Consumer goods decreased $1.8 billion.
- Pharmaceutical preparations decreased $1.4 billion.
Industrial supplies and materials decreased $1.8 billion.
- Crude oil decreased $0.9 billion.
- Other petroleum products decreased $0.3 billion.
- Other precious metals decreased $0.3 billion.
- Fertilizers, pesticides, and insecticides decreased $0.3 billion.
Capital goods decreased $1.4 billion.
- Computers decreased $0.9 billion.
- Civilian aircraft increased $1.4 billion.
Automotive vehicles, parts, and engines decreased $0.9 billion.
- Trucks, buses, and special purpose vehicles decreased $0.4 billion.
- Other automotive parts and accessories decreased $0.3 billion.

Net balance of payments adjustments decreased $0.8 billion.

Exports of services increased $0.4 billion to $96.3 billion in December.

Travel increased $0.3 billion.
Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $11.4 billion to $293.1 billion in December.

Imports of goods on a Census basis increased $11.3 billion.

Industrial supplies and materials increased $10.8 billion.
- Finished metal shapes increased $9.2 billion.
- Nonmonetary gold increased $1.0 billion.
Consumer goods increased $2.2 billion.
- Toys, games, and sporting goods increased $0.8 billion.
- Cell phones and other household goods increased $0.8 billion.
Capital goods increased $1.3 billion.
- Computers increased $1.2 billion.
- Computer accessories increased $0.9 billion.
- Civilian aircraft decreased $1.1 billion.
Automotive vehicles, parts, and engines decreased $2.2 billion.
- Passenger cars decreased $1.6 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.0 billion to $71.8 billion in December.

Transport increased $0.5 billion.
Travel increased $0.3 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $14.9 billion, or 15.4 percent, to $111.9 billion in December, compared to a 17.3 percent increase in the nominal deficit.

Real exports of goods decreased $5.4 billion, or 3.7 percent, to $141.9 billion, compared to a 3.8 percent decrease in nominal exports.
Real imports of goods increased $9.5 billion, or 3.9 percent, to $253.8 billion, compared to a 4.0 percent increase in nominal imports.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

Exports of goods were revised up $0.1 billion.
Exports of services were revised up $0.1 billion.

Revisions to November imports

Imports of goods were revised up $0.8 billion.
Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with Netherlands ($5.0), South and Central America ($3.5), United Kingdom ($2.3), Hong Kong ($0.7), Brazil ($0.4), Saudi Arabia ($0.4), Belgium ($0.3), and Australia ($0.2). Deficits were recorded, in billions of dollars, with China ($25.3), European Union ($20.4), Mexico ($15.2), Switzerland ($13.0), Vietnam ($11.4), Canada ($7.9), Germany ($7.6), Taiwan ($6.9), Ireland ($6.2), South Korea ($5.6), Japan ($5.5), India ($4.9), Italy ($4.1), Malaysia ($2.5), France ($1.1), Israel ($0.8), and Singapore ($0.4).

The deficit with Switzerland increased $9.1 billion to $13.0 billion in December. Exports decreased $0.7 billion to $1.2 billion and imports increased $8.4 billion to $14.2 billion.
The deficit with Canada increased $2.9 billion to $7.9 billion in December. Exports decreased $0.4 billion to $29.1 billion and imports increased $2.5 billion to $37.0 billion.
The deficit with Ireland decreased $3.1 billion to $6.2 billion in December. Exports decreased $0.1 billion to $1.2 billion and imports decreased $3.2 billion to $7.5 billion.

Annual Summary for 2024

Exports, Imports, and Balance (exhibit 1)

For 2024, the goods and services deficit was $918.4 billion, up $133.5 billion from $784.9 billion in 2023. Exports were $3,191.6 billion, up $119.8 billion from 2023. Imports were $4,110.0 billion, up $253.3 billion from 2023.

The 2024 increase in the goods and services deficit reflected an increase in the goods deficit of $148.5 billion, or 14.0 percent, to $1,211.7 billion and an increase in the services surplus of $14.9 billion, or 5.4 percent, to $293.3 billion.

