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  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

    		        
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

    		        
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

    		        
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

    		        

    Non-current liabilities

    		        
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552   –  
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

    		        
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

    		   3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   – (2,211) – (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) – (1,848) –
    Acquisition of subsidiaries, net of cash acquired   – 25,946 – 25,946
    Loan to joint ventures   – (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) – (27,264) –
    Changes in non-controlling interests   – (5) – 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698) –
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network –

  • MIL-Evening Report: More than 2 in 5 young Australians are lonely, our new report shows. This is what could help

    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney

    Oliver Rossi/Getty Images

    Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.

    In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.

    While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).

    There’s more we should be doing in Australia to address loneliness among young people and more broadly.

    What else did we find?

    In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.

    We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.

    Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.

    Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.

    But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.

    Why does loneliness persist?

    As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.

    One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:

    After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.

    We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:

    If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.

    On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:

    a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?

    The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:

    you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.

    So what can we do?

    Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.

    The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.

    In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.

    And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.

    Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.

    Australia now stands at a crossroads.

    Australia needs a national loneliness strategy

    A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:

    • coordinate efforts across sectors: health, education, social services and business

    • identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings

    • highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies

    • commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.

    With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.

    Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.

    Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.

    – ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

    Source: United Kingdom – Government Statements

    Press release

    Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

    UK Government unveils its Small Business Plan to support SMEs across the country

    • Government to tackle late payments with the most significant legislative reforms in 25 years – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
    • UK set to have the toughest late payments laws in the G7 as part of reforms to back small businesses and unlock growth as part of the Plan for Change
    • New £4bn finance boost including 69,000 Start-Up Loans to inspire the next generation of entrepreneurs and small business owners

    Small businesses across the UK will benefit from the most comprehensive support package in a generation, as the government launches a bold new plan to give small businesses the tools to thrive and drive economic growth as part of its Plan for Change.

    Small and medium sized firms employ 60% of the country’s workforce and generate £2.8 trillion in turnover. However, for too long, the odds have been stacked against small businesses.

    From tradespeople and shopkeepers to start-up founders and family-run firms, too many work hard but don’t get the backing they deserve – held back by late payments and not getting the financial backing they need within a wider system that hasn’t worked in their favour.

    That’s why the Government is taking serious action to back small businesses and give them the tools they need to grow. This builds on the solid foundation of certainty and stability this government has already delivered—through the trade deals we’ve secured, four interest rate cuts, and a long-term industrial and trade strategy that’s helping businesses plan ahead with confidence.

    At the heart of the plan is a the most significant package of reforms in a generation to tackle late payments, with plans to introduce the toughest laws on late payments in the G7.

    Late payments are one of the biggest barriers to small business growth —causing cashflow problems that stop firms from scaling up and investing in their future. Every day, hardworking businesses close their doors because they aren’t paid on time.

    The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.

    The Small Business Commissioner will be given new powers to carry out spot checks and enforce a 30-day invoice verification period to speed up resolutions to disputes. The upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty they’ll be paid on time.

    Audit committees, under the proposals, will also be legally required to scrutinise payment practices at board level, placing greater pressure on large firms to show they’re treating small suppliers fairly backed by mandatory interest charges for those who pay late.

    These changes will also save small businesses valuable time, freeing up hours currently spent chasing overdue invoices so they can focus on growing their business instead. Taken together, this will help ensure businesses are paid on time and end the scourge of late payments which costs the UK economy £11bn per year and closes down 38 UK businesses every day.

    Prime Minister Keir Starmer said:

    “From builders and electricians to freelance designers and manufacturers—too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.

    “It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.

    “Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”

    Business and Trade Secretary Jonathan Reynolds said:   

    “This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best – growing our local economies.

    “Our Small Business plan – the first in over a decade –  is slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need.

    “This is our Plan for Change in action, putting more money in people’s pockets, boosting local communities and ensuring Britain is a great place to do business and thrive.”

    Small Business Minister Gareth Thomas said:

    “I want the UK to be the best place in the world to start a business, grow and succeed – and that’s why we’ve taken bold steps today. 

    “Too many small firms go under each year because they aren’t paid on time – that is completely unacceptable.

    “I hear all too often about businesses who just don’t have the cash needed to start up or grow. Today, we’ve announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.”

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

    “Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.

     “I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.

    “Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.”

    Charlie Shaw, owner of Flock and Herd butchers in Peckham said:

    “We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments.

    “We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.” 

    As part of the plan, the government is also tackling another major barrier for small businesses – access to finance. Despite the UK’s world-leading financial services sector, many small firms struggle to secure the funding they need to invest, expand, or even survive.

    To address this, the Government is launching a new £4 billion wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.

    The Government is also going further by delivering a new £3 billion boost to the British Business Bank – raising the total guarantee to £5 billion – to help lenders offer more small business loans through the ‘ENABLE programme’. Under the scheme, the BBB provides a government-backed guarantee to help lenders feel safer when lending to smaller or newer businesses, enabling them to offer better loan terms including with lower interest.

    These measures aim to break down long-standing barriers that have made it harder for small businesses to access the funding they need to get off the ground by making finance and loans more accessible, affordable, and fair.

    Accelerating SME growth by just 1 percentage point per year, could deliver £320bn to the UK economy by 2030. All of these measures announced today back small businesses to the hilt and build on action already taken by this government to create the conditions for businesses to thrive:

    • Slashing of red tape to boost the hospitality and arts sector through hospitality zones and licensing reforms following the Licensing Taskforce co-chaired with Nick Mackenzie, Greene King CEO
    • High Street Rental Auctions to fill vacant high street premises
    • A revamped Board of Trade to get more small firms exporting around the world
    • The new Business Growth Service to ensure SMEs have access to key support
    • We’ve set out that we intend to introduce permanently lower business rates multipliers for the hard-hit retail, hospitality and leisure sector. 

    Notes to editors

    Michelle Ovens CBE, Founder, Small Business Britain, said:

    “I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.”

    Simon Groom, CEO of MagnifyB, said: 

    “MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.”

    Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:

    “I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.”

    • The full plan will be published later this morning on Gov.uk We have launched a public consultation to seek views on our proposed legislative measures to ensure companies pay their suppliers quickly and on time. Please go to GOV.UK for details of the proposed measures.
    • Today’s announcement builds on the foundation of the government putting the public finances on a sustainable path – providing long-term direction, stability, and confidence for small businesses to thrive. This has paid off – interest rates have been cut four times in the last 12 months and in the first three months of 2025, Britain was the fastest growing economy in the G7.
    • The Government has also extended 40% business rates relief for 250,000 firms until April 2026 protected bills from inflation, and ensured over 700,000 properties pay no rates at all. This is creating a fairer business rates system to protect the high street, support investment, and level the playing field as we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties from next year.
    • This has included 865,000 small businesses being protected from the NICs rise because of the Employment Allowance increase to £10500, whilst 700,000 small business properties do not pay business rates at all because of Small Business Rates Relief. Corporation tax has been capped at 25% – the lowest headline rate of Corporate Tax in the G7 – for the duration of parliament.

