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Category: France

  • MIL-OSI United Nations: As Tentative Reduction in Hostilities Opens Door for More De-Escalation, Sustainable Resolution to Yemen Conflict ‘Still Possible’, Special Envoy Tells Security Council

    Source: United Nations 4

    Yemen is standing at another critical juncture, and the choices made today will determine its future, the Organization’s senior official told the Security Council today, underscoring the collective responsibility to create the space for a mediated solution.

    “A sustainable resolution to this conflict is still possible,” said Hans Grundberg, Special Envoy of the Secretary-General for Yemen, highlighting a significant, albeit fragile, development in the Middle East with the ceasefire in Gaza.  The tentative reduction in hostilities — a cessation of attacks by Ansar Allah on vessels in the Red Sea and targets in Israel — along with the release of the crew of the MV Galaxy Leader, offer a foundation for further de-escalation.

    “Yet, while we welcome this reprieve, we must also acknowledge the magnitude of challenges still facing Yemen,” he stressed, citing the fourth wave of arbitrary detentions of United Nations staff, conducted by Ansar Allah last month, as “a deeply troubling development”. He called for their immediate and unconditional release and an investigation of the death — while detained by Ansar Allah — of a UN colleague working for the World Food Programme (WFP).

    He further voiced concern over a continuation of military activity in Yemen, with reports of the movement of reinforcements and equipment towards the front lines, and shelling, drone attacks and infiltration attempts by Ansar Allah on multiple front lines, including Abyan, Al Dhale’, Lahj, Ma’rib, Sa’dah, Shabwa and Ta’iz.  He called on the parties to refrain from military posturing and retaliatory measures that could lead to further tension and risk plunging Yemen back into conflict.  His Office urges parties to de-escalate tensions and take concrete confidence-building measures through the Military Coordination Committee, he said.

    On Yemen’s rapidly deteriorating economic situation, he pointed to prolonged blackouts in Government-controlled areas. Moreover, the continued depreciation of the Yemeni riyal has sent the cost of essential goods soaring, “making simply surviving a challenge for millions”.  For many families, food, medicine and fuel have become unaffordable. In Ansar Allah-controlled territories, ordinary Yemenis also struggle to afford basic commodities.  “These hardships are symptoms of the failure to achieve a sustainable political resolution,” he observed, adding that “without the prospect of peace, there can be no prosperity”.

    He detailed his engagement with the parties to the conflict to advance sustainable, achievable and practical solutions that will benefit the Yemeni population, as well as with civil society representatives — including youth and women — to incorporate local-level perspectives into the peace process.  “Only a political settlement of the conflict will support the Yemenis in their aspirations for lasting peace,” he stated.

    19.5 Million People in Yemen Need Humanitarian Support

    Painting a grim picture of the humanitarian situation in Yemen, with 19.5 million people in need of support, Tom Fletcher, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, said that 64 per cent of the population are unable to meet their food needs, while 3.2 million children are out of school.  Half of all children under the age of five are acutely malnourished, dying at a horrific rate mainly from preventable conditions. While humanitarian operations continue despite significant risks, he stressed that humanitarian partners cannot operate without guarantees of their safety.

    “Globally, humanitarians are overstretched, underfunded and under attack,” he said, noting that operations have been temporarily paused in Sa’ada Governorate due to safety risks.  Urging the Council to get UN and civil society staff released, he also called for more funding “to deliver for those we serve”, stressing that political and security decisions should not punish affected communities by limiting the flow of essential commodities into Yemen.  “This is a tough place for us to deliver humanitarian support, and a tough place for you to get the political judgements right,” he added.

    Council Members Echo Call for Investigation into Death of World Food Programme (WFP) Staff Member, Stress Aid Workers Must Never Be Targeted

    In the ensuing discussion, Council members echoed Mr. Grundberg’s call for a swift, transparent and thorough investigation into the death of a WFP staff member in Houthi detention earlier this week and the immediate and unconditional release of all those detained.

    “These detentions are directly shrinking the humanitarian operating environment at a time when we continue to see an alarming deterioration in the humanitarian situation,” said the United Kingdom’s delegate.

    “Humanitarians must never be a target,” concurred Slovenia’s representative, adding that attacks on them are attacks on the most vulnerable Yemenis.  Referencing the recently published 2025 Humanitarian Response Plan for Yemen, he stated:  “The spectre of famine is never far from the Yemeni people.”

    Concerns Raised over Food Insecurity

    Yemen is experiencing extreme levels of food insecurity and malnutrition, cholera and marginalization of the most vulnerable groups, especially women and children, observed his counterpart from Greece.  He cautioned that further deterioration would have “disastrous effects” on that country’s population.

    Amid soaring food insecurity in Yemen, “we have a responsibility to act”, said Denmark’s delegate, noting Copenhagen’s contribution of $13.5 million to the life-saving efforts of the International Committee of the Red Cross (ICRC), WFP and the Yemen Humanitarian Fund.

    Panama, said that country’s representative, has also contributed to the Yemen Humanitarian Fund.  Further, he underscored the key role of the meetings held by the Humanitarian Affairs Office in the country’s economic recovery and stability.

    However, Pakistan’s delegate emphasized that “this crisis necessitates a well-coordinated and robust international response”, urging States to enhance their contributions to Yemen’s 2025 Humanitarian Response Plan.

    Focus on Precarious Security Situation and Houthi Threats

    Many speakers focused on the precarious security situation in Yemen and the Houthi threats to international peace and security.

    “As the Middle East stands at a perilous crossroad, Yemen remains mired in a fragile balance between conflict and stability,” observed the speaker for the Republic of Korea, adding that the navigational choices of the coming months will determine “whether the country moves towards lasting peace and stability or slides back into deepening crisis”.

    Echoing the ambiguity of the recent developments in Yemen, the representative of Somalia — also speaking for Algeria, Guyana and Sierra Leone — said they highlight “both progress and challenges”.  While he recognized efforts to improve humanitarian corridors in the Houthi-controlled areas, he emphasized the need for unhindered access across all regions.  Expressing support for diplomatic actions to safeguard the Red Sea as a zone of peace and cooperation, he said a stable and peaceful Yemen is critical for broader regional security.

    France’s delegate attributed the primary responsibility for the regional crisis to the Houthis, whose actions further worsen the humanitarian situation in Yemen.  Stressing that the international community needs to relaunch the political process, he said that the unity of the Presidential Leadership Council is essential and called for inclusive negotiations, with the participation of civil society and women.

    The United States’ representative stressed that Iran’s continued and unprecedented provision of weapons components, financial support and training and technical assistance to the Houthis for over a decade violates the arms embargo this Council imposed on the group.  Accordingly, she called on Council members to press Iran’s leaders to stop arming, funding and training the Houthis, “without which they would not be able to launch attacks that disrupt navigational rights and freedoms and put innocent civilians in harm’s way”.  Noting Washington, D.C.’s, initiation of a process to consider designating the Houthis as a foreign terrorist organization, she also called for targeted sanctions against that group.

    The Russian Federation’s delegate, meanwhile, warned that the process to include the Houthis on the United States’ list of terrorist organizations can impede humanitarian work and negatively impact the negotiations process.  Expressing hope that this initiative is undertaken by the new administration “in a rush”, he added:  “Otherwise, the blame for undermining efforts to establish a long-hoped-for peace in Yemen will be laid at Washington’s door.”

    Political Resolution is Key, with Regional Countries Facilitating Dialogue

    “No matter how the situation evolves, the Yemeni issue should be resolved politically,” emphasized the representative of China, Council President for February, speaking in his national capacity.  While noting that UN support would help break the political deadlock and relaunch the political process, he urged regional countries to facilitate dialogue.

    Yemen’s Speaker Says Iranian-Backed Houthi War to Blame for Economic Crisis, Urging States to Dry Up Houthi Financing 

    The representative of Yemen underscored that the Yemeni people are suffering from the repercussions of a “tremendous” economic crisis, caused by the Tehran-supported Houthi war.  The Presidential Leadership Council is open to all efforts to address the crisis, he said, adding the Government also called for the transfer of international agencies’ headquarters to the temporary capital Aden.  Stressing that “peace remains the obvious strategic option,” he reiterated the Government’s commitment to the 22 April 2022 truce.

    While “the window for peace cannot be shut when there is a genuine partner”, he said that the Government cannot accept an armed group fighting with the State, claiming its “divine” right to rule the country. Efforts to end the conflict cannot succeed until the Houthis stop their extortion, he observed, urging States to “dry up the group’s financing”.  Noting that the Government is trying to restore State institutions and implement reforms to curb the repercussions of terrorist attacks on oil facilities, he welcomed Washington, D.C.’s. decision to list the Houthis as a foreign terrorist group.  “Despite all challenges and difficulties, hope remains in the ability of the Yemeni people to overcome this crisis”, he concluded.

    MIL OSI United Nations News –

    February 14, 2025

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with interim President of Syria Ahmed al-Sharaa

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau spoke with the interim President of Syria, Ahmed al-Sharaa.

    The Prime Minister offered congratulations on the success of ending the Assad regime, which inflicted decades of suffering on the Syrian people. He underscored that Canada continues to stand with Syrians in their pursuit of a more just and inclusive society, noting Canada has welcomed over 100,000 refugees since 2015. Foreign Minister Mélanie Joly and Special Envoy Alghabra are currently attending the International Conference on Syria in Paris, France, where they will discuss how the international community can support the Syrian people in re-building their country.

    Prime Minister Trudeau and interim President al-Sharaa agreed on the importance of an inclusive political process to ensure lasting peace and stability for all Syrians. The Prime Minister underscored the importance of protecting human rights, including women and minority communities, as well as establishing good governance for Syria. He also emphasized Canada’s support for the immediate delivery of assistance and to facilitate the delivery of aid into Syria to support its redevelopment efforts. Both acknowledged the challenges of the current sanctions and efforts undertaken by the transitional government to put Syria on the path towards future success.

    The two leaders looked forward to a new chapter for Syria, and they agreed to remain in contact.

    Associated Links

    MIL OSI Canada News –

    February 14, 2025

  • MIL-OSI Economics: Celebrate Love with the Samsung Galaxy S25 this Valentine’s Day

    Source: Samsung

    Experience love like never before this Valentine’s Day, with the new Samsung Galaxy S25 Series. From memorable moments captured with breathtaking clarity to seamless connections that can bring hearts closer, the Galaxy S25 isn’t just a phone – it’s the AI companion that helps you express love, plan perfect dates, and turn every ordinary moment into an extraordinary moment. Whether you’re planning a surprise for your significant other or reminiscing about cherished memories, the Galaxy S25 is here to make it all happen with ease.
     

     
    New Ways to Find Romantic Spots and Gifts
    The Galaxy S25 is the love whisperer you never knew you needed. Powered by advanced AI, it’s not just smart – it’s intuitive, anticipating your needs to make sure you never forget important dates with your partner. Thanks to the ability to take seamless actions across apps. For instance, you can search for a romantic restaurant within a 10km radius of your location, that serves French cuisine, then add it into your diary and text or email an invitation to your partner.
     

     
    Capture Love’s Most Beautiful Moments – Even in low light
    Capturing love’s beautiful moments shouldn’t be ruined by imperfect lighting anymore. Capture your romantic evenings in stunning clarity with Nightography on the Galaxy S25 – whether it’s a candlelit dinner or a moonlit walk – even in low light. After capturing your video, edit using the improved Audio Eraser that lets you remove unwanted noise with great precision. Your love story deserves to shine any time of day, and the Galaxy S25 ensures every memory is captured in its most dazzling form.
     

     
    Never Forget a Special Date Again
    Spontaneous ideas deserve to be turned into cherished memories. Thanks to Search to Calendar, the Galaxy S25 effortlessly transforms those “We should do this!” moments into well-organised plans. Found the perfect spot for a getaway or remembered an anniversary you can’t miss? Simply search, and your phone adds it to your calendar – keeping love organised and ready to bloom.
     
    With Now Brief and Now Bar, your AI companion will keep you informed about hallmark days and personal anniversaries, and it could even help you plan the perfect surprise. Planning Valentine’s Day? Let the Galaxy S25 help you stay on top of important reminders and manage your calendar. Conversations flow effortlessly, leaving more room for what truly matters – your connection.
     

     
    The Love Letter Reimagined
    Gone are the days of handwritten love letters only (though they remain a powerful tool). With the Galaxy S25, you could ask Gemini to suggest a romantic haiku poem, or use Note or Chat Assist to write a short and sweet romantic message for your other half. With a few easy finger taps, your thoughts and dreams are ready to be shared with your partner most chicly.
     
    Thoughtful Gestures, Simplified
    In the digital age, gestures of love have never been easier. In-app Search helps you find and share memories, whether it’s an old photo or a sweet note, that instantly warms the heart. Want to surprise your partner with a long-lost photo from your first date or a memory from a shared trip? It’s as simple as searching and sending, strengthening your connection in the most heartfelt ways.
     

     
    The Gift of Knowing Exactly What They Want
    You could be “Netflix and Chilling” with your partner, and they see an item (anything from a plant to a pair of shoes) they like and you immediately think of getting it for them. No more guessing – Circle to Search is the secret weapon of thoughtful gift-giving, allowing you to snap and circle what’s on screen (whether it’s a photo or video) to search for exactly what your loved one wants. Circle to Search lets you get all the information about it (like where you can get it) without giving away your secret romantic intention. So, whether you’re buying a Valentine’s Day gift or surprising them on a special occasion, it’s all made effortless, ensuring every gift is a hit.
     
    Want another way gift-searching has been enhanced? With its human-like ability to interpret your needs, the Galaxy S25’s multimodal search can help you combine voice, image, and text inputs to search for ideas. Simply take pictures of items your partner likes, and the system can recommend gifts based on those inputs.

    MIL OSI Economics –

    February 14, 2025

  • MIL-OSI: StepStone Group Launching ELTIF in Europe

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP), a leading global private markets investment firm responsible for approximately $698 billion in total capital, including $65 billion in private debt, announced it received approval to launch a Private Debt-based European Long-Term Investment Fund (“ELTIF”).

    “As part of our continued expansion into the European private wealth market, this milestone marks yet another chapter in our story of delivering private markets strategies to more investors with the mission of convenience, efficiency, and transparency,” said Neil Menard, Partner and President of Distribution, StepStone Private Wealth. “With these approvals in place, we will now be able to deliver institutional-grade investments better tailored to the dynamics of European wealth platforms.”

    ELTIFs are designed to channel investments in Europe that support economic growth and job creation. StepStone plans to initially market ELTIFs in Italy, Spain, Germany, France, and the Nordic and Benelux regions, focusing on investing in private credit assets in the European Union.

    “We believe that this offering provides unique advantages and is very differentiated to all other solutions in the market. The Firm’s sourcing network can provide significant selectivity and diversification to investors in a market that is otherwise highly fragmented,” said Marcel Schindler, Head of StepStone Private Debt. “Both institutional and individual investors alike are seeking efficient solutions such as this one. StepStone is well positioned to meet these expectations.”

    StepStone also received approval to convert their current RAIF funds into UCI Part II vehicles, allowing professional investors and semi-professional investors greater access to the private markets, including private equity, infrastructure, and real estate. Funds set to be converted include StepStone Private Markets Fund Lux (SPRIM Lux), StepStone Private Venture and Growth Fund Lux (SPRING Lux) and StepStone Private Infrastructure Fund Lux (STRUCTURE Lux). These funds are currently available on a variety of platforms, including Allfunds, FundsPlace, and offer a digital subscription through Goji.

    About StepStone

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    Contacts

    Shareholder Relations:
    Seth Weiss
    shareholders@stepstonegroup.com
    +1 (212) 351-6106

    Media:
    Brian Ruby / Chris Gillick / Matt Lettiero, ICR
    StepStonePR@icrinc.com
    +1 (203) 682-8268

    The MIL Network –

    February 14, 2025

  • MIL-OSI Security: INTERPOL WASHINGTON AND CANADA SIGN HISTORIC PARTNERSHIP TO COMBAT TREN DE ARAGUA

    Source: United States Attorneys General

    Lyon, France — INTERPOL Washington Director Jeffrey A. Grimming and National Central Bureau Ottawa Director Marie-Josee Homsy have signed a historic Memorandum of Cooperation (MOC) to strengthen cross-border law enforcement collaboration against Tren de Aragua (TdA), one of the world’s most dangerous transnational criminal organizations. Exploiting recent migration patterns, TdA has expanded its presence in North America and is now in cities and communities across both countries. This landmark agreement enhances the ability of INTERPOL Washington and NCB Ottawa to combat TdA through robust information sharing, coordinated law enforcement support, and strengthened border security efforts.

    “Today, we have taken a great leap forward in our fight to eradicate TdA in the United States,” said Director Grimming. “By bringing our combined law enforcement resources to bear, the United States and Canada have ensured that TdA will find no safe harbor in either of our nations. Together, as partners, we will work in lockstep to disrupt and dismantle TdA and remove their violent criminal operatives from our communities.”

    “Tackling Transnational Criminal Organizations like TdA requires transnational cooperation,” said Director Homsy. “These groups threaten security and stability across the Americas. This signing is an example of the strong collaboration that takes place between Canadian and American authorities every day – as well as the power and reach of INTERPOL capabilities. By working together, we can dismantle criminal networks, protect our communities, and reaffirm our commitment to the rule of law.”

    According to the MOC, both countries have agreed to take concrete actions within the INTERPOL framework to improve police coordination, information sharing, and operational support against TdA in the United States and Canada. This includes enhancing the timely and secure exchange of criminal intelligence, operational data, and best practices regarding efforts against TdA; coordinating joint investigations and activities targeting TdA; and strengthening mechanisms to detect, prevent, and respond to illicit cross-border TdA activities.

    This agreement was signed during Director Grimming’s participation in the INTERPOL Heads of National Central Bureaus Conference in Lyon, France. In addition to the signing, INTERPOL Washington engaged in high-level bilateral and multilateral meetings with key partners in the fight against TdA. Director Grimming also delivered a keynote presentation on U.S. efforts to dismantle TdA, sharing strategies and best practices with law enforcement leaders from over 140 countries.

    MIL Security OSI –

    February 14, 2025

  • MIL-OSI Global: The ‘romantic’ advertising tricks that give you unrealistic expectations of love

    Source: The Conversation – UK – By Carl W. Jones, Senior Lecturer at Westminster School of Media and Communication, University of Westminster

    Brent Hofacker/Shutterstock

    The run up to February 14 is a good time for selling certain products. And alongside the jewellery and flowers, advertisers also try to sell us something broader: a notion of what we should consider romantic.

    This might involve an idyllic and perfectly filmed holiday destination, or the casting of a glamorous Hollywood star to represent a particular perfume. For research has shown that advertising can shape our expectations of what love should look like – from the perfect partner to the things we should buy for them.

    It’s become a familiar tactic for all kinds of advertising. And it fits with an idea explored by the French literary theorist Roland Barthes in his 1957 collection of essays, Mythologies: that if a message is repeated enough, it becomes true.

    Advertisers seem to have embraced this notion, and we see the same kind of messages repeated year after year, telling potential customers what they should aspire to – and invest in – to achieve their best and most romanticised ideals.

    Whether those ideals are realistic or not is not the goal here. Advertising generates money for brands by creating a commercially driven view of what love should look like.

    There are various techniques available to advertisers to shape those expectations. Emotional appeals, for example, try to evoke feelings of passion and desire.

    Google did this effectively in a simple video which tells a love story through the medium of an online search tool.

    To connect with consumers, some brands use humour to elicit a positive emotional response, like the men’s body shaver company which uses innuendo and suggestive storytelling to sell its product.

    These narratives associate various emotions with specific products or experiences in order to persuade consumer to buy.

    “Social proof” is a different advertising approach which involves relaying a specific message about what consumers can achieve if they turn to a particular brand. You too can be happy if you drink coffee with your new partner at a local branch of McDonalds for example.

    This kind of marketing is designed to appeal to people’s need for social validation. It is advertising which implies that using certain products will lead to a fulfilling romantic life, and that your partner will really love you if you buy them a Toblerone this Valentine’s Day.

    “Targeted marketing” is a method which focuses on creating personalised campaigns for specific audiences. This strategy has become more common as we spend more time online, providing big tech with plenty of data about our likes and dislikes.

    And with online dating still growing in popularity, targeted marketing is applied through apps like Tinder and Hinge, which are able to provide valuable insights into users’ preferences, enabling advertisers to tailor their messages to specific demographics.

    Match up

    Marketing can also apply pressure to consumers to purchase gifts or experiences as a way of demonstrating affection. This could be anything from a box of chocolates to an engagement ring.

    And who came up with the idea that one of those rings should cost the proposer the equivalent of two months’ salary? It was the jewellery company, De Beers.

    In fact, it was only after the company’s 1947 advertising campaign with the slogan “A diamond is forever”, that diamond rings became an engagement tradition at all.

    But depictions of diamonds and perfect lifestyles can lead to feelings of inadequacy or low self-esteem when people compare themselves to idealised portrayals in the media. Research suggests that how we process these romantic ideals is affected by our own attachment styles – the patterns of bonding that we learn as children and carry into our adult relationships.

    Feelings of inadequacy have also inspired alternative Valentine’s Day celebrations. For instance, an Indian chocolate bar created a campaign to “destroy Valentine’s Day” using the assumption that as soon as uncles join a trend, such as celebrating February 14th, it becomes instantly unfashionable – and Generation Z runs for the hills.

    Another harmful effect of advertising romance is how young people’s perception of relationships is shaped by the media promoting unrealistic lifestyles, body shapes and beauty standards. These kinds of branded messages are being delivered to romantic consumers of all ages as the battle for their money and time continues.

    Advertisers want you to buy their products. And to make this happen, they also want you to buy into fabricated expectations of romantic love – through repetition, strategy and a familiar date in February.

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

    – ref. The ‘romantic’ advertising tricks that give you unrealistic expectations of love – https://theconversation.com/the-romantic-advertising-tricks-that-give-you-unrealistic-expectations-of-love-249672

    MIL OSI – Global Reports –

    February 14, 2025

  • MIL-OSI Global: US says European security no longer its primary focus – the shift has been years in the making

    Source: The Conversation – UK – By David J. Galbreath, Professor of International Security, University of Bath

    European defence ministers left their meeting in Brussels on February 12 in shock after the new US secretary of defence, Pete Hegseth, told them they could no longer rely on the US to guarantee their security.

    Hegseth said he was there “to directly and unambiguously express that stark strategic realities prevent the United States of America from being primarily focused on the security of Europe”.

    He also insisted that European countries provide the “overwhelming” share of funding for Ukraine in the future. The US has been the biggest source of military aid to Ukraine, with its weapons, equipment and financial assistance crucial in helping Kyiv resist the Russian invasion.

    Hegseth’s comments are in keeping with the stance of the US president, Donald Trump, on the Nato transatlantic military alliance. Trump sees Nato as an excessive financial burden on the US and has repeatedly called on its members to increase their defence spending.

    But Hegseth’s remarks could also be seen as a sign of America’s waning commitment to the terms of Nato’s founding treaty. Signed in 1949 by the US, Canada and several western European nations, Article 5 of the treaty requires member states to defend each other in the event of an armed attack.

    The US has the largest military – and the biggest stockpile of nuclear weapons – in Nato. So, on the face of it, efforts to recast the alliance appear a drastic shift in Europe’s security landscape in the post-cold war era.

    However, those familiar with the political sentiment around Nato and the defence of Europe in the US will see that this move follows in the footsteps of what others have sought to do – starting from the very end of the cold war.

    Changing over time

    In 1991, following the collapse of the Soviet Union, Nato was under considerable pressure to change for the new world order. A rising China was not yet on the minds of many in Washington, but the feeling was that the financial commitments the US had made to defend western Europe during the cold war could not continue.

    The so-called “peace dividend”, a slogan popularised by former US president George H.W. Bush and former UK prime minister Margaret Thatcher, allowed nearly all Nato states to reduce their military spending at this time.

    In 1992, almost as soon as European Nato countries were shrinking their forces and moving away from mass armies to professional soldiering, the alliance became actively engaged in maintaining a no-fly zone over Yugoslavia.

    A new Nato was becoming apparent. It was transitioning from being a collective defence organisation to one of collective security, where conflicts were managed on Nato’s borders.

    A US fighter jet at Aviano air base, Italy, after a mission over Bosnia to enforce the no-fly zone in 1993.
    Sgt. Janel Schroeder / Wikimedia Commons

    This collective security arrangement worked well to keep the alliance together until 2001, when the administration of George W. Bush entered the White House and involved the US in wars in Afghanistan and Iraq. Following the 9/11 terrorist attacks in the US, Nato invoked Article 5 and returned to the principle of collective defence.

    Many European countries, including the new, smaller Nato states like Estonia and Latvia, sent troops to Iraq and Afghanistan. The persistent justification I heard in the Baltic states was “we need to be there when the US needs us so that they will be there when we need them”.

    Yet in 2011, before the wars in Iraq and Afghanistan were over, the administration of Barack Obama introduced a foreign policy strategy known as the “pivot to Asia”. The implication was that the US would shift its attention from primarily the western hemisphere to China.

    By this point, China had become the second-largest economy in the world and was rapidly developing its military. The reaction to this US policy shift in European capitals was one of shock and disappointment. They saw it as the US deciding that its own security did not sit in Europe like it had since 1945.

    Then, in 2014, Russia invaded Crimea and the Donbas in eastern Ukraine. The pivot to Asia looked like it had stalled. But US interest and investment in European defence continued to decline, with American military bases across Europe closed down. The first Trump administration continued the pattern set by Obama.

    President Joe Biden, who entered office in 2021, used Russia’s invasion of Ukraine in 2022 to show European leaders that the US still saw its own security in Europe and that it would stand beside Ukraine.

    But the US continued to insist that European countries invest in their own defence. The UK, Poland and France have all committed to increase their defence spending over recent years – though spending by European Nato states as a whole continued to fall.

    There has been a long-held belief in the US that Europe is “freeriding” on American power. While the US saw its own security in Europe, this freeriding was allowed to continue.

    But as the perspective of the US has changed, with the focus now on countering China, it has been keen to suggest that European defence should increasingly become the job of Europe itself.

    Nato will not go out with a bang. It is much more likely to gradually disappear with a whimper. After all, who did Trump meet on his second day in office? Not Nato but the Quad: an alliance between Australia, India, Japan and the US in the Indo-Pacific.

    David J. Galbreath has received research funding from the UKRI.

    – ref. US says European security no longer its primary focus – the shift has been years in the making – https://theconversation.com/us-says-european-security-no-longer-its-primary-focus-the-shift-has-been-years-in-the-making-249813

    MIL OSI – Global Reports –

    February 14, 2025

  • MIL-OSI Global: Trump phone call with Putin leaves Ukraine reeling and European leaders stunned

    Source: The Conversation – UK – By David Hastings Dunn, Professor of International Politics in the Department of Political Science and International Studies, University of Birmingham

    Donald Trump likes to portray himself as the great deal maker. Typically, his idea of the “Art of the Deal” had tended to involve outlandishly bullish opening demands – whether that’s on tariffs or trade deals – before settling on more moderate, but still exacting conditions. This context makes what happened when the US president spoke with his Russian counterpart Vladimir Putin about Ukraine so remarkable.

    The very fact that Trump spoke with Putin at all was a diplomatic gift to the pariah state and its leader. For three years Russia has been diplomatically isolated by most western leaders, many of whom have called for Putin to face war crimes charges (there is currently an ICC arrest warrant out for Putin for the alleged illegal transfer of children from, Ukraine to Russia).

    Indeed, the fact that Trump spoke with Putin and only then called the Ukrainian president, Volodymyr Zelensky, to inform him of their conversation indicates the subordination of Ukraine’s role in the talks.

    Trumpeting the call as “highly productive” on his TruthSocial website, Trump wrote that the two leaders had spoken about the “strengths of our respective nations, and the great benefit that we will someday have in working together”. He said they had arranged to visit each other’s nations. In fact, the two will initially meet in Saudi Arabia – where Putin would not be arrested under the ICC’s warrant.

    At the same time, Trump’s new defense secretary spelled out to a meeting of European defence officials the administration’s position on some of the key issues. It was clear that several of Ukraine’s “red lines” had already fallen by the wayside as far as the US is concerned.

    Hegseth said that returning to Ukraine’s pre-2014 borders is “an unrealistic objective” and an “illusionary goal” and that any deal must be based on “a realistic assessment of the battlefield.”

    Likewise Ukraine’s future Nato membership – something the US committed to support in the 2008 Budapest Declaration, was also a non-starter. And he said the US would not only not join any international force deployed to ensure Ukrainian security, but that if such a force were constituted it would not be a Nato operation. As such, he said, it would not be covered by the alliance’s article 5 pledge for collective security. This effectively dooms this initiative to failure.

    As important as what was announced by the Trump administration on this subject, was what was omitted. Trump has never condemned Putin for his illegal invasion of Ukraine. And there has been no mention in his social media posts that Russia’s invasion of Ukraine was a violation of international law. Or the inviolability of Ukraine’s borders or the issue of Russian reparations for the material and human damage inflicted on Ukraine.

    Russia celebrates

    Russia, meanwhile, is cock-a-hoop. Kremlin spokesman Dmitri Peskov reported that Putin talked about Moscow’s demands, telling Trump of “the need to eliminate the root causes of the conflict”. This suggests that while Ukraine’s red lines are going to be ignored by the US, Russia will continue to insist on its maximalist demands that the Russians intend to take in their approach to the negotiation.

    In addition to the concessions that Hegseth indicated the Trump administration has already decided to go along with, Russia is also likely to press for the demilitarisation of Ukraine. It will demand control, not just of the territory that it occupies, but of the remainder of the Ukrainian provinces that Putin has already declared to be “Russian”: Luhansk, Donetsk, Zaporizhzhia and Kherson, in the south and east of Ukraine.

    Both the Russian stock market and the ruble rose sharply on the US announcement of the talks, and the government-controlled press in Russian could hardly hide their glee, reporting that: “Russia is ready for talks. But on its terms”.

    European leaders shocked

    The pace and scale of US concessions on Ukraine seen to have caught the US’s European Nato allies off guard. Like Ukraine itself, they have been sidelined by Trump’s decision to seek direct negotiations with Putin. The UK’s defence secretary, John Healey, issued a statement appealing that “that there can be no negotiation about Ukraine without Ukraine and Ukraine’s voice must be at the heart of any talks”.

    German foreign minister, Anna Baerbock, meanwhile, said the call had come out of the blue without any consultation with Europe: “This is the way the Trump administration operates,” she said, adding: “This is not how others do foreign policy, but this is now the reality.” Baerbock said a deal must not be imposed on Ukraine and that Europe should be involved in negotiations: “This is about European peace. That’s why we Europeans must be involved.”

    The French foreign ministry put out a statement saying that: “Ukraine and Europe must be part of any negotiations. Ukraine should be provided with strong security guarantees.”

    Other commentators have been less diplomatic. Michael McFaul, who served as US ambassador to Russia under Barack Obama, took to X to question Trump’s tactics: “Diplomacy 101: Don’t give anything without getting something in return. Don’t negotiate in public. Don’t negotiate about Ukraine’s future without first coordinating your position with Ukrainians.”

    We’ll know more about what – if any – agency Volodymyr Zelensky and his diplomats have in the future of their country after US secretary of state, Marco Rubio, and vice-president, JD Vance, meet with Zelensky at the Munich Security Conference on February 14-16.

    But for the present at least, it appears that negotiations will be less about pressuring Putin to bring a just end to the war he started, than forcing Ukraine to give in to the Russian leader’s demands.

    David Hastings Dunn has previously received funding from the ESRC, the Gerda Henkel Foundation, the Open Democracy Foundation and has previously been both a NATO and a Fulbright Fellow.

    – ref. Trump phone call with Putin leaves Ukraine reeling and European leaders stunned – https://theconversation.com/trump-phone-call-with-putin-leaves-ukraine-reeling-and-european-leaders-stunned-249876

    MIL OSI – Global Reports –

    February 14, 2025

  • MIL-OSI: Euronext publishes Q4 and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q4 and full year 2024 results

    Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

    • Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
      • Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
        • Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
        • Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
        • Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F2 depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
        • Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
    • Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
    • Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).
    • Underlying operating expenses excluding D&A1were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
    • Adjusted EBITDA1was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
    • Adjusted net income1was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
    • Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
    • Net debt to EBITDA2F3was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
    • Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.
    • Key figures for full year 2024:
    In €m, unless stated otherwise 2024 2023 % var % var l-f-l3F4
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Underlying operational expenses excluding D&A2 (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted net income, share of the parent company shareholders 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) (share count differs between the two periods4F5) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) (share count differs between the two periods) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) (share count differs between the two periods) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) (share count differs between the two periods) 5.63 4.83 +16.6%  
    • Dividend proposal to the 2025 Annual General Meeting

    A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F6.

    • Euronext continues its cost discipline and invests in strategic growth

    In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

    2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

    Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

    • Progress with the delivery of “Innovate for Growth 2027”
      • Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
      • Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
      • Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

    “In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

    In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

    In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F7. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

    2024 financial performance

    In €m, unless stated otherwise FY 2024 FY 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Listing 231.9 220.6 +5.1% +5.4%
    Trading revenue, of which 559.4 490.0 +14.2% +14.3%
    Cash trading 284.0 265.4 +7.0% +7.0%
    Derivatives trading 53.1 54.2 -2.0% -2.0%
    Fixed income trading 145.5 107.4 +35.5% +35.5%
    FX trading 31.7 25.6 +24.2% +24.2%
    Power trading 45.1 37.4 +20.4% +22.6%
    Investor Services 14.1 11.4 +24.2% +14.8%
    Advanced Data Services 241.7 224.8 +7.5% +5.3%
    Post-Trade, of which 414.7 370.2 +12.0% +11.9%
    Clearing 144.3 121.3 +19.0% +19.0%
    Custody and Settlement 270.5 248.9 +8.7% +8.8%
    Euronext Technology Solutions & Other 106.2 109.9 -3.4% -3.3%
    NTI through CCP business 56.8 46.7 +21.8% +21.8%
    Other income 2.0 1.4 +45.5% +44.5%
    Transitional revenues – (0.2) N/A N/A
    Underlying operational expenses excl. D&A (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Operating expenses excl. D&A (651.3) (688.3) -5.4% +1.0%
    EBITDA 975.6 786.4 +24.1% +9.9%
    Depreciation & Amortisation (188.7) (170.1) +10.9% +11.2%
    Total Expenses (incl. D&A) (840.1) (858.5) -2.1% -2.6%
    Adjusted operating profit 922.9 790.4 +16.8% +16.7%
    Operating Profit 786.8 616.2 +27.7%  
    Net financing income / (expense) 17.5 (0.2)    
    Results from equity investments 34.7 83.1 -58.3%  
    Profit before income tax 839.1 699.1 +20.0%  
    Income tax expense (218.4) (162.7) +34.2%  
    Share of non-controlling interests (35.1) (22.8) +53.7%  
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted Net income, share of the parent company shareholders7F8 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) 5.63 4.83 +16.6%  

    Share count differs between the two periods.

    • 2024 revenue and income

    In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

    On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

    Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

    • 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

    On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

    • 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

    2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

    €136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

    Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

    Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

    Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

    Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

    2024 business highlights

    In €m, unless stated otherwise FY 2024 FY 2023 % change
    Revenue 231.9 220.6 +5.1%
    Equity 106.6 105.1 +1.4%
    o/w Annual fees 72.4 69.0 +5.0%
    o/w Follow-ons 18.7 20.8 -10.1%
    o/w IPOs 15.5 15.4 +0.9%
    Debts 40.4 36.0 +12.2%
    ETFs, Funds & Warrants 24.0 23.3 +3.0%
    Corporate Solutions 50.3 45.4 +10.7%
    ELITE and Other 10.2 10.8 -5.8%
             
    Money raised (€m) FY 2024 FY 2023 % change  
    Equity listings 3,840 2,481 +54.8%  
    Follow-ons 15,782 20,177 -21.8%  
    Bonds 1,190,154 1,156,035 +3.0%  
           
    Listed securities FY 2024 FY 2023 % change  
    New equity listings over the period 53 64 -17.2%  

    Money raised from follow-ons has been restated for previous periods.

    Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

    Euronext recorded 33% of equity listings in Europe8F9 with 53 new equity listings.

    Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

    Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

    • Trading
      • Cash trading
      FY 2024 FY 2023 % change
    Cash trading revenue (€m) 284.0 265.4 +7.0%
    ADV Cash market (€m) 10,405 10,053 +3.5%

    Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

    Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

    • Derivatives trading
      FY 2024 FY 2023 % change
    Derivatives trading revenue (€m) 53.1 54.2 -2.0%
    ADV Derivatives market (in lots) 619,833 619,244 +0.1%
    ADV Equity & Index derivatives (in lots) 503,506 528,368 -4.7%
    ADV Commodity derivatives (in lots) 116,328 90,876 +28.0%

    Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

    • Fixed income trading
      FY 2024 FY 2023 % change
    Fixed income trading revenue (€m) 145.5 107.4 +35.5%
    o/w MTS Cash 103.1 67.1 +53.7%
    o/w MTS Repo 26.5 25.2 +4.9%
    ADV MTS Cash (€m) 37,021 23,026 +60.8%
    TAADV MTS Repo (€m) 483,247 436,039 +10.8%
    ADV other fixed income (€m) 1,612 1,266 +27.4%

    Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

    • FX trading
      FY 2024 FY 2023 % change
    Spot FX trading revenue (€m) 31.7 25.6 +24.2%
    ADV spot FX Market (in $m) 26,493 22,450 +18.0%

    FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

    • Power trading
      FY 2024 FY 2023 % change
    Power trading revenue (€m) 45.1 37.4 +20.4%
    ADV Day-ahead power market (in TWH) 2.74 2.74 +0.3%
    ADV Intraday power market (in TWH) 0.31 0.20 +55.0%

    Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

    • Investor Services

    Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

    • Advanced Data Services

    Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

    • Post Trade
    in €m, unless stated otherwise FY 2024 FY 2023 % change
    Post-trade revenue (excl. NTI) 414.7 370.2 +12.0%
    Clearing 144.3 121.3 +19.0%
    o/w Revenue from LCH SA 62.8 71.8 -12.5%
    o/w Revenue from Euronext Clearing 81.5 49.5 +64.5%
    o/w Derivatives 18.1 5.6 +221.2%
    o/w Equities 24.4 16.6 +47.1%
    o/w Bonds 14.9 13.6 +10.0%
    o/w Other 24.1 13.7 +75.8%
    Custody, Settlement and other Post-Trade activities 270.5 248.9 +8.7%
    Number of transactions and lots cleared FY 2024 FY 2023 % change
    Shares (number of contracts – single counted) 234,777,332 83,486,969 +181.2%
    Bonds – Wholesale (nominal value in €bn – double counted) 29,717 27,177 +9.3%
    Bonds – Retail (number of contracts – double counted) 15,133,264 13,732,528 +10.2%
    Derivatives9F10 65,536,847 25,244,669 +159.6%

    Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

    • Net treasury income

    Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity FY 2024 FY 2023 % change
    Number of settlement instructions over the period 134,287,470 123,587,470 +7.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

    Q4 2024 financial performance

    In €m, unless stated otherwise Q4 2024 Q4 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 415.8 374.1 +11.1% +9.9%
    Listing 59.4 56.2 +5.8% +5.9%
    Trading revenue, of which 141.4 124.5 +13.5% +13.5%
    Cash trading 70.9 64.1 +10.6% +10.6%
    Derivatives trading 12.9 12.8 +0.3% +0.3%
    Fixed income trading 37.8 30.6 +23.7% +23.7%
    FX trading 8.5 6.7 +27.7% +26.4%
    Power trading 11.3 10.4 +8.8% +10.1%
    Investor Services 4.2 3.0 +39.8% +13.0%
    Advanced Data Services 61.1 56.1 +8.9% +4.8%
    Post Trade, of which 102.8 94.6 +8.6% +7.0%
    Clearing 32.9 32.3 +1.8% +1.8%
    Custody and Settlement 69.9 62.3 +12.2% +10.1%
    Euronext Technology Solutions & Other 28.4 27.6 +3.1% +3.2%
    NTI through CCP business 17.9 11.7 +53.3% +53.3%
    Other income 0.6 0.5 +37.5% +0.0%
    Underlying operational expenses excl. D&A (163.2) (157.8) +3.4% +1.1%
    Adjusted EBITDA 252.6 216.3 +16.7% +16.4%
    Adjusted EBITDA margin 60.7% 57.8% +2.9pts +3.4pts
    Operating expenses excl. D&A (174.4) (173.3) +0.6% -1.5%
    EBITDA 241.4 200.8 +20.2% +19.8%
    Depreciation & Amortisation (49.6) (45.6) +8.7% +8.6%
    Total Expenses (incl. D&A) (224.0) (218.9) +2.3% +0.6%
    Adjusted operating profit 231.1 196.3 +17.7% +17.3%
    Operating Profit 191.8 155.2 +23.6%  
    Net financing income / (expense) 6.5 4.7 +38.2%  
    Results from equity investments 10.1 17.0 -40.8%  
    Profit before income tax 208.4 176.9 +17.8%  
    Income tax expense (55.5) (40.0) +38.8%  
    Share of non-controlling interests (8.2) (6.4) +29.2%  
    Net income, share of the parent company shareholders 144.6 130.6 +10.8%  
    Adjusted Net income, share of the parent company shareholders10F11 172.3 148.2 +16.3%  
    Adjusted EPS (basic, in €) 1.66 1.42 +16.9%  
    Reported EPS (basic, in €) 1.40 1.25 +12.0%  
    Adjusted EPS (diluted, in €) 1.66 1.41 +17.7%  
    Reported EPS (diluted, in €) 1.39 1.24 +12.1%  

    Share count differs between the two periods

    • Q4 2024 revenue and income

    In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

    On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

    Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

    • Q4 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

    • Q4 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

    Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

    €39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

    Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

    Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

    Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

    Q4 2024 business highlights

    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Listing revenue 59.4 56.2 +5.8%
    Equity 26.6 26.6 -0.1%
    o/w Annual fees 18.0 17.1 +5.2%
    o/w Follow-ons 4.6 5.8 -19.2%
    o/w IPOs 3.9 3.7 +4.6%
    Debts 9.8 9.1 +7.7%
    ETFs, Funds & Warrants 6.1 5.9 +3.5%
    Corporate Solutions 14.0 12.3 +13.6%
    ELITE and Other 2.9 2.2 +31.9%

    Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

    Money raised (€m) Q4 2024 Q4 2023 % change
    Equity listings 164 247 -33.7%
    Follow-ons 2,556 6,667 -61.7%
    Bonds 244,356 290,524 -15.9%
    Listed securities Q4 2024 Q4 2023 % change
    New equity listings over the period 16 13 +23.1%
    Number of ETFs listed, end of period 4,018 3,821 +5.2%
    Number of Bonds listed, end of period 55,804 55,098 +1.3%

    Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

    Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

    Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

    • Trading
      • Cash trading
      Q4 2024 Q4 2023 % change
    Cash trading revenue (€m) 70.9 64.1 +10.6%
    ADV Cash market11F (€m) 10,545 9,558 +10.3%

    Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

    Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

    • Derivatives trading
      Q4 2024 Q4 2023 % change
    Derivatives trading revenue (€m) 12.9 12.8 +0.3%
    ADV Derivatives market (in lots) 580,555 598,894 -3.1%
    ADV Equity derivatives (in lots) 463,920 506,716 -8.4%
    ADV Commodity derivatives (in lots) 116,634 92,178 +26.5%

    Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

    On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

    • Fixed income trading
      Q4 2024 Q4 2023 % change
    Fixed income trading revenue (€m) 37.8 30.6 +23.7%
    o/w MTS Cash 27.0 19.6 +37.8%
    o/w MTS Repo 6.7 6.3 +5.9%
    ADV MTS Cash (€m) 39,381 27,741 +42.0%
    TAADV MTS Repo (€m) 516,173 469,134 +10.0%
    ADV other fixed income (€m) 1,656 1,504 +10.1%

    Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

    On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

    • FX trading
      Q4 2024 Q4 2023 % change
    Spot FX trading revenue (€m) 8.5 6.7 +27.7%
    ADV spot FX Market (in $m) 26,475 23,943 +10.6%

    FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

    On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

    • Power trading
      Q4 2024 Q4 2023 % change
    Power trading revenue (€m) 11.3 10.4 +8.8%
    ADV Day-ahead power market (in TWH) 2.99 3.10 -3.4%
    ADV Intraday power market (in TWH) 0.32 0.25 +27.1%

    Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

    On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

    • Investor Services

    Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

    On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

    • Advanced Data Services

    Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

    • Post Trade
    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Post-trade revenue (excl. NTI) 102.8 94.6 +8.6%
    Clearing 32.9 32.3 +1.8%
    o/w Revenue from LCH SA – 17.8  
    o/w Revenue from Euronext Clearing 32.9 14.6 +126.2%
    o/w Derivatives 14.3 1.4 +940.3%
    o/w Equities 6.4 5.2 +21.9%
    o/w Bonds 3.8 3.7 +3.4%
    o/w Other 8.4 4.2 +98.5%
    Net treasury income through CCP business 17.9 11.7 +53.3%
    Custody, Settlement and other Post-Trade activities 69.9 62.3 +12.2%
    Number of transactions and lots cleared Q4 2024 Q4 2023 % change
    Shares (#contracts – single counted) 60,645,852 30,675,375 +97.7%
    Bonds – Wholesale (nominal value in €bn – double counted) 7,580 7,118 +6.5%
    Bonds – Retail (# contracts – double counted) 4,340,444 3,888,898 +11.6%
    Derivatives (# contracts – single counted) 37,154,815 5,691,338 +552.8%

    Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

    • Net treasury income

    Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity Q4 2024 Q4 2023 % change
    Number of settlement instructions over the period 34,122,913 30,507,967 +11.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

    Corporate highlights since 1 January 2025

    • Euronext to acquire Nasdaq’s Nordic power futures business

    On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    • Euronext upgraded to A-, stable outlook, by S&P

    On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
    S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation. 