The goods and services deficit was 3.1 percent of current-dollar gross domestic product in 2024, up from 2.8 percent in 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $38.6 billion to $2,083.8 billion in 2024.

Exports of goods on a Census basis increased $47.1 billion.

Capital goods increased $40.2 billion.
- Computer accessories increased $11.3 billion.
- Civilian aircraft engines increased $8.7 billion.
- Computers increased $8.2 billion.
- Semiconductors increased $8.1 billion.
Other goods increased $17.9 billion. (See the “Notice” for more information.)
Automotive vehicles, parts, and engines decreased $10.8 billion.
- Other automotive parts and accessories decreased $4.3 billion.
- Passenger cars decreased $4.0 billion.
- Trucks, buses, and special purpose vehicles decreased $3.0 billion.

Net balance of payments adjustments decreased $8.5 billion.

Exports of services increased $81.2 billion to $1,107.8 billion in 2024.

Travel increased $26.3 billion.
Other business services increased $16.0 billion.
Telecommunications, computer, and information services increased $11.9 billion.
Financial services increased $11.6 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $187.1 billion to $3,295.6 billion in 2024.

Imports of goods on a Census basis increased $187.2 billion.

Capital goods increased $103.3 billion.
- Computer accessories increased $33.5 billion.
- Computers increased $28.3 billion.
- Semiconductors increased $9.4 billion.
- Other industrial machinery increased $9.0 billion.
Consumer goods increased $48.4 billion.
- Pharmaceutical preparations increased $43.6 billion.
Automotive vehicles, parts, and engines increased $16.1 billion.
- Passenger cars increased $10.0 billion.
- Other automotive parts and accessories increased $4.8 billion.
Foods, feeds, and beverages increased $15.9 billion.
- Meat products increased $3.5 billion.
- Fruits, frozen juices increased $2.3 billion.
- Bakery products increased $2.2 billion.
- Other foods increased $2.0 billion.
- Vegetables increased $1.7 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $66.2 billion to $814.4 billion in 2024.

Travel increased $19.2 billion.
Charges for the use of intellectual property increased $12.2 billion.
Transport increased $11.7 billion.
Insurance services increased $11.5 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $98.8 billion, or 9.6 percent, to $1,132.4 billion in 2024, compared to a 13.2 percent increase in the nominal deficit.

Real exports of goods increased $41.7 billion, or 2.5 percent, to $1,737.8 billion, compared to a 2.3 percent increase in nominal exports.
Real imports of goods increased $140.5 billion, or 5.1 percent, to $2,870.2 billion, compared to a 6.1 percent increase in nominal imports.

Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

The 2024 figures show surpluses, in billions of dollars, with Netherlands ($55.5), South and Central America ($47.3), Hong Kong ($21.9), Australia ($17.9), and United Kingdom ($11.9). Deficits were recorded, in billions of dollars, with China ($295.4), European Union ($235.6), Mexico ($171.8), Vietnam ($123.5), Ireland ($86.7), Germany ($84.8), Taiwan ($73.9), Japan ($68.5), South Korea ($66.0), Canada ($63.3), India ($45.7), Thailand ($45.6), Italy ($44.0), Switzerland ($38.5), Malaysia ($24.8), Indonesia ($17.9), France ($16.4), Austria ($13.1), and Sweden ($9.8).

The deficit with the European Union increased $26.9 billion to $235.6 billion in 2024. Exports increased $2.6 billion to $370.2 billion and imports increased $29.4 billion to $605.8 billion.
The deficit with Taiwan increased $26.1 billion to $73.9 billion in 2024. Exports increased $2.4 billion to $42.3 billion and imports increased $28.5 billion to $116.3 billion.
The surplus with the Netherlands increased $12.7 billion to $55.5 billion in 2024. Exports increased $8.3 billion to $89.6 billion and imports decreased $4.4 billion to $34.1 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: March 6, 2025, at 8:30 a.m EST
U.S. International Trade in Goods and Services, January 2025

Notice

Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September through December 2024, which are derived from data compiled by Canada through the United States – Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on 800-549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

Upcoming Changes to the Real (Chained-Dollar) Series

Effective with the release of the February 2025 statistics on April 3, 2025, the Census Bureau will continue to use the Bureau of Labor Statistics (BLS) U.S. Import and Export Price Indexes to calculate the chained-dollar series (exhibits 10 and 11). The BLS will be implementing changes to the indexes with the release of the February 2025 U.S. Import and Export Price Indexes on March 18, 2025. The changes to the indexes could impact the chained-dollar values. Please refer to the BLS notice for additional information on the Upcoming Change to Data Source for Import and Export Price Indexes: U.S. Bureau of Labor Statistics.

If you have any questions or need additional information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch, on 301-763-3080.

MIL OSI USA News –

February 6, 2025

MIL-OSI USA: Rarely used oil, coal helped power New England during recent cold snap

Source: US Energy Information Administration

In-brief analysis

February 5, 2025

Below average temperatures in the eastern United States during the week of January 19, 2025, resulted in high demand for electricity. On January 21 at 6:00 p.m. eastern time, ISO-New England (ISO-NE), the organization operating an integrated grid in Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Connecticut, recorded peak hourly demand of 19,600 megawatts (MW). Although demand was elevated, it was lower than the 20,308 MW that ISO-NE forecast peak demand would be in its 2024/2025 winter assessment published on November 7, 2024. Temperatures were more moderate in New England than in the Midwest, which tempered electricity demand somewhat in New England.

Although the grid had sufficient generating capacity to satisfy demand, a significant share of that supply came from sources that rarely operate. The grid required running older thermal generating plants that burn oil and coal. Between the hours of 11:00 a.m. and 4:00 p.m. eastern time on January 20, 2025, and between the hours of 10:00 a.m. and 1:00 p.m. on January 21, 2025, thermal plants that burn oil provided more electricity to the ISO-NE electricity grid than plants that burn natural gas, which is relatively uncommon. On January 21, 2025, the same group of thermal plants in ISO-NE provided more than 4,000 MW of electricity per hour to the grid between 7:00 a.m. and 11:00 p.m. At the same time, one of the two remaining coal-fired plants that burns coal in the region, the Merrimack facility in New Hampshire, supplied close to 300 MW to the grid from the evening of January 19 to the morning of January 25.

Oil and coal offset curtailed generation from natural gas-fired power plants from January 18 to January 22. Prices for natural gas were high, and supplies were short during this period because of more demand for natural gas from other consumers, such as homes and businesses. Later in the week, more natural gas was made available, including supply received from a liquefied natural gas (LNG) import terminal in Everett, Massachusetts. This supply helped boost generation from natural gas-fired power plants beginning on January 22.

Two other major sources of electricity in New England were steady suppliers during the cold snap. The region’s three nuclear reactors steadily provided 3,350 MW of power throughout the period, joined by consistent imports of power from Canada. At 11:00 p.m. on January 18, imports of electricity from Canada surpassed 4,200 MW and averaged 2,886 MW per hour between midnight on January 18 and midnight on January 26.

Principal contributors: Kimberly Peterson, Sue Smith

MIL OSI USA News –

February 6, 2025
MIL-OSI Europe: Oral question – US AI chip export restrictions: a challenge to European AI development and economic resilience – O-000001/2025
Source: European Parliament
Question for oral answer O-000001/2025
to the Commission
Rule 142
Borys Budka
on behalf of the Committee on Industry, Research and Energy

The recent US decision to impose export restrictions on advanced AI chips and AI model weights poses a significant challenge for the functioning of the EU’s single market, economic resilience and technological sovereignty. Categorising EU Member States into different tiers undermines the principles of the EU’s common commercial policy and jeopardises the EU’s common approach to AI development and industrial capacity building. Consequently:

1.What is the impact of these measures on the implementation of the Chips Act, specifically for the third pillar (monitoring and crisis response), and on the AI factories initiative? What adaptation measures is the Commission considering?

