Category: European Union

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

    Source: GlobeNewswire (MIL-OSI)

    2025 Half-Year Results:

    Continued strategic deployment with the

    Asset Management Platform ramp up:

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

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

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

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

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

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

    Principal investments: H1 2025 performance supported by listed companies

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

    Asset management: strong momentum in fundraising and revenue growth

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

    Dynamic implementation of new strategic directions

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

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

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

    Strong financial structure and committed to remaining Investment Grade

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Wendel’s Principal Investments’ portfolio rotation

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

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

    Wendel’s Asset Management platform evolution

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

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

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

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

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

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

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

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

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

    Sponsor money invested by Wendel

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

    Principal Investment companies’ sales

    Figures post IFRS 16 unless otherwise specified.

    Listed Assets: 38% of Gross Asset Value excluding cash

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

    (full consolidation)

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

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

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

    2025 share buyback program

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

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

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

    2025 outlook confirmed

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

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

    For further details: group.bureauveritas.com

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

    Tarkett reported its H1 on July 29, 2025

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

    Unlisted Assets: 38% of Gross Asset Value excluding cash

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

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

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

    (Full consolidation) 

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

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

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

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

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

    (full consolidation)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    David Darmon, Chairman of Scalian’s Supervisory Board:

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

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

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

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

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

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

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

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

    Consolidated Accounts

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

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

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

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

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

    Estimated impact of new tariffs on Wendel’s businesses 

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

    Agenda

    Thursday, October 23, 2025

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

    Friday, December 12, 2025,

    2025 Investor Day.

    Wednesday, February 25, 2026

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

    Wednesday, April 22, 2026

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

    Thursday, May 21, 2026

    Annual General Meeting

    Wednesday, July 29, 2026

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

    About Wendel

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

    Wendel is listed on Eurolist by Euronext Paris.

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

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

    Follow us on LinkedIn @Wendel 

    Appendix 1: H1 2025 Consolidated sales and results

    H1 2025 consolidated net sales

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

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

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

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

    H1 2025 net sales of equity-accounted companies

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

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

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

    H1 2025 consolidated results

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

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

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

    H1 2025 net income from operations

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

    Appendix 2: Conversion from accounting presentation to economic presentation

    Please refer to table 5.1 of the consolidated statements.

    Appendix 3: Glossary

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

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

    3 This amount includes usual closing adjustments

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

    5 As of end of June 2025

    6 Based on USD/EUR exchange rate of 1.08

    7 IK Partners and Monroe Capital

    8 Commitments not yet invested

    9 Fee Paying AuM

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

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

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

    13 Leverage as per credit documentation definition.

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

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

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

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

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

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

    20 As per credit documentation (pre IFRS 16).

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

    22 EBITDA including IFRS 16 impacts and excluding Indian activities.

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

    4 Leverage as per credit documentation definition.

    Attachment

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    Results for the period ended June 30, 20251

    1

    Press Release
      Strasbourg, July 30, 2025

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

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network

  • MIL-OSI Analysis: Starmer’s move on Palestinian statehood is clever politics

    Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University

    Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.

    For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.

    Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.




    Read more:
    UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean


    If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.

    This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?

    Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.

    At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.

    Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.

    As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.

    International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.

    These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.

    The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.

    Challenges ahead

    That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.

    Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.

    There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?

    Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?

    The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.

    Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.

    If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.

    But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.

    If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.

    For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.


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

    Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains

    ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239

    MIL OSI Analysis

  • MIL-OSI Analysis: As climate change hits, what might the British garden of the future look like?

    Source: The Conversation – UK – By Adele Julier, Senior Lecturer in Ecology, University of Portsmouth

    Maria Evseyeva/Shutterstock

    Hosepipe bans in summer 2025 will mean many gardeners having to choose which of their plants to keep going with the watering can, and which to abandon. Are these temporary restrictions actually a sign we need to rethink British gardens altogether?

    Climate change will bring the United Kingdom warmer, wetter winters and hotter, drier summers. Britain has seen warm periods before, such as in the last interglacial period 130,000 years ago, but the current speed of change is unprecedented. This will have many effects, but it will also change one of the core parts of British life: our gardens.

    Rather than fighting the inevitable and trying to keep growing the same plants we have always grown, how might we adapt what we grow and how we grow it?

    The first to go, tragically for some, may be the classic British lawn. Already this year across the country, large areas of grass are looking parched and brown in the face of a long drought. The traditional lawn has just a few species of grass and is unlikely to be very drought-resistant. You can maintain a grass lawn that is more tolerant of dry weather by using drought-resistant fescue species of grass, and keeping the lawn well aerated (that means putting small holes in it to allow air, water and nutrients to reach the grass roots). But it may still suffer periods in which it looks unhealthy.

    Swapping a lawn for a meadow can increase drought tolerance and decrease maintenance such as regular mowing and watering, because meadows only need to be cut once a year and don’t need as much water. Perhaps instead of lawns we can embrace No Mow May all year round, creating a greater diversity of plant and animal life in gardens.

    Wildflowers such as yarrow and common knapweed can be great for pollinators and the birds that feed on them. These plants are drought-tolerant too.

    As well as challenges in the face of a changing climate, there will be opportunities. Grape vines were grown in Britain in Roman times, and British wine production is once again a growing industry. Regular British gardeners could also grow a wider variety of grape vines, and even make their own wine. Warmer, drier summers could make plants such as citrus and olive trees easier to grow, with fruits more likely to ripen and less likely to be lost to frost in winter. Sunflowers, while they already grow here, could also thrive in the new conditions.

    There will be a shift in the best types of decorative plants for gardens, with those needing lots of water, such as hydrangeas, delphiniums and gentians, becoming difficult to grow. We could look to the Mediterranean for inspiration, and choose shrubs such as thyme and lavender, or climbers like passion flowers, that need less water. It is also possible to grow a drought-tolerant garden with plants that are native to Britain, such as species of Geranium and Sedum. Coastal plants such as sea kale and sea holly that grow in harsh, rocky conditions can also make great garden plants in a drier climate.

    Sea holly doesn’t mind our changing climate as much as other garden plants.
    olko1975/Shutterstock

    Finally, the way we garden will need to change. Setting up water storage systems, from simple water butts to larger, more complex systems that could include grey water harvesting (used but clean water from baths and washing up) or underground water storage, will help gardeners to make the most of storms by storing the rainwater for use during droughts. You can set up a dispersion system to recycle lightly used household water, such as from a dishwasher or shower.

    Soil health is important too, as soils with more organic matter are better at holding water. Composting food waste to add to soil would be a great way of helping to increase the organic content and make watering more efficient. This has the added value of avoiding peat composts. Peat comes from wetlands and it will eventually run out. Peat harvesting also releases carbon dioxide into the atmosphere, contributing to climate change.

    The next few decades will be challenging for gardeners. Britain will probably experience an increase in prolonged droughts and other extreme weather, as well as overall warming caused by climate change. Our gardens may cover a small proportion of land in the UK. But we can use them to experiment and develop sustainable ways of existing, growing not just new plants but also hope in the face of adversity.