    • Ongoing share buyback programme

    On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

    • Fixed income derivatives status update

    Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

    • Euronext volumes for January 2025

    In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
    MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
    average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
    Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

    • Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

    On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

    Agenda

    A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

    Conference call:

    To connect to the conference call, please dial:

    UK Number: +44 33 0551 0200 NO Number: +47 2 156 3318
    FR Number: +33 1 70 37 71 66 PT Number: +351 3 0880 2081
    NL Number: +31 20 708 5073 IR Number: +353 1 436 0959
    US Number: +1 786 697 3501 IT Number: +39 06 8336 0400
    BE Number: +32 2 789 8603 DE Number: +49 30 3001 90612

    Password: Euronext

    Live webcast:

    For the live audio webcast go to: Euronext Q4/FY 2024 Results

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations Aurélie Cohen  
      Judith Stein +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe Aurélie Cohen  +33 1 70 48 24 45
      Andrea Monzani  +39 02 72 42 62 13 
    Belgium Marianne Aalders  +32 26 20 15 01 
    France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
    Ireland Andrea Monzani  +39 02 72 42 62 13 
    Italy  Ester Russom  +39 02 72 42 67 56 
    The Netherlands Marianne Aalders +31 20 721 41 33 
    Norway  Cathrine Lorvik Segerlund +47 41 69 59 10 
    Portugal  Sandra Machado +351 91 777 68 97
    Corporate Solutions Coralie Patri  +33 7 88 34 27 44

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn. 

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Non-volume related revenue definition

    Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

    Adjusted EPS definition

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Net income reported 144.6 130.6 585.6 513.6
    EPS reported 1.40 1.25 5.65 4.84
    Adjustments        
    of which Operating expenses excl. D&A (11.2) (15.5) (30.9) (78.3)
    of which Depreciation and amortisation (28.1) (25.6) (105.2) (95.9)
    of which Net financing expense – – – (0.2)
    of which results from equity investments – 11.4 1.2 53.0
    of which Minority interest 1.1 1.1 2.5 4.1
    Tax related to adjustments 10.5 11.1 35.5 46.2
    Adjusted net income 172.3 148.2 682.5 584.7
    Adjusted EPS 1.66 1.42 6.59 5.51

    Consolidated income statement

      Q4 2024 Q4 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 415.8 – 415.8 374.1 – 374.1
    Listing 59.4 – 59.4 56.2 – 56.2
    Trading revenue, of which 141.4 – 141.4 124.5 – 124.5
    Cash trading 70.9 – 70.9 64.1 – 64.1
    Derivatives trading 12.9 – 12.9 12.8 – 12.8
    Fixed income trading 37.8 – 37.8 30.6 – 30.6
    FX trading 8.5 – 8.5 6.7 – 6.7
    Power trading 11.3 – 11.3 10.4 – 10.4
    Investor services 4.2 – 4.2 3.0 – 3.0
    Advanced data services 61.1 – 61.1 56.1 – 56.1
    Post Trade, of which 102.8 – 102.8 94.6 – 94.6
    Clearing 32.9 – 32.9 32.3 – 32.3
    Custody & Settlement and other 69.9 – 69.9 62.3 – 62.3
    Euronext Technology Solutions & other revenue 28.4 – 28.4 27.6 – 27.6
    Net Financing Income through CCP                                                             business 17.9 – 17.9 11.7 – 11.7
    Other income 0.6 – 0.6 0.5 – 0.5
    Operating expenses excluding D&A (163.2) (11.2) (174.4) (157.8) (15.5) (173.3)
    Salaries and employee benefits (90.0) (5.4) (95.4) (85.6) (7.8) (93.3)
    Other operational expenses, of which (73.2) (5.8) (79.0) (72.2) (7.8) (80.0)
    System & communication (25.7) (0.1) (25.8) (23.1) (2.0) (25.1)
    Professional services (15.5) (4.8) (20.3) (12.8) (4.7) (17.5)
    Clearing expense (0.4) – (0.4) (8.8) – (8.8)
    Accommodation (4.1) (0.1) (4.2) (6.0) (0.2) (6.2)
    Other operational expenses (27.6) (0.8) (28.4) (21.5) (0.9) (22.3)
    EBITDA 252.6 (11.2) 241.4 216.3 (15.5) 200.8
    EBITDA margin 60.7%   58.1% 57.8%   53.7%
    Depreciation & amortisation (21.5) (28.1) (49.6) (20.0) (25.6) (45.6)
    Total expenses (184.7) (39.3) (224.0) (177.8) (41.1) (218.9)
    Operating profit 231.1 (39.3) 191.8 196.3 (41.1) 155.2
    Net financing income / (expense) 6.5 – 6.5 4.7 – 4.7
    Results from equity investment 10.1 – 10.1 5.6 11.4 17.0
    Profit before income tax 247.7 (39.3) 208.4 206.6 (29.7) 176.9
    Income tax expense (66.0) 10.5 (55.5) (51.0) 11.1 (40.0)
    Non-controlling interests (9.3) 1.1 (8.2) (7.4) 1.1 (6.4)
    Net income, share of the parent company shareholders 172.3 (27.7) 144.6 148.2 (17.6) 130.6
    EPS (basic, in €) 1.66   1.40 1.42   1.25
    EPS (diluted, in €) 1.66   1.39 1.41   1.24
      FY 2024 FY 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 1,626.9 – 1,626.9 1,474.7 – 1,474.7
    Listing 231.9 – 231.9 220.6 – 220.6
    Trading revenue, of which 559.4 – 559.4 490.0 – 490.0
    Cash trading 284.0 – 284.0 265.4 – 265.4
    Derivatives trading 53.1 – 53.1 54.2 – 54.2
    Fixed income trading 145.5 – 145.5 107.4 – 107.4
    FX trading 31.7 – 31.7 25.6 – 25.6
    Power trading 45.1 – 45.1 37.4 – 37.4
    Investor services 14.1 – 14.1 11.4 – 11.4
    Advanced data services 241.7 – 241.7 224.8 – 224.8
    Post Trade, of which 414.7 – 414.7 370.2 – 370.2
    Clearing 144.3 – 144.3 121.3 – 121.3
    Custody & Settlement and other 270.5 – 270.5 248.9 – 248.9
    Euronext Technology Solutions & other revenue 106.2 – 106.2 109.9 – 109.9
    Net Financing Income through CCP business 56.8 – 56.8 46.7 – 46.7
    Other income 2.0 – 2.0 1.4 – 1.4
    Transitional revenues – – – (0.2) – (0.2)
    Operating expenses excluding D&A 620.5 30.9 651.3 (610.0) (78.3) (688.3)
    Salaries and employee benefits (330.2) (11.5) (341.6) (319.5) (12.9) (332.4)
    Other operational expenses, of which (290.3) (19.4) (309.7) (290.6) (65.4) (355.9)
    System & communication (99.2) (3.1) (102.3) (94.9) (7.8) (102.6)
    Professional services (57.7) (12.8) (70.6) (58.3) (18.2) (76.5)
    Clearing expense (23.2) (1.1) (24.3) (34.5) – (34.5)
    Accommodation (16.0) (0.9) (16.9) (17.9) (0.8) (18.7)
    Other operational expenses (94.1) (1.4) (95.5) (85.0) (38.6) (123.6)
    EBITDA 1,006.4 (30.9) 975.6 864.7 (78.3) 786.4
    EBITDA margin 61.9%   60.0% 58.6%   53.3%
    Depreciation & amortisation (83.5) (105.2) (188.7) (74.2) (95.9) (170.1)
    Total expenses (704.0) (136.1) (840.1) (684.3) (174.2) (858.5)
    Operating profit 922.9 (136.1) 786.8 790.4 (174.2) 616.2
    Net financing income / (expense) 17.5 – 17.5 0.1 (0.2) (0.2)
    Results from equity investment 33.5 1.2 34.7 30.0 53.0 83.1
    Profit before income tax 973.9 (134.9) 839.1 820.5 (121.4) 699.1
    Income tax expense (253.8) 35.5 (218.4) (208.9) 46.2 (162.7)
    Non-controlling interests (37.6) 2.5 (35.1) (26.9) 4.1 (22.8)
    Net income, share of the parent company shareholders 682.5 (96.9) 585.6 584.7 (71.1) 513.6
    EPS (basic, in €) 6.59   5.65 5.51   4.84
    EPS (diluted, in €) 6.56   5.63 5.50   4.83

    Consolidated comprehensive income statement

      Q4 2024 Q4 2023
    Profit for the period 152.9 136.9
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations 8.7 (2.0)
    – Income tax impact on exchange differences on translation of foreign operations (1.5) 0.5
    – Change in value of debt investments at fair value through other comprehensive income – 0.5
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		 – (0.2)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 85.0 –
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.7) –
    -Remeasurements of post-employment benefit obligations (1.0) (4.2)
    – Income tax impact on remeasurements of post-employment benefit obligations 0.1 0.5
    Other comprehensive income for the period, net of tax 90.6 (4.8)
    Total comprehensive income for the period 243.5 132.1
         
    Comprehensive income attributable to:    
    – Owners of the parent 235.9 125.6
    – Non-controlling interests 7.6 6.5
      FY 2024 FY 2023
    Profit for the period 620.7 536.4
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations (27.9) (57.8)
    – Income tax impact on exchange differences on translation of foreign operations 2.0 6.3
    – Change in value of debt investments at fair value through other comprehensive income 0.7 7.1
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    
      (0.2) (2.0)
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 91.5 11.9
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (2.1) (3.1)
    – Remeasurements of post-employment benefit obligations 0.6 (1.4)
    – Income tax impact on remeasurements of post-employment benefit obligations (0.1) 0.2
    Other comprehensive income for the period, net of tax 64.6 (38.9)
    Total comprehensive income for the period 685.3 497.5
         
    Comprehensive income attributable to:    
    – Owners of the parent 651.8 475.7
    – Non-controlling interests 33.5 21.8

    Consolidated balance sheet

    in € million 31 December 2024 31 December 2023
    Non-current assets    
    Property, plant and equipment 106.2 114.4
    Right-of-use assets 57.5 55.7
    Goodwill and other intangible assets 6,096.2 6,108.2
    Deferred income tax assets 30.4 31.3
    Investments in associates and joint ventures 0.8 1.3
    Financial assets at fair value through OCI 357.0 262.7
    Other non-current assets 3.5 4.5
    Total non-current assets 6,651.6 6,578.0
         
    Current assets    
    Trade and other receivables 412.9 333.6
    Income tax receivable 11.4 15.512F12
    CCP clearing business assets 200,575.5 183,715.2
    Other current financial assets 63.8 103.1
    Cash & cash equivalents 1,673.5 1,448.8
    Total current assets 202,737.0 105,616.2
         
    Total assets 209,388.6 192,194.2 
         
    Equity    
    Shareholders’ equity 4,245.2 3,945.7
    Non-controlling interests 156.8 139.7
    Total Equity 4,402.0 4,085.3
         
    Non-current liabilities    
    Borrowings 2,537.0 3,031.6
    Lease liabilities 46.2 37.3
    Other non-current financial liabilities 3.5 –
    Deferred income tax liabilities 496.8 531.9
    Post-employment benefits 21.0 22.7
    Contract liabilities 56.4 60.0
    Other provisions 7.2 7.3
    Total Non-current liabilities 3,168.2 3,690.8
         
    Current liabilities    
    Borrowings 516.5 17.3
    Lease liabilities 15.8 22.2
    Derivative financial instruments 0.1 –
    CCP clearing business liabilities 200,644.7 183,832.2
    Income tax payable 91.1 46.1
    Trade and other payables 464.3 415.8
    Contract liabilities 80.1 79.3
    Other provisions 5.9 5.2
    Total Current liabilities 201,818.4 184,418.0
         
    Total equity and liabilities 209,388.6 192,194.2

    The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

    Consolidated statement of cash flows

    in € million FY 2024 FY 2023
    Profit before tax 839.1 699.1
    Adjustments for:    
    – Depreciation and amortisation 188.7 170.1
    – Share based payments 15.6 14.4
    – Results from equity investments (33.3) (23.5)
    – Gain on sale of associate (1.2) (53.0)
    – Share of profit from associates and joint ventures (0.2) (6.5)
    – Changes in working capital (89.5) 155.5
         
    Cash flow from operating activities 919.2 956.1
    Income tax paid (210.6) (130.0)
    Net cash flows from operating activities 708.6 826.1
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (65.2) –
    Proceeds from sale of subsidiary – (0.2)
    Purchase of financial assets at FVOCI (2.8) (1.3)
    Proceeds from sale of associate 0.9 122.4
    Proceeds from disposal of equity investment at FVOCI – 0.2
    Purchase of current financial assets (27.7) (72.3)
    Redemption of current financial assets 65.9 155.5
    Purchase of property, plant and equipment (18.0) (27.7)
    Purchase of intangible assets (69.3) (75.3)
    Interest received 45.7 25.3
    Dividends received from equity investments 33.3 23.5
    Dividends received from associates 0.1 7.8
    Net cash flow from investing activities (37.1) 157.9
         
    Cash flow from financing activities    
    Interest paid (29.4) (28.7)
    Payment of lease liabilities (20.8) (28.4)
    Transactions in own shares (106.7) (219.1)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares (1.6) (1.0)
    Dividends paid to the company’s shareholders (257.3) (237.2)
    Dividends paid to non-controlling interests (25.8) (5.3)
    Net cash flow from financing activities (441.7) (522.2)
         
    Total cash flow over the period 229.9 461.8
    Cash and cash equivalents – Beginning of period 1,448.8 1,001.1
    Non cash exchange gains/(losses) on cash and cash equivalents (5.2) (14.1)
    Cash and cash equivalents – End of period 1,673.5 1,448.8
    in € million Q4 2024 Q4 2023
    Profit before tax 208.4 176.9
    Adjustments for:    
    – Depreciation and amortisation 49.6 45.6
    – Share based payments 5.2 3.9
    – Results from equity investments (10.0) (5.6)
    – Gain on sale of associate – (11.4)
    – Share of profit from associates and joint ventures (0.1) –
    – Changes in working capital (8.8) 44.1
         
    Cash flow from operating activities 244.3 253.5
    Income tax paid (69.2) (59.1)
    Net cash flows from operating activities 175.0 194.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (18.3) –
    Purchase of financial assets at FVOCI (2.8) –
    Proceeds from sale of associate – 11.4
    Purchase of current financial assets (2.3) (3.7)
    Redemption of current financial assets – 71.4
    Purchase of property, plant and equipment (7.4) (12.0)
    Purchase of intangible assets (23.4) (17.5)
    Interest received 13.7 12.0
    Dividends received from equity investments 10.0 5.6
    Net cash flow from investing activities (30.5)    67.2
         
    Cash flow from financing activities    
    Interest paid (0.5) –
    Payment of lease liabilities (5.9) (7.2)
    Acquisitions of own shares (95.2) (138.0)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares 0.2 –
    Dividends paid to non-controlling interests (3.0) (1.4)
    Net cash flow from financing activities (104.5) (149.0)
         
    Total cash flow over the period 40.0 112.6
    Cash and cash equivalents – Beginning of period 1,630.3 1,336.5
    Non cash exchange gains/(losses) on cash and cash equivalents 3.1 (0.2)
    Cash and cash equivalents – End of period 1,673.5 1,448.8

    Volumes for the fourth quarter and full year of 2024

    • Cash markets
      Q4 2024 Q4 2023 %var
    Number of trading days 64 63  
    Number of transactions (buy and sells, incl. reported trades)
    Total Cash Market 153,172,698 145,907,592 +5.0%
    ADV Cash Market 2,393,323 2,315,994 +3.3%
    Transaction value (€ million, single counted)      
    Total Cash Market 674,892 602,148 +12.1%
    ADV Cash Market 10,545 9,558 +10.3%
           
    Listings      
    Number of Issuers on Equities      
    Euronext 1,812 1,888 -4.0%
    SMEs 1,433 1,493 -4.0%
    Number of Listed Securities      
    Funds 2,319 2,434 -4.7%
    ETFs 4,018 3,821 +5.2%
    Bonds 55,804 55,098 +1.3%
           
    Capital raised on primary and secondary market      
    Total Euronext, (€ million)      
    Number of new equity listings 16 13  
    Money Raised – New equity listings (incl. over-allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 2,556 6,667 -61.7%
    Money Raised – Bonds 244,356 290,524 -15.9%
    Total Money Raised 247,076 297,438 -16.9%
           
    of which SMEs      
    Number of new equity listings 14 12  
    Money Raised – New equity listings (incl. over- allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 1,655 4,474 -63.0%
    Money Raised – Bonds 2,779 1,671 +66.3%
    Total Money Raised 4,598 6,393 -28.1%
      FY 2024 FY 2023 %var
    Number of trading days 256 255  
    Number of transactions (buy and sells, inc. reported trades)
    Total Cash Market 603,696,978 625,895,768 -3.5%
    ADV Cash Market 2,358,191 2,454,493 -3.9%
    Transaction value ( € million, single counted)      
    Total Cash Market 2,663,692 2,563,560 +3.9%
    ADV Cash Market 10,405 10,053 +3.5%
           
    Capital raised on primary and secondary market      
    Total Euronext, in €m      
    Number of new equity listings 53 64  
    Money Raised – New equity listings (incl. over-allotment) 3,839.5 2,480.8 +54.8%
    Money Raised – Follow-ons on equities 15,782 20,177 -21.8%
    Money Raised – Bonds 1,190,154 1,156,035 +3.0%
    Total Money Raised 1,209,776 1,178,693 +2.6%
    of which SMEs      
    Number of new equity listings 47 59  
    Money Raised – New equity listings (incl. over-allotment) 872 1,275 -31.7%
    Money Raised – Follow-ons on equities 9,071 9,176 -1.1%
    Money Raised – Bonds 4,384 3,160 +38.7%
    Total Money Raised 14,326 13,612 +5.2%
    • Fixed income markets
      Q4 2024 Q4 2023 %var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 39,381 27,741 +42.0%
    TAADV MTS Repo 516,173 469,134 +10.0%
    Other fixed income      
    ADV Fixed income 1,656 1,504 +10.1%
      FY 2024 FY 2023 % var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 37,021 23,026 +60.8%
    TAADV MTS Repo 483,247 436,039 +10.8%
    Other fixed income      
    ADV Fixed income 1,612 1,266 +27.4%
    • FX markets
      Q4 2024 Q4 2023 % var
    Number of trading days   64  
    FX volume ($m, single counted)      
    Total Euronext FX 1,720,896 1,532,340 +12.4%
    ADV Euronext FX 26,475 23,943 +10.6%
           
      FY 2024 FY 2023 % var
    Number of trading days   259  
    FX volume ($m, single counted)      
    Total Euronext FX 6,888,292 5,814,512 +18.5%
    ADV Euronext FX 26,493 22,450 +18.0%
    • Power markets
      Q4 2024 Q4 2023 % var
    Number of trading days 92 92  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.99 3.10 -3.4%
    ADV Intraday Power Market 0.32 0.25 +27.1%
           
      FY 2024 FY 2023 % var
    Number of trading days         365 365  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.74 2.74 +0.3%
    ADV Intraday Power Market 0.31 0.20 +55.0%
    • Derivatives markets
      Q4 2024 Q4 2023 % var
    Number of trading days 64 63  
    Derivatives Volume (in lots)      
    Equity 29,690,908 31,923,088 -7.0%
    Index 11,183,641 13,517,515 -17.3%
    Futures 6,723,915 7,914,354 -15.0%
    Options 4,459,726 5,603,161 -20.4%
    Individual Equity 18,507,267 18,405,573 +0.6%
    Futures 1,485,833 498,969 +197.8%
    Options 17,021,434 17,906,604 -4.9%
           
    Commodity 7,464,607 5,807,238 +28.5%
    Futures 7,133,617 5,478,945 +30.2%
    Options 330,990 328,293 +0.8%
           
    Total Euronext 37,155,515 37,730,326 -1.5%
    Total Futures 15,343,365 13,892,268 +10.4%
    Total Options 21,812,150 23,838,058 -8.5%
           
    Derivatives ADV (in lots)      
    Equity 463,920 506,716 -8.4%
    Index 174,744 214,564 -18.6%
    Futures 105,061 125,625 -16.4%
    Options 69,683 88,939 -21.7%
    Individual Equity 289,176 292,152 -1.0%
    Futures 23,216 7,920 +193.1%
    Options 265,960 284,232 -6.4%
           
    Commodity 116,634 92,178 +26.5%
    Futures 111,463 86,967 +28.2%
    Options 5,172 5,211 -0.8%
           
    Total Euronext 580,555 598,894 -3.1%
    Total Futures 239,740 220,512 +8.9%
    Total Options 340,815 378,382 -5.0%
           
      FY 2024 FY 2023 % var
    Number of trading days 256 255  
    Derivatives Volume (in lots)      
    Equity 128,897,410 134,733,803 -4.3%
    Index 50,472,727 55,863,644 -9.7%
    Futures 28,946,677 34,664,423 -16.5%
    Options 21,526,050 21,199,221 +1.5%
    Individual Equity 78,424,683 78,870,159 -0.6%
    Futures 6,237,384 1,955,140 +219.0%
    Options 72,187,299 76,915,019 -6.1%
           
    Commodity 29,779,883 23,173,370 +28.5%
    Futures 27,953,600 21,113,163 +32.4%
    Options 1,826,283 2,060,207 -11.4%
           
    Total Euronext 158,677,293 157,907,173 +0.5%
    Total Futures 63,137,661 57,732,726 +9.4%
    Total Options 95,539,632 100,174,447 -4.6%
           
    Derivatives ADV (in lots)      
    Equity 503,506 528,368 -4.7%
    Index 197,159 219,073 -10.0%
    Futures 113,073 135,939 -16.8%
    Options 84,086 83,134 +1.1%
    Individual Equity 306,346 309,295 -1.0%
    Futures 24,365 7,667 +217.8%
    Options 281,982 301,628 -6.5%
           
    Commodity 116,328 90,876 +28.0%
    Futures 109,194 82,797 +31.9%
    Options 7,134 8,079 -11.7%
           
    Total Euronext 619,833 619,244 +0.1%
    Total Futures 246,631 226,403 +8.9%
    Total Options 373,202 392,841 -5.0%
           
    • Derivatives open interest
      31 December 2024 31 December 2023 % var
    Open interest (in lots)      
           
    Equity 18,723,119 18,567,344 +0.8%
    Index 869,625 1,000,267 -13.1%
    Futures 410,598 517,679 -20.7%
    Options 459,027 482,588 -4.9%
    Individual Equity 17,853,494 17,567,077 +1.6%
    Futures 251,452 153,607 +63.7%
    Options 17,602,042 17,413,470 +1.1%
           
    Commodity 979,545 876,380 +11.8%
    Futures 787,929 656,667 +20.0%
    Options 191,616 219,713 -12.8%
           
    Total Euronext 19,702,664 19,443,724 +1.3%
    Total Futures 1,449,979 1,327,953 +9.2%
    Total Options 18,252,685 18,115,771 +0.8%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2 Norwegian Krone
    3 Full year 2024 reported and adjusted EBITDA
    4 Like-for-like basis at constant currency
    5 The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
    6 Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
    7 Subject to receipt of applicable regulatory approvals
    8 For the total adjustments performed please refer to the Appendix of this press release.
    9 According to data from Dealogic
    10 Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
    11 For the total adjustments performed please refer to the Appendix of this press release.
    12 Income tax receivables and payables were restated by -€43.1m for Italian tax netting

    Attachment

    • 2025_Euronext_PR_Q42024

    The MIL Network –

    February 14, 2025

  • MIL-OSI Global: What happens in the brain when there’s a word ‘on the tip of the tongue’?

    Source: The Conversation – France – By Frédéric Bernard, Maître de conférences en neuropsychologie, Université de Strasbourg

    We’ve all experienced it: you’re in the middle of a conversation, searching for a word, a name, or a title, and… nothing. You know you know it–you can almost feel it–but it just won’t come. This phenomenon, known as having a word “on the tip of the tongue,” is both fascinating and frustrating. But what exactly is happening in the brain during these moments? Scientists have explored this question, uncovering some intriguing insights.

    When a word is “on the tip of the tongue,” multiple regions of the brain spring into action, working to locate the missing term. Imagine a group of people frantically searching a library for a specific book. Similarly, the brain mobilizes specific areas to assist in this search. Three regions, in particular, play key roles: the anterior cingulate cortex, the prefrontal cortex and the insula.

    The anterior cingulate cortex and the prefrontal cortex are part of a network responsible for cognitive control and perform complementary roles when a word is elusive. The anterior cingulate cortex acts like a supervisor, signaling that there’s a conflict: “I know this word, but I can’t retrieve it!” Meanwhile, the prefrontal cortex evaluates and verifies the information that surfaces during the search, ensuring that what is retrieved matches what you’re looking for. The insula, a deeper and less visible brain region, contributes to phonological retrieval–helping access the sounds that make up words.

    Using tools like functional magnetic resonance imaging (fMRI), researchers have observed how these brain areas work together during such moments. It’s as if these regions collaborate like colleagues tackling a tough problem, pooling their efforts to find the missing word.

    Interestingly, this frustrating experience becomes more frequent as we age. Studies show that parts of the brain involved in word retrieval–particularly the anterior cingulate cortex and the insula–tend to atrophy over time. This means they lose some efficiency, like a once-pristine library becoming disorganised, with misplaced books and poorly labelled shelves. As a result, retrieving a “book” or, in this case, a word, becomes more challenging.

    For example, research has shown that in older adults, the insula is less active during word retrieval attempts. This diminished activity impairs the ability to assemble the phonological elements of words, making “tip-of-the-tongue” moments more common. The more affected the insula becomes with age, the harder it is to recover words that are otherwise familiar.

    Despite its increased frequency with ageing, the “tip-of-the-tongue” phenomenon is entirely normal. It highlights the complexity of the brain, showing that even seemingly simple tasks–such as finding a word–rely on the coordinated action of many regions.

    Moreover, there are ways to mitigate the effects of ageing on word retrieval. One strategy involves building what scientists call cognitive reserve–a protective factor bolstered by intellectual, physical and social activities. This reserve helps optimise brain health and cognitive ageing, making word-finding easier even as we grow older.

    The next time a word is on the tip of your tongue, remember that your brain is hard at work trying to retrieve it. Partial information–such as certain sounds or related words–might surface first, encouraging you to keep searching. If the word doesn’t come to you right away, take a break and try again later with a clear mind. These moments are a testament to the brain’s complexity and remarkable efficiency.

    Frédéric Bernard ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. What happens in the brain when there’s a word ‘on the tip of the tongue’? – https://theconversation.com/what-happens-in-the-brain-when-theres-a-word-on-the-tip-of-the-tongue-246091

    MIL OSI – Global Reports –

    February 14, 2025

  • MIL-OSI USA: Ricketts Announces Legislation Pushing European Allies to Snapback U.N. Sanctions on Iran

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced legislation that would urge our European allies to initiate the snapback of U.N. sanctions on Iran. Ricketts made the following comments while on a conference call with Nebraska media:
    “Recently, President Trump took executive action to restore maximum pressure against Iran. He directed the Treasury and State Departments to try and drive Iran’s oil exports to zero – which will stop their ability to fund terrorism,” Ricketts said. “He also directed our UN Ambassador to pressure our allies to ‘complete the snapback of sanctions and restrictions on Iran.’ President Trump’s actions will make our country safer. But he can’t do it alone. Our allies, including the United Kingdom, France, and Germany, also known as the E3, will need to do the same.
    “That’s why I will soon introduce legislation pushing our European allies to initiate a snapback of U.N. sanctions on Iran. These snapback sanctions would include export controls, travel bans, asset freezes, and other restrictions on those involved in Iranian nuclear and missile activities,” Ricketts continued. “My legislation would deliver a strong message to our European allies: they need to step up. Iran’s possession of a nuclear weapon would threaten our security and the security of our allies. Snapback sanctions are key to ensuring that President Trump’s maximum pressure policy is successful.”
    [embedded content]
    Watch the video HERE.

    MIL OSI USA News –

    February 14, 2025

  • MIL-OSI Europe: Using Digital Traces to Enforce Platform Regulation

    Source: Universities – Science Po in English

    The geometric representation of the positioning of political parties and individuals according to different dimensions, a standard feature of comparative political studies, has only recently emerged in the analysis of digital data.

    The visualisations presented here by Pedro Ramaciotti, Researcher at Sciences Po médialab and the Centre national de la recherche scientifique, Head of the European Polarisation Observatory, Jean-Philippe Cointet, Professor at the médialab and Director of Sciences Po Open Institute for Digital Transformations, and Tim Faverjon, PhD student at the médialab, are based on analyses carried out on the digital traces of X/Twitter accounts. This research opens up avenues for regulators to prevent the risk of political profiling of platform users without their knowledge.

    This article was originally published in the second issue of Understanding Our Times, Sciences Po Magazine.

    flip through the full magazine

    The proliferation of exchanges via social networks and the democratisation of automatic learning algorithms, which ‘calculate’ individuals on the basis of their behavioural traces, are giving rise to growing mistrust.

    These technologies, which define the form and rules of interaction within the digital public space, are accused of increasing the polarisation of debates, encouraging the proliferation of hate speech and spreading disinformation (fake news), among other issues. Such fears underscore the need to focus on existing regulatory mechanisms to guarantee democratic principles.

    Since the mid-2010s, Europe has created an innovative regulatory framework through a series of legal instruments such as the Artificial Intelligence Act, the Digital Services Act (DSA), the Digital Markets Act (DMA) and the General Data Protection Regulation (GDPR). Two of these – the GDPR and the DSA – seek to protect European Union (EU) citizens from intrusive data collection and advertising that uses personal information such as ethnic origin, sexual preference, religion and political opinion (Article 26.3 of the DSA, which refers to the list of sensitive categories from Article 9.1 of the GDPR).

    On 14 March 2024, less than a month after the DSA came into force, LinkedIn was censured by the European Commission, which suspected the platform of using sensitive data (including political preferences) from users to expose them to targeted advertising. Article 34 of the DSA also requires platform operators to assess the risk that their services, including recommendation and moderation systems, pose to ‘freedom of expression and information, including freedom and pluralism of the media’. Europe’s leading role in protecting democratic principles online is laudable.

    It is nonetheless legitimate to question the effectiveness of these legal tools. The DSA prohibits platforms from engaging in political profiling for advertising purposes, but what tools does the regulator have to detect this type of profiling? Similarly, social networks are given real responsibility for the variety of opinions visible online. However, the amplification systems that make the algorithms so addictive are also likely to produce an incomplete or biased view of opinions.

    So how to identify and quantify this deviation from the pluralist ideal? How to measure the diversity of opinions expressed on a given subject? The problem is twopronged. First, the information space to which users are exposed through the prism of the platforms needs to be observable. Second, the space in which respect for political diversity is desirable needs to be clarified. How should this diversity be measured? Should the ideological indicator be based on the right-left spectrum? Or should it be gauged in other attitudinal dimensions linked to sometimes emerging issues such as immigration, globalisation, cultural and environmental issues?

    Data collection at the Global Centre for Combating Extremist Ideology during an official visit by US President Donald Trump to Riyadh, Saudi Arabia, May 2017. (credits: Reuters/Jonathan Ernst)

    Measuring the opinions of large populations using their digital footprints

    While it is common practice in comparative politics to use geometric representation to position parties or politicians along predefined axes, this type of practice has only recently emerged in the analysis of digital data. The nature of this data, generally resulting from behavioural traces left by individuals, depends on each platform; it typically includes information on what users share, write or ‘like’. They are of particular interest when they are produced by large populations of users, enabling conclusions to be drawn about national political systems on a large scale with greater robustness.

    Using behavioural traces to estimate the positions of individuals according to ideological dimensions or spectrums (opposing right and left, for example) or positions (for or against) on various public policies is a relatively old practice. In the 1980s, pioneering work used parliamentary voting data to position legislators on ideological spectrums. The intuition was that legislators voting for the same laws were probably very close ideologically. Conversely, if their votes were rarely in agreement, then they were very far apart. Gradually, all these patterns of behaviour created a political space that enabled each player to be finely positioned in a one-, two- or even multi-dimensional space. The same is true today of digital traces, which can betray the political preferences of users when we collect the media they retweet or the accounts of politicians they follow (to mention only the case of X/Twitter). 

    The European Polarisation Observatory (EPO), led by Sciences Po, is tackling the measurement of the public opinion of large populations (from hundreds of thousands to several million users per country) based on their digital traces. While the first studies using social network traces, mainly sought to position individuals and content on spectrums opposing liberals and conservatives (particularly for political analysis in the United States), the research carried out within EPO seeks to extrapolate these studies for the different national contexts in the EU.

    Statistical inference methods are developed using various databases that have been used to characterise the political space defined by the parties in each country. For example, data from the Chapel Hill Expert Survey are used to position the political parties on dozens of ideological dimensions or public policy issues that structure each national context: right-left, European Union, immigration, confidence in institutions and elites, etc. This expert data enables validation and calibration of the results obtained by analysing digital traces and, above all, expansion of this classification to the party level across very large populations.

    Measuring online behaviour and exposure according to political preferences

    Because their political positioning has been estimated along dimensions specific to their national contexts, and because these estimates are linked to digital traces (unlike, for example, traditional survey data), these populations could become a primary source of metrics for the regulator to assess political profiling. This is illustrated by two studies published in 2023 and 2024, respectively: one on the relationship between polarisation and disinformation online, and the other on algorithmic content recommendations on social media.

    Online misinformation is one of the central issues in moderating and regulating platforms. Understanding the determinants of fake news sharing is key to fighting disinformation better. Research carried out in the United States has shown that disinformation is mainly spread by a small share of the population on the fringes of the political spectrum, and particularly on the far right. The populations produced by EPO at an EU level enable an extension of the results obtained in the United States to other countries, accounting for the specific political dimensions that structure their digital space.

    The best illustration of these results is the aforementioned 2023 study, which analysed misinformation circulating on X/Twitter. It shows that in France fake news-sharing behaviour is largely determined by the position of accounts along two independent dimensions: on the one hand, the right-left axis, and on the other (and perhaps above all), the anti-elite sentiment and distrust of institutions harboured by certain accounts.

    Analysis of algorithmic content recommendations further illustrates the challenge facing regulators. To comply with Article 34 of the DSA, platforms must assess the impact of algorithmic recommendations on plurality and freedom of access to information. In countries where X/ Twitter is the platform of choice for journalists and political figures – as is the case in almost all of Western Europe and on the other side of the Atlantic – it is easy to imagine the consequences of targeted algorithmic amplification that would favour or penalise messages and content emanating from a single party or reflecting the perspective of a single political camp.

    To analyse these issues, researchers, who are explicitly given this role by article 40 of the DSA, need to have access to both the data on platform recommendations and a political characterisation of the content recommended and the users to whom it is offered. This is the purpose of the 2024 study on algorithmic recommendations, based on digital populations produced by EPO, in collaboration with the CNRS (the ‘Horus’ project). By jointly assessing the political positions of the authors and recipients of recommended messages, this study provides the first quantitative assessment of the political diversity of recommendations to which players in the French Twittersphere are exposed.

    It clearly shows (see figure above) that recommendations obey a logic of ideological segregation: users from the left, centre and right are overexposed to messages from their respective political camps, though to a lesser extent for centrists. In other words, messages published by friends who share the same opinions are systematically amplified by the algorithm.

    The only exception to this boost for ideological proximity is that the algorithm also amplifies messages from far-left-wing users among right-wing users, to the detriment of content published by moderates. It is also interesting to note that the reverse is not true, and that left-wing users appear to be underexposed to content from the right (in almost the same way as content from moderates).

    Can artificial intelligence inadvertently generate political profiles?

    The digital traces of platforms enable building unprecedented bridges between computer science and comparative politics. A question that must be considered is whether the artificial intelligence (AI) algorithms used to recommend content on platforms might inadvertently build political profiles of users in their deep layers.

    AI technologies exploit massive quantities of data and produce complex statistical models to calculate, for example, predictions or information rankings (which feed into algorithmic recommendations). However, these models are not always comprehensible or explainable, which is why they are often referred to as black boxes. Hence the risk that recommendation algorithms may unwittingly internalise political user profiles in their calculations. If so, how can this phenomenon be detected, measured and, if necessary, protected against? These questions are justified for two reasons.

    First, the creation of profiles within AI models would constitute a breach of Article 26 of the DSA and would, in practice, mean an unwanted shift in the responsibility of platforms, which are hiding behind the opacity of the models. Detecting these profiles in AI models could also prevent intentional but stealthy breaches of Article 26.

    For example, if the operator of a platform is convinced that its AI model will provide relevant political advertising to its users (by anticipating what content will be shown to users of a particular political persuasion), without having to make this explicit in the design of its AI model, it will be able to offer targeted political advertising as a service while claiming that the users’ political profile remains unknown to the machine.

    Second, efforts to moderate the negative phenomena caused by the political diversity of the content consumed (such as exacerbated polarisation) raise complex normativity issues: what degree of content diversity should be imposed on users? Who should measure it and who should impose it?

    In addition to revealing the political profiles of users, it is conceivable that these models could be used to selectively delete information that might betray an individual’s political preferences. Is it possible to design recommendation systems that are blind to politics, that comply with legislation, but that remain relevant to the user? Developing the ability to map the political space suggested by digital traces is key to answering this question. And it is crucial in this respect that digital platform data be widely auditable by research.

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI: GraniteShares launches new leveraged ETFs on Intel, Dell and Qualcomm

    Source: GlobeNewswire (MIL-OSI)

    GraniteShares 2x Long QCOM Daily ETF (QCML)

    GraniteShares 2x Long DELL Daily ETF (DLLL)

    GraniteShares 2x Long INTC Daily ETF (INTW)

    New York, New York, Feb. 13, 2025 (GLOBE NEWSWIRE) — GraniteShares launches another three leveraged single stock ETFs to its growing suite of funds. The ETFs provide investors leveraged exposure to Dell (DELL), Intel (INTC) and Qualcomm (QCOM).

    On February 13, 2025, GraniteShares introduces:

    • GraniteShares 2x Long QCOM Daily ETF (QCML)
    • GraniteShares 2x Long DELL Daily ETF (DLLL)
    • GraniteShares 2x Long INTC Daily ETF (INTW)

    Each of these funds is designed for those who are bullish on the artificial intelligence (AI) revolution and are looking for enhanced ways to trade Qualcomm, Dell Technologies, and Intel. By leveraging their performance with a two-times multiplier, investors have an opportunity to amplify gains or losses on upward or downward movements.

    GraniteShares continues to be a pioneer in the leveraged single-stock ETFs space. This launch expands its offerings significantly to twenty three short and leveraged single stock ETFs.

    Link to Prospectus: https://graniteshares.com/media/iyrbedwg/graniteshares-etf-trust-s-l-single-stock-etfs-prospectus.pdf

    What Makes These ETFs Unique?

    These three new ETFs represent the first leveraged single stock ETFs on these names. Leveraged single stock ETFs have proved themselves to be popular with investors as they can be bought and sold from ordinary brokerage accounts. Although the ETFs are leveraged, there are no margin calls for investors and investors control when to buy or sell. Many leveraged single stock ETFs have an active options ecosystem allowing for futher ways to trade around the underlying stock.

    YieldBoost: https://graniteshares.com/institutional/us/en-us/etfs/tsyy/

    Graniteshares recently entered the options income space with an innovative new offering called YieldBoost. The first ETF in the YieldBoost offering; GraniteShares YieldBoost TSLA (TSYY) is an ETF that sells put options to generate income for investors. TSYY made its first distribution in late January and as at Feb 7th, 2025 has an annualized yield of 35.11%, a 30-Day SEC Yield of -3.03%, & 7.9% Total Return in Just Over a Month as of January 31, 2025!

    About GraniteShares:

    GraniteShares is a global investment firm dedicated to creating and managing ETFs. Headquartered in New York City, GraniteShares provides products on U.S., U.K, German, French & Italian stock exchanges. The firm is a market leader in leveraged single-stock ETFs and provides innovative, cutting-edge investment solutions for the high conviction investor.

    Founded in 2016, GraniteShares is an ETF provider focused on providing innovative, cutting-edge alternative investment solutions. Its U.S. ETF offerings include a broad-based commodity index fund, physically backed gold and platinum funds and a high-income pass-through securities index fund.

    GraniteShares also offers a suite of leveraged single stock ETFs, including those targeting NVIDIA, Coinbase and Tesla. The company has over $9 billion in assets under management as of February 6th, 2025.

    For complete information about GraniteShares YieldBOOST ETF, please visit:
    https://graniteshares.com/institutional/us/en-us/

    Media Contact:

    GraniteShares Inc.
    Attn: Media Relations
    222 Broadway, 21 Floor,
    New York, NY, 10038
    844-476-8747
    info@graniteshares.com

    RISK FACTORS AND IMPORTANT INFORMATION

    This material must be preceded or accompanied by a Prospectus. Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. Please read the prospectus before investing.

    The Fund is not suitable for all investors. The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by most ETFs and mutual funds. Investments in the ETFs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Stock’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

    The Fund seeks daily leveraged investment results and is intended to be used as short-term trading vehicles. This Fund attempts to provide daily investment results that correspond to the respective long leveraged multiple of the performance of its underlying stock (a Leverage Long Fund).

    Investors should note that such Leverage Long Fund pursues daily leveraged investment objectives, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its underlying stock. The volatility of the underlying security may affect a Funds’ return as much as, or more than, the return of the underlying security.

    Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.

    Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

    An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus.

    This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program.

    The MIL Network –

    February 14, 2025

  • MIL-OSI Economics: Thales, Amelia and Breakthrough Energy Contrails launch one of world’s largest Contrail Avoidance campaigns

    Source: Thales Group

    Headline: Thales, Amelia and Breakthrough Energy Contrails launch one of world’s largest Contrail Avoidance campaigns

    13 Feb 2025

    Share this article

    • Thales, in collaboration with the airline Amelia, and Breakthrough Energy Contrails, announces the large-scale deployment of a contrail avoidance solution, which has already been tested on the flight routes from Paris and Valladolid (Spain). Contrails are one the major challenges in the ecological transition in aviation and this initiative has helped avoid more than 20 tonnes of CO2 equivalent (CO2eq) in 2024, reducing the climate impact1 of each flight by up to 40%.
    • By modifying the altitude of the planes rather than their lateral trajectory, the solution optimizes flight plans and thus limits the potential overconsumption of fuel to under 3%. Amelia plans to further expand this initiative in 2025, progressively applying it to most of its eligible flight operations, making this experiment one of the largest in the world.
    • With this solution, Thales, a key player in more sustainable aviation, offers a systematic approach that can be quickly integrated by all airlines, seeking to reduce their environmental impact as of today.
    Embraer ERJ145 ​ © Nuno SELETTI” id=”image-1c147064-50ec-4ee9-986b-d5d9003dca99″ data-id=”1c147064-50ec-4ee9-986b-d5d9003dca99″ data-original=”https://cdn.uc.assets.prezly.com/1c147064-50ec-4ee9-986b-d5d9003dca99/-/inline/no/%28c%29+Nuno+SELETTI.png” data-mfp-src=”https://cdn.uc.assets.prezly.com/1c147064-50ec-4ee9-986b-d5d9003dca99/-/resize/1200x/-/format/auto/” alt=”Embraer ERJ145 © Nuno SELETTI”/>
    Embraer ERJ145 ​ © Nuno SELETTI

    Thales, in partnership with Amelia and Breakthrough Energy Contrails, takes a major step towards more environmentally friendly aviation, by implementing an innovative contrail avoidance solution.

    Since June 2024, Thales’ contrail avoidance solution has been deployed on all Paris-Valladolid flights operated by Amelia, using Embraer ERJ145 aircraft. This initiative is part of the DECOR project, supported by France’s 2030 investment plan.

    Contrails, the artificial clouds produced by aeroplanes, trap heat from the sun, playing a role similar to that of greenhouse gases and thus significantly contributing to global warming. The impact of contrails can represent a significant part of the total climate footprint of aviation, rivalling even that of CO2.

    By integrating its solution with Amelia’s Operational Control Center (OCC) tools, Thales enables OCC operations agents to directly obtain alternative trajectories to their flight plans, combining controlled operational impact and a significant reduction in contrails.

    When a significant impact of contrails is detected, the Thales solution, Flights Footprint, suggests flight alternatives that allow for a significant reduction in climate impact, with a minimum average decrease of up to 40% in the total climate impact of the flight. This flight optimization relies solely on adjustments to the aircraft’s altitude, without changing their route, which helps to keep additional fuel consumption to below 3%.

    Yannick Assouad, Executive Vice-President, Avionics, Thales said: “Thales’ contrail avoidance solution is a first for France. It is fully aligned with Thales’ strategy aiming to transform the aerospace industry towards a more environmentally-friendly future through technology, for more sustainable and responsible aviation”.

    Based on proven scientific principles, this innovative solution utilizes the latest weather forecasts and the most advanced climate models provided by Breakthrough Energy Contrails to optimize the flight plan. At the end of each flight, these climate models, enriched by meteorological reanalysis data, are applied to the actual flight path of the aircraft to assess the effectiveness of avoiding contrail formation areas. Additionally, the installation of a ground camera, supplied by Reuniwatt, enables the solution’s effectiveness to be validated through the direct observation of contrails, thanks to the analyses conducted in partnership with the digital services company SII.

    This project has prevented an average of more than 4 tons of CO2 equivalent (CO2eq) per flight, initially affected by contrails. Amelia has decided to extend this system to eligible flights in 2025, becoming the first airline to systematically implement a contrail avoidance approach.

    Adrien Chabot, Director of Sustainable Development at Amelia said: “Taking condensation trails into account allows for the analysis of the total climate impact of our operations and thus a better optimization of them. The challenge is to significantly and quickly reduce our impact on climate change by continuing the deployment of the Thales solution initiated in 2022. Today, it is probably one of the most promising approaches in terms of cost/benefit regarding climate impact.”

    This solution, accessible and easily deployable, creates new horizons for all airlines, paving the way for more sustainable and responsible aviation on a global scale.

    Matteo Mirolo, Head of Strategy at Breakthrough Energy Contrails said: “The impact of contrails on the climate, similar to that of CO2, is one of the major challenges of the ecological transition in aviation. We are delighted to collaborate with Thales to implement large-scale pilot avoidance campaigns, like this one done with Amelia, which are crucial when considering the eventual deployment of systematic avoidance measures.”

    1 Cumulative impact of CO2 and non-CO2 effects.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Amelia

    A major player in the aviation industry in Europe and Africa since 1976, Amelia is a French aeronautics group that ensures flight operations and the monitoring and maintenance of its aircraft.

    Amelia’s fleet, consisting of 18 aircraft, meets the needs of its various activities, chartering on behalf of major international airlines, medical evacuations, and charter flights.

    Amelia is a member of IATA since November 2022, endorsing the wider Fly Net Zero commitment to reach net zero emissions by 2050.

    Press contact : communication@flyamelia.com

    About Breakthrough Energy Contrails

    Breakthrough Energy Contrails is a non-profit initiative aimed at transforming contrail research into climate action. 

    Partnering with academic institutions, airlines, and technology companies, the team develops forecasting and flight planning tools to help airlines avoid high-impact contrail formation. 

    As part of the Breakthrough Energy platform, the initiative integrates technology, operations, and policy expertise to deliver scalable solutions for a clean aviation future.

    For more information, visit contrails.org.

    MIL OSI Economics –

    February 14, 2025

  • MIL-OSI Video: Secretary-General/African Union Summit, France, Yemen & other topics – Daily Press Briefing

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    – Secretary-General/African Union Summit
    – Secretary-General/France
    – Yemen
    – Namibia
    – Security Council/Syria
    – Occupied Palestinian Territory
    – Democratic Republic of Congo/Peacekeeping
    – Democratic Republic of Congo/Humanitarian
    – Bangladesh
    – International Day
    – Guest Tomorrow
    – Financial Contribution

    SECRETARY-GENERAL/AFRICAN UNION SUMMIT
    On Thursday morning, the Secretary-General will arrive in Addis Ababa, in Ethiopia, to take part in the 38th African Union Summit.  While there, he is scheduled to hold bilateral meetings with the leadership of the African Union Commission, Ethiopian authorities as well as Heads of State and Government from the continent.
    On Friday, he is also scheduled to take part in meetings of the AU Peace and Security Council at the level of Heads of State and Government, concerning the situations in Sudan and the Eastern Democratic Republic of the Congo.
    On Saturday morning, the Secretary-General will attend the opening session of the African Union Summit. He will deliver remarks, during which he will reaffirm that the partnership between the United Nations and the African Union has never been stronger.
    He is also expected to reiterate his calls for reforms of the international financial architecture, as well as for permanent representation of African countries at the Security Council.
    On Saturday, the Secretary-General is also scheduled to hold a press conference. 

    SECRETARY-GENERAL/FRANCE
    Before leaving Paris for Addis Ababa to attend the African Union Summit, the Secretary-General visited the headquarters of Reporters Sans Frontières, where he met with its Director General, Thibaut Bruttin.
    Addressing the staff, the Secretary-General said that organizations like RSF are on the front line in the common fight for truth against fiction, for science against conspiracy, and for the fight against impunity when journalists face violence and even death. 
    The Secretary-General said the struggle to defend freedom of the press and the journalists themselves is essential to preserve our democracies.

    YEMEN
    The Secretary-General strongly condemned the death in detention on 10 February of a World Food Programme (WFP) colleague who had been arbitrarily detained by the Houthi de facto authorities since 23 January 2025. The circumstances surrounding this deplorable tragedy remain unclear, and the United Nations is urgently seeking explanations from the Houthi de facto authorities.
    The Secretary-General has called for an immediate, transparent and thorough investigation and for those responsible to be held accountable. In his statement, he said that the continued arbitrary detention of dozens of personnel from the United Nations, national and international non-governmental organizations, civil society organizations, and diplomatic missions, is unacceptable. He renewed his call for their immediate and unconditional release.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=12+February+2025

    https://www.youtube.com/watch?v=u2VnzpsJw4U

    MIL OSI Video –

    February 14, 2025

  • MIL-OSI: Sidetrade announces alliance with Interpath

    Source: GlobeNewswire (MIL-OSI)

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, and Interpath, the international advisory firm, have announced an alliance relationship that has been designed to accelerate digital transformation efforts, empowering businesses to harness AI from Sidetrade’s dedicated Order-to-Cash Data Lake and adapt more effectively to the demands of a rapidly changing economy.

    Interpath is a fast-growing firm that supports clients with advisory and restructuring services and has operations in the UK, France, Ireland, Germany, Austria, Bermuda, Cayman Islands, BVI, and Algeria. The alliance with Sidetrade will support the firm’s continued growth and further enhance its ability to create, defend, preserve, sustain and grow value for its clients through working capital optimization. In turn, Sidetrade will be able to draw on Interpath’s advisory capabilities across a wide range of markets and channels to help more leadership teams transform their Order-to-Cash operations.

    Kevin Schafer, AVP Partners Europe, at Sidetrade, commented: “We are excited to join forces with Interpath to extend the reach of Aimie, Sidetrade’s AI assistant, to a wider spectrum of organizations. By combining Interpath’s industry expertise with our advanced technology, we are creating a powerful synergy to help businesses unlocking new efficiencies in optimizing working capital and driving sustainable cash flow growth.”

    The new alliance is set to reshape the way businesses tackle working capital challenges. It aims to empower organizations with digitally transformative solutions, delivering tangible results in an increasingly dynamic financial environment.

    Sidetrade has consistently been recognized as a leader in the global Order-to-Cash the market, thanks to its powerful AI technology powered by the Sidetrade Data Lake which processes $6.1 trillion in B2B payment transactions real-time daily in Sidetrade’s cloud to provide users with a unique market view. Sidetrade has been positioned as a Gartner® Magic Quadrant™ Leader since 2022. It was also named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment (doc #US51740924, December 2024).

    Hope Rosenbaum, Chief Growth Officer, Head of Alliances at Interpath, commented: “Sidetrade offers a world-class Order-to-Cash solution that leverages AI and cloud technology to make a transformational impact, complementing the work we do every day to help clients improve their financial performance and create value. The alliance couldn’t be timelier as businesses look for ways to make their cashflow work for them and find a more sustainable financial future. We look forward to working with Sidetrade as we leverage the technology and harness the expertise that we both hold to make a real difference for businesses we support across our international networks.”

    Gartner, Magic Quadrant for Invoice-to-Cash Applications, 6 May 2024, Tamara Shipley Et Al.
    Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
    GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

    Media relations @Sidetrade
    Becca Parlby               +44 7824 5055 84           bparlby@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain, Securitas, Sodexo, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business. 
    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn. 
    In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account

    Attachment

    • Sidetrade announces alliance with Interpath

    The MIL Network –

    February 14, 2025

  • MIL-OSI Europe: EIB invests in new IPAE 3 fund to support entrepreneurship in West Africa and Madagascar

    Source: European Investment Bank

    • The EIB is investing €15 million in the new I&P Afrique Entrepreneurs (IPAE 3) fund to bolster support for small and medium-sized enterprises (SMEs) in Africa.
    • This innovative and high-impact fund is expected to create more than 4 000 direct jobs, at least 40% of which will be for women.
    • The investment, which is funded by the ACP Trust Fund, is in line with the European Union’s Global Gateway strategy.

    During the EIB Group Day, the European Investment Bank (EIB) and Investisseurs & Partenaires (I&P) announced the signing of a financial partnership worth €15 million for the new I&P Afrique Entrepreneurs 3 (IPAE 3) fund. The signing ceremony was attended by EIB Vice-President Ambroise Fayolle as well as Jérémy Hajdenberg and Sébastien Boyé, co-CEOs of Investisseurs & Partenaires (I&P).

    It is an innovative and high-impact fund in Africa, which supports local businesses with high growth potential in key areas for the countries involved. These vital sectors include agriculture, nutrition, health, energy, water, industry and services. The fund has clear impact objectives for the businesses in Africa that it finances. These include creating decent jobs, promoting responsible entrepreneurship, empowering women and fighting climate change.

    The fund is expected to create over 4 000 direct jobs, at least 40% of which will be for women. The fund will also be fully aligned with the criteria of the 2X Challenge supporting women entrepreneurs.

    The EIB – along with the West African Development Bank (BOAD) and Proparco – is among the first to invest in this fund and aims to attract other public and private investors. By supporting the fund, the EIB aims to unlock further investment amounting to 4.5 times the figure invested by the EIB. This is a milestone in financing for SMEs in West Africa and Madagascar, particularly in countries where private equity funds have traditionally faced significant investment challenges. I&P has a local presence in Côte d’Ivoire, Ghana, Senegal and Madagascar, and also covers nearby countries such as Benin and Togo.

    “I am very pleased to have signed this new investment with Investisseurs & Partenaires to support IPAE 3, an innovative and high-impact fund for entrepreneurs in Africa, particularly in West Africa and Madagascar. Our aim is to provide finance for start-ups and to assist them in their development, especially in countries where accessing finance is difficult,” said EIB Vice-President Ambroise Fayolle. He also added: “By taking action, we are helping to create a more responsible form of entrepreneurship and supporting women entrepreneurs. In this way, we are helping to create jobs and develop the business leaders of the future. These are the key objectives of our finance operation in Africa alongside our Team Europe partners.”

    “We are especially proud to continue our long-term partnership with the European Investment Bank, which began almost 20 years ago. As one of the first players to make a formal commitment to IPAE 3, the EIB is playing a decisive role in the success of this round of fundraising, along with the other players involved in this initial closing. The commitment that has been made to IPAE 3 demonstrates that there is confidence in our approach and expertise. IPAE 3 has a unique ambition: to grant finance to capable, responsible and innovative businesses that offer solutions to the biggest challenges facing Africa, while supporting economic inclusion, especially that of women,” said I&P co-CEO Sébastien Boyé.

    This new financing is the fourth operation that the EIB and I&P have signed together, further strengthening the fruitful partnership that has developed between the parties. It brings the total support provided by the EIB to the various funds raised by I&P to €35.25 million.

    This investment was funded by le Fonds fiduciaire pour les États d’Afrique, des Caraïbes et du Pacifique (Fonds fiduciaire ACP) with the support of the European Commission. This is part of Team Europe’s strong commitment to providing finance and support for start-ups in Africa, and more broadly as part of the Global Gateway strategy and its EU-Africa Global Gateway programme, to support sustainable and inclusive growth in Africa.

    The EIB is a key player in development in Africa. Via EIB Global – its arm dedicated to financing outside the European Union – the EIB provided nearly €3.1 billion in investment in 2024 to support concrete and high-impact projects for the continent.

    Please note: This press release is strictly informative and does not constitute an offer nor an invitation to invest in IPAE 3.

    Background information

    European Investment Bank

    The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. It aims to support €100 billion of investment by the end of 2027 – one-third of the overall target of this EU strategy. It is designed to foster strong, focused partnership within Team Europe alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices around the world.

    Investisseurs & Partenaires

    For over 20 years, Investisseurs & Partenaires (I&P) has been committed to financing and supporting SMEs in Africa and assisting investment teams to establish themselves on the continent.

    I&P’s activities revolve around three fundamental objectives: to provide finance and assistance to entrepreneurs, to support and develop investment teams, and to bolster the entrepreneurial ecosystem. I&P provides finance for around 50 SMEs each year, and up to now has supported over 300 companies in a variety of sectors. Its team is present in 11 countries: Burkina Faso, Cameroon, Côte d’Ivoire, France, Ghana, Kenya, Madagascar, Mali, Niger, Senegal and Uganda.

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI Europe: Written question – Annulment of the presidential elections in Romania and the role of the Commission following Thierry Breton’s remarks – P-000150/2025

    Source: European Parliament

    Priority question for written answer  P-000150/2025
    to the Commission
    Rule 144
    Matthieu Valet (PfE)

    On 6 December 2024, the far-right candidate Călin Georgescu came first in the first round of Romania’s presidential elections. However, these elections were immediately annulled by the Romanian Constitutional Court on controversial grounds, sparking heated debate and leading to the opening of an investigation by the Commission.

    On 9 January 2025, former European Commissioner Thierry Breton told French television channel RMC Story that if the German AfD party won the elections in Germany, they could also be annulled by the European Union, ‘as was done in Romania’, he said[1].

    On 12 January 2025, thousands of Romanians took to the streets of Bucharest to protest against the annulment of the elections and express their dissatisfaction with this decision, which was seen as an attack on national sovereignty.

    • 1.Does the Commission support Thierry Breton’s remarks concerning the possible annulment of elections in Germany?
    • 2.Did the Commission exert any direct or indirect influence on the decision to annul the presidential elections in Romania?
    • 3.If so, in what context and for what reasons?

    Submitted: 15.1.2025

    • [1] https://rmc.bfmtv.com/actualites/international/on-l-a-fait-en-roumanie-thierry-breton-reagit-aux-ingerences-de-musk-en-allemagne-avec-l-afd_AN-202501090232.html
    Last updated: 13 February 2025

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI Europe: Minutes – Wednesday, 12 February 2025 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2025-02-12

    EN

    EN

    iPlPv_Sit

    Minutes
    Wednesday, 12 February 2025 – Strasbourg

    IN THE CHAIR: Roberta METSOLA
    President

    1. Opening of the sitting

    The sitting opened at 09:04.


    2. Negotiations ahead of Parliament’s first reading (Rule 72) (action taken)

    The decision of the AFET and BUDG committees to enter into interinstitutional negotiations had been announced on 10 February 2025 (minutes of 10.2.2025, item 7).

    As no request for a vote pursuant to Rule 72(2) had been made, the committees responsible had been able to enter into negotiations upon expiry of the deadline.


    3. Commission Work Programme 2025 (debate)

    Commission statement: Commission Work Programme 2025 (2025/2500(RSP))

    The President gave explanations on the conduct of the debate, as a new format was being tested.

    The following spoke: Gerben-Jan Gerbrandy, on the presence of the Commission at the debate.

    Maroš Šefčovič (Member of the Commission) made the statement.

    The following spoke: Jeroen Lenaers, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Jordan Bardella, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Bas Eickhout, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, René Aust, on behalf of the ESN Group, Tomas Tobé, Camilla Laureti, Sebastiaan Stöteler, who also answered a blue-card question from Gerben-Jan Gerbrandy, Patryk Jaki, who also answered a blue-card question from Yvan Verougstraete, Billy Kelleher, Kira Marie Peter-Hansen, who also answered a blue-card question from Tomáš Zdechovský, Pasquale Tridico, Christine Anderson, Kateřina Konečná, who also answered a blue-card question from Tomáš Zdechovský, Dolors Montserrat, Mohammed Chahim, Tamás Deutsch, who also answered a blue-card question from Martin Hojsík, Lídia Pereira, who also answered a blue-card question from João Oliveira, Gabriele Bischoff, Charlie Weimers, who also answered a blue-card question from Petras Gražulis, Gerben-Jan Gerbrandy, who also answered a blue-card question from Sander Smit, Željana Zovko, Damian Boeselager, Andrey Novakov, Yannis Maniatis, Jorge Buxadé Villalba, Adrian-George Axinia, Gordan Bosanac, Tomislav Sokol, Ana Catarina Mendes, Irene Montero, Monika Beňová, Lena Düpont, Alex Agius Saliba, Karlo Ressler, Paolo Borchia, Assita Kanko, Martin Hojsík, Angelika Niebler, Anna Bryłka, Zsuzsanna Borvendég, Elissavet Vozemberg-Vrionidi, Heléne Fritzon, Harald Vilimsky, Beata Szydło, Paulo Cunha, who also answered a blue-card question from João Oliveira, Mario Mantovani, Hannah Neumann, Li Andersson, Thomas Geisel, Nikolina Brnjac, Kathleen Van Brempt, Gilles Pennelle, Ioan-Rareş Bogdan and Marion Maréchal.

    The following spoke under the catch-the-eye procedure: Michał Wawrykiewicz, Juan Fernando López Aguilar, Sebastian Tynkkynen, Hilde Vautmans, Tilly Metz, Lynn Boylan, Lukas Sieper, Sunčana Glavak, Maria Grapini, Bert-Jan Ruissen, Seán Kelly, Vytenis Povilas Andriukaitis, Thomas Bajada, Cristina Maestre and Jean-Marc Germain.

    The following spoke: Maroš Šefčovič.

    The following spoke: Jeroen Lenaers, who referred to the presence of the Commission at the debate.

    The debate closed.


    4. One year after the murder of Alexei Navalny and the continued repression of the democratic opposition in Russia (debate)

    Statements by Parliament: One year after the murder of Alexei Navalny and the continued repression of the democratic opposition in Russia (2024/2526(RSP))

    The President made an introductory address.

    The following spoke: Sandra Kalniete, on behalf of the PPE Group, Andreas Schieder, on behalf of the S&D Group, Pierre-Romain Thionnet, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Bernard Guetta, on behalf of the Renew Group, Sergey Lagodinsky, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, and Petar Volgin, on behalf of the ESN Group.

    The debate closed.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Sophie WILMÈS
    Vice-President

    5. Resumption of the sitting

    The sitting resumed at 12:05.


    6. Voting time

    For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    6.1. VAT: rules for the digital age * (vote)

    Report on the draft Council directive amending Directive 2006/112/EC as regards VAT rules for the digital age [15159/2024 – C10-0170/2024 – 2022/0407(CNS)] – Committee on Economic and Monetary Affairs. Rapporteur: Ľudovít Ódor (A10-0001/2025)

    (Majority of the votes cast)

    COUNCIL DRAFT

    Approved by single vote (P10_TA(2025)0012)

    The following had spoken:

    Before the vote, Ľudovít Ódor (rapporteur) to make a statement on the basis of Rule 165(4).

    (‘Results of votes’, item 1)


    6.2. Administrative cooperation in the field of taxation * (vote)

    Report on the proposal for a Council directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation [COM(2024)0497 – C10-0169/2024 – 2024/0276(CNS)] – Committee on Economic and Monetary Affairs. Rapporteur: Aurore Lalucq (A10-0002/2025)

    (Majority of the votes cast)

    COMMISSION PROPOSAL AU CONSEIL

    Approved by single vote (P10_TA(2025)0013)

    (‘Results of votes’, item 2)


    6.3. Objection pursuant to Rule 115(2) and (3): Genetically modified maize DP910521 (vote)

    Motion for a resolution tabled by the ENVI Committee, in accordance with Rule 115(2) and 115(3), (B10-0061/2025) – Members responsible: Martin Häusling, Biljana Borzan, Anja Hazekamp

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0014)

    (‘Results of votes’, item 3)


    6.4. Objection pursuant to Rule 115(2) and (3): Genetically modified maize MON 95275 (vote)

    Motion for a resolution tabled by the ENVI Committee, in accordance with Rule 115(2) and 115(3), on the draft Commission implementing decision authorising the placing on the market of products containing, consisting of or produced from genetically modified maize MON 95275 pursuant to Regulation (EC) No 1829/2003 of the European Parliament and of the Council (D102172/03 – 2024/3011(RSP)) (B10-0060/2025) – Members responsible: Martin Häusling, Biljana Borzan, Anja Hazekamp

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0015)

    (‘Results of votes’, item 4)

    (The sitting was suspended at 12:11.)


    IN THE CHAIR: Martin HOJSÍK
    Vice-President

    7. Resumption of the sitting

    The sitting resumed at 12:15.


    8. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    9. Collaboration between conservatives and the far right as a threat to competitiveness in the EU (topical debate)

    The following spoke: René Repasi to open the debate proposed by the S&D Group.

    The following spoke: Adam Szłapka (President-in-Office of the Council) and Stéphane Séjourné (Executive Vice-President of the Commission).

    The following spoke: Daniel Caspary, on behalf of the PPE Group, Javi López, on behalf of the S&D Group, António Tânger Corrêa, on behalf of the PfE Group, Carlo Fidanza, on behalf of the ECR Group, Billy Kelleher, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, Ivan David, on behalf of the ESN Group, Lukas Mandl, Heléne Fritzon, Klara Dostalova, Jadwiga Wiśniewska, Sandro Gozi, Maria Ohisalo, Marina Mesure, Markus Buchheit, Lukas Sieper, Angelika Niebler, Katarina Barley, Anders Vistisen, Charlie Weimers, Charles Goerens, Thomas Waitz, Jussi Saramo, Erik Kaliňák, Alma Ezcurra Almansa, Mohammed Chahim, Paolo Borchia, Assita Kanko, Moritz Körner, Reinier Van Lanschot, Luis-Vicențiu Lazarus, Riho Terras, Alessandra Moretti, Ondřej Knotek, Stefano Cavedagna, Anna Stürgkh, Majdouline Sbai, François-Xavier Bellamy, Andreas Schieder, Jorge Buxadé Villalba, Cristian Terheş, Stefan Berger, Vasile Dîncu, Afroditi Latinopoulou, Thomas Pellerin-Carlin, Csaba Dömötör, Estelle Ceulemans, Jean-Paul Garraud, Tiemo Wölken and Marc Angel.

    The following spoke: Stéphane Séjourné and Adam Szłapka.

    The debate closed.


    10. Competitiveness Compass (debate)

    Council and Commission statements: Competitiveness Compass (2025/2531(RSP))

    Adam Szłapka (President-in-Office of the Council) and Stéphane Séjourné (Executive Vice-President of the Commission) made the statements.

    The following spoke: Christian Ehler, on behalf of the PPE Group.

    IN THE CHAIR: Roberts ZĪLE
    Vice-President

    The following spoke: Mohammed Chahim, on behalf of the S&D Group, Tom Vandendriessche, on behalf of the PfE Group, Johan Van Overtveldt, on behalf of the ECR Group, Morten Løkkegaard, on behalf of the Renew Group, Marie Toussaint, on behalf of the Verts/ALE Group, Hanna Gedin, on behalf of The Left Group, Sarah Knafo, on behalf of the ESN Group, Markus Ferber, Gabriele Bischoff, who also answered a blue-card question from Bogdan Rzońca, Anders Vistisen, Piotr Müller, João Cotrim De Figueiredo, Ville Niinistö, Anthony Smith, Lefteris Nikolaou-Alavanos, Peter Liese, Alex Agius Saliba, Julie Rechagneux, who also answered a blue-card question from Anthony Smith, Elena Donazzan, Pascal Canfin, Sara Matthieu, Per Clausen, who also answered a blue-card question from Jadwiga Wiśniewska, Andreas Schwab, Irene Tinagli, who also answered a blue-card question from Diana Iovanovici Şoşoacă, András Gyürk, Gheorghe Piperea, Svenja Hahn, João Oliveira, Lídia Pereira, Aurore Lalucq, Jana Nagyová, Giovanni Crosetto, Anna-Maja Henriksson, Rudi Kennes, Massimiliano Salini, Ana Catarina Mendes, who also answered blue-card questions from João Oliveira and Lídia Pereira, Margarita de la Pisa Carrión, who also answered a blue-card question from Dario Nardella, Kosma Złotowski, Anna Stürgkh, Fernando Navarrete Rojas, Estelle Ceulemans, Sebastian Kruis, Dick Erixon, Jeannette Baljeu, Jens Gieseke, Jonás Fernández, Tomasz Buczek, Antonella Sberna, Oihane Agirregoitia Martínez, Tom Berendsen, Laura Ballarín Cereza, Pascale Piera, Nora Junco García, Cynthia Ní Mhurchú, Pilar del Castillo Vera, Dario Nardella, Ľudovít Ódor, Eszter Lakos and Carla Tavares.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: Virgil-Daniel Popescu, Lara Wolters, Jessica Polfjärd, Delara Burkhardt, Eero Heinäluoma, Victor Negrescu and Marcos Ros Sempere.

    The following spoke under the catch-the-eye procedure: Hélder Sousa Silva, Nina Carberry, Maria Zacharia, Maria Grapini and Sebastian Tynkkynen.

    The following spoke: Stéphane Séjourné and Adam Szłapka.

    The debate closed.


    11. Composition of committees and delegations

    The ECR Group had notified the President of the following decisions changing the composition of the committees and delegations:

    – ITRE Committee: Diego Solier to replace Carlo Ciccioli

    – PETI Committee: Chiara Gemma

    The decisions took effect as of that day.


    12. Need for targeted support to EU regions bordering Russia, Belarus and Ukraine (debate)

    Council and Commission statements: Need for targeted support to EU regions bordering Russia, Belarus and Ukraine (2025/2532(RSP))

    Adam Szłapka (President-in-Office of the Council) and Raffaele Fitto (Executive Vice-President of the Commission) made the statements.

    The following spoke: Andrzej Halicki, on behalf of the PPE Group, Marcos Ros Sempere, on behalf of the S&D Group, Sebastian Tynkkynen, on behalf of the ECR Group, Ľubica Karvašová, on behalf of the Renew Group, Mārtiņš Staķis, on behalf of the Verts/ALE Group, Marcin Sypniewski, on behalf of the ESN Group, Ioan-Rareş Bogdan, Marina Kaljurand, Tobiasz Bocheński, Elsi Katainen, Michael von der Schulenburg, Andrey Novakov, Eero Heinäluoma, Georgiana Teodorescu, Eugen Tomac, Mika Aaltola, Carla Tavares, Aurelijus Veryga, Petras Auštrevičius, Riho Terras, Reinis Pozņaks, Christophe Gomart and Maciej Wąsik.

    The following spoke under the catch-the-eye procedure: Seán Kelly, Juan Fernando López Aguilar, Liudas Mažylis, Vilija Blinkevičiūtė and Diana Iovanovici Şoşoacă.

    The following spoke: Raffaele Fitto and Adam Szłapka.

    The debate closed.


    13. US withdrawal from the Paris Climate Agreement and the World Health Organisation, and the suspension of US development and humanitarian aid (debate)

    Commission statement: US withdrawal from the Paris Climate Agreement and the World Health Organisation, and the suspension of US development and humanitarian aid (2025/2527(RSP))

    Hadja Lahbib (Member of the Commission) made the statement.

    The following spoke: Michał Szczerba, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Ondřej Knotek, on behalf of the PfE Group, Alexandr Vondra, on behalf of the ECR Group, Barry Andrews, on behalf of the Renew Group, Michael Bloss, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Christine Anderson, on behalf of the ESN Group, Udo Bullmann, who also declined to take a blue-card question from Alexander Sell, António Tânger Corrêa, Anna Zalewska, Dan Barna, Ignazio Roberto Marino, Isabel Serra Sánchez, Alexander Sell, Ondřej Dostál, Tomislav Sokol, Vytenis Povilas Andriukaitis, Gerolf Annemans, Francesco Torselli, Charles Goerens, Lena Schilling, Marc Botenga, Anja Arndt, David McAllister, Tiemo Wölken, who also answered a blue-card question from Alexander Sell, Julien Sanchez, Laurence Trochu, Sigrid Friis and Isabella Lövin.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Catarina Martins, who also answered a blue-card question from Diana Iovanovici Şoşoacă, Stanislav Stoyanov, Radan Kanev, Nicola Zingaretti, Juan Carlos Girauta Vidal, Sergio Berlato, who also answered a blue-card question from Radan Kanev, Michal Wiezik, Rasmus Nordqvist, Valentina Palmisano, Milan Mazurek, Lídia Pereira, Marta Temido, who also answered a blue-card question from João Oliveira, Marieke Ehlers, who also answered a blue-card question from Nicolae Ştefănuță, Lukas Sieper on some of the remarks made by the previous speaker, Nikolas Farantouris, Sander Smit, who also answered a blue-card question from Anna Strolenberg, Antonio Decaro, Hermann Tertsch, Murielle Laurent, Roman Haider, Leire Pajín, Virginie Joron, Heléne Fritzon, Gerald Hauser, Robert Biedroń, Anne-Sophie Frigout and Aleksandar Nikolic.

    The following spoke under the catch-the-eye procedure: Seán Kelly, Marit Maij, Alexander Jungbluth, Lukas Sieper, Nikolina Brnjac and Michał Wawrykiewicz.

    The following spoke: Hadja Lahbib.

    The debate closed.


    14. Honouring the memory of Ján Kuciak and Martina Kušnírová: advancing media freedom, strengthening the rule of law and protecting journalists across the EU (debate)

    Commission statement: Honouring the memory of Ján Kuciak and Martina Kušnírová: advancing media freedom, strengthening the rule of law and protecting journalists across the EU (2025/2556(RSP))

    Michael McGrath (Member of the Commission) made the statement.

    The following spoke: Miriam Lexmann, on behalf of the PPE Group, Ana Catarina Mendes, on behalf of the S&D Group, Juan Carlos Girauta Vidal, on behalf of the PfE Group, Małgorzata Gosiewska, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Tineke Strik, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, David Casa, Emma Rafowicz, Irena Joveva, Katarína Roth Neveďalová, Magdalena Adamowicz, Sophie Wilmès, Hristo Petrov and Laurence Farreng.

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Maria Zacharia and Lukas Sieper.

    The following spoke: Michael McGrath.

    The debate closed.


    15. Debate on cases of breaches of human rights, democracy and the rule of law (debate)

    (For the titles and authors of the motions for resolutions, see minutes of 12.2.2025, item I.)


    15.1. Recent dismissals and arrests of mayors in Türkiye

    Motions for resolutions B10-0100/2025, B10-0103/2025, B10-0110/2025, B10-0115/2025, B10-0119/2025, B10-0121/2025 and B10-0124/2025 (2025/2546(RSP))

    Michalis Hadjipantela, Evin Incir, Malik Azmani, Vladimir Prebilič, Isabel Serra Sánchez and Sebastiaan Stöteler introduced their groups’ motions for resolutions.

    The following spoke: Reinhold Lopatka, on behalf of the PPE Group, Nacho Sánchez Amor, on behalf of the S&D Group, Arkadiusz Mularczyk, on behalf of the ECR Group, Mélissa Camara, on behalf of the Verts/ALE Group, Giorgos Georgiou, on behalf of The Left Group, Nikos Papandreou and Per Clausen.

    The following spoke under the catch-the-eye procedure: Geadis Geadi and Maria Zacharia.

    The following spoke: Glenn Micallef (Member of the Commission).

    The debate closed.

    Vote: 13 February 2025.


    15.2. Repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular

    Motions for resolutions B10-0126/2025, B10-0128/2025, B10-0130/2025, B10-0131/2025, B10-0132/2025, B10-0134/2025 and B10-0135/2025 (2025/2547(RSP))

    Željana Zovko, Leire Pajín, Carlo Fidanza, Oihane Agirregoitia Martínez, Diana Riba i Giner and Tomasz Froelich introduced their groups’ motions for resolutions.

    The following spoke: Antonio López-Istúriz White, on behalf of the PPE Group, Francisco Assis, on behalf of the S&D Group, Davor Ivo Stier, Gabriel Mato and Francisco José Millán Mon.

    The following spoke: Glenn Micallef (Member of the Commission).

    The debate closed.

    Vote: 13 February 2025.


    15.3. Continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu

    Motions for resolutions B10-0101/2025, B10-0104/2025, B10-0111/2025, B10-0113/2025, B10-0117/2025, B10-0120/2025, B10-0122/2025 and B10-0123/2025 (2025/2548(RSP))

    Miriam Lexmann, Hannes Heide, Bert-Jan Ruissen, Catarina Vieira, Merja Kyllönen, Susanna Ceccardi and Tomasz Froelich introduced their groups’ motions for resolutions.

    The following spoke: Arkadiusz Mularczyk, on behalf of the ECR Group.

    The following spoke: Glenn Micallef (Member of the Commission).

    The debate closed.

    Vote: 13 February 2025.


    16. Silent crisis: the mental health of Europe’s youth (debate)

    Commission statement: Silent crisis: the mental health of Europe’s youth (2025/2552(RSP))

    Glenn Micallef (Member of the Commission) made the statement.

    The following spoke: Tomislav Sokol, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Aurelijus Veryga, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Ignazio Roberto Marino, on behalf of the Verts/ALE Group, Catarina Martins, on behalf of The Left Group, Milan Mazurek, on behalf of the ESN Group, Adam Jarubas, Nikos Papandreou, Michele Picaro and Nicolae Ştefănuță.

    IN THE CHAIR: Victor NEGRESCU
    Vice-President

    The following spoke: Emma Fourreau, Alvise Pérez, András Tivadar Kulja, Romana Jerković, Kim Van Sparrentak, Elena Nevado del Campo, Nicolás González Casares, Peter Agius, Maria Walsh and Jessika Van Leeuwen.

    The following spoke under the catch-the-eye procedure: Martine Kemp, Ana Miranda Paz, João Oliveira and Sunčana Glavak.

    The following spoke: Glenn Micallef.

    The debate closed.


    17. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    18. Agenda of the next sitting

    The next sitting would be held the following day, 13 February 2025, starting at 09:00. The agenda was available on Parliament’s website.


    19. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    20. Closure of the sitting

    The sitting closed at 21:26.


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Recent dismissals and arrests of mayors in Türkiye

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the recent dismissals and arrests of mayors in Türkiye (B10-0100/2025)
    Isabel Serra Sánchez, Özlem Demirel
    on behalf of The Left Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0103/2025)
    Vladimir Prebilič, Mélissa Camara, Mounir Satouri, Vicent Marzà Ibáñez, Catarina Vieira, Maria Ohisalo, Erik Marquardt, Nicolae Ştefănuță, Ville Niinistö, Villy Søvndal
    on behalf of the Verts/ALE Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0110/2025)
    Malik Azmani, Oihane Agirregoitia Martínez, Petras Auštrevičius, Dan Barna, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Karin Karlsbro, Ľubica Karvašová, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Sophie Wilmès, Lucia Yar
    on behalf of the Renew Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0115/2025)
    Sebastiaan Stöteler, Marieke Ehlers, Jaroslav Bžoch, Roberto Vannacci, Susanna Ceccardi
    on behalf of the PfE Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0119/2025)
    Yannis Maniatis, Francisco Assis, Nacho Sánchez Amor, Evin Incir, Nikos Papandreou, Pina Picierno
    on behalf of the S&D Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0121/2025)
    Sebastião Bugalho, Vangelis Meimarakis, Željana Zovko, Wouter Beke, Antonio López Istúriz White, Isabel Wiseler Lima, Ingeborg Ter Laak, Tomáš Zdechovský, Mirosława Nykiel, Jessica Polfjärd, Luděk Niedermayer, Jan Farský, Inese Vaidere
    on behalf of the PPE Group

    on the recent dismissals and arrests of mayors in Türkiye (B10-0124/2025)
    Joachim Stanisław Brudziński, Sebastian Tynkkynen, Małgorzata Gosiewska, Waldemar Tomaszewski, Veronika Vrecionová, Ondřej Krutílek, Assita Kanko, Alexandr Vondra
    on behalf of the ECR Group

    Repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0126/2025)
    Sebastião Bugalho, Željana Zovko, Antonio López-Istúriz White, Gabriel Mato, David McAllister, Vangelis Meimarakis, Wouter Beke, Isabel Wiseler-Lima, Ingeborg Ter Laak, Tomáš Zdechovský, Mirosława Nykiel, Jessica Polfjärd, Luděk Niedermayer, Jan Farský, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0128/2025)
    Diana Riba i Giner, Catarina Vieira, Maria Ohisalo, Nicolae Ştefănuță, Ville Niinistö
    on behalf of the Verts/ALE Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0130/2025)
    Tomasz Froelich
    on behalf of the ESN Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0131/2025)
    Bernard Guetta, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Lucia Yar
    on behalf of the Renew Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0132/2025)
    Hermann Tertsch, Jorge Martín Frías, Gerolf Annemans, Nikola Bartůšek, Roberto Vannacci, Susanna Ceccardi
    on behalf of the PfE Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0134/2025)
    Yannis Maniatis, Francisco Assis, Leire Pajín
    on behalf of the S&D Group

    on the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular (B10-0135/2025)
    Adam Bielan, Jadwiga Wiśniewska, Mariusz Kamiński, Ondřej Krutílek, Veronika Vrecionová, Joachim Stanisław Brudziński, Małgorzata Gosiewska, Waldemar Tomaszewski, Sebastian Tynkkynen, Assita Kanko, Ivaylo Valchev, Alexandr Vondra, Aurelijus Veryga, Alberico Gambino
    on behalf of the ECR Group

    Continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0101/2025)
    Merja Kyllönen
    on behalf of The Left Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0104/2025)
    Catarina Vieira, Maria Ohisalo, Nicolae Ştefănuță
    on behalf of the Verts/ALE Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0111/2025)
    Susanna Ceccardi, Nikola Bartůšek
    on behalf of the PfE Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0113/2025)
    Tomasz Froelich
    on behalf of the ESN Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0117/2025)
    Jan Christoph Oetjen, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Karin Karlsbro, Ilhan Kyuchyuk, Urmas Paet, Marie Agnes Strack Zimmermann, Hilde Vautmans, Lucia Yar
    on behalf of the Renew Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0120/2025)
    Yannis Maniatis, Francisco Assis, Hannes Heide
    on behalf of the S&D Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0122/2025)
    Sebastião Bugalho, Vangelis Meimarakis, Željana Zovko, Wouter Beke, Isabel Wiseler Lima, Ingeborg Ter Laak, Tomáš Zdechovský, Mirosława Nykiel, Jessica Polfjärd, Luděk Niedermayer, Jan Farský, Inese Vaidere, Andrey Kovatchev
    on behalf of the PPE Group

    on continuing detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu (B10-0123/2025)
    Bert Jan Ruissen, Jadwiga Wiśniewska, Ondřej Krutílek, Veronika Vrecionová, Bogdan Rzońca, Joachim Stanisław Brudziński, Małgorzata Gosiewska, Waldemar Tomaszewski, Michał Dworczyk, Sebastian Tynkkynen, Assita Kanko, Alexandr Vondra, Alberico Gambino
    on behalf of the ECR Group


    II. Delegated acts (Rule 114(2))

    Draft delegated acts forwarded to Parliament

    – Commission Delegated Regulation supplementing Regulation (EU) 600/2014 of the European Parliament and of the Council as regards OTC derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21 (C(2025)00417 – 2025/2534(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 24 January 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2021/931 as regards the specification of the formula for calculating the supervisory delta of call and put options mapped to the commodity risk category (C(2025)00459 – 2025/2537(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 28 January 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2019/624 as regards ante-mortem inspections in slaughterhouses, ante-mortem inspections at the holding of provenance and post-mortem inspections (C(2025)00539 – 2025/2540(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 30 January 2025

    referred to committee responsible: ENVI
    opinion: AGRI

    – Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2022/2059, Delegated Regulation (EU) 2022/2060 and Delegated Regulation (EU) 2023/1577 as regards the technical details of back-testing and profit and loss attribution requirements, the criteria for assessing the modellability of risk factors, and the treatment of foreign-exchange risk and commodity risk in the non-trading book (C(2025)00595 – 2025/2543(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 3 February 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Directive 2003/87/EC of the European Parliament and of the Council by laying down detailed rules for the yearly calculation of price differences between eligible aviation fuels and fossil kerosene and for the EU ETS allocation of allowances for the use of eligible aviation fuels (C(2025)00681 – 2025/2559(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 6 February 2025

    referred to committee responsible: ENVI
    opinion: ITRE

    – Commission Delegated Regulation amending Regulation (EU) 2023/2053 of the European Parliament and of the Council as regards the management of bluefin tuna in the eastern Atlantic and in the Mediterranean (C(2025)00748 – 2025/2560(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 7 February 2025

    referred to committee responsible: PECH


    III. Implementing measures (Rule 115)

    Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

    – Commission Regulation amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 9 and International Financial Reporting Standard 7 (Text with EEA relevance) (D103844/01 – 2025/2525(RPS) – deadline: 21 April 2025)
    referred to committee responsible: ECON
    opinion: JURI

    – Commission Regulation amending and correcting Regulation (EU) No 142/2011 as regards certain requirements for the placing on the market and imports of animal by-products and derived products not intended for human consumption (D103880/01 – 2025/2535(RPS) – deadline: 28 April 2025)
    referred to committee responsible: ENVI


    IV. Transfers of appropriations and budgetary decisions

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations No 1/2025 – Section IX – European Data Protection Supervisor.

    In accordance with Article 31(1) of the Financial Regulation, the Committee on Budgets had decided to approve the Commission’s transfer of appropriations DEC 01/2025 – Section III – Commission.

    In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve the Commission’s transfer of appropriations DEC 01/2025 – Section III – Commission.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barley Katarina, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berg Sibylle, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Deutsch Tamás, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Ezcurra Almansa Alma, Falcă Gheorghe, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Firea Gabriela, Firmenich Ruth, Fita Claire, Flanagan Luke Ming, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Gregorová Markéta, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Gualmini Elisabetta, Guarda Cristina, Guetta Bernard, Guzenina Maria, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hassan Rima, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Ijabs Ivars, Imart Céline, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kemp Martine, Kennes Rudi, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lagodinsky Sergey, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Luena César, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Martusciello Fulvio, Mato Gabriel, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Mehnert Alexandra, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Montero Irene, Montserrat Dolors, Morace Carolina, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mureşan Siegfried, Nagyová Jana, Nardella Dario, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ó Ríordáin Aodhán, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Temido Marta, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Tynkkynen Sebastian, Uhrík Milan, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Overtveldt Johan, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Morano Nadine, Zarzalejos Javier

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI Europe: EIB Group invests €12.6 billion to back growth, the green transition and innovation in France in 2024

    Source: European Investment Bank

    The European Investment Bank Group (EIB Group) delivered a strong performance in France last year, with €12.6 billion in long-term investment provided directly or indirectly to private sector companies of all sizes and public sector organisations. France received more EIB Group funding than any other country in 2024, partially as a result of an 85% increase in EIF financing.

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI United Kingdom: Weimar+ Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission

    Source: United Kingdom – Executive Government & Departments 3

    • English
    • Українська

    Joint Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission.

    12 February 2025, Paris.

    We are ready to enhance our support for Ukraine. We commit to its independence, sovereignty and territorial integrity in the face of Russia’s war of aggression.

    We share the goal to keep supporting Ukraine until a just, comprehensive and lasting peace is reached. A peace that guarantees the interest of Ukraine and our own.

    We are looking forward to discussing the way ahead together with our American allies. Our shared objectives should be to put Ukraine in a position of strength. Ukraine and Europe must be part of any negotiations. Ukraine should be provided with strong security guarantees. A just and lasting peace in Ukraine is a necessary condition for a strong transatlantic security.

    We recall that the security of the European continent is our common responsibility. We are therefore working together to strengthen our collective defence capabilities.

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    Updates to this page

    Published 12 February 2025

    Invasion of Ukraine

    • UK visa support for Ukrainian nationals
    • Move to the UK if you’re coming from Ukraine
    • Homes for Ukraine: record your interest
    • Find out about the UK’s response

    MIL OSI United Kingdom –

    February 14, 2025

  • MIL-OSI Submissions: Energy Sector – Equinor appeals fine for violation of market regulations in France

    Source: Equinor

    The French Energy Regulatory Commission (CRE) has imposed a fine of 4 million Euros on Equinor for two cases of REMIT* violation in connection with the booking of annual gas transmission capacities, one in 2019 and one in 2020. Equinor will appeal the decision.

    The case concerns the booking of annual gas transmission capacities on capacity auctions relating to the French-Spanish network interconnection point Pirineos (PIR) back in 2019 and 2020. CRE finds that Equinor has colluded with Danske Commodities in the first round of the same annual gas capacity auctions by reserving more than the maximum volume of capacity offered for sale. Danske Commodities have been fined 8 million Euros and will appeal the decision.

    “Market compliance is fundamental in Equinor and we have standards and routines in place to ensure that we comply with regulations and conduct rules in the markets we operate in. We have found no signs of collusion and on that basis we do not agree with the decision from CRE that the alleged collusion took place. We will appeal the decision,” says Irene Rummelhoff, executive vice president for Marketing, Midstream and Processing in Equinor.

    From Equinor’s acquisition of Danske Commodities and onwards, market compliance measures have included information barriers in systems and organizational setup as well as training and follow-up by separate market compliance units. Equinor maintain that Equinor and Danske Commodities acted independently, and that Equinor booked capacity solely in order to keep access to the Spanish capacity booking platform and therefore ensure access to the Spanish gas market.

    Equinor will appeal the case to Conseil d’État, the highest court in France for handling cases involving public administration.

    *Regulation on Wholesale Energy Market Integrity and Transparency

    MIL OSI – Submitted News –

    February 13, 2025

  • MIL-OSI Economics: Global deal activity down 8.4% YoY in January 2025, reveals GlobalData

    Source: GlobalData

    Global deal activity (mergers & acquisitions (M&A), private equity (PE) and venture financing) experienced an 8.4% decline year-on-year (YoY) in January 2025 with decrease in deal volume observed across all the regions. Asia-Pacific and Europe faced the sharpest declines, while certain markets like India, Japan, and Germany saw growth according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that a total of 3,800 deals were announced globally during January 2025, which is a fall from 4,148 deals announced globally during the same period in the previous year.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in deal activity across all the regions reflects the current challenges and uncertainties. Asia-Pacific and Europe experienced the most significant downturns, with their respective deal volume declining by 10.2% and 14.5% YoY during January 2025.”

    On the other hand, the total number of deals announced in North America, Middle East and Africa, and South and Central American regions were down by 1.9%, 5.5% and 23.8%, respectively.

    Among the select key markets, China, the UK, Canada, South Korea, France and Australia experienced YoY decline in their deal volume by 30.4%, 20.5%, 18.9%, 28.3%, 16.7% and 17.3% respectively, while markets such as India, Japan, and Germany showed improvement in deal activity by 27.3%, 35% and 8.2%, respectively.

    Meanwhile the trend remained a mixed bag across the different deal types under coverage. Venture financing deals volume saw YoY decline of 9.4% during January 2025 while the number of M&A deals fell by 8.6%. However, private equity deals experienced improvement in volume by 4.5% during the review period.

    Bose concludes: “The data reveals a challenging landscape for global deal activity, with a broad decline in deal volumes, particularly in certain key markets. In this shifting environment, it will be crucial for investors to stay vigilant, closely monitor these trends, and adjust their strategies to effectively navigate the evolving market dynamics.”

    MIL OSI Economics –

    February 13, 2025

  • MIL-OSI Africa: Bluewater to Sell Apex International Energy, Highlighting Full-Cycle Private Equity (PE) Investment Model in Africa’s Oil and Gas Sector

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, February 13, 2025/APO Group/ —

    Private equity is playing an increasingly pivotal role in Africa’s energy sector, driving growth and innovation in the continent’s oil and gas markets. This week, specialist energy private equity firm Bluewater announced the sale of Apex International Energy – transformed under its stewardship into a leading player in Egypt’s energy market – to a subsidiary of Hong Kong-listed United Energy Group. The transaction underscores the full-cycle nature of private equity investing and its potential to unlock value in Africa’s resource-rich markets. 

    Bluewater, which invested in Apex in 2018 as part of its second fund, saw the opportunity to develop the Houston-based company into a significant contributor to Egypt’s oil and gas industry. Under Bluewater’s stewardship, Apex grew from a small, independent exploration and production company into a top-ten producer in Egypt. Over the course of six years, Apex expanded its portfolio to include interests in eight concessions, with production averaging over 11,000 barrels of oil equivalent per day in 2024. 

    This transformation was driven by strategic acquisitions, new discoveries and a laser focus on operational excellence. Key milestones included the 2021 oil discovery in the Southeast Meleiha concession, which saw first production later that year. In 2023, Apex expanded its footprint with the acquisition of six concessions in Egypt’s Western Desert from Italian energy giant Eni, as well as began first gas production. These strategic moves not only boosted Apex’s production levels, but also reinforced its position as a key contributor to Egypt’s energy security. 

    For Bluewater, this growth was a result of carefully managed investments that allowed Apex to capitalize on Egypt’s favorable energy market while navigating the complexities of local regulations and political landscapes. By taking a hands-on approach to governance and working closely with Apex’s leadership team, Bluewater was able to foster a culture of growth and innovation that delivered tangible results. 

    The sale exemplifies how private equity firms complete the full investment cycle – starting with identifying a promising asset, nurturing its growth and ultimately realizing value through a sale or exit strategy. In this case, the sale to United Energy Group positions Apex for continued growth and expansion under new ownership, while providing Bluewater with a profitable return on its investment. This model of buying, growing and exiting is at the heart of private equity’s role in driving value creation and economic development in emerging markets like Africa. 

    The transaction also underscores the increasing confidence that private equity investors are placing in Africa’s energy sector. Despite challenges like fluctuating commodity prices and complex regulatory environments, the energy sector in countries like Egypt offers substantial growth opportunities. For private equity firms, the continent’s untapped reserves, coupled with a growing demand for energy, make it an attractive destination for long-term investments. 

    Looking to the future, the role of private equity in African oil and gas is expected to grow further. The upcoming Invest in African Energy Forum in Paris will serve as a key platform for private equity firms to explore investment opportunities in Africa’s growing energy sector, where strategic partnerships and capital infusion are driving innovation and growth. In particular, firms that focus on full-cycle investment strategies – such as Bluewater’s approach with Apex – are well-positioned to thrive in this evolving landscape. They can bring capital, technical expertise and a deep understanding of local markets, enabling them to navigate challenges and capitalize on emerging opportunities in Africa’s energy sector. 

    IAE 2025 (https://apo-opa.co/3CMcOXk) is an exclusive forum designed to facilitate investment between African energy markets and global investors.Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    MIL OSI Africa –

    February 13, 2025

  • MIL-OSI Russia: 80 years since the liberation of Budapest

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On February 13, 1945, the Budapest operation of Soviet troops during the Great Patriotic War ended, as a result of which the central regions of Hungary, including its capital, were liberated, and the puppet “Government of National Unity” lost power over the country.

    By the end of 1944, Germany’s position was already unenviable, it had to fight on three fronts: in Italy, France and against the Red Army rapidly advancing from the east. The defense of Budapest was of paramount importance, because its loss meant the loss of the last major source of oil, so Hitler even declared that it was better to surrender Berlin than to lose Hungarian oil. The Germans built three lines of defense around Budapest and significantly fortified the city itself, which was defended by Army Group South and the remnants of the Hungarian armed forces.

    The Soviet offensive on Budapest began on October 29. They failed to take the city on the move. The second attempt also met with fierce resistance. In December, the Germans even attempted to counterattack and pushed the Russians back in some areas of the front. However, on December 26, their forces were completely surrounded, with 188,000 people trapped in the cauldron. And they had no intention of surrendering; moreover, they shot the envoys sent with an ultimatum to capitulate. Their counterattacking tanks numbered 50-60 units per kilometer of front – a density of equipment unseen throughout the war. Having had the bloody experience of the Battle of Stalingrad and the Battle of Kursk, the Red Army responded with a deeply echeloned defense, effective reconnaissance, and preemptive strikes. The Germans were unable to break out of the encirclement, and in early February, their counteroffensive finally petered out in all directions.

    The heaviest urban battles in some areas began on January 18. That same day, our troops liberated about 70,000 Jews from the Budapest ghetto. Now, when the organized counteroffensive of the Germans had failed, they rushed out of Budapest chaotically and with particular despair. From the memoirs of Soviet Major General Andrei Kovtun-Stankevich:

    “Everyone takes part in the battle, including the telephone operators. Telephone operator Zoya Vasilchenko destroyed up to 15 fascists with a machine gun. The battalion captured more prisoners than it had personnel.”

    “The commander of the medical battalion, Krutilov, arrived and proudly handed me a “combat” report. It turns out that the medical battalion had fought a battle today, as a result of which 49 Germans were killed and 56 were taken prisoner. Everyone took part in the battle, including the wounded who were able to fire. Even the pharmacist, an elderly woman, fired a pistol.”

    On February 13, 1945, the German group in Budapest was finally liquidated. The commander, SS-Obergruppenführer Karl Pfeffer-Wildenbruch, dressed in a soldier’s uniform along with all the staff officers, surrendered on his own initiative to the head of the chemical service of the 180th rifle division, Major Skripin.

    In honor of this victory, a salute of 24 salvos from 324 guns was given in Moscow. The result of the successful operation was the complete liquidation of the enemy forces and the withdrawal of Hungary from the war. In addition, the advancement on the remaining sections of the Soviet-German front was noticeably facilitated by the transfer of German troops to Budapest. A threat was created to the Balkan group of the Wehrmacht, which was forced to accelerate its withdrawal from Yugoslavia.

    The State University of Management congratulates on this memorable date and recalls our scientific regiment – employees awarded the medal “For the capture of Budapest”:
    -Hero of the Soviet Union, Alexander Davydov, Guard Lieutenant Colonel, Deputy Head of the Nile MIE-MIU department from 1962 to 1985;
    -Gennady Belykh, Colonel, Head of the educational and methodological department of the MIU;
    -Peter Burov, Major Engineer, Vice-Rector for the Academic Affairs of MIEI from 1952 to 1962;
    -Ivan Steel, Major Engineer, chief of staff of the railway troops of the 3rd Ukrainian Front, associate professor of the Department of structures and structures of MIEI.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/13/2025

    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.

    MIL OSI Russia News –

    February 13, 2025

  • MIL-OSI USA: Senator Marshall Joins Senator Moran, Hoeven on Moving Food for Peace to USDA

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, D.C. – Yesterday, U.S. Senator Roger Marshall, M.D. joined Senators Moran, Hoeven, and Representatives Mann, Crawford, Newhouse, and Rouzer, as well as House Agriculture Chairman Thompson in introducing legislation to move the Food for Peace program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).
    “Food for Peace was started in Kansas by farmers who wanted to feed people in need across the world. Now, over 70 years later, the mission continues. The USDA understands farmers and food distribution better than any other agency in town, and moving the jurisdiction of Food for Peace under the USDA ensures that American grain is going to the people who need it most,” said Senator Marshall. “As President Trump and congressional leadership continue to find ways to curb wasteful spending and promote our nations’ goods and commodities, this is a step in the right direction toward a brighter future for America, its farmers, and the original mission of Food for Peace.”
    “The move of this program to USDA strengthens our ability to get food to those who need it most while supporting US sorghum farmers,” said Amy France, National Sorghum Producers Chairwoman. “NSP supports this shift, as it ensures the long-term success of Food for Peace and the efforts to deliver American-grown sorghum to food-insecure communities worldwide.”
    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, Kansas Association of Wheat Growers President. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need.”
    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”
    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies.”
    Senator Marshall has championed reforms to the Food for Peace program in the past, co-leading the America’s Farmers Feed the World Act, which sought to restore the Food for Peace program to its original intent by using U.S.-grown commodities to fight global hunger rather than spending American taxpayers’ dollars on foreign goods with limited oversight and accountability safeguards.

    MIL OSI USA News –

    February 13, 2025

  • MIL-OSI USA: Sens. Moran, Hoeven & Rep. Mann Introduce Legislation to Move Food for Peace Program to USDA

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and John Hoeven (R-N.D.) – members of the Senate Committee on Agriculture, Nutrition, and Forestry – joined Representatives Tracey Mann (KS-01), Rick Crawford (AR-01), Dan Newhouse (WA-04), David Rouzer (NC-07) and House Agriculture Committee Chairman G.T. Thompson (PA-15), in introducing legislation to move the administration of the Food for Peace Program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).

    For the past 70 years, American farmers have helped combat international hunger through Food for Peace, feeding more than 4 billion people in more than 150 countries.

    “Kansas has a long history of providing food to the hungry beginning with a Kansas farmer suggesting the U.S. provide surplus grain to countries in need, to President Eisenhower establishing the resulting humanitarian aid program, to Senator Bob Dole expanding Food for Peace, to the farmers who grow the crops that feed the world,” said Sen. Moran. “As part of an ongoing effort to save money and increase efficiency, Food for Peace should be moved to the U.S. Department of Agriculture. By moving this program closer to the producers who grow these crops, we can help reduce waste and make certain our farmers have access to this valuable market. Food stability is essential to political stability, and our food aid programs help feed the hungry, bolster our national security and provide important markets for our farmers.”

    “Our nation’s farmers and ranchers are the best in the world and work hard to provide food and fuel not only for our nation, but those in need across the globe,” said Sen. Hoeven. “The U.S. Department of Agriculture already administer U.S. farmer-based food aid programs and it only makes sense that USDA would oversee the Food for Peace program, as well.”

    “President Trump made a promise to the country to cut wasteful spending, reduce overbearing federal bureaucracy, and to ensure every taxpayer dollar was spent wisely and responsibly,” said Rep. Mann. “I applaud President Trump for upholding that promise and reviewing our federal spending line by line to root out waste, fraud, and abuse while ensuring programs like Food for Peace are in line with his mission and vision. For 70 years, Kansas and American farmers have played an active role in sending their commodities to feed malnourished and starving populations around the world. This free gift from the American people is more than food. It’s diplomacy and feeds the most vulnerable communities while helping them recognize the freedom, prosperity, and good America can establish across the globe. By moving Food for Peace to USDA, the program can continue to equip American producers to serve hungry people while providing more transparency and efficiency as to how taxpayer dollars are stewarded. I will continue to work with the Trump Administration to uproot wasteful spending while ensuring America can continue to be the beacon of hope and freedom we are to the rest of the world.”

    “Food for Peace is a critical program for American farmers and has a proven track-record of successfully feeding people all over the world,” said Rep. Crawford. “I am encouraged by the Trump Administration taking a fresh look at how we provide foreign assistance, including Food for Peace. I believe a move from USAID to USDA would make program administration more efficient and more in-line with America’s priorities. USDA already runs two international food assistance programs that deal with in-kind food donations, Food for Progress and the McGovern-Dole Food for Education program. This makes USDA a natural home for Food for Peace.”

    “The Food for Peace program plays a critical role in helping prevent starvation in places around the world that need it most, while also providing American farmers additional market opportunities,” said Rep. Newhouse. “Moving this program from USAID to USDA allows a commodity-focused agency to manage and execute the program’s mission while ensuring accountability that funds will be spent responsibly. America must continue to be a global leader in the fight against hunger.”

    Last week, Sen. Moran urged Secretary of State Marco Rubio to quickly ship and distribute the American-grown food that was stalled in ports and warehouses in the U.S. and around the world as a result of the State Department’s pause on international assistance. Nearly $560 million worth of American-grown food was at risk of spoiling. On February 8, the State Department provided notices to participating aid organizations to resume shipping and distribution of the stalled American-grown food aid.

    Statements of Support:

    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, president of Kansas Association of Wheat Growers. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need. Thank you to Senator Moran and Congressman Mann for leading the way on this issue.”

    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”

    “National Sorghum Producers supports this legislation that would move U.S. food aid programs under the U.S. Department of Agriculture—a move that makes sense and would ensure the long-term viability and success of these programs by continuing to provide a critical market for American sorghum farmers and the ability to move grain from our fields to the hands of those in need around the world,” said Amy France, chairwoman of National Sorghum Producers.

    “U.S. soybeans play an important role in addressing global hunger,” said Caleb Ragland, president of the American Soybean Association. “Soybeans are the only plant-based protein that provides all nine amino acids essential for human health, and our farmers have been proud to support international food assistance programs. ASA strongly supports efforts to protect these programs and to ensure U.S. grown commodities continue to feed vulnerable populations around the globe. We thank Representative Mann and Senator Moran for their leadership on this important issue.”

    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies. We applaud Representatives Mann (R-KS), Thompson (R-PA), Crawford (R-AR), Newhouse (R-WA), Rouzer (R-NC), and Senators Moran and Hoeven for introducing legislation that would allow Food for Peace to operate under USDA, and reinstate this critical, life-saving program.”

    This legislation is also supported by the U.S. Dry Bean Council, National Sorghum Producers, U.S. Wheat Associates, National Association of Wheat Growers, The Midwest Dry Bean Coalition, North Central Bean Dealers Association, Northarvest Bean Growers Association, National Corn Growers Association, American Soybean Association, USA Rice, U.S. Peanut Federation, American Farm Bureau Federation and the International Dairy Foods Association.

    MIL OSI USA News –

    February 13, 2025

  • MIL-OSI Global: The Paris summit marks a tipping point on AI’s safety and sustainability

    Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

    United States Vice President JD Vance made headlines this week by refusing to sign a declaration at a global summit in Paris on artificial intelligence.

    In his first appearance on the world stage, Vance made clear that the U.S. wouldn’t be playing ball. The Donald Trump administration believes that “excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,” he said. “We’ll make every effort to encourage pro-growth AI policies.”

    His remarks confirmed a widespread fear that Trump’s return to the White House will signal a sharp turn in tech policy. American tech companies and their billionaire owners will now be shielded from effective oversight.

    But upon a closer look, events this week point to signs that just the opposite may be unfolding. A host of nations took notable steps towards address growing safety and environmental concerns about AI, indicating that a regulatory tipping point has been reached.

    Prime Minister Justin Trudeau delivered the keynote address at the AI Action Summit in Paris, France.

    Wide consensus

    The two-day global summit in Paris, chaired by France and India, led to broad consensus. Some 60 countries signed on to a Statement on Inclusive and Sustainable AI. This included Canada, the European Commission, India and China.

    Both the U.S. and the United Kingdom declined to sign on. But the prevailing winds are against them.

    The meeting in Paris was the third global summit on AI, following meet-ups at Bletchley Park in the U.K. in 2023 and in Seoul, South Korea, in 2024. Each of them ended with similar declarations widely endorsed.

    The Paris communiqué calls for an “inclusive approach” to AI, seeking to “narrow inequalities” in AI capabilities among countries. It encourages “avoiding market concentration” and affirms the need for openness and transparency in building and sharing technology and expertise.

    The document is not binding. It does little more than tout principles, or affirm a collective sentiment among the parties. One of these — perhaps the most important — is to keep talking, meeting and working together on the common concerns that AI raises.

    Environmental challenges

    Meanwhile, a smaller group of countries at the Paris summit, along with 37 tech companies, agreed to form a Coalition for Sustainable AI — setting out a series of goals and deliverables.

    While nothing is binding on the parties, the goals are notably specific. They include coming up with standards for measuring AI’s environmental impact and more effective ways for companies to report on the impact. Parties also aim to “optimize algorithms to reduce computational complexity and minimize data usage.”

    Even if most of this turns out to be merely aspirational, it’s important that the coalition offers a platform for collaboration on these initiatives. At the very least, it signals a likelihood that sustainability will be at the forefront of debate about AI moving forward.



    Read more:
    AI is bad for the environment, and the problem is bigger than energy consumption

    Signing the first international treaty on AI

    A further notable event at the summit was that Canada signed the Council of Europe’s Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. In recent months, 12 other countries had signed, including the U.S. (under former president Joe Biden), the U.K., Israel and the European Union.

    The convention commits parties to pass domestic laws on AI that deal with privacy, bias and discrimination, safety, transparency and environmental sustainability.

    The treaty has been criticized for containing no more than “broad affirmations” and imposing few clear obligations. But it does show that countries are committed to passing law to ensure that AI development unfolds within boundaries — and they’re eager to see more countries do the same.

    If Canada were to ratify the treaty, Parliament would likely revive Bill C-27, which contained the AI and Data Act.



    Read more:
    The federal government’s proposed AI legislation misses the mark on protecting Canadians

    The act aimed to do much of what Canada agrees to do under the convention: impose greater oversight of the development and use of AI. This includes transparency and disclosure requirements on AI companies, and stiff penalties for failure to comply.

    What does this really mean?

    While the U.S. signed the convention on AI and human rights, democracy and rule of law in the fall of 2024, it likely won’t be implemented by a Republican Congress. The same might happen in Canada under a Conservative government led by Pierre Poilievre. He could also decide not to fulfil commitments made under other agreements about AI.

    And if Poilievre comes to power by the time Canada hosts the next G7 meeting in June, he might decline to honour the Trudeau government’s commitment to make AI regulation a central focus of the meeting.

    The Trump administration may have ushered in a period of more lax tech regulation in the U.S., and Silicon Valley is indeed a key player in tech — especially AI. But it’s a wide world, with many other important players in this space, including China, Europe and Canada.

    The events in Paris have revealed a strong interest among nations around the globe to regulate AI, and specifically to foster ideas about inclusion and sustainability. If the Paris summit was any indication, the hope of sheltering AI from effective regulation won’t last long.

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

    – ref. The Paris summit marks a tipping point on AI’s safety and sustainability – https://theconversation.com/the-paris-summit-marks-a-tipping-point-on-ais-safety-and-sustainability-249706

    MIL OSI – Global Reports –

    February 13, 2025

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend the Republic of the Congo on the Mouébara Act, Raise Questions on Women’s Access to Justice and Clandestine Abortions

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the eighth periodic report of the Republic of the Congo, with Committee Experts commending the State on the Mouébara Act which combatted violence against women, while raising questions on women’s access to justice and on clandestine abortions in the country. 

    Esther Eghobamien, Committee Expert and Country Rapporteur for the Congo, said extensive constitutional, legal and public policy reforms, and strategic approaches adopted by the Congo were commendable, including the celebrated Mouébara Act no. 19 of 2022 to combat violence against women, which specifically defined discrimination against women as in article 11 for the first time.  Many unique provisions of the law aligned with international human rights law and if effectively implemented, should guarantee protection for women on many fronts, including against sexual harassment. 

    A Committee Expert asked how the State was working with customary courts and informal justice actors to form a path for the protection of the rights of women and girls under customary law?  What concrete steps were being taken to improve and enhance access to quality justice, including through the provision of legal aid and addressing awareness in the justice sector?  How was the State party ensuring that the Mouébara Act was implemented, so that gaps could be closed? 

    Another Committee Expert said complications from clandestine abortions were responsible for up to 30 per cent of maternal deaths.  Use of contraceptives in the country was very low.  What specific measures were being taken to ensure people knew about the risks of early pregnancies?  What measures were being taken to ensure that women facing complications relating to insecure abortions received full medical support?  How was access to health services without criminalisation ensured, particularly for women involved in clandestine abortion? What measures would be taken to legalise abortion? 

    The delegation said work was being carried out at the grassroots level with community leaders on the rights of women.  Access to justice was guaranteed under the law and bolstered via the Mouébara Act. The national action plan for tackling gender-based violence had a staff, who were also active in ensuring women had access to justice.  There had been training sessions for judges and judicial staff so they understood the new laws and how their provisions needed to be applied in the courts.  More than 1,000 judicial staff had undergone training so far.  The Mouébara Act contained specific actions for judges, and judges received specific training on it. 

     

    The delegation said the Republic of the Congo banned the voluntary interruption of pregnancy, due to terrible past situations relating to abusive abortions in inappropriate locations.  The State monitored specific cases.  There had been a case involving incest where a girl was pregnant with twins and her father was responsible.  In this case, to have access to an abortion, she would need to go through the courts and the judge should accept the procedure for termination of pregnancy, taking into consideration the health of the mother.  These were exceptional cases, and the State was following this policy to limit any potential health problems. 

    Introducing the report, Inès Bertille Nefer Ingani Voumbo Yalo, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Republic of the Congo and head of the delegation, said many steps had been taken to enhance women’s participation in political and public life, including the national programme for the promotion of women’s leadership in political life, which strengthened the capacities of more than 3,000 women in politics, leadership, and communication.  The representation of women in institutions and decision-making spheres in the Republic of the Congo was experiencing a real improvement.  The Republic of the Congo aimed to be a model in the implementation of the Convention.

    In her closing remarks, Nahla Haidar, Committee Chair, said the Committee was impressed by the number of legal initiatives and texts being developed by the State party and the work being undertaken on the ground to translate those texts into something real. 

    Ms. Ingani Voumbo Yalo thanked the Committee for the efforts and the constructive dialogue. The Republic of the Congo was committed to moving forwards to improve the wellbeing and rights of women. 

    The delegation of the Congo was comprised of representatives from the Ministry for the Promotion of Women, the Integration of Women in Development and the Informal Economy; the Ministry of Social Affairs, Solidarity and Humanitarian Action; the Ministry of Justice, Human Rights and the Promotion of Indigenous Peoples; the National Action Programme for the Fight against Violence against Women; the Communications and Information Technology Services Department; the Directorate of Cooperation; the Association of Women Lawyers in the Congo; the National Human Rights Commission; and the Permanent Mission of the Republic of the Congo to the United Nations Office at Geneva. 

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Thursday, 13 February to begin its consideration of the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

    Report

    The Committee has before it the eighth periodic report of the Congo (CEDAW/C/COG/8).

    Presentation of Report

    INÈS BERTILLE NEFER INGANI VOUMBO YALO, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Republic of the Congo and head of the delegation, said the promotion of equal human and women’s rights was one of the major pillars of the Congolese Government’s action.  Many steps had been taken to enhance women’s participation in political and public life, including the national programme for the promotion of women’s leadership in political life, which strengthened the capacities of more than 3,000 women in politics, leadership, and communication. The representation of women in institutions and decision-making spheres in the Republic of the Congo was experiencing a real improvement.  There were now 100 per cent of women on the Women’s Advisory Council, 47 per cent of women in the judiciary, 25 per cent of women in the high court of justice, and 15 per cent of women credited as ambassadors, among others. 

    Since the last dialogue with the Committee, the Republic of the Congo had strengthened and evolved its normative and institutional framework by adopting several texts, including the law establishing the right of asylum and refugee status; the law on combatting trafficking in persons; the law on sustainable environmental management; the Mouébara Act on combatting violence against women and its implementing texts; and the law establishing the Mouébara Centre for the reception and rehabilitation of women and girls victims of violence, among others.  The draft law on parity was in the process of being adopted. 

    Many activities had been carried out to promote and protect women’s rights, such as the establishment of the National Committee of Women Mediators for Peace; the adoption of the national strategy (2021-2025) to combat gender-based violence; the training of women magistrates in the courts of appeal on domestic violence; and the training of more than 1,000 magistrates and other judicial personnel under the jurisdiction of the five courts of appeal on the application of the Convention, the Mouébara Act on combatting violence against women, and the holistic care of victims of violence against women.  The Mouébara Centre for the rehabilitation of women victims of violence would benefit from a two-hectare plot of land in the centre of Brazzaville and a budget line of two billion FCFA for its construction in 2025.

    With regard to maternal and child health, the national health development plan 2023-2026 covered caesarean section and other complications related to pregnancy and childbirth, free antimalarial drugs for children aged 0 to 15 years old, as well as the care of children with sickle cell anaemia.  Other strategies to combat maternal and child mortality had been developed, including the integrated strategic plans for reproductive, maternal, newborn, child and adolescent health 2022-2026.  These actions made it possible to reduce the maternal mortality ratio from 304 deaths to less than 70 deaths per 100,000 live births over a period of three years. 

    Regarding the fight against HIV/AIDS, there had been a considerable reduction in the prevalence rate of mother-to-child transmission, as well as an increase in antiretroviral coverage among pregnant women, from 10 per cent in 2019 to 43 per cent in 2023. Awareness campaigns were being conducted in schools and in grassroots communities to combat teenage pregnancies in the Congo.

    To improve women’s access to education, the Republic of the Congo adopted the national policy for integrated early childhood development 2022-2030; the national strategy for girls’ schooling; and the education sector strategy 2021-2030. Schooling was compulsory for all until the age of 16, textbooks were free, and wearing a uniform was compulsory to fight against discrimination against the most disadvantaged children. The positive masculinity approach to combat violence against women and girls had raised awareness among nearly 4,000 students from different departments on family life, education, gender stereotypes and awareness against violence in schools. 

    The Congo was continuing efforts to ensure women’s empowerment through support for women’s and mixed groups as part of the programme for the development of protected agricultural areas.  Funding had been granted to women carrying out income-generating activities.  The Congo had also established a public support structure for small and medium-sized enterprises, called the “Impulse, Guarantee and Support Fund”, allowing women entrepreneurs to benefit from training on entrepreneurial leadership.

    Despite the progress made by the Republic of the Congo, significant challenges remained. The State was calling for multifaceted support from the international community for better management of issues related to the fight against all forms of discrimination against women and for the construction of the Mouébara Centre for the holistic care of victims of violence.  The Republic of the Congo aimed to be a model in the implementation of the Convention.

    Questions by Committee Experts

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, said the State possessed vast oil and forest resources but still faced challenges in providing a high quality of life to citizens, particularly women and girls. Extensive constitutional, legal and public policy reforms, and strategic approaches adopted by the Congo were commendable, notably the 2017-2021 national gender policy and action plan; the promotion of women’s leadership in politics and public life (2017-2021); the UNCR 1325 national action plan on women and peace and security (2021–2023); and the celebrated Mouébara Act no. 19 of 2022 to combat violence against women, which, specifically defined discrimination against women as in article 11 for the first time.  Many unique provisions of the law aligned with international human rights law and if effectively implemented, should guarantee protection for women on many fronts, including against sexual harassment. 

    However, key policies had expired, progress was slow, and the rights of women and girls were continually threatened by violence.  It was hoped the outcome of today’s dialogue would highlight thematic areas to build a future where gender equality was tangible and accessible to all women in the Congo.

    How systematic was the training for judges?  Was gender integrated into the curriculum for training?  Did the Congo have legal aid as a service for women?  What kind of capacity building was being given to the legislator? 

    A Committee Expert commended the State party for the Mouébara Act, and for the Constitution, which decreed equality between men and women.  Had the State party conducted an assessment on existing laws to identify legal frameworks which contradicted existing policies on equality?  What efforts was the State party taking to build the capacity of judges, prosecutors and the judiciary to apply the Convention in their work?  How was the State working with customary courts and informal justice actors to form a path for the protection of the rights of women and girls under customary law? 

    What was the situation of women and human rights defenders working on the human rights of women in the country?  What concrete steps were being taken to improve and enhance access to quality justice, including through the provision of legal aid and addressing awareness in the justice sector?  How was the State party ensuring that the Mouébara Act was implemented, so that gaps could be closed? 

    Responses by the Delegation 

    The delegation said the Mouébara Act was a significant legislative step, serving to resolve the different issues when it came to the protection of women.  Previously there were no specific guarantees protecting women from violence.  The Act allowed the State to criminalise various types of behaviour which did not respect the human rights of women.  It was enacted two years ago and was increasingly being referred to and cited. 

    Work was being carried out at the grassroots level with community leaders on the rights of women. Departmental networks had been established in every department in the Congo, and in every department there was a network to eradicate violence against women and girls.  Access to justice was guaranteed under the law and bolstered via the Mouébara Act.  Gender-based violence focal points had been appointed in the courts.  The national action plan for tackling gender-based violence had a staff, who were also active in ensuring women had access to justice. 

    There had been training sessions for judges and judicial staff so they understood the new laws and how their provisions needed to be applied in the courts.  This included training on the Convention and the State’s strategy to eliminate violence against women.  More than 1,000 judicial staff had undergone training so far. Regular criminal court hearings were held which allowed all those found guilty of violence against women to be prosecuted. 

    The Congo had been taking steps to improve prison settings, and women’s prisons were monitored and surveyed.  Visits were conducted every year to ensure female prisoners were being treated appropriately.  The Mouébara Act was the first comprehensive act in all of French-speaking Africa which criminalised violence against women.  Steps had been taken to ensure the suspension of judges who did not fulfil their duties, to reassure all women they would receive a fair hearing.  The Mouébara Act contained specific actions for judges, and judges received specific training on it. 

    Gender parity was provided for in the Constitution.  The Congo had an Electoral Code which provided for parity and things were improving gradually.  With each election, there was an increase in the number of women.  There were dedicated lawyers to provide support to women during legal proceedings. 

    Questions by Committee Experts

    A Committee Expert commended the State party on its updated national action plan on women, peace and security with four specific pillars in line with the United Nations trust facility supporting cooperation on arms regulation 1325.  How would civil society and women’s organizations be engaged in the implementation and monitoring of the plan?  And what about the involvement of the security sector? How did the plan align with national development priorities and the establishment of an inclusive security architecture?  What steps was the State party taking to adopt a legal framework for gender responsive budgeting?  What measures were being taken to enact a legal framework for women human rights defenders and ensure accountability for threats made against them?  What was the timeline for the Gender Observatory? 

    Another Expert asked about the status of the parity law?  Were there any political officials mandated to address the concept of temporary special measures?  Were any studies planned to assess the impact of temporary special measures on social development?  Were there any measures to address the gaps within the digital economy?  What concrete sanctions had been put in place for political parties to work towards parity? 

    Responses by the Delegation 

    The delegation said parity was progressive in the Congo.  It required a change in mentality and encouraging women along that path. Women needed to express their will to participate in politics, and the State was trying to raise awareness to help them not to be afraid that men would cheat and win anyway.  Around 3,000 women had been elected through municipal and local elections and in the Senate.  A Ministry had been established for the promotion of indigenous peoples, which was a huge step forward.  The legal regime which governed the human rights commission had been strengthened. The Government had been developing a national strategy on indigenous peoples, which had led to the adoption of a national action plan to improve their wellbeing. 

    The Republic of the Congo had made major headway when it came to peacekeeping.  As a result of the recent economic crisis, there had been a psychosis creeping in regarding peacekeeping, but women continued to play a full role in peacekeeping for the country.  The current economic crisis weighed heavily on the budget of the country. A national strategy had been rolled out on transitioning the informal sector towards a formal sector.  A fund was in place which would allow female market vendors to benefit from preferential rates to enable them to have access to financing which would allow them to become empowered. 

    Questions by Committee Experts

    A Committee Expert said the Family Code contained provisions reinforcing women’s subordinate role in the household.  The introduction of new laws and policies, particularly the Mouébara Act was commendable. What progress had been made under this law in addressing gender stereotypes?  What efforts had the State party made to combat gender stereotypes? While progress had been made in the eradication of female genital mutilation, the practice still existed. What measures had been adopted towards ensuring the absolute prohibition of child marriage?  What steps was the State party taking to eliminate harmful practices?  Could data be provided on female genital mutilation for the past two years?  What support was provided to victims of female genital mutilation and child marriage? 

    Violence disproportionately affected indigenous women and women with disabilities.  How would the State party ensure regular awareness raising campaigns for women, who were the most vulnerable, to protect them against violence?  What mechanisms would be put in place to facilitate the reporting of gender-based violence?  What progress had been achieved under the Mouébara Act in prosecuting violence against women, particularly for indigenous women and for women with disabilities? 

    Another Expert said the Committee remained concerned about the lack of information available about trafficking.  Information would be welcomed on the number of cases and prosecutions.  Were steps being taken to improve coordination between law enforcement professionals working in the sphere of trafficking? What was being done to ensure victims of trafficking were not treated as criminals? 

    How were victims guaranteed access to services across the entire country?  Were the services accessible for rural and indigenous women? Prostitution was not legalised in the Republic of the Congo, however, States were obliged to scrap laws which discriminated against women, including laws against women who were prostitutes. Were women who were prostitutes able to be charged with a crime?  What steps was the State taking to decriminalise women working as prostitutes? What programmes were in place for women and girls who wished to leave prostitution? 

    Responses by the Delegation 

    The delegation said under the Mouébara Act, the Ministry of Women drafted an annual report which included statistics on the Act.  The Mouébara Act provided for new sets of exacerbating circumstances to ensure perpetrators of violence against women were duly charged.  This included law enforcement officials who tried to prevent victims from reporting the crime. 

    Work was being carried out to change culture and mindsets, including modernising the mindsets of women at the outset, which was no easy task.  However, progress was being made, including that the Minister of Indigenous Affairs was now a woman.  Significant work was being done with indigenous women to work with them to change minds in communities. 

    Female genital mutilation was not part of Congo tradition.  Foreigners sometimes set up residence in the country and conducted this practice, and this was monitored.  There had been cases at the border where young girls who had been brought into the Congo to marry were apprehended.  This had occurred within the Malian community who sought young girls and brought them into the Congo for marriage.  If there was a child who did not speak French, border control officers would make efforts to check the child was related to the person they were travelling with.  Forced marriages were prohibited in the Republic of the Congo; however, this practice was still seen in rural and agricultural areas. 

    There was no specific law prohibiting or condemning prostitution in the Congo.  Prostitution was very far removed from the State’s cultural values.  If there were conversations about prostitution in the public space, the State was concerned they would open a pandora’s box and result in an increase in sexually transmitted diseases, which would overwhelm services.  The State was aware that there may need to be a change in approach. 

    In 2019, the Congo had published a law on trafficking, and training was organised with members of the judiciary on this topic.  Polygamy was permitted and men could have up to four wives.  If couples wanted to be polygamous, this needed to be declared.

    The Mouébara Centre provided services for victims, and also acted as a forum for dialogue and an opportunity to follow-up with perpetrators responsible for such acts. The Republic of the Congo had not yet implemented the law on genocide.

    Questions by a Committee Expert

    A Committee Expert commended the minimum 30 per cent quota for candidate lists set by the State. The number of female members of the national assembly had risen to more than 15 per cent.  However, the current bureau established in 2022 included only one woman.  What were the recent programmatic measures to promote women’s leadership?  What had the State identified as the cause of the noticeable underrepresentation of women in the diplomatic area?  What endeavours had been undertaken to increase women’s awareness on the availability of opportunities as well as the importance of women’s representation in international leadership?  The State party’s efforts to raise awareness to combat gender stereotypes to overcome women’s low representation in decision-making positions were recognised.  What did these campaigns entail?  What were the resources allocated?  Had their impact been assessed?  What were their outcomes?  Were the campaigns targeting the younger generation? 

    Responses by the Delegation 

    The delegation said today women were heads of villages and districts.  The Consultative Committee on Women was the only body which had the right to make suggestions to the President.  Work was being done to ensure that before the next election, the articles related to the percentages of women would be modified.  The Consultative Committee had made several suggestions, including on women governors.  Thanks to these suggestions, two women had become governors. 

    The Committee made it possible to promote women in science as there had been few women scientists before that.  It also made it possible to prepare programmes on the education of young women and to improve the situation of girls in all schools.  Without awareness raising, girls were often mocked during their menstrual cycles, so it was necessary for schools to have social workers to deal specifically with issues for young girls.  This would be made mandatory in 2025 as a direct result of the work of the Consultative Committee.  

    The gender parity observatory had been established to monitor progress.  There needed to be female candidates who were capable of representing their constituents.  Work was also being carried out with political parties to ensure they were willing to put forward female candidates.

    Questions by Committee Experts

    A Committee Expert said the Congo had made headway when it came to issues of nationality. However, women of Congolese nationality faced issues when transmitting nationality to their foreign husbands. Would the State modify the laws in this regard?  Could women transmit their nationality to their children, like men could?   Was there a different level of birth registration between the different sexes?  What were the outcomes of any campaigns to boost the levels of birth registration? What measures would be implemented in rural areas to boost levels of registration?  Would civil status procedures be digitalised to make them more streamlined?

    The State should be commended for ratifying the two conventions on statelessness in 2023, and for establishing a committee to address statelessness.  What were the activities of the committee and what had it achieved? 

    Responses by the Delegation 

    The delegation said a reform was currently being debated, which if adopted would result in a new legal framework which would overhaul certain provisions in the Family Code. The Government was pushing to ensure that this reform was regalvanised and enjoyed some fresh momentum. 

    Failure to uphold the electoral law resulted in sanctions.  Alternating lists for male and female candidates had been drawn up to beef up the success of the parity law.  If parties failed to uphold the 30 per cent quota on the list, the entire list of candidates would be rejected.  This meant that at the most recent elections, parties took this seriously and ensured that more female candidates were put forward, resulting in the training of 3,000 female candidates. 

    In the Congo, there was a Minister for the Digital Economy.  In 2025, the goal had been set to digitalise all services and work was underway to deliver on this. 

    Questions by a Committee Expert

    A Committee Expert said the Committee appreciated the State party’s commitment to advancing equality. Had the national action plan on education and its accompanying strategy been extended?  Could the State party clarify why indigenous children and orphans could not be enrolled in regular schools?  How was it ensured that all children had access to schooling?  What was being done to increase the retention of girls in secondary education, particularly indigenous girls? 

    The Committee commended the strategy to increase girls’ enrolment in maths and sciences, but was concerned at the low numbers mandated for the quotas.  How were girls being encouraged to enrol in maths and science subjects?  What initiatives had been implemented to combat gender stereotyping and increase the number of girls enrolled in industrial subjects?  Did literacy programmes aim only for the functional literacy of women?  Were there remedial programmes for girls who dropped out of school?

    Responses by the Delegation 

    The delegation said education was equal for boys and girls, and significant steps had been taken to reduce the gaps between the genders in education.  There was a plan for early childhood 2022-2030 that focused on ensuring that girls stayed in school, with several initiatives, including free education and textbooks.  The State also provided free school meals.  To ensure girls did not drop out due to menstruation, all school facilities in the country now had toilets separated by sex.  There were also showers built to allow for better menstrual hygiene.  Scholarships and fellowship grants were made available to young girls who wished to pursue a career in science.  Countries such as Cuba provided girls with the opportunity to pursue medical scholarships. There were vocational colleges set up to help girls who had dropped out of school. 

    Data indicated that as of 2020, there were more than 14,000 indigenous children, more than 7,500 of whom were girls, who were educated in the Congo.  A budget was specifically set aside for the celebration of International Women’s Day.  On the day, activities were organised, including for rural women. 

    The literacy programme covered all women in the Congo.  There were four institutions in the country providing specialised education and training for children with disabilities.  Students in indigenous communities benefitted from the Aura education programme, which ran until the end of primary school, or early secondary school.  Once they had attained that level of education, they could then go to the same schools as other children.  Educational awareness programmes were conducted with parents to ensure children were not pulled out of school to participate in the harvest. 

    Questions by Committee Experts

    A Committee Expert said the labour law of the Republic of the Congo guaranteed equal pay for equal work regardless of sex.  There were issues with sexual harassment in the workplace; could the delegation clarify the status of sexual harassment laws in the country?  What strategies were in place to raise awareness about sexual harassment in the workplace?  What measures would be adopted to reduce the pay gap and collect data in this regard? 

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, asked if there were any mechanisms which regulated the private sector? 

    Responses by the Delegation 

    The delegation said women and men earnt the same wages when they had the same responsibilities. A national strategy had been crafted to shift the informal economy to a formal economy.  The Republic of the Congo wanted to boost its gross domestic product, which could be done by formalising work which previously took place in the informal sector or on the black market.  The right to a retirement pension held true to all.  The Mouébara Act punished sexual abuse and sexual violence in the workplace as well as public spaces, including religious institutions. Fines and punishment were doubled if this involved a hierarchical responsible official. 

    A new law made it mandatory for all projects to have a social, economic and environmental impact statement and review. 

    Questions by a Committee Expert

    A Committee Expert said the leading cause of death in the Congo was HIV/AIDS, with the rate of deaths almost 50 per cent higher for women than men.  Complications from clandestine abortions were responsible for up to 30 per cent of maternal deaths.  Use of contraceptives in the country was very low.  What specific measures were being taken to ensure people knew about the risks of early pregnancies?  What measures were being taken to ensure that women facing complications relating to insecure abortions received full medical support?  How was access to health services without criminalisation ensured, particularly for women involved in clandestine abortion?  What measures would be taken to legalise abortion? 

    What was being done to reduce stigmatisation around HIV/AIDS?  What measures were being taken by the State to deal with challenges in terms of infrastructure in rural areas?  What was the overall number of persons benefitting from the universal health insurance fund, and how many were women and girls?  What measures had been put into place by the State to ensure indigenous women had access to safe drinking water? 

    Responses by the Delegation 

    The delegation said there was a programme for sexual and reproductive health which had been reintroduced in schools.  The State ensured the promotion of modern contraceptives and ensured they were free of charge in health centres.  The Republic of the Congo banned the voluntary interruption of pregnancy due to terrible past situations relating to abusive abortions in inappropriate locations. The State monitored specific cases. There had been a case involving incest where a girl was pregnant with twins and her father was responsible.  In this case, to have access to an abortion, she would need to go through the courts and the judge should accept the procedure for termination of pregnancy, taking into consideration the health of the mother.  These were exceptional cases, and the State was following this policy to limit any potential health problems. 

    Questions by Committee Experts

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, said women found it difficult to participate equitably in the socio-economic development of the country.  Unfortunately, poverty remained a leading cause of social exclusion for women. Existing and planned support programmes to help women entrepreneurs access finance and microfinance, develop their businesses, and provide services tailored to meet the needs of rural women were commendable. 

    What measures were being taken to enhance social protection systems for Congolese women, especially those in the informal sector and vulnerable groups?  How did the Government plan to address financial and infrastructural challenges which hindered women’s access to social services? Would the State party consider ratifying key International Labour Organization conventions?  What programmes existed to support women in core economic sectors such as energy, oil and gas, the extractive industry, and the blue economy in the Congo.  What measures were in place to strengthen the private sector’s accountability to the Committee? 

    Another Expert commended the State party for progress registered in advancing the rights of rural women and women in agriculture.  What concrete efforts was the State party taking to mobilise adequate financing to increase equal access to electricity and clean energy and technology for women and girls, especially women and girls in rural areas, women with disabilities, indigenous women, women living in poverty, and refugee, migrant, and asylum-seeking women and girls?  What efforts was the State party taking to increase access to inclusive water hygiene and sanitation programmes and activities in all parts of the country? To what extent were women and girls in rural areas; refugee, migrant and asylum-seeking women and girls; those living in poverty; and women and girls with disabilities involved in the development, implementation, monitoring and evaluation of rural and agricultural developmental programmes that were meant to benefit them?

    Responses by the Delegation 

    The delegation said the President of the Republic of the Congo was a champion of environmental causes.  Steps had been taken to ensure women were playing their full role in climate action. A fund was in place for the artisanal sector, which was also available to female artisans.  The medical insurance fund covered the needs of women in the informal sector.  At the rural level, the programme “water for all” encouraged the use of solar resources to achieve water and electricity goals.   Women benefited from credits and loans and women entrepreneurs had access to a fund which provided cash transfers. 

    A project was currently underway which would be launched in specific zones, focusing on environmental protection.  It aimed to be a grassroots project with ownership by the local communities, including indigenous communities.  There were interschool competitions to encourage all pupils to take an interest in sports.  There were also sporting academies for girls, particularly a handball academy, which was popular in the country.  There was a project involving 300 women who would undergo a self-defence training course, as a way of tackling violence against women.  The gender dimension was included throughout the environmental framework. 

    Questions by a Committee Expert

    A Committee Expert said adultery was illegal for men and women, but sanctions were harsher for women.  In the absence of an agreement between the spouses, the husband would choose the place of residence for the family.  How did the State ensure that customary marriages were recorded in the civil registry and all married women enjoyed the same rights when it came to civil procedures? What was the status of the current review process and the adoption of the code for the family?  What training was provided to those in the administration of justice to intervene in cases of child marriage?  The situation surrounding widows were very precarious, and they were not covered by the law.  What awareness raising activities were being undertaken to eradicate discriminatory practices against widows?  When would the new legal provisions be ready? 

    Responses by the Delegation 

    The delegation said there were several provisions within the Mouébara Act which focused on the rights of widows, ensuring they could not be thrown out of the home. Efforts were also being undertaken to make women more aware of their rights, so they could invoke the Act. The State was reviewing legal instruments, including the Family Code, which would take into account the Committee’s concerns.  There could be no official marriage which was just a customary marriage; however, steps were taken to ensure customary marriage was protected in law.  The Mouébara Act addressed discrimination while the State was waiting for the new codes to be adopted. 

    A review of several codes was being carried out.  Since 2022, the law relating to the Penitentiary Code was published.  The Committee’s concerns would be taken into account as this work continued. 

    Today everyone understood across the country that widows should be left alone, that their succession rights needed to be ensured, and that children should stay with their mothers. 

    Closing Remarks

    NAHLA HAIDAR, Committee Chair, said the Committee was impressed by the number of legal initiatives and texts being developed by the State party and the work being undertaken on the ground to translate those texts into something real. The Committee was grateful for the dialogue which had helped the Experts better understand the situation of women and girls in the Republic of the Congo.

    INÈS BERTILLE NEFER INGANI VOUMBO YALO, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Congo and head of the delegation, thanked the Committee for the efforts and the constructive dialogue. The Republic of the Congo had carried out many efforts to protect the rights of women, particularly the Mouébara Act, which was innovative and binding and was a first in Africa.  The State was proud of this law, which filled the existing legal gaps relating to specific protection and took into account the definition of all forms of violence.  The Republic of the Congo was committed to moving forwards to improve the wellbeing and rights of women. 

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW25.008E

    MIL OSI United Nations News –

    February 13, 2025

  • MIL-OSI Economics: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Bundesbank

    Check against delivery.

    Ladies and gentlemen,

    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.

    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.

    1 The role of the financial industry

    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 

    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:

    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.

    Financing all of this requires a substantial amount of capital.

    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.

    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.

    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 

    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.

    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.

    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 

    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.

    Let’s now have a closer look at the digitalization including AI.

    2 Artificial intelligence: innovation and competitiveness

    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.

    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]

    There are important questions – to which, to be honest, there are no simple answers:

    Are the opportunities and risks of AI balanced? 

    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 

    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]

    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 

    AI enables both incremental and disruptive innovation across all parts of society: 

    • by facilitating faster decision-making
      • optimizing existing processes, 
      • or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.

    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]

    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.

    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.

    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: US–President Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 

    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.

    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.

    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.

    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]

    Even more far-reaching questions concern our society.

    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.

    In other words: What are the basic rules for using this technology?

    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.

    3 Strengthening the financial industry

    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.

    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 

    Let me highlight only two measures:

    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 

    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 

    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 

    Let me make it perfectly clear: Europe is a leader in this field. 

    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).

    4 Conclusion

    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.

    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 

    Thank you very much. 

    MIL OSI Economics –

    February 13, 2025
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