2.How does the Commission plan to mitigate the potential negative impacts on Member States facing export caps, and on European technological development in general?

3.What concrete steps is the Commission taking to further accelerate the development of EU’s domestic AI chip production capabilities to reduce dependence on external suppliers and strengthen EU economic resilience?

4.The Competitiveness Compass makes only limited references to semiconductors. Is the Commission considering an update to the Chips Act to further support and accelerate investments in Europe’s semiconductor ecosystem?

5.Is the Commission planning to bring forward the recently announced centre for excellence and research for AI? If so, how and when is it due to be implemented?

Submitted: 31.1.2025

Lapses: 1.5.2025
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – What measures does the Commission intend to put in place to overcome the ‘energy transition’ crisis? – E-000311/2025
Source: European Parliament
Question for written answer E-000311/2025
to the Commission
Rule 144
Mathilde Androuët (PfE)

Both the Commissioner for Climate Change, Carbon Neutrality and Clean Growth[1] and the Draghi Report[2] have drawn attention to the erosion of our industrial sovereignty, particularly in relation to China, in the renewable energy and electric vehicle sectors. The Draghi Report also warns that Europe is losing competitiveness as a result of very high gas and electricity prices in the EU[3].

A study[4] by the Committee on Constitutional Affairs assessing the conditions for the creation of a Climate and Energy Union identifies legal, regulatory, institutional and political obstacles to its establishment. The study also points to the lack of sufficient financial resources to carry out an energy transition that requires massive investment, far in excess of the EUR 660 billion earmarked for the green transition in the Multiannual Financial Framework 2021-2027.

As an example, the Bruegel think tank estimates that EU countries would need to invest around EUR 1 300 billion each year until 2030 and then EUR 1 540 billion per year between 2031 and 2050 to complete the energy transition[5].

1.What adjustments does the Commission advocate in such a situation?

2.Does it dispute the figures provided by the Bruegel think tank?

Submitted: 23.1.2025

[1] Europe ‘getting more dependent on China’ for clean tech, EU climate chief warns, Frédéric Simon, Euractiv, 14 February 2024.

[2] Mario Draghi’s report on the future of European competitiveness, https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en#paragraph_47059

[3] La grande panne de l’industrie européenne, Bastien Bonnefous, Le Monde, 23 September 2024.

[4] https://www.europarl.europa.eu/RegData/etudes/STUD/2024/764399/IPOL_STU(2024)764399_EN.pdf

[5] L’Europe n’a pas les moyens de sa transition énergétique, Transitions & Énergies, 13 December 2024, https://www.transitionsenergies.com/europe-pas-les-moyens-transition-energetique
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI United Kingdom: Selective licensing scheme proves to be a life-saver

Source: City of Birmingham

Two officers ready to undertake a inspection of a home in the private rented sector.

Published: Wednesday, 5th February 2025

A routine inspection saved the lives of a family of four who were suffering from carbon monoxide poisoning.

Birmingham City Council is reminding landlords of the importance of carbon monoxide detectors following an inspection that found a family of four in a life-threatening situation.

An officer was conducting a routine compliance inspection of a privately rented property when they found a family who believed they had food poisoning.

An alarm had been going off for weeks, but the tenants didn’t realise it was the carbon monoxide detector.

The officer quickly called emergency services. Three ambulances arrived, and the family was taken to the hospital and kept overnight.

Had the family stayed in the property for much longer, they would have almost certainly died.

Initial investigations revealed that a newly installed gas boiler was not vented properly, allowing carbon monoxide to enter the home.

Jayne Francis, Cabinet Member for Housing and Homelessness, said:

“This property was inspected as part of the council’s selective licensing scheme, which requires private landlords to have a licence.

“This shows how the scheme can be life-saving as well as improve standards in the rented sector.

“Currently, around 25% of compliance inspections require landlords to take action.

“We also want to remind private landlords of the importance of carbon monoxide detectors and their gas safety responsibilities.

“I urge landlords to make sure their tenants understand what the carbon monoxide detector does and what to do if it sounds.

“Landlords should also ensure their gas boilers are installed by qualified professionals registered with ‘Gas Safe.’

“I want also to thank the officer who conducted the visit for their quick thinking that saved this family.”

Useful links

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI Russia: Russian Science Day in Moscow: where the most interesting events will take place

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Dozens of excursions, exhibitions, as well as thematic quizzes, special projects and acquaintance with the latest developments of scientists await city residents in early February. All these events are dedicated to the celebration Day of Russian Science, which is celebrated on February 8. This is a great opportunity not only to remember the legendary scientists of the past, but also to turn to their modern colleagues, and to find out what discoveries are changing the world right now.

Cosmonautics, biotechnology and the power of words at VDNKh

The country’s main exhibition invites everyone to special programs and free excursions. They will be dedicated to various types of science and will be organized in museums and pavilions of VDNKh. To participate in most events, you only need to pre-register; for some, you need to buy a ticket.

Thus, on February 8, thematic events will be held at the Atom Museum. You can follow the schedule and buy tickets on the official website of the museum.

On February 8 from 11:00 to 20:00 in the museum lobby you will be offered to play engineering games and assemble Spills cards of Russia. The Spills map is an innovative development, which is a set of magnetic game elements made in the form of territorial units of states and regions. It will be interesting for both adults and schoolchildren from 12 years old (children come accompanied by adults). Wooden puzzle maps will help you remember the geography of Russia. Guests will learn how much energy each region consumes, what is the average annual temperature in them. In the museum from 13:00 to 14:30 visitors will also be able to work at engineering tables and even conduct own scientific experiments.

Master classes in physics have been prepared for children aged six and over “Snow Atom” And “Winter Journey with Atomarenko”, board game “Nuclear Power Plant Engineer”. A quiz awaits teenagers and adults “Through experience”, master class “VR in your pocket”, quiz “Physicists and Lyricists” and public talk “How Russians believed in physics”. The Center for Modern Biotechnology “Biotech Museum” has prepared a special program for all guests for the Day of Russian Science. Starting from February 8, there will be a new master class dedicated to microorganisms, – “Art in a Petri Dish”. In addition, on February 8 and 9 at 16:00 there will be open screenings of documentaries about mathematics and bionics. Admission by museum tickets.

Free excursions will be held at VDNKh on February 8. At 17:00 in Pavilion No. 1 “Central” you can take a guided tour exposition of the Tretyakov Gallery. Guests will be introduced to the works of Alexander Deineka, Evgeny Vuchetich, Vera Mukhina, Alexander Vinogradov, Vladimir Dubossarsky and many other artists. There you can also admire the monumental canvases created especially for the opening of the pavilion in 1954, examine the legendary high relief of Evgeny Vuchetich, considered lost for more than half a century, and learn the details of the creation of the monument “Worker and Kolkhoz Woman”.

At 17:00 and 18:30 the Cosmonautics and Aviation Center invites you to thematic excursions “Chemistry and Space”. And at 19:00 in the museum of Slavic writing “Word” there will be an excursion “Studying the word…”. It will talk about Slavic writing and its researchers.

About science for schoolchildren and youth

A number of events dedicated to Russian scientists, the secrets of physics, chemistry, cybernetics and high technology will be held by the capital’s palaces of creativity. Children and teenagers will enjoy exciting quizzes, quizzes, master classes and much more. They can be visited for free, but some events require preliminary online registration.

On February 6, the Sviblovo Children’s Creativity Center will host a festive quiz called “Young Researchers.” Through the interactive format of the event, combining play and learning, young participants will be able to receive basic knowledge about the world of science.

On the same day, the Victoria Children’s and Youth Center will hold an educational program where you can learn about the important achievements of Russian and Soviet science and great discoveries. in this area.

For all those interested, on February 8, the Moscow Palace of Pioneers on Vorobyovy Gory will host Moscow Science Festival. Guests will enjoy intellectual games, lectures and master classes. Visitors will get acquainted with modern developments and learn how to build a career as a researcher. Lectures on physics and space, thematic master classes, scientific battles and board games are planned. Schoolchildren will be told how to conduct their first research, how to prepare for university and become a scientific volunteer. You can register for the events Here.

The Palace of Children and Youth Creativity “Undiscovered Islands” will hold a special master class “The Invisible World and Fascinating Experiments” on February 8. Participants will learn about the history of Russian Science Day and will also get acquainted with various interesting experiments. And in the Palace of Children and Youth Creativity “Khoroshevo” until February 10 there will be a whole a series of master classes and quizzes for young seekers of knowledge.

Journeys into the World of Scientific Moscow

A digital weekend will help you organize a real scientific weekend tourist service Russpass. Three new walking routes around the city were published there. They are dedicated to places in Moscow associated with famous scientists and their main discoveries. The routes will be interesting for the whole family, and you can walk along them at any convenient time. The descriptions are supplemented with historical information about places and objects and photographs of all the sights that you will encounter along the way.

Route “Fascinating Biology: A Curious Walk for the Whole Family” will introduce city travelers to the Main Botanical Garden named after N.V. Tsitsin of the Russian Academy of Sciences (RAS), Timiryazevsky Park and the florarium in Zaryadye Park.

On a walk “Visiting the animals, the moon and the past in one day” young science lovers and their parents will learn interesting facts about the scientific world of Russia. The route includes a visit to the Moscow Zoo, Presnensky Park, Moscow Planetarium and the Museum of the History of the Telephone. Children and adults will be able to listen to lectures about the stars and animals of Russia, learn about the first means of communication, and play on the scientific playground. The exciting journey can be completed at the skating rink on Patriarch’s Ponds.

Walk “Scientific Moscow: Founders, Researchers and Pioneers” will allow you to see the houses where famous scientists lived and worked. This is the longest route, which can be explored gradually. To visit all its points, you will need four days. This is a great opportunity to get acquainted with the monuments to discoverers in the fields of medicine, chemistry, biology, and space exploration. Among the points of the route are the estate of A. I. Konshina, which now houses the Central House of Scientists of the Russian Academy of Sciences, the Memorial Museum-Apartment of K. A. Timiryazev, the main building of the Moscow State University named after M. V. Lomonosov, and monuments on the Cosmonauts’ Alley at VDNKh.

Russian Science Day in Libraries, Cinemas and More

The capital’s cultural venues also invite you to celebrate Russian Science Day. You can attend events in museums, cinemas, libraries and cultural centers starting February 6. To participate in some events, you will need to register in advance or buy a ticket.

Thus, on February 6 and 7, free screenings of the Russian popular science film “The Chip Inside Me” will be held in the Moskino chain of cinemas. The film will tell about how chipping helps to restore health, and the film will also touch upon ethical issues. The screenings will be held in eight Moskino chain cinemas: “Cosmos”, “Sputnik”, “Iskra”, “Zhukovsky”, “Tula”, “Saturn”, “Vympel”, and “Angara”. Registration — by link.

An exhibition will be open at the Meridian Cultural Center from February 6 to 27 “The History of the Magnetic Needle”. Guests will see pocket compasses produced in Russia from the mid-19th to the mid-20th century. These are exhibits from the collection of magnetic compass collector Mikhail Ivanov, which includes more than 800 devices from various countries and eras. The exhibition will also feature mining compasses from the collection of Gennady Avdonin, chief specialist of the N.M. Fedorovsky All-Russian Research Institute of Mineral Resources.

The Central City Children’s Library named after A.P. Gaidar invites schoolchildren to the thematic program “Experiments”. It will last until February 28. Visitors will enjoy physical and chemical experiments with liquids, gases and solids, optical illusions and puzzle solving. Lectures on scientific laws will also be organized for young scientists and they will be told how to independently conduct a scientific experiment at home, taking into account all safety rules. Entrance to the event is free for organized groups (kindergarten groups and school classes from six years old). You can find out more and sign up for the program by calling the library: 7 499 242-57-23.

Children will be able to try their hand at solving puzzles, conduct interesting experiments, and learn about the contribution of Russian researchers to world science at the Central Children’s Library No. 14. There, on February 6 at 4:00 p.m., a quiz called “Day of Russian Science” will be held.

On February 7 at 15:00, the A.S. Neverov Library No. 90 will host a discussion entitled “Ruthless Science with Meaning.” Guests will be told about interesting facts from the biographies of famous scientists such as N.I. Vavilov, D.I. Mendeleyev, V.I. Vernadsky, I.P. Pavlov, N.I. Lobachevsky, and others. Participants will also be introduced to the works of these researchers.

And in Library No. 82 on February 6 at 11:15 and February 7 at 11:00 there will be interactive classes “Treasures of the Earth” and “Green Energy”, dedicated to the topic of clean energy.

On the festive day, February 8, the N. F. Fedorov Library No. 180 will host an exhibition of the St. Petersburg photo artist Maria Kovalevskaya. It is dedicated to women scientists working at the I. P. Pavlov Institute of Physiology of the Russian Academy of Sciences. At the exhibition, you can learn about their work and hobbies, such as sailing, fishing and fencing, and also immerse yourself in the atmosphere of the first science town in Russia. It was built in the 1930s with the participation of Academician I. P. Pavlov.

The Darwin Museum will hold the Science Day. Vanished Worlds event. On February 8, from 10:00 to 18:00, guests will enjoy games, interactive activities, master classes, and lectures. At the events, visitors will get acquainted not only with the most famous ancient animals — dinosaurs, but also with their relatives and contemporaries, as well as with other extinct inhabitants of the Earth. Entrance — by tickets.

A special program will be held at the Timiryazev State Biological Museum from 12:00 to 16:00 on February 8. It will be dedicated to various areas of biology, its history, and the work of scientists. The events are planned at two venues: in pavilion No. 31 “Geology” at VDNKh and in the museum building on Malaya Gruzinskaya Street. Admission is by ticket. You can buy a ticket for the event in the Geology pavilion at this link, and to the event at the museum on Malaya Gruzinskaya – on this.

Russian Science Day has been officially celebrated since 1999. The reason for its appearance was the events that took place more than 300 years ago – on January 28 (February 8, new style) 1724, Emperor Peter I founded the Russian Academy of Sciences.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

https: //vv.mos.ru/nevs/ite/149524073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI United Nations: 4th Meeting of the Team of Specialists on Forest Products and Wood Energy Statistics

Source: United Nations Economic Commission for Europe

The 4th Meeting of the Joint ECE/FAO Team of Specialists on Forest Products and Wood Energy Statistics will be held on 7 and 8 April 2025 in Lisbon, Portugal.

The meeting agenda will be shared with participants ahead of the meeting.

For more information, please contact Mr. Daniel Griswold.

MIL OSI United Nations News –

February 5, 2025

Category: Energy

CHIEF OF DEFENCE STAFF INAUGURATES VARIOUS INFRASTRUCTURE AT NAVAL BASE KARWARThese infrastructure developments are part of the ongoing Phase IIA of Project Seabird

You’re not alone

What’s stopping us?

RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

Statements from Net Zero Council and Delivery Group members

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Cosmonautics, biotechnology and the power of words at VDNKh

About science for schoolchildren and youth

Journeys into the World of Scientific Moscow

Russian Science Day in Libraries, Cinemas and More

CHIEF OF DEFENCE STAFF INAUGURATES VARIOUS INFRASTRUCTURE AT NAVAL BASE KARWAR

These infrastructure developments are part of the ongoing Phase IIA of Project Seabird