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

    Adele Julier 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. As climate change hits, what might the British garden of the future look like? – https://theconversation.com/as-climate-change-hits-what-might-the-british-garden-of-the-future-look-like-261608

    MIL OSI Analysis

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

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

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

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

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

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

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

    Why sanctions may miss the target

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

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

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

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

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

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

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

    Supply and demand

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

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

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

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

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

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

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


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

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

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

    MIL OSI Analysis

  • MIL-OSI Analysis: How the UK’s cold weather payments need to change to help prevent people freezing in winter

    Source: The Conversation – UK – By Thomas Longden, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

    DimaBerlin/Shutterstock

    The UK government recently expanded the warm home discount by removing restrictions that had previously excluded many people who can’t always afford to heat their homes. Now, the payment of £150 will be received by 2.7 million more households than last winter.

    The UK government has also reversed its decision to limit winter fuel payments to only the poorest pensioners. This could benefit up to 9 million people.

    The UK government has two other mechanisms for reducing heating costs over winter. The warm home discount and winter fuel payment are both one-off payments that help people pay their heating bills. The cold weather payment aims to support people during spells of very cold weather.

    Recipients of specific means-tested benefits in England, Wales and Northern Ireland automatically receive £25 after cold weather occurs in their region. Another policy applies in Scotland, where some people get a single winter heating payment.

    While these changes to the winter fuel payment and warm home discount are welcome, the cold weather payment has long been seen as an outdated, old-fashioned scheme in need of change. For example, it is paid after cold weather happens. Our research indicates that it can be improved by changing this.

    The wide use of smart meters means that researchers like us can now produce data-driven studies that improve our understanding of energy use and expenditure during cold weather. Our recent studies of prepayment meter customers’ energy use indicate ways to improve the cold weather payments.

    Analysis of electricity and gas smart-meter data from 11,500 Utilita Energy prepayment customers showed that 63% of households self-disconnected from energy supply at least once a year. In this study, published in Energy Research & Social Science, we found that more homes self-disconnected from gas during cold periods than at other times. There was no evidence to show that the cold weather payment as presently designed reduced this risk.

    Also using smart meter data from energy company Utilita Energy, a recent study published in the journal Energy Economics shows that prepayment gas customers in regions with high fuel poverty tend to struggle at temperatures below −4°C. Below this temperature, prepayment gas customers need to top up more often and with higher amounts. People using prepayment tend to top-up their credit in advance of cold weather.

    Cold weather payments could be sent directly to customers with smart meters.
    Daisy Daisy/Shutterstock

    In colder weather, more people use emergency credit and disconnect from power more often. Emergency credit is provided by the utility as a short-term loan. Self-disconnections occur when the household has no credit left and they have no energy supply.

    The government’s payment is triggered when the average temperature falls below 0°C for seven consecutive days. As this metric is not reported by news media or meteorology services, it’s hard to know when the cold weather payment will be received. The easiest way to find out if a payment will be made, after cold weather, requires people to enter their postcode at a Department for Work and Pensions website.

    If people are unsure if severe weather is forecast, they may not increase their top-up in advance. They may, however, self-ration or limit energy use to save money.

    The cold weather payment is only paid once even when there are multiple periods of cold. This “overlap penalty” severely affects those living in northern England and particularly Yorkshire, which is a colder region where cold weather spells are more common.

    Cause for reform

    The payment should be made in advance of cold weather, and utility companies could pay it directly to customers who have smart meters. Credits could be applied for those using other types of meters. This is likely to reduce self-disconnections and self-rationing during very cold nights.

    Payments should be triggered by the minimum night-time temperature. The temperature measure used at present is confusing and the money is not paid until up to two weeks after extremely cold weather, which is problematic for those on tight budgets.

    To better match the support needed during cold weather, the amount paid should be increased to £10 a day for every day that minimum temperatures are forecast to be below −4°C. This would improve energy security for people in England, Wales and Northern Ireland.

    A policy will only be effective when it is clearly communicated and understood by those it applies to. To prevent self-rationing, people need to know that payment support has arrived, otherwise they may hesitate to turn up the heating on the coldest days of winter, with all the risks that involves.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


    Thomas Longden has recently received funding from Energy Consumers Australia and Original Power – a community-focused, Aboriginal organisation. He is a member of the ACT Climate Change Council and the NSW branch of the Economic Society of Australia.

    Brenda Boardman is affiliated in the UK with the End Fuel Poverty Coalition and the Labour Party. Her research on pre-payment meter households was co-funded by Utilita Giving.

    Tina Fawcett currently receives funding from UKRI. Her research on pre-payment meter households was co-funded by Utilita Giving.

    ref. How the UK’s cold weather payments need to change to help prevent people freezing in winter – https://theconversation.com/how-the-uks-cold-weather-payments-need-to-change-to-help-prevent-people-freezing-in-winter-259339

    MIL OSI Analysis

  • MIL-OSI United Kingdom: What’s changing for children on social media from 25 July 2025

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    What’s changing for children on social media from 25 July 2025

    New laws come into force, protecting under-18s from harmful online content

    From 25 July, the way children experience the internet will fundamentally change, as new laws come into force, protecting under-18s from harmful content they shouldn’t ever be seeing. This includes:

    • pornography
    • self-harm
    • suicide
    • hate speech
    • violence

    Children will have to prove their age to access the most harmful material on social media and other sites, with platforms having to use secure methods like facial scans, photo ID and credit card checks to check the age of their users. This means it will be much harder for under-18s to accidentally or intentionally access harmful content.

    A thousand platforms have confirmed to Ofcom they’ve got these checks in place, including the most visited porn site in the UK, PornHub.

    It comes as Ofcom figures show that children as young as eight have accessed pornography online, and 16% of teenagers report seeing material that stigmatises body types or promotes disordered eating in the last four weeks.

    Children will also see fewer harmful posts and videos in their feeds, with platforms required to make sure their algorithms aren’t feeding children content that promotes harmful behaviours like bullying, hate speech or dangerous online challenges.

    And when harmful content does appear, platforms will need to act quickly to remove it. If children are seeing something harmful or inappropriate, it will be easier to find help and report it.

    Technology secretary Peter Kyle said:

    Our lives are no longer split between the online and offline worlds – they are one and the same. What happens online is real. It shapes our children’s minds, their sense of self, and their future. And the harm done there can be just as devastating as anything they might face in the physical world.

    We’ve drawn a line in the sand. This Government has taken one of the boldest steps anywhere in the world to reclaim the digital space for young people – to lay the foundations for a safer, healthier, more humane place online.

    We cannot – and will not – allow a generation of children to grow up at the mercy of toxic algorithms, pushed to see harmful content they would never be exposed to offline. This is not the internet we want for our children, nor the future we are willing to accept.

    The time for tech platforms to look the other way is over. They must act now to protect our children, follow the law, and play their part in creating a better digital world.

    And let me be clear: if they fail to do so, they will be held to account. I will not hesitate to go further and legislate to ensure that no child is left unprotected.