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Committee Advances Senator Hassan’s Legislation to Speed Up FDA’s Sunscreen Approval Process

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    HELP Committee Also Advances Additional Hassan-Led Bills

    WASHINGTON – The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously voted today to advance a package that includes the SAFE Sunscreen Standards Act, bipartisan legislation led by U.S. Senators Maggie Hassan (D-NH) and Roger Marshall (R-KS) to modernize the U.S. Food and Drug Administration’s process for reviewing and approving new sunscreens. The FDA has not approved a new sunscreen active ingredient since 1999, while other countries, such as France and South Korea, have innovative sunscreen products on the market that often use newer, more effective UV filters. The SAFE Sunscreen Standards Act would require the FDA to improve its outdated approval process and will help American consumers access more effective sun protection options that have been safely used in other countries for years.

    “As Granite Staters head outside and enjoy summer, Congress needs to remove the outdated barriers that prevent Americans from being able to use modern sunscreen products,” said Senator Hassan. “This commonsense bipartisan legislation will modernize the FDA’s approval process to allow American manufacturers to make more up-to-date, effective sunscreens that people are already using safely around the world. I am pleased to see this important measure advance, and I will continue working to get this bill signed into law.”

    As part of the bipartisan package, the HELP Committee also advanced the bipartisan Prescription-to-OTC Process Act, led by Senators Hassan and Husted (R-Ohio), which directs the FDA to communicate more clearly with the health industry about the process and standards for switching medications from prescription to over-the-counter marketing. In addition, the committee voted unanimously to advance Senator Hassan’s Advocate for Employee Ownership Act, which establishes an Advocate for Employee Ownership position at the Department of Labor to promote and improve access to employee stock ownership plans, or ESOPs.

    MIL OSI USA News –

  • MIL-OSI USA: Kennedy champions resolution encouraging NATO members to meet their five percent defense spending commitments

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Senator John Kennedy (R-La.), a member of the Senate Appropriations Committee, today introduced a resolution urging North Atlantic Treaty Organization (NATO) member countries to fulfill their commitments to spend five percent of their GDP on defense. He emphasizes the importance of sincerity in fulfilling these obligations, noting that some countries, such as Spain, have refused to meet the five percent commitment, demanding a carveout. Spain struggled to even meet their two percent defense spending target. All NATO members must take this commitment seriously to strengthen our collective security. 

    “NATO is one of the greatest defensive alliances in all of human history. My resolution commends our allies for their commitment to allocate five percent of their GDP to our shared defense and strongly encourages them to fulfill their promises in good faith. If we want to deter our adversaries, we need real investments in our defense, not bridges that have little, if anything, to do with national security,” said Kennedy.

    Sens. Marsha Blackburn (R-Tenn.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), John Cornyn (R-Texas), Ted Budd (R-N.C.) and Cynthia Lummis (R-Wyo.) cosponsored the bill.

    “Now more than ever, the New Axis of Evil is threatening the security of free nations, and every NATO member country needs to spend their fair share to keep our adversaries from accomplishing their goals. Our resolution urges all NATO members to fulfill their obligation to spend 5% of GDP on defense and address the security risks we are facing,” said Blackburn.

    “It’s past time for NATO members to pony up. It’s not the job of the American taxpayers to pay to defend the entire world. Thank God for President Trump who is finally standing up for American taxpayers and fighting to put America First,” said Tuberville.

    “NATO members agree: Deterrence is more important now than at any time in recent memory. The axis of aggressors is watching, hoping the West underestimates its threats. I am grateful for the Hague Summit Declaration’s spending commitment, and I will continue pressing member nations to follow through on their word. The free world can achieve peace through collective strength,” said Wicker.

    “Conflicts in Europe and the Middle East and tensions in the Indo-Pacific threaten our global stability and security. It’s critical for NATO nations to honor their commitments on national defense, ensuring military readiness within the NATO alliance,” said Cornyn.

    Kennedy also penned an op-ed in Newsweek, arguing that Congress needs to hold NATO member countries to their five percent defense spending commitments.

    Background:

    • The Trump Administration secured a historic win by encouraging NATO member countries to move toward spending 5 percent of their GDP on collective defense. 
    • However, the Hague Summit Declaration allows countries to evade their commitments in two ways: (1) by not specifying that all allies must meet the five percent requirement, and (2) by permitting 1.5 percent of the total to include spending that is only loosely related to defense.  
    • Spain has recently said that it will not be meeting the five-percent commitment. Italy has said it may include a bridge to Sicily as part of its non-traditional defense total.

    The resolution:

    • Congratulates President Trump and NATO leadership on this historic agreement.
    • Strongly urges NATO leadership to compel its members to adhere to the five percent commitment.
    • Calls on NATO allies to ensure their non-traditional defense expenditures are legitimate defense spending.

    The full text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI United Nations: With Gaza smouldering, ministers renew push for two-State solution at UN

    Source: United Nations 4

    The High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution took place in New York from 28 to 30 July.

    The United States and Israel did not participate.

    France and Saudi Arabia, co-chairs of the Conference, called on all UN Member States to support a declaration urging collective action to end the war in Gaza and to achieve a just, peaceful and lasting settlement of the Israeli-Palestinian conflict.

    The New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution outlines political, humanitarian, and security steps to be taken on a timebound and irreversible basis.

    The co-chairs urged countries to endorse the declaration by the end of the 79th session of the General Assembly, in early September, should they so wish.

    Act before it is too late

    In his stark opening remarks on Monday, Secretary-General Guterres stressed that the two-State solution is the only viable path to ending the longstanding conflict and achieving lasting peace in the region, warning that there is no alternative.

    “A one-State reality where Palestinians are denied equal rights and forced to live under perpetual occupation and inequality? A one-State reality where Palestinians are expelled from their land? That is not peace. That is not justice. And that is not acceptable,” he said.

    He condemned both Hamas’ 7 October 2023 attacks and the scale of Israel’s military response, reiterating his call for an immediate and permanent ceasefire, the unconditional release of hostages, and unfettered humanitarian access.

    “This conflict cannot be managed. It must be resolved,” Mr. Guterres concluded. “We must act before it is too late.”

    UN Photo/Evan Schneider

    Secretary-General António Guterres addresses the high-level conference on the peaceful settlement of the question of Palestine and the implementation of the two-State solution.

    Calls for peace

    Over the three days, more than 125 speakers took the floor during the general debate, including high-level representatives from across the globe and major regional and international organizations such as the Organization of Islamic Cooperation (OIC) and the International Committee of the Red Cross (ICRC).

    Delegates underscored the urgency of concrete steps to realise a two-State solution, highlighting the need to empower and reform the Palestinian Authority, reconstruct Gaza and ensure accountability for violations of international law.

    France, which co-chaired the Conference, recalled its support for Israel as it joined the community of nations and affirmed that Palestinians deserve the same right to a homeland.

    “At a time where the two-State solution is more threatened than ever, France is ready to fully recognise the State of Palestine,” said Jean-Noël Barrot, Minister for Europe and Foreign Affairs. That recognition, he added, would come in September when leaders reconvene for the General Assembly’s 80th session.

    Co-chair Saudi Arabia’s Foreign Minister, Faisal bin Farhan al Saud, emphasised the suffering of thousands of civilians in Gaza under bombardment, while Israeli settlements expand in Jerusalem and the West Bank to alter the region’s demographic nature.

    “Peace and security do not take place through deprivation of rights or force,” he said, underscoring the need for a genuine and irreversible peace process.

    UN Photo/Loey Felipe

    Foreign Secretary David Lammy of the United Kingdom addresses the high-level conference.

    The United Kingdom’s Foreign Secretary, David Lammy, outlined recent UK actions – including the suspension of arms exports and sanctions on extremist settlers, and restoring of funding to the UN Relief and Works Agency for Palestine Refugees.

    “It is with the hand of history on our shoulders that His Majesty’s Government therefore intends to recognise the State of Palestine when the UN General Assembly gathers in September here in New York,” he declared.

    “We will do this unless the Israeli Government acts to end the appalling situation in Gaza, ends its military campaign and commits to a long-term sustainable peace based on a two-State solution.”

    MIL OSI United Nations News –

  • MIL-OSI USA: McConnell Remarks at McCain Institute Russia Task Force Event

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Defense Subcommittee, delivered opening remarks at a McCain Institute event “Highlighting Policy Recommendations for Post-War Russia.” Below are his remarks as prepared for delivery:

    It’s hard to think of a more appropriate home for the Task Force’s important work than the McCain Institute, or a more fitting ringleader than a proud McCain alumnus like Dan Twining.  

    My good friend, John McCain, was so unapologetic and clear-eyed about the scope of America’s interests. And he relished being the speck in Vladimir Putin’s eye through his solidarity with the free peoples of eastern Europe…

    He supported the expansion of the greatest military alliance in the history of the world… And stood for the right of sovereign nations to choose their destiny.

    When Putin called the fall of the Soviet Union the “greatest political catastrophe of the 20th century,” John understood that he meant it, and urged our colleagues to take Russia’s neo-Soviet ambitions seriously.

    In the not-so-distant past, that sort of clarity – acknowledging that Russia still threatened America’s interests – could invite public scorn…

    …Like the sort of sanctimonious condemnation a certain former colleague of mine received from President Obama during a prime-time debate.

    We heard that Putin would moderate… That his ambitions were limited… And that anyone who suggested otherwise was a dusty Cold Warrior past his prime.

    Well, to that I say: It is so good to be among friends!

    ***

    Needless to say, the importance of grappling with Russia’s behavior and motivations can no longer be laughed away.

    Wake-up call is perhaps the most tired phrase of the past three years.

    And yet that’s exactly what Putin’s escalation in 2022 was: an urgent, overdue, uncomfortable, and undeniable alarm.

    It was a reminder that the realities of geopolitics don’t care which region we’d rather prioritize or what we’d rather spend our treasure on. The bravery of Ukraine’s defenders and the suffering of its civilians press us to remember that our enemies get a vote.

    There are, of course, promising signs that the West has managed to free itself from the delusion that hegemonic aggressors can be appeased.

    Reports of our European allies’ rebuilding their military strength are not exaggerated.

    Nearly all NATO members today are striving toward the Baltics’ example of investment and readiness… And those who are not should hear from all of us.

    In the process, allies are making overdue sacrifices to stamp out dependency on Russian energy…

    They’re placing enormous investments in cutting-edge American-made weapons…

    And they’re proving willing to break domestic political china – even changing a Constitution or two – to unlock deeper and more sustained commitments to collective defense.

    This transformation is real. It’s well underway. And it’ll be essential to securing America’s interests in the coming decades.

    What about here at home? As friends of Ukraine, we may be tempted to dwell on the ways we drag behind this progress… and overlook the ways we underpin it.

    We may rightly be frustrated by years of murky commitments, slow-walked assistance, fear of escalation, and confusion about who the aggressor is.

    But I would suggest that, on this, America has much to be proud of.

    Just consider the cascading benefits of U.S. assistance to Ukraine: a small fraction of our defense budget has helped Ukraine resist and degrade a more powerful military aggressor.

    After years of talk and little action to address the shortcomings of our own arsenal and defense industrial base, we’ve spurred massive investments in replenishing stocks and producing deterrent capabilities faster.

    By partnering with the world’s most experienced practitioners of drone warfare, we’ve tapped into a wealth of knowledge about the changing nature of the modern battlefield. Ukraine’s expertise is teaching America today what our forces will need to prevail tomorrow.

    And as NATO’s biggest spender, America has encouraged much of our allies’ transformation.

    ***

    Of course, I don’t mean to suggest that we’ve escaped the gravitational pull of complacency and short-sightedness for good. Our allies’ progress is not assured forever. European security – and trans-Atlantic security – is not some clock to be wound once and left alone.

    Perhaps the biggest lesson of 2022 – even bigger than the need to invest urgently today – is the importance of long-term commitments, and steady, annual investments in defense.

    And on this front, America must continue to lead by our example. We simply cannot expect allies to reach and sustain five percent if we’re only willing to spend three-and-a-half, ourselves.

    A strategy to lead from behind is no strategy at all. And as the Task Force makes perfectly clear, this goes beyond spending targets – it’s about presence, too.

    Even as our allies and partners build more lethal forces, there’s still no more credible deterrent than American commitment.

    No wonder European allies generously support rotational deployments of U.S. troops and invest in state-of-the-art training ranges for joint exercises. These commitments improve our collective readiness and interoperability, and they’re worth sustaining.

    The task of illustrating the strategic importance of Europe to America’s security interests is not ours, alone. In fact, for years now, there’s been no more effective communicator of what’s at stake in Ukraine – strategically and morally – than Putin, himself.

    As he continues to throw a generation into the meat-grinder of combat and target Ukrainian mothers and children at will, Putin is sending a clear message.

    And in the face of his brutal aggression and public revisionism, overwhelming majorities of Americans recognize Russia as our adversary… and see that the outcome of Putin’s war of conquest matters immensely to us.

    Much to the dismay of restrainers and isolationists who thought they’d get to freelance American foreign policy, the President of the United States increasingly sees Putin’s signals for what they are.

    The President has been right to recognize Putin’s play for time. He’s been right to entertain proposals for new, secondary sanctions. Most importantly, he’s been right to green-light further lethal assistance to Ukraine.

    I’ve said this before: Stopping the killing is a noble goal, but the price of peace matters. And there will be no enduring peace unless Ukraine is equipped to credibly deter further aggression from Russia.

    ***

    The appetite of neo-Soviet imperialism does not end with Ukraine. How do we know?

    Because Putin’s predecessors subjugated far wider swaths of Europe…

    Because he invaded Georgia…

    And because, as we speak, his troops are in Moldova, too!

    Nations that have spent centuries in Russia’s shadow do not stumble westward by accident.

    Finland and Sweden did not join NATO out of symbolic solidarity with Ukraine.

    They did it because they know that Putin wants more.

    So the Task Force is right to take the long view and grapple seriously with what comes next.

    What comes next for the trans-Atlantic alliance?

    What comes next for the increasingly aligned authoritarians working to undermine U.S. interests and influence?

    What comes next for America and our ability to defend these interests and preserve this influence?

    As you put it, our deterrence is not divisible. And I would add: this is because our credibility is not divisible.

    No U.S. ally in the Indo-Pacific has time to waste on the notion that the implications of deterrence in Europe are confined to a separate sphere of influence.

    No ally in Europe can afford to miss the crystal-clear connection between Russian aggression and support from China, North Korea, and Iran.

    The consequences of America’s strategic decisions still ripple across oceans and continents with equal speed.

    And a headline that reads “Russia Wins, America Loses” will read as clearly in Beijing, Tehran, and Pyongyang as it does here in Washington.

    Avoiding that outcome will take more work from all of us. Thank you for all you’re doing.

    MIL OSI USA News –

  • MIL-OSI Security: Defense News in Brief: Army’s Project Flytrap Advances Defense Secretary’s Drone Dominance Agenda

    Source: United States Department of Defense

    U.S. and British soldiers conducted the fourth iteration of the Project Flytrap exercise at the Hohenfels Training Area in Germany and the Bemowo Piskie Training Area, near Elk, Poland, to better prepare to counter the threats posed by unmanned aerial systems on the battlefield.

    MIL Security OSI –

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

    Source: United Kingdom London Metropolitan Police

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

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

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

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

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

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

    Commissioner Sir Mark Rowley said:

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

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

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

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

    The Mayor of London, Sadiq Khan, said:

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

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

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

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

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

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

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

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

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

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

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

    Anthony Hemmerdinger, Managing Director, Boots said:

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

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

    Source: United Kingdom London Metropolitan Police

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

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

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

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

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

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

    Commissioner Sir Mark Rowley said:

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

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

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

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

    The Mayor of London, Sadiq Khan, said:

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

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

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

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

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

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

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

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

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

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

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

    Anthony Hemmerdinger, Managing Director, Boots said:

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI: Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    • Optus to utilize Nokia’s cloud-native Cloud Native Communication Suite (CNCS) to drive the deployment of new highly resilient 5G voice services and streamline network activities, enhanced automation and reduced manual interventions.
    • CNCS will be deployed on the Red Hat OpenShift.
    • Deal swaps out competitor and is the latest Nokia Core win in the Oceania region.

    31 July 2025
    Espoo, Finland – Optus, the second largest operator in Australia, is extending its existing partnership with Nokia and has contracted the company to refresh its Voice Platform (IP Multimedia Subsystem – IMS) and deliver highly resilient cloud-native voice services. Voice is an important service for Australia, and with this new platform Optus will deliver highly reliable and efficient 5G voice services to over 10 million customers.

    Nokia’s IMS platform (Cloud Native Communication Suite – CNCS) is cloud native, operationally efficient and has lower energy consumption, making it the right platform for addressing the needs of Australian consumers.

    “Reliability is the cornerstone of Optus’ Network strategy, and Voice is one of the most critical services provided by Optus. Nokia CNCS provides us with a new and highly flexible pathway that will allow us to improve network resiliency, security and enhance the subscriber experience with better and faster time-to-market services, through both on-premise and cloud deployment that assists in better quality and customer experience through a matrix of intelligent automation tools,” said Tony Baird, Chief Technology Officer at Optus.

    The containerized CNCS will be run on Red Hat OpenShift, the leading hybrid cloud application platform powered by Kubernetes, which is also Optus’ preferred CaaS provider.

    “We are pleased to further expand our Optus collaboration with Nokia’s cloud-native CNCS architecture and accelerate the delivery of new 5G services in multi-cloud environments with intelligent automation and intent-based operations. By simplifying network complexity, CNCS allows operators to respond faster to customer needs and deliver a superior, frictionless experience,” said Raghav Sahgal, President of Cloud and Network Services at Nokia. 

    The Nokia Core Network portfolio is fully cloud native which makes it much easier for operators to run their full 4G/5G Core in cloud-native network functions.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network –

  • MIL-OSI United Kingdom: Independent Review of Adult Disability Payment

    Source: Scottish Government

    A vision for improving access to support for disabled people.

    Issued on behalf of the Independent Review of Adult Disability Payment

    A landmark independent review of Adult Disability Payment (ADP) has called for a simplified and more accessible application process, urging the Scottish Government to protect and improve access to support for disabled people.

    Led by experienced charity leader, Edel Harris OBE, the review highlights that while Adult Disability Payment is significantly more compassionate than the UK benefit it replaced, some people still face barriers, complexity and distress when applying for the benefit.

    While the review notes that there are several welcome changes such as the cessation of DWP-style assessments and recognises the compassionate approach of Social Security Scotland staff, it concludes that there is still more that can be done to deliver a truly human-rights based approach.

    Edel Harris, Chair of the Adult Disability Payment Review, said:

    “Adult Disability Payment has been described by many as a step change – kinder in tone and more dignified in approach. But too often, disabled people still find the system difficult to navigate, time-consuming, and anxiety-inducing.

    “I heard consistently that if we are to realise social security as an investment in people, it is important to ensure that the eligibility criteria fulfil this goal.

    “This review highlights the importance of a system that is not only compassionate, but practical and accessible. The recommendations are based on real experiences and a shared commitment to making Adult Disability Payment work better for everyone who needs it.”

    The review engaged extensively with disabled people and the organisations that support them. It drew on evidence from a public consultation, written submissions, in-person and online events, and the lived experience of an advisory group made up of third sector representatives, disabled people and people with long-term health-conditions.

    Over the course of the review, Edel Harris also met with stakeholder groups, third sector organisations, and officials from the Scottish Government and Social Security Scotland to understand a variety of experiences of Adult Disability Payment.

    The review makes over 50 recommendations including:

    • Enhancing the client experience and embedding trauma-informed, stigma-free approaches.
    • Simplifying the application form and improving the decision-making process.
    • Training, guidance, and clearer communication for staff and clients.
    • Reviewing eligibility criteria and improving fairness in decision-making.

    A key recommendation from the review is that eligibility should be based on the real-life experience of clients and not just on a list of activities. It also recommends that the application process should be made easier for those with fluctuating conditions and mental health problems and take into consideration the environment in which the person lives.

    The report also calls for sustainable funding for welfare advice services, more inclusive communication, and automatic entitlement in some circumstances.

    Edel visited Inspire by Community Integrated Care an Aberdeen-based charity supporting adults with learning disabilities and additional support needs. The visit offered an insight into the role of social security in promoting independence, inclusion, and dignity.

    Community Integrated Care’s Managing Director for Scotland, Sara Murphy, said:

    “It was a privilege to welcome Edel to our Inspire by Community Integrated Care service and show how financial support like Adult Disability Payment can make a visible difference in people’s lives. As a care provider, we see every day how inclusive, person-centred support enables people to build confidence, develop skills, and live more independently.

    “We welcome the review’s call for a system that truly listens to disabled people and reflects their real-life experiences. We hope it leads to meaningful change that makes accessing support fairer, simpler, and more empowering for those who need it.”

    Background

    The full report is available at: https://www.gov.scot/isbn/9781836918912

    The review was commissioned by the Scottish Government in February 2024 to examine the first year of Adult Disability Payment delivery, with the aim of identifying improvements to the eligibility framework, decision-making process and client experience.

    Implementation of the recommendations in the review will be assessed against criteria including deliverability, cost, and alignment with human rights principles.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Independent Review of Adult Disability Payment

    Source: Scottish Government

    A vision for improving access to support for disabled people.

    Issued on behalf of the Independent Review of Adult Disability Payment

    A landmark independent review of Adult Disability Payment (ADP) has called for a simplified and more accessible application process, urging the Scottish Government to protect and improve access to support for disabled people.

    Led by experienced charity leader, Edel Harris OBE, the review highlights that while Adult Disability Payment is significantly more compassionate than the UK benefit it replaced, some people still face barriers, complexity and distress when applying for the benefit.

    While the review notes that there are several welcome changes such as the cessation of DWP-style assessments and recognises the compassionate approach of Social Security Scotland staff, it concludes that there is still more that can be done to deliver a truly human-rights based approach.

    Edel Harris, Chair of the Adult Disability Payment Review, said:

    “Adult Disability Payment has been described by many as a step change – kinder in tone and more dignified in approach. But too often, disabled people still find the system difficult to navigate, time-consuming, and anxiety-inducing.

    “I heard consistently that if we are to realise social security as an investment in people, it is important to ensure that the eligibility criteria fulfil this goal.

    “This review highlights the importance of a system that is not only compassionate, but practical and accessible. The recommendations are based on real experiences and a shared commitment to making Adult Disability Payment work better for everyone who needs it.”

    The review engaged extensively with disabled people and the organisations that support them. It drew on evidence from a public consultation, written submissions, in-person and online events, and the lived experience of an advisory group made up of third sector representatives, disabled people and people with long-term health-conditions.

    Over the course of the review, Edel Harris also met with stakeholder groups, third sector organisations, and officials from the Scottish Government and Social Security Scotland to understand a variety of experiences of Adult Disability Payment.

    The review makes over 50 recommendations including:

    • Enhancing the client experience and embedding trauma-informed, stigma-free approaches.
    • Simplifying the application form and improving the decision-making process.
    • Training, guidance, and clearer communication for staff and clients.
    • Reviewing eligibility criteria and improving fairness in decision-making.

    A key recommendation from the review is that eligibility should be based on the real-life experience of clients and not just on a list of activities. It also recommends that the application process should be made easier for those with fluctuating conditions and mental health problems and take into consideration the environment in which the person lives.

    The report also calls for sustainable funding for welfare advice services, more inclusive communication, and automatic entitlement in some circumstances.

    Edel visited Inspire by Community Integrated Care an Aberdeen-based charity supporting adults with learning disabilities and additional support needs. The visit offered an insight into the role of social security in promoting independence, inclusion, and dignity.

    Community Integrated Care’s Managing Director for Scotland, Sara Murphy, said:

    “It was a privilege to welcome Edel to our Inspire by Community Integrated Care service and show how financial support like Adult Disability Payment can make a visible difference in people’s lives. As a care provider, we see every day how inclusive, person-centred support enables people to build confidence, develop skills, and live more independently.

    “We welcome the review’s call for a system that truly listens to disabled people and reflects their real-life experiences. We hope it leads to meaningful change that makes accessing support fairer, simpler, and more empowering for those who need it.”

    Background

    The full report is available at: https://www.gov.scot/isbn/9781836918912

    The review was commissioned by the Scottish Government in February 2024 to examine the first year of Adult Disability Payment delivery, with the aim of identifying improvements to the eligibility framework, decision-making process and client experience.

    Implementation of the recommendations in the review will be assessed against criteria including deliverability, cost, and alignment with human rights principles.

    MIL OSI United Kingdom –

  • MIL-OSI Security: Life sentence for man who followed through on rap video murder threat

    Source: United Kingdom London Metropolitan Police

    A man has been sentenced to jail for murdering a father in front of his young child in a barbershop in Leyton.

    Josh McKay, 33, was stabbed in the neck by Renai Belle in a targeted attack and died from his injuries at the scene. During the Metropolitan Police investigation, officers discovered a rap video showing Belle threaten Josh before the attack.

    Belle, 30 (20.02.95), of Swaythling Close, Edmonton was sentenced to 28 years in prison on Wednesday, 30 July at the Old Bailey. He was previously convicted for Josh’s murder and possession of a knife on Wednesday, 4 June.

    A man and woman were also convicted and sentenced for separate offences.

    Josh’s mother, Bash Kehinde said: “Today’s sentencing changes nothing for me and my family. I will never see my beautiful son. And his two children will now face life without their hero.

    “To all of the mothers of murdered children, I understand your pain, the sadness and sense of loss that is unbearable. It is made worse because it was all so senseless.

    “Josh was a beautiful happy kind man and an active and loving father. The world is less kind, less bright and less funny without him here.”

    Detective Inspector Chris Griffith, from Specialist Crime North, who led the investigation, said: “This was a savage and pre-planned attack, committed in broad daylight and with scant regard for passers-by. What took place left the local community reeling, and two young children without their father.

    “My heart goes out to Josh’s family and friends. He was a loving parent, whose life was ended in the most horrendous way.

    “I hope that today’s result provides Josh’s family with some closure, and allows the community to feel safer knowing that Belle is no longer free to commit such heinous crimes.”

    The court heard that Josh was at a barbershop on Lea Bridge Road with his son on Saturday, 6 July. Around 15:00hrs, as shown on CCTV seized by the investigation team, Belle entered the shop wearing a balaclava where he stabbed Josh in the neck in a pre-meditated attack following a long-standing dispute. Belle was then chased away by Josh.

    Members of the public rushed to Josh’s aid and attempted to provide medical treatment until the arrival of officers and paramedics. Despite their best efforts, Josh died from his injuries.

    A determined investigation began immediately in which officers painstakingly combed through more than 100 hours of CCTV footage to track Belle’s movements and understand what took place.

    Officers discovered that Belle was the passenger in a car being driven by his partner, Tenika Parker. Having seen Josh enter the barbershop, the pair drove to the address of man called Daniel Cooper. In doorbell footage later seized, Cooper was seen providing Belle with the balaclava and knife that would be used minutes later to murder Josh. Belle was then driven back to the barbers nearby before stabbing Josh. He was helped to escape by Parker in the waiting car.

    A manhunt led to the arrest of Belle at an address in Pincott Road, SW19 on Monday 8 July, 2024.

    As part of officers’ determination to further establish a watertight case against Belle, further enquiries led them to discover a rap video on YouTube showing Belle threaten Josh in advance of the attack, more proof that it was pre-planned.

    Parker was initially arrested on suspicion of assisting an offender on Sunday, 7 July in India Dock Road, Poplar. She was stopped by police while driving the car that had been identified as involved in the murder. During a search of Parker’s vehicle, officers found distinct black sliders Belle was seen wearing in CCTV footage, as well as traces of blood that officers sent for forensic testing. This provided a DNA match to Josh. Parker was rearrested on Wednesday, 2 October, and charged with perverting the course of justice after CCTV footage showed her attempting to clean her car after the attack to remove any evidence.

    Cooper was arrested after handing himself in to police on Thursday, 11 July. During a search at Cooper’s property, officers discovered two knives matching the branding of the weapon that was left at the scene of Josh’s murder. Forensic testing on the balaclava and knife discarded by Belle at the scene of Josh’s murder found DNA that matched with Cooper.

    On Wednesday, 4 June, Tenika Parker, 39 (21.02.86), of Canterbury Road, Leytonstone and Daniel Cooper, 22 (20.02.03) of Gosport Road, Leytonstone stood trial alongside Belle.

    Parker was convicted of possession of a knife and perverting the course of justice. On Wednesday, 30 July, she was sentenced at the Old Bailey to 2 years and 3 months years in prison.

    Cooper had previously pleaded guilty to possession of a knife but was acquitted of other offences. He was sentenced on Friday, 6 June for 7.5 months.

    MIL Security OSI –

  • MIL-OSI China: Thomas Muller set to join MLS side Vancouver Whitecaps

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

    Bayern Munich veteran Thomas Muller is close to sealing a move to Major League Soccer (MLS).

    According to German and Canadian media reports, only minor details remain before the 35-year-old signs a two-year contract with the Vancouver Whitecaps as a free agent on August 1.

    The 131-time capped German international is expected to further boost the MLS’ profile alongside Argentine superstar Lionel Messi, who plays for Inter Miami. Reports say Muller’s debut for the Whitecaps could come on August 9 against the San Jose Earthquakes.

    Layvin Kurzawa (L) from Paris Saint-Germain competes with Thomas Muller from Bayern Munich during their match of Group B of the 2017-18 season Champions League at Parc des Princes in Paris, France on Sept. 27, 2017. Paris Saint-Germain won by 3-0 at home. (Xinhua/Chen Yichen)

    The Bavarian forward recently expressed a desire to gain international experience to round out a decorated career that includes two UEFA Champions League titles, 13 Bundesliga championships and six German Cup trophies.

    Muller has called the MLS an intriguing competition, noting that “we see a World Cup played in the United States, Canada and Mexico, in 2026.”

    German ties to the Canadian west coast club may have influenced his decision. Canadian international full-back Alphonso Davies joined Bayern from Vancouver in 2018, while Whitecaps managing director Alexander Schuster previously worked for German sides Mainz 05 and Schalke 04. In 2022, Nick Salihamidzic, son of former Bayern sporting director Hasan Salihamidzic, played for Vancouver.

    “I am looking forward to playing in the MLS and meeting figureheads such as Messi,” said Muller, who leaves Bayern after contributing 250 goals and 276 assists in 756 competitive appearances.

    He follows in the footsteps of fellow Bayern and German greats Franz Beckenbauer, Gerd Muller, Lothar Matthaeus and Bastian Schweinsteiger, who all played in the MLS after their European careers.

    The Whitecaps have won the Canadian Championship four times, including three in the past three years.

    Muller acknowledged the challenge of adapting to new surroundings, saying, “When you leave a club like Bayern, you meet different circumstances.” He added that he still feels “the desire for football burning in my chest.”

    Turning 36 in September, Muller saw his wish for a one-year contract extension turned down by Bayern as his playing time declined in recent seasons, when he primarily served as a substitute and mentor for younger players. 

    MIL OSI China News –

  • MIL-OSI China: Barca defender Kounde agrees new contract until 2030

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

    Although the club has yet to make the news official, FC Barcelona defender Jules Kounde on Wednesday confirmed that he has agreed a new five-year contract.

    Barcelona’s Lamine Yamal (R) celebrates his goal with teammate Jules Kounde during the UEFA Champions League Round of 16 2nd leg football match between FC Barcelona and SL Benfica in Barcelona, Spain, on March 11, 2025. (Photo by Joan Gosa/Xinhua)

    Speaking from the club’s Asian tour in South Korea, the French international commented that “everything has been finished” in terms of a contract extension until the end of June 2030.

    He added it was “a question of days” before the contract was made official, saying he was “very happy” the negotiations had been “so fast.”

    “Barca and I had the same idea. I am very happy with the team and to be at such an ambitious club and happy we can fight for titles every year,” commented the player who scored a late winner as Barca beat Real Madrid in last season’s Copa del Rey final.

    26-year-old Kounde joined Barcelona from Sevilla in 2022 and has scored seven goals in 141 games for Barcelona. Although he was initially signed as a central defender, recent seasons have seen him adapt to play at right-back.

    MIL OSI China News –

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

    Source: City of Birmingham

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City centre footbridge to close temporarily for flood defence works

    Source: City of Derby

    A city centre footbridge will be closed to pedestrians to enable work to begin on the demolition phase of Our City, Our River (OCOR), Derby’s multi-million pound river flood defence project.  

    The swing footbridge to Cathedral Green will be taken off river on Tuesday 12 August, and will remain closed while works are carried out on the left (east) bank of the River Derwent.  

    Pedestrian access across the river during this time will be by Exeter Bridge on Derwent Street, or St Mary’s Bridge. 

    This phase of OCOR, known as Derby Riverside, will see the construction of a new flood wall, floodgates, and a riverside green area that will provide a controlled corridor for flood waters to pass through the city. It will provide significant flood resilience to properties and highways between Exeter Bridge and Causey Bridge.  

    Several office buildings on Stuart Street and Phoenix Street will be removed to make way for the green space and new flood wall, with demolition work starting on Peat House in mid-August. Piling works will also be carried out near the swing bridge during this phase of construction. 

    These works will be carried out by John Sisk & Son on behalf of Derby City Council, who were formally awarded the contract for the scheme in May 2025.  

    While the swing bridge is off river, Derby City Council will be carrying out a full inspection with a view to programming essential maintenance and refurbishment work. The bridge will remain closed while flood defence works are carried out in the area and is expected to reopen in Winter 2026. 

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

    Work is really starting in earnest on the Derby Riverside phase of Our City, Our River, which has already delivered enhanced flood protection to over 2,000 properties. This next stage will deliver greater flood protection to areas of the city that were badly affected by Storm Babet in 2023, when the river reached its highest level since records began 90 years ago. 

    As with all major construction works, there will be disruption, and we’re working with our contractor to keep this to a minimum and ensure the works proceed safely and as quickly as possible. This means we have to take the swing bridge off river for the safety of the public while they are in progress. The benefits of the new flood defence wall and riverside space for water will make it worthwhile in the long run.

    The Our City, Our River programme is one of the Environment Agency’s largest local authority-led projects and has already delivered enhanced flood protection to over 2000 properties. Derby Riverside will extend this protection to the east bank of the Derwent and unlock the potential for regeneration in this part of the city. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PERMANENT SECRETARY DIRECTOR OF COMMUNICATIONS APPOINTED

    Source: United Kingdom – Executive Government & Departments

    News story

    PERMANENT SECRETARY DIRECTOR OF COMMUNICATIONS APPOINTED

    David Dinsmore appointed to the new role of Director of Communications at Permanent Secretary level

    The Cabinet Secretary, with the approval of the Prime Minister, has announced the appointment of David Dinsmore as the new Director of Communications at Permanent Secretary level. 

    David, who is currently Chief Operating Officer of News UK, will start the newly created role in November.

    He will lead the Government Communication Service, the professional body that oversees communications activity across government. 

    The Permanent Secretary role has been created to transform how the UK Government communicates with the public and reform the Government Communication Service’s output across all departments and agencies. 

    David will be responsible for delivering the government’s communications strategy in a way that reflects the modern media environment and the government’s commitment to deliver the Plan for Change.

    He will be based in the Cabinet Office.

    Cabinet Secretary, Chris Wormald, said: 

    I congratulate David on his appointment as Permanent Secretary Director of Communications. He brings years of executive experience to the task of transforming the way we communicate with the public.

    Effective communication is one of the government’s core democratic duties. I’m confident that under David’s leadership the Government Communication Service will take advantage of the rapidly evolving media landscape and go from strength to strength.

    Incoming Permanent Secretary Director of Communications, David Dinsmore, said: 

    It is an honour to be asked to lead this important mission at such a pivotal moment. Clear and engaging communications are central to public trust, policy delivery, and national resilience. The media landscape is evolving at a rapid pace, supercharged by AI, and I look forward to helping the government leverage the exciting opportunities in front of us.

    The appointment follows an external recruitment competition overseen by the independent Civil Service Commission. 

    ENDS

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Free summer activities at Island libraries 30 July 2025 Free summer activities at Island libraries

    Source: Aisle of Wight

    With the summer holidays in full swing, Isle of Wight libraries are proving once again they’re more than just places to borrow books.

    Across the Island, libraries are opening their doors to families with a packed programme of free creative activities designed to keep children entertained, inspired, and learning throughout the break.

    From painting rock owls to crafting garden wind chimes, there’s something to inspire every young imagination.

    Lord Louis Library, Newport, is hosting a variety of themed sessions:

    • Paint Your Own Rock Owls — Thursday, July 31, 2.30–3.30pm (Ages 5+)

    • Create Your Own Pretty Butterflies — Saturday, August 2, 2.30–3.30pm (Ages 5+)

    • Make a Handprint Blossom Tree — Thursday, August 7, 2.30–3.30pm (Ages 3+)

    • Make a Garden in a Teacup –— Monday, August 11, 2.15–3.30pm (Ages 7+)

    • Make Garden Wind Chimes — Monday, August 18, 2.30–3.30pm (Ages 5+)

    • Make Clay Mini Beasts — Saturday, August 23, 2–3.30pm (Ages 5+)

    Sandown Library offers drop-in and bookable sessions:

    • Junk Modelling — Tuesday, August 5, 10.30am–12 noon (Ages 4+, drop-in)

    • Plant Pot Decorating and Re-potting — Friday, August 15, 10.30am (Ages 5+)

    • Drop-in Summer Crafts — Tuesday, August 19, 10.30am–12 noon (Ages 4+)

    • Make a Pirate Mask — Saturday, August 23, 10.30am–12 noon (Ages 3+)

    Freshwater Library is running a series of open-access printing workshops:

    • Printing Paper — Wednesday, August 6, 2–4pm

    • Printing T-Shirts — Wednesday, August 13, 2–4pm

    • Printing Bags — Wednesday, August 20, 2–4pm

    • Printing Pictures — Wednesday, August 27, 2–4pm

    Ventnor Library invites children to:

    • Grow a Story: Creative Session — Wednesday, August 13, 10.30–11.30am (Ages 5+)

    • Make a Wriggly Caterpillar — Saturday, August 23, 10.30–11.30am (Ages 5+)

    Ryde Library is also joining the fun:

    • Make a Carnival Mask — Wednesday, August 20, 10.30am–12 noon (drop-in)

    • Story Garden Craft — Friday, August 22, 10.30–11.30am (Ages 5+)

    Cowes Library will host a Garden Craft session on Saturday, August 16, 2–4pm (drop-in). Please note: there are currently no toilet facilities at this location.

    All activities are free of charge, but many require booking due to limited spaces. To reserve a spot, contact the relevant library directly. For full details, visit www.iow.gov.uk/thelibrary

    Louise Emery, development librarian for the Isle of Wight Council Library Service, said: “We know how important it is for children to stay active and creative over the summer.

    “These sessions are a great way to have fun, try something new, and discover the joy of reading. We’re really proud to offer such a wide range of free activities for families across the Island.”

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: ‘Choose Transformation over Dependency’, With Scaled-Up, Coordinated Investment to Make Food Systems Resilience, Sustainable, Deputy Secretary-General Urges

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s keynote remarks, as prepared for delivery, on food systems transformation in complex settings, in Addis Ababa today:

    I am honoured to be here today.  I thank our co-hosts Ethiopia and Italy and the World Food Programme (WFP), United Nations Children’s Fund (UNICEF) and the HDP Nexus Coalition for organizing this important conversation.

    And I thank all of you present today for your commitment to putting an end to hunger and transforming our food systems, making these work even in the most dire and complex circumstances.

    Communities are trapped around the world in relentless cycles of hardship.  Over 37 million children under five will face acute malnutrition this year — almost the entire population of Canada.  Of those, nearly 10 million will suffer severe wasting — the deadliest form of undernutrition.

    In many countries facing the greatest challenges, courage is on display at all moments.  But, we must ensure that the courage is matched with long term solutions that can result in resilience and sustainability.  Short-term interventions dominate, with little connection to longer-term development planning are not the solution we are seeking.  We must choose transformation over dependency.

    We have good examples.  Nations are embedding resilience into national strategies.  Leaders are refusing to accept hunger as inevitable. Instead, they are combining local, indigenous and traditional knowledge with science to accelerate action towards inclusive and resilient food systems while rebuilding their nations.  These Governments are not waiting for permission, they are leading.  But, leadership cannot succeed alone, it must be built on a solid foundation rooted in adequate finance, partnership and inclusion.

    First, finance.  We need finance that multiplies impact, catalytic investments that invest in local capacity, patient capital that waits for transformation, not quick returns.  The World Bank has committed to this approach, we must encourage others to follow.

    Second, we need coordination that serves people, not bureaucracies.  Humanitarian response linked to long-term development.  Climate action connected to food security.  Competing mandates replaced by shared purpose.

    Third, we need to place communities at the centre of our efforts.  Women grow 60 per cent of Africa’s food but own less than 20 per cent of the land.  Young people are at the vanguard of innovative agriculture but cannot access the financing that supports them.  This is especially the case in complex settings where perceived risk is higher and the options fewer.

    Yet, investing in the transformation of food systems is especially critical in complex settings where equitable and sustainable food systems do more than feed people — they drive food security, strengthen resilience, enable stability and promote inclusive economic growth.

    This transformation must be guided by local innovations and proven strategies, rooted in data and the lived realities of crisis-affected communities.

    We have the tools, and we have inspiring examples from countries leading change, many of which we will hear in this room today.  What we need now is accelerated action at scale.

    Food systems hold the key to sustainable development.  Let us use that key to unlock opportunity, stability, and hope for and with those who need it most.  And let us not forget that we need to strengthen our multilateral system to make peace and sustainable development a reality for all communities around the world.

    MIL OSI United Nations News –

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

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

    30th July 2025

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

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

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

    Speaking today, Minister Burke said:

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

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

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

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

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

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    MIL OSI Europe News –

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

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

    30th July 2025

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

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

    Minister Dillon said: 

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

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

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

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

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

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

    Minister Dillon went on to say: 

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

    ENDS

    Notes for Editors

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

    Back to Department News

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    MIL OSI Europe News –

  • MIL-OSI United Nations: Governments, Partners Mobilizing School Meals Coalition to Equip Youth with Nutrition, Health, Education They Deserve, Deputy Secretary-General Says at Stocktake Event

    Source: United Nations MIL OSI

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event:  “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:

    It is truly inspiring to witness how far the School Meals Coalition has come.  With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.

    First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.

    I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.

    Today’s speakers are excellent examples.  The progress we witness is being driven by Governments, but they are not walking alone.  Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.

    But, why is there so much momentum behind school meals?  Why are so many Governments and partners making this a priority?  Because school meals are more than just a plate of food.  They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.

    To truly pull that lever — to unlock its full power — we must focus on four key priorities.

    First:  Expand coverage and raise collective ambitions.  As we’ve just heard from our distinguished speakers, momentum is building.  Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.

    Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target:  to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year.  This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.

    Second:  Pull the lever — use procurement to transform food systems.  Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.

    Third:  Integrate school meals into climate finance.  When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity.  The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.

    Fourth:  Plug the financing gap.  The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means.  But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.

    We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General.  Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.

    Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign.  “Our job is not to scale our work.  It’s to scale what works.”  This is what we see across the School Meals Coalition:  Governments and partners coming together to expand a solution that works.

    So, let’s build on the progress we’ve made — and finish what we started in 2021:  by 2030, every child receiving a healthy, nutritious meal in school.  Let’s feed the future together.

    MIL OSI United Nations News –

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

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

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

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

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

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

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

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

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

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

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

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

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

    .

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Greenpeace: Governments must rise to the moment and vote in favour of a moratorium on deep sea mining

    Source: Greenpeace

    The 30th session of the International Seabed Authority (ISA) has ended with Greenpeace saying governments are continuing to fall short in protecting the deep sea.
    While high-level representatives from Palau, France and Panama attended to rally the international community, Greenpeace is calling for greater efforts from more governments to put a legal barrier between mining machines and the deep ocean.
    Upcoming ISA meetings must secure a moratorium and leave no room for rushed attempts to adopt a Mining Code. Recent developments have made it clear that outstanding political and scientific concerns cannot be hastily resolved under industry-driven pressure.
    Louisa Casson, Campaigner, Greenpeace International who attended the meeting, says: “Governments have yet to rise to the moment. They remain disconnected from global concerns and the pressing need for courageous leadership to protect the deep ocean. We call on the international community to rise up and defend multilateralism against rogue actors like The Metals Company. Leaders must respond by establishing a moratorium and reaffirming that authority over the international seabed lies collectively with all States-for the benefit of humanity as a whole.”
    Juressa Lee, Greenpeace Aotearoa seabed mining campaigner, says: “Deep sea mining is the latest form of colonisation and extraction. Pacific civil society is overwhelmingly opposed to deep sea mining and must not be ignored in the rush by companies and states based in the Global North to start plundering the ocean.”
    While calls for a moratorium on deep sea mining have not yet gained global consensus, they continue to gain momentum, supported by compelling arguments from a diverse group of countries. Croatia has just become the 38th government calling for a precautionary pause, moratorium or ban on deep sea mining.
    On Tuesday His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, addressed the Assembly, drawing attention to persistent efforts and intense pressure from the industry to rush the negotiations and finalise a Mining Code. He stated: “Exploiting the seabed is not a necessity – it is a choice. And it is reckless. It is gambling with the future of Pacific Island children, who will inherit the dire consequences of decisions made far from their shores.”
    In the first meeting of the ISA since The Metals Company (TMC) submitted the world’s first-ever application to commercially mine the international seabed, governments at the ISA Council responded by launching an investigation into whether mining contractors, including TMC’s subsidiaries Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML), are complying with contractual obligations to act in accordance with the international legal framework.

    MIL OSI New Zealand News –

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

    Source: GlobeNewswire (MIL-OSI)

    Amundi: First half and second quarter 2025 results

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

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

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

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

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

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

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

    Paris, 29 July 2025

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

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

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

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

    * * * * *

    Highlights

    Continued organic growth thanks to continued successes in the strategic pillars

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

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

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

    Activity

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

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

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

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

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

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

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

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

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

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

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

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

    First half 2025 results

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

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

    Profit before tax3+4% H1/H14

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the first half of 2025

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

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

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

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

    Second quarter 2025 results

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

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

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the second quarter of 2025

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

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

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

    A solid financial structure, €1.3bn in surplus capital 

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

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

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

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

    * * * * *

    APPENDICES

    Adjusted income statement3of the first half of 2025

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

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

    Adjusted income statement3of the second quarter

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

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

    Pro Forma Historical Series3Adjusted4– First semester

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

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

            

    Pro Forma Historical Series3Adjusted4– Quarters 2024-2025

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

    Definition of assets under management

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

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

    (€bn) Assets under management Collection

    Net

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

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

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

    Details of assets under management and net inflows by client segments20

    (€bn) AuM

    30.06.2025

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

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes20

    (€bn) AuM

    30.06.2025

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

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

    (€bn) AuM

    30.06.2025

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

    Details of assets under management and net inflows by geographic area20

    (€bn) AuM

    30.06.2025

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

    Methodological Annex – Alternative Performance Indicators (APIs)

    Accounting and adjusted data

    Accounting data – These include

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

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

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

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

    Partnership with Victory Capital

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

    Alternative Performance Indicators21

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

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

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

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

    Shareholding

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

    Average number of shares prorata temporis.

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

    Financial communication calendar

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

    About Amundi

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

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

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

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

    www.amundi.com          

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Notice of Annual General and Special Shareholder Meeting and Management Information Circular

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”)

    Notice of Annual General and Special Shareholder Meeting and Management Information Circular

    29 July 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) will hold its Annual General and Special Shareholder Meeting at the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 27 August 2025 at 11:00 a.m. (Dublin time). A complete notice and related documents are now available on SEDAR+ at www.sedarplus.ca and Falcon’s website at www.falconoilandgas.com and are being sent to shareholders of record as at 21 July 2025.

    Ends.

    For further information, please contact:

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    About Falcon Oil & Gas Ltd.
    Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –