Category: Farming

MIL-OSI Europe: Written question – The European fertiliser industry in purgatory – E-000396/2025
Source: European Parliament
Question for written answer E-000396/2025
to the Commission
Rule 144
Daniel Buda (PPE)

Fertiliser prices in the EU have increased significantly since the start of 2025[1] due to the rise in gas prices, the weakening of the euro and global market dynamics. Farmers are paying more and more for nitrogen, phosphorus and potassium fertilisers, owing to rising urea prices, both in Europe and worldwide.

On top of this, SKW Piesteritz, the largest producer of ammonia and urea in Germany[2], has cut production and temporarily shut down one factory due to increased production costs, strict environmental regulations and cheap imports of Russian fertilisers.

The company’s directors point to a lack of action and ineffectual policy for the protection of the European market, and have stressed the need to reduce energy costs and taxes in order to maintain competitiveness. The crisis is affecting agriculture and logistics, resulting in shortages of transportation products such as AdBlue.

1.How does the Commission plan to ensure the availability of the fertilisers vital to food security at affordable prices and in sufficient quantities to support European agriculture?

2.What steps will the Commission take to end dependency on Russian fertilisers and boost European fertiliser production?

3.When will a much-needed EU fertiliser strategy be published, as often called for by the European Parliament?

Submitted: 29.1.2025

[1] https://agrointel.ro/315520/piata-ingrasamintelor-la-inceput-de-2025-se-scumpesc-fertilizantii-cu-azot-fosfor-si-potasiu

[2] https://agrointel.ro/315771/un-mare-producator-de-ingrasaminte-din-europa-isi-reduce-productia-din-cauza-costurilor-ridicate
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – Spread of foot-and-mouth disease in the EU – E-000395/2025
Source: European Parliament
Question for written answer E-000395/2025
to the Commission
Rule 144
Daniel Buda (PPE), Dan-Ştefan Motreanu (PPE)

In Germany, the first case of foot-and-mouth disease in four decades has been detected on a farm near Berlin[1], triggering swift action: the slaughter of infected animals; transport bans; and the suspension of exports. Trading partners such as the UK and South Korea have imposed restrictions, banning the import of cattle, pigs and sheep from Germany[2], which theatens to undermine an agricultural sector with exports worth EUR 5 billion in 2024.

1.What urgent concrete measures will the European Commission adopt to support Member States in preventing the spread of this disease, while ensuring continuity of trade and protecting the European agriculture sector?

2.How does the Commission plan to support farmers affected by the outbreak of foot-and-mouth disease, both in terms of compensating for financial losses and of preventing similar crises in the future?

Submitted: 29.1.2025

[1] https://www.politico.eu/article/germany-farmer-fear-massive-hit-foot-and-mouth-outbreak/

[2] https://www.politico.eu/article/uk-bans-german-livestock-imports-after-foot-and-mouth-outbreak/
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – Impact of Mercosur on Romanian agriculture and new EUR 1 billion fund – E-000398/2025
Source: European Parliament
Question for written answer E-000398/2025
to the Commission
Rule 144
Daniel Buda (PPE), Dan-Ştefan Motreanu (PPE)

The EU-Mercosur Agreement, signed on 6 December 2024, is still to be approved by the Council of the EU and the European Parliament and ratified by all the Member States. However, the agreement could become operational as from 2026, two years prior to the entry into force of the EU’s future multiannual budgetary framework (MFF) for 2028-2034.

At the INTA Committee meeting of 16 January 2025, the Commissioner for Trade and Economic Security, Maroš Šefčovič, revealed that a new fund worth EUR 1 billion was to be established for farmers affected by the Mercosur Agreement.

1.How will the Commission create this new fund under the current MFF without transferring money from existing funds and programmes?

2.The Commissioner also stated there will potentially be small decreases in prices and in production, both of which were estimated at between 0.5 and 2 %. These estimates for Europe as a whole provide no information on what may be a disproportionate impact between different regions or Member States. What impact does the Commission expect Mercosur will have on the Romanian agricultural sector and the competitiveness of Romanian farmers?

Submitted: 29.1.2025
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: Written question – Ensuring food security in the face of meteorological and climate threats – E-000397/2025
Source: European Parliament
Question for written answer E-000397/2025
to the Commission
Rule 144
Daniel Buda (PPE)

The agriculture sector has been experiencing extreme weather events such as drought, floods and fires for many years running. These disasters, which have had a profound impact on agricultural production, soil quality and infrastructure are putting pressure on farmers, and disproportionately high pressure on small and medium-sized farms. In 2024, record high temperatures were reached; in January 2025, we are facing a wave of cold snaps. These events not only affect agricultural production, but also feed into higher food prices across the EU. Farmers and consumers are feeling the effects of these crises and food security is becoming a major concern.

1.What measures is the Commission considering for the promotion and wholesale adoption of technologies that can adapt/prepare the agriculture sector to cope with the impact of extreme weather events?

2.Does the Commission plan to quantify and publish data on the volume of primary agricultural products required to ensure European self-sufficiency and food security?

3.The agricultural reserve, which has been drained over the last three years, is insufficient to compensate farmers for the damage suffered as a result of natural disasters, while the redistribution of cohesion and CAP funding is unreliable as a long-term solution. Will the Commission propose a new fund – or alternative solutions – to address such situations?

Submitted: 29.1.2025
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Asia-Pac: English rendering of PM’s reply to the Motion of Thanks on the President’s Address in Lok Sabha

Source: Government of India

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Chairman,

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

Respected Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr President,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

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

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

Respected Mr Chairman,

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

And Honorable Chairman,

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

Respected Mr Chairman,

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

Respected Mr Chairman,

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

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

MIL OSI Asia Pacific News –

February 6, 2025
MIL-OSI USA: Chairman Aguilar: America will be less safe and more expensive because of Trump and Republican corruption

Source: US House of Representatives – Democratic Caucus

The following text contains opinion that is not, or not necessarily, that of MIL-OSI – February 05, 2025

WASHINGTON, D.C. — Today, House Democratic Caucus Chair Pete Aguilar and Vice Chair Ted Lieu held a press conference on House Republicans’ failure to lower the high cost of living while prioritizing stealing taxpayer dollars from vital programs to pay for tax giveaways to billionaires.

CHAIRMAN AGUILAR: Good morning. House Democrats had a productive Caucus this morning. Leader Jeffries laid out our path forward as we push back against the chaos and the corruption that we’ve seen from Donald Trump’s White House.

One thing is clear: with Trump and Republicans in control, America will be less safe and more expensive. We are less safe because an unelected billionaire with controversial ties to China has access to personal information for every American, including potentially tax and Social Security information. We’re less safe because President Trump released violent criminals into our communities, some with records of domestic violence, rape and attacking police officers. We are less safe because hundreds of FBI agents are on the verge of being fired for not being sufficiently loyal to Donald Trump. Women who serve in the military are less safe today because of an executive order Donald Trump signed preventing them from traveling across state lines to seek abortion care.

America is more expensive because egg prices are at an all time high, and Republicans in Congress have not taken a single step to reduce the cost of living. The reckless Republican tariffs will increase costs for households by $1,200 each year. Everything from groceries to alcohol to lumber used to build homes will be more expensive. The Republican rip off will increase health care costs by stealing from Medicaid to pay for tax cuts for billionaires and corporations.

The American people voted for solutions to their economic challenges and instead got a corrupt White House in an America that is less safe and more expensive. Vice Chair Ted Lieu.

VICE CHAIR LIEU: Thank you, Chairman Aguilar. Leader Jeffries has laid out a 10-point plan to fight back against the lawless actions of the Trump Administration. That plan has three themes. There’s going to be a legislative strategy, a mobilization strategy and a litigation strategy. To that end, over 25 lawsuits have already been filed. We expect that a number of these actions by the Trump Administration will be reversed because all the courts have to do is follow the law. And in fact, if you look at what happened, a number of Trump’s actions have been stopped or the Administration has simply folded.

The Administration wants you to think that they are invincible, that they are just rolling right along and doing all these things. That is simply not true. A number of times they have been stopped, and they have had to back down. So, for example, on the birthright citizenship order, a Reagan-appointed federal judge declared it unconstitutional, put an injunction on it. And then with the OMB freeze memo, there was pushback from Democrats, from the American people, and they had to rescind that memo, and a judge also declared that memo to be illegal. And then most recently, you saw Trump’s signature issue, the tariffs. He backed out because of the reaction from the stock market and the reaction from the American people. Basically, Canada and Mexico are doing what they said they were already going to do. So essentially, Donald Trump simply folded on that issue. So, I want people to understand their power to shape public sentiment.

And not only are the Trump Administration’s actions ludicrous, they are harming people. So, I’ll end on this example: In California, Donald Trump ordered the Army Corps of Engineers to release a whole bunch of water from these dams when no one needed it. So, over 2 billion gallons of water has now been wasted in California. This water from Northern California isn’t even going down to Southern California. It’s largely going to evaporate when farmers don’t need it, and so Republican Congressman David Valadao is going to have to answer to his farmers when in the summer months, they need water and they don’t have enough.

Those are the harmful actions of this Administration, and I want people to understand that pushing back against this Administration gets them to fold.

Video of the full press conference and Q&A can be viewed here.

###

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: YORK COUNTY – Shapiro Administration to Announce Public Access Coming This Spring to Historic Underground Railroad Site in Wrightsville

Source: US State of Pennsylvania

February 06, 2025 – Wrightsville, PA

ADVISORY – YORK COUNTY – Shapiro Administration to Announce Public Access Coming This Spring to Historic Underground Railroad Site in Wrightsville

Department of Conservation and Natural Resources (DCNR) Secretary Cindy Adams Dunn will visit the historic Mifflin Farm in York County to celebrate Black History Month and announce that the public will gain access to the site beginning this spring.

In partnership with the Susquehanna National Heritage Area, DCNR has supported the conservation of the Mifflin House and the surrounding 79-acre landscape – an important Underground Railroad site and Civil War battlefield. Once complete, the site will feature walking trails and interpretive signage, highlighting its role in both the fight for freedom and the pivotal 1863 Gettysburg Campaign.

The Susquehanna National Heritage Area manages Mifflin Farm and other key cultural sites in central Pennsylvania. Through its Mosaic initiative, DCNR is working to ensure outdoor spaces are more inclusive and accessible for all Pennsylvanians.

WHO:
DCNR Secretary Cindy Adams Dunn
Susquehanna National Heritage Area President and CEO Mark Platts
State Senator Kristin Phillips-Hill
York County Commissioner Doug Hoke
Genealogist Neicy Deshields-Moulton

WHEN:
Thursday, February 6, 12:00 PM

WHERE:
Mifflin Farm, Cool Springs Rd, Wrightsville, PA 17368

Please email werobinson@pa.gov if you plan to attend.

MIL OSI USA News –

February 6, 2025
MIL-OSI Global: After he reached the Super Bowl, Colin Kaepernick’s racial justice protests helped expose US views toward sports activism

Source: The Conversation – USA – By Betina Cutaia Wilkinson, Associate Professor & Associate Chair of Political Science, Wake Forest University

San Francisco 49ers players Eric Reid, left, and Colin Kaepernick take a knee during the national anthem before a game against the Los Angeles Rams on Sept. 12, 2016. Daniel Gluskoter/AP Images for Panini

Back in 2012, quarterback Colin Kaepernick was one of the NFL’s most popular stars. He led the San Francisco 49ers to the Super Bowl and was just a few plays away from winning the title and lifting the Lombardi Trophy.

But America’s focus on Kaepernick’s athletic success waned in 2016. That’s when he began to kneel before games during the playing of “The Star-Spangled Banner” to protest the deaths of young Black men at the hands of white police officers.

They included Alton Sterling and Philando Castile, two unarmed Black men killed by police in the summer of 2016.

“To me, this is bigger than football, and it would be selfish on my part to look the other way,” Kaepernick said in The Guardian newspaper. “There are bodies in the street and people getting paid leave and getting away with murder.”

Kaepernick’s activism, coinciding with the reemergence of the Black Lives Matter movement, received varied responses.

Some NFL players, like Kaepernick’s then-teammate Eric Reid, imitated Kaepernick’s actions, generating a wave of anti-racist activism – not just in football but in other sports, too, like women’s basketball. Others, including several NFL executives, responded with vitriol and hate.

A recent study I conducted with colleagues Lisa Kiang and Elizabeth Seagroves examines American attitudes toward sports activism, providing insight into the stark responses to Kaepernick’s advocacy and those of other athletes.

Making sense of the varied responses

We surveyed 207 college students and 33 residents in Winston-Salem, North Carolina, where I teach, to examine their views on racial justice activism among professional athletes.

We found there were three general perspectives.

One group supported the sports activism and tied it to changing the status quo. People in this group back athletes’ ability to serve as activists and role models, and they hope the protests generate meaningful sociopolitical change.

“I thought it was very necessary and good,” said one participant in the study, referring to athletes’ activism. “I think that if they can use their platform for something good, they should.”

When we asked about Kaepernick’s activism in 2016, these participants lauded him for his courage.

They felt Kaepernick’s protests, along with the Black Lives Matter movement, helped raise awareness of racial injustices in the United States.

Activists supporting players’ right to protest appear outside a hotel where NFL meetings were being held on Oct. 17, 2017, in New York.
Spencer Platt/Getty Images

Participants reject racial justice advocacy

Other participants in our study expressed support for athletes’ right to protest, but they rejected their racial justice advocacy.

They said athletes have the freedom to say what they think. And they tied the protests to the United States’ commitment to freedom of speech. But they disapproved of kneeling during the playing of the national anthem, labeling it as disrespectful.

“I think most of it is good. If you have a platform, you should use it,” one participant told us. “However, when misinformation is spread, it becomes bad.”

Several participants felt the conflation of the national anthem with protesting racial injustices was misleading and wrong, and this participant considered Kaepernick’s protest “misinformation.”

Kaepernick’s activism elicited similarly mixed feelings at the time. A majority of the public viewed Kaepernick’s refusal to stand as unpatriotic. Most, however, also supported his right to free speech.

In May 2018, NFL Commissioner Roger Goodell barred athletes from protesting on the sidelines during the national anthem, but he gave them the option to remain in the locker room during the playing of “The Star-Spangled Banner” if they preferred. The move came after players had protested racial inequality and police brutality for two seasons.

“We want people to be respectful of the national anthem,” Goodell said, according to ESPN. “We want people to stand – that’s all personnel – and make sure they treat this moment in a respectful fashion. That’s something we think we owe. But we were also very sensitive to give players choices.”

In June 2020, in the wake of George Floyd’s death and years into Kaepernick’s activism, Goodell apologized to players and reversed the policy, saying, “We were wrong for not listening to NFL players earlier.”

Dontari Poe of the Dallas Cowboys kneels during the playing of the national anthem on Sept. 13, 2020, in Inglewood, Calif.
AP Photo/Ashley Landis

But team protests varied throughout the league.

Some teams such as the Green Bay Packers and Jacksonville Jaguars, at least on one occasion, remained in their locker rooms during the playing of “The Star-Spangled Banner.”

Some teams acted uniformly with the exception of one or two players. Dallas Cowboys player Dontari Poe was the only person on his team to kneel during the playing of the national anthem.

The fact that not all players protested, and that teams had distinct approaches to protesting, is not surprising given the public’s varied responses to athlete activism.

Complete disapproval

A third group of participants in our study disapproved of sports activism entirely. And these participants often accompanied their criticism by saying that athletes strayed from their role as entertainers.

“I don’t think it’s good because it’s giving people a reason not to like a professional athlete when their job is to play a sport. They are not politicians and haven’t been able to prove they can make a change,” said one participant.

For example, when responding to WNBA player Skylar Diggins-Smith’s call for the imprisonment of the police officers in Louisville, Kentucky, involved in the 2020 shooting death of Breonna Taylor during a nighttime apartment raid, one participant said: “It’s not for the average citizen to call for police officers to be investigated. It’s just not OK for a professional athlete to push their agenda like that.”

Our study, much like other studies, found that people who are white, older and politically conservative are more opposed to racial justice activism in sports than their counterparts.

What does this mean?

As seen in our study, U.S. views toward sports protests are tied to the role people believe athletes should play in society.

For some, athletes can and should be role models; that includes by raising awareness of racial injustices. For others, athletes should only express their perspectives under certain conditions.

And yet other Americans believe athletes are performers whose only role should be to entertain.

Still, there’s no doubt Kaepernick’s activism changed the playing field, even if his NFL career suffered. After the 2016 season, he was never picked up by another team.

Kaepernick’s activism inspired people to attend protests and donate to political causes.

The NAACP has asked college athletes to avoid attending schools that are dismantling their diversity, equity and inclusion, or DEI, initiatives.

Coach Steve Kerr and All- Star Steph Curry of the Golden State Warriors regularly voice their political views and draw attention to injustices.

Several sports associations – the NFL, NBA, WNBA and NWSL – have implemented social justice initiatives and councils that strive to mobilize voters and educate the electorate on political issues.

Colin Kaepernick’s activism may have ended his Super Bowl dreams, but his legacy extends far beyond the game of football.

Betina Cutaia Wilkinson previously received funding from the Latino Center for Leadership Development.
Lisa Kiang works with Betina Wilkinson at Wake Forest University. Elizabeth Seagroves was Betina Wilkinson’s student during her time at Wake Forest University

– ref. After he reached the Super Bowl, Colin Kaepernick’s racial justice protests helped expose US views toward sports activism – https://theconversation.com/after-he-reached-the-super-bowl-colin-kaepernicks-racial-justice-protests-helped-expose-us-views-toward-sports-activism-242672

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI USA: Lankford Applauds POTUS’ Push to Hold FEMA Accountable, Advocates for Reform
US Senate News:
Source: United States Senator for Oklahoma James Lankford

WASHINGTON, DC – Senator James Lankford (R-OK) sent a letter to President Donald J. Trump to applaud his recent Executive Order to hold the Federal Emergency Management Agency (FEMA) accountable for their failed responses to disasters and to advocate for robust reforms.

“I write to commend your recent Executive Order establishing the Federal Emergency Management Agency (FEMA) Review Council. The current federal framework for responding to disasters is insufficient, and major reforms are necessary to ensure Americans are best supported in times of need,” Lankford wrote in the letter.

Lankford also introduced four bills to continue to build on President Trump’s work to address FEMA’s failures and inadequacies. The Expediting Hazard Mitigation Assistance Projects Act gives the FEMA Administrator the authority to cut red tape on unnecessary environmental and historic preservation review requirements. The Direct Property Acquisitions Act creates a pilot program for communities to avoid lengthy delays by applying directly for property acquisitions. The Investing in Community Resilience Act with Senator Peter Welch (D-VT) incentivizes communities to create readiness and resilience measures before a disaster. The Stopping Political Discrimination in Disaster Assistance Act will prohibit discrimination based on political affiliation in federal disaster relief. This bill is cosponsored by Senators Roger Marshall, MD (R-KS), Rick Scott (R-FL), Ted Budd (R-NC), Josh Hawley (R-MO), Marsha Blackburn (R-TN), and Thom Tillis (R-NC).

View the letter here or below.

Dear President Trump:

I write to commend your recent Executive Order establishing the Federal Emergency Management Agency (FEMA) Review Council. The current federal framework for responding to disasters is insufficient, and major reforms are necessary to ensure Americans are best supported in times of need. As the Council engages with leaders to discuss potential reforms, I respectfully request that the Council consider the following:
1. Reforming FEMA’s responsibilities and/or consolidating the federal disaster framework more generally. FEMA has two core responsibilities: managing security grants and serving as the leading agency for federal disaster relief. While both roles can be vested in a single agency, I am concerned that FEMA’s dual responsibilities are hampering its emergency response capabilities. At the same time, the current federal disaster framework involves too many agencies with a variety of other, non-emergency response duties, including the US Department of Commerce, US Department of Housing and Urban Development, US Department of Health and Human Services, US Department of Agriculture, the Small Business Administration, and the Environmental Protection Agency, among several others. I ask that your Council consider whether more federal emergency response capabilities should be consolidated under FEMA, which would reduce the number of agencies constituents need to work through when seeking federal disaster assistance, and whether other, current responsibilities should be placed elsewhere.
1. Reassessing the federal government’s role in disasters. Under current law, the default federal assistance for major disasters is 75%, with opportunities to increase the federal cost share. The federal cost share is often increased to 100%. It is paramount that all levels of government involved in emergency response and recovery have skin in the game. I urge the Council to consider the benefits and drawbacks of a sliding cost share that begins at a lower percentage for federal support but can be increased based on the needs and capacity of the community in question. I also urge the Council to consider recommending how to limit ad hoc federal cost share increases and eliminate the possibility of a 100% federal cost share as it relates to FEMA’s disaster aid.
1. Conducting an in-depth review of all federally funded disaster activities conducted by FEMA. The federal government’s labyrinthine disaster response and recovery programs have not been subject to the scrutiny needed to assess whether it is achieving its goals or whether its funding would be better spent with limited strings attached at the state and local levels. I ask that the Council provide a comprehensive analysis of these programs and make a formal, performance-based recommendation on how the funding for these programs should be spent.
1. Exploring ways to speed up FEMA-led disaster projects. Federal funding for disaster relief comes with countless conditions, many of which unnecessarily prolong the duration of projects. I urge the Council to assess whether conditions on federal disaster aid, including conditions such as Environmental and Historic Preservation (EHP) reviews, harm the disaster recovery process for communities.
Lastly, it is essential that the Council solicit feedback from leaders with substantial knowledge of disaster recovery efforts. Oklahoma is no stranger to natural disasters, and we are often forced to grapple with the ensuing wreckage and trauma. Despite these challenges, Oklahomans have consistently risen above the fray to help one another in recovery. Given our experience with natural disasters, I respectfully request that the Council solicit feedback from emergency management leaders in Oklahoma.

In God We Trust,
MIL OSI USA News –
February 6, 2025
MIL-OSI Security: Philadelphia Store Owner Sentenced to 18 Months in Prison for Defrauding Supplemental Nutrition Assistance Program

Source: Office of United States Attorneys

PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Jenny Espinal Tejada, 34, of Philadelphia, Pennsylvania, was sentenced by United States District Court Judge Joshua D. Wolson to 18 months in prison, $1,841,402 in restitution, and forfeiture of the proceeds of her offenses, for defrauding the U.S. government.

The defendant was charged in July of last year by superseding indictment and pleaded guilty in October to one count of wire fraud and one count of defrauding the Supplemental Nutrition Assistance Program (“SNAP”).

Espinal Tejada admitted that she used her small corner grocery store in Philadelphia to redeem SNAP benefits, even though she knew the store had not been approved to participate in SNAP as a merchant. She gained access to the program by misappropriating merchant identification numbers that had been assigned to stores that participated in the program legitimately. By using the misappropriated numbers, she was able to work around the rules of SNAP, and she further abused the program by trading benefits for cash in her store.

“Espinal Tejada sought to profit illicitly from the SNAP program, diverting nearly $2 million of the USDA’s money,” said U.S. Attorney Romero. “On behalf of the folks who rely on these resources every day — and the taxpayers who fund the programs — we and our partners will continue to prosecute abuses like this and ensure that those who commit them are held appropriately accountable.”

“SNAP was created to provide food and nutrition to those who truly need this assistance,” said Charmeka Parker, Special Agent in Charge with the U.S. Department of Agriculture’s Office of Inspector General (USDA-OIG). “This joint investigation identified those who sought to profit from SNAP through illegal schemes. We are thankful to our law enforcement and prosecutorial partners and will continue to dedicate investigative resources in order to protect the integrity of these programs and bring those who commit fraud to justice.”

The case was investigated by the U.S. Department of Agriculture Office of Inspector General, Homeland Security Investigations, and the FBI and prosecuted by Assistant United States Attorney Elizabeth Abrams.

MIL Security OSI –

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

US Senate News:

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

***Click here for audio.***

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

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

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

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

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

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

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

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

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

Click here for bill text.

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

US Senate News:

Source: United States Senator for Washington Maria Cantwell

02.05.25

Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

In speech on Senate floor, Cantwell advocates for new U.S. trade agreements with Southeast Asia, the Middle East, & the Americas to strengthen ties with allies & grow the economy at home; Cantwell slams proposed Trump tariffs: “The payers in this dispute are never the government leaders … it’s the workers who lose their job.”

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), the ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor calling for the United States to establish new trade agreements with Southeast Asia, the Middle East, and Latin America – and to repudiate the trade philosophy of President Donald Trump, whose proposed tariffs on goods from Canada, Mexico, and China would spark a trade war, drive up costs for American consumers, harm domestic businesses across hundreds of industries, and compromise the United States’ global leadership in the free trade ecosystem.

“It’s better to have a job than be attracted to join a terrorist organization. It’s better to create economic stability than fueling poverty and migration […] Last week, I spoke about additional investments the United States needs to make in Panama, Latin America, and others, to link and modernize bilateral agreements that help us counter China,” Sen. Cantwell said. “Free trade agreements are a way for us — not tariffs — to gain the leverage we want. South Asia could play an important role in this coalition building, particularly in the Indo-Pacific region. But I want us to go further. I want us to understand that U.S.-led negotiations in a Middle East free trade agreement to build on the momentum of a ceasefire in Gaza could further stabilize that region.”

In her speech, Sen. Cantwell railed against President Donald Trump’s tariff’s proposal, likening his isolationist trade policies to an attempt to make time stand still – a futile goal at any point, but especially during the modern information age, when countries are more interconnected than ever and the United States is locked in an innovation race in artificial intelligence and quantum technology. She also called on the United States to invest in its workforce, research & development, science, and capital investment to modernize its manufacturing and stay competitive.

“To outcompete our adversaries, we need coalitions, not go-it-alone strategies. Why do we fear this if we think our principles are correct? But somehow the current administration thinks that we’ve been hurt more than we’ve been helped in this global equation, and they want us to believe that somehow there is a win-win situation on tariffs that they can deliver on,” Sen. Cantwell said.

“Tariffs are a distortion of markets. Tariffs mean we disagree. It very rarely means the disagreement will be resolved quickly. It usually means people will retaliate, and the escalation of that retaliation will hurt consumers so much so that eventually someone will blink,” she continued. “The payers in this dispute, though, are never the government leaders. No, it’s the workers who lose their job. It’s the family that pays higher cost. It’s the community that loses their economic activity and tax revenue.”

In Washington state: Two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, India ended its retaliatory tariffs on apples and pulse crops following several years of Sen. Cantwell’s advocacy, which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

Video of today’s speech is available HERE; and a transcript of Sen. Cantwell’s remarks is available HERE.

MIL OSI USA News –

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

US Senate News:

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

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

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

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

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

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

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

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

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

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

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

Click here for bill text.

MIL OSI USA News –

February 6, 2025
MIL-OSI USA: Senator Baldwin Introduces Bipartisan Legislation to Support More Wisconsin Dairy Businesses
US Senate News:
Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI) and Marsha Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that will strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin.

“My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

“The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

After Senator Baldwin successfully created the DBII program in the 2018 Farm Bill, multiple dairy business and innovation centers were established to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.

Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:
- Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
- Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
- Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.
The Dairy Business Innovation Act of 2025 builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

The legislation is endorsed by the International Dairy Foods Association, Midwest Dairy Coalition, National Milk Producers Federation, Organic Valley, Wisconsin Cheese Makers Association, and the Wisconsin Farm Bureau Federation.

“Dairy Business Innovation Initiatives have spurred both farm and processor business growth over the past five years, strengthening rural economies and creating career opportunities, but our work is far from done. Increased program funding is critical now as the dairy industry faces new market volatility, labor challenges, and inflation,” said Rebekah Sweeney, senior director of programs and policy for the Wisconsin Cheese Makers Association, serving nearly 900 dairy industry companies and cooperatives nationwide. “We’re deeply grateful for Sen. Baldwin’s championship of Dairy Business Innovation Initiatives and for the bipartisan coalition of lawmakers working hard to see this program continue.”

“We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward,” said Gregg Doud, President and CEO of National Milk Producers Federation.

“Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry,” said Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley. “Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.”

“Wisconsin dairy farmers are a mainstay of our state’s rural economy and its essential we continue to support innovation in an effort to keep it relevant,” said Wisconsin Farm Bureau President Brad Olson. “The Dairy Business Innovation Act of 2025 will increase the funding available to dairy farmers and processors to maintain Wisconsin’s place as a national and global leader. Wisconsin Farm Bureau appreciate Sen. Baldwin’s commitment to providing the necessary funding needed to help Wisconsin’s dairy industry develop new products and access emerging markets with the introduction of the Dairy Business Innovation Act of 2025.”

“The Midwest Dairy Coalition applauds Senators Baldwin and Blackburn for their continued leadership in providing dairy farmers and dairy businesses with the resources to innovate and diversify their operations for a more economically sustainable future,” said Steve Etka, Policy Director, Midwest Dairy Coalition.

“IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025. The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products,” said International Dairy Foods Association (IDFA) President and CEO Michael Dykes, D.V.M.
MIL OSI USA News –
February 6, 2025

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

Source: GlobeNewswire (MIL-OSI)

Paris, February 5, 2025

STRONG PERFORMANCES IN 2024

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

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

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

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

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

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

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

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

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

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

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

VISION 2030 strategic project: fast-paced and dynamic implementation

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

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

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

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

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

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

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

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

Groupe BPCE

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

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

1. Groupe BPCE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1 “Underlying” means exclusive of exceptional items

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

Strong commitments in 2024

Climate commitments:

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

Environmental commitments:

Groupe BPCE has strengthened its commitment by joining act4nature international.

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

Innovative and concrete actions for our clients

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

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

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

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

3.1 CET1¹ratio

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

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

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

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

3.2 TLAC ratio¹

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

3.3 MREL ratio¹

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

3.4 Leverage ratio¹

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

3.5 Liquidity reserves at a high level

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

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

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

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

The target for ABS is 8 billion euros.

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

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

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

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

4. Results of the business lines

4.1 Retail Banking & Insurance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4.1.3 Financial Solutions & Expertise

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4.1.5 Digital & Payments

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

Digital & AI

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

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

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

Payments

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

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

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

Oney Bank

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ANNEXES

Notes on methodology

Presentation on the pro-forma quarterly results

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

Exceptional items

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

Net banking income

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

Operating expenses

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

Cost/income ratio

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

Cost of risk

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

Loan oustandings and deposits & savings

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

Capital Adequacy

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

Total loss-absorbing capacity

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

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

Liquidity

Total liquidity reserves comprise the following:

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

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

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

Business line indicators – BP & CE networks

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

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

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

Digital indicators

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

Impact indicators

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

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

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

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

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

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

(restated for scope reconciliations).

Reconciliation of 2023 data to pro forma data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Groupe BPCE : underying cost to income ratio

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

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

Groupe BPCE : underying cost to income ratio

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

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

Groupe BPCE : quarterly income statement per business line

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

Groupe BPCE : 2024 income statement per business line

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

Groupe BPCE : quarterly series

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

Groupe BPCE : Consolidated balance sheet

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

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

Groupe BPCE : Goodwill

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

Groupe BPCE: Statement of changes in shareholders’ equity

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

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

Retail Banking & Insurance: quarterly income statement

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

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

Retail Banking & Insurance: 2024 income statement

Retail banking & insurance: quarterly series

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

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

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

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

Retail Banking & Insurance: FSE quarterly series

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

Retail Banking & Insurance: Insurance quarterly series

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

Retail Banking & Insurance: Digital & Payments quarterly series

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

Retail Banking & Insurance: Other network quarterly series

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

Global Financial Services: quarterly income statement per business line

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

Global Financial Services: 2024 income statement per business line

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

Global Financial Services: quarterly series

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

Corporate & Investment Banking: quarterly series

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

Asset & Wealth Management: quarterly series

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

Corporate center: quarterly series

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

DISCLAIMER

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

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

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

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

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

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

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

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

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

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

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

groupebpce.com

Attachment

Groupe BPCE_PR_Results_Q4-24 & 2024_FV

The MIL Network –

February 6, 2025

MIL-OSI United Kingdom: Isle of Wight Council unveils 2025/26 budget amid financial pressures 5 February 2025 Isle of Wight Council unveils 2025/26 budget amid financial pressures

Source: Aisle of Wight

In the face of escalating costs and funding challenges, the Isle of Wight Council has today (Wednesday) unveiled its budget for 2025/26, with a spotlight on community protection and essential improvements.

The draft budget seeks to tackle the substantial pressures on public finances while safeguarding the wellbeing of residents and preserving the essential frontline services that many Islanders depend on.

The financial climate for local government remains tough, with costs climbing faster than income and funding. The council faces the daunting task of additional spending of £15.8 million in children’s services and adult social care next year, merely to maintain services at existing levels.

This significant increase is driven by rising demand and the need to ensure vulnerable residents receive the care and support they require.

In response, the council proposes a five per cent council tax increase, including two per cent specifically for adult social care. This is in line with the majority of councils across the country, which are facing similar pressures, although some authorities are contemplating increases as high as 15 to 25 per cent. The Isle of Wight Council is striving to keep increases as low as possible.

The council’s strategy relies on careful use of reserves to manage its underlying budget deficit over time. However, it’s crucial to maintain these reserves at responsible levels to ensure financial stability and to be able to continue providing services at sustainable levels.

Of the £1.5 million savings needed next year, efficiencies and income generation will deliver the required savings without cutting services. This includes streamlining operations and exploring new revenue streams to maintain service levels.

After listening to the needs of local businesses and residents, the council is proposing to freeze parking charges at their current levels for the second consecutive year. This measure aims to alleviate the financial strain on household budgets and support the high street. Additionally, crossing charges on the floating bridge will remain unchanged.

The council will also continue to invest in highway drainage schemes to reduce flooding and fund repairs to footpaths and bridleways damaged by the recent winter storms. These investments are crucial for maintaining safe and accessible infrastructure across the Island. A key highlight of the budget is the investment in schemes to support coastal protection, crucial for protecting the homes and livelihoods of residents in vulnerable coastal regions.

This includes repairs or improvements to promenades, seawalls, railings and groyne refurbishment, which are essential for mitigating the impacts of coastal erosion and climate change.

The budget also includes improvements at Beaulieu House, the children’s disability residential and respite home in Newport, ensuring it can continue to provide essential services and support to those in need. These upgrades will enhance the facility’s capacity to deliver high-quality care and support. Meanwhile, the council is introducing schemes specifically designed to help young people who are leaving the care system find stable and long-term housing options.

The budget also prioritises responsible repairs and renewals in public spaces. By maintaining and improving the public realm, the council aims to create a safe, functional, and welcoming environment for all residents and visitors. This includes replacing play equipment, litter bins and benches where necessary.

In addition, the council has planned investments in capital schemes for school maintenance and adaptations to disabled residents’ homes as part of a £13 million capital programme. These projects will improve educational facilities across the Island and enable disabled residents to live independently in their own homes.

Furthermore, there is more planned investment in the Gouldings care home in Freshwater and the Parklands Dementia Hub in Cowes, building on the significant improvements already made in these important facilities.

Council leader, Councillor Phil Jordan, said: “Despite the challenging financial climate, our commitment to protecting and improving our community remains steadfast. We are dedicated to ensuring our community continues to thrive, even in the face of economic pressures.

“One of our top priorities is the protection of our coastal areas. By investing in coastal infrastructure, we are taking proactive steps to safeguard our coastal regions from erosion and flooding. This investment goes beyond infrastructure; it’s about securing the homes and livelihoods of our residents.

“The council continues to advocate for fair funding for the Island from the government. By maximising spend from minimal funding, keeping charges down, investing in capital schemes, balancing the budget responsibly, using reserves wisely, and re-structuring where possible, we are working hard to minimise any adverse impacts on our residents.

“This draft budget is about balancing our financial responsibilities with the needs of our community, and I believe it strikes that balance effectively.”

Looking ahead, the council acknowledges the need for ongoing savings and has forecast a savings requirement of £2.5 million for 2026/27 and £2 million per annum for the subsequent years, to ensure long-term financial sustainability.

The budget will be considered by the council’s Cabinet on Thursday, 13 February, and by Full Council on Wednesday, 26 February.

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI Africa: Violent crime in South Africa happens mostly in a few hotspots: police resources should focus there – criminologist
Source: The Conversation – Africa – By Guy Lamb, Criminologist / Senior Lecturer, Stellenbosch University

Crime researchers use murder (or homicide) rate per 100,000 as a crude measure of the general level of violent interpersonal crime globally. According to the United Nations Office for Drugs and Crime, South Africa’s murder rate of 45 per 100,000 (2023/24) is the second highest for countries that publish crime data.

The South African Police Service crime data shows that levels of attempted murder, armed robbery and robberies at homes have soared over the past 10 years. Other categories of violent crime, such as assault and sexual violence, also remain high.

High crime rates have had considerable negative effects on the country’s economy. The destructive impact of violent crime is estimated to cost the equivalent of 15 % of GDP.

In 2019, President Cyril Ramaphosa indicated that government would seek to reduce violent crime by 50% within a decade. The police budget increased by 24% from 2018/19 to 2024/25. But the murder rate increased by 25%, from 36 per 100,000 in 2018/19 to 45 per 100,000 in 2023/24.

I have spent 25 years researching violent crime and policing in South Africa. I also wrote a 2022 book, Policing and Boundaries in a Violent Society, and conducted various studies for the Institute for Security Studies.

In my view, the logical approach for government is to attend to the top 100 high crime areas. I’ll show why below. It must use the resources of the departments in its justice, crime prevention and security cluster to intervene in targeted, evidence-based ways, to combat and prevent crime.

Where crime is happening and what police are doing

Violent crime in South Africa has consistently been highly concentrated in a small number of urban areas. For example, 20% of all reported murders occur in just 30 policing areas (2.6% of the 1,149 policing areas). About 50% of all violent crime occurs in 100 policing areas (9% of the precincts).

Place-based crime reduction interventions have yielded positive results in high crime cities in a variety of countries, such as the US, Argentina and Trinidad and Tobago.

But in South Africa, the approach to fighting crime has focused instead on arrests and on force. This is why increasing the funding hasn’t had results.

The police arrested around 1.5 million criminal suspects a year between 2019/20 and 2023/24. (The exception was 2020/1, with 2.8 million arrests due to COVID-19 lockdown violations.)

A negative outcome of this police action has been rising civil claims against police, amounting to R67.4 billion (US$3.6 billion) as of March 2024 (47,818 claims).

The police have also used militarised approaches, such as Operation Shanela. Officers have been encouraged to be more forceful against alleged criminals.

There is very little evidence to suggest that militarised policing reduces violent crime. It can actually contribute to declining public trust in the police. Only 27% of the population consider police trustworthy (from 47% in 1999).

Despite the police budget increasing in recent years, their effectiveness has been undermined by declining personnel numbers. In 2018, there were 150,639 police personnel. This has dropped to 140,048 in recent years. There has also been a substantial reduction in the police reserve force.

A gangster shows off his gun and ammunition at the Cape Flats, Cape Town. Rodger Bosch/AFP via Getty Images.

A further challenge is the high rate of recidivism (re-offending). An estimated 90% of offenders commit crime again after leaving prison.

Six actions for 100 worst areas

I argue that six things need to happen in the 100 worst crime areas:
- reduce the number of firearms in circulation
- improve the number of court-ready police dockets
- improve place-based crime intelligence
- reduce alcohol harms
- provide rehabilitation and support services for offenders
- boost community safety organisations.
Firearms control

Firearms are the leading weapon used in murders and in several categories of robberies. They are also commonly used in sexual violence, and feature in gangsterism and organised crime.

Confiscating illegal firearms and ammunition, and securing convictions for those found in possession of illegal firearms, will have a positive impact in the target areas.

This requires a close working relationship between police and the National Prosecuting Authority to collect appropriate evidence and prepare court dockets adequately.

Rulings by magistrates that declare certain people unfit to possess licensed firearms must be monitored regularly.

Court-ready police dockets

The National Prosecuting Authority has undergone reforms over the past six years to improve the efficiency and effectiveness of the criminal justice system. As a result, it has secured high conviction rates for several categories of violent crimes. However, many police dockets lack sufficient reliable evidence for the prosecutors to present so as to secure convictions in court.

As the table below shows, the vast majority of recorded violent crime cases do not result in a court conviction.

Police officials in high crime areas are typically overwhelmed by the large number of criminal cases they need to investigate. That means only a small number of dockets that have a likelihood of securing a conviction are prepared.

More resources are needed to increase cooperation between the police and prosecutors.

Place-based crime intelligence

Better crime intelligence could result in better control of illegal firearms and higher quality police dockets.

Police crime intelligence and other departments in the justice and security cluster must cooperate and share information.

Alcohol harms

Several forms of violent crime are linked to excessive alcohol consumption. Unregulated alcohol outlets present the most risky context for committing violence. There is an opportunity for police, prosecutors (especially through the Community Prosecutions Initiative) and municipalities to collaborate to reduce alcohol related crime and harms in the top 100 high crime areas.

This requires more effective monitoring and policing of alcohol outlets to ensure better compliance with liquor laws.

Rehabilitation and support services for offenders

It is likely that recidivism rates would be reduced if former prisoners and their families had better rehabilitation services in the top 100 high crime areas. Studies suggest that the most effective and practical programmes are those that focus on substance abuse, restorative justice, mental health, education and income generation.

Such services could give former inmates a means to generate an income legally.

Community safety organisations

Studies have shown that crime can be reduced when police and other government entities work closely with community organisations to devise solutions.

Community police forums and neighbourhood watches are examples of these kinds of arrangements.

They can collect intelligence and help the authorities design and implement evidence-based crime prevention actions that focus on the areas where crime is concentrated, and on the situations that tend to drive crime.

– Violent crime in South Africa happens mostly in a few hotspots: police resources should focus there – criminologist
– https://theconversation.com/violent-crime-in-south-africa-happens-mostly-in-a-few-hotspots-police-resources-should-focus-there-criminologist-248233

MIL OSI Africa –
February 6, 2025
MIL-OSI Global: Violent crime in South Africa happens mostly in a few hotspots: police resources should focus there – criminologist
Source: The Conversation – Africa – By Guy Lamb, Criminologist / Senior Lecturer, Stellenbosch University

Crime researchers use murder (or homicide) rate per 100,000 as a crude measure of the general level of violent interpersonal crime globally. According to the United Nations Office for Drugs and Crime, South Africa’s murder rate of 45 per 100,000 (2023/24) is the second highest for countries that publish crime data.

The South African Police Service crime data shows that levels of attempted murder, armed robbery and robberies at homes have soared over the past 10 years. Other categories of violent crime, such as assault and sexual violence, also remain high.

High crime rates have had considerable negative effects on the country’s economy. The destructive impact of violent crime is estimated to cost the equivalent of 15 % of GDP.

In 2019, President Cyril Ramaphosa indicated that government would seek to reduce violent crime by 50% within a decade. The police budget increased by 24% from 2018/19 to 2024/25. But the murder rate increased by 25%, from 36 per 100,000 in 2018/19 to 45 per 100,000 in 2023/24.

I have spent 25 years researching violent crime and policing in South Africa. I also wrote a 2022 book, Policing and Boundaries in a Violent Society, and conducted various studies for the Institute for Security Studies.

In my view, the logical approach for government is to attend to the top 100 high crime areas. I’ll show why below. It must use the resources of the departments in its justice, crime prevention and security cluster to intervene in targeted, evidence-based ways, to combat and prevent crime.

Where crime is happening and what police are doing

Violent crime in South Africa has consistently been highly concentrated in a small number of urban areas. For example, 20% of all reported murders occur in just 30 policing areas (2.6% of the 1,149 policing areas). About 50% of all violent crime occurs in 100 policing areas (9% of the precincts).

Place-based crime reduction interventions have yielded positive results in high crime cities in a variety of countries, such as the US, Argentina and Trinidad and Tobago.

But in South Africa, the approach to fighting crime has focused instead on arrests and on force. This is why increasing the funding hasn’t had results.

The police arrested around 1.5 million criminal suspects a year between 2019/20 and 2023/24. (The exception was 2020/1, with 2.8 million arrests due to COVID-19 lockdown violations.)

A negative outcome of this police action has been rising civil claims against police, amounting to R67.4 billion (US$3.6 billion) as of March 2024 (47,818 claims).

The police have also used militarised approaches, such as Operation Shanela. Officers have been encouraged to be more forceful against alleged criminals.

There is very little evidence to suggest that militarised policing reduces violent crime. It can actually contribute to declining public trust in the police. Only 27% of the population consider police trustworthy (from 47% in 1999).

Despite the police budget increasing in recent years, their effectiveness has been undermined by declining personnel numbers. In 2018, there were 150,639 police personnel. This has dropped to 140,048 in recent years. There has also been a substantial reduction in the police reserve force.

A further challenge is the high rate of recidivism (re-offending). An estimated 90% of offenders commit crime again after leaving prison.

Six actions for 100 worst areas

I argue that six things need to happen in the 100 worst crime areas:
- reduce the number of firearms in circulation
- improve the number of court-ready police dockets
- improve place-based crime intelligence
- reduce alcohol harms
- provide rehabilitation and support services for offenders
- boost community safety organisations.
Firearms control

Firearms are the leading weapon used in murders and in several categories of robberies. They are also commonly used in sexual violence, and feature in gangsterism and organised crime.

Confiscating illegal firearms and ammunition, and securing convictions for those found in possession of illegal firearms, will have a positive impact in the target areas.

This requires a close working relationship between police and the National Prosecuting Authority to collect appropriate evidence and prepare court dockets adequately.

Rulings by magistrates that declare certain people unfit to possess licensed firearms must be monitored regularly.

Court-ready police dockets

The National Prosecuting Authority has undergone reforms over the past six years to improve the efficiency and effectiveness of the criminal justice system. As a result, it has secured high conviction rates for several categories of violent crimes. However, many police dockets lack sufficient reliable evidence for the prosecutors to present so as to secure convictions in court.

As the table below shows, the vast majority of recorded violent crime cases do not result in a court conviction.

Police officials in high crime areas are typically overwhelmed by the large number of criminal cases they need to investigate. That means only a small number of dockets that have a likelihood of securing a conviction are prepared.

More resources are needed to increase cooperation between the police and prosecutors.

Place-based crime intelligence

Better crime intelligence could result in better control of illegal firearms and higher quality police dockets.

Police crime intelligence and other departments in the justice and security cluster must cooperate and share information.

Alcohol harms

Several forms of violent crime are linked to excessive alcohol consumption. Unregulated alcohol outlets present the most risky context for committing violence. There is an opportunity for police, prosecutors (especially through the Community Prosecutions Initiative) and municipalities to collaborate to reduce alcohol related crime and harms in the top 100 high crime areas.

This requires more effective monitoring and policing of alcohol outlets to ensure better compliance with liquor laws.

Rehabilitation and support services for offenders

It is likely that recidivism rates would be reduced if former prisoners and their families had better rehabilitation services in the top 100 high crime areas. Studies suggest that the most effective and practical programmes are those that focus on substance abuse, restorative justice, mental health, education and income generation.

Such services could give former inmates a means to generate an income legally.

Community safety organisations

Studies have shown that crime can be reduced when police and other government entities work closely with community organisations to devise solutions.

Community police forums and neighbourhood watches are examples of these kinds of arrangements.

They can collect intelligence and help the authorities design and implement evidence-based crime prevention actions that focus on the areas where crime is concentrated, and on the situations that tend to drive crime.

Guy Lamb receives funding from the Research Council of Norway and the British Academy.

– ref. Violent crime in South Africa happens mostly in a few hotspots: police resources should focus there – criminologist – https://theconversation.com/violent-crime-in-south-africa-happens-mostly-in-a-few-hotspots-police-resources-should-focus-there-criminologist-248233
MIL OSI – Global Reports –
February 6, 2025
MIL-OSI Security: Acting Assistant Attorney General Renata Hesse of the Antitrust Division Delivers Remarks at the American Bar Association Fall Forum
Source: United States Attorneys General 13

Protecting Competition Across 50 United States: Advocacy and Cooperation in Antitrust Enforcement

Good morning and thank you for that introduction. It was an honor to be invited to speak to you all this morning. Getting to speak to folks like you is one of the benefits of serving as the Acting Assistant Attorney General for Antitrust at the Department of Justice, which is both a challenging and rewarding role. Wow, have we been busy lately. In addition to an unprecedented litigation and investigation caseload, with the FTC last month we issued new guidelines for human resources professionals, two weeks ago we proposed revisions to our international guidelines and we’re finalizing revisions to our intellectual property guidelines. It’s an incredible time at the Antitrust Division.

On top of all that, I’ve had a fair number of these speaking opportunities lately, and I’ve been using them to discuss the great work the Antitrust Division has been doing. A few months ago I spoke about our successes in civil enforcement, and more recently I’ve talked about the tremendous work of our criminal enforcers and the successes we’ve had in building relationships with our international counterparts. I’ve intended these speeches not as exercises in chest-beating, but instead to be thoughtful assessments of where we are today, looking back over several decades of enforcement as we also look forward to the coming transition. With this speech, I’d like to complete that retrospective by focusing on two particularly important, related areas of the Antitrust Division’s work: cooperation with our counterpart state enforcers and competition advocacy at the state level.

I say state cooperation and competition advocacy are related because they both incorporate the recognition that, notwithstanding the hard work of the Antitrust Division and the FTC, protecting competition is not a job the federal government can or should do alone. Even as concentration has increased by certain metrics, our economy remains relatively disaggregated and threats to competition come in all shapes and sizes across our country.

Instead of just relying on prosecutorial work at the state and federal level, we combine enforcement with advocacy, and we partner with the states, other agencies and the business community to promote a competitive economy. The states feature prominently in that mission. As Alexander Hamilton told the New York Ratifying Convention: The “states must…be considered as essential component parts of the union.” That’s certainly true in antitrust enforcement, where they are essential component parts of the worthy effort to protect and promote competition throughout the American economy.

By the way I was going to do my best Lin Manuel Miranda impression for that Hamilton quote, but Bill MacCleod told me we weren’t allowed to rap at the Fall Forum.

Cooperative federalism works best on issues where the state and federal governments have a mutuality of interest, and that is certainly the case for antitrust enforcement. The states and the federal government each hope to preserve and promote the competitive process that is the central organizing principle of our free market economy—our mutual economic strength relies on competition playing out across connected local and national markets. While there may be some issues where state and federal goals diverge, antitrust is generally not one of them.

Then and Now – Antitrust Division Cooperation with State Antitrust Enforcers

Although we are united in our goal of promoting competition, I cannot say there are never disagreements on how to achieve that goal. As I’m sure you’ll hear today there are many perspectives on antitrust policy, and state enforcers share in that debate. There have been times in the past where those policy disagreements were stark. At the start of my career at the division, federal and state enforcers sometimes had very different views on how to apply the antitrust laws to promote competition. In that environment cooperation between state and federal enforcers was less common, and tensions occasionally arose from differing perspectives on how to approach important enforcement decisions.

More recently, however, agreement has been much more common than disagreement, and the cooperation between state and federal antitrust enforcers has been excellent. That success is no accident. Constant nurturing from a great many hardworking people in state and federal government – and attention at all levels, from our career staffs right up to the top of our organizations – have helped foster the productive working relationships we enjoy today.

Christine Varney set a great tone in her 2009 speech on state cooperation, and she advanced that cause when she brought on Mark Tobey as the Antitrust Division’s Special Counsel for State Relations and Agriculture. I have to give credit to Mark for his tireless efforts to make the partnership work well for the benefit of competition and the American consumer. I know Edith Ramirez has also helped drive the federal side of the partnership in her role at the FTC.

Meanwhile the state attorneys general have contributed to the relationship with a number of important advocates. I’d like to recognize the contributions of Vic Domen and Kathleen Foote, the current and immediately prior leaders of the National Association of Attorneys General (NAAG) Multistate Antitrust Task Force, who are both here today, along with many others working through the Task Force and in the antitrust sections of State Attorneys General throughout the country.

Successful Cooperation in Civil Antitrust Enforcement

These consistent efforts to nurture the federal-state relationship have paid real enforcement dividends. We’re proud at the division of our record of success. As I’ve talked about before, our civil program is going strong, blocking 43 anticompetitive deals in important consumer industries like wireless, broadband, software, and appliances. And we’ve brought a number of conduct cases in industries from publishing to high tech hiring to health care. Our state partners have featured prominently in many of those cases. I can fairly say that if you’ve recently used a health insurer, flown on a commercial airline, or paid a cell phone bill, then you’ve directly benefitted from cases where state cooperation played an important role.

The numbers bear out the level of cooperation we’ve enjoyed with our state partners. Each of the six civil trial sections in the division has worked on enforcement matters with the states; collectively we have worked with all 50 States plus Washington, D.C. and Puerto Rico. In the last seven years we have brought 25 cases with the states resulting in settlement or final disposition after trial. Five others are pending.

The Apple e-books case is a remarkable example of effective federal-state cooperation. The Texas Attorney General’s Office opened the original investigation into the conduct of the e-book publishers and Apple and investigated for a period of time before calling the Antitrust Division. Early fact investigation work by Texas and Connecticut enabled the division to get up to speed quickly about the nature of the industry and the anticompetitive conduct that occurred. In fact, some testimony from early depositions taken by Texas and Connecticut proved to be very important in the liability phase of the trial. And, as a further result of productive coordination, the states’ economist testified at trial about price and output effects of the alleged conspiracy, testimony which worked in tandem with expert testimony from the division’s retained economist to tell a compelling economic story.

A short anecdote from that case illustrates quite concretely the benefits of federal-state cooperation. One of the best documents that provided evidence of the conspiracy to raise e-book prices – a document that wound up being featured in the opening paragraph of the Government’s Trial Brief – was found during document review by a staff attorney from the Arkansas Attorney General’s Office.

No less significant in e-books, the states, using their parens patriae authority, along with private class counsel, negotiated monetary relief totaling over $500 million from the publishers and Apple, returning over 200% of overcharges to e-book buyers. A novel feature of the relief is that consumers who purchased e-books during the damages period could opt to have their payouts transferred directly to customer accounts at the various online e-book stores.

The New York City tour buses case is another noteworthy example of federal-state cooperation. In that case, the division teamed up with the New York Attorney General’s Antitrust Bureau to examine the combination of the two largest hop-on, hop-off sightseeing tour bus companies in New York City at the time – the red buses and the blue buses. The merged entity, called Twin America, had an effective monopoly and seemed determined to try to evade antitrust scrutiny. At various points in time over a period of nearly three years Twin America tried to maneuver the case away from the New York Antitrust Bureau, such as by filing an application for transfer of federal licenses which would be subject to the exclusive jurisdiction of the Surface Transportation Board. The New York Antitrust Bureau kept the matter alive over the course of these gyrations by filing opposition papers every step of the way.

Because of the New York Antitrust Bureau’s work, after the parties removed the jurisdictional impediment, our teams were in a position to conduct a brief investigation and then file a lawsuit in 2012 to unwind the combination and obtain disgorgement of profits obtained from a ticket price increase imposed on consumers by the merged firm. As it happens, that was one of my first matters in my first stint as Acting Assistant Attorney General, back before Bill Baer arrived in 2012. In 2015, after nearly three years of litigation, the parties entered into a joint federal-state settlement that provided substantial disgorgement under state and federal law and forced the parties to give up scarce tour bus stop authorizations from the City so that other firms could compete in the market.

A further illustration of how the division has opened up new and productive relationships with the states, in order to take advantage of unique state statutory powers, involves an initiative one of our Washington, D.C. criminal sections is now taking with the Georgia Department of Law. Under this plan, the division will work with the Consumer Protection Unit of the Georgia Department of Law to distribute nearly $1 million in restitution funds to victims of the real estate foreclosure auction bid-rigging cases brought in the Atlanta area. The Consumer Protection Unit has a long and successful record of returning overcharge damages to victims of all manner of consumer fraud cases and we sought to take advantage of those capabilities by partnering with them. A joint letter from the division and the Department of Law will soon go out to the first group of victims.

Formal Guidance to Shape Conduct and Foster Cooperation

Our cooperation on civil enforcement is bolstered by the formal and informal guidance the division provides through guidelines, workshops, and speeches, to name a few examples. This guidance helps illuminate our current practices and our thinking about critical issues of law and economics, and fosters communication between the division and our state counterparts. Plus, we think it’s just good government to be as transparent and predictable in our approach as possible—it’s the right thing to do.

Over the past several years, our non-litigating sections have been busy updating guidelines and developing new guidance to help educate and inform industry and fellow antitrust enforcers.

Two weeks ago, we released proposed updates to the International Guidelines. We added a chapter on international cooperation to reflect the growing importance of antitrust enforcement in the globalized economy, updated the discussion of the application of U.S. antitrust law to conduct involving foreign commerce, and provided examples that address the issues we most commonly encounter in our international efforts. We’re also updating our IP Guidelines, and are in the process of finalizing them based on the feedback we received through a public comment process.

About a month ago, we released new guidance for human resource professionals to educate them about how the antitrust laws apply to their job responsibilities and inform them of the division’s recent enforcement actions. As part of this guidance, we made clear that going forward employers who conspire to hold down wages or restrict hiring of each other’s workers will be investigated criminally and, if appropriate, prosecuted criminally. Naked “no-poaching” agreements or agreements to fix wages stamp out competition just like agreements to allocate customers or to fix product prices, violations of the law that the division has traditionally investigated criminally and prosecuted as hardcore cartel conduct. We hope this guidance will help HR professionals implement safeguards to prevent inappropriate discussions or agreements with other firms seeking to hire similar employees.

We expect these updates will facilitate even greater coordination with state enforcers in our efforts to protect competition.

State Legislative Efforts and Competition Advocacy

In addition to working with our counterpart antitrust enforcers in the offices of the State Attorneys General, we also work productively with state legislatures and regulatory bodies. Later today I understand there will be discussion about how state law and regulation can work to open, and unfortunately sometimes close, markets. It is important that state lawmakers are mindful of the consequences on competition of their actions and understand how legislation or policies can enhance or cripple competition.

The landscape within which state enforcers operate is different from the federal environment. State attorneys general face the challenge of balancing their role as enforcers of state and federal competition law with the obligation to counsel professional licensing and regulatory agencies about the potential to displace competition. They must balance their institutional role as advocates for free and fair markets with occasional pressure from state lawmakers to restrict markets and insulate local firms from emerging technologies and non-traditional competitors. Recognizing this tension, it can be helpful for the federal antitrust agencies to weigh in regarding proposed state and local legislation to seek to vindicate competition principles.

State officials sometimes seek our views on the competitive significance of state legislation and policies. We welcome those requests and are eager to share our expertise in a way that can help advance both legal frameworks and policies in the direction of more efficient and well-functioning markets, or to shape corporate behavior away from harmful anticompetitive conduct. Additionally, inherent in these competition advocacy efforts is fruitful dialogue and learning that advances the division’s expertise.

States can play a critical role in addressing and preventing anticompetitive conduct through their own legislative efforts. For example, in 2010 the Division sued Blue Cross Blue Shield of Michigan alleging that “most favored nation” provisions in its agreements with hospitals raised prices, discouraged discounts, and prevented competitive insurers from entering the market. About two years later, Michigan enacted a law that banned these harmful clauses. This move alleviated our concerns and now benefits competition and consumers throughout the state of Michigan. Several other states have also enacted similar legislation.

We have also weighed in over the years on how state regulatory or legislative actions can sometimes close markets off from competition. For example, the division, together with the FTC, has long supported repealing or scaling back state certificate of need laws. These laws typically require certain health care providers to obtain state approval before establishing new facilities, providing new services or making certain large capital expenditures. This can create barriers to competition by delaying or prohibiting entry and, as a result, can limit consumer choice and stifle innovation. We’ve shared these views most recently with officials in South Carolina, Virginia, Michigan, Illinois and Florida.

The division, often with the FTC, has also been active in educating legislatures about how scope of practice laws, which define the set of professionals allowed to perform particular services, can limit competition for consumer services. For example:
- In Massachusetts and Puerto Rico we advocated for legislation expanding the scope of practice laws to permit optometrists to provide certain treatments for glaucoma, thereby expanding competition and access to care.
- In the legal services realm, we have discouraged overly broad practice of law definitions that limit competition from non-lawyers for services that are not necessary to address legitimate and substantiated harms. In July, the division and the FTC encouraged the adoption of legislation in North Carolina that would provide consumers with the ability to use interactive software programs to fill out legal forms.
- Similarly in the real estate industry, we’ve weighed in on the benefits of competition from brokers who offer “fee-for-service” options for consumers and have cautioned against restricting these new consumer-friendly competitive choices.
The division also recently submitted a statement on the potential anticompetitive effects of certain legislative proposals in California that would ban or limit contracts between court reporters or service firms and third parties, such as insurance companies, for multi-case contracts.

Whether advocating in favor of state laws that help keep markets open, or working to help state legislatures understand the negative impacts on competition their laws might cause, we have great respect for the state legislative process. While we as antitrust enforcers have a singular goal of competition, legislatures have to balance a host of potentially competing public policy goals that aren’t squarely in our purview. All we can hope to do is foster an increased understanding and a deeper appreciation for the competition dimension of those decisions. That’s the same approach we take in all the advocacy we do with other federal agencies and international enforcers as well.

Looking forward

I hope that what you’ve heard in these remarks is that the Antitrust Division works hard to promote competition not only in our own cases, but also through our cooperation with and advocacy before our state counterparts. And I also hope you’ve gotten some sense for the sustained commitment that this work requires from a great many talented people.

Our work advocating for competition with our state partners is never done. In just four days, trial will start in the Anthem/Cigna merger challenge brought by the division alongside 11 states and Washington, D.C. I won’t comment on pending cases, but we look forward to working with the states as that important matter proceeds.

With an eye toward the future, allow me to conclude with some suggestions on federal-state cooperation in the cases to come.

For practitioners, I suggest embracing federal-state cooperation. It’s not in anyone’s interest to have divergent federal and state investigations and enforcement outcomes. Grant waivers early in investigations, and encourage state participation in Civil Investigative Demand (CID) depositions and party meetings. These steps will often reduce the investigative burdens on your clients and foster a dialogue that will simplify resolution or settlement if possible under the circumstances.

For the federal and state enforcement agencies, I’d encourage continued investment in the relationships that make cooperation work. As I mentioned earlier, those relationships were not always as strong as they are today, and I really believe they benefit from constant nurturing. Today’s event provides a perfect opportunity for the kind of engagement that keeps our organizations connected, and I see many of our state counterparts out in the audience. I look forward to catching up with you all today—enjoy the Fall Forum.

MIL Security OSI –
February 6, 2025
MIL-OSI Security: Attorney General Loretta E. Lynch Delivers Remarks at United States Military Academy

Source: United States Attorneys General 13

Remarks as prepared for delivery

Good afternoon, everyone, and thank you for that warm welcome. I am so grateful to be here today. I also want to thank Lieutenant General [Robert] Caslen and Brigadier General [Diana] Holland for their tremendous leadership here at West Point, and for their gracious invitation to address the Cow Class of the Corps of Cadets. And I want to acknowledge my colleague, Principal Deputy Associate Attorney General [Bill] Baer, who is here with me today. Bill does a tremendous job of leading the Justice Department’s Servicemembers and Veterans Initiative, which is our most important program to secure the rights of our men and women in uniform.

What an honor it is to stand before you today in this venerable place. This campus is unlike any other in the United States – and not just because it’s the only one that Benedict Arnold once tried to sell to the British. Few institutions have had a greater hand in molding the United States into the nation it is today than West Point. Your fellow alumni include two distinguished presidents: Dwight Eisenhower, who I believe said that failing to make the West Point baseball team was one of his life’s greatest disappointments, and Ulysses S. Grant, who wrote in his memoirs that each year at West Point “seemed about five times as long” as a year back home. They may have grumbled about their time here by the Hudson – something I am sure you have never done – but this much is clear: the path that led them to the highest office in public service began right here at West Point.

There is no doubt that this institution has a proud and rich history. But West Point is not simply a monument to the past. It is a gateway to our future. And that is why I look on each of you with such great pride and excitement. Because each of you has taken that future into your hands. When you were not yet 18, you made a choice. You chose to embark on an education that demands more of you than almost any other institution demands of students your age. You made a choice to forego many of the traditional comforts of college for a more challenging path. Before you could even vote, you made a choice that for at least the next nine years, the watchwords of your life would be “Duty, Honor, Country.” That is an enormous testament to your character. And that is a tremendous gift to our nation.

I am moved by the sacrifices that you have made, and that you will make. The conflict of my childhood was Vietnam, a place that meant nothing to me until it reached into my world and took my family members away. It’s a history lesson now, but I still vividly remember my cousins and uncle going off to Vietnam, when I was a young girl. My father, a minister, had a family prayer service for them the night before they left. I remember being struck by the magnitude of their sacrifice. It was the first time I ever really knew someone who was prepared to give his or her life for an ideal – for someone else’s freedom. Their country had called and they had answered, and that was more important than their own comfort or safety. Over the years I watched as other family members, including my own brother, made the choice to serve their country in the armed forces. Their example has stayed with me throughout my life, and it has never been far from my mind during my years with the Department of Justice.   That sense of sacrifice and devotion to a greater mission – which was instinctive to my family members who served, and which has brought all of you to West Point – is perhaps the most important ingredient I can think of in the creation of a leader. As a famous graduate of this school, General [Norman] Schwarzkopf, once said: “Leadership is a potent combination of strategy and character. But if you must be without one, be without strategy.”

And that is what I want to talk to you about today: why we need your character more than ever. It seems that our news cycles too frequently feature stories of rancor and division. Many of those stories give voice to those raising the question of what kind of leadership we want for our nation. I believe the answer to that question can be found here at West Point. And not simply because of your substantive knowledge, or your training to lead one of our most vital institutions in the most difficult of situations. Rather, it is because a West Point education is concerned not only with what you know, but with who you are. It is concerned not only with your mastery of strategy, but with your empathy and ability to understand those who are starkly different from you – whether they serve in your platoon or sit across from you at the negotiation table. It is concerned not only with your physical prowess, but with the resilience of your moral core. It is concerned not just with your sterling credentials, but your resolve to use those abilities to serve others. In short, I believe that your West Point education is giving you the very tools we need in all walks of life, military and civilian alike: the ability – and the responsibility – to bridge the gap among our fellow Americans.

It is clear why you are receiving this important and rigorous education. You will lead men and women through the most trying of circumstances. It will be up to you to show those in your command that their common goals transcend their individual differences. It will be up to you to ask them to do things they may not believe themselves capable of doing. It will be up to you to bring out the best in those you lead. And you will only be able to convince them to do those things if you do them yourself – exactly as you are learning to do here. And when you do that – when you realize that leadership is the ultimate form of service to and for others – then those in your command will surprise you, and themselves, with their selflessness, with their decency, and with their ability to join in a common cause. This is precisely the leadership that we also need, at this moment, in our national discourse, in our communities, and in our homes. Because as challenging as your military career will be, some of your greatest leadership challenges will come when you are out of uniform, in a world that doesn’t always exemplify the lessons you have learned here. How will you lead when a child you know is being bullied for being of a different race or religion? How will you lead when someone with whom you disagree needs your help? How will you lead when someone feels ignored or even targeted by the very government we are all sworn to serve? People will listen and look up to you. What will you say to them? Those are the times when you will truly lean on the lessons of this great institution – that true leaders speak up for those whose voice cannot be heard, protect the weak from the strong, and always focus on the common goals and principles that overcome our differences.

Being a leader often brings fulfillment, recognition and rewards. But it also brings unexpected moments. People once your peers may surprise themselves and you by not being completely happy for you, and that will hurt. Along with the acclaim you will also receive criticism, questioning your decisions, your motives, even your integrity, and that will sting. And, although it may be hard to believe – especially for you engineers out there – there will come a time when you will make mistakes, and disappoint others and yourself. We all fall down. It’s how you get up that tells the world who you are, even more than the rank on your sleeve. And how you respond to these challenges will confirm or deny everything that you have said about leadership in less fraught times. Because these are the times you show the content of your character. These are the times you must summon what is best in you – your courage, your integrity and your honor. These are the moments that count. These are the moments when you realize that true leadership focuses not on you, but on the institution you lead and the mission it serves.

In my life, I have been fortunate that that institution is the Department of Justice, and the mission is the protection of the American people and the upholding of the rule of law. And in my most difficult moments, first as a U.S. Attorney, and now as Attorney General of the United States, I have always been well served by reminding myself that my first responsibility is not to what others think of me, but to what my institution can do for others.

You have also committed to serving an institution: the U.S. military. I have no doubt that you will use your talents to uphold its proud traditions and to leave it an even stronger institution than you found it. We will be a safer and better people for your service defending our country and its values. But I also ask you to consider yourselves servants of these United States. The motto of this institution is not “Duty, Honor, Army” – although it will be, for a brief moment, on December 10. The motto is “Duty, Honor, Country.” And I want you to take that motto seriously. Because the division and disunity that we now see too often is symptomatic of a deeper pain in our people – pain that we must learn to heal. At a time when rhetoric and ideology divide us, and bitterness and mistrust tear at the fabric of our democracy, we need you to model service to a larger cause. We need you to remind us that our responsibility as Americans is to promote the welfare of all our people; to protect the vulnerable and the weak; and to ensure that the nation we leave for our children is better than the one our parents inherited.   We need you to bring us back to the heart of our greatness, the beauty of our different voices, paths and faces coming together as one people. We need you to remind us of what we have achieved together, in the early motto of this great country: E pluribus unum. Out of many, one.

That is my challenge to you today: be leaders not just of our military, but of our country. Wherever life takes you beyond West Point – whether you stay in the armed forces for life, or whether you choose a different path – I challenge you to continue to be servant leaders. Inspire others to serve causes larger than themselves. Bring the lessons of sacrifice and selflessness that you have learned to our boardrooms, our classrooms, to the halls of Congress. Show the American people that “Duty, Honor, Country,” is a motto not only for the proud few who pass through West Point, but for every person, in every community. You are uniquely positioned to perform this essential work, and as I look out over this exemplary group of men and women, I am filled with hope: hope that we will continue marching together toward a brighter future; hope that we will transcend our divisions and bridge our divides; and hope that our nation’s best days still lie ahead.

I want to thank you all for having me here. I look forward to seeing everything you will achieve as you assume the heavy – and honorable – mantle of leadership.

May God bless you all, and shelter your dreams with his everlasting grace. May God bless all of our men and women in uniform, and hold their safety in the palm of his hand. And may God continue to bless the United States of America.

Thank you.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Acting Attorney General Matthew Whitaker Delivers Remarks to the Department of Justice Rural and Tribal Elder Justice Summit
Source: United States Attorneys General 13

Remarks as prepared for delivery

Thank you, Marc for that kind introduction and thank you for your leadership as United States Attorney for the Southern District of Iowa. I think you’ll agree with me that it’s one of the best jobs in the world.

This is a distinguished crowd. Thank you to:
- Iowa Attorney General Tom Miller
- Six U.S. Attorneys: Bryan Schroder, Trent Shores, Ron Parsons, Andrew Murray, Pete Deegan, and Marc Krickbaum
- the head of our Office of Justice Programs and former U.S. Attorney for Northern Iowa, Matt Dummermuth,
- Katie Sullivan, the head of our Office on Violence Against Women,
- Darlene Hutchinson, the Director of our Office for Victims of Crime,
- Assistant Agriculture Secretary Anne Hazlett,
- Assistant Secretary Lance Robertson of HHS,
- SEC Regional Director Joel Levin,
- Postal Inspector Guy Cottrell,
- Acting Commissioner of the Social Security Administration Nancy Berryhill,
- Director Deborah Cox Roush of Senior Corps, and
- A special thanks to all those who made this event possible, especially Toni Bacon, Andy Mao, Kate Peterson, and their teams at the Elder Justice Initiative and the Office for Victims of Crime.
Thank you all for being here for this summit. I think this turnout shows how important these issues are to the Department of Justice and to the Trump administration.

It’s good to be home. Des Moines is my home. This is where I played football, where I practiced law, where I prosecuted criminals as a United States Attorney, and it’s where I’m raising my family.

Iowa shaped my values.

One of those Iowa values is that we respect our elders. We recognize the debt that we owe to our parents and grandparents.

Many seniors in Iowa and across America spent their whole lives working, saving, and sacrificing so that they could enjoy a secure and peaceful retirement. And under President Trump their 401(k)s are looking good.

But criminals can try to take it all away with one phone call, one letter, or even one email.

Each year, an estimated $3 billion are stolen or defrauded from millions of American seniors. Through so-called grandparent scams, fake prizes or even outright extortion, criminals target our seniors to rob them of their hard-earned savings and their peace of mind.

And it appears as though this threat is only growing. The Senate Aging Committee’s Fraud Hotline received twice as many reports in 2016 as it received in 2015.

These fraud schemes can happen to anyone. And so I hope that no one will feel ashamed to come forward and report if they’ve been a victim. Some of my family members here in Iowa have received these phone calls. Some of you have, too.

At the Department of Justice, we acknowledge that rural areas are especially vulnerable to these crimes.

In tightly knit communities like the one I grew up in, people are generous and they develop a sense of trust with one another.

Criminals look at that and they see dollar signs.

Oftentimes local law enforcement in rural communities have to cover large areas of land with only a small number of officers. They don’t have the time or the resources to investigate fraud schemes that are often national or even international in scope.

Fortunately, the Department of Justice has their backs. As President Donald Trump has said, this administration supports state and local law enforcement 100 percent.

In this administration, we are well aware that 85 percent of law enforcement officers in this country serve at the state and local levels. We know that we can’t achieve our goals without them.

Over the past year we have taken historic new action to support our state and local partners and to keep our seniors safe.

This year our U.S. Attorneys’ offices have each designated an elder justice coordinator to help prevent crime by educating seniors about scams and other threats. Over just nine months, our elder justice coordinators participated in nearly 200 training, outreach, and coordination meetings attended by approximately 7,000 people.

Our elder justice coordinators are also customizing our strategy to protect seniors in their district and coordinating our prosecutions with state and local partners. That will help us complete more cases and secure more convictions.

In February, the Department conducted the largest elder fraud enforcement action in American history. We charged more than 200 defendants with fraud against elderly Americans and we brought civil actions against dozens more. The defendants in these cases allegedly stole from more than one million American seniors of more than half a billion dollars.

Just a few weeks ago, the Department extended a deferred prosecution agreement with a financial services company in Dallas. This company allegedly knew about criminals using their services for money laundering, but didn’t do anything about it. Some of their employees even took part in the schemes—including grandparent scams and fake prize scams targeting the elderly. In exchange for avoiding prosecution, the company is forfeiting $125 million which the Department will provide to the victims. The company has also agreed to implement anti-money laundering protections to prevent these crimes from ever happening again.

There are a lot of other cases that we could talk about—but I’ll just mention two right here in Iowa.

This year, a total of 33 defendants in Dubuque—11 at the federal level and 22 at the local level—have been convicted for a grandparent scam against a total of 285 American seniors. The defendants defrauding more than $750,000 and then wiring it to their co-conspirators in the Dominican Republic. Now they’ve been held accountable.

At the federal level, these cases were prosecuted by AUSA Tony Morfitt of our Elder Justice Task Force—Tony, great job.

In August, a jury convicted a man from outside of Des Moines for convincing elderly Iowans to sell off their investments and buy insurance from him. Instead of buying the insurance as promised, the defendant used most of the funds for personal expenses like remodeling his house and buying two new Harley Davidsons. I’m pleased to report that that house and those motorcycles have now been forfeited.

This case was investigated by the FBI and prosecuted by Adam Kerndt and Mikaela Shotwell. Great work.

These are important accomplishments. We have increased the resources dedicated to these cases and we have increased our effectiveness in prosecuting them.

But there is more to do. And so today I am announcing our next steps.

First of all, we are improving training for our U.S. Attorneys’ offices.

Earlier this year the Department’s Elder Justice Initiative published its Elder Abuse Guide for Law Enforcement or EAGLE. EAGLE contains helpful information for prosecutors, including overviews of state and local law as well as best practices for evidence collection, interviewing older adults, and for documenting elder abuse. EAGLE is free and available right now to every law enforcement officer in the country.

Today I am announcing that the next edition of our Journal of Justice Policy and the Law—formerly known as the USA Bulletin—will focus on Elder Justice. It will also be the longest bulletin we’ve ever published since we started it back in 1953. These bulletins are public, and so they can be used by state and local prosecutors as well as our U.S. Attorneys’ offices. That will provide the knowledge and insights of some of the top experts on elder justice to the prosecutors who are on the front lines.

Second, we are investing in services for seniors who have been victimized by criminals.

I am announcing today that over the next 11 months, our Office for Victims of Crime will provide nearly $18 million to help seniors who are victims of crime. These funds can be used for priorities like legal services, telephone hotlines, and housing for seniors who have lost their homes—which is something that happens all too often. We are using these OVC funds for a wider variety of services for seniors than ever before.

And finally, we are continuing to enforce the law aggressively and forcefully.

On October 1st, the Department began our Money Mule Initiative, which is a coordinated effort against the transnational criminal organizations who are defrauding our seniors.

We are hitting the fraudsters where it hurts—in the wallet.

Our prosecutors have found that fraudsters avoid using banks to launder the money they take from their victims. Instead, they launder it through so-called money mules—Americans who collect the money and then send it overseas.

Oftentimes these are co-conspirators—as in the Dubuque case that I mentioned a moment ago. But sometimes they are simply good people who have been tricked into thinking that they are doing charity work or working for a legitimate business.

Working with our Postal Inspectors, FBI agents, and other law enforcement partners, we have identified a number of these money mules across America. We have even been able to determine which ones have been tricked into this work and which ones are knowing and willful conspirators.

In the first case, we knock on their door and we explain to them what’s really going on. We ask them to sign a letter acknowledging that it’s wrong and promising to stop. That in itself is shutting off large quantities of money for the fraudsters.

And in the second case—when we determine that they are part of a conspiracy—we are filing civil actions and taking them to court.

Since October 1, we’ve taken action to stop 400 money mules across 65 districts. These involve everything from grandparent scams to romance scams, fake lotteries, IRS imposters, and fake tech support schemes.

The FBI and our Postal Inspectors have interviewed 300 money mules and sent 300 warning letters. We’ve charged 10 defendants and filed 25 civil actions. We’ve executed search warrants across America, including here in the Southern District of Iowa.

These are impressive numbers.

Our goal is to reduce crime and protect America’s seniors. And we have good reasons to believe that our work with our law enforcement partners is reducing crime and having a real impact on the seniors of this country.

The Postal Inspection Service has estimated that payments by mass mail fraud victims to foreign post office boxes has dropped by 94 percent since 2016—from 150,000 per month to approximately 10,000 per month now.

There are many causes for that, but that is a remarkable achievement—and I want to thank everyone who has played a role in our efforts.

We are going to keep up this pace.

We are going to continue to provide our prosecutors and our state and local partners with the resources that they need. And we’re going to keep putting fraudsters in jail.

I want to thank each of you again for your contribution to this effort. Each of us has a role to play—and certainly not just those of us in government. All of us can be on the lookout for fraud schemes and report suspected criminal activity.

If we do that—and if we remain vigilant—then we can ensure that every senior has the safety and peace of mind that they deserve.

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

Source: United States Attorneys General 13

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thank you.

MIL Security OSI –

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

US Senate News:

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

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

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

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

Senate Committee on the Judiciary  

Ranking Member, Subcommittee on the Constitution  

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

MIL OSI USA News –

February 6, 2025
MIL-OSI: Annual general meeting of Ringkjøbing Landbobank A/S
Source: GlobeNewswire (MIL-OSI)

Nasdaq Copenhagen
London Stock Exchange
Euronext Dublin
Other stakeholders

Date 5 February 2025

Annual general meeting of Ringkjøbing Landbobank A/S

The bank will hold its annual general meeting at 5:00 p.m. on Wednesday, 5 March 2025 at the ROFI Centre, Kirkevej 26, Rindum, 6950 Ringkøbing, Denmark.

Agenda as per the bank’s articles of association:

1. Election of chairperson

The board of directors proposes that Allan Østergaard Sørensen, attorney-at-law, chair the general meeting.

2. The board’s report on the bank’s activities in the previous year

The board of directors proposes that the board’s report on the bank’s activities in the previous year be adopted.

3. Presentation of the annual report for approval

The board of directors proposes that the annual report for 2024 be approved.

Further reference is made to the published annual report for 2024.

4. Decision on allocation of profit or covering of loss under the approved annual report

The board of directors proposes that the distribution of profit be approved.

Further reference is made to the published annual report for 2024.

5. Consultative vote on the remuneration report

The board of directors proposes that the remuneration report for 2024 be approved.

Further reference is made to the published remuneration report for 2024.

6. Approval of the remuneration of the board of directors for the current financial year

The shareholders’ committee and the board of directors propose that the remuneration of the board of directors for the current financial year be approved.

Further reference is made to the full proposals.

7. Remuneration policy

The board of directors proposes that the updated remuneration policy be approved.

Further reference is made to the full proposals.

8. Election of members to the shareholders’ committee

In accordance with the decision made by the bank’s annual general meeting held on 28 February 2024, the following members of the shareholders’ committee, whose terms of office end in 2025 and 2026, are resigning: Mette Bundgaard, Per Lykkegaard Christensen, Ole Kirkegård Erlandsen, Thomas Sindberg Hansen, Tonny Hansen, Kim Jacobsen, Morten Jensen, Kasper Lykke Kjeldsen, Lotte Littau Kjærgaard, Niels Erik Burgdorf Madsen, Martin Krogh Pedersen, Poul Kjær Poulsgaard, Kristian Skannerup, Allan Østergaard Sørensen, Jørgen Kolle Sørensen, Sten Uggerhøj, Lasse Svoldgaard Vesterby and Christina Ørskov.

In addition, Lars Møller and Yvonne Skagen must retire from the shareholders’ committee due to the age requirement in the articles of association.

The shareholders’ committee and the board of directors propose re-election of the following members, whose terms of office end in 2025 and 2026:
- Mette Bundgaard, police superintendent, No, born 1966
- Per Lykkegaard Christensen, farmer, Hjallerup, born 1959
- Ole Kirkegård Erlandsen, butcher, Snejbjerg, born 1962
- Thomas Sindberg Hansen, grocer, Kloster, born 1978
- Tonny Hansen, former college principal, Ringkøbing, born 1958
- Kim Jacobsen, manager, Aalborg, born 1969
- Morten Jensen, attorney-at-law (Supreme Court), Dronninglund, born 1961
- Kasper Lykke Kjeldsen, timber merchant, Højbjerg, born 1981
- Lotte Littau Kjærgaard, manager, Holstebro, born 1969
- Niels Erik Burgdorf Madsen, manager, Ølgod, born 1959
- Martin Krogh Pedersen, CEO, Ringkøbing, born 1967
- Poul Kjær Poulsgaard, farmer, Madum, born 1974
- Kristian Skannerup, manufacturer, Tim, born 1959
- Allan Østergaard Sørensen, attorney-at-law (High Court), Ringkøbing, born 1982
- Jørgen Kolle Sørensen, sales representative and branch manager, Hvide Sande, born 1970
- Sten Uggerhøj, car dealer, Frederikshavn, born 1959
- Lasse Svoldgaard Vesterby, manager, Ringkøbing, born 1978
- Christina Ørskov, manager, Gærum, born 1969
The shareholders’ committee and the board of directors propose the following for election:
- Rasmus Alstrup, farmer, Videbæk, born 1985
- Rikke Ahnfeldt Kjær, CFO, Gistrup, born 1980
- Pia Stevnhøj Sommer, sales director, Lind, born 1979
In recruiting and proposing candidates for the shareholders’ committee (election and re-election), the committee and board of directors have focused on ensuring a diverse committee membership in terms of business experience, professional qualifications and expertise, gender, age etc.

9. Election of one or more auditors

In accordance with the audit committee’s recommendation, the shareholders’ committee and the board of directors propose that PricewaterhouseCoopers, Statsautoriseret Revisionspartner-selskab be re-elected as external auditor and sustainability auditor.

Further reference is made to the full proposals.

10. Authorisation for the board of directors to permit the bank to acquire its own shares

The board of directors proposes that it be granted authorisation to permit the bank to acquire its own shares, in accordance with current legislation, until the next annual general meeting, to a total nominal value of ten percent (10%) of the share capital, such that the shares can be acquired at current market price plus or minus ten percent (+/-10%) at the time of acquisition.
Further reference is made to the full proposals.

11. Any proposals from the board of directors, the shareholders’ committee or shareholders

11.a. Proposed amendments to the articles of association

The shareholders’ committee and the board of directors propose the following amendments to the articles of association:

Art. 2a-2b:
It is proposed that the authorisations in articles 2a and 2b be extended to 4 March 2030.
If the proposal is approved, the wording of articles 2a and 2b of the bank’s articles of association will be changed to the following:

Art. 2a:
“The general meeting has decided to authorise the board of directors to increase the share capital in one or more rounds by up to nom. DKK 5,341,347 with right of pre-emption for the bank’s existing shareholders. The capital increase shall be fully paid up in cash. The capital increase may be below the market price. This authorisation shall apply until 4 March 2030.”

Art. 2b:
“The general meeting has decided to authorise the board of directors to increase the share capital in one or more rounds by up to nom. DKK 2,670,673 without right of pre-emption for the bank’s existing shareholders. The capital increase may be by cash payment or contribution of an existing company or specific asset values corresponding to the value of the shares issued. The capital increase shall be fully paid up at the market price ascertained by the board of directors. This authorisation shall apply until 4 March 2030.”

The background to the proposal is that the board of directors wants to ensure continued flexibility regarding the granting of authorisations to the board of directors.

The proposed amendments to the articles of association are also given in the full proposals to which we refer and which are available on the bank’s website, www.landbobanken.com.

11.b. Proposal to reduce the bank’s share capital by nom. DKK 1,315,042 by cancellation of its own shares

The board of directors proposes a reduction in the bank’s share capital from nom. DKK 26,706,739 to nom. DKK 25,391,697 by cancellation of 1,315,042 nom. DKK 1 shares from the bank’s holding of its own shares of a nominal value of DKK 1,315,042.

Please note that, in accordance with section 188(1) of the Danish Companies Act, the purpose of the reduction in the bank’s share capital is payment to shareholders. The amount of the reduction has been used as payment to shareholders for shares acquired by the bank under the authorisation previously granted to the board of directors by the general meeting.

The share capital will consequently be reduced by nom. DKK 1,315,042 and the bank’s holding of its own shares will be reduced by 1,315,042 nom. DKK 1 shares. Please note that, in accordance with section 188(2) of the Danish Companies Act, the shares in question were acquired for a total sum of DKK 1,524,948,149. This means that, apart from the reduction in nominal capital, DKK 1,523,633,107 has been paid to shareholders.

The purpose of the board of directors’ proposed reduction of the share capital is to maintain flexibility in the bank’s capital structure.

If the proposal is adopted, the following changes will be made to articles 2, 2a, 2b and 2c of the articles of association:
Art. 2: The amount of “26,706,739” will be changed to “25,391,697”, Art. 2a: The amount of “5,341,347” will be changed to “5,078,339”, Art. 2b: The amount of “2,670,673” will be changed to “2,539,169”, and Art. 2c: The amount of “5,341,347” will be changed to “5,078,339”.

11.c. Proposed authorisation for the board of directors or its appointee

The board of directors proposes that the board of directors, or its appointee, be authorised to report the decisions which have been adopted at the general meeting for registration and to make such changes to the documents submitted to the Danish Business Authority as the Authority may require or find appropriate in connection with registration of the decisions of the general meeting.

11.d. Proposal from a shareholder

Proposal from shareholder Poul Aksel Andersen, Hobro:

Reason for the proposal:
The minutes of the 2024 annual general meeting state that: “In recruiting and proposing candidates for the shareholders’ committee (election and re-election), the committee and board of directors have focused on ensuring a diverse committee membership in terms of business experience, professional qualifications and expertise, gender, age etc.”

Despite this, it is evident from the minutes that all of the elected members of the shareholders’ committee in 2024 were in leading positions. The shareholders’ committee is therefore hardly representative of the bank’s shareholders or customers in terms of business experience, professional qualifications or expertise.

Proposal:
It is proposed, that Ringkjøbing Landbobank’s work of recruiting and proposing of candidates in the future should focus on making the composition of the shareholders’ committee representative of the bank’s shareholders and customers; that the bank should make the process of admitting committee members transparent for all shareholders who might be interested in joining the shareholders’ committee; and that the bank’s work should focus specifically on ensuring that at least 25% of the members of the shareholders’ committee are employees without responsibilities for managing other staff.

The board of directors’ recommendation regarding the proposal:

The members of the bank’s board of directors are elected by the shareholders’ committee. Six of the eight current board members elected by the shareholders’ committee came from the membership of the shareholders’ committee. The shareholders’ committee is thus a recruitment channel for the board of directors. It is relevant, therefore, that the members of the shareholders’ committee possess the right competences for onward recruitment to the board of directors. In addition, the authorities nowadays impose a number of requirements on serving members of boards of directors of financial undertakings, including in relation to their competences, and there are also requirements regarding the collective competences of the plenary board of directors.

The board of directors, the board of directors’ nomination committee and the shareholders’ committee are already working to promote diversity in the shareholders’ committee.

The board of directors does not consider it appropriate to tie the board of directors’ nomination committee, the board of directors and the shareholders’ committee to a specific framework in future recruitment processes for nominations of candidates to the shareholders’ committee.

For the above reasons, the board of directors does not support the proposal.

Validity requirements for resolutions

The proposals under items 11.a. and 11.b. of the agenda require adoption by at least two-thirds (2/3) both of votes cast and of the share capital with voting rights represented at the general meeting. Other proposals can be adopted by simple majority vote, except item 5 on the agenda which is a consultative vote.

Amount of share capital and the shareholders’ voting rights and date of registration – the right to attend and vote at the general meeting

Please note that the amount of the share capital is nom. DKK 26,706,739 consisting of 26,706,739 nom. DKK 1 shares.

As for shareholders’ voting rights, each share of nom. DKK 1 carries one (1) vote when the share is recorded in the company’s share register, or when the shareholder has reported and documented their right. However, a shareholder may cast no more than 3,000 votes.

The right to attend and vote at the general meeting may only be exercised by shareholders who, by 11:59 p.m. on the date of registration, Wednesday, 26 February 2025, are listed as shareholders in the register of shareholders or have submitted a request to the bank, which the bank has received by that deadline, for inclusion in the register of shareholders.

Registration for the general meeting, questions and admission cards

Registration for the general meeting can be made
- by contacting Euronext Securities A/S by phone +45 4358 8866 or email to CPH-investor@euronext.com or
- by contacting one of the bank’s branches.
In accordance with the bank’s articles of association, the deadline for registering for the general meeting is 11:59 p.m. on Friday 28 February 2025, after which admission cards for the general meeting can no longer be ordered.

Shareholders or proxies may be accompanied by an adviser, provided the adviser’s attendance has been notified on time.

Shareholders may ask questions in writing about the agenda items or the bank’s position in general, to be answered at the general meeting. Questions may be sent by letter to Ringkjøbing Landbobank A/S, for the attention of: General Management, Torvet 1, 6950 Ringkøbing, Denmark, or by email to regnskab@landbobanken.dk.

Voting

Shareholders may attend and vote in person or by proxy at the general meeting. Postal voting is also possible before the general meeting.

Shareholders may grant proxy to the bank’s board of directors or a third party by 11:59 p.m. on Friday 28 February 2025. The proxy may be issued electronically on InvestorPortal at Euronext Securities, via the bank’s website www.landbobanken.com or in writing on a proxy form which is available from the bank’s branches.

If a written proxy is used, it must be completed and signed, and received at the bank by the above deadline, i.e. 11:59 p.m. on Friday 28 February 2025.

The proxy may be sent by post for the attention of: Accounts Department, Ringkjøbing Landbobank A/S, Torvet 1, 6950 Ringkøbing, Denmark, by email to regnskab@landbobanken.dk or by fax to +45 7624 4913.

Shareholders may also send a postal vote before the general meeting.

Postal votes may be cast electronically on InvestorPortal at Euronext Securities, via the bank’s website www.landbobanken.com or in writing on a postal vote form which is available from the bank’s branches.

If a postal vote is cast, the ballot paper must be returned for the attention of: Accounts Department, Ringkjøbing Landbobank A/S, Torvet 1, 6950 Ringkøbing, Denmark, by email to regnskab@landbobanken.dk or by fax to +45 7624 4913.

Electronic postal votes must be cast by 10:00 a.m. on Tuesday, 4 March 2025, by which time a postal ballot paper must also be received by the bank.

Exercising financial rights

Ringkjøbing Landbobank’s shareholders can choose Ringkjøbing Landbobank A/S as the account-holding institution for the purpose of exercising the financial rights through Ringkjøbing Landbobank A/S.

Further information

The annual report, agenda and full proposals with the proposed amendments to the articles of association, the remuneration report, other documents under section 99(1) of the Danish Companies Act and information on the collection and processing of personal data in connection with the annual general meeting will be published on the bank’s website www.landbobanken.com and made available for inspection by shareholders on Wednesday, 5 February 2025.

Recording and webcast

The general meeting will be recorded and the recording will subsequently be uploaded to the bank’s website, www.landbobanken.com.

The general meeting will also be webcast via the bank’s website, www.landbobanken.com and can be viewed by everyone. It will not be possible to ask questions or vote via the webcast.

Personal data

For details on the bank’s processing of personal data in respect of general meetings, please see Ringkjøbing Landbobank’s privacy policy for shareholders etc., which is available on the bank’s website, www.landbobanken.com.

Dividend

Any dividend is expected to be available in shareholders’ return accounts on 10 March 2025.

Yours sincerely

Ringkjøbing Landbobank

On behalf of the board of directors

Martin Krogh Pedersen
Chair of the board of directors

Attachment
- Indkaldelse ordinær generalforsamling 2025 – EN endelig
The MIL Network –
February 6, 2025

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

Source: US Bureau of Economic Analysis

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

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

Exports, Imports, and Balance (exhibit 1)

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

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

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

Three-Month Moving Averages (exhibit 2)

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

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

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

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

Exports (exhibits 3, 6, and 7)

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

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

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

Net balance of payments adjustments decreased $0.8 billion.

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

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

Imports (exhibits 4, 6, and 8)

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

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

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

Net balance of payments adjustments increased $0.1 billion.

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

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

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

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

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

Revisions

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

Revisions to November exports

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

Revisions to November imports

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

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

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

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

Annual Summary for 2024

Exports, Imports, and Balance (exhibit 1)

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

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

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

Exports (exhibits 3, 6, and 7)

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

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

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

Net balance of payments adjustments decreased $8.5 billion.

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

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

Imports (exhibits 4, 6, and 8)

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

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

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

Net balance of payments adjustments decreased $0.2 billion.

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

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

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

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

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

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

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

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

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

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

Notice

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

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

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

Upcoming Changes to the Real (Chained-Dollar) Series

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

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

MIL OSI USA News –

February 6, 2025

MIL-OSI Global: Water is the other US-Mexico border crisis, and the supply crunch is getting worse

Source: The Conversation – USA – By Gabriel Eckstein, Professor of Law, Texas A&M University

View of the Rio Grande flowing through Ciudad Juarez, Mexico, photographed from the Paso Del Norte International Bridge. Paul Rarje/AFP via Getty Images

Immigration and border security will be the likely focus of U.S.-Mexico relations under the new Trump administration. But there also is a growing water crisis along the U.S.–Mexico border that affects tens of millions of people on both sides, and it can only be managed if the two governments work together.

Climate change is shrinking surface and groundwater supplies in the southwestern U.S. Higher air temperatures are increasing evaporation rates from rivers and streams and intensifying drought. Mexico is also experiencing multiyear droughts and heat waves.

Growing water use is already overtaxing limited supplies from nearly all of the region’s cross-border rivers, streams and aquifers. Many of these sources are contaminated with agricultural pollutants, untreated waste and other substances, further reducing the usability of available water.

As Texas-based scholars who study the legal and scientific aspects of water policy, we know that communities, farms and businesses in both countries rely on these scarce water supplies. In our view, water conditions on the border have changed so much that the current legal framework for managing them is inadequate.

Unless both nations recognize this fact, we believe that water problems in the region are likely to worsen, and supplies may never recover to levels seen as recently as the 1950s. Although the U.S. and Mexico have moved to address these concerns by updating the 1944 water treaty, these steps are not long-term solutions.

The Rio Grande flows south from Colorado and forms the 1,250-mile (2,000-kilometer) Texas-Mexico border.
Kmusser/Wikimedia, CC BY-SA

Growing demand, shrinking supply

The U.S.-Mexico border region is mostly arid, with water coming from a few rivers and an unknown amount of groundwater. The main rivers that cross the border are the Colorado and the Rio Grande – two of the most water-stressed systems in the world.

The Colorado River provides water to more than 44 million people, including seven U.S. and two Mexican states, 29 Indian tribes and 5.5 million acres of farmland. Only about 10% of its total flow reaches Mexico. The river once emptied into the Gulf of California, but now so much water is withdrawn along its course that since the 1960s it typically peters out in the desert.

The Rio Grande supplies water to roughly 15 million people, including 22 Indian tribes, three U.S. and four Mexican states and 2.8 million irrigated acres. It forms the 1,250-mile (2,000-kilometer) Texas-Mexico border, winding from El Paso in the west to the Gulf of Mexico in the east.

The Colorado River flows through seven U.S. states and crosses into Mexico at the Arizona-California border.
USGS

Other rivers that cross the border include the Tijuana, San Pedro, Santa Cruz, New and Gila. These are all significantly smaller and have less economic impact than the Colorado and the Rio Grande.

At least 28 aquifers – underground rock formations that contain water – also traverse the border. With a few exceptions, very little information on these shared resources exists. One thing that is known is that many of them are severely overtapped and contaminated.

Nonetheless, reliance on aquifers is growing as surface water supplies dwindle. Some 80% of groundwater used in the border region goes to agriculture. The rest is used by farmers and industries, such as automotive and appliance manufacturers.

Over 10 million people in 30 cities and communities throughout the border region rely on groundwater for domestic use. Many communities, including Ciudad Juarez; the sister cities of Nogales in both Arizona and Sonora; and the sister cities of Columbus in New Mexico and Puerto Palomas in Chihuahua, get all or most of their fresh water from these aquifers.

A booming region

About 30 million people live within 100 miles (160 kilometers) of the border on both sides. Over the next 30 years, that figure is expected to double.

Municipal and industrial water use throughout the region is also expected to increase. In Texas’ lower Rio Grande Valley, municipal use alone could more than double by 2040.

At the same time, as climate change continues to worsen, scientists project that snowmelt will decrease and evaporation rates will increase. The Colorado River’s baseflow – the portion of its volume that comes from groundwater, rather than from rain and snow – may decline by nearly 30% in the next 30 years.

Precipitation patterns across the region are projected to be uncertain and erratic for the foreseeable future. This trend will fuel more extreme weather events, such as droughts and floods, which could cause widespread harm to crops, industrial activity, human health and the environment.

Further stress comes from growth and development. Both the Colorado River and Rio Grande are tainted by pollutants from agricultural, municipal and industrial sources. Cities on both sides of the border, especially on the Mexican side, have a long history of dumping untreated sewage into the Rio Grande. Of the 55 water treatment plants located along the border, 80% reported ongoing maintenance, capacity and operating problems as of 2019.

Drought across the border region is already stoking domestic and bilateral tensions. Competing water users are struggling to meet their needs, and the U.S. and Mexico are straining to comply with treaty obligations for sharing water.

Cross-border water politics

Mexico and the United States manage water allocations in the border region mainly under two treaties: a 1906 agreement focused on the Upper Rio Grande Basin and a 1944 treaty covering the Colorado River and Lower Rio Grande.

Under the 1906 treaty, the U.S. is obligated to deliver 60,000 acre-feet of water to Mexico where the Rio Grande reaches the border. This target may be reduced during droughts, which have occurred frequently in recent decades. An acre-foot is enough water to flood an acre of land 1 foot deep – about 325,000 gallons (1.2 million liters).

Allocations under the 1944 treaty are more complicated. The U.S. is required to deliver 1.5 million acre-feet of Colorado River water to Mexico at the border – but as with the 1906 treaty, reductions are allowed in cases of extraordinary drought.

Until the mid-2010s, the U.S. met its full obligation each year. Since then, however, regional drought and climate change have severely reduced the Colorado River’s flow, requiring substantial allocation reductions for both the U.S. and Mexico.

In 2025, states in the U.S. section of the lower Colorado River basin will see a reduction of over 1 million acre-feet from prior years. Mexico’s allocation will decline by approximately 280,500 acre-feet under the 1944 treaty.

This agreement provides each nation with designated fractions of flows from the Lower Rio Grande and specific tributaries. Regardless of water availability or climatic conditions, Mexico also is required to deliver to the U.S. a minimum of 1,750,000 acre-feet of water from six named tributaries, averaged over five-year cycles. If Mexico falls short in one cycle, it can make up the deficit in the next five-year cycle, but cannot delay repayment further.

The U.S. and Mexico are struggling to share a shrinking water supply in the border region.

Since the 1990s, extraordinary droughts have caused Mexico to miss its delivery obligations three times. Although Mexico repaid its water debts in subsequent cycles, these shortfalls raised diplomatic tensions that led to last-minute negotiations and large-scale water transfers from Mexico to the U.S.

Mexican farmers in Lower Rio Grande irrigation districts who had to shoulder these cuts felt betrayed. In 2020, they protested, confronting federal soldiers and temporarily seizing control of a dam.

U.S. President Donald Trump and Mexican President Claudia Scheinbaum clearly appreciate the political and economic importance of the border region. But if water scarcity worsens, it could supplant other border priorities.

In our view, the best way to prevent this would be for the two countries to recognize that conditions are deteriorating and update the existing cross-border governance regime so that it reflects today’s new water realities.

Gabriel Eckstein is affiliated with the Permanent Forum on Binational Waters, International Association for Water Law, and International Water Resources Association.

Rosario Sanchez receives funding from the USGS under the Transboundary Aquifer Assessment Program Act. She is affiliated with Texas A&M University and the non-profit as a volunteer to the Permanent Forum of Binational Waters, the International Association of Hydrogeologists, and the International Water Resources Association.

– ref. Water is the other US-Mexico border crisis, and the supply crunch is getting worse – https://theconversation.com/water-is-the-other-us-mexico-border-crisis-and-the-supply-crunch-is-getting-worse-244722

MIL OSI – Global Reports –

February 6, 2025

MIL-OSI Asia-Pac: APEDA’s financial assistance schemes boost 47.3% surge in India’s fruit and vegetable exports

Source: Government of India

Posted On: 04 FEB 2025 7:58PM by PIB Delhi

APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development
India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years

The Department of Commerce through Agricultural and Processed Food Products Export Development Authority (APEDA) provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for Fruits & vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22 to 2025-26) in following three broad areas:

Scheme for infrastructure Development – Financial assistance for setting up of packhouse facilities with packing / grading lines, pre-cooling unit with cold storage and refrigerated transportation etc., cable system for handling of crops like banana, pre-shipment treatment facilities such as irradiation, vapor heat treatment, hot water dip treatment and common infrastructure facilities, reefer vans and missing gap in the existing infrastructure of individual exporters.

Scheme for Quality Development – Financial assistance for purchase of laboratory testing equipment, installation of quality management system, handheld devices for capturing farm level coordinates for traceability and testing of water, soil, residues and pesticides etc.

Scheme for Market Promotion – The assistance covers participation of exporters in international trade fairs, organizing buyer seller meets and developing packaging standards for new products and upgrading the existing packaging standards.

The details of financial assistance guidelines are available at APEDA Website www.apeda.gov.in under the “Scheme” tab.

As a result of these initiatives, there has been a growth of 47.3%, in the volume of exports of fruits and vegetables between the period 2019-20 to 2023-24.

Export data of fruits and vegetables in last five years
Export data of fruits and vegetables in last five years
Country: All
Product: Fresh Fruits & Vegetables
	Value In USD Million					Qty In Thousand MT
Products	2019-20	2020-21	2021-22	2022-23	2023-24	2019-20	2020-21	2021-22	2022-23	2023-24
Fresh Fruits & Vegetables	1,282.43	1,342.13	1,527.63	1,635.95	1,814.58	2,659.48	3,148.08	3,376.25	4,335.68	3,911.95
Source: DGCIS

Growth in terms of Volume in the last five years =47.30%

Growth in terms of Value in the last five years= 41.50 %

The Government maintains the record of total exports of fruits and vegetables from India. The export figures of States are compiled on the basis of the State-of-Origin code reported by the exporters in the shipping bills. Thus, the state wise data of exports of Fruits and vegetables is not available as the same is not validated by DGCI&S. However, the major states producing Fruits and vegetables are Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Bihar, Tamil Nadu, Odisha, Karnataka.

India’s Export of Mango and Onion to World (By Variety)
Product	Variety	USD Million					Qty in MT
Product	Variety	2019-20	2020-21	2021-22	2022-23	2023-24	2019-20	2020-21	2021-22	2022-23	2023-24
Mango	Other Mangoes	0.00	25.42	23.48	33.26	36.18	0.00	15795.09	17448.90	17257.28	23786.16
	Kesar	0.00	2.92	6.91	4.97	11.25	0.00	983.73	2319.08	1749.97	3787.01
	Alphonso (Hapus)	0.00	6.08	10.09	7.84	8.68	0.00	3195.86	5994.86	2829.76	2673.39
	Banganapalli	0.00	1.46	3.01	2.00	3.20	0.00	830.55	1674.04	856.91	1081.68
	Chausa	0.00	0.05	0.05	0.03	0.24	0.00	40.98	25.64	19.72	488.26
	Langda	0.00	0.08	0.16	0.12	0.19	0.00	48.99	122.16	70.02	81.94
	Dasheri	0.00	0.09	0.11	0.06	0.17	0.00	49.50	75.92	34.70	75.54
	Totapuri	0.00	0.07	0.17	0.20	0.16	0.00	47.47	151.01	116.60	91.95
	Mallika	0.00	0.03	0.09	0.06	0.07	0.00	41.40	61.16	28.81	38.17
	Mangoes , Fresh/Dried,	56.11	0.00	0.00	0.00	0.00	49658.68	0.00	0.00	0.00	0.00
	Total Mangoes	56.11	36.20	44.07	48.54	60.14	49658.68	21033.57	27872.77	22963.77	32104.10
Onion	Other Onions Fresh of Chilled	0.00	0.00	0.00	0.00	434.78	0.00	0.00	0.00	0.00	1606683.97
	Rose Onions Fresh of Chilled	0.00	0.00	0.00	0.00	38.94	0.00	0.00	0.00	0.00	110755.38
	Onions, Fresh/Chilled	324.20	378.49	460.56	561.38	0.00	1149896.84	1578016.57	1537496.85	2525258.35	0.00
	Total Onions	324.20	378.49	460.56	561.38	473.72	1149896.84	1578016.57	1537496.85	2525258.35	1717439.35
	Source: DGCIS
	Note :- ITC HS Code with () mark of the Commodity is either dropped or re-allocated*

In FY 2023-24, India’s exports of Fresh Fruits and Vegetables reached 123 countries. In the last 3 years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda, Ghana etc. This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations, organizing buyer seller meets etc.

Department of Commerce is working in close coordination with the MoA&FW in prioritizing agriculture products for market access negotiations to reach new markets. As a result, India has achieved new market access in following commodities in the last three years:

Indian Potatoes and Onions in Serbia
Baby corn and fresh banana in Canada
Pomegranate arils in Australia, USA, Serbia, and New Zealand
Whole pomegranates in Australia via Irradiation treatment

The barriers in accessing new markets differ from product to product and are dynamic in nature. Some of the major barriers in accessing new markets for fruits & vegetables are:

Long geographic distance from India raising the costs of logistics.
Delay in grant of market access by importing countries for certain products.
Stringent Phyto-sanitary requirements imposed by some importing countries.
Delay in registration of enterprises in certain countries.

To address the above issues, various steps are being taken by the Department of Commerce:

For expand market access to our products, MoA&FW & APEDA have identified key products and key countries for intensifying market access negotiations.
Development of Sea protocols for horticulture products to reduce logistic expenses and to enable larger volume of exports.
Regular follow up with the counterpart authorities of importing countries with support of our Missions abroad for registration of facilities and market access negotiations.
For meeting stringent Phyto-sanitary requirements, setting up of traceability system and a system of farmer and facility registration.

This information has been provided by the Union Minister of Commerce and Industry, Shri Piyush Goyal in a written reply in the Lok Sabha today.

***

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2099814) Visitor Counter : 374

MIL OSI Asia Pacific News –

February 6, 2025

MIL-OSI Russia: Free buses made over three thousand trips to the Moskino cinema park

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Free shuttle buses to the Moskino cinema park have already made more than three thousand trips, the Deputy Mayor of Moscow for Transport and Industry reported Maxim Liksutov.

“In early autumn 2024, Vladimir Putin and Sergei Sobyanin opened

first of all “Moskino” cinema park in the Krasnopakhorsky district of the capital. For the convenience of visitors, in December we launched free shuttle routes to the cinema park. During this time, 12 modern buses have already made more than three thousand trips. Transport runs on the days the cinema park is open and departs from the final points every 25 minutes,” said Maxim Liksutov.

Two free routes start from the nearest metro stations: MK1 from Teply Stan and MK2 from Salaryevo. They are served by 12 modern large-class buses. The schedule was compiled taking into account the operating hours of the cinema park.

“In six months, the Moskino Cinema Park has become not only an interesting filming location, but also a popular cultural and recreational spot for Muscovites and guests of the capital. The launch of shuttles jointly with the Department of Transport and Development of Road Transport Infrastructure has largely helped us solve the problem of transport accessibility of the cinema park. Now visiting the new site has become not only interesting, but also comfortable,” said the Minister of the Moscow Government, head of the capital’s Department of Culture

Alexey Fursin.

There are also buses to the cinema park. express routes, effective from summer 2024. You can check the schedule atunified transport portal, and quickly learn about current changes – intelegram channel.

In accordance with the objectives of the national project “Infrastructure for life” In Moscow, much attention is paid to the modernization of social and municipal infrastructure, including increasing the number of convenient public transport routes and updating rolling stock. In addition, within the framework of the national project, Moscow has begun developing the Central Transport Hub. It will become a single circuit with predictable suburban rail transport for more than 30 million residents of 11 regions of Russia.

The Moskino Cinema Park is part of Sergei Sobyanin’s Moscow — City of Cinema project and an object of the Moscow film cluster. The first stage of development has already been completed: 18 natural sites, four pavilions and six infrastructure facilities have been built, including the sets of Moscow Center, Moscow of the 1940s, Vitebsk Station, Yurovo Airport, Moscow Cathedral Square, Deaf Village, Partisan Village, County Town, Cowboy Town, St. Petersburg Bar and other sites.

The Moscow Film Cluster is an infrastructure facility, services and facilities for filmmakers, which are being developed by the Moscow Government within the framework of the Moscow — City of Cinema project. Its structure includes the Moskino film park, the Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proyezd), the Moskino film factory, the Moskino cinema chain, the film commission and the Moskino film platform.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149721073/

MIL OSI Russia News –

February 5, 2025
MIL-Evening Report: To keep your cool in a heatwave, it may help to water your trees

Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

Gena Melendrez/Shutterstock

Heatwaves are among the world’s deadliest weather hazards. Every year, vast numbers of people are killed by heat stress and it can worsen health problems such as diabetes, asthma and heart disease.

Unfortunately, the bitumen roads, brick and concrete structures and roofing tiles in cities can absorb and retain vast amounts of heat, much of which is released after the sun has set. This creates what’s known as the urban heat island effect. In fact, temperatures can be significantly higher in cities than in surrounding or rural areas.

Trees and greenspace can drive down urban temperatures – but they must be able to draw water from the soil to achieve these massive cooling effects.

In other words, it can sometimes be helpful to water your trees during a heatwave.

Trees need to be able to access water in the soil to achieve transpiration.
Tirachard Kumtanom/Shutterstock

How trees keep us cool (and no, it’s not just about shade)

Trees reduce urban temperatures in two significant ways. One is by the shade they provides and the other is through their cooling effect – and no, they’re not the same thing.

Water is taken up via a plant’s roots, moves through the stems or trunks and is then misted into the air from the leaves through little holes called stomata. This is called transpiration, and it helps cool the air around leaves.

Transpiration helps cools the air around a plant’s leaves.
grayjay/Shutterstock

Water can also evaporate from soil and other surfaces. The combined loss of water from plants and soil is called evapotranspiration.

The cooling effects of evapotranspiration vary but are up to 4°C, depending on other environmental factors.

Watering your trees

If heatwaves occur in generally hot, dry weather, then trees will provide shade – but some may struggle with transpiration if the soil is too dry.

This can reduce the cooling effect of trees. Keeping soil moist and plants irrigated, however, can change that.

The best time to irrigate is early in the morning, as the water is less likely to evaporate quickly before transpiration can occur.

You don’t need to do a deep water; most absorbing roots are close to the surface, so a bit of brief irrigation will often do the trick. You could also recycle water from your shower. Using mulch helps trap the water in the soil, giving the roots time to absorb it before it evaporates.

All transpiring plants have a cooling effect on the air surrounding them, so you might wonder if trees have anything special to offer in terms of the urban heat island effect and heatwaves.

Their great size means that they provide much larger areas of shade than other plants and if they are transpiring then there are greater cooling effects.

The surface area of tree leaves, which is crucial to the evaporative cooling that takes place on their surfaces, is also much greater than many other plants.

Another advantage is that trees can be very long lived. They provide shade, cooling and other benefits over a very long time and at relatively low cost.

Not all trees

All that said, I don’t want to overstate the role of urban trees in heatwaves when soils are dry.

Some trees cease transpiring early as soils dry, but others will persist until they wilt.

Careful tree selection can help maximise the cooling effects of the urban forest. Trees that suit the local soil and can cope with some drying while maintaining transpiration can provide greater cooling

And, of course, it is important to follow any water restriction rules or guidelines that may be operating in your area at the time.

Trees keep us cool

Despite the clear benefits trees can provide in curbing heat, tree numbers and canopy cover are declining annually in many Australian cities and towns.

Housing development still occurs without proper consideration of how trees and greenspace improve residents’ quality of life.

It is not an either/or argument. With proper planning, you can have both new housing and good tree canopy cover.

We should also be cautious of over-pruning urban trees.

Trees help us when we help them.
maxim ibragimov/Shutterstock

Trees cannot eliminate the effects of a heatwave but can mitigate some of them.

Anything that we can do to mitigate the urban heat island effect and keep our cities and towns cooler will reduce heat-related illness and associated medical costs.

Gregory Moore is affiliated with Make Victoria Greener, which campaigns to preserve trees in Victoria.

– ref. To keep your cool in a heatwave, it may help to water your trees – https://theconversation.com/to-keep-your-cool-in-a-heatwave-it-may-help-to-water-your-trees-246486

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Australia: 31-2025: List of treatment providers: treatment provider suspended – Mert Pest Kontrol (AEI: TR4012SB)

Source: Australia Government Statements – Agriculture

5/02/2025

Who does this notice affect?

Stakeholders in the import and shipping industries—including vessel masters, freight forwarders, offshore treatment providers, Biosecurity Industry Participants, importers, customs brokers, principal agents and master consolidators.

What has changed?

Following identification of critical non-compliance, we have suspended Mert Pest Kontrol (AEI: TR4012SB) from AusTreat.
The treatment provider has been listed as ‘suspended’…

MIL OSI News –

February 5, 2025

Category: Farming

Making sense of the varied responses

Participants reject racial justice advocacy

Complete disapproval

What does this mean?

Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

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

Where crime is happening and what police are doing

Six actions for 100 worst areas

Firearms control

Court-ready police dockets

Place-based crime intelligence

Alcohol harms

Rehabilitation and support services for offenders

Community safety organisations

Where crime is happening and what police are doing

Six actions for 100 worst areas

Firearms control

Court-ready police dockets

Place-based crime intelligence

Alcohol harms

Rehabilitation and support services for offenders

Community safety organisations

Growing demand, shrinking supply

A booming region

Cross-border water politics

How trees keep us cool (and no, it’s not just about shade)

Watering your trees

Not all trees

Trees keep us cool

Who does this notice affect?

What has changed?