    Enforcement action from the regulator

    From 25 July these protections will be fully enforceable and services that don’t comply could face serious enforcement action from Ofcom including fines.  

    Enforcement action can be 10% of the companies’ qualifying global annual revenues or £18 million, whichever is greater.

    Action platforms will legally have to take

    Block access to harmful content 

    • Starting from 25 July, platforms that host pornography, or content which encourages self-harm, suicide or eating disorder content will have to put in place robust age-checks. This means: 
      • using highly effective age assurance, like facial age estimation, photo-ID matching, or credit card checks to verify age more reliably; and 
      • stopping children encountering harmful content on the site – either by age restricting parts of the platform or blocking access to the site by under 18s 
      • this will create extra steps when creating a new account or attempting to access content not appropriate for children.
      • in practice, this is like a child not being able to sign up for a credit card, or buy alcohol, and means that children will encounter fewer instances of harmful content and have a more age-appropriate experience online 

    Provide safer feeds and fewer toxic algorithms 

    • The codes set out how platforms can reduce toxic algorithms which we know can recommend harmful content to children without them seeking it out.  
    • This includes ensuring that algorithms do not operate in a way that harms children, such as by pushing content related to suicide, self-harm, eating disorders, and pornography. That means fewer risky rabbit holes and more control over what children see on their feeds. 

    Take faster action on harmful content 

    • Platforms will need more robust content moderation systems to take swift action against content that is harmful to children when they become aware of it. 
    • Search engines should filter out the most harmful content for children, for example by using a ‘safe search’ setting for children, which can’t be turned off.

    User support 

    • Platforms will also be required to ensure they provide clear and easy-to-find information for children, and the adults who care for them.  
    • This will include easy-to-use reporting and complaints processes, as well as tools and support for children to help them stay safe online. 

    Types of ‘harmful content’ the codes apply to

    Platforms which host pornography, or the most harmful content to children and are likely to be accessed by children, must implement highly effective age assurance to prevent children from accessing said content. 

    This content is described as primary priority content and includes: 

    • pornography, and
    • content that encourages, promotes, or provides instructions for:
      • self-harm
      • suicide
      • eating disorders 

    Wider harmful content is known as priority content. The codes instruct platforms to protect children from this content by providing age-appropriate experiences. This category of content includes:

    • bullying
    • abusive or hateful content, and
    • content which encourages:
      • or depicts serious violence or injury
      • dangerous stunts and challenges
      • the ingestion, inhalation or exposure to harmful substances

    ENDS

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Canada: New York Call – Joint statement of the Ministers of Foreign Affairs

    Source: Government of Canada News

    July 30, 2025 – Ottawa, Ontario – Global Affairs Canada

    The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:

    “We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;

    “Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;

    “Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;

    “Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;

    Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;

    “Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;

    “Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;

    “Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”

    MIL OSI Canada News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Press contacts:

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

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

    Investor contact:

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

    1.1. Financial results

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

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

    Net revenue

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

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

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

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

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

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

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

    General operating expenses and gross operating income

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

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

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

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

    Cost of risk and operating income

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

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

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

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

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

    Other

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

    Income before tax

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

    Net income

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

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

    1.2. Financial structure

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

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

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

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

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

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

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

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

    1.3. Results by business line

    Retail banking

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

    Insurance

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

    Asset management and private banking

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

    Corporate banking

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

    Capital markets

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

    Private equity

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

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

    1.4. Key figures

    Banque Fédérative du Crédit Mutuel3

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

    1.5 Banque Fédérative du Crédit Mutuel  financial statements

    Balance sheet (assets)

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

    Balance Sheet – Liabilities and shareholders’ equity

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

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

    Income statement

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

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


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

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

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

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

    Attachment

    The MIL Network

  • MIL-OSI USA: Boozman, Colleagues Host Members of British Parliament in Senate to Sharpen Collaboration

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    BAPG Chairman Boozman and Vice Chair Whitehouse lead discussions with visiting U.K. BAPG members.

    WASHINGTON––U.S. Senator John Boozman (R-AR), Chair of the Senate Delegation to the British-American Parliamentary Group (BAPG), welcomed lawmakers from the United Kingdom to Capitol Hill for working sessions and events designed to offer a deeper understanding of the American political system at the federal level.

    During their visit, BAPG members consisting of senators and Members of Britain’s Parliament fostered dialogue on key policy priorities, such as security and defense across Europe and Asia, strengthening U.S. and U.K. relations, and topics including artificial intelligence, technology and international trade.

    “It is an honor and a privilege to continue the tradition of convening the British-American Parliamentary Group, especially back in the U.S. once again,” said Boozman. “I thoroughly enjoy our discussions and the opportunity to strengthen the special relationship and friendships our nations sustain to promote understanding, partnership, prosperity and diplomacy for generations to come.”

    Chairman Boozman and Vice Chair Whitehouse pose with visiting members of the British-American Parliamentary Group.

    Senator Sheldon Whitehouse (D-RI) serves as Vice Chair of the Senate BAPG Delegation and joined Boozman in hosting the British lawmakers. Throughout the remainder of the conference, BAPG members met with several of Boozman’s Senate colleagues, executive branch leaders, businesses and think tanks.

    The BAPG Conference meeting location traditionally alternates between the U.S. and U.K. every two years. 

    For more photos from the conference, please click here.

    MIL OSI USA News

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

    Source: United Nations General Assembly and Security Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Nations News

  • EU climate goals at risk as ailing forests absorb less CO2, scientists say

    Source: Government of India

    Source: Government of India (4)

    Damage to European forests from increased logging, wildfires, drought and pests is reducing their ability to absorb carbon dioxide, putting European Union emissions targets at risk, scientists warned on Wednesday.

    The European Union has committed to reaching net zero emissions by 2050. The target includes the expectation that forests will suck up hundreds of millions of tonnes of CO2 emissions and store it in trees and soil, to compensate for pollution from industry.

    But that assumption is now in doubt. The average annual amount of CO2 Europe’s forests removed from the atmosphere in 2020-2022 was nearly a third lower than in the 2010-2014 period, according to a paper led by scientists from the EU’s Joint Research Centre – its independent science research service.

    In the later period, forests absorbed around 332 million net tonnes of CO2 equivalent per year, said the paper, published in the journal Nature. Recent data from EU countries suggest an even steeper decline.

    “This trend, combined with the declining climate resilience of European forests, indicates that the EU’s climate targets, which rely on an increasing carbon sink, might be at risk,” the paper said.

    Today, Europe’s land and forestry sector offsets around 6% of the EU’s annual greenhouse gas emissions. That’s 2% short of the amount the EU calculates is needed to meet climate goals – with the gap expected to widen by 2030.

    Agustín Rubio Sánchez, professor of ecology and soil science at the Polytechnic University of Madrid, said it was “wishful thinking” to rely on forests to meet climate targets.

    “Forests can help, but they shouldn’t be assigned quantities to balance carbon budgets,” he told Reuters.

    The findings are a political headache for EU governments, who are negotiating a new, legally-binding 2040 climate target – which is designed to use forests to offset pollution that industries cannot eliminate.

    Already, some are warning this won’t be possible.

    “What should we do when there are factors that we, as countries, as governments, have not much ability to control – like forest fires or drought,” Sweden’s environment minister Romina Pourmokhtari said in a news conference last week.

    Over-harvesting, climate change-fuelled wildfires and droughts, and pest outbreaks are all depleting forests’ carbon storage.

    However, some of these risks can be managed – for example, by reducing intense logging, or planting more diverse tree species, which may enhance CO2 storage and help forests withstand climate extremes and pests, the paper said.

    (Reuters)

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

    Source: GlobeNewswire (MIL-OSI)

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

    Regulated Information

    Paris, 30 July 2025

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

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

    Gross: 874,777,040

    Press contacts:

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

    Societe Generale

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

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

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

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

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

    Attachment

    The MIL Network

  • MIL-OSI: Pacific General Leads Investment in NAYA

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About NAYA

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

    About Pacific General

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

    About TriSpan

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

    About Kline Hill Partners

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

    The MIL Network

  • MIL-OSI United Kingdom: expert reaction to study estimating the number of lung microplastics people inhale daily in homes and cars

    Source: United Kingdom – Executive Government & Departments

    A study published in PLOS One estimates human exposure to microplastics in homes and cars. 

    Prof Oliver Jones, Professor of Chemistry, RMIT University, said:

    “The only thing this paper measured was the concentrations of microplastics in a limited set of environments. The authors tested the air in three apartments and two cars via a total of 12 samples (plus four blanks). This is simply not enough data to make generalisations about the cities in France where the work took place, let alone the rest of the world. The authors did not conduct any testing to determine whether the microplastics they found were associated with or caused any health effects. The results should thus be treated as preliminary at best.

    “But what if there were more samples? What would the results mean?

    “When we talk about air pollution, you often hear the terms PM10 and PM2.5. The PM stands for particulate matter, and the numbers stand for the diameter of the particle in micrometres (microns). PM10 means particulate matter 10 micrometres (0.01 mm) in diameter or smaller, while PM2.5 means particles of matter 2.5 micrometres (0.0025 mm) in diameter or smaller. They usually come from dust and smoke, and we know that very fine particulate matter, no matter the source, can be a health risk; that’s why air quality is regularly tested, and there are guidelines in place for total PM10 and PM2.5 concentrations in the air in many countries [1].

    “Particles at the top end of the PM10 range generally do not travel further into the lungs than the upper respiratory tract (nose and throat). Plastic particles in the PM2.5 range (or smaller) might travel further, but the keyword here is ‘might’; this is a relatively new area of research.

    “However, even if we assume plastic PM2.5 were an issue, their effects are already considered as part of the general impact of PM2.5 pollution, and any effect from plastics would likely be dwarfed by the contribution of PM2.5 particles from burning petrol oil and other fossil fuels, which are present in much greater abundance (while a figure like 2238 particles per cubic meter sounds like a large number, the particles themselves are very small, so the total physical amount of particles is also very small).

    “In short, while particulate pollution is an issue we should pay attention to, you don’t have to worry about breathing plastic air just yet.

    [1] Accredited official statistics, particulate matter (PM10/PM2.5), https://www.gov.uk/government/statistics/air-quality-statistics/concentrations-of-particulate-matter-pm10-and-pm25 accessed 30/06/25″

    Human exposure to PM10 microplastics in indoor air’ by Nadiia Yakovenko et al. will be published in PLOS One at 19:00 UK time Wednesday 30 July 2025, which is when the embargo will lift.

    DOI: 10.1371/journal.pone.0328011

    Declared interests

    Prof Oliver Jones: I am a Professor of Chemistry at RMIT University in Melbourne. I have previously published research on microplastics in the environment. I have no conflicts of interest to declare but I have received funding from the Environment Protection Authority Victoria and various Australian Water utilities for research into environmental pollution.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: PM meeting with the Sultan of Oman: 30 July 2025

    Source: United Kingdom – Government Statements

    Press release

    PM meeting with the Sultan of Oman: 30 July 2025

    The Prime Minister welcomed the Sultan of Oman, His Majesty Sultan Haitham bin Tarik al Said, to Downing Street today.

    The Prime Minister welcomed the Sultan of Oman, His Majesty Sultan Haitham bin Tarik al Said, to Downing Street today.

    The leaders began by discussing the horrific scenes of hunger and devastation in Gaza and agreed this cannot continue. They reiterated the call for significant volumes of aid to urgently reach the people in Gaza and the Prime Minister confirmed UK support for Jordanian air drops to deliver aid swiftly to Gaza’s most vulnerable.

    The Prime Minister updated His Majesty on his conversations with other leaders in recent days, and both agreed on the need for a longer-term peace plan, which includes a pathway to recognition. They both reiterated the need for Hamas to release all hostages, disarm and sign up to a ceasefire, and accept that they will play no role in the future of Gaza.

    On Iran, the Prime Minister thanked His Majesty for Oman’s continued efforts to reach a diplomatic solution to avoid a return to conflict and ensure peace and security in the region.

    The leaders also discussed the ongoing UK-Gulf Cooperation Council (GCC) trade talks, and the Prime Minister outlined the huge potential for the UK economy and British businesses through this trade deal. They agreed to further collaboration between the UK on Oman in areas such as energy, technology, defence and security.

    They agreed to keep in touch.

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: Telephone conversation with the Prime Minister of the State of Israel, Benjamin Netanyahu

    Source: Government of Italy (English)

    30 Luglio 2025

    The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation this evening with the Prime Minister of the State of Israel, Benjamin Netanyahu.

    President Meloni insisted on the need to immediately cease hostilities given the situation in Gaza which, she underlined, is unsustainable and unjustifiable.

    The conversation also provided an opportunity to reiterate the urgent need to guarantee full and unhindered humanitarian access to the civilian population, reaffirming Italy’s efforts in this regard through the Food for Gaza initiative. Thanks to Italy’s commitment, another 50 Palestinian civilians will be welcomed, and aid drops will be organised for the population in Gaza.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Commission action to immediately compensate livestock farmers and address the economic impact of sheep pox – P-003129/2025

    Source: European Parliament

    Priority question for written answer  P-003129/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    Outbreaks of sheep pox are increasing significantly, affecting livestock farmers in many regional units of Greece, such as Aetolia-Acarnania, Larissa, Rhodope, Magnesia, Florina, Phocis and Xanthi.

    By way of illustration, 25 out of the 42 new outbreaks were recorded in the two prefectures of Thessaly (representing 60 % of all cases), while it is estimated that 35 000 sheep have been killed in the municipality of Kileler alone.

    It should be noted that since the first cases appeared, 638 outbreaks have been reported and 148 285 sheep and goats have been killed.

    This irreparably affects the income of livestock farmers and producers and the economic viability of entire regions.

    In light of the above, can the Commission say:

    • 1.What action will it take and what mechanisms will it activate to provide urgent financial support to the affected livestock farmers in order to cover their lost income?
    • 2.Does it intend to provide compensation for the affected farmers for the dead animals in accordance with the provisions of the Common Agricultural Policy? If so, how much?
    • 3.Is it looking into the reactivation of measure 5.2 with a view to fully replacing animal stocks and strengthening the resilience of the sector?

    Submitted: 29.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Rule of law in Poland – E-002961/2025

    Source: European Parliament

    Question for written answer  E-002961/2025
    to the Commission
    Rule 144
    Moritz Körner (Renew)

    The Commission had frozen EU funds intended for Poland due to the country’s rule of law issues. However, following the election of Donald Tusk and his declared plan to address all rule of law deficiencies, the Commission unfroze these funds.

    In this context:

    • 1.Which rule of law deficiencies have been resolved to date?
    • 2.Which rule of law deficiencies have not been resolved to date?
    • 3.By what date must the unresolved deficiencies be resolved to prevent the funds from being frozen again?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Forced evictions of Roma and compliance with the Charter of Fundamental Rights – E-002974/2025

    Source: European Parliament

    Question for written answer  E-002974/2025
    to the Commission
    Rule 144
    Damien Carême (The Left), Erik Marquardt (Verts/ALE), Birgit Sippel (S&D), Catarina Martins (The Left), Tomáš Zdechovský (PPE), Marie Toussaint (Verts/ALE), Marco Tarquinio (S&D), Mélissa Camara (Verts/ALE)

    On 15 April 2025, over 200 Roma residents in Sofia’s Ilinden district were forcibly evicted, despite interim measures imposed by the European Court of Human Rights requiring adequate alternative accommodation. These actions reflect a wider pattern of forced evictions disproportionately affecting Roma communities, which raise serious concerns about structural antigypsyism in Europe.

    Under the Charter of Fundamental Rights, Member States must uphold human dignity (Article 1), prohibit discrimination based on ethnic origin (Article 21), and ensure access to housing assistance (Article 34(3)) when implementing EU law or using EU funds.

    In the light of these obligations and the enabling condition requiring respect for the Charter in the use of EU funds:

    • 1.What measures is the Commission taking to ensure that EU-funded programmes, particularly those related to housing, comply with the Charter and do not contribute to forced evictions or discrimination?
    • 2.How is the Commission monitoring Bulgaria’s compliance with the Charter and the EU Roma Strategic Framework in the light of the recent evictions?
    • 3.Will the Commission assess whether Bulgaria remains compliant with the enabling conditions for accessing cohesion funding, given concerns about fundamental rights violations against Roma?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Spain: Regional Resilience Fund provides €230 million to finance agreement signed by EIB with A&G and Urbania Alpha to promote affordable housing, urban development and sustainable tourism

    Source: European Investment Bank

    EIB

    • The two financing agreements have been signed thanks to the backing of the Regional Resilience Fund financed by NextGenerationEU and implemented by the Spanish Ministry of Economy, Trade and Enterprise with EIB support.
    • The EIB will allocate €130 million to A&G and €100 million to Urbania Alpha (which holds the AEXX Capital brand) for investments throughout Spain.
    • These agreements mark a further step forward in rolling out the Regional Resilience Fund – specifically the instrument designed to promote urban development and sustainable tourism – with €640 million already signed to support investments under this instrument.

    The European Investment Bank (EIB) has signed agreements with A&G and Urbania Alpha (which holds the AEXX Capital brand) to channel a total of €230 million to new urban development projects (including those promoting affordable housing) and others related to sustainable tourism.

    The agreements were made possible by a contribution from the Regional Resilience Fund, part of Spain’s Recovery, Transformation and Resilience Plan, and financed by NextGenerationEU. More specifically, this was facilitated by the new instrument launched by the EIB to channel financing via financial intermediaries. Thanks to this instrument, agreements totalling €640 million have already been signed to back investments in urban development and sustainable tourism.

    As with the first agreements signed by the EIB under this instrument, A&G Banco and Urbania Alpha/AEXX Capital will assess investment opportunities across the country to promote projects in areas such as affordable housing, education, healthcare, social and cultural infrastructure, sustainable mobility, waste and water management, energy efficiency and sustainable tourism.

    A&G has been allocated €130 million by the EIB, which it will channel through A&G Real Estate Sustainable Developments, SICC SA. Urbania Alpha/AEXX Capital has been allocated €100 million to be channelled through AEXX Impact Investments I, SICC SA. Both are regulated vehicles set up specifically for this purpose. A&G will invest in equity, while Urbania Alpha/AEXX Capital will finance projects through equity and loans, or a combination of both. The maximum allocation per project is €22 million while maximum recovery periods are 15 years for equity investments and 20 years for debt. The investment period runs until December 2030.

    “With these two new financing agreements, the EIB continues to accelerate the deployment of the Regional Resilience Fund while boosting investment in urban development, affordable housing, and sustainable tourism in Spain. Public-private partnerships—such as those signed today with A&G and Urbania Alpha/AEXX Capital—help unlock the capital needed to make housing more accessible, foster an environmentally responsible tourism model, and adapt our cities to the evolving needs of citizens.” said EIB Director General – Head of Lending and Advisory Operations within the European Union Jean-Christophe Laloux

    “The signing of these agreements consolidates the implementation of the Regional Resilience Fund’s intermediated instrument, extending its scope to new specialised financial intermediaries. This is an important step in continuing to channel European funding towards projects with a real impact in key areas such as affordable housing, urban regeneration and sustainable tourism,’ said Inés Carpio, Director General of International Financing at the Treasury, Spanish Ministry of Economy, Trade and Enterprise

    Alejandro Nuñez, Managing Partner of Alternative Investments at A&G added, “We appreciate the trust placed in us by an investor of such exceptional prestige as the EIB to mobilize a significant portion of the Regional Resilience Fund. We believe that A&G is in a privileged position to manage public-private capital that effectively contributes to urban regeneration and sustainable tourism projects in Spain. Over the last few years, A&G has managed to create a highly regarded real estate investment platform in Spain. The mandate granted by the EIB gives us the opportunity to channel key resources into promoting affordable rental housing, while also supporting sustainable initiatives and local job creation.”

    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, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    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 Agreement, as pledged in its 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.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the country’s green and digital transition, economic growth, competitiveness and improved services for residents.

    High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

    Regional Resilience Fund

    The Regional Resilience Fund (RRF) was created to facilitate access to NextGenerationEU loans from the Spanish Recovery, Transformation and Resilience Plan for the autonomous communities, with the aim of boosting investments and developing projects in eight priority areas: social and affordable housing; urban renewal; transport and sustainable tourism; the energy transition; water and waste management; the care economy; research, development and innovation; and the competitiveness of industry and SMEs.

    The fund is led by the Ministry of Economy, Trade and Enterprise, which takes input from the autonomous communities and cities for investment decision-making and looks to the EIB Group as a strategic management partner.

    The initial phase of the RRF includes the activation of up to €3.4 billion in financing via:

    • a direct financing mechanism, to co-finance EIB-supported operations in sectors like renewable energy, clean transport and sustainable infrastructure;
    • an intermediated mechanism managed by financial intermediaries selected by the EIB, to support projects in urban development and sustainable tourism;
    • two instruments intermediated by the European Investment Fund that will facilitate SME financing for innovation, sustainability and competitiveness.

    About A&G and A&G Global Investors

    A&G was founded in 1987 and is a leading independent financial services group with offices in Spain and Luxembourg. At the end of June 2025, the group’s total assets under management (AuMs) exceeded €15.5 billion. The group’s capabilities in alternative investments are focused on real estate, energy transition (with strategies dedicated to investing in infrastructure assets and growing technology companies) and private equity investments, grouped under the A&G Global Investors brand.

    www.aygglobalinvestors.com

    Urbania Alpha/AEXX Capital

    Urbania Alpha/AEXX Capital is a European alternative asset management platform. The firm provides debt, equity, and hybrid capital solutions to address a broad range of financing needs for real asset owners. To execute this strategy, AEXX has developed deep geographic and asset-class expertise across European markets through its offices in Spain, Italy, the UK, Germany, and Portugal.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Effectiveness of Polish border policy and information campaign in addressing irregular migration – E-002973/2025

    Source: European Parliament

    Question for written answer  E-002973/2025
    to the Commission
    Rule 144
    Krzysztof Brejza (PPE)

    Since 2024, the Polish Government under Prime Minister Donald Tusk has reinforced its eastern borders and launched an information campaign abroad to address growing irregular migration pressures. While fully respecting the right to asylum, Poland’s actions have focused on deterring irregular economic migration, often facilitated by smuggling networks and driven by false promises.

    The government’s information campaign in Afghanistan, Ethiopia, Eritrea, Somalia, Iraq, Pakistan, Egypt and Kenya, clearly communicates that Poland is not a viable entry point for unauthorised migration. The campaign’s aim is to reduce human suffering, cut smugglers’ profits and avoid a system overload. At the same time, Poland has upgraded its border infrastructure and engaged diplomatically to manage the inflow of migrants responsibly.

    • 1.Does the Commission consider Poland’s approach, particularly the external information campaign, as a potentially effective model for other Member States?
    • 2.Are there plans to support similar EU-coordinated campaigns to address irregular economic migration at the source?
    • 3.Will such preventive strategies be integrated into the implementation of the new Pact on Migration and Asylum?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Single rail booking tool – E-003070/2025

    Source: European Parliament

    Question for written answer  E-003070/2025
    to the Commission
    Rule 144
    Günther Sidl (S&D)

    In the hearing of 4 November 2024, the Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, announced that a single EU-wide rail booking tool would be developed as early as 2025.

    • 1.Can the envisioned timeline be met, that is to say, will the Commission present such an EU-wide booking tool before the end of 2025?
    • 2.When will rail travellers in Europe be able to access this tool?
    • 3.Will the tool be compatible with the Open Sales and Distribution Model tool currently under development, by means of which the Austrian, German and Swiss national railway companies (ÖBB, DB and SBB respectively) are currently working on harmonisation?[1]

    Submitted: 24.7.2025

    • [1] https://www.derstandard.at/story/3000000243574/eu-startet-neuen-anlauf-fuer-einheitliche-bahntickets-in-europa
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Pending EU infringement proceedings that the Sicily Region is involved in and the EU sanctions it is shouldering – E-002903/2025

    Source: European Parliament

    Question for written answer  E-002903/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    Article 258 TFEU provides for infringement proceedings against a Member State that does not comply with EU legislation.

    The cost of the financial penalties imposed by the Court of Justice of the European Union is indirectly borne by citizens and territories, effectively restricting their rights.

    Italy is among the Member States with the highest number of open infringement proceedings, a number of which specifically involve the Sicily Region and come with hefty financial sanctions.

    However, neither the Sicily Region’s official website[1] nor that of the competent Italian ministry provide a comprehensive and transparent list of the pending EU infringements and sanctions involving Sicily.

    The principle of transparency and the citizens’ right to information are laid down in the Treaty on European Union (TEU)[2], which provides for the active involvement of civil society in monitoring the implementation of EU law.

    Information on infringements and sanctions is crucial in enabling citizens to pressure regional and national institutions to take the measures needed to comply with EU law in a timely manner.

    In the light of the above:

    • 1.Could the Commission reveal all the pending infringement proceedings which the Sicily Region is party to, all the sanctions that have already been applied to Italy as well as their total value, which represents a burden for the region?
    • 2.How does the Commission assess the current level of transparency and information provided to citizens about EU infringements and their related sanctions? Does it think that it could take action in order to ensure that this information is shared in a transparent manner?

    Submitted: 15.7.2025

    • [1] https://pti.regione.sicilia.it/portal/page/portal/PIR_PORTALE/PIR_LaStrutturaRegionale/PIR_AssEnergia/PIR_Dipartimentodellacquaedeirifiuti/PIR_Areetematiche/PIR_Altricontenuti/PIR_Procedurediinfrazione.
    • [2] Articles 10 and 11 TEU.
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Extension and financing of the Euratom programme 2021-2027 – E-003019/2025

    Source: European Parliament

    Question for written answer  E-003019/2025
    to the Commission
    Rule 144
    Georg Mayer (PfE), Harald Vilimsky (PfE)

    The ongoing discussions about a possible extension of or increase in funding for the Euratom programme beyond 2027, the Austrian people’s longstanding clear opposition to nuclear power and the country’s constitutionally enshrined phasing out of nuclear energy raise the following questions.

    • 1.To what extent has the initial funding of EUR 1.38 billion changed in recent years, for instance by way of reallocation, additional resources or cuts to budgets for other EU priorities?
    • 2.How can the Commission ensure that Austria, as a Member State with a clear anti-nuclear stance, does not have to co-finance against its will projects that run counter to the basic tenets of its own energy policy and national bans?
    • 3.Why were separate categories not created for the public consultation to properly reflect opposition to nuclear power’s role in the energy mix by individual Member States and their populations?

    Submitted: 21.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI Security: International Fugitive Apprehended in the Madison County Area for Immigration Violations

    Source: US FBI

    FBI Birmingham Works with State, Local, and Federal Partners to Detain Illegal International Fugitive in Northern Alabama

    On July 25, 2025, FBI Birmingham, in collaboration with the FBI Legat Rome, ALEA, HSI, and local law enforcement partners, apprehended an international fugitive wanted for sexual abuse of a minor in Italy. During an authorized search of the subject’s residence in Madison, Alabama, multiple fraudulent identifications were also discovered. “The FBI is fully committed to crushing violent crime and we appreciate the remarkable work and strong partnerships in removing the worst of the worst from our communities,” said David R. Fitzgibbons, special agent in charge of the Birmingham Division. This operation is part of Summer Heat, the FBI’s nationwide initiative targeting violent crime during the summer months. As part of this effort, the FBI has launched a multi-pronged offensive to crush violent crime. By surging resources alongside state and local partners, executing federal warrant on violent criminals and fugitives, and dismantling violent gangs nationwide, we are aggressively restoring safety in our communities across the country.

    The Italian male is now being detained pending removal from the United States.

    MIL Security OSI

  • MIL-OSI USA News: Adjusting Imports of Copper into the United States

    Source: US Whitehouse

    class=”has-text-align-center”> BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1.  On June 30, 2025, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of copper in all forms (copper), including copper ores, copper concentrates, refined copper, copper alloys, scrap copper, and derivative products, on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended, 19 U.S.C. 1862 (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.

    2.  The Secretary found that the present quantities of copper imports and the circumstances of global excess capacity for producing copper are weakening our economy, resulting in the persistent threat of further closures of domestic copper production facilities and the shrinking of our ability to meet national security production requirements.  Because of these risks, and taking into account the close relation of the economic welfare of the Nation to our national security and other relevant factors, see 19 U.S.C. 1862(d), the Secretary found that the present quantities and circumstances of copper imports threaten to impair the national security as provided in section 232.

    3.  In reaching this conclusion, the Secretary found that copper is essential to the manufacturing foundation on which United States national and economic security depend.  Copper is the second most widely used material by the Department of Defense and is a necessary input in a range of defense systems, including aircraft, ground vehicles, ships, submarines, missiles, and ammunition.  Copper also plays a central role in the broader United States industrial base.  The metal’s exceptional electrical conductivity and durability also make it indispensable to critical infrastructure sectors that support the American economy, national security, and public health.  Alternatives to copper are insufficient substitutes for these vital industries and products in many circumstances.

    4.  The Secretary found that the United States was a world leader across the value chain of copper production (mining, refining, semi-finished goods, and finished goods containing copper) for most of the 20th century.  But despite copper being a crucial material in manufacturing and for the national and economic security of the United States, United States copper production has plummeted.  Today, a single foreign country dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.

    5.  The Secretary found that unfair trade practices abroad, exacerbated by overly burdensome environmental regulations at home, have hollowed out United States copper refining and smelting, caused the United States to be overly reliant on foreign copper imports, and prevent a path forward without strong corrective action.  Foreign competitors leverage state subsidies and overproduction to flood international markets with artificially low-priced copper products, driving United States producers out of business.  The United States is now dangerously dependent on foreign imports of semi-finished copper, intensive copper derivative products, and copper-containing products, and imbalances in the global markets make domestic investment increasingly unviable.

    6.  The Secretary found that United States dependency on foreign sources of copper is a national security vulnerability that could be exploited by foreign countries, weakens United States industrial resilience, exposes the American people to supply chain disruptions, economic instability, and strategic vulnerabilities, and jeopardizes the United States defense industrial base. 

    7.  In light of these findings, the Secretary recommended a range of actions to adjust the imports of copper so that such imports will not threaten to impair the national security.  For example, the Secretary recommended an immediate universal 30 percent import duty on semi-finished copper products and intensive copper derivative products.  The Secretary also recommended a phased universal tariff on refined copper of 15 percent starting in 2027 and 30 percent starting in 2028.  The Secretary further recommended a domestic sales requirement for copper input materials starting at 25 percent in 2027, a domestic sales requirement of 25 percent for high-quality copper scrap, and export controls for high-quality copper scrap. 

    8.  After considering the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I concur with the Secretary’s finding that copper is being imported into the United States in quantities and under circumstances that threaten to impair the national security of the United States.  In my judgment, and in light of the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I also determine that it is necessary and appropriate to impose tariffs, as described below, to adjust imports of copper and its derivatives so that such imports will not threaten to impair the national security of the United States.

    9.  To ensure that the tariffs on copper in this proclamation are not circumvented and that the purpose of this action to address the threat to impair the national security of the United States posed by imports of copper is not undermined, I also deem it necessary and appropriate to set up a process to identify and impose tariffs on certain derivatives of copper, as further described below.

    10.  In my judgment, the action in this proclamation will, among other things, help increase domestic production of semi-finished copper products and intensive copper derivative products, thereby reducing our Nation’s reliance on foreign sources.  It will ensure that domestic fabricators are able to supply sufficient quantities of copper products essential for infrastructure, defense systems, and advanced manufacturing.  This action will also promote investment, employment, and innovation in the domestic copper fabrication sector, strengthen supply chains, enhance industrial resilience, and generate meaningful economic benefits.  This action will adjust the imports of semi-finished copper products, intensive copper derivative products, and certain other copper derivatives and is necessary and appropriate to address the threat to impair the national security of the United States posed by imports of such articles.

    11.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security so that such imports will not threaten to impair the national security. 

    12.  Section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    13.  Consistent with the General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal (May 8, 2025), the United States intends to coordinate with the United Kingdom to adopt a structured, negotiated approach to addressing the national security threat in the copper sector.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 232; the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); section 101 of the Defense Production Act of 1950 (DPA), as amended, 50 U.S.C. 4511; section 301 of title 3, United States Code; and section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, do hereby proclaim as follows:
    (1)  Except as otherwise provided in this proclamation, all imports of semi-finished copper products and intensive copper derivative products, as set forth in the Annex to this proclamation, shall be subject to a 50 percent tariff.  This tariff shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 1, 2025, and shall continue in effect, unless such action is expressly reduced, modified, or terminated.  This tariff is in addition to any other duties, fees, exactions, and charges applicable to such imported semi-finished copper products and intensive copper derivative products, unless stated otherwise below.
    (2)  The Secretary, in consultation with the United States International Trade Commission and U.S. Customs and Border Protection (CBP), shall determine whether any modifications to the HTSUS are necessary to effectuate this proclamation and shall make such modifications through notice in the Federal Register if needed.
    (3)  Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative copper articles within the scope of the duties of this proclamation, consistent with the processes established pursuant to Proclamation 10895 of February 10, 2025 (Adjusting Imports of Aluminum Into the United States) and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).
    (4)  The non-copper content of all copper articles subject to this proclamation shall be subject to tariffs pursuant to Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), and any other applicable duties, including those imposed by Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended, Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended, and Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended.  The additional duties described in clauses 1 through 3 of this proclamation shall apply only to the copper content of articles subject to this proclamation.  CBP shall issue authoritative guidance mandating strict compliance with declaration requirements for copper content in imported articles and outlining maximum penalties for noncompliance, including that importers who submit underreported declarations may be subject to severe consequences, such as significant monetary penalties, loss of import privileges, and criminal liability, consistent with United States law.
    (5)  If any product is subject to tariffs under both this proclamation and Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), as amended, the product shall be subject to the duties imposed pursuant to Proclamation 10908, as amended, and not those imposed pursuant to this proclamation.
    (6)  Any product described in clause 1 of this proclamation, except those eligible for admission as “domestic status” as described in 19 CFR 146.43, that is subject to a duty imposed by this proclamation and that is admitted into a United States foreign trade zone on or after the effective date of this proclamation must be admitted as “privileged foreign” status as described in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading. 
    (7)  The Secretary shall continue to monitor imports of copper and its derivatives.  The Secretary shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of copper and copper derivative imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  By June 30, 2026, the Secretary shall provide the President with an update on domestic copper markets, including refining capacity and the market for refined copper in the United States, so that the President may determine whether imposing a phased universal import duty on refined copper of 15 percent starting on January 1, 2027, and 30 percent starting on January 1, 2028, as recommended by the June 30, 2025, report, is warranted to ensure that copper imports do not continue to threaten to impair the national security.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in this proclamation, or any actions modifying this proclamation, is no longer necessary.
    (8)  Separately, I find that copper input materials and high-quality copper scrap meet the criteria specified in section 101(b) of the DPA, 50 U.S.C. 4511(b).  Pursuant to the authority delegated to the Secretary in Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness), the Secretary shall take all appropriate action to implement the domestic sales requirements that he recommended in the June 30, 2025, report.
    (9)  The Secretary may issue regulations, rules, guidance, and procedures consistent with the purpose of this proclamation, including to address operational necessity.
    (10)  No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
    (11)  CBP may take any necessary or appropriate measure to administer the tariff imposed by this proclamation.
    (12)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  If any provision of this proclamation, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this proclamation and the application of its provisions to any other individuals or circumstances shall not be affected.

    IN WITNESS WHEREOF, I have hereunto set my hand this thirtieth day of July, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and fiftieth.
     
     
     
                                   DONALD J. TRUMP

    MIL OSI USA News

  • MIL-OSI Security: Two teenagers convicted after fatal stabbing of Daejaun Campbell

    Source: United Kingdom London Metropolitan Police

    Two teenagers have been convicted of murder and manslaughter in relation to the death of a 15-year-old boy in Woolwich, in an unprovoked attack – the exact motive for the attack remains unclear. A third teenager was acquitted of murder.

    Two appeared at the Old Bailey today and the jury returned their verdicts after a six week trial.

    Marko Balaz, 19 (20.12.2005) of Sewell Road, SE2, was convicted of manslaughter and a 17-year-old boy was convicted of murder.

    Jacob Losiewicz, 18 (22.07.2006) of Church Manorway, SE2, was acquitted of murder on Tuesday, 30 July.

    The victim, 15-year-old Daejaun Campbell, was fatally stabbed following a disturbance on Eglington Road, SE18.

    Detective Chief Inspector Kate Blackburn said: “Daejaun’s murder shocked the local community and will forever impact his grieving family and those who loved him.

    “I commend the strength of Daejaun’s family, in particular his mother, throughout this awful ordeal. She has demonstrated exceptional courage and composure throughout this trial and has become an advocate to raise awareness of the dangers of young people carrying knives and the devastation that knife violence causes.”

    A murder investigation was launched on Sunday, 22 September 2024 after police were called to reports of the stabbing of a boy on Eglington Road, SE18.

    Witnesses called the police at around 18:30hrs to reports of a boy screaming for help and being chased down the street before being attacked with what looked like a machete. Brave members of the public ran to help Daejaun, who was lying on the floor after sustaining multiple stab wounds.

    London Ambulance Service and HEMS attended the scene but sadly Daejaun died a short time later in the road where he had been stabbed.

    A murder investigation commenced, quickly identifying a car which had been used to bring the defendants to the scene. CCTV footage including doorbell camera footage was identified which showed the teenagers leaving a property to attack Daejaun. The identities of the group were soon established.

    Losiewicz was arrested the following day with the distinctive top he was wearing during the murder being recovered on his bedroom floor, but his tracksuit bottoms and sliders were missing. During his interview, Losiewicz denied being involved in Daejaun’s murder and claimed to be a witness who ran from the scene after being scared. He claimed to have been unable to stop the attack.

    Balaz was arrested at his home address on 25 September where he denied any involvement, claimed to have been at home during the offence and denied any prior knowledge of Daejaun or his murder. Balaz was, however on an electronically monitored tag which demonstrated he was lying and had travelled to Eglinton Road at the time of the murder. Officers were to later find multiple internet searches on Balaz’s phone around relating to Daejaun’s murder.

    The 17-year-old boy was arrested on 27 September. His phone was analysed and messages were found which showed he was worried about spending 20 years in prison after killing someone and joking with friends that his life was “about to take a massive turn”. Losiewicz sliders were found in the 17 year old’s house and Daejaun’s blood was found on them. At trial he admitted to stabbing Daejaun but claimed he did so in self defence, as Daejaun also had a knife.

    All three were charged with murder and remanded into custody.

    DCI Kate Blackburn added: “We have never fully established why Daejaun was murdered in such a brutal way. I believe it is likely because he did not live in the area and had been exploited into dealing drugs there. It is possible that the defendant’s were linked to an opposing drugs line.

    “This group were willing to bring a machete out in broad daylight and use it to kill a 15-year-old boy who, when challenged, threw his knife away and ran in the opposite direction.

    “Today’s convictions conclude a lengthy and emotional investigation, and we can expect the two convicted teenagers to spend a considerable time in prison. However, they will still be able to have lives after their incarceration, Daejaun was not given that opportunity.

    “I hope that the conviction today provides some sense of justice to Deajuan’s family.”

    The pair will be sentenced at the same court on Monday, 6 October.

    MIL Security OSI

  • MIL-OSI United Kingdom: Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

    Source: United Kingdom – Government Statements

    Speech

    Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

    Statement by Caroline Quinn, UK Deputy Political Coordinator, at the UN Security Council meeting on UN Peace Operations.

    UN peace operations have made a critical contribution towards international peace and security for more than three quarters of a century. 

    However, the nature of conflict is evolving, and we should continue supporting the adaptation of this vital UN tool so it can best support durable peace.  

    I will make three points.  

    Firstly, the effectiveness of UN political operations depends on their having and implementing clear and robust political strategies. 

    Not only do mission mandates need to have politics at their core, but missions should ensure that all elements of their work are grounded in political strategy. 

    This requires improved coordination across the UN system and strong cooperation with key stakeholders, including regional states and organisations, local communities and civil society.  

    Second, peace operations should be equipped with the tools they need to deliver political solutions. 

    This includes enhanced technology, such as early warning systems and improved surveillance, to foresee emerging threats. 

    It also includes strategic communications capabilities to counter the growing misinformation and disinformation campaigns we have regrettably seen targeting UN missions.   

    Thirdly President, to best support political solutions, peace operations need to be tailored and targeted to the contexts in which they operate. 

    This may encompass larger, multi-dimensional peacekeeping operations, but also special political missions, like UNSMIL in Libya, supporting the political process, or expert logistical support such as UNSOS in Somalia.

    UN missions also need to be agile and adaptable, with robust contingency plans so that they can quickly adapt when the situation on the ground changes.

     This is equally true for regionally led peace and security missions, which can have a critical role to play.

    President, the Secretary-General’s review on the future of all forms of United Nations peace operations offers a crucial opportunity to ensure that all UN peace operations are mandated, designed and equipped to deliver political solutions in their host state context. 

    The United Kingdom stands ready to work with others to make it a success.

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom