NewzIntel.com

Category: France

  • MIL-OSI United Nations: Briefing Security Council on Worsening Situation in Democratic Republic of Congo, Senior Official Says Actions Endangering Civilians, UN ‘Will Not be Tolerated’

    Source: United Nations General Assembly and Security Council

    Holding an emergency meeting following advances by the 23 March Movement, or M23, towards the city of Goma in the Democratic Republic of the Congo and concurrent attacks on United Nations peacekeepers there, the Security Council heard today that urgent action is needed to address a rapidly deteriorating situation while time remains to do so.

    “The United Nations is profoundly concerned by the resumption of hostilities,” said Jean-Pierre Lacroix, Under-Secretary-General for Peace Operations.  On 23-24 January, M23 fired on positions of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO).  He reported that, as a result, several blue helmets were “killed in carrying out the tasks entrusted to them by this Council”.  He also noted that M23 has significantly extended its territorial gains over the past few weeks and has opened a new front in South Kivu, from which MONUSCO recently withdrew.

    “At this critical juncture, with the lives of countless vulnerable civilians, peacekeepers and respect for this Council’s mandate at stake, MONUSCO remains committed to the robust defence of its mandate,” he stated.  He stressed that, for its part, the Council “must honour the sacrifices made by the peacekeepers who laid down their lives in pursuit of this noble goal by sending a clear and unequivocal message to M23 and its backers that actions endangering the lives of civilians and UN peacekeepers will not be tolerated.”

    Also reporting on the situation was Bintou Keita, Special Representative of the Secretary-General for the Democratic Republic of the Congo and Head of MONUSCO.  Noting that M23 and Rwandan forces have penetrated the outskirts of Goma — “causing mass panic and flight amongst the population” — she said that roads are blocked and that M23 has declared Goma’s airspace closed.  “In other words, we are trapped,” she said, calling on the Council to “act now” to secure the civilian population, humanitarian-aid workers and all UN personnel.

    Calling on the Democratic Republic of the Congo and Rwanda to continue political negotiations in the context of the Luanda Process, she urged:  “More than ever, we must find a political solution.”  She also called on Rwanda to withdraw its forces from Congolese territory and end support for M23, and on the Democratic Republic of the Congo to “make significant efforts” to neutralize the Democratic Liberation Forces of Rwanda, or FDLR.

    Joyce Msuya, Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator, then stressed that if hostilities spread into Goma, “the impact on civilians could be devastating”.  In North and South Kivu, hundreds of civilians have been killed and injured over the last few weeks.  Further, hundreds of thousands have fled their homes, humanitarian access remains constrained and hospitals are overwhelmed.  Against that backdrop, she urged all parties to “protect civilians and the critical infrastructure they rely on”.

    She also urged them to avoid using wide-area explosives and heavy weapons in populated areas.  “This will be particularly important should the hostilities spread into Goma, given the risks of conflict in urban areas,” she observed.  And, to address the escalating humanitarian crisis “before the situation worsens further”, she called on the Council to end the hostilities, ensure respect for international law and provide adequate funding for humanitarian action.

    “The resolution of the conflict in eastern DRC [Democratic Republic of the Congo] must be political, not military,” stated the representative of Sierra Leone, also speaking for Algeria, Guyana and Somalia.  The Luanda and Nairobi Processes “remain viable paths to peace”, he said, while underscoring that the sovereignty and territorial integrity of the Democratic Republic of the Congo must be respected “by all States and non-State actors alike”.  France’s representative, stating that the presence of foreign military forces threatens civilian protection and contributes to displacement, concurred: “Force is not an option.”

    Along those lines, China’s representative said:  “All external forces should refrain from providing support to M23 and other armed groups to prevent further deterioration.”  He also joined other Council members in pointing out that “attacks on peacekeepers may constitute war crimes”.  The representative of Greece echoed that, also noting that attacks against MONUSCO peacekeepers constitute a basis for sanctions designations.  Also making these points was the representative of the United Kingdom, who observed that “the numbers of those lost and injured is changing by the hour”.

    These attacks, stressed Slovenia’s representative, constitute “an attack on peace itself”.  Recalling the Council’s recent, unanimous decision to renew MONUSCO’s mandate, she underlined the organ’s responsibility to “stand unequivocally behind [its personnel] in these perilous times and ensure they return safely to their loved ones”.  She added: “The international community, and this Council, cannot afford to remain passive in the face of this crisis.”  Panama’s representative similarly stated: “History will not judge us on our intentions but, rather, our actions.”

    The United Nations must take immediate measures to ensure the safety and security of both civilians and peacekeepers, underscored the representative of Pakistan.  Expressing particular concern over a “highly exposed” Pakistani artillery battery near Sake, he stressed that this unit should be quickly redeployed for the safety of its personnel and heavy, expensive equipment.  Stating that peacekeepers cannot be expected to implement the “challenging mandate assigned to them by the Council” without adequate support, he also urged the organ to address the root cause of the conflict — the illegal exploitation of natural resources.

    On that, Denmark’s representative observed:  “The illegal exploitation of natural resources in eastern DRC is a key driver to instability in the Great Lakes region — this must end.”  The representative of the United States also expressed concern over the illicit exploitation of mining areas in territories controlled by M23, as did the representative of the Russian Federation:  “The struggle to gain access towards strategically important Congolese minerals is one of the reasons for the continuation of the crisis.”

    The representative of the Republic of Korea detailed that crisis: “In the past week alone, as [M23] has expanded its territory by 11 per cent, the number of [internally displaced persons] has doubled to 400,000.”  He joined other Council members in calling on Rwanda to cease its support for the group and urged both Kinshasa and Kigali to return to dialogue and fully implement their commitments under the Luanda Process.  He added:  “We recognize the differing interests of the DRC and Rwanda, but further escalation of tensions is simply unacceptable — many lives are at stake.”

    Thérèse Kayikwamba Wagner, Minister for Foreign Affairs, International Cooperation and Francophonie of the Democratic Republic of the Congo, meanwhile, took the floor to stress that the situation in her country is “not a conflict like others”.  Rather, it is “a declaration of war that no longer hides itself behind diplomatic manoeuvres”, she said, stressing that “Rwanda is preparing to orchestrate a carnage in broad daylight”.  She also said that it is “clear that this crisis is directly linked to the economic plunder of our country by Rwanda”.

    On that, she said that over 150 tons of coltan are illegally extracted and transported to Rwanda each month, where they are fraudulently labelled for export.  Yet, while this illicit commerce finances the military activities of armed groups, it is “only one aspect of the aggression carried out by Rwanda”, she stressed.  Others include the systematic targeting of peacekeeping forces, the 24 January assassination of the military governor of North Kivu and the sabotage of the Luanda Process.

    Underscoring that the Council “cannot content itself with declarations of concern or simply ‘remaining seized of the matter’”, she said that the organ’s duty is to “defend human life without distinction”.  It must therefore order an immediate end to Rwanda’s hostilities, impose targeted sanctions against those responsible for the aggression, impose an embargo on the export of all minerals labelled as Rwandan — particularly coltan and gold — and revoke Rwanda’s status as a troop-contributing country.  “History will remember your decision today,” she said.

    Meanwhile, Rwanda’s representative stressed:  “The current crisis could have been averted had the DRC Government demonstrated a genuine commitment to peace.”  While the Luanda Process achieved “significant milestones” — including a ceasefire that came into force on 4 August 2024 — the Government and Armed Forces of the Democratic Republic of the Congo decided to increase militarization in the country’s east in October 2024.  This included the deployment of heavy weaponry and additional troops — 10,000 from Burundi — along the border.

    “By prioritizing militarization of the conflict instead of embracing the regional mechanisms that have been put in place to foster a sustainable solution born out of dialogue, the conflict has continued to escalate — leading to the prevailing situation today,” he said.  He added that the FDLR has “even moved from being a suppletive force to a strategic ally of the Kinshasa Government”.  Further, he said that the President of the Democratic Republic of the Congo has publicly vowed to instigate regime change in Rwanda for two years now.

    While stating that “no one should harm peacekeepers”, he expressed concern that MONUSCO is “at the risk of being sucked into a conflict in which it would be a belligerent force”.  MONUSCO should therefore focus on protecting civilians instead of fighting alongside Kinshasa’s military coalition.  Noting that the situation today mirrors that which occurred 12 years ago, he stressed that “the DRC must play a helpful role — after all, this is a Congolese problem, for which the DRC is looking to outsource its solution.”

    “It is with profound regret that this meeting is taking place at a time when a number of peacekeepers have lost their lives in the line of duty,” observed South Africa’s representative.  Urging the Council to “send a clear message that peacekeepers’ lives matter”, she underlined the need to “value and safeguard the contribution of those entrusted to carry out the mandates adopted in this chamber”.  Extending condolences to all victims’ families, the representative of Uruguay reiterated his country’s “steadfast commitment to peace”.

    Angola’s representative pointed to “remarkable progress in the implementation of the Luanda Process”.  “We need speedy and unconditional de-escalation of the conflict and genuine, renewed engagement of the parties to explore the ways of overcoming the pending issues,” he added.  On that, Burundi’s representative said that the Luanda and Nairobi Processes “set out a clear road map to reach a lasting ceasefire”.  Calling on the Council to demand an end to foreign interference and act decisively to guarantee that the Democratic Republic of the Congo can fully exercise its sovereignty and restore peace, he stressed:  “Security and stability in Central Africa and beyond are at stake.”

    MIL OSI United Nations News –

  • MIL-OSI Africa: What France loses by closing its military bases in Africa

    Source: The Conversation – Africa – By Thierry Vircoulon, Coordinateur de l’Observatoire pour l’Afrique centrale et australe de l’Institut Français des Relations Internationales, membre du Groupe de Recherche sur l’Eugénisme et le Racisme, Université Paris Cité

    Senegalese president Bassirou Diomaye Faye announced on 31 December 2024 that all foreign military bases in his country would close by 2025. On the same day, the Ivorian president said France would hand over control of the Abidjan military base to his country’s army.

    These announcements followed the planned withdrawal of French forces from Chad, Burkina Faso, Mali and Niger. Researcher Thierry Vircoulon discusses the potential implications of these decisions for France.

    What advantages could France lose by withdrawing its troops from African countries?

    France’s military presence in French-speaking Africa has evolved in strategic importance over the past 65 years. Over time, the significance of this presence has diminished. By the end of the 20th century, some French military bases had been closed and the number of pre-positioned troops had reduced from 20,000 in 1970 to 6,000 in 2022.

    Military bases have been a strategic asset for France, initially securing newly independent and fragile regimes in the aftermath of independence. They also played a key role in conducting external operations. These bases served as logistical hubs that enabled French military interventions and the evacuation of French nationals during crises.

    For instance, Operation Sagittarius, which evacuated European nationals from Sudan at the start of the war in April 2023, relied on the resources of the French base in Djibouti.

    Without these logistical points, projecting military strength becomes much more challenging and, in some cases, impossible. The closure of these military bases implies the end of major French military interventions, such as Operation Licorne (2002-2015) or Barkhane (2014-2022).

    In recent years, the cost-benefit analysis of these bases has been questioned in Paris. They have become a political and strategic issue. On one hand, these bases symbolise the old post-independence security pact between Paris and the leaders of some countries, making them appear as a legacy of neocolonialism.

    On the other hand, from a strategic point of view, having a pre-positioned military presence in Africa serves little purpose when the main threats to France come from elsewhere (for instance, eastern Europe and the Middle East). As a result, the strategic value of France’s military bases in Africa has diminished in recent years.

    What impact could military withdrawal have on France’s political and diplomatic influence in its former African colonies?

    The closure of the bases would signal the end of France’s capacity to intervene – whether justified or not – in certain conflicts across Africa.

    This would weaken its influence in the region, particularly as conflicts intensify across the continent, with more and more African countries seeking security providers. Addressing, stabilising or resolving these conflicts requires a combination of diplomacy and military intervention.

    It’s important to distinguish between countries that have chosen to sever military cooperation agreements with Paris (such as Chad and Senegal) and those that have simply closed military bases but maintained the military cooperation (like Ivory Coast).

    The announcement of base closures by African leaders, rather than by Paris, symbolises a rejection of French policy. This marks a significant loss of influence for France in the countries involved.

    Could this withdrawal reduce France’s influence in managing security crises in Africa?

    As part of the informal division of security responsibilities among western nations, France has long been considered the “gendarme of Africa”.

    Between 1964 and 2014, France conducted no fewer than 52 military operations across the continent. At the start of the 21st century, it played the role of lead nation in European military interventions in Africa. Other western powers recognised France’s expertise in managing African crises. In most cases, they either supported or simply followed its policies.

    This was reflected in France’s diplomatic responsibilities within the European Union and at the United Nations. French diplomacy is well represented in the Africa division of the European External Action Service. The French delegation is tasked with drafting UN security council resolutions on Africa. The peacekeeping department at the UN is led by a French diplomat.

    People protest against the presence of French soldiers in Mali, and more broadly in west Africa, as part of Operation Barkhane in Toulouse in 2021. Alain Pitton/NurPhoto via Getty Images

    The end of France’s military interventionism will have diplomatic repercussions beyond Africa. They are already being felt in Brussels, Washington and New York.

    In Niger, the United States did not follow France’s hard line stance after the coup that ousted President Mohamed Bazoum in 2023. Instead it attempted to engage with the junta. This effort ultimately failed.

    In Chad, while Paris was complacent towards the dynastic succession from Idriss Déby to his son, Berlin took a critical stance. This led to a diplomatic crisis and the expulsion of ambassadors from Chad and Germany in 2023. In Italy, prime minister Giorgia Meloni publicly criticised French policy in Africa, causing tensions between Paris and Rome.

    How will the reduction in military presence affect France’s ability to protect its economic interests, particularly in the mining and energy sectors?

    In 2023, Africa accounted for only 1.9% of France’s foreign trade, 15% of its supply of strategic minerals, and 11.6% of its oil and gas supply.

    France’s top two trading partners in sub-Saharan Africa are Nigeria and South Africa – former British colonies which have never hosted a French military base.

    Since the beginning of the century, relations between France and African countries have been marked by a clear separation between economic and military interests. France not only has diminishing economic interests in Africa, but these are concentrated in countries that do not host French military bases.

    – What France loses by closing its military bases in Africa
    – https://theconversation.com/what-france-loses-by-closing-its-military-bases-in-africa-247898

    MIL OSI Africa –

  • MIL-OSI Global: What France loses by closing its military bases in Africa

    Source: The Conversation – Africa – By Thierry Vircoulon, Coordinateur de l’Observatoire pour l’Afrique centrale et australe de l’Institut Français des Relations Internationales, membre du Groupe de Recherche sur l’Eugénisme et le Racisme, Université Paris Cité

    Senegalese president Bassirou Diomaye Faye announced on 31 December 2024 that all foreign military bases in his country would close by 2025. On the same day, the Ivorian president said France would hand over control of the Abidjan military base to his country’s army.

    These announcements followed the planned withdrawal of French forces from Chad, Burkina Faso, Mali and Niger. Researcher Thierry Vircoulon discusses the potential implications of these decisions for France.

    What advantages could France lose by withdrawing its troops from African countries?

    France’s military presence in French-speaking Africa has evolved in strategic importance over the past 65 years. Over time, the significance of this presence has diminished. By the end of the 20th century, some French military bases had been closed and the number of pre-positioned troops had reduced from 20,000 in 1970 to 6,000 in 2022.

    Military bases have been a strategic asset for France, initially securing newly independent and fragile regimes in the aftermath of independence. They also played a key role in conducting external operations. These bases served as logistical hubs that enabled French military interventions and the evacuation of French nationals during crises.

    For instance, Operation Sagittarius, which evacuated European nationals from Sudan at the start of the war in April 2023, relied on the resources of the French base in Djibouti.

    Without these logistical points, projecting military strength becomes much more challenging and, in some cases, impossible. The closure of these military bases implies the end of major French military interventions, such as Operation Licorne (2002-2015) or Barkhane (2014-2022).

    In recent years, the cost-benefit analysis of these bases has been questioned in Paris. They have become a political and strategic issue. On one hand, these bases symbolise the old post-independence security pact between Paris and the leaders of some countries, making them appear as a legacy of neocolonialism.

    On the other hand, from a strategic point of view, having a pre-positioned military presence in Africa serves little purpose when the main threats to France come from elsewhere (for instance, eastern Europe and the Middle East). As a result, the strategic value of France’s military bases in Africa has diminished in recent years.

    What impact could military withdrawal have on France’s political and diplomatic influence in its former African colonies?

    The closure of the bases would signal the end of France’s capacity to intervene – whether justified or not – in certain conflicts across Africa.

    This would weaken its influence in the region, particularly as conflicts intensify across the continent, with more and more African countries seeking security providers. Addressing, stabilising or resolving these conflicts requires a combination of diplomacy and military intervention.

    It’s important to distinguish between countries that have chosen to sever military cooperation agreements with Paris (such as Chad and Senegal) and those that have simply closed military bases but maintained the military cooperation (like Ivory Coast).

    The announcement of base closures by African leaders, rather than by Paris, symbolises a rejection of French policy. This marks a significant loss of influence for France in the countries involved.

    Could this withdrawal reduce France’s influence in managing security crises in Africa?

    As part of the informal division of security responsibilities among western nations, France has long been considered the “gendarme of Africa”.

    Between 1964 and 2014, France conducted no fewer than 52 military operations across the continent. At the start of the 21st century, it played the role of lead nation in European military interventions in Africa. Other western powers recognised France’s expertise in managing African crises. In most cases, they either supported or simply followed its policies.

    This was reflected in France’s diplomatic responsibilities within the European Union and at the United Nations. French diplomacy is well represented in the Africa division of the European External Action Service. The French delegation is tasked with drafting UN security council resolutions on Africa. The peacekeeping department at the UN is led by a French diplomat.

    The end of France’s military interventionism will have diplomatic repercussions beyond Africa. They are already being felt in Brussels, Washington and New York.

    In Niger, the United States did not follow France’s hard line stance after the coup that ousted President Mohamed Bazoum in 2023. Instead it attempted to engage with the junta. This effort ultimately failed.

    In Chad, while Paris was complacent towards the dynastic succession from Idriss Déby to his son, Berlin took a critical stance. This led to a diplomatic crisis and the expulsion of ambassadors from Chad and Germany in 2023. In Italy, prime minister Giorgia Meloni publicly criticised French policy in Africa, causing tensions between Paris and Rome.

    How will the reduction in military presence affect France’s ability to protect its economic interests, particularly in the mining and energy sectors?

    In 2023, Africa accounted for only 1.9% of France’s foreign trade, 15% of its supply of strategic minerals, and 11.6% of its oil and gas supply.

    France’s top two trading partners in sub-Saharan Africa are Nigeria and South Africa – former British colonies which have never hosted a French military base.

    Since the beginning of the century, relations between France and African countries have been marked by a clear separation between economic and military interests. France not only has diminishing economic interests in Africa, but these are concentrated in countries that do not host French military bases.

    Thierry Vircoulon is a research associate at the Institut Français des Relations Internationales and an expert on the Global Initiative against Transnational Organized Crime.

    – ref. What France loses by closing its military bases in Africa – https://theconversation.com/what-france-loses-by-closing-its-military-bases-in-africa-247898

    MIL OSI – Global Reports –

  • MIL-OSI China: 2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

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

    2025 ‘Happy Chinese New Year’ global launching ceremony and gala held in Malaysian capital

    Traditional Chinese Wushu is performed at the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    KUALA LUMPUR, Jan. 26 — The 2025 “Happy Chinese New Year” global launching ceremony and gala was held here on Saturday evening, featuring wonderful performances presented by actors from Malaysia and China.

    Malaysian Prime Minister Anwar Ibrahim, China’s Minister of Culture and Tourism Sun Yeli, and Malaysian Minister of Tourism, Arts and Culture Tiong King Sing attended the event and delivered speeches.

    At the beginning of the ceremony, distinguished guests from both the Malaysian and Chinese governments jointly performed the “dotting of the lion’s eyes” ritual, officially inaugurating the event.

    During the event, artists from China, Malaysia, Britain, France, the United States, New Zealand, Egypt, Cambodia, Kazakhstan, and some other countries collaborated in performances, fully showcasing the cultural essence of the Chinese New Year (Spring Festival) and creating a festive atmosphere of global celebration.

    Malaysian Prime Minister Anwar Ibrahim addresses the 2025 “Happy Chinese New Year” global launching ceremony and gala in Kuala Lumpur, Malaysia, on Jan. 25, 2025. [Photo/Xinhua]

    The “Happy Chinese New Year” celebrations worldwide, organized by the Chinese Ministry of Culture and Tourism, have been held annually for 25 consecutive years.

    The year 2025 will mark the first Chinese New Year following the festival’s successful inscription on UNESCO’s list of Intangible Cultural Heritage of Humanity.

    This year, the “Happy Chinese New Year” event will feature nearly 500 diverse performances and exhibitions across more than 100 countries and regions worldwide.

    MIL OSI China News –

  • MIL-OSI Global: Finding ‘Kape’: How Language Documentation helps us preserve an endangered language

    Source: The Conversation – Indonesia – By Francesco Perono Cacciafoco, Associate Professor in Linguistics, Xi’an Jiaotong-Liverpool University

    Shiyue Wu, a member of Francesco Perono Cacciafoco’s research team at Xi’an Jiaotong-Liverpool University (XJTLU), who is currently developing intensive fieldwork in Alor Island to document and preserve endangered languages, discovered and first documented Kape during a Language Documentation fieldwork in August 2024 and therefore actively contributed to this study.

    As of 2025, more than 7000 languages are spoken across the world. However, only about half of them are properly documented, leaving the rest at risk of disappearing.

    Globalisation has propelled languages such as English and Chinese into the mainstream, and they now dominate global communication.

    Parents today prefer their children learn widely-spoken languages. Meanwhile, indigenous languages, such as Copainalá Zoque in Mexico and Northern Ndebele in Zimbabwe, are not even consistently taught in schools.

    Indigenous people generally did not use writing for centuries and, therefore, their languages do not have ancient written records. This has contributed to their gradual disappearance.

    To prevent the loss of endangered languages, field linguists – or language documentarists – work to ensure that new generations have access to their cultural heritage. Their efforts reveal the vocabulary and structure of these languages and the stories and traditions embedded within them.

    My research team and I have spent over 13 years documenting endangered Papuan languages in Southeast and East Indonesia, particularly in the Alor-Pantar Archipelago, near Timor, and the Maluku Islands. One of our significant and very recent discoveries is Kape, a previously undocumented and neglected language spoken by small coastal communities in Central-Northern Alor.

    Not only is the discovery important for mapping the linguistic context of the island, but it also highlights the urgency of preserving endangered languages by employing Language Documentation methods.

    The discovery of Kape

    In August 2024, while working with our Abui consultants, Shiyue Wu, my Research Assistant at Xi’an Jiaotong-Liverpool University, discovered a previously-ignored, presumably undocumented Papuan language from Alor, ‘Kape’.

    At the time, she was gathering information about the names and locations of ritual altars known as ‘maasang’ in the Abui area, with assistance from our main consultant and several native speakers. In Central Alor, every village has a ‘maasang’.

    During conversations about the variants in altar names across Alor languages and Abui dialects, some speakers mentioned the name of the ‘maasang’ (‘mata’) in Kape—a language previously unrecorded and overlooked in linguistic documentation.

    ‘Kape’ translates to ‘rope’, symbolising how the language connects its speakers across the island, from the mountains to the sea. Geographically and linguistically, it is associated with Kabola in the east and Abui and Kamang in Central Alor.

    At this stage, it is unclear whether Kape is a distinct language or a dialect of Kamang, as the two are mutually intelligible. Much of Kape’s basic lexicon (the collection of words in one language), indeed, shares cognates (related words among languages) with Kamang.

    However, Kape is spoken as the primary (native) language by the whole Kape ethnic group of Alor, and the speakers consider themselves an independent linguistic and ethnic community. This could serve as an element for regarding Kape as a language.

    Kape also shows connections with Suboo, Tiyei, and Adang, other Papuan languages from Alor Island. The speakers, known as ‘Kafel’ in Abui, are multilingual, fluent, to some extent, in Kape, Kamang, Bahasa Indonesia, Alor Malay, and, sometimes, Abui.

    So far, no historical records have been found for Kape, though archival research may reveal more about its origins. Based on its typology and lexical characteristics, Kape appears as ancient as other languages spoken in Alor. Like many Papuan languages, it is critically endangered and requires urgent documentation to preserve its legacy.

    Documenting languages: An ongoing challenge

    Language Documentation aims to reconstruct the unwritten history of indigenous peoples and to guarantee the future of their cultures and languages. This is accomplished by preserving endangered, scarcely documented or entirely undocumented languages in disadvantaged and remote areas.

    External sources, like diaries by missionaries and documentation produced by colonisers, can help reconstruct some historical events. However, they are insufficient for providing reliable linguistic data since the authors were not linguists.

    My research team and I document endangered languages, starting with their lexicon and grammar. Eventually, we also explore the ancient traditions and ancestral wisdom of the native speakers we work with.

    We have contributed to the documentation of several Papuan languages from Alor Island, especially Abui, Kula, and Sawila. These languages are spoken among small, sometimes dispersed communities of indigenous peoples belonging to different but related ethnic clusters.

    They communicate with each other mostly in Bahasa Indonesia and Alor Malay. This is because their local languages are almost never taught in schools and are rarely used outside their groups.

    Over time, in addition to documenting their lexicons and grammars, we worked to reconstruct their place-names and landscape names, oral traditions, foundation myths, ancestral legends and the names of plants and trees they use.

    We also explored their traditional medical practices and local ethnobotany, along with their musical culture and number systems.

    Safeguarding Kape is not just linguistically relevant. Its preservation and documentation are not just about attesting its existence – they also contribute to revitalising the language, keeping it alive, and allowing the local community to rediscover its history, knowledge, and traditions to pass down to the next generations.

    This journey has just begun, but my team and I – with the indispensable collaboration from our local consultants and native speakers – are prepared to go all the way towards its completion.

    Francesco Perono Cacciafoco received funding from Xi’an Jiaotong-Liverpool University (XJTLU): Research Development Fund (RDF) Grant, “Place Names and Cultural Identity: Toponyms and Their Diachronic Evolution among the Kula People from Alor Island”, Grant Number: RDF-23-01-014, School of Humanities and Social Sciences (HSS), Xi’an Jiaotong-Liverpool University (XJTLU), Suzhou (Jiangsu), China, 2024-2025.

    – ref. Finding ‘Kape’: How Language Documentation helps us preserve an endangered language – https://theconversation.com/finding-kape-how-language-documentation-helps-us-preserve-an-endangered-language-247465

    MIL OSI – Global Reports –

  • MIL-OSI Australia: G7 and Partners Foreign Ministers Statement: 5 November 2024

    Source: Australian Government – Minister of Foreign Affairs

    We, the Foreign Ministers of Australia, Canada, France, Germany, Italy, Japan, Republic of Korea, New Zealand, the United Kingdom, the United States and the High Representative of the European Union express our grave concerns regarding the deployment of DPRK troops to Russia, potentially for the use on the battlefield against Ukraine.

    Several thousands of DPRK troops have been deployed to Russia. The DPRK’s direct support for Russia’s war of aggression against Ukraine, besides showing Russia’s desperate efforts to compensate its losses, would mark a dangerous expansion of the conflict, with serious consequences for European and Indo-Pacific peace and security. It would be a further breach of international law, including the most fundamental principles of the UN Charter.

    We condemn in the strongest possible terms the increasing military cooperation between the DPRK and Russia, including the DPRK’s export and Russia’s unlawful procurement of DPRK ballistic missiles in breach of multiple UN Security Council resolutions (UNSCRs), as well as Russia’s use of these missiles and munitions against Ukraine. DPRK soldiers receiving or providing any training or other assistance related to the use of ballistic missiles or arms is a direct violation of UN Security Council resolutions 1718, 1874 and 2270. We are also deeply concerned about the potential for any transfer of nuclear or ballistic missile-related technology from Russia to the DPRK in violation of the relevant UNSCRs. We urge the DPRK to stop providing assistance to Russia’s war of aggression.

    We reaffirm our unwavering commitment to support Ukraine as it defends its freedom, sovereignty, independence and territorial integrity. We are working with our international partners for a coordinated response to this new development.

    MIL OSI News –

  • MIL-OSI China: China-Europe SMILE satellite to depart for Europe

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

    China-Europe SMILE satellite to depart for Europe

    Updated: November 6, 2024 09:01 Xinhua
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. The SMILE is a joint mission between the CAS and the European Space Agency (ESA) that aims to deepen the understanding of the Sun-Earth connection by observing the dynamic interaction between the solar wind and the Earth’s magnetosphere. The SMILE satellite has completed the development work in China, including satellite testing, system interface testing and environmental experiments, according to the National Space Science Center of the CAS. The SMILE is about to depart for Europe. It is scheduled for launch by the end of 2025 from Europe’s space launch site in Kourou, French Guiana, by Arianespace’s Vega-C launch vehicle. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician measures the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians check the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians pack the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Customs officers check the packages for the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician packs the battery pack of the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    Technicians measure the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]
    A technician checks the Solar Wind Magnetosphere Ionosphere Link Explorer (SMILE) at a workshop of the Innovation Academy for Microsatellites of Chinese Academy of Sciences (CAS) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI: Cycling Enthusiasts Gear Up for the Upcoming Two-Day 2024 Areti Gran Prix Cyprus

    Source: GlobeNewswire (MIL-OSI)

    LIMASSOL, CYPRUS, Nov. 05, 2024 (GLOBE NEWSWIRE) — The vibrant local cycling community INEX CLUB is organizing the 2024 ARETI Gran Prix Cyprus on November 9-10, 2024, in the picturesque coastal city of Limassol, Cyprus. The organizers have designed the exhilarating two-day cycling event to challenge cyclists of all skill levels with two distinct stages, each offering a unique experience.

    On day one, cyclists will tackle the 70km Coastal Challenge from Limassol to Pentakomo. This route offers stunning coastal views that showcase the region’s natural beauty. On day two, a fast-paced 30km circuit race around Limassol’s new port area provides an exciting urban racing experience for both participants and spectators.

    Ilnur Zakarin, co-founder of the INEX CLUB, expressed his enthusiasm for the race. “The 2024 Areti Gran Prix Cyprus is a celebration of cycling and our region’s beautiful landscapes. We’re excited to provide a platform for cyclists to challenge themselves and inspire others to embrace this wonderful sport.”

    At the end of the race, participants and their supporters will gather at the Finish Line Village, where a lively celebration awaits. According to the INEX team, the village will be filled with refreshments, flags, and inflatables, creating a colorful and welcoming ambiance.

    The organizers encourage families and friends to come out and cheer on the cyclists as the 2024 Areti Gran Prix Cyprus will also culminate in an awards ceremony recognizing the outstanding performances of all participants.

    Sponsorship and Community Support

    The generous sponsorship of ARETI International Group, founded by Igor Makarov makes the 2024 Cyprus Gran Prix possible. A former professional cyclist and member of the UCI Management Committee, Makarov has dedicated his efforts to promoting cycling worldwide.

    Makarov’s cycling career includes initiatives and involvement with various cycling organizations, such as the Union Européenne de Cyclisme (UEC). He has also supported local charity rides like the “Tour de Broward” and “The Hublot Best Buddies Challenge: Miami.”

    The former cyclist also founded and sponsored the Katusha Team, a professional cycling team that competed successfully on the World Tour from 2009 to 2019.

    Sponsoring the 2024 Areti Gran Prix Cyprus marks Igor Makarov’s second collaboration with INEX CLUB, following the successful INEX Charity Ride held earlier this year. As a Cyprus citizen, Makarov is committed to supporting local cycling initiatives and nurturing young Cypriot talent through comprehensive support and training.

    “The 2024 Gran Prix Cyprus aims to bring together cycling enthusiasts while inspiring new young talents. We hope this race is not the last but just the start of the continuous development of the sport in the beautiful Cyprus region,” Igor Makarov mentions.

    For the complete registration details of the 2024 Areti Gran Prix Cyprus, please visit https://inex.club/granprixcyprus.

    About INEX CLUB

    Ex-professional cyclists Ilnur Zakarin and Viacheslav Kuznetsov, who have over 20 years of cycling experience, founded the INEX CLUB. They’ve won big races like the Giro d’Italia and Tour de France and completed over 15 Grand Tours. In 2023, they decided to end their professional careers and transfer their valuable experience and passion to change the cycling world in Cyprus.

    Contact Information

    Brand: ZAK INEX CLUB LTD

    Contact: Yuliia Tumenko

    Email: events@inex.club

    Website: https://inex.club

    The MIL Network –

  • MIL-OSI China: Global companies debut cutting-edge technologies

    Source: China State Council Information Office

    This photo taken on Nov. 4, 2024 shows the automobile exhibition area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in Shanghai, east China. [Photo/Xinhua]

    With the seventh China International Import Expo (CIIE) in full swing in Shanghai, global companies are unveiling their latest technological innovations, capitalizing on the opportunities arising from China’s commitment to further opening up both its market and manufacturing industry.

    GE Healthcare, a regular exhibitor at the CIIE, has brought an unprecedented lineup to Shanghai this year. The U.S. medical technology company is showcasing multiple products either making their global or Chinese debut.

    Eyeing China’s growing demand for advanced medical technology, GE Healthcare is exhibiting its largest collection of new products ever at this year’s expo, where it has been participating since 2018, said Zhong Luyin, the company’s China communications executive.

    “Our goal extends beyond mere participation in the expo. More importantly, we look forward to engaging in China,” Zhong said.

    A stage for all

    At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Chinese Premier Li Qiang said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    Just days ago, China removed all market access restrictions for foreign investors in the manufacturing sector, with the country’s new edition of its national negative list for foreign investment having taken effect on Nov. 1. This significant move marked the latest effort of the world’s second-largest economy to open its doors even wider.

    “Benefiting from the ‘spillover effect’ of the expo, many of our showcased products are now in use across Chinese hospitals,” said Lu Yi, MRI marketing manager of Siemens Healthineers. At this year’s CIIE, the German medical technology company is unveiling the MAGNETOM Terra.X, its latest generation of magnetic resonance imaging (MRI) equipment — the first time this new equipment is being displayed in Asia.

    Lu revealed that Siemens Healthineers is advancing its localization strategy for cutting-edge product manufacturing. Notably, the MAGNETOM Terra.X is slated for future production at the company’s base in Shenzhen, south China’s Guangdong Province.

    Apart from traditional technological sectors, the ongoing expo showcases an array of futuristic exhibits that seem straight out of the world of science fiction, including tires designed for lunar exploration vehicles, electric vertical takeoff and landing (eVTOL) aircraft, and innovative motor-powered shoes.

    French tire maker Michelin, which is attending the expo for a fourth year, is exhibiting a futuristic prototype wheel for lunar exploration vehicles, among other products including car tires containing 71 percent sustainable materials and a new generation aircraft tire.

    Serge Godefroid, research and development director of Michelin China, said Michelin has been innovating for the future of mobility and is even thinking about mobility beyond the Earth for future lunar or Mars exploration projects.

    Michelin is already extensively testing tires in very rough conditions and with exposure to the range of temperatures that exist on the moon, Godefroid said. “You don’t have somebody to help you inflate a tire on the moon, so you need to find a wheel that can sustain very difficult conditions.”

    Rising innovation landscape

    A number of eVTOL aircraft are proving eye-catching at this year’s CIIE. Vertaxi, an eVTOL startup which is attending the expo jointly with Ampaire, a global leader in hybrid electric aircraft systems, has brought three autonomous eVTOL drones to the 2024 expo.

    Yue Tingting, vice president of Vertaxi, said the company’s smaller eVTOL aircraft have been well received by the market and are being widely used for police, emergency and fire-fighting patrols, public and oil infrastructure inspections, and island logistics.

    Yue admitted that it will take longer for the company’s eVTOL aircraft to obtain the airworthiness certification needed for passenger transport. She, however, is very bullish about China’s low-altitude economy and even envisions a future where people will be able to board eVTOL aircraft for daily commuting, much like taking a taxi or bus.

    Shift Robotics, attending the expo for the first time, is exhibiting its new generation of motor-powered shoes, called Moonwalkers Aero, that allow people to walk at speeds of up to 11 km per hour.

    Moonwalkers deliver smooth power when people who wear them speed up, while they offer very little assistance if the person wearing them walks very slowly. These motor-powered shoes can be used in virtually any environment, even on the subway, in a lift or on stairs, and people can move around in these Moonwalkers without taking off their normal shoes, according to Zhang Xunjie, CEO of Shift Robotics.

    From industry giants to rising startups, the dedication shown to China by global tech companies is well-timed, as the country’s prominence in the global innovation landscape continues to increase. According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China has moved up one spot to 11th place in the latest rankings of the world’s most innovative economies — becoming one of the fastest risers over the past decade.

    “China’s growth pattern has shifted from quantity-oriented to quality-oriented,” said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation. “To keep pace with this change, we are setting up more research and development teams in China to quickly adapt to the evolving Chinese market.”

    Over the past four years, this Japanese manufacturing company has steadily expanded its investment in China. Home to over 60 Panasonic subsidiaries, China now accounts for nearly a quarter of the company’s business worldwide. “We are innovating for China, and we aspire to innovate in China for the whole world,” Homma said.

    MIL OSI China News –

  • MIL-OSI China: Global climate crisis requires cooperation, not geopolitics

    Source: China State Council Information Office

    Participants pose for a group photo during the sixth Friends of the Paris Agreement High-Level Dialogue in Paris, France, on Oct. 28, 2024. [Photo/The European Climate Foundation]

    Climate change knows no borders and demands a coordinated global response. The 2015 Paris Agreement was a landmark achievement in multilateral climate governance, with countries pledging collective action to mitigate carbon emissions.

    However, geopolitical tensions increasingly complicate the path to unified global climate action. Some nations are undermining international trust through protectionist policies and trade barriers driven by self-interest.

    Amid this backdrop, the recent sixth Friends of the Paris Agreement High-Level Dialogue, held in Paris on Oct. 28-29, offered a platform to reflect on the progress and challenges of global climate cooperation.

    In an exclusive interview with China.org.cn, Jiang Feng, a researcher at Shanghai International Studies University and chairman of the Shanghai Academy of Global Governance & Area Studies, emphasized that combating climate change requires international collaboration rather than divisive geopolitics. 

    He emphasized the need for stronger China-Europe cooperation, warning that recent countervailing duties on Chinese electric vehicles (EVs) could undermine global efforts to reduce emissions.

    Jiang noted that the Paris Agreement established ambitious, binding targets for global carbon emissions reduction, reflecting a consensus on the urgency of climate action. China, instrumental in shaping and committing to the Paris goals, has made notable progress and received widespread recognition. However, not all countries are showing the same level of commitment; some engage in more rhetoric than action and politicize the transfer of technology.

    Participants at the Paris meeting expressed concerns about the possible negative impact of the upcoming U.S. election on global emissions reduction efforts.

    A key takeaway from the dialogue was the need to broaden the focus of climate measures beyond just emissions reduction targets. Jiang stressed that technological innovation, biodiversity preservation and energy structure transformation should also be prioritized.

    “The Paris Agreement represents a shift – a need for humanity to transition from fossil fuels to renewable energy,” he stated, calling it a historic opportunity for sustainable development.

    Such a transition requires countries to rethink their development philosophies and models to address the core issues of climate change. Jiang pointed to China’s investment in renewable energy as a key example. With strong policies, substantial investments, and technological innovation, China has fueled significant growth in renewables, supporting its economy while also aiding the global energy transition and emissions reduction.

    Jiang also highlighted the ambitious goals set by the European Union and some member states in their fight against climate change. For example, Aachen in Germany and RWTH Aachen University aim for carbon neutrality by 2030 – 15 years ahead of Germany’s national target. Jiang noted that this and other examples show a strong awareness among several countries in addressing climate change, bringing together governments, universities, businesses, and civil society.

    Yet, despite significant achievements, many challenges remain, particularly in the transfer of green technology. “Many innovative technologies are not being fully utilized due to rising geopolitics and trade protectionism, which politicize and instrumentalize the transfer of essential technologies and products globally,” Jiang lamented.

    The EU’s recent five-year imposition of countervailing duties on Chinese EVs illustrates this dilemma. Jiang stated that some countries have maliciously labeled China’s success in the photovoltaic and electric vehicle sectors as “overcapacity.” While the measure aims to give European manufacturers a “window” to strengthen their industries, experts fear it creates unnecessary barriers to technology exchange. Given that European industries require China’s advanced EV technology, such measures may ultimately hinder both Europe’s and global progress toward renewable energy. Instead of imposing trade restrictions, Jiang urged nations to create a supportive and collaborative environment for green technology transfer.

    During the dialogue, Chinese representatives met with experts from the International Energy Agency and European institutions to discuss enhancing mutual understanding and cooperation.

    Jiang emphasized the importance of China-Europe collaboration, suggesting that as key global players, they should jointly plan technology research, development, and transfer projects for third parties or other regions, making these technologies more market-oriented and industrialized.

    “This can not only aid third-party countries and regions but also open up new opportunities for China-Europe collaboration, creating growth drivers for their relationship,” he explained.

    MIL OSI China News –

  • MIL-OSI Russia: “Better Than Yesterday.” Stories of Moscow Creative Universities Graduates

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Just recently, these young artists were still studying: they went to rehearsals, wrote notes, took exams and began to seriously join the world of art. Today, they are members of the most famous creative groups in the country, they go out on the big stage – and the audience is gradually learning their names. The stories of an opera soloist, a jazz musician, an actor and an actress – in the material mos.ru.

    Janis Shklyaev: “The main thing is not to lose the fire”

    Graduate of the Moscow State Institute of Music named after A.G. Schnittke

    — I liked singing since childhood, and that’s when I started going on stage. After school, I entered the Krasnoyarsk College of Arts named after P.I. Ivanov-Radkevich, where my passion for singing only grew stronger. Then, however, I had to take a break in my career: I was called up for military service. But music accompanied me there too: I joined the Academic Song and Dance Ensemble of the Russian Army named after A.V. Alexandrov.

    Then I returned to Krasnoyarsk, got a job in the Siberian Male Choir, completed one course in the vocal department of the Siberian State Institute of Arts named after D.A. Hvorostovsky. Then I decided to move to the capital – I entered the Moscow State Institute of Music named after A.G. Schnittke. I was enrolled in the class of People’s Artist of Russia Mikhail Kizin.

    After graduating from the institute, I joined the Chelyabinsk State Academic Opera and Ballet Theatre named after M.I. Glinka. I love all my roles, but especially the part of Lensky from “Eugene Onegin”. From a technical point of view, it poses challenges that are interesting to solve, and from an emotional point of view, it helps to reveal my temperament. By the way, I now see my hero completely differently, I find something in him that I had not noticed before. At school, when I read the novel, the image of Lensky was more lyrical for me, but now I feel his tragedy, his inner impulses. And in the future, I would like to perform the part of Maurice from the opera “Adriana Lecouvreur” by composer Francesco Cilea.

    The most pleasant thing about my work is to see the audience in the hall, to give them emotions, to awaken feelings, to let them experience the work together with me. I would advise those who have decided to study this profession not to lose the fire and desire to do it. Of course, the support of loved ones is also important. I was lucky: on my way I met understanding, knowledgeable teachers who believed in my strength, helped me overcome difficulties. I am especially grateful to all of them – as well as to my parents.

    Konstantin Boytsov: “We felt like rock stars”

    Graduate of the Jazz Academy

    — Like many children, I went to music school — more for general development. My parents couldn’t even imagine that I would seriously want to become a musician. Once I even decided to quit music school, but then I accidentally saw a concert of jazz trumpeter Wynton Marsalis on the Internet. I watched it over and over again, and each time I was captivated by these melodies. Then I fell in love with the music of Canadian bassist Alain Caron and saxophonist Michael Brecker. Jazz became real magic for me — I realized that I wanted to learn to improvise myself. When I told my parents about this, they supported me: my mother helped me find a teacher to prepare me for admission and bought me my first saxophone. Then I realized that talent is not the main component of success, work, self-development and discipline are much more important.

    And at the age of 16, I got to a concert by Igor Butman. Igor Mikhailovich became a source of inspiration for me – it seems, forever. And I am very happy that now I work in the Moscow Jazz Orchestra under his direction. Of course, it is not always easy: sometimes tours, flights and relocations are difficult, but it pays off with a huge number of stories, emotions that we get while traveling. And also with a range of feelings when we see the enthusiastic faces of people in the audience. This is the most valuable and precious thing in our work.

    I remember with particular warmth a concert in St. Petersburg, in which I participated when I was still a first-year student at the Academy. We were invited to an orchestral battle, there were almost 40 people on one stage. We played swing from the 1920s and 1930s, and the audience danced right in front of us. The atmosphere was incredible, we felt like real rock stars from the jazz world.

    Nelly Khaperskaya: “Acting is like a sport”

    Oleg Tabakov’s Theatre School

    — I come from a circus family, I spent my entire childhood in the arena and behind the scenes of the circus. Therefore, there were never any doubts about choosing a creative profession. Of course, everyone thought that I would follow in my parents’ footsteps, but completely by chance I passed the casting at Konstantin Khabensky’s studio, and there I realized that I wanted to connect my life with Oleg Tabakov’s School, and then with his theater. True, at first my dad did not want me to move away from the circus. But it seems to me that the circus and theater coexist quite closely: the skills I acquired in childhood were very useful in the acting profession.

    As a result, I entered the Oleg Tabakov School. I consider Vladimir Mashkov my main teacher, he is my creative dad. He gave me life in this profession, opened the doors to it. For me, Vladimir Lvovich is an example, I consider him a genius. This applies not only to the profession: he will always help those who need it. You want to follow him further and conquer new heights.

    I realized that acting is like a sport. You always have to work, constantly improve your knowledge and skills, constantly be in training and rehearsals. Every day you have to become better than you were yesterday. It’s not easy. For the guys who are just thinking about whether to connect their lives with the acting profession or not, I would say this: if you are passionate about it, then difficulties are pleasant.

    Now I work at the Oleg Tabakov Theatre. Among the productions I participate in is “Matrosskaya Tishina”, where I play Tanya. This is a legendary performance that Oleg Pavlovich himself staged. I go on stage with my teachers. Of course, they help a lot with advice, as always. In fact, we have been on the professional stage since our first years – this is a feature of the Oleg Tabakov Theatre School. Even when I was a student, I got roles in “Passions for Bumbarash”, “Fight”, “My Fair Lady”, “The Elder Son”, “Atom of the Sun”, “Heirs” and, actually, in “Matrosskaya Tishina”. Not all of these performances are in the repertoire now, but I sincerely love each role.

    Shvartsy from Tulchin. The story of Oleg Tabakov’s most anticipated performance

    Egor Khokhlov: “I understood where my place is”

    Oleg Tabakov’s Theatre School

    — When I entered the Oleg Tabakov Theatre School, I doubted my decision to become an actor, I didn’t fully understand who I wanted to be. But I saw the teachers, looked at the other guys — and suddenly I understood where my place was. A happy accident, it can happen to anyone. The main thing is to be attentive to yourself and feel it.

    At first, I was worried about how my family would react to my decision: no one is connected with the theater. Besides, it is a profession with zero guarantees, you can fail in it at all – there are hundreds, thousands of such examples. But my parents were understanding, very supportive, believed in me. I am also grateful to my teachers – first of all, Vladimir Mashkov, Alena Lapteva, Vitaly Egorov. Over the five years of study, they did a lot for us. They said that you need to study and improve constantly. To evoke emotions in the viewer, to push them to certain thoughts – all this requires colossal efforts.

    I started performing on stage at the Oleg Tabakov Theatre when I was still a student. This idea belongs to Oleg Pavlovich: he believed that students should see how professional artists work – this is the only way to pass on the profession to the young. My senior colleagues and teachers helped with advice and continue to do so. Now I am involved in several performances, including “Bumbarash Passion”, “Deadly Act” and “The Hunt to Live”.

    I think the most important piece of advice I can give to aspiring actors is this: Don’t be afraid to jump into every situation that comes your way. The stage is hard, and you have to be prepared for anything. Take every chance you get, try to imitate the behavior of different people. And one more thing that’s very important: Don’t be shy.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/146210073/

    MIL OSI Russia News –

  • MIL-OSI: CREDIT AGRICOLE SA : Crédit Agricole Immobilier announces the closing of the acquisition of Nexity Property Management and becomes the leader of Property Management in France

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Montrouge, 6 November 2024

    Crédit Agricole Immobilier announces the closing of the acquisition
    of Nexity Property Management
    and becomes the leader of Property Management in France

    Crédit Agricole Immobilier is pleased to announce that it has completed the acquisition of Nexity Property Management, a Nexity subsidiary specialised in commercial and residential asset management. With this transaction, announced on 25 July 2024, Crédit Agricole Immobilier becomes the leader in institutional property management, in France 1.

    The acquisition of Nexity Property Management brings additional expertise to Crédit Agricole Immobilier, ranging from advisory services to accounting and technical rental management, supervision of works, shopping malls management etc.

    In addition, Nexity Property Management’s powerful network of over 30 branches and offices across France, comes as an addition to strengthens Crédit Agricole Immobilier’s own presence. It supports Crédit Agricole Immobilier in addressing the needs of its institutional customers, including the customers of the Regional Banks and subsidiaries of the Crédit Agricole Group. This increased local footprint, will allow CAI to bring their expertise to clients’ investment projects, in line with the Universal Customer-focused Banking Model approach.

    This new transaction, taking place 18 months after the acquisition of Sudeco, a long-standing Property Management player and commercial property specialist, has established Crédit Agricole Immobilier as the market leader with the most comprehensive range of services for institutional customers across all asset categories, from residential to commercial.
    Overall, Crédit Agricole Immobilier now manages more than 11,000 assets.

    For Nexity, this transaction is fully aligned with the group’s roadmap, specifically with the refocusing strategy launched in 2023.

    This transaction has no significant impact on Crédit Agricole S.A.’s CET1 ratio and should generate a return on investment that is in line with Crédit Agricole’s policy.

    “We are so delighted and proud to welcome the Nexity Property Management teams to Crédit Agricole Immobilier. This acquisition represents a decisive step forward in our strategy of becoming the leader of property management in France. We are deepening our expertise in all areas of property management and strengthening our presence across France. By joining forces, we are ready to take on new challenges. This is the perfect expression of our 2025 strategic plan, as well as the mid-term plan of Crédit Agricole Group: it will allow us to support our clients more extensively on strategic social and environmental issues, such as reducing the carbon footprint of their property assets.”

    Valérie Wanquet, Chief Executive Officer of Crédit Agricole Immobilier

    “I am delighted that we have completed this transaction with the Crédit Agricole Group, a long-term strategic partner of the Nexity group, which is fully in line with our efforts to refocus our activities, which we began at the end of 2023. I would like to thank all Nexity Property Management teams and I wish them every success with their new shareholder. We are certain that Crédit Agricole Immobilier will be able to maintain the quality of its services and enhance its market share.”

    Jean-Claude Bassien, Deputy Chief Executive Officer of Nexity

    ABOUT CRÉDIT AGRICOLE IMMOBILIER
    A subsidiary of the Crédit Agricole Group, Crédit Agricole Immobilier supports its individual, corporate and public authority customers with real estate projects throughout France while upholding three fundamental principles: sustainability and performance of buildings, respect for the environment and decarbonisation, and social cohesion and inclusion.
    As a partner in the most ambitious property development projects, we work with our customers to create value throughout their projects: transaction, letting, rental management, co-ownership associations, property strategy, residential and commercial development, refurbishment, renovation, development of spaces, property management and operation.
    To find out more, visit: www.ca-immobilier.fr/nous-connaitre

    CRÉDIT AGRICOLE IMMOBILIER PRESS CONTACT
    Vanessa Feugères – +33 (0)7 86 84 19 15 – vanessa.feugeres@ca-immobilier.fr

    NEXITY, LIFE TOGETHER
    With revenues of €4.3 billion in 2023, Nexity, the leading global real estate operator, is present all over France and operates in all areas of development and services. Our strategy as leading global real estate operator allows us to meet all our clients’ needs, whether they are individuals, corporates, institutions or authorities. Our raison d’être ‘life together’ reflects our commitment to create sustainable spaces, neighbourhoods and towns for them, that help them to build and rebuild connections. For the sixth consecutive year, Nexity was ranked the top contracting authority by Association pour le développement du Bâtiment Bas Carbone (BBCA – a French low-carbon building association), is a member of the Bloomberg Gender Equality Index, Best Workplaces 2021 and was certified a Great Place to Work® in September 2022.
    Nexity is listed on Service de Règlement Différé (SRD – Deferred Settlement Service), in Compartment A of Euronext and on the SBF 120.

    NEXITY PRESS CONTACTS
    Cyril Rizk – Media Relations Manager / +33(0)6 73 49 72 61 – presse@nexity.fr
    Emma Durel – Media Relations Officer / +33 (0)6 99 14 09 28 – presse@nexity.fr
    Anne-Sophie Lanaute – Head of Investor Relations and Financial Communications / +33 (0)6 58 17 24 22 – investorrelations@nexity.fr

    1 In terms of revenues, source: Xerfi.

    Attachment

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Third quarter and first nine months 2024 results – VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED

    Source: GlobeNewswire (MIL-OSI)

    VERY STRONG QUARTER, 2024 INCOME TARGET CONFIRMED
    CASA AND CAG STATED AND UNDERLYING DATA Q3-2024
               
      CRÉDIT AGRICOLE S.A.   CRÉDIT AGRICOLE GROUP
        Stated   Underlying     Stated   Underlying
    Revenues   €6,487m
    +2.3% Q3/Q3    		   €6,484m
    +7.0% Q3/Q3    		     €9,213m
    -0.4% Q3/Q3    		   €9,210m
    +4.1% Q3/Q3
    Expenses   -€3,689m
    +9.2% Q3/Q3    		   -€3,654m
    +8.2% Q3/Q3    		     -€5,590m
    +6.2% Q3/Q3    		   -€5,556m
    +5.5% Q3/Q3
    Gross Operating Income   €2,799m
    -5.7% Q3/Q3    		   €2,830m
    +5.5% Q3/Q3    		     €3,623m
    -9.1% Q3/Q3    		   €3,654m
    +2.0% Q3/Q3
    Cost of risk   -€433m
    +0.9% Q3/Q3    		   -€433m
    +0.9% Q3/Q3    		     -€801m
    +15.6% Q3/Q3    		   -€801m
    +15.6% Q3/Q3
    Net income group share   €1,666m
    -4.7% Q3/Q3    		   €1,686m
    +10.9% Q3/Q3    		             €2,080m

    -12.8% Q3/Q3

    		   €2,100m
    +1.5% Q3/Q3
    C/I ratio   56.9%
    +3.6 pp Q3/Q3    		   56.4%
    +0.6 pp Q3/Q3    		     60.7%
    +3.7 pp Q3/Q3    		   60.3%
    +0.8 pp Q3/Q3
    RESULTS UP FOR THE FIRST NINE MONTHS OF THE YEAR; TARGET CONFIRMED OF >€6BN IN NET INCOME GROUP SHARE FOR 2024

    STRONG QUARTERLY RESULT

    • +8.2% growth in net income Group share excluding base effect related to reversals of Home Purchase Savings Plan provisions in Q3-23
    • High level of revenues, sharply up in underlying vision
    • Low cost/income ratio; support for business line development with a +4.1% increase in recurring expenses

    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Solid performance in retail banking and consumer finance, supported by a good level of customer capture, higher on-balance sheet deposits in France and stable on-balance sheet deposits in Italy, gradual recovery in home loan activity and increased corporate loan production in France, continued momentum in international loan activity, and consumer finance activity stable at a high level
      • Excellent business momentum in CIB, asset management and insurance, reflected in high gross inflows in life insurance, continued brisk business in property and casualty and personal insurance, solid level of inflows and a record level of assets under management, CIB business still robust and record nine-month revenues

    CONTINUED STRATEGIC PROJECTS

    • Partnership with GAC in China on leasing and in Europe on automotive financing
    • Signing of an agreement to acquire Merca Leasing
    • Acquisition of Nexity Property Management

    VERY SOLID CAPITAL AND LIQUIDITY POSITIONS

    • Crédit Agricole S.A. phased-in CET1 11.7%
    • CA Group phased-in CET1 17.4%
     

    Dominique Lefebvre,
    Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

    “The Group reports solid results this quarter. These results reinforce its desire to be useful to all its customers and to play a leading role in actively supporting the economy.”  
     
     

    Philippe Brassac,
    Chief Executive Officer of Crédit Agricole S.A.

    “Quarter after quarter, the Group publishes high-level results confirming the outlook for a 2024 result that is one year ahead of Crédit Agricole S.A.’s Ambitions for 2025.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.4% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During the third quarter of 2024, the Group recorded +482,000 new customers in retail banking, and the customer base grew by +104,000 customers. More specifically, over the quarter, the Group recorded +383,000 new customers for Retail Banking in France and +99,000 new International Retail Banking customers (Italy and Poland), and the customer base also grew (+64,000 and +40,000 customers, respectively).

    At 30 September 2024, retail banking on-balance sheet deposits totalled €830 billion, up +2.8% year-on-year in France and Italy (+3.1% for Regional Banks and LCL and -0.4% in Italy). Outstanding loans totalled €876 billion, up +0.4% year-on-year in France and Italy (+0.2% for Regional Banks and LCL and +3.0% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +20% for the Regional Banks and +73% for LCL compared to the second quarter of 2024, and -11% and +17% respectively compared to the third quarter of 2023. In Italy, home loan production was down -12% for CA Italy due to a base effect related to successful marketing campaigns in the third quarter of 2023. However, they were still up on second quarter 2024. The property and casualty insurance equipment rate1 rose to 43.8% for the Regional Banks (+0.7 percentage points compared to the third quarter of 2023), 27.9% for LCL (+0.3 percentage point) and 20.0% for CA Italy (+1.7 percentage point).

    In asset management, inflows remained healthy (+€14.4 billion excluding an insurance mandate withdrawal totalling -€11.6 billion), particularly with regard to medium/long-term assets excluding JVs (+€9 billion). Commercial momentum within JVs was also solid. In savings/retirement, Crédit Agricole Assurances posted a high level of gross inflows (€7.2 billion, up +56% year-on-year), the unit-linked rate remained high in production (32.8%), and net inflows were positive (+€1.6 billion) and growing. In property and casualty insurance, the portfolio grew by +5.1% year-on-year to 16.6 million policies. Assets under management were once again at their highest level ever, rising compared to the end of September 2023 in asset management (€2,192 billion, or +11.1%), life insurance (€343.2 billion, or +5.8%) and wealth management, which benefited from the integration of Degroof Petercam (IWM and Private Banking of LCL €274 billion, or +46.9%).

    SFS business line registered an activity stable at a high level, with an increase in consumer finance outstandings at CAPFM (+5.2% compared to the end of September 2023), driven by automotive activities, which account for 53%2 of total outstandings, and growth in production and leasing outstandings at CAL&F (€20.1 billion, or +8.8% compared to the end of September 2023).

    Momentum is strong in Large Customers, with record revenues in corporate and investment banking (best nine-month cumulative total), with capital markets and investment banking being driven by capital market activities, and financing activities benefiting from growth in commercial banking. CACEIS also posted a high level of assets under custody (€5,061 billion, +12.1% compared to the end of September 2023) and assets under administration (€3,386 billion, +4.2% compared to the end of September 2023). It benefited during the quarter from strong commercial momentum and positive market effects.

    Each of the Group’s business lines posted strong activity (see Infra).

    Continued support of transition

    Crédit Agricole Assurances has set out its new climate commitments, announcing its target to reduce carbon intensity of its portfolio3 by -50% by 2029 (compared to 2019).

    Crédit Agricole Group has also decided to participate in CDC’s energy and ecological transition financing support scheme. The Group will thus be able to raise up to €5.3 billion in liquidity by November 2025, exclusively for financing new projects contributing to the energy and ecological transition.

    The Group is continuing the mass roll-out of financing and investment to promote the transition. As such, the Crédit Agricole Group doubled its exposure to low-carbon energy financing4 between the end of 2020 and September 2024, with €21.9 billion at 30 September 2024. In addition, Crédit Agricole Assurances’s financing of renewable energy production capacity increased by +17% compared to the end of 2022, representing 13.8 gigawatts at 30 June 2024.

    Lastly, Crédit Agricole CIB’s green loan portfolio5 grew by +67% between the end of 2022 and September 2024, and represented €20.7 billion at 30 September 2024.

    Group results

    In the third quarter of 2024, the Crédit Agricole Group’s stated net income Group share came to €2,080 million, down -12.8% compared to the third quarter of 2023. This was due to significant specific items in the third quarter of 2023.

    Specific items in the third quarter of 2024 had a negative net impact of -€20 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for +€3 million in net income Group share from capital markets and investment banking, and the hedging of the loan book in Large Customers for -€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of -€14 million in net income Group share of Large Customers, the Degroof Petercam integration costs of -€6 million in net income Group share of Asset Gathering, and the acquisition costs of Degroof Petercam totalling -€2 million in net income Group share of private banking.

    Specific items in the third quarter of 2023 had a cumulative positive impact of +€317 million in net income Group share and comprised DVA and hedging items for +€1 million under Large Customers, reversals of the Home Purchase Savings Plan provisions for +€297 million (+€38 million for LCL, +€171 million for the Corporate Centre and +€88 million for the Regional Banks), and the impact of the SFS division’s Mobility6 business for -€26 million under the equity method and +€45 million under gains and losses on other assets.

    Excluding these specific items, Crédit Agricole Group’s underlying net income Group share7 amounted to €2,100 million, up +1.5% compared to third quarter 2023.

    Crédit Agricole Group – Stated and underlying results, Q3-24 and Q3-23

    €m Q3-24
    stated    		 Specific items Q3-24
    underlying    		 Q3-23
    stated    		 Specific items Q3-23
    underlying    		 ∆ Q3/Q3
    stated    		 ∆ Q3/Q3
    underlying
                     
    Revenues 9,213 3 9,210 9,249 402 8,847 (0.4%) +4.1%
    Operating expenses excl.SRF (5,590) (34) (5,556) (5,265) 0 (5,265) +6.2% +5.5%
    SRF – – – – – – n.m. n.m.
    Gross operating income 3,623 (31) 3,654 3,984 402 3,582 (9.1%) +2.0%
    Cost of risk (801) 0 (801) (693) 0 (693) +15.6% +15.6%
    Equity-accounted entities 61 – 61 37 (26) 63 +65.7% (3.5%)
    Net income on other assets (5) (3) (2) 69 61 9 n.m. n.m.
    Change in value of goodwill – – – – – – n.m. n.m.
    Income before tax 2,877 (34) 2,912 3,397 436 2,961 (15.3%) (1.6%)
    Tax (587) 8 (595) (810) (120) (691) (27.6%) (13.8%)
    Net income from discont’d or held-for-sale ope. – – – 2 – 2 (100.0%) (100.0%)
    Net income 2,291 (26) 2,317 2,588 317 2,272 (11.5%) +2.0%
    Non controlling interests (211) 6 (217) (204) – (204) +3.4% +6.5%
    Net income Group Share 2,080 (20) 2,100 2,384 317 2,068 (12.8%) +1.5%
    Cost/Income ratio excl.SRF (%) 60.7%   60.3% 56.9%   59.5% +3.7 pp +0.8 pp

    In the third quarter of 2024, underlying revenues amounted to €9,210 million, up +4.1% compared to the third quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking (+1.8%), while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, and the Large Customers division enjoyed a high level of revenues across all of its business lines, in addition to the integration of ISB. Meanwhile, revenues were down slightly for International Retail Banking and Specialised Financial Services, which were penalised by the drop in interest rates. Underlying operating expenses increased by +5.5% in the third quarter of 2024 to €5,556 million. This was due to scope effects, base effects on taxes and support for business line development. Overall, the Group saw its underlying cost/income ratio reach 60.3% in the third quarter of 2024, a moderate rise of +0.8 percentage point. As a result, the underlying gross operating income stood at €3,654 million, up +2.0% compared to the third quarter of 2023.

    The underlying cost of credit risk stood at -€801 million, a year-on-year increase of +15.6%. This figure comprises an addition of -€93 million for prudential provisions on performing loans (stages 1 and 2), an addition of -€709 million for the cost of proven risk (stage 3), the consequence of an increase in defaults in the corporate market, and additional provisioning for a number of corporate-specific files. There was also a reversal of +€1 million on other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). The cost of risk/outstandings8reached 26 basis points over a four rolling quarter period and 27 basis points on an annualised quarterly basis9.

    Underlying pre-tax income stood at €2,912 million, a year-on-year decrease of -1.6%. This includes the contribution from equity-accounted entities of €61 million (down -3.5%) and net income on other assets, which came to -€2 million this quarter. The underlying tax charge fell by -13.8% over the period, the tax rate this quarter falling by -3.0 percentage points to 20.9%. Underlying net income before non-controlling interests was up +2.0% to €2,317 million. Non-controlling interests rose +6.5%. Lastly, underlying net income Group share was €2,100 million, +1.5% higher than in the third quarter of 2023.

    Crédit Agricole Group – Stated and underlying results 9M-24 and 9M-23

    €m 9M-24
    stated    		 Specific items 9M-24
    underlying    		 9M-23
    stated    		 Specific items 9M-23
    underlying    		 ∆ 9M/9M
    stated    		 ∆ 9M/9M
    underlying
                     
    Revenues 28,244 117 28,127 27,722 758 26,965 +1.9% +4.3%
    Operating expenses excl.SRF (16,866) (84) (16,782) (15,782) (18) (15,764) +6.9% +6.5%
    SRF – – – (620) – (620) (100.0%) (100.0%)
    Gross operating income 11,378 33 11,345 11,321 739 10,581 +0.5% +7.2%
    Cost of risk (2,324) (20) (2,304) (2,179) (84) (2,095) +6.6% +10.0%
    Equity-accounted entities 203 (0) 203 190 (39) 229 +6.7% (11.2%)
    Net income on other assets (19) (23) 4 107 89 18 n.m. (78.5%)
    Change in value of goodwill – – – – – – n.m. n.m.
    Income before tax 9,238 (10) 9,248 9,438 705 8,733 (2.1%) +5.9%
    Tax (2,104) (4) (2,100) (2,293) (180) (2,113) (8.2%) (0.6%)
    Net income from discont’d or held-for-sale ope. – – – 7 – 7 (100.0%) (100.0%)
    Net income 7,134 (14) 7,148 7,153 525 6,628 (0.3%) +7.9%
    Non controlling interests (643) 17 (659) (619) (0) (619) +3.8% +6.5%
    Net income Group Share 6,491 3 6,489 6,534 525 6,009 (0.6%) +8.0%
    Cost/Income ratio excl.SRF (%) 59.7%   59.7% 56.9%   58.5% +2.8 pp +1.2 pp

    In the first nine months of 2024, stated net income Group share amounted to €6,491 million, compared with €6,534 million in the first nine months of 2023, a difference of just -0.6%.

    Specific items for the first nine months of 2024 include the specific items of the Regional Banks for the first nine months of 2024 (+€47 million in reversals of Home Purchase Savings Plan provisions) and Crédit Agricole S.A. specific items, which are detailed in the Crédit Agricole S.A. section.

    Excluding specific items, underlying net income Group share reached €6,489 million, up +8.0% compared to the first nine months of 2023.

    Underlying revenues totalled €28,127 million, up +4.3% compared to the first nine months of 2023. This increase is attributable to growth in all business lines, reaching a total, excluding the Corporate Centre division, of +4.6% compared to the first nine months of 2023.

    Underlying operating expenses amounted to -€16,782 million, up +6.5% excluding SRF compared to the first nine months of 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for the first nine months of 2024 was 59.7%, up +1.2 percentage points compared to the first nine months of 2023 excluding SRF. The SRF stood at -€620 million in 2023.

    Underlying gross operating income totalled €11,345 million, up +7.2% compared to the first nine months of 2023.

    The underlying cost of risk for the first nine months of 2024 rose to -€2,304 million (of which -€178 million in cost of risk on performing loans (stages 1 and 2), -€2,148 million in cost of proven risk, and +€22 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +10.0% compared to the first nine months of 2023.

    As at 30 September 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of September 2024 (€11.7 billion for Regional Banks), 41% of which represented provisioning of performing loans (47% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of September 2024 was 82.8%.

    Underlying net income on other assets stood at €4 million in the first nine months of 2024, versus €18 million in the first nine months of 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +5.9% to €9,248 million. The tax charge was -€2,100 million, a change of just -0.6%, with an underlying effective tax rate of 23.2%, down -1.6 percentage points compared to the first nine months of 2023. Underlying net income before non-controlling interests was therefore up by +7.9%. Non-controlling interests amounted to -€659 million in the first nine months of 2023, up +6.5%.

    Underlying net income Group share for first nine months of 2024 thus stood at €6,489 million, up +8.0% compared to the first nine months of 2023.

    Regional banks

    Gross customer capture stands at +275,000 new customers and the customer base grew by +27,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase.

    Loan production was down -7% compared to the third quarter of 2023, reflecting the -11% drop in home loans and the decline in specialised markets. Home loan production has been gradually recovering since the beginning of the year (+20% compared to the second quarter 2024). The average lending production rate for home loans stood at 3.47%10 over July and August 2024, -16 basis points lower than in the second quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+27 basis points compared to the third quarter of 2023). Outstanding loans totalled €646 billion at the end of September 2024, stable year-on-year across all markets but up slightly by +0.5% over the quarter.

    Customer assets were up +3.6% year-on-year to reach €903 billion at the end of September 2024. This growth was driven both by on-balance sheet deposits, which reached €601 billion (+2.5% compared to end September year-on-year), and off-balance sheet deposits, which reached €302 billion (+5.9% year-on-year) benefiting from favourable market effects and strong inflows in unit-linked bonds (€8 billion cumulative year-on-year). The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.6% and +1% respectively from end-June 2024.

    The equipment rate for property and casualty insurance11 was 43.8% at the end of September 2024 and continues to rise (up +0.7 percentage point compared to the end of September 2023). In terms of payment instruments, the number of cards rose by +1.7% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.9 percentage points year-on-year to account for 16.0% of total cards.

    In the third quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend12 stood at €3,220 million, down -2.1% compared to the third quarter of 2023, notably impacted by a base effect of +€118 million13 related to the reversal of the Home Purchase Savings Plan provision in the third quarter of 2023. Excluding this item, revenues were up +1.5% year-on-year, the decline in the net interest margin (-11.6% excluding the Home Purchase Savings Plan13 base effect) being offset by the rise in portfolio revenues (+41.8%) and fee and commission income (+4.9%), itself driven by buoyant business in life insurance and account management. Operating expenses were up +3.5%, due to an increase in staff costs, property expenses and IT costs. Gross operating income was down -15.3% year-on-year (-3.8% excluding the Home Purchase Savings Plan13 base effect). The cost of risk was up by +43.7% compared to the third quarter of 2023 to stand at -€369 million. mainly due to the increase in proven risk in the corporate sector. Cost of risk/outstandings remained under control, at 22 basis points.

    The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend,12 amounted to €351 million, down -38.0% compared to the third quarter of 2023 (-26.5% excluding the base effect13).

    The Regional Banks’ contribution to net income Group share was €371 million in the third quarter of 2024, down -36.9% compared to the third quarter of 2023.

    In the first nine months of 2024, revenues including the SAS Rue La Boétie dividend were up +2.2% compared to the same period in 2023. Operating expenses rose by +1.7%, resulting in a rise in gross operating income of +3% for the first nine months of 2024. Finally, with a cost of risk up +29%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,051 million, up +0.5% compared to the first nine months of 2023 (+1.9% excluding the Home Purchase Savings Plan base effect).

    The Regional Banks’ contribution to the results of Crédit Agricole Group in the first nine months of 2024 amounted to €1,021 million in stated net income Group share (-28.1% compared to the same period in 2023), with revenues of €9,834 million (-2%), expenses of -€7,453 (+3.3%) and a cost of risk of -€1,056 million (+27%).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 5 November 2024 to examine the financial statements for third quarter 2024.

    Crédit Agricole S.A. – Stated and underlying results, Q3-24 and Q3-23

    €m Q3-24
    stated    		 Specific items Q3-24
    underlying    		 Q3-23
    stated    		 Specific items Q3-23
    underlying    		 ∆ Q3/Q3
    stated    		 ∆ Q3/Q3
    underlying
                     
    Revenues 6,487 3 6,484 6,343 284 6,060 +2.3% +7.0%
    Operating expenses excl.SRF (3,689) (34) (3,654) (3,376) 0 (3,376) +9.2% +8.2%
    SRF – – – – – – n.m. n.m.
    Gross operating income 2,799 (31) 2,830 2,967 284 2,684 (5.7%) +5.5%
    Cost of risk (433) 0 (433) (429) 0 (429) +0.9% +0.9%
    Equity-accounted entities 42 – 42 23 (26) 50 +81.3% (15.3%)
    Net income on other assets (4) (3) (1) 69 61 8 n.m. n.m.
    Change in value of goodwill – – – – – – n.m. n.m.
    Income before tax 2,404 (34) 2,438 2,630 318 2,312 (8.6%) +5.4%
    Tax (476) 8 (484) (633) (89) (544) (24.8%) (11.0%)
    Net income from discont’d or held-for-sale ope. – – – 2 – 2 n.m. n.m.
    Net income 1,928 (26) 1,954 1,999 229 1,770 (3.5%) +10.4%
    Non controlling interests (262) 6 (268) (251) (2) (250) +4.2% +7.5%
    Net income Group Share 1,666 (20) 1,686 1,748 227 1,520 (4.7%) +10.9%
    Earnings per share (€) 0.50 (0.01) 0.51 0.53 0.07 0.46 (5.5%) +11.4%
    Cost/Income ratio excl. SRF (%) 56.9%   56.4% 53.2%   55.7% +3.6 pp +0.6 pp

    In the third quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,666 million, down -4.7% compared to the third quarter of 2023, having benefited from non-recurring items related to reversals of the Home Purchase Savings Plan provisions (see below). This was an excellent result for the third quarter of 2024, based on high revenues and a cost/income ratio kept at a low level.

    Specific items for this quarter had a cumulative impact of -€20 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for +€3 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for -€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€6 million in the net income Group share in Asset Gathering; ISB integration costs for -€14 million in the net income Group share in Large Customers, and the acquisition costs of Degroof Petercam for -€2 million in the net income Group share in Asset Gathering.

    Specific items for the third quarter of 2023 had a cumulative impact of +€227 million on net income Group share, and comprised recurring accounting items amounting to +€208 million (primarily reversals of Home Purchase Savings Plan provisions for +€37 million at LCL and +€171 million at the Corporate Centre). Non-recurring items were related to the ongoing reorganisation of the SFS division’s Mobility business amounting to +€19 million.

    Excluding a positive base effect related to the reversals of Home Purchase Savings Plan provisions, net income Group share was up +8.2% for the period.

    Excluding specific items, underlying net income Group share14 stood at €1,686 million in the third quarter of 2024, up +10.9% compared to the third quarter of 2023.

    In the third quarter of 2024, underlying revenues were at a high level, standing at €6,484 million. They were up sharply by +7.0% compared to the third quarter of 2023. This growth was driven by the Asset Gathering business line, which recorded growth of +12.9% as a result of strong business momentum and the integration of Degroof Petercam15; the Large Customers business line (+8.7%), which saw good results from all business lines with continued revenue growth in the third quarter in Corporate and Investment Banking, in addition to an improvement in the net interest margin and fee and commission income within CACEIS; Specialised Financial Services (-1.5%), which benefited from favourable scope and volume effects as well as a more stable margin in the Personal Finance and Mobility business line; French Retail Banking (+3.7%), which was boosted by an improved net interest margin and higher fee and commission income; and lastly, International Retail Banking (-1.8%), which was essentially impacted by the decline in the net interest margin in Italy. The Corporate Centre division recorded an increase in revenues of +€43 million.

    Underlying operating expenses totalled -€3,654 million in the third quarter of 2024, an increase of +8.2% compared to the third quarter of 2023, reflecting the support given to business line development. The -€278 million year-on-year increase in expenses was mainly due to a -€112 million scope effect,16 integration costs of -€29 million17, and a positive tax-related base effect of -€30 million. Recurring expenses were up by -€141 million, or +4.1% (-€38 million in staff costs, -€76 million in IT investments and -€27 million in other expenses).

    The underlying cost/income ratio in the third quarter of 2024 thus stood at 56.4%, an increase of +0.6 percentage points compared to the third quarter of 2023.

    Underlying gross operating income in the third quarter of 2024 stood at €2,830 million, an increase of +5.5% compared to the third quarter of 2023. It was up +4.2% when restated solely for reversals of the Home Purchase Savings Plan provisions.

    As at 30 September 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (43% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.5%. The coverage ratio18 was high at 71.4%, up +0.1 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., a -€0.1 billion decline from end-June 2024. Of those loan loss reserves, 34% were for performing loans (percentage in line with previous quarters).

    The underlying cost of risk showed a net addition of -€433 million, up +0.9% from the third quarter of 2023, which included a -€38 million addition for performing loans (stages 1 and 2) (versus a reversal of +€59 million in the third quarter of 2023) and -€388 million in provisioning for proven risks (stage 3) (versus -€487 million in the third quarter of 2023). There was also a small addition of -€7 million for other items (legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (unchanged from end-September 2023), 19% from LCL (16% at end-September 2023), 14% from International Retail Banking (28% at end-September 2023), 4% from Large Customers (3% at end-September 2023) and 8% from the Corporate Centre (zero at end-September 2023). The increase in the cost of risk for the Corporate Centre was mainly due to the increase in the risk on financing secured by Foncaris. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter were unchanged from the second quarter, with a favourable scenario (French GDP at +1.2% in 2024, +1.5% in 2025) and an unfavourable scenario (French GDP at -0.2% in 2024 and +0.5% in 2025). In the third quarter of 2024, the cost of risk/outstandings was 32 basis points over a rolling four-quarter period19 and 32 basis points on an annualised quarterly basis20 (an improvement of 1 basis point compared to the third quarter of 2023 for both bases).

    The underlying contribution from equity-accounted entities amounted to €42 million in the third quarter of 2024, down -15.3% compared to the third quarter of 2023, driven in particular by the strong growth of equity-accounted entities in asset management and a decline in the Personal Finance and Mobility business line.

    Underlying income21before tax, discontinued operations and non-controlling interests was up +5.4% to €2,438 million. The underlying effective tax rate stood at 20.2%, i.e. down -3.8 percentage points compared to the third quarter of 2023. The underlying tax charge was -€484 million, down -11% mainly due to the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value in the Insurance business line, partially offset by the increase in the tax rate in Ukraine. Underlying net income before non-controlling interests was up +10.4% to €1,954 million. Non-controlling interests amounted to -€268 million in the third quarter of 2024, an increase of +7.5%.

    Underlying earnings per share in third quarter of 2024 reached €0.51, increasing by +11.4% compared to the third quarter of 2023.

    Crédit Agricole S.A. – Stated and underlying results, 9M-24 and 9M-23

    €m 9M-24
    stated    		 Specific items 9M-24
    underlying    		 9M-23
    stated    		 Specific items 9M-23
    underlying    		 ∆ 9M/9M
    stated    		 ∆ 9M/9M
    underlying
                     
    Revenues 20,089 53 20,036 19,140 598 18,542 +5.0% +8.1%
    Operating expenses excl.SRF (10,978) (84) (10,894) (9,922) (18) (9,904) +10.6% +10.0%
    SRF – – – (509) – (509) (100.0%) (100.0%)
    Gross operating income 9,111 (30) 9,141 8,709 580 8,129 +4.6% +12.5%
    Cost of risk (1,256) (20) (1,236) (1,338) (84) (1,253) (6.1%) (1.3%)
    Equity-accounted entities 132 (0) 132 136 (39) 175 (3.4%) (24.7%)
    Net income on other assets 5 (23) 28 102 89 13 (95.3%) x 2.1
    Change in value of goodwill – – – – – – n.m. n.m.
    Income before tax 7,991 (73) 8,064 7,609 545 7,064 +5.0% +14.2%
    Tax (1,790) 12 (1,803) (1,832) (149) (1,682) (2.3%) +7.1%
    Net income from discont’d or held-for-sale ope. – – – 7 – 7 n.m. n.m.
    Net income 6,201 (61) 6,262 5,785 396 5,389 +7.2% +16.2%
    Non controlling interests (803) 16 (820) (771) (2) (769) +4.2% +6.6%
    Net income Group Share 5,397 (45) 5,442 5,014 394 4,620 +7.6% +17.8%
    Earnings per share (€) 1.59 (0.01) 1.60 1.53 0.13 1.40 +3.8% +14.5%
    Cost/Income ratio excl.SRF (%) 54.6%   54.4% 51.8%   53.4% +2.8 pp +1.0 pp

    In the first nine months of 2024, stated net income Group share amounted to €5,397 million, compared with €5,014 million in the first nine months of 2023, an increase of +7.6%.

    Specific items in the first nine months of 2024 had a negative impact of -€45 million on stated net income Group share, and comprise +€39 million in recurring accounting items and -€84 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€33 million and loan book hedging for +€5 million). Non-recurring items relate to the costs of integrating and acquiring Degroof Petercam (-€27 million) within the Asset Gathering division, the costs of integrating (-€37 million) and acquiring (-€17 million) ISB within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

    Excluding specific items, underlying Net income Group share reached €5,442 million, up +17.8% compared to the first nine months of 2023.

    Underlying revenues were up +8.1% compared to the first nine months of 2023, driven by all business lines. Underlying operating expenses were +10% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF22 building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, an increase of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €9,141 million, up +12.5% compared to the first nine months of 2023. The underlying cost of risk decreased by -1.3% over the period to -€1,236 million, versus -€1,253 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €132 million, down -24.7% over the period.

    Underlying earnings per share were €1.60 per share in the first nine months of 2024, up +14.5% compared to the first nine months of 2023.

    Underlying RoTE 23, which is calculated on the basis of an annualised underlying Net Income Group Share 24 and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.5% over the first nine months of 2024, up by +1 percentage point compared to the first nine months of 2023.

    Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

    Activity of the Asset Gathering division

    In the third quarter of 2024, assets under management in the Asset Gathering division (AG) totalled €2,809 billion, up +€46 billion over the quarter (or +1.7%), mainly due to a positive market effect and a good level of net inflows in the three business lines of Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +13.1%.

    Insurance activity (Crédit Agricole Assurances) was very strong with total premium income of €9.7 billion – a record level for a third quarter – up +38.9% compared to the third quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total, overall premium income stood at €32.8 billion, up +18.2% compared to the first nine months of 2023.

    In Savings/Retirement, third-quarter premium income stood at €7.2 billion, up +56.4% compared to the third quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. The unit-linked rate accounted for 32.8% of gross inflows, down -7.5 percentage points compared to the third quarter of 2023. This decline is linked to the recovery in gross euro inflows and less favourable market conditions for unit-linked products, in particular the reduced attractiveness of unit-linked bond products. Net inflows totalled +€1.6 billion this quarter, on par with last quarter. This level is made up of positive net inflows from unit-linked contracts (+€0.9 billion) and also from euro funds (+€0.8 billion). In total, Savings/Retirement premium income reached €23.9 billion at the end of September, up +23.1% compared to the end of September 2023.

    Assets under management (savings, retirement and funeral insurance), which stood at €343.2 billion, continued to rise and reached their highest level ever. They were up +€19.0 billion over one year, or +5.8%, and +€12.9 billion since the beginning of the year, or +3.9%. The growth of assets under management was supported by a positive market effect and positive net inflows. Unit-linked contracts reached 29.9% of assets under management, up +2.3 percentage points over one year and +1.0 percentage point compared to the end of December 2023.

    In property and casualty insurance, premium income stood at €1.2 billion in the third quarter of 2024, up +9.2%25 compared to the third quarter of 2023. This growth was driven by volume and price effects. Indeed, at the end of September 2024, the portfolio stood at nearly 16.6 million26 contracts, up +5.1% year-on-year. At the same time, the average premium was up, benefiting from rate revisions in addition to changes in the product mix.  Lastly, the combined ratio at the end of September 2024 stood at 95.5%27, a deterioration of +0.3 percentage point year-on-year due to the unfavourable impact of discounting. In total, at the end of September 2024, premium income stood at €4.9 billion, an increase of +7.8% compared to the first nine months of 2023.

    In death & disability/creditor/group insurance, premium income for the third quarter of 2024 stood at €1.3 billion, up +2.2% compared to the third quarter of 2023. Creditor insurance premium income rose by +1.6% compared to the third quarter of 2023, thanks to an upturn in consumer finance and good performance in real estate. Death and disability was up +3.5% compared to the third quarter of 2023, mainly driven by group insurance, which posted an increase of +9.5%. In group insurance, an agreement was signed with Industries Electriques et Gazières in October 2024, with effect from the second half of 2025. In total, at the end of September, premium income from personal protection stood at €4.0 billion, an increase of +5.7% compared to the first nine months of 2023.

    In Asset Management (Amundi), Amundi’s assets under management saw a +11.1% increase year-on-year at 30 September 2024 and a +1.6% increase over the quarter to €2,192 billion, an all-time high. The +€35.4 billion increase in assets under management over the quarter was due to a positive market and foreign exchange impact of +€32.5 billion and positive net inflows of +€2.9 billion.

    This quarter’s net inflows include the exit from a mandate worth €11.6 billion with a European insurer, which was not generating much revenue. Adjusted for this outflow, net inflows for the quarter stood at +€14.4 billion, including +€9.1 billion in medium- and long-term assets28, driven by active management and ETFs. Structured products and real and alternative assets also recorded positive inflows, while treasury products28 were stable. Lastly, the JVs continued their solid commercial momentum, with net inflows of +€5.3 billion, reflecting a positive contribution from India and South Korea.

    By customer segment, Retail inflows (+€6.3 billion in the third quarter of 2024) were driven by the excellent momentum of third-party distributors (+€6.8 billion), across all regions and with good diversification of inflows by asset class. Excluding the loss of the insurance mandate mentioned above, the Institutional segment recorded very positive inflows in MLT assets across all segments, in particular Institutional and Sovereign, and on mandates from insurers in the Crédit Agricole Groupe and the Société Générale group, thanks to the continued recovery in the euro-denominated life insurance policies market in France during the quarter. Treasury products, on the other hand, experienced sharp seasonal outflows in this segment.

    In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €274 billion at the end of September 2024, and were up +2.7% compared to June 2024 and +46.9% compared to September 2023.

    Indosuez Wealth Management had assets under management of €209.2 billion29 at the end of September, up +2.1%, or +€4.2 billion, compared to the end of June 2024 due to a positive market effect of +€2.5 billion and good level of activity with positive net inflows of +€1.8 billion, driven in particular by Switzerland and Asia. The quarter also saw Degroof Petercam funds begin to be marketed to Indosuez clients. Compared with the end of September 2023, assets under management were up by +€84.3 billion (or +67.5%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024), a positive market effect and a good level of net inflows.

    In LCL’s Private Banking division, assets under management at the end of September totalled €64.8 billion, up by +€1.0 billion or +1.5% compared to the end of June 2024, thanks to a positive market effect and positive net inflows. Compared with the end of September 2023, assets under management were up by +€3.2 billion (or +5.3%), mainly due to a positive market effect, and also to positive net inflows.

    Results of the Asset Gathering division

    In the third quarter of 2024, AG generated €1,870 million in revenues, up +12.9% compared to the third quarter of 2023. Expenses rose by +20.9% to -€868 million. Thus, the cost/income ratio stood at 46.4%, up +3.0 percentage points compared to the third quarter of 2023. Gross operating income stood at €1,002 million, up +6.9% compared to the third quarter of 2023. Taxes stood at -€157 million, compared with -€221 million at the end of September 2023 (down -29.1%). The net income Group share of AG stood at €728 million, up +17.1% compared to the third quarter of 2023.

    At the end of September 2024, AG generated revenues of €5,603 million, up +9.1% compared to the end of September 2023. The increase is explained by a very high level of revenues in all three business lines: Insurance, Asset Management and Wealth Management. Costs excluding SRF increased +13.4%. As a result, the cost/income ratio excluding SRF stood at 43.5%, up +1.6 percentage points compared to the end of September 2023. Gross operating income stood at €3,168 million, an increase of +6.3% compared to the end of September 2023. Taxes stood at -€659 million, compared with -€699 million at the end of September 2023 (down -5.7%). The net income Group share of AG stood at €2,180 million, up +9.3% compared to the first nine months of 2023. Net income Group share increased between the first nine months of 2023 and the first nine months of 2024 in Asset Management (+10.2%) and the Insurance business lines (+11.3%), but was down in Wealth Management (-18.9%).

    At the end of September 2024, the Asset Gathering division contributed by 37% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding Corporate Centre division) and 27% to underlying revenues excluding the Corporate Centre division.

    As at 30 September 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €58.7 billion, including €35.7 billion for Insurance, €14.1 billion for Asset Management and €8.9 billion for Wealth Management.

    The underlying RoNE (return on normalised equity) stood at 27.1% for the first nine months of 2024.

    Insurance results

    In the third quarter of 2024, insurance revenues amounted to €635 million, down -1.2% compared to the third quarter of 2023. This includes €418 million from savings/retirement30, €117 million from personal protection31 and €40 million from property and casualty insurance32. Against a backdrop of increased business activity, the decline in revenues is explained in particular by the change in Property & Casualty claims, which were low in the third quarter of 2023 and higher in the third quarter of 2024, particularly for crop insurance, as well as by an unfavourable effect linked to the replacement of AT1 debt (for which the expense was recorded as minority interests) by Tier 2 debt (the cost of which is deducted from revenues).

    The contractual service margin (CSM) stood at €24.9 billion, up +4.5% since 31 December 2023. In the first nine months of 2024, the impact of the stock revaluation was positive, and the impact of new business exceeded the CSM allocation.

    Non-attributable expenses for the quarter stood at €85 million, up +5.1% over the third quarter of 2023. Gross operating income stood at €550 million, down -2.1% compared to the third quarter of 2023. Taxes stood at -€51 million, compared with -€131 million for the third quarter of 2023. This decline is due to a re-estimation of the tax rate including the impact of reduced-tax disposals of equity interests and the revaluation of securities at fair value, which took place during the quarter. Net income Group share stood at €478 million, up +16.2% compared to the third quarter of 2023.

    Revenues from insurance in the first nine months of 2024 came to €2,130 million, up +5.4% compared to the total at the end of September 2023. Non-attributable expenses came to €264 million, i.e. an increase of +11.4%. The cost/income ratio stood at 12.4%, below the target ceiling of 15% set by the Medium-Term Plan. Gross operating income stood at €1,866 million, up +4.6% compared to the first nine months of 2023. The tax charge stood at -€354 million, below the September 2023 level of -€411 million. Net income Group share amounted to €1,466 million, up +11.3% compared to the first nine months of 2023.

    Insurance contributed by 25% to the underlying net income Group share of the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) at the end of September 2024 and by 10% to their underlying revenues.

    Asset Management results

    In the third quarter of 2024, revenues amounted to €838 million, showing double-digit growth (+10.3% compared to the third quarter of 2023). The +9.2% increase in management fee and commission income compared to the third quarter of 2023 reflects the good level of activity and the increase in average assets under management excluding JVs (which increased by +8.6% over the same period, and by +1.2% between the second and third quarter). Performance fees increased by +€10 million compared with the third quarter of 2023, but there were fewer crystallisation dates in the third quarter than in the second or fourth quarters. Amundi Technology’s revenues increased by +41.8% compared to the third quarter of 2023. Financial revenues were down by -10.6% compared to third quarter of 2023. Operating expenses stood at -€466 million, up +7.5% mainly due to the consolidation of Alpha Associates, accelerated investment and the impact of revenue growth on variable compensation. The jaws effect was positive over the quarter. The cost/income ratio thus stood at 55.6%, an improvement year-on-year (-1.5 percentage point). Gross operating income increased by +14.1% compared to the third quarter of 2023. The contribution from equity-accounted entities, comprising the contribution from Amundi’s Asian joint ventures, stood at €33 million, up +36.4% from the third quarter of 2023, driven mainly by the strong growth of the contribution from SBI MF in India. The income tax charge stood at -€92 million, up +14.9%. Net income before non-controlling interests was €312 million, up +16.4% compared to the total at the end of September 2023. Net income Group share stood at €208 million, up +16.8% compared to the third quarter of 2023.

    In the first nine months of 2024, revenues rose by +7.2% in asset management, reflecting sustained growth in management fee and commission income and a sharp increase in Amundi Technology revenues (€54m, +28.2%) and net financial income. Performance fees were down slightly (-2.0%). Operating expenses excluding SRF increased by +6.3%. The cost/income ratio excluding SRF was 55.3%, stable compared to the total at the end of September 2023. As a result, gross operating income was up +8.8% compared to the first nine months of 2023. The net income of equity-accounted entities increased by +28.4%. All in all, net income Group share for the half-year stood at €623 million, an increase of +10.2%.

    Asset management contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and by 12% to their underlying revenues.

    At 30 September 2024, equity allocated to the Asset Management business line amounted to €1.3 billion, while risk-weighted assets totalled €14.1 billion.

    Wealth Management results33

    Revenues of Wealth Management stood at €397 million in the third quarter of 2024, up +56.6% compared to the third quarter of 2023. Revenues benefited from the impact of the integration of Degroof Petercam in June 2024; excluding this effect, they were supported by the good momentum of management fee and commission income, which offset the erosion of interest revenues. Expenses totalled -€317 million, up +55.5% compared to the third quarter of 2023, due to the impact of the integration of Degroof Petercam in June 202434 and integration costs of -€8 million in the third quarter. Restated for these impacts, growth in expenses is stable (+0.2% compared to the third quarter of 2023). The cost/income ratio in the third quarter of 2024 stood at 79.9%, down -0.6 percentage points compared to the third quarter of 2023. Gross operating income stood at €80 million, up +61.4% compared to the third quarter of 2023. Cost of risk was -€11 million in the third quarter of 2024, including the recognition of litigations and provisions for various cases. Net income on other assets stood at -€3 million in the third quarter of 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share amounted to €42 million, up +30.6% compared to the third quarter of 2023.

    In the first nine months of 2024, Wealth Management’s revenues rose by +24.7% compared to the end of September 2023, notably benefiting from the integration of Degroof Petercam in June 2024 to reach €967 million. Expenses excluding SRF rose by +29.3% due to the impact of the integration of Degroof Petercam in June 2024 and the €14 million in integration costs. Restated for these impacts, growth in expenses is under control, increasing by +3.6% compared to the first nine months of 2023, due in particular to an unfavourable base effect in 2023. Gross operating income thus rose by +10.0% to €181 million. The cost of risk was -€12 million at the end of September 2024 (it was +€1 million at the end of September 2023). Net income on other assets stood at -€23 million at the end of September 2024, corresponding to the Degroof Petercam acquisition costs, restated as specific items. Net income Group share stood at €91 million for the first nine months of 2024, down -18.9% compared to the first nine months of 2023, but up +4.5% after restatement for integration and acquisition costs.

    Wealth Management contributed 2% of Crédit Agricole S.A.’s business lines underlying net income Group share. (excluding the Corporate Centre division) at end September 2024 and by 5% to their underlying revenues.

    At 30 September 2024, equity allocated to Wealth Management was €0.8 billion and risk-weighted assets totalled €8.9 billion.

    Activity of the Large Customers division

    Corporate and Investment Banking (CIB) once again posted a very good performance in the third quarter of 2024 (best third quarter and best year-to-date in terms of both revenues and results). Asset servicing also recorded strong business momentum during the period.

    CIB third-quarter underlying revenues rose sharply to €1,528 million, an increase of +8.0% compared to the third quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +7.2% compared to the third quarter of 2023, at €809 million. This was mainly due to the excellent performance of Commercial Banking (+9.5% compared to the third quarter of 2023), driven by the development of Corporate activities, especially in the Telecom sector, and a good level of revenues from asset financing and project financing. Capital Markets and Investment Banking also reported revenue growth of +9.0% compared to the third quarter of 2023, at €719 million, driven by the continued high level of performance of Capital Markets (+6.2% compared to the third quarter of 2023 for FICC) and the good level of activity in Investment Banking, (+22.8% compared to the third quarter of 2023), confirming the trend observed at the end of the first half of 2024.

    Financing activities thus confirmed its leading position in syndicated loans (#2 in France35 and #2 in EMEA35). Crédit Agricole CIB reaffirmed its strong position in bond issues (#3 All bonds in EUR Worldwide35) and was ranked #2 in Green, Social & Sustainable bonds in EUR36. Average regulatory VaR stood at €10.1 million in the third quarter of 2024, unchanged from the second quarter of 2024 when it was €10.1 million. It remained at a level that reflected prudent risk management.

    In addition, the third quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) customer portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Customer migration is expected to continue until the end of 2024. As a reminder, ISB integration costs will be recorded during the year for an amount of around €80 million to €100 million, including €25.9 million in the third quarter of 2024, i.e. €70 million recorded in the first nine months of 2024.

    In the third quarter of 2024, solid customer business and market effects supported growth in assets over the year. Assets under custody increased by +1.9% at the end of September 2024 compared to the end of June 2024 and increased by +12.1% compared to the end of September 2023, to reach €5,061 billion. Assets under administration were down -1.2% over the quarter (planned exit of some ISB customers) and up +4.2% year-on-year, reaching €3,386 billion at the end of September 2024.

    Results of the Large Customers division

    In the third quarter of 2024, stated revenues of the Large Customers division once again reached a record level of €2,054 million, up +8.8% compared to the third quarter of 2023, buoyed by excellent performance in the Corporate and Investment Banking and Asset Servicing business lines. The division’s specific items this quarter had an impact of +€2.8 million on Corporate and Investment Banking and comprised the DVA, the issuer spread portion of the FVA and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses were up compared to the third quarter of 2023 (+8.8%), due, on the one hand, to IT investments and the development of the business lines’ activity and, on the other hand, to the recognition of ISB integration costs of -€25.9 million, restated as specific items. As a result, the division’s gross operating income was up +8.8% from the third quarter of 2023 to €814 million. The division recorded an overall net addition for cost of risk of -€19 million in the third quarter of 2024, compared with an addition of -€13 million in the third quarter of 2023. Stated pre-tax income totalled €800 million, an increase over the period (+8.2%). The tax charge was
    -€234 million. Lastly, stated Net income Group share reached €520 million in the third quarter of 2024, compared with stated income of €488 million in the third quarter of 2023. Underlying net income Group share came to €532 million in the third quarter of 2024, versus €488 million in the third quarter of 2023.

    Over the first nine months of 2024, stated revenues of the Large Customers division amounted to a record high of €6,543 million, i.e. +12.0% compared to the first nine months of 2023. Operating expenses excluding SRF rose +13.4% compared to the same period to -€3,298 million, largely related to employee expenses and IT investments, and including ISB integration costs of -€70 million. Gross operating income for the first nine months of 2024 totalled €2,802 million, representing an increase of +25.4% compared to the first nine months of 2023. Over the period, the cost of risk recorded a net addition of -€25 million, compared to an addition of -€81 million in the same period. The business line’s contribution to stated Net income Group share was €1,936 million, a strong increase of +30.3% compared to the first nine months of 2023. Underlying net income Group share came to €1,935 million in the first nine months of 2024, versus €1,520 million in the first nine months of 2023.

    The division contributed 33% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end September 2024 and 31% to underlying revenues excluding the Corporate Centre.

    At 30 September 2024, the equity allocated to the division was €13.3 billion and its risk-weighted assets were €140.5 billion.

    Underlying RoNE (return on normalised equity) stood at 19.0% at the end of September 2024.

    Corporate and Investment Banking results

    In the third quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,531 million, up +8.2% from the third quarter of 2023. The Corporate and Investment Banking division’s specific items this quarter had an impact of +€2.8 million and comprised the DVA, the issuer spread portion of the FVA, and secured lending amounting to +€3.6 million, and loan book hedging totalling -€0.8 million. Operating expenses rose by +7.2% to -€864 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.5% compared to the third quarter of 2023, taking it to a high level of +€667 million. The cost/income ratio was 56.4%, a slight change of -0.5 percentage point over the period. The cost of risk recorded a limited net provision of -€14 million, stable compared to the third quarter of 2023. Lastly, pre-tax income in the third quarter of 2024 stood at €653 million, versus €596 million in the third quarter of 2023. The tax charge stood at -€195 million. Lastly, stated net income Group share rose sharply by +10.3% to €446 million in the third quarter of 2024.

    Over the first nine months of 2024, stated revenues rose by +7.6% compared to the excellent level recorded in the first nine months of 2023, to a record level of €4,995 million. The specific items over the period had an impact of +€52.2 million and comprised the DVA (the issuer spread portion of the FVA and secured lending) amounting to +€45.8 million, and loan book hedging totalling +€6.3 million. Operating expenses excluding SRF rose +5.1%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. Thus, gross operating income of €2,370 million was up sharply (+26.5% compared to the first nine months of 2023). The cost of risk recorded a net provision of -€7 million in the first nine months of 2024, compared to a net provision of -€80 million in the first nine months of 2023. The income tax charge stood at -€609 million, up +27.1%. Lastly, stated net income Group share stood at €1,715 million for the first nine months of 2024, an increase of +33.6% over the period, the highest historical level. Underlying Net income Group share stood at €1,677 million over the first nine months of 2024, versus €1,318 million over the same period in 2023.

    Risk-weighted assets at the end of September 2024 were down -€2.7 billion compared to the end of June 2024 at €128.6 billion, still well under control with business growth.

    Asset servicing results

    In the third quarter of 2024, the revenues of Asset Servicing were up +10.7% compared to the third quarter of 2023, standing at €523 million. This rise was driven in particular by high fee and commission income, itself driven by the increase in assets and by the favourable trend in NIM. Operating expenses rose by +12.8% to
    -€376 million, including -€4 million in scope effects linked to the consolidation of the remaining ISB entities and a -€25.8 million in ISB integration costs restated as specific items. Excluding these effects, the increase in expenses was +5.5% compared to the third quarter of 2023. As a result, gross operating income was up by +5.7% to €147 million in the third quarter of 2024. Thus, the cost/income ratio stood at 71.9%, up +1.3 percentage points. Excluding ISB integration costs and the consolidation of the remaining ISB entities, it stood at 66.2%, an improvement of 3.3 percentage points compared to the third quarter of 2023. The quarter also recorded +€6 million in income from equity-accounted entities. Net income thus totalled €109 million, down -10.8% compared to the third quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to stated net income Group share totalled €74 million in the third quarter of 2024, down -11.7% compared to the third quarter of 2023. Excluding ISB integration costs, net income Group share was up +4.8% compared to the third quarter of 2023.

    Stated revenues for the first nine months of 2024 were up +28.7% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Expenses excluding SRF were up +39.2% and included a scope effect of -€207 million over the first six months of 2024 and -€70 million in ISB integration costs. Gross operating income was up +20.0% compared to the first nine months of 2023. The cost/income ratio stood at 72.1%, an improvement of 5.5 points compared to the third quarter of 2023. Net income thus rose by +10.1%. The overall contribution of the business line to net income Group share in the first nine months of 2024 was €221 million, a +9.3% increase compared to the first nine months of 2023.

    Specialised financial services activity

    Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €11.6 billion in the third quarter of 2024, stable compared to the third quarter of 2023. The share of automotive financing37 in quarterly new business production stood at 50.6% this quarter. The average customer rate for production was down -24 basis points from the second quarter of 2024. CAPFM’s assets under management stood at €116.8 billion at the end of September 2024, up +5.2% compared to the end of September 2023, driven by all activities (Automotive +6,9%38; LCL and Regional Banks +5.6%; Other entities +3.3%). Lastly, consolidated outstandings totalled €68.9 billion at the end of September 2024, up +4.7% compared to the third quarter of 2023.

    CAPFM has announced a number of recent developments: a plan to acquire 50% of GAC Leasing; a pan-European partnership with GAC Motor International to entrust CA Auto Bank with the financing of vehicles made by Chinese manufacturer GAC; a partnership with FATEC to offer a fleet management service to its customers; and an agreement with EDF to ramp up the installation of electric charging stations in France.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +13.6% compared to the third quarter of 2023. It was driven by all business lines, and was particularly strong in property leasing and renewable energy financing. Property leasing continued to grow in France and abroad. Leasing outstandings rose +8.8% year-on-year, both in France (+6.7%) and internationally (+17.4%), to reach €20.1 billion at the end of September 2024 (of which €15.9 billion in France and €4.2 billion internationally). Commercial factoring production fell by -17% compared to the third quarter of 2023. As a reminder, the third quarter of 2023 was marked by record production in Germany. Factoring outstandings at the end of September 2024 were stable compared to the end of September 2023.

    On 31 October 2024, Crédit Agricole Leasing & Factoring announced that it had signed an agreement to acquire Merca Leasing in Germany.

    Specialised financial services’ results

    The revenues of Specialised Financial Services rose to €869 million in the third quarter of 2024, down slightly by -1.6% compared to the third quarter of 2023. Expenses stood at -€437 million, up +3.1% compared to the third quarter of 2023. The cost/income ratio stood at 48%, up +2.3 percentage points compared to the same period in 2023. Gross operating income thus stood at €433 million, down -5.9% compared to the third quarter of 2023. Cost of risk reached -€223 million, stable compared to the third quarter of 2023. Net income from equity-accounted entities rose significantly (x4.5 compared to the third quarter of 2023) to €23 million. Excluding the base effect39 related to the reorganisation of Mobility activities at CAPFM, the change was -20.7%. Net income on other assets stood at -€2 million, versus €57 million in the third quarter of 2023. Excluding the base effect39 related to the reorganisation of Mobility activities at CAPFM, the change was -52.5%. The division’s Net income Group share amounted to €172 million, down -15.6% compared to the same period in 2023, and down -7% excluding the base effect39.

    Over the first nine months of 2024, revenues for the Specialised Financial Services division fell by-4.1%, but rose by +7.8% excluding the base effect40 related to the reorganisation of Mobility activities at CAPFM, compared to the first nine months of 2023. This favourable trend was driven by a good performance in CAL&F (+8.5%) and by higher revenues for CAPFM excluding the base effect40 (+7,6%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Underlying costs excluding SRF increased by +8.9% compared to the first nine months of 2023. Expenses excluding SRF, the base effect40 and scope effects rose by +3.1%. The cost/income ratio stood at 51.2%, or +6.1 percentage points versus the same period in 2023; excluding the base effect40, the change was +1.3 percentage points. The cost of risk was down -4.9% compared to the first nine months of 2023, to -€653 million, and up +8.4% excluding the base effect40. This increase incorporated in particular the impact of scope effects. The contribution from equity-accounted entities was down -8.5% versus the same period in 2023, and down -35.9% excluding the base effect40, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€3 million at the end of September 2024, compared to €81 million at the end of September 2023 (-€7 million excluding the base effect40). Net income Group share thus came to €502 million, down -21% compared to the first nine months of 2023, but up +5.4% excluding the base effect40 related to the reorganisation of Mobility activities at CAPFM.

    The business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses. (excluding the Corporate Centre division) at the end of September 2024 and 13% to underlying revenues excluding the Corporate Centre.

    At 30 September 2024, the equity allocated to the division was €6.8 billion and its risk-weighted assets were €71.8 billion.

    The underlying RoNE (return on normalised equity) stood at 9.0% for the first nine months of 2024.

    Personal Finance and Mobility results

    CAPFM revenues totalled €678 million in the third quarter of 2024, down -4.2% compared to the third quarter of 2023. The price effect remained negative in the third quarter of 2024 compared to the third quarter of 2023, but stabilised compared to the second quarter of 2024, thanks in particular to an improved production margin rate over the last few quarters (stable in the third quarter of 2024 compared to the second quarter of 2024, and up by +86 basis points compared to the third quarter of 2023). Expenses remained under control at -€338 million, up +2.4% compared to the same period in 2023. Gross operating income stood at €340 million, down -10%. The cost/income ratio stood at 49.8%, up +3.2 percentage points compared to the same period in 2023. The cost of risk stood at -€201 million, down -2.4% from the third quarter of 2023. The cost of risk/outstandings thus stood at 112 basis points41, an improvement of -16 basis points compared to the third quarter of 2023. The Non Performing Loans ratio was 4.5% at the end of June 2024, up +0.2 percentage point compared to the end of June 2024, while the coverage ratio reached 74.2%, down -1.6 percentage points compared to the end of June 2024. The contribution from equity-accounted entities rose sharply (x5.1) compared to the same period in 2023, and fell by -20.7% excluding the base effect related to the reorganisation of Mobility activities39. Net income on other assets amounted to -€2 million in the third quarter of 2024, compared to €57 million in the third quarter of 2023. Excluding the base effect39, net income on other assets of the third quarter of 203 amounted to -€4 million. As a result, net income Group share totalled €118 million in the third quarter of 2024, i.e. -20.9% compared to the same period the previous year. Excluding the base effect39, net income Group share was down -9.3%.

    In the first nine months of 2024, CAPFM’s revenues totalled €2,042 million, down -7.1% compared with the first nine months of 2023, but up +7.6% excluding the base effect related to the reorganisation of Mobility activities42. Revenues benefited from scope effects related to the strategic pivot around Mobility, leading to the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and the consolidation of the ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,035 million, an increase of +9.9% on 2023. Expenses excluding SRF, excluding the base effect42 and scope effects, were up +2.2%. Gross operating income therefore came in at €1,007 million, which was a drop of -19% but an increase of +4.7% excluding the base effect42. The cost/income ratio stood at 50.7%, or +7.9 percentage points versus the same period in 2023. When restated for the base effect, the change was +2.1 percentage points. Cost of risk fell -7.3% compared with the first nine months of 2023 to -€591 million, but rose +6.8% when the base effect42 is excluded. This rise notably includes the impact of scope effects. The contribution from equity-accounted entities was down -5.4% versus the same period in 2023, and down -33.1% excluding the base effect42 related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Income on other assets fell -55.5%, or -63,4% excluding the base effect42. As a result, net income Group share stood at €349 million in the first nine months of 2024, i.e. -31.3% from the same period one year earlier. Excluding the base effect42, net income Group share was stable at -0.1% compared with the same period in 2023.

    Leasing & Factoring results

    CAL&F’s revenues totalled €192 million, up +8.5% compared with the third quarter of 2023. This increase was driven by all business lines and benefited from volume effects (increase in factored revenues and equipment leasing outstandings). Expenses remained under control with an increase of +4.8%, while the cost/income ratio stood at 51.6%, an improvement of -1.8 percentage points from the third quarter of 2023. Gross operating income rose +12.7% to €93 million, with a positive jaws effect of +3.7 percentage points. Cost of risk totalled -€22 million, up +25.1% compared with the same period in 2023, linked to economic conditions in the corporate market. Cost of risk/outstandings stood at 22 basis points41, down slightly from the third quarter of 2023. As a result, net income Group share was €54 million, down -1.8% compared with the third quarter of 2023.

    In the first nine months of 2024, revenues totalled €563 million, an increase of +8.5% compared with the first nine months of 2023. Costs excluding SRF increased by +5.7% to €298 million. Gross operating income rose sharply to €265 million, a +19.8% increase compared with the first nine months of 2023. The underlying cost/income ratio excluding SRF amounted to 53%, an improvement of -1.4 percentage points compared with the first nine months of 2023. Cost of risk was up compared with the same period of 2023 (+26.7%). The business line’s contribution to underlying net income Group share was €153 million, up +20.2% compared with the first nine months of 2023.

    Crédit Agricole S.A. Retail Banking activity

    Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with customer capture continuing at a good pace and an increasing number of customers taking out insurance policies. Home loan production in France is steadily recovering, while continuing to rise for corporate loans. Outside France, loan activity was dynamic.

    Retail banking activity in France

    In the third quarter of 2024, activity remained buoyant with the confirmed recovery in mortgage lending and the continued stabilisation of the mix of inflows.

    Gross customer capture for the quarter stood at 76,000 new customers and net customer capture came in at 9,700 customers. The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.3 percentage points to stand at 27.9% at end-September 2024.

    Loan production totalled €7.5 billion, representing a year-on-year increase of +11%. The third quarter of 2024 confirmed the recovery in home loan production (+17% compared to the third quarter of 2023 and +73% compared to the second quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.38%, down -46 basis points from the second quarter of 2024 and -32 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The solid momentum continued in the corporate market (+16% year on year). Production for small businesses declined in a competitive market and challenging economic environment.

    Outstanding loans stood at €169 billion at end-September 2024, representing a quarter-on-quarter increase of +0.4% and a year-on-year increase of +0.5% (of which +0.6% for home loans, +0.7% for loans to small businesses, +1.0% for consumer finance and -0.1% for corporate loans). Customer assets totalled €253.3 billion at end-September 2024, up +5.1% year on year, driven by interest-earning deposits and off-balance sheet funds. Customer assets also edged up +0.6% during the quarter. This was accompanied by the continued stabilisation of demand deposit volumes (+0.4% compared with end-June 2024) in a still-uncertain environment, as well as term deposits (-2.9% compared with end-June 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the third quarter of 2024, CA Italy posted a gross customer capture of 43,000, while the customer base grew by around 13,000 customers.

    Loan outstandings at CA Italy stood at €61.3 billion43 at end-September 2024, up +3.0% compared with end-September 2023. This was despite the downturn in the Italian market44, mostly in the retail segment, which posted an increase in outstandings of +3.6%. Loan production, buoyed by the solid momentum in all markets, rose 7.5% compared with the third quarter of 2023. Home loan production remained steady (+7% compared with the second quarter of 2024), despite a -12% year-on-year decline due to a base effect linked to the success of the promotional campaign which ran in the third quarter of 2023. The loan stock rate was down -17 basis points on the second quarter of 2024, in line with the general trend in Italian market rates.

    Customer assets at end-September 2024 totalled €117.4 billion, up +3.7% compared with end-September 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.4%, while the cost of inflows decreased. Lastly, off-balance sheet deposits rose +9.2%, benefiting from a market effect and positive net inflows.

    CA Italy’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance increased to 20.0%, up 1.7 percentage points compared with the third quarter of 2023.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were up +4.2% at current exchange rates at end-September 2024 compared with end-September 2023 (+6.7% at constant exchange rates). Customer assets rose slightly by +0.4% over the same period at current exchange rates (+8.1% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +11.8% versus September 2023 (+3.6% at constant exchange rates) and customer assets by +14% (+5.5% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +32.4% compared with the third quarter of 2023 at current exchange rates (up +26% at constant exchange rates).

    In Egypt, loan outstandings rose -18.3% between end-September 2024 and end-September 2023 (+34.6% at constant exchange rates). Over the same period, inflows fell by -36.6% but were still up +4% at constant exchange rates.

    The surplus of deposits over loans in Poland and Egypt amounted to €1.6 billion at 30 September 2024, and totalled €3.2 billion including Ukraine.

    French retail banking results

    In the third quarter of 2024, LCL’s revenues stood at €979 million, down -1.7% compared with the third quarter of 2023 due to a base effect related to the reversal of the provision for Home Purchase Saving Plans in the third quarter of 202345. Excluding this base effect, revenues grew by +3.7% as a result of both net interest margin and fee and commission income. Net interest margin, excluding the Home Purchase Saving Plan base effect45, rose +2.3%45 year on year, benefiting from positive exceptional items related to the revaluation of equity investments. In addition, the increase in the cost of funding continued to weigh on the net interest margin, partially offset by the positive impact of gradual loan repricing and the favourable impact of the contribution of macro-hedging (virtually unchanged year on year). Fee and commission income was up +5.1% compared with the third quarter of 2023, driven by all activities.

    Expenses rose +3.2% to stand at -€608 million. The increase for the period is mainly related to the increase in property expenses and IT costs. The cost/income ratio stood at 62.1%, a rise of +2.9 percentage points compared with the third quarter of 2023. Gross operating income was down -8.8%, to €371 million (up +4.5% excluding the Home Purchase Saving Plan base effect45).

    The cost of risk was up +17% compared with the third quarter of 2023 to -€82 million (including +€18 million in cost of risk on performing loans, -€94 million in proven risk, and -€5 million in other risks). This increase was mainly due to corporate specific files and to the consumer finance segment. The cost of risk/outstandings remained under control, at 23 basis points. The coverage ratio stood at 59.8% at end-September 2024 (-1 percentage point compared with end-June 2024). The Non Performing Loans ratio reached 2.1% at end-September 2024, stable compared with end-June 2024 (+0.1 percentage point). As a result, net income Group share decreased by -19.2% compared with the third quarter of 2024 (-6.2% excluding the Home Purchase Saving Plan base effect45).

    In the first nine months of 2024, LCL revenues totalled €2,912 million, a +0.7% increase compared with the first nine months of 2023. The net interest margin was slightly up (+0.5%), benefiting from gradual loan repricing and the positive impact of macro-hedging, in the context of rising refinancing and funding costs, and positive exceptional items in the second and third quarters of 2024 (positive valuation effects on equity investments). Fee and commission income was up +0.9% compared with the first nine months of 2023 (impacted by the base effect of Image cheque in 202346, particularly in the life insurance and payment instrument segments. Expenses excluding SRF rose +3.4% over the period as a result of the increase in staff and IT costs, partially offset by a one-off impact on taxation and a base effect related to end-of-career allowances. The cost/income ratio excluding SRF stood at 61.8% (+1.6 percentage points compared with the first nine months of 2023). Gross operating income grew slightly by +0.5% year on year. Cost of risk increased by +44.3%, impacted by the rise in proven risk from corporates and recent consumer finance production. All in all, the business line’s contribution to net income Group share stood at €607 million, down -9.8% (-5% excluding Home Purchase Saving Plan base effect)

    In the end, the business line contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses. (excluding the Corporate Centre division) in the first nine months of 2024 and 14% to underlying revenues excluding the Corporate Centre.

    At 30 September 2024, the equity allocated to the business line stood at €5.3 billion and risk-weighted assets amounted to €55.3 billion. LCL’s underlying RoNE (return on normalised equity) stood at 14.4% for the first nine months of 2024.

    International Retail Banking results47

    In the third quarter of 2024, revenues for International Retail Banking totalled €1,006 million, falling slightly by -1.8% (+1.2% at constant exchange rates) compared with the third quarter of 2023. Operating expenses were under control at €519 million, an increase of +3.1% (+4.4% at constant exchange rates) Gross operating income consequently totalled €486 million, down -6.5% (-2.1% at constant exchange rates) for the period. Cost of risk amounted to -€59 million, down -51.1% compared with the third quarter of 2023 (-50.1% at constant exchange rates).

    All in all, net income Group share for CA Italy, CA Egypt, CA Poland and CA Ukraine amounted to €194 million in the third quarter of 2024, up +13.9% (-12.9% at constant exchange rates). This included a negative impact of -€40 million following the change in the corporate income tax rate in Ukraine.

    For the first nine months of 2024, International Retail Banking revenues rose by +3.9% to €3,090 million (+0.6% at constant exchange rates). Expenses excluding SRF and DGS stood at -€1,522 million, an increase of 2.1% compared with the first nine months of 2023. Gross operating income totalled €1,510 million, up +4.6% (+1.1% at constant exchange rates). Cost of risk fell by -41.0% (-23.0% at constant exchange rates) to -€213 million compared with the first nine months of 2023. In the end, net income Group share for International Retail Banking came to €678 million, versus €600 million in the first nine months of 2023, and included a negative impact of around -€40 million following the change in corporate income tax rate in Ukraine.

    In the first nine months of 2024, International Retail Banking contributed 12% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

    As at 30 September 2024, the capital allocated to International Retail Banking was €4.4 billion and risk-weighted assets totalled €46.3 billion.

    Results in Italy

    In the third quarter of 2024, revenues for Crédit Agricole Italy amounted to €764 million, down -2.5% compared with the third quarter of 2023. Revenues were impacted by a -2.5% decline in net interest margin compared with the third quarter of 2023 but were boosted by fee and commission income from assets under management, which remained relatively unchanged at +0.7%. Operating expenses were stable at 0.9% compared with the third quarter of 2023.

    Cost of risk amounted to -€48 million in the third quarter of 2024, down -43.4% from the third quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings48 stood at 44 basis points, an improvement of 6 basis points compared with the second quarter of 2024. The Non Performing Loans ratio improved compared with the first quarter of 2024 to stand at 3.0%, while the coverage ratio was 73.6% (+1.2 percentage points compared with the second quarter of 2024). Net income Group share for CA Italy was €164 million, down -1.3% compared with the third quarter of 2023.

    In the first nine months of 2024, revenues for Crédit Agricole Italy rose slightly by +0.8% to €2,323 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,161 million, a slight decrease of -0.2% compared with the first nine months of 2023. Gross operating income stood at €1,105 million, a slight increase of +0.3% compared with the first nine months of 2023. Cost of risk amounted to -€170 million, down -27.2% compared with the first nine months of 2023. As a result, CA Italy’s net income Group share totalled €497 million, an increase of +4.4% compared with the first nine months of 2023.

    CA Italy’s underlying RoNE (return on normalised equity) was 22.6% at 30 September 2024.

    International Retail Banking results – excluding Italy

    In the third quarter of 2024, revenues for International Retail Banking excluding Italy totalled €242 million, up +0.4% (+14.8% at constant exchange rates) compared with the third quarter of 2023. Revenues in Poland were up +22.2% compared with the third quarter of 2023 (+16.1% at constant exchange rates), boosted by a higher net interest margin and a strong upwards trend in fee and commission income. Revenues in Egypt were down (-19.9% compared with the third quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound), but were particularly buoyant at constant exchange rates (+32.7%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €122 million, up +11.0% compared with the third quarter of 2023 (+17.8% at constant exchange rates). Gross operating income amounted to €120 million, a decrease of -8.5% (+11.8% at constant exchange rates) compared with the third quarter of 2023. Cost of risk amounted to -€11 million, down -68.9% (-68.9% at constant exchange rates). Furthermore, at end-September 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 121% and 139% respectively. In Ukraine, the local coverage ratio remains prudent (335%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €30 million, down 49.1% compared with the third quarter of 2023.

    In the first nine months of 2024, revenues for International Retail Banking excluding Italy totalled €767 million, up +14.3% (+25.0% at constant exchange rates) compared with the first nine months of 2023, driven by the increase in net interest margin. Operating expenses amounted to -€361 million, up +10.2% compared with the first nine months of 2023 (+12.8% at constant exchange rates). The cost/income ratio at end-September 2024 was 47.1% (an improvement of 1.8 points on the cost/income ratio at end-September 2023). Thanks to strong growth in revenues, gross operating income came to €406 million, up 18.3% (+38.4% at constant exchange rates) from the first nine months of 2023. Cost of risk amounted to -€43 million, down -66.4% (-65.8% at constant exchange rates) compared with the first nine months of 2023. All in all, International Retail Banking excluding Italy contributed €182 million to net income Group share.

    The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 33.0% at 30 September 2024.

    At 30 September 2024, the entire Retail Banking business line contributed 22% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

    At 30 September 2024, the division’s equity amounted to €9.7 billion. Its risk-weighted assets totalled €101.6 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€161 million in the third quarter of 2024, down -€106 million compared with the third quarter of 2023. The negative contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€161 million) and other items (+€1 million).
    The contribution of the “structural” component (-€161 million) decreased by -€138 million compared with the third quarter of 2023 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€140 million in the third quarter of 2024, down -€75 million, notably due to a base effect of -€171 million related to reversals of provisions for Home Purchase Saving Plans recorded in the third quarter of 2023.
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed -€28 million in the third quarter of 2024, down -€65 million from the third quarter of 2023. This was due to the unfavourable impact of the revaluation of Banco BPM securities for -€35 million (+€5 million in the third quarter of 2024, against +€40 million in the third quarter of 2023), as well as a deterioration in the portfolio which pushed up the cost of potential risk (stages 1 and 2), particularly on financing guaranteed by Foncaris49
    • Group support functions. Their contribution amounted to +€7 million this quarter (+€3 million compared with the third quarter of 2023).

    The contribution of “other items” was up +€32 million compared with the third quarter of 2023.
    The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€211 million in revenues and +€211 million in expenses.

    In the first nine months of 2024, underlying net income Group share of the Corporate Centre division was -€506 million, down -€131 million compared with the first nine months of 2023. The structural component contributed -€513 million and other items of the division recorded a positive contribution of +€7 million in the first nine months.
    The “structural” component contribution was down -€2 million compared with the first nine months of 2023. It can be broken down into three types of activities:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€767 million in the first nine months of 2024, down -€55 million compared with the first nine months of 2023, including a base effect of -€171 million related to the reversal of the provision for Home Purchase Saving Plans recorded in the third quarter of 2023;
    • Business lines not attached to the core businesses, such as CACIF (private equity), CA Immobilier and BforBank: their contribution, at +€234 million in the first nine months of 2024, was up on the first nine months of 2023 (+€46 million), primarily due to the end of the SRF building-up period (-€77 million in the first half of 2023), as well as the impact of the valuation and dividend of Banco BPM securities for +€99 million;
    • The Group’s support functions: their contribution for the first nine months of 2024 was +€20 million, up +€7 million compared with the first nine months of 2023.

    The contribution of “other items” was down -€129 million compared with the first nine months of 2023.

    At 30 September 2024, risk-weighted assets stood at €29.6 billion.

    Financial strength

    Crédit Agricole Group

    At 30 September 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.4%, an increase of +0.1 percentage point compared with end-June 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.6 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.3%.

    During the third quarter 2024:

    • The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
    • Changes in risk-weighted assets related to business lines organic growth impacted the Group’s CET1 ratio by -27 basis points (see below).
    • The methodological and other effects have a favourable impact of +4 basis points and include the contribution of the capital increase reserved for employees and a favourable change in unrealised gains and/or losses.

    The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 21.0% at end-September 2024.

    The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-June 2024, well above the regulatory requirement of 3.5%.

    Risk-weighted assets for the Crédit Agricole Group amounted to €636 billion, up +€8.2 billion compared with 30 June 2024. The change can be broken down by business line as follows: Retail Banking +€7.3 billion, Asset Gathering +€3.2 billion (including +€3.1 billion in Insurance equity-accounted value), Specialised Financial Services +€0.3 billion, Large Customers -€2.3 billion (benefiting from favourable foreign exchange and regulatory impacts for Crédit Agricole CIB) and Corporate Centre -€0.2 billion.

    Maximum Distributable Amount (MDA and L-MDA) trigger thresholds

    The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

    The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total capital.

    At 30 September 2024, Crédit Agricole Group posted a buffer of 670 basis points above the MDA trigger, i.e. €43 billion in CET1 capital.

    Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and the calculation of a maximum distributable amount (L-MDA).

    At 30 September 2024, Crédit Agricole Group posted a buffer of 196 basis points above the L-MDA trigger, i.e. €42 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

    At 30 September 2024, Crédit Agricole S.A. posted a buffer of 280 basis points above the MDA trigger, i.e. €11 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

    The issuance of a new AT1 instrument carried out by Crédit Agricole S.A. on 2 October 2024, for a nominal amount of US$1.25 billion, has a positive impact of 18 basis points on the Tier 1 and Total capital ratios of Crédit Agricole Group, as well as a positive impact of 5 basis points on its leverage ratio. This issuance also has a positive impact of 28 basis points on the Tier 1 and Total capital ratios of Crédit Agricole S.A. Taking this issuance into account in the solvency ratios at 30 September 2024, Crédit Agricole Group would post a buffer of 688 basis points above the MDA trigger, i.e. €44 billion in CET1 capital, and 201 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. Crédit Agricole S.A. would post a buffer of 308 basis points above the MDA trigger, i.e. €12 billion in CET1 capital.

    TLAC

    Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:

    • a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.01% systemic risk buffer for CA Group at 30 September 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
    • a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

    The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    At 30 September 2024, Crédit Agricole Group’s TLAC ratio stood at 27.3% of RWA and 8.2% of leverage ratio exposure, excluding eligible senior preferred debt50, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk weighted assets, increased by 20 basis points over the quarter, due to equity and eligible items increasing more rapidly than risk-weighted assets over the period. Expressed as a percentage of leverage ratio exposure (LRE), the TLAC ratio was up 20 basis points compared with June 2024.

    The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 510 basis points higher, i.e. €32 billion, than the current requirement of 22.3% of RWA.

    At end-September 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €1.25 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €35.2 billion.

    MREL

    The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 30 September 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

    • 22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.01% systemic risk buffer for CA Group at 30 September 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
    • 6.25% of the LRE.

    At 30 September 2024, the Crédit Agricole Group had a total MREL ratio of 32.9% of RWA and 9.8% of leverage exposure, well above the requirement.

    An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 30 September 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

    • 18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.5%;
    • 6.25% of leverage exposure.

    At 30 September 2024, Crédit Agricole Group had a subordinated MREL ratio of 27.3% of RWA and 8.2% of leverage exposure, well above the requirement.

    The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowest of the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.

    At 30 September 2024, Crédit Agricole Group had a buffer of 480 basis points above the M-MDA trigger, i.e. €31 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

    Crédit Agricole S.A.

    At 30 September 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, up +0.1 percentage point from end-June 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.1 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.7%.

    During the third quarter 2024:

    • The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 25 euro cents per share in third quarter 2024 (-19 basis points).
    • Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by
      -14 basis points, of which -5 basis points in the Insurance business line (increase in the equity-accounted value over the quarter).
    • Methodological and other effects had a positive impact of +10 basis points and included the contribution of the capital increase reserved for employees and a favourable trend in unrealised gains and/or losses.

    The phased-in leverage ratio was 3.8% at end-September 2024, stable compared to end-June 2024 and above the 3% requirement.

    The phased-in Tier 1 ratio stood at 13.2% and the phased-in total ratio at 17.3% this quarter.

    Risk weighted assets for Crédit Agricole S.A. amounted to €402 billion at end of September 2024, up by +€3.1 billion compared to 30 June 2024. The change can be broken down by core business line as follows:

    • The Retail Banking divisions showed an increase of +€1.7 billion, particularly in France.
    • Asset Gathering posted an increase of +€3.2 billion, including +€3.1 billion in RWA for Insurance (increase in the equity-accounted value in the third quarter of 2024).
    • Specialised Financial Services remained stable at +€0.2 billion.
    • Large Customers recorded a decrease in risk-weighted assets of -€2.4 billion over the quarter, mainly as a result of foreign exchange and regulatory impacts in CIB.
    • The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash balance sheet’s stable resources surplus is calculated quarterly.

    The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is based on the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash balance sheet and whose definition is commonly accepted in the marketplace. It relates to the banking scope, with insurance activities being managed in accordance with their own specific regulatory constraints.

    Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and other assets and liabilities were netted for a total of €68 billion at end-September 2024. Similarly, €157 billion in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the cash balance sheet – for an amount totalling €181 billion at end September 2024 – relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by Corporate and Investment banking (CIB) and are included in the “Customer-related trading assets” section.

    Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash balance sheet; the amount of centralised deposits (€105 billion at end-September 2024) is booked to assets under “Customer-related trading assets” and to liabilities under “Customer-related funds”.

    In a final stage, other restatements reassign outstandings that accounting standards allocate to one section, when they are economically related to another. As such, Senior issuances placed through the banking networks as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and other refinancing transactions of the same type backed by customer loans, which accounting standards would classify as “Medium long-term market funds”, are reclassified as “Customer-related funds”.

    Medium to long-term repurchase agreements are also included in “Long-term market funds”.

    Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet.

    Standing at €1,719 billion at 30 September 2024, the Group’s banking cash balance sheet shows a surplus of stable funding resources over stable application of funds of €188 billion, down -€10 billion compared with end-June 2024.

    Total T-LTRO 3 outstandings for Crédit Agricole Group amounted to €0.7 billion at 30 September 2024.

    Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 30 September 2024 (central bank deposits exceeding the amount of short-term net debt).

    Medium-to-long-term market resources were €263 billion at 30 September 2024, up slightly from end-June 2024.

    They included senior secured debt of €76 billion, senior preferred debt of €125 billion, senior non-preferred debt of €37 billion and Tier 2 securities amounting to €25 billion.

    The Group’s liquidity reserves, at market value and after haircuts, amounted to €466 billion at 30 September 2024, down -€12 billion compared to 30 June 2024.

    They covered short-term net debt more than two times over (excluding the replacements with Central Banks).

    The decrease in liquidity reserves was mainly due to:

    • The decrease in Central Bank deposits for -€15 billion;
    • The decrease in eligible claims to Central Bank (mainly due to the temporary removal of TRICP credit claims with an internal rating) for -€3 billion;
    • The increase in the securities portfolio for +€6 billion (+€3 billion of HQLA securities/+€3 billion of non-HQLA securities).

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €152 billion.

    Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

    At 30 September 2024, the end of month LCR ratios were 147% for Crédit Agricole Group (representing a surplus of €97.7 billion) and 152% for Crédit Agricole S.A. (representing a surplus of €92.2 billion). They were higher than the Medium-Term Plan target (around 110%).

    In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 30 September 2024, the Group’s main issuers raised the equivalent of €51 billion51,52in medium-to-long-term debt on the markets, 47% of which was issued by Crédit Agricole S.A. In particular, the following amounts are noted for the Group:

    • Crédit Agricole CIB issued €17.9 billion in structured format, including €1.2 billion in Green Bond format;
    • Crédit Agricole Personal Finance & Mobility issued €2 billion equivalent in EMTN issuances through Crédit Agricole Auto Bank (CAAB) and €0.7 billion equivalent in securitisations;
    • CA Italy issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format;
    • Crédit Agricole Assurances issued a €750 million Tier 2 10-year bullet subordinated bond and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September.

    The Group’s medium-to-long-term financing can be broken down into the following categories:

    • €9.0 billion in secured financing;
    • €22.0 billion in plain-vanilla unsecured financing;
    • €17.9 billion in structured financing;
    • €2.3 billion in long-term institutional deposits and CDs.

    In addition, €11.7 billion was raised through off-market issuances, split as follows:

    • €9.5 billion from banking networks (the Group’s retail banking or external networks);
    • €0.65 billion from supranational organisations or financial institutions;
    • €1.6 billion from national refinancing vehicles (including the credit institution CRH).

    At 30 September 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion on the market53,54representing 93% of its 2024 refinancing programme:

    The bank raised the equivalent of €24.1 billion, of which €7.3 billion in senior non-preferred debt and €3.1 billion in Tier 2 debt, as well as €7.2 billion in senior preferred debt and €6.5 billion in senior secured debt at end-September. The financing comprised a variety of formats and currencies, including:

    • €6.3 billion55;
    • 6.35 billion US dollars (€5.8 billion equivalent);
    • 1.1 billion pounds sterling (€1.3 billion equivalent);
    • 230 billion Japanese yen (€1.4 billion equivalent);
    • 0.8 billion Swiss francs (€0.8 billion equivalent);
    • 1.75 billion Australian dollars (€1.1 billion equivalent);
    • 7 billion renminbi (€0.9 billion equivalent).

    At end-September, Crédit Agricole S.A. had issued 64% of its funding plan in currencies other than the euro56,57.

    In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rate of 6.5% and, on 24 September 2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate of 6.7%.

    Appendix 1 – Specific items, Crédit Agricole Group et Crédit Agricole S.A.

    Crédit Agricole Group – Specific items

      Q3-24 Q3-23 9M-24 9M-23
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) 4 3 2 2 46 34 (21) (15)
    Loan portfolio hedges (LC) (1) (1) (2) (1) 6 5 (26) (19)
    Home Purchase Savings Plans (LCL) – – 52 38 1 1 52 38
    Home Purchase Savings Plans (CC) – – 230 171 (0) (0) 230 171
    Home Purchase Savings Plans (RB) – – 118 88 63 47 118 88
    Mobility activities reorganisation (SFS) – – 1 0 – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 21
    Check Image Exchange penalty (RB) – – – – – – 42 42
    Total impact on revenues 3 2 402 298 117 87 758 581
    Degroof Petercam integration costs (AG) (8) (6) – – (14) (10) – –
    ISB integration costs (LC) (26) (14) – – (70) (37) – –
    Mobility activities reorganisation (SFS) – – – – – – (18) (13)
    Total impact on operating expenses (34) (20) – – (84) (47) (18) (13)
    Mobility activities reorganisation (SFS) – – – – – – (85) (61)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)
    Mobility activities reorganisation (SFS) – – (26) (26) – – (39) (39)
    Total impact equity-accounted entities – – (26) (26) – – (39) (39)
    Degroof Petercam aquisition costs (AG) (3) (2) – – (23) (17) – –
    Mobility activities reorganisation (SFS) – – 61 45 – – 89 57
    Total impact on Net income on other assets (3) (2) 61 45 (23) (17) 89 57
                     
    Total impact of specific items (34) (20) 436 317 (10) 3 705 525
    Asset gathering (11) (8) – – (37) (27) – –
    French Retail banking – – 170 126 65 48 233 189
    International Retail banking – – – – (20) (20) – –
    Specialised financial services – – 35 19 – – 247 159
    Large customers (23) (12) 1 0 (18) 1 (47) (35)
    Corporate centre – – 230 171 (0) (0) 272 213
    * Impact before tax and before minority interests                

    Crédit Agricole S.A. – Specific Items

      Q3-24 Q3-23 9M-24 9M-23
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) 4 3 2 2 46 33 (21) (15)
    Loan portfolio hedges (LC) (1) (1) (2) (1) 6 5 (26) (19)
    Home Purchase Savings Plans (FRB) – – 52 37 3 2 52 37
    Home Purchase Savings Plans (CC) – – 230 171 (2) (1) 230 171
    Mobility activities reorganisation (SFS) – – 1 0.5 – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 20
    Total impact on revenues 3 2 284 209 53 39 598 450
    Degroof Petercam integration costs (AG) (8) (6) – – (14) (10) – –
    ISB integration costs (LC) (26) (14) – – (70) (37) – –
    Mobility activities reorganisation (SFS) – – – – – – (18) (13)
    Total impact on operating expenses (34) (19) – – (84) (47) (18) (13)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –
    Mobility activities reorganisation (SFS) – – – – – – (85) (61)
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)
                     
    Mobility activities reorganisation (SFS) – – (26) (26) – – (39) (39)
    Total impact equity-accounted entities – – (26) (26) – – (39) (39)
    Degroof Petercam aquisition costs (AG) (3) (2) – – (23) (17) – –
    Mobility activities reorganisation (SFS) – – 61 45 – – 89 57
    Total impact Net income on other assets (3) (2) 61 45 (23) (17) 89 57
                     
    Total impact of specific items (34) (20) 318 227 (73) (45) 545 394
    Asset gathering (11) (8) – – (37) (26) – –
    French Retail banking – – 52 37 3 2 73 57
    International Retail banking – – – – (20) (20) – –
    Specialised financial services – – 35 19 – – 247 159
    Large customers (23) (12) 1 0 (18) 1 (47) (34)
    Corporate centre – – 230 171 (2) (1) 272 213
    * Impact before tax and before minority interests          

    Appendix 2 – Crédit Agricole Group: income statement by business line

    Crédit Agricole Group – Results by business line, Q3-23 and Q3-24

      Q3-24 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,266 979 1,029 1,857 869 2,054 (842) 9,213
    Operating expenses excl. SRF (2,409) (608) (539) (868) (437) (1,240) 511 (5,590)
    SRF – – – – – – – –
    Gross operating income 857 371 490 989 433 814 (331) 3,623
    Cost of risk (364) (82) (60) (13) (223) (19) (40) (801)
    Equity-accounted entities 0 – – 33 23 6 – 61
    Net income on other assets 0 0 0 (3) (2) (0) (2) (5)
    Income before tax 493 290 430 1,006 231 801 (372) 2,877
    Tax (122) (66) (176) (156) (42) (234) 210 (587)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 371 224 254 850 189 566 (162) 2,291
    Non controlling interests (1) (0) (40) (128) (17) (35) 10 (211)
    Net income Group Share 371 223 214 722 172 531 (153) 2,080
      Q3-23 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,345 996 1,046 1,657 883 1,888 (567) 9,249
    Operating expenses excl. SRF (2,328) (589) (522) (718) (424) (1,139) 454 (5,265)
    SRF – – – – – – – –
    Gross operating income 1,018 407 524 939 460 749 (113) 3,984
    Cost of risk (254) (70) (126) (0) (224) (13) (6) (693)
    Equity-accounted entities 1 – 1 24 5 6 0 37
    Net income on other assets 0 18 1 (5) 57 (2) (0) 69
    Income before tax 765 355 400 958 298 740 (119) 3,397
    Tax (178) (79) (118) (221) (77) (203) 65 (810)
    Net income from discont’d or held-for-sale ope. (0) – 2 – (0) – – 2
    Net income 587 277 284 737 220 537 (53) 2,588
    Non controlling interests (0) (0) (42) (110) (17) (39) 4 (204)
    Net income Group Share 587 277 242 628 204 497 (49) 2,384

    Crédit Agricole Group – Results by business line, 9M-24 et 9M-23

      9M-24 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 9,834 2,912 3,161 5,596 2,605 6,544 (2,407) 28,244
    Operating expenses excl. SRF (7,453) (1,801) (1,637) (2,435) (1,333) (3,741) 1,535 (16,866)
    SRF – – – – – – – –
    Gross operating income 2,381 1,111 1,523 3,161 1,272 2,803 (872) 11,378
    Cost of risk (1,056) (295) (219) (18) (653) (25) (59) (2,324)
    Equity-accounted entities 7 – – 94 83 20 – 203
    Net income on other assets 3 5 0 (23) (3) 2 (3) (19)
    Income before tax 1,335 820 1,305 3,214 699 2,800 (935) 9,238
    Tax (313) (185) (436) (658) (138) (717) 343 (2,104)
    Net income from discontinued or held-for-sale operations – – – – – – – –
    Net income 1,022 635 869 2,557 560 2,083 (592) 7,134
    Non controlling interests (1) (0) (129) (364) (59) (104) 15 (643)
    Net income Group Share 1,021 635 739 2,193 502 1,979 (577) 6,491
      9M-23 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 10,032 2,891 3,040 5,144 2,717 5,844 (1,946) 27,722
    Operating expenses excl. SRF (7,217) (1,742) (1,542) (2,148) (1,224) (3,298) 1,389 (15,782)
    SRF (111) (44) (40) (6) (29) (312) (77) (620)
    Gross operating income 2,704 1,105 1,458 2,989 1,465 2,234 (634) 11,321
    Cost of risk (831) (205) (366) (1) (686) (81) (8) (2,179)
    Equity-accounted entities 9 – 1 73 90 17 – 190
    Net income on other assets 6 21 1 (5) 81 3 (1) 107
    Income before tax 1,887 921 1,095 3,057 950 2,173 (643) 9,438
    Tax (467) (217) (321) (696) (254) (561) 222 (2,293)
    Net income from discontinued or held-for-sale operations (0) – 7 1 (0) – – 7
    Net income 1,421 704 781 2,361 696 1,612 (421) 7,153
    Non controlling interests (1) (0) (121) (343) (61) (93) (0) (619)
    Net income Group Share 1,420 704 660 2,018 635 1,519 (421) 6,534

    Appendix 3 – Crédit Agricole S.A.:   Results by business line

    Crédit Agricole S.A. – Results by business line, Q3-24 et Q3-23

      Q3-24 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,870 2,054 869 979 1,006 (290) 6,487
    Operating expenses excl. SRF (868) (1,240) (437) (608) (519) (17) (3,689)
    SRF – – – – – – –
    Gross operating income 1,002 814 433 371 486 (307) 2,799
    Cost of risk (13) (19) (223) (82) (59) (37) (433)
    Equity-accounted entities 33 6 23 – – (19) 42
    Net income on other assets (3) (0) (2) 0 0 0 (4)
    Income before tax 1,019 800 231 290 427 (363) 2,404
    Tax (157) (234) (42) (66) (176) 199 (476)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 862 566 189 224 252 (164) 1,928
    Non controlling interests (135) (46) (17) (10) (58) 4 (262)
    Net income Group Share 728 520 172 214 194 (161) 1,666
      Q3-23 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,656 1,888 883 996 1,024 (103) 6,343
    Operating expenses excl. SRF (718) (1,139) (424) (589) (504) (2) (3,376)
    SRF – – – – – – –
    Gross operating income 937 748 460 407 520 (105) 2,967
    Cost of risk (0) (13) (224) (70) (121) (2) (429)
    Equity-accounted entities 24 6 5 – 1 (12) 23
    Net income on other assets (5) (2) 57 18 1 (0) 69
    Income before tax 956 739 298 355 401 (119) 2,630
    Tax (221) (203) (77) (79) (118) 65 (633)
    Net income from discontinued or held-for-sale operations – – (0) – 2 – 2
    Net income 736 536 220 277 285 (55) 1,999
    Non controlling interests (114) (48) (17) (12) (60) 0 (251)
    Net income Group Share 621 488 204 264 225 (55) 1,748

    Crédit Agricole S.A. – Results by business line, 9M-24 et 9M-23

      9M-24 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 5,603 6,543 2,605 2,912 3,090 (665) 20,089
    Operating expenses excl. SRF (2,435) (3,741) (1,333) (1,801) (1,580) (88) (10,978)
    SRF – – – – – – –
    Gross operating income 3,168 2,802 1,272 1,111 1,510 (752) 9,111
    Cost of risk (18) (25) (653) (295) (213) (53) (1,256)
    Equity-accounted entities 94 20 83 – – (65) 132
    Net income on other assets (23) 2 (3) 5 0 24 5
    Change in value of goodwill – – – – – – –
    Income before tax 3,221 2,800 699 820 1,297 (846) 7,991
    Tax (659) (717) (138) (185) (435) 343 (1,790)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 2,563 2,083 560 635 862 (503) 6,201
    Non controlling interests (382) (147) (59) (28) (184) (3) (803)
    Net income Group Share 2,180 1,936 502 607 678 (506) 5,397
      9M-23 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 5,133 5,844 2,717 2,891 2,975 (421) 19,140
    Operating expenses excl. SRF (2,148) (3,298) (1,224) (1,742) (1,491) (20) (9,922)
    SRF (6) (312) (29) (44) (40) (77) (509)
    Gross operating income 2,979 2,234 1,465 1,105 1,444 (519) 8,709
    Cost of risk (1) (81) (686) (205) (362) (2) (1,338)
    Equity-accounted entities 73 17 90 – 2 (45) 136
    Net income on other assets (5) 3 81 21 1 (0) 102
    Change in value of goodwill – – – – – – –
    Income before tax 3,047 2,173 950 921 1,085 (566) 7,609
    Tax (699) (561) (254) (217) (320) 218 (1,832)
    Net income from discontinued or held-for-sale operations 1 – (0) – 7 – 7
    Net income 2,349 1,612 696 704 772 (348) 5,785
    Non controlling interests (353) (125) (61) (31) (172) (27) (771)
    Net income Group Share 1,996 1,486 635 673 600 (375) 5,014

    Appendix 4 – Data per share

    Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE
    (€m)   Q3-2024 Q3-2023   9M-24 9M-23
                 
    Net income Group share – stated   1,666 1,748   5,397 5,014
    – Interests on AT1, including issuance costs, before tax   (130) (136)   (351) (371)
    – Foreign exchange impact on reimbursed AT1   (19) –   (266) –
    NIGS attributable to ordinary shares – stated [A] 1,517 1,612   4,780 4,643
    Average number shares in issue, excluding treasury shares (m) [B] 3,031 3,043   3,007 3,031
    Net earnings per share – stated [A]/[B] 0.50 € 0.53 €   1.59 € 1.53 €
    Underlying net income Group share (NIGS)   1,686 1,520   5,442 4,620
    Underlying NIGS attributable to ordinary shares [C] 1,537 1,384   4,825 4,249
    Net earnings per share – underlying [C]/[B] 0.51 € 0.46 €   1.60 € 1.40 €
                 
                 
    (€m)         30/09/2024 30/09/2023
    Shareholder’s equity Group share         71,386 69,416
    – AT1 issuances         (6,102) (7,235)
    – Unrealised gains and losses on OCI – Group share         1,042 1,644
    Net book value (NBV), not revaluated, attributable to ordin. sh. [D]       66,326 63,825
    – Goodwill & intangibles* – Group share         (17,778) (17,255)
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E]       48,548 46,570
    Total shares in issue, excluding treasury shares (period end, m) [F]       3,040 3,052
    NBV per share , after deduction of dividend to pay (€) [D]/[F]       21.8 € 20.9 €
    TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F]       16.0 € 15.3 €
    * including goodwill in the equity-accounted entities            
                 
    (€m)         9M-24 9M-23
    Net income Group share – stated [K]       5,397 5,014
    Impairment of intangible assets [L]       0 0
    IFRIC [M]       -110 -542
    Stated NIGS annualised [N] = ([K]-[L]-[M])*2+[M]       7,233 6,866
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised [O]       -734 -495
    Stated result adjusted [P] = [N]+[O]       6,499 6,371
    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3) [J]       45,219 43,200
    Stated ROTE adjusted (%) = [P] / [J]       14.4% 14.7%
    Underlying Net income Group share [Q]       5,442 4,620
    Underlying NIGS annualised [R] = ([Q]-[M])*2+[M]       7,293 6,341
    Underlying NIGS adjusted [S] = [R]+[O]       6,559 5,846
    Underlying ROTE adjusted(%) = [S] / [J]       14.5% 13.5%
    *** including assumption of dividend for the current exercise         0.0%

    (1) Underlying: see appendixes for more details on specific items
    (2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
    (3) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2023 and 30/09/2024 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators58

    NBV Net Book Value (not revalued)
    The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

    NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
    One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

    Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

    EPS Earnings per Share
    This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

    Cost/income ratio
    The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

    Cost of risk/outstandings
    Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

    Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

    The calculation method for the indicator is specified each time the indicator is used.

    Doubtful loan
    A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

    • a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
    • the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

    Impaired loan
    Loan which has been provisioned due to a risk of non-repayment.

    MREL
    The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.

    The MREL ratio corresponds to an own funds and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of eligible capital and liabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory capital, as well as eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year.

    Impaired (or non-performing) loan coverage ratio 
    This ratio divides the outstanding provisions by the impaired gross customer loans.

    Impaired (or non-performing) loan ratio 
    This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

    TLAC
    The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since 27 June 2019.

    The Group’s regulatory capital as well as subordinated notes and eligible senior non-preferred debt with residual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numerator of the TLAC ratio.

    Net income Group share
    Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

    Underlying Net income Group share
    The underlying net income Group share represents the stated net income Group share from which specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate the understanding of the company’s actual earnings.

    Net income Group share attributable to ordinary shares
    The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

    RoTE Return on Tangible Equity
    The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and the first nine months of 2024 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/en/finance/financial-publications.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

    This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the nine-month period ending 30 September 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    At 30 June 2024, Indosuez Wealth Management had completed the acquisition of Degroof Petercam and now holds 65% of Banque Degroof Petercam alongside with CLdN Cobelfret, its historical shareholder, which would maintain a 20% stake in capital. As of 30 September 2024, Indosuez Wealth Management’s stake in Degroof Petercam has increased to 76%.

    At 30 June 2024, Amundi had completed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets.

    Financial Agenda

    05 February 2025        Publication of the 2024 fourth quarter and full year results
    30 April 2025                Publication of the 2025 first quarter results
    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Credit investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
         
         
         

    See all our press releases at: www.credit-agricole.com  

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 50% reduction in the carbon footprint (tonnes of CO₂ equivalent/€m invested) of its equity-listed and corporate bond investment portfolios and directly held property. (The previous target was a 25% reduction in the carbon footprint of its equity-listed and corporate bond investment portfolio in 2025 vs 2019.)

    4 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    5 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
    6 The reorganisation of the Mobility activities of the CA Consumer Finance Group had a non-recurring impact in Q3 2023 due to the transfer of business assets, indemnities received and paid, the accounting treatment of the 100% consolidation of CA Auto Bank (formerly FCA Bank) and the reorganisation of the automotive financing activities within the CA Consumer Finance Group (particularly the review of application solutions).
    7 See Appendixes for more details on specific items.
    8 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    9 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    10 Average rate of loans to monthly production for July and August 2024.
    11 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    12 SAS Rue La Boétie dividend paid annually in Q2
    13 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q3-23 totalling +€118m in revenues and +€88m in net income Group share. 

    14 Underlying, excluding specific items.
    15 Scope effect of Degroof Petercam revenues: +€140 million in the third quarter of 2024.
    16 Scope effect in expenses in the third quarter of 2024: Degroof Petercam for -€104 million and miscellaneous others.
    17 Costs related to the integration of ISB (CACEIS): -€26 million in third quarter 2024 versus -€5 million in third quarter 2023; costs related to the integration of Degroof Petercam: -€8 million in third quarter 2024.

    18 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    19 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    20 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    21         See Appendixes for more details on specific items.
    22 SRF costs amounted to -€509 million over the first nine months of 2023

    23 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    24 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
    25 Property and casualty insurance premium income includes a scope effect linked to the first consolidation of CATU (a property and casualty insurance entity in Poland): Impact of +0.5% on growth in property and casualty insurance premium income (+8.7% change in premium income excluding CATU between the third quarter of 2023 and the third quarter of 2024); Impact of +2.0% on portfolio growth, i.e. an impact of 314,000 contracts (+3.1% growth excluding CATU between September 2023 and September 2024).

    26 Scope: property and casualty in France and abroad
    27 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income) to gross earned premiums; the ratio is calculated for the first nine months of 2024. The net combined ratio excluding the effect of discounting for the first nine months of 2024 is 97.7% (-0.2 percentage point year-on-year).
    28 Excl. JVs
    29 Excluding assets under custody for institutional clients
    30 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
    31 Amount of allocation of CSM and RA
    32 Net of cost of reinsurance, excluding financial results
    33 Indosuez Wealth Management scope
    34 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €140m and expenses of -€104m (excluding integration costs partly borne by Degroof Petercam)

    35 Refinitiv LSEG
    36 Bloomberg in EUR
    37 CA Auto Bank, automotive JVs and auto activities of other entities
    38 CA Auto Bank and automotive JVs
    39 Base effect related to the reorganisation of Mobility activities in Q3-23: +€1m in revenues, -€26m in equity-accounted entities, +€61m in net income on other assets, -€16m in corporate income tax, i.e. +€19m in net income Group share
    40 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
    41 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    42 Base effect related to the reorganisation of Mobility activities in 9M-23: +€300 million in revenues, -€18 million in expenses, -€85 million in cost of risk, -€39 million in equity-accounted entities, +€89 million in net income on other assets, -€89 million in corporate income tax, i.e. +€159 million in net income Group share.
    43 Net of POCI outstandings
    44 Source: Abi Monthly Outlook, July 2024: -1.9% June/June and -1.2% year to date for all loans
    45 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q2-23 of +€52 million in revenues and +€37 million in net income Group share.
    46 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
    47 At 30 September 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

    48 Over a rolling four quarter period.
    49 A credit institution that is a wholly owned subsidiary of Crédit Agricole S.A. Large credit exposures borne by the Regional Banks must be presented to Foncaris, which partially guarantees such exposures.
    50 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2024.
    51 Gross amount before buy-backs and amortisations
    52 Excl. AT1 issuances
    53 Gross amount before buy-backs and amortisations
    54 Excl. AT1 issuances
    55 Excl. senior secured debt
    56 Excl. senior secured debt
    57 Excl. AT1 issuances
    58 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI: Report for the nine months ended 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Highlights

    • Added 33 GWh of annual proportionate power generation in the SE3 and SE4 price areas through acquisitions and increased ownership in existing windfarms.
    • Power generation amounted to 620 GWh for the reporting period, which was approximately ten percent below expectations, due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices.
    • Continued progress on the Company’s greenfield projects, with additional land secured and the first projects in the UK and Germany approaching the ready-to-permit stage.

    Consolidated financials – 9 months

    • Cash flows from investing activities amounted to MEUR 39.5 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.
    • Cash flows from operating activities amounted to MEUR -3.6.

    Proportionate financials – 9 months

    • Achieved electricity price amounted to EUR 35 per MWh, which resulted in a proportionate EBITDA of MEUR 6.9.
    • Proportionate net debt of MEUR 55.9, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

    Financial Summary

    Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

    Expressed in MEUR

    		 1 Jan 2024-
    30 Sep 2024
    9 months    		 1 Jul 2024-
    30 Sep 2024
    3 months    		 1 Jan 2023-
    30 Sep 2023
    9 months    		 1 Jul 2023-
    30 Sep 2023
    3 months    		 1 Jan 2023-
    31 Dec 2023
    12 months
    Consolidated financials          
    Revenue 18.6 1.6 19.6 2.3 28.0
    EBITDA 0.9 -7.1 -4.2 -6.7 -5.1
    Operating profit (EBIT) -11.2 -11.3 -12.6 -9.4 -17.0
    Net result -6.7 -11.1 -15.6 -7.8 -7.6
    Earnings per share – EUR -0.02 -0.04 -0.05 -0.03 -0.03
    Earnings per share diluted – EUR -0.02 -0.04 -0.05 -0.03 -0.03
    Proportionate financials1          
    Power generation (GWh) 620 164 539 161 765
    Average price achieved per MWh – EUR 35 18 49 23 47
    Operating expenses per MWh – EUR 18 21 18 20 18
    Revenue 22.0 2.9 26.6 3.6 36.2
    EBITDA 6.9 -4.9 4.0 -4.3 5.3
    Operating profit (EBIT) -8.1 -10.1 -7.8 -8.2 -11.0

    1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the report for the interim report for the third quarter.

    Comment from Daniel Fitzgerald, CEO of Orrön Energy AB
    “The third quarter provided many opportunities for our business, in a period characterised by low and volatile electricity prices. We continued to grow our business through selective acquisitions and consolidation opportunities, and continued to lay the foundation for future growth through our greenfield projects across Europe. However, the third quarter was challenging from a revenue and electricity price perspective, impacting our financial results. In the Nordics this was primarily due to lower-than-expected electricity demand, low gas prices and an oversupply of electricity during peak hours. Despite these challenges, we successfully expanded our asset base through strategic acquisitions of shares and assets across wind farms and companies, delivered in line with our cost guidance and maintained high technical availability across our operational portfolio. Orrön Energy’s balance sheet remains robust and we have ample liquidity to continue to invest in growth while withstanding periods with lower electricity prices, allowing us to capitalise on opportunities when markets are weak.

    Proportionate power generation amounted to 620 GWh for the reporting period and was below expectations due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices. I am pleased that we continue to achieve high technical availability across our operational assets, reaching an average of 96 percent in the third quarter, which demonstrates that we have the capacity to produce more if not for the weather conditions and low prices. Lower seasonal demand, coupled with high volatility in the electricity markets, resulted in a higher number of hours with low or negative electricity prices across the Nordics this summer. During these periods, we proactively curtailed production for short periods to avoid uneconomical power generation, returning to full operation once prices strengthened. As we move into winter, we expect to see higher demand which should help to strengthen electricity pricing into the fourth quarter this year and the first quarter next year, as already reflected in the futures price. Based on our power generation year to date, we now expect to produce around 900 GWh in 2024, depending on wind speeds and power prices during the fourth quarter.

    The third quarter marks one year since the start of the Sudan trial in the Stockholm District Court, which will conclude in early 2026 with a verdict expected around the summer 2026. My view on this case remains unchanged and, if anything, it has strengthened over the past 12 months, and I expect a complete and unequivocal acquittal of all parties involved, given the baseless nature of the allegations. Once the trial is complete, we will no longer need to fund the ongoing legal costs related to this case which reduces our G&A expenses by around MEUR 7 per annum, leading to higher underlying EBITDA for the Company in the long term.

    Strategic Growth
    We have been active on the M&A front since the start of the summer, adding 33 GWh of annual power generation in the SE3 and SE4 price areas through increased ownership in various wind farms and companies. These investments strengthen our operational portfolio, and we will continue to seek opportunities to further consolidate ownership in assets that are complementary to our existing portfolio.

    On the greenfield front, we continue to make good progress with our growth strategy. Having secured additional land, we are now moving closer to the ready-to-permit phase for our first large-scale projects in both the UK and Germany, where market valuations and demand for such projects remain high. Additionally, we have commissioned our first battery project in Sweden and continue to advance a pipeline of projects across wind, solar and batteries in the Nordics.

    Financially Resilient
    We remain in a financially robust position, with liquidity headroom exceeding MEUR 110. Proportionate revenues and other income amounted to MEUR 2.9 for the third quarter, which was impacted by low electricity prices, resulting in a proportionate EBITDA of MEUR -4.9 for the third quarter and MEUR 6.9 for the reporting period. Due to cost savings and phasing of investments into 2025, we are revising our capital expenditure guidance to MEUR 11 for 2024.

    Looking Ahead
    Throughout the remainder of the year, we will intensify our efforts on the greenfield side to reach the ready-to-permit phase for our first large-scale projects, while continuing to explore opportunities to capitalise on the current market conditions. Orrön Energy has a resilient financial position, enabling us to withstand periods of low pricing while still investing in accretive growth opportunities and acquisitions. I expect market conditions to improve as we come into the winter months, and over time, I am convinced that we will see further value creation through the growth in our core business and greenfield projects.

    Once again, I thank our shareholders for their continued support and look forward to sharing updates as we continue to grow the business.”

    Webcast
    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast held on 8 August 2024 at 14.00 CEST. The presentation will be followed by a question-and-answer session.

    Registration for the webcast presentation is available on the website and the below link:
    https://vimeo.com/event/4678321/54544efc16

    For further information, please contact:

    Robert Eriksson
    Director Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Rosanna Costa: Medium – and long-run trends in interest rates – causes and implications for monetary policy

    Source: Bank for International Settlements

    1. Welcome Remarks

    Good morning to all the speakers, discussants, the organizers of this event, Atif Mian, Sofia Bauducco, Mariana García and Lucciano Villacorta, and everyone who is here attending in person and to those following us via streaming. We welcome you to the twenty-seventh Annual Conference of the Central Bank of Chile entitled “Medium- and Long-Run Trends in Interest Rates: Causes and Implications for Monetary Policy.”

    Since 1997, the Central Bank of Chile (BCCh) has been convening prominent scholars and policymakers to this Conference to discuss major issues in central banking and their implications for emerging economies. Since its inception, this Conference has served as a bridge between academics and policymakers. This version is no exception: fresh and thoughtful research will support the discussion over the next two days on a topic that is very much front and center on the policy agenda. We will enjoy the presentations of seven authors, seven discussants, two keynote speakers, and a policy panel.

    2. Motivation and context

    This year’s conference tackles a topic that is increasingly at the forefront of economic discussions: the future trajectory of long-run real interest rates, their potential determinants, and the implications for monetary policy. The timing of this topic couldn’t be more relevant, especially in light of the sharpest and most synchronized monetary tightening we have seen in decades.

    As we all know, central banks in advanced economies have recently started lowering their policy rates and in many emerging economies this normalization process has been under way for some time now. Even so, policy rates had risen significantly over the past two years from their record lows in decades. This shift has sparked a lively debate regarding the future of medium- and long-run trends in the real rates; specifically, whether policy rates will revert to their pre-pandemic lows or will settle at a higher level.

    Opinions on this matter vary widely among experts and I think there is not a clear consensus on what the long run interest rates will look like in the future. On the one hand, there are reasons to believe that real interest rates are likely to revert to their historical lows, as the key factors that were mainly thought to have driven these rates down over the past forty years-such as demographic shifts, stagnant productivity growth, increased market power, higher risk aversion and sustained demand for safe assets-do not seem likely to revert sufficiently to produce a significant and lasting increase in real interest rates in the coming years.

    On the other hand, recent market indicators suggest that equilibrium long-term real interest rates have risen. Also, some new estimates of the natural interest rate-defined as the “long-run” equilibrium rate after shocks have dissipated-indicates that this rate may have risen in several advanced countries in the past few years. As I will discuss in a while, this shift could indicate that at least some structural drivers of real interest rates have changed direction or that the natural interest rate is adjusting to a new economic environment possibly characterized by higher levels of public debt.

    The future evolution of the natural interest rate has significant implications for monetary policy. Accurately assessing the long-run trend of the natural rate is essential for central banks, as this rate serves as a crucial reference point for monetary policy. The difference between the real interest rate and the natural rate provides valuable insight into a central bank’s monetary stance and aids in evaluating various policy options.

    However, the natural rate is an abstract concept, and its estimates often carry considerable uncertainty, particularly in the post-pandemic period. Since the natural rate is not directly observable, understanding its determinants has become vital for effective monetary policy. I am confident that the fruitful discussions we will have during this conference will deepen our understanding of these determinants and clarify where natural rates and other relevant interest rates may stand in the years ahead.

    In these opening remarks, I would like to take a moment to briefly review the key empirical long run trends we have observed in interest rates, as well as the primary explanations put forth in the literature. Following that, I will walk you through the main agenda of the Conference.

    3. Drivers behind the trends in interest rates

    Over the past forty years (up to the Covid-19 pandemic in 2020-2021), we have seen a remarkable decline in nominal interest rates across the globe. For example, during the 1981 to 2020 period, nominal returns on U.S. Treasury bonds, both short and long term, dropped significantly. The 2-year Treasury Bills experienced a drop of around 14 percentage points, and 10-year bonds saw a decline of 13 percentage points. During this same period, inflation also fell, albeit to a lesser degree, leading to real rate declines of about 5 and 4 percentage points for the 2- and 10-year bonds, respectively, putting sovereign real interest rates close to zero and even in negative territory for some periods. The decline was not limited to sovereign bond rates; it was also present in the returns on other so-called “safe” assets. Importantly, this downward trend was not exclusive to the United States. Real long-term rates have declined by several percentage points since the early 1980s in both developed and emerging economies, so this appears to be a global phenomenon.

    The global downward trend in observed risk-free rates over an extended period suggests a significant decline in the natural interest rate, often referred to as the “long-run” equilibrium rate. This secular decline has coincided with a relatively stable trajectory in the marginal product of capital, a stable trajectory on the returns on risky assets, and a stable trajectory in the investment rate, particularly in advanced economies. As a result, these patterns are often attributed to factors that have increased the overall supply of savings over the years, alongside factors that have redirected this excess in savings toward the demand for safe assets rather than productive investments.

    In recent years, much of the literature has centered on the hypothesis of a “global saving glut.” This theory suggests that a significant excess of savings from certain countries and affluent groups has led to a marked shift toward safe assets. Consequently, there has been a notable increase in the prices of these assets, accompanied by a decline in interest rates.

    One contributor to this phenomenon was the increased savings from emerging economies, particularly since the 1990s. Factors such as robust economic growth, soaring commodity prices, and high risk aversion all fueled greater savings in these regions. As a result, these economies channeled substantial portions of their savings into global markets, with a significant impact on interest rates in developed countries.

    Another contributor to this saving glut was the increasing savings rates among the wealthiest households in developed nations. As income inequality has risen, rich households have saved a larger share of their income, further contributing to the excess savings phenomenon. Research indicates that the savings of the top 1% in the United States is comparable to the savings generated by the excess from emerging markets, a trend the literature refersto as the “saving glut of the rich.” This dynamic has profound implications for wealth distribution and economic stability.

    Other mentioned explanations for the excess savings are linked to more structural factors, such as the secular stagnation hypothesis, which suggests a persistent decline in potential economic growth that limits investment opportunities, thereby driving savings toward safer assets. Additionally, demographic changes-including declining population growth and longer life expectancy-have influenced savings behavior across generations and regions.

    Finally, rising risk aversion, the declining cost of investment goods, and the substantial increase in corporate power over recent years further explain why this increase in savings has been directed toward safe assets rather than productive investments.

    Over the past 40 years, all these factors have shaped the dynamics of savings, investment, and, consequently, interest rates, each contributing with varying significance during different phases. Looking ahead, the trajectory of interest rates will heavily depend on the uncertain evolution of these drivers.

    The outlook for these structural factors influencing real interest rates is mixed. On the one hand, several key factors behind the pre-pandemic decline in interest rates- such as low potential growth, rising inequality, increasing uncertainty, growing market power, and longer life expectancy- show no significant signs of changing direction. These forces suggest that real interest rates may revert to their declining pre-pandemic trend. On the other hand, additional factors could lead to a sustained rise in rates. These include a decrease in savings due to a growing inactive population, substantial fiscal deficits resulting in very high levels of debt, potential productivity gains from advancements in artificial intelligence, geopolitical risks and climate disasters affecting global savings, and significant investments in the green transition.

    I hope our upcoming discussion will help clarify the direction of these drivers and enhance our understanding of where the natural interest rate may be headed in the future.

    4. Conference contents

    Let me now give a very brief overview of what we will be hearing today and tomorrow:

    The Conference will start with the session “Interest Rates and Macroeconomic Policy” In this session, the paper by Francesco Bianchi, Renato Faccini and Leonardo Melosi examines the role of fiscal policy in shaping the future path of real interest rates. Then, the paper by Gabriel Jiménez, Dmitry Kuvshinov, José-Luis Peydró and Bjorn Richter will look at the links between the path of the monetary policy rate over time and the risk of banking crises from a historical perspective.

    Then, we will continue with the first keynote speech, delivered by Ricardo Reis. He will address the implications of interest rate trends on inflation, as well as the subsequent effects of inflation on these trends.

    We will then transition to our second academic session, which will focus on “Theories of Natural Interest Rates.” The natural interest rate, an abstract concept, is defined as the interest rate that prevails in long-term equilibrium once economic shocks have dissipated and prices are fully flexible. As a latent variable, understanding its determinants and refining its measurement is of paramount importance.

    This session will begin with a paper by Ozge Akinci, Gianluca Beningno, Marco del Negro, and Albert Queralto, who propose a complementary concept referred to as the Financial (In) Stability Real Interest Rate. While the natural interest rate is typically associated with macroeconomic stability, this new concept emphasizes the critical importance of financial stability. Following this presentation, Galo Nuño will discuss three theories concerning natural interest rates. Traditional theories often highlight structural drivers such as technological advancement and demographic changes. However, Galo’s paper will challenge this conventional view, exploring how factors such as public debt, household inequality, the zero lower bound, and persistent negative supply shocks may influence natural interest rates.

    To conclude this session, we will hear from Elías Albagli, Sofia Bauducco, Guillermo Carlomagno, Luis Gonzales, and Juan Marcos Wlasiuk, who will discuss the potential impacts of climate change and escalating geopolitical tensions on long-term interest rates.

    The second day will begin with the keynote speech titled “Long-Run Interest Rates: Past, Present, and Future” by Atif Mian. He will explore the interconnections between interest rates and both private and public debt over time. Atif will first address the role of inequality in explaining the simultaneous decline in interest rates and the rise in debt over the past few decades. He will then examine the dynamics of debt, discussing an appropriate constraint on interest rates to prevent explosive borrowing. Finally, he will focus on estimating future yields.

    Next, we will transition to the session titled “Interest Rates, Inflation, and Transmission to Emerging Markets.” This session will open with the paper “U.S. Anti-Inflationary Policy and Emerging Economies: 1980 vs. 2020s” by Drishan Banerjee, Galina Hale, and Harrison Shieh. Their paper analyzes macroeconomic data from advanced and emerging economies in the 1980s and 2020s to highlight differences in how U.S. monetary policies have impacted emerging markets in these two distinct periods. The second paper in this session, by Francisco Legaspe and Liliana Varela, will show how country-specific risks, such as political uncertainty and risk on debt repayment explain excess returns from investing in local currency assets in LATAM countries. Finally, a policy panel featuring Elias Albagli, Jean-Marc Natal, Boris Hofmann, and Ricardo Reis will offer insights into the future of interest rates and their implications for monetary policy in emerging economies. 

    5. Acknowledgements

    I would like to especially thank Atif Mian for being the external organizer of this Conference, as well as locals Sofia Bauducco, Mariana García and Lucciano Villacorta for putting togethersuch a wonderful program. I also thank all the speakers and contributors and look forward to the Conference volume that we will publish in some months with its formatted contents.

    Let me finish by thanking María José Reyes, Constanza Martinelli, Carolina Besa, Daniela Gaete, Daphne Guiloff, Pablo Barros, and both the Public Affairs Department and the Economic Research Department of the Central Bank of Chile for all their invaluable help managing the logistics of organizing this Annual Conference.

    I wish you a fruitful discussion over the next two days.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI: Crédit Agricole Assurances: Steady growth across all our business lines

    Source: GlobeNewswire (MIL-OSI)

    Release                                                  Paris, November 6th 2024

    Steady growth across all our business lines

    9M 2024 KEY FIGURES:

    • Total revenue1of 32.8 billion euros, up +18.2%2
    • Net inflows of +4.2 billion euros of which +1.1 billion on the General Account
    • Contribution to Crédit Agricole S.A.’s Net Income Group Share2of 1,466 million euros, up +11.3%2

    “These new interim results confirm the momentum already seen in the 1st half of last year in all our business lines, both in France and internationally. These results are driven by the commitment of Crédit Agricole Assurances teams and our partner banks; a commitment to serving our customers that is currently particularly expressed through the handling of the damages caused by storms Kirk and Leslie. In an uncertain economic and geopolitical environment, these results illustrate the increased need for protection expressed by our customers, as reflected in the increase in life outstandings entrusted to us, and in the growth in the number of solutions to deal with life’s hazards.

    This confidence is also reflected in the latest S&P rating, which confirms our financial strength and the relevance of our model as an integrated insurer within the Crédit Agricole Group.

    During this final quarter, in line with our social project, we will be focusing on the prevention and detection of health risks, which is the theme of the new edition of our Innov&Act start-up challenge. This will enable us to identify innovative projects to improve the response to our customers’ protection needs, and society as a whole.

    Once again, I would like to thank all our team members, as well as Crédit Agricole’s Regional Banks and LCL for these great achievements”.

    Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

    STRONG PERFORMANCE DRIVEN IN PARTICULAR BY SAVINGS AND INTERNATIONAL

    Over the first nine months of 2024, Crédit Agricole Assurances generated premium income1 of €32.8 billion, up +18.2%2 compared with end of September 2023, both in France (+12.6%) and international markets (+54.5%), driven by life insurance thanks to the reshaping of our international product offering and the success of payment bonus campaigns in France.

    In savings/retirement, gross inflows reached €23.9 billion at the end of September 2024, up +23.1% compared to the end of September 2023, fueled by the commercial campaigns launched during the first quarter of 2024, and the recovery in international markets. Combined with the acquisition of a significant group retirement contract, this led to a high level of gross inflows3 on the General Account, at €15.6 billion (+43.8%). Unit-linked gross inflows3 amounted to €8.3 billion, slightly decreasing (-3.5%), due to less favorable market conditions, notably a reduced attractiveness of unit-linked bond products. Consequently, the share of unit-linked within gross inflows fell to 34.8% (down -9.5 points year-on-year).

    Net inflows amounted to +€4.2 billion, up +€5.0 billion compared to end of September 2023. By product, net inflows amounted to +€3.1 billion on unit-linked and +€1.1 billion on General Account, back in positive territory since the last two quarters (+€6.3 billion over one year on General Account).

    Life insurance outstandings4 reached €343.2 billion at the end of September 2024, up +3.9% over nine months, driven by a positive market effect and net inflows. Unit-linked outstandings exceeded the €100 billion mark for the first time, standing at €102.8 billion (+7.7% since January 1, 2024). General Account outstandings have risen by +2.4% since January 1, 2024, to €240.5 billion. Unit-linked represented 29.9% of total life insurance outstandings at the end of September 2024 (+1.0 point over nine months).

    In property and casualty5, gross written premiums1 remained buoyant, rising by +7.8% compared to the end of September 2023, to €4.9 billion. Following the first consolidation of CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.1% to nearly 16.6 million policies, representing a net addition of more than 500,000 policies over the year; average premium rose as a result of price increases and changes in the product mix.

    Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (43.8%6, up +0.7 point), LCL (27.9%6, up +0.3 point) and CA Italia (20.0%7, up +1.7 points).

    In personal protection (death and disability/creditor/group insurance8), gross written premiums1 was up +5.7% compared to the end of September 2023, at €4.0 billion, driven by growth in all segments: creditor insurance (+3.4%) benefiting from international single-premium contracts, group insurance (+21.6%) and individual death and disability (+5.6%).

    RESULTS GROWTH IN LINE WITH BUSINESS GROWTH

    The contribution of Crédit Agricole Assurances to Crédit Agricole S.A.’s Net Income Group Share amounted to €1,466 billion, up +11.3%2 year-on-year, reflecting the strong performance across all business lines despite less favorable crop insurance claims than in the third quarter of 2023.

    The combined ratio9 stood at 95.5%, up +0.3 point over the year due to unfavorable discounting effects. The undiscounted net combined ratio slightly improved to 97.7% (-0.2 point year-on-year).

    The Contractual Service Margin10 reached €24.9 billion at the end of September 2024, up +4.5% since 31 December 2023, thanks to the contribution from new business and the stock revaluation in favourable market conditions.

    RATINGS

    Rating agency Date of last review Main operating subsidiaries Crédit Agricole Assurances Outlook Subordinated debt
    S&P Global Ratings October 3, 2024 A+ A Stable BBB+

    KEY EVENTS SINCE THE LAST PUBLICATION

    About Crédit Agricole Assurances

    Crédit Agricole Assurances, France’s largest insurer, is the company of the Crédit Agricole group, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance products and services. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. Crédit Agricole Assurances has 5,800 employees. Its premium income (“non-GAAP”) to the end of 2023 amounted to 37.2 billion euros.
    www.ca-assurances.com

    1 Non-GAAP revenue
    2 On a like-for-like basis, excluding the 1stconsolidation of CATU (Crédit Agricole Towaraystow Ubezpieczeń, property and casualty insurance subsidiary in Poland) on 30 June 2024 with retroactive effect from 1 January 2024, changes are: +18.1% for total revenue, +54.0% for international revenue and +11.2% for the contribution to Crédit Agricole S.A.’s Net Income Group Share
    3 In local GAAP

    4 Savings, retirement, death and disability (funeral)
    5 On a like-for-like basis: +7.4% growth in non-life premium income, +3.1% increase in the portfolio; at the end of September 2024, CATU’s portfolio comprised more than 314,000 policies including net addition of +20,800 policies over the year
    6 Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances’ non-life insurance subsidiary
    7 Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
    8 Excluding savings/retirement
    9 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
    10 CSM or Contractual Service Margin: corresponds to the profits expected by the insurer from the insurance business over the term of the contracts, for profitable contracts, for Savings, Retirement, Death & Disability and Creditor products.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Sobyanin made a decision on prize payments to Moscow Paralympic athletes

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow athletes – winners and medalists of the XVII Summer Paralympic Games 2024 in Paris (France), as well as their coaches will receive incentive payments from the city. This was reported in on your telegram channel Sergei Sobyanin reported.

    “The winners and medalists of the XVII Summer Paralympic Games in Paris will receive prizes from the city. 15 Moscow athletes participated in the Games in neutral status. Five of them won medals,” the Mayor of Moscow wrote.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin 

    The XVII Summer Paralympic Games were held in Paris from August 28 to September 8, 2024. They were attended by 15 Moscow athletes, they competed in a neutral status. They won five medals in disciplines for athletes with musculoskeletal disorders: two gold, one silver and two bronze.

    The champions of the games were Maria Pavlova (swimming) and Khetag Khinchagov (athletics). The silver medal was won by Zoya Shchurova (swimming). The bronze medalists were Irina Vertinskaya (athletics) and Georgy Margiev (athletics).

    Swimmer Maria Pavlova, who won the Paralympic gold medal in the 100m breaststroke for athletes with musculoskeletal disabilities, set a world record in this discipline – one minute 26.09 seconds. The previous world record belonged to her: on June 8, 2024, she showed a result of one minute 26.86 seconds.

    The champions of the games will receive an incentive cash payment of four million rubles, the silver medalist – 2.5 million rubles, and the bronze medalists – 1.7 million rubles.

    Prize money will also be paid to the four coaches who took part in training the athletes. They will receive half of the amount awarded to the athletes.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.mos.ru/major/themes/11995050/

    MIL OSI Russia News –

  • MIL-Evening Report: Black balls on Sydney beaches are likely ‘fatbergs’ showing traces of human faeces, methamphetamine and PFAS: new analysis

    Source: The Conversation (Au and NZ) – By Jon Beves, Associate Professor of Chemistry, UNSW Sydney

    Jon Beves, CC BY

    The mysterious black balls that washed up on Sydney’s beaches in mid-October were likely lumps of “fatberg” containing traces of human faeces, methamphetamine and PFAS, according to a new detailed analysis of their composition.

    Initial reports suggested the ominous lumps were probably tar balls from an oil spill. However, analysis with a barrage of scientific tests has revealed a more complicated picture.

    The mysterious black balls

    On October 16, the first reports emerged from Coogee Beach in Sydney’s east. Lifeguards reported numerous black spheres on the sand that appeared at first glance to be tar-like.

    Similar sightings were soon reported at nearby Bondi, Bronte, Tamarama and Maroubra beaches, prompting immediate closures and cleanup efforts. Authorities initially feared these could be toxic “tar balls”, leading to health advisories and public warnings.

    Preliminary testing by Randwick Council was consistent with tar balls made up of oil and debris.

    Oil – or something more disgusting?

    We set out to find out exactly what the black balls were made of and where they came from. We ran a wide range of tests and analyses with colleagues from UNSW in collaboration with the Mark Wainwright Analytical Centre and the the environmental forensics arm of the federal Department of Climate Change, Environment, Energy and Water (DCCEEW). We also collaborated with the NSW Environment Protection Authority (EPA), and Randwick Council.

    Initial testing, based primarily on results from a technique called solid-state nuclear magnetic resonance spectroscopy, suggested the material resembled unrefined oil. However, further testing indicated a different, more disgusting, composition.

    A cross section of one of the balls, showing its sandy coating and surface, some fibres, and the core.
    Jake Ireland, CC BY

    Analysing the elements involved revealed the black goop was mostly carbon. Radiocarbon dating then showed only about 30% of the carbon had a fossil origin, suggesting fossil fuels were not the major component of the balls.

    We also identified significant levels of calcium, and much smaller amounts of various metals. Spectroscopic tests showed signatures in the black balls matching fats, oils and greasy molecules often found in soap scum, cooking oil and food sources. This pointed to human waste.

    PFAS, drugs and signs of faeces

    The next step was to see if we could dissolve the substance in organic solvents. Only about one-third to one-half of the mass dissolved this way.

    We were able to take a closer look at the dissolved part using a technique called mass spectrometry, which identifies molecules by their weight and electric charge. This revealed molecules found in vehicle-grade fuels as well as organic molecules such as fatty acids and glycerides.

    We also identified industrial perfluoroalkyl substances (PFAS or “forever chemicals”), steroidal compounds such as norgestrel, antihypertensive medications such as losartan, pesticides, and veterinary drugs. This is consistent with contamination from sewage and industrial runoff.

    The crushed up interior of one ball, ready for testing.
    Jon Beves, CC BY

    There were also signs of human faecal waste, including a cholesterol byproduct called epicoprostanol and residues of recreational drugs including tetrahydrocannabinol (also known as THC, a compound found in the cannabis plant) and methamphetamine. This is consistent with contributions from domestic waste.

    Analysing the part of the mass that we couldn’t dissolve proved more challenging. Here we tried solid-state nuclear magnetic resonance and a method called Fourier transform infrared spectroscopy, which uses infrared light to detect chemicals. The results suggested the presence of fats, but they were not definitive.

    Were the blobs lumps of fatberg?

    So what does all this mean? The high levels of fats, oils, greasy molecules and calcium, along with the low solubility, are consistent with a “fatberg”: a congealed mass of fats, oils and greasy molecules that can accumulate in sewage.

    The detection of markers of human fecal matter, medication and recreational drugs suggest the origin may be sewage or other urban effluent. However, while the composition of these black balls suggests they may be similar to fatbergs, we cannot definitively confirm their exact origin.

    The black ball incident does highlight the broader issue of pollution along Sydney’s coastline.

    Recent reports indicate about 28% of monitored swimming sites in New South Wales are prone to pollution. Many receive poor water quality ratings, especially after rain. Beaches such as Gymea Bay, Coogee Beach, Malabar Beach, and Frenchmans Bay have been identified as areas of concern, with advisories against swimming due to contamination from human faecal matter.

    Urban waste pollution

    Analysing and understanding urban waste pollution is not an easy task. It requires a multi-disciplinary approach.

    To unravel the complex composition of the blobs, we used carbon-14 dating, mass spectrometry, elemental analysis and microscopy techniques.

    Even after all we did, we cannot yet draw definitive conclusions regarding the primary source of the blobs. This uncertainty reflects the broader challenges faced by scientists and environmental agencies in tracking and addressing pollution in coastal areas.

    This incident underscores the importance of thorough scientific analysis in understanding environmental issues. By continuing to investigate the sources and composition of such pollutants, we can learn more about how urban waste management affects the health of our coasts.

    This research was led by UNSW researchers, including Associate Professor Jon Beves, Dr Tim Barrows, Dr Martin Bucknall, Professor William Alexander Donald, Dr Albert Fahrenbach, Dr Sarah Hancock, Dr Christopher Hansen, Ms Lisa Hua, Dr Martina Lessio, Dr Chris Marjo, Associate Professor Vinh Nguyen, Dr Martin Peeks, Dr Aditya Rawal, Dr Chowdhury Sarowar, Professor Timothy Schmidt, Dr Jake Violi and Dr Helen Wang.

    Jon Beves receives funding from the Australian Research Council and the Australian Renewable Energy Agency. He is affiliated with The Greens.

    William Alexander Donald receives funding from the Australian Research Council, the US National Institutes of Health, iCare Dust Diseases Care, Coal Services NSW Health and Safety Trust, as well as industry-funded research contracts.

    – ref. Black balls on Sydney beaches are likely ‘fatbergs’ showing traces of human faeces, methamphetamine and PFAS: new analysis – https://theconversation.com/black-balls-on-sydney-beaches-are-likely-fatbergs-showing-traces-of-human-faeces-methamphetamine-and-pfas-new-analysis-242681

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Volta Finance Limited – Director/PDMR Shareholding

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA/VTAS)

    Notification of transactions by directors, persons discharging managerial
    responsibilities and persons closely associated with them

    NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

    *****
    Guernsey, 4 November 2024

    Pursuant to the announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors fees, Volta Finance Limited (the “Company” or “Volta”) has purchased 3,403 ordinary shares of no par value in the Company (“Ordinary Shares”) at an average price of €5.5 per share.

    Each director receives 30% of their Director’s fees for any year in the form of shares, which they are required to retain for a period of no less than one year from their respective date of issue.

    The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“MAR“) are “persons discharging managerial responsibilities” (a “PDMR“).

    • Dagmar Kershaw, Chairman and a PDMR for the purposes of MAR, acquired 1,047 additional Ordinary Shares in the Company. Following the settlement of this transaction, Ms Kershaw will have an interest in 13,885 Ordinary Shares, representing 0.04% of the issued shares of the Company;
    • Stephen Le Page, Director and a PDMR for the purposes of MAR, acquired 733 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mr Le Page will have an interest in 51,295 Ordinary Shares, representing 0.14% of the issued shares of the Company;
    • Yedau Ogoundele, Director and a PDMR for the purposes of MAR acquired 733 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mrs Ogoundele will have an interest in 7,595 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
    • Joanne Peacegood, Director and a PDMR for the purposes of MAR acquired 890 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mrs Peacegood will have an interest in 4,395 Ordinary Shares, representing 0.01% of the issued shares of the Company;

    The notifications below, made in accordance with the requirements of MAR, provide further detail in relation to the above transactions:

    1. Details of the person discharging managerial responsibilities / person closely associated
    a)   Dagmar Kershaw
    CHAIRMAN & DIRECTOR      		 b) Stephen Le Page
    DIRECTOR    		   c) Yedau Ogoundele
    DIRECTOR    		 d) Joanne Peacegood
    DIRECTOR
    1. Reason for the notification
    a. Position/status Director
    b. Initial notification/Amendment Initial notification
    1. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a. Name Volta Finance Limited
    b. LEI 2138004N6QDNAZ2V3W80
    1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
    a. Description of financial instrument, type of instrument Ordinary Shares
    b. Identification code GG00B1GHHH78
    c. Nature of the transaction Purchase and allocation of Ordinary Shares relation to the part-payment of Directors’ fees for the quarter ended 31 October 2024
    d. Price(s) €5.5 per share
    e. Volume(s) Total: 3,403
    f. Date of transaction 1 November 2024
    g. Place of transaction On-market – London
    1. Aggregate Purchase Information
    a)
    Dagmar Kershaw
    Chairman and Director    		 b)
    Stephen Le Page
    Director    		   c)
    Yedau Ogoundele
    Director    		 d)
    Joanne Peacegood
    Director
    Aggr. Volume:
    1,047

    Price:
    €5.5per share

    		 Aggr. Volume:
    733

    Price:
    €5.5 per share

    		   Aggr. Volume:
    733

    Price:
    €5.5 per share

    		 Aggr. Volume:
    890

    Price:
    €5.5 per share

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    The MIL Network –

  • MIL-OSI Global: Scents of the Middle Ages and emo nostalgia – what you should read, watch and do this week

    Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

    I’ve always been a history nerd, but it wasn’t until I started working at The Conversation that I really caught the medieval bug. Inspired by our academic experts, I’ve read books, trawled online archives, and when I worked on an article about the Book of Kells earlier this year, I had to travel to Dublin to see it for myself.

    And so it is that this week I found myself booking tickets to London to visit Medieval Women: In Their Own Words at the British Library, an exhibition our reviewer, expert in medieval women’s writing Diane Watt, described as “unmissable”.

    I’m particularly excited to see the way that some of the earliest works by women to have been written in English are brought to life in a scent installation. Julian of Norwich’s satanic torments, for example, are conjured up by the stink of sulphur, while Margery Kempe’s angels are evoked by notes of honey, strawberry and caramel.



    Read more:
    Medieval Women: In Their Own Words at the British Library is unmissable

    Dystopian fiction and unsettling realities

    There’s been a lot of noise about Dahomey, the latest documentary film from award-winning French director Mati Diop since it picked up the coveted Golden Bear, the top prize at this year’s Berlin International Film Festival. The film follows the restitution of 26 items that were looted by French troops during an invasion and subsequent colonial occupation of the kingdom of Dahomey, now the present-day Republic of Benin, in November 1892.

    What makes the film particularly unique is Diop’s decision to give a literal voice to the artefacts in question. Viewers follow “object 26”, a statue of King Ghezo who ruled Dahomey from 1797 until 1818, as he narrates his journey from a storage unit in a French museum, back to his homeland. It gave our reviewer, curator of living cultures at Manchester Museum Njabulo Chipangura, much to reflect on.



    Read more:
    Dahomey: timely repatriation documentary gives a literal voice to Benin’s stolen objects

    The trailer for Dahomey.

    For my money, Ali Smith is one of the greatest living British authors. My first encounter with her work was the stunning 2014 book How to Be Both, which applied the fresco technique of visual arts to the novel. Weaving together the stories of a renaissance artist and a 16-year-old girl in contemporary Cambridge, the order in which you read the story depended on which copy you picked up.

    With her latest book, Gliff, Smith continues to play with form. It tells the story of two children, Briar and Rose, as they navigate a post-apocalyptic Britain. Gliff is the first of a planned pair of novels, with the second to be called Glyph. Our reviewer found the novel’s combination of dystopian nightmare and fairy tale enchantment at once accessible and engaging, complex and subtle.



    Read more:
    Ali Smith’s new novel Gliff is a dystopian nightmare with flashes of fairytale enchantment

    Emo nostalgia

    There’s no more appropriate time to visit an exhibition on the work of Tim Burton than Halloween weekend. That is, unless you’re one of those people that insist The Nightmare Before Christmas is actually a Christmas film. Newly opened at the Design Museum, The World of Tim Burton is an exploration of the director’s design practice, and traces the complex path from his initial sketches to their realisation on screen.

    Our reviewer, expert in the gothic Catherine Spooner, found much to enjoy. She described the work on show as “a riot of colour and fizzing line”, though it was the personal items she found most thrilling – teen fan art, scribbles on table napkins and university lecture notes.



    Read more:
    Is Tim Burton an outsider auteur or a global megastar? The Design Museum thinks it has the answer

    As a teenager, I spent hours carefully curating my Myspace page. In my “profile photo” I wore black skinny jeans and doodled-on Converse. My “profile song” was almost always something by My Chemical Romance. Each generation has their defining subculture and for mine, young millennials, that subculture was emo (short for “emotional hardcore”).

    In a move that seems designed to make me feel ancient, emo is now the subject of a nostalgic exhibition at London’s Barbican Music Library. The show features much of the technology that emo teens used to build a sense of community, from those Myspace profiles to flip phones and iPod shuffles. While many of these technologies are long gone, the exhibition argues that emo remains alive and kicking.



    Read more:
    Medieval Women: In Their Own Words at the British Library is unmissable


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    – ref. Scents of the Middle Ages and emo nostalgia – what you should read, watch and do this week – https://theconversation.com/scents-of-the-middle-ages-and-emo-nostalgia-what-you-should-read-watch-and-do-this-week-242630

    MIL OSI – Global Reports –

  • MIL-OSI Global: Social media and generative AI can have a large climate impact – here’s how to reduce yours

    Source: The Conversation – UK – By Domenico Vicinanza, Associate Professor of Intelligent Systems and Data Science, Anglia Ruskin University

    CREATIVE WONDER / shutterstock

    On a train or bus, or just standing in a queue, the most common sight these days is the muted glow of a screen, and the flickering thumbs of people lost in the endless scroll on their smartphones.

    Across the world, about 62% of people are active social media users. In some countries, that figure is over 90%. That adds up to a lot of usage: the average UK adult spends 3 hours and 41 minutes online each day, which translates to around 56 days a year, almost two whole months.

    Every time we read an article, see an advertisement, watch a photo or video, that content needs to be transferred from the social media platform’s servers to our device. The larger the file, the more data needs to be transferred. And high-resolution images or long videos involve lots of data.

    That data is distributed across many “server farms” (typically housed in a large warehouse with thousands of computers) around the world. If you load a video from Youtube you don’t connect to a single “Youtube data HQ” somewhere in California, but will instead gather data from many different servers often in different countries or continents.

    Moving data across the internet requires energy, sending signals through various electronic devices, including routers, servers, and our own mobile phone or laptop. Each of these devices consumes energy to function, while servers need to be kept cool. And this energy is often generated from fossil fuels.

    Low-energy LinkedIn tops the charts.
    Greenspector, CC BY-SA

    Tiktok is the least eco-friendly of the social media platforms, according to a study of internet users in France run by Greenspector in 2021 and then updated in 2023.

    Simply scrolling through the app exchanges a lot of data as Tiktok is constantly running videos, including many preloaded in the background that you may never even see.

    At the end side of the spectrum is LinkedIn. As a text-based platform, with fewer photos and videos, scrolling through LinkedIn uses much less data.

    Generative AI is energy-hungry

    Social media is of course not the only offender. Generative AI, with its ability to create text, images, music and even videos, is completely reshaping lots of creative processes. But though it is appealing, and sometimes a necessity, it comes with an environmental price tag.

    Unsurprisingly, the more powerful the AI, the more energy it consumes. Unlike when you stream video or load a large web page, with generative AI most energy is used at their end, while processing your query. If you ask ChatGPT to write you a novel, the process of writing involves lots of calculations, even if the resulting text itself doesn’t use much data.

    Your request is being processed…
    Caureem / shutterstock

    All this of course raises critical questions about the sustainability of generative AI and about our own carbon footprints. The AI companies themselves are reluctant to tell us exactly how much energy they use, but they apparently can’t stop their own chatbots having a stab. I asked ChatGPT-4 “how much energy was used to process this query?” and it said “0.002 to 0.02 kWh”, which it said “would be similar to keeping a 60-watt bulb on for about 2 minutes”.

    This roughly matches numbers offered by independent analysis and is tens of times more energy than required for a Google search. With millions of queries per day to ChatGPT alone, it all adds up to a huge amount of additional energy use. As generative AI continues to evolve, the demand for energy will only increase.

    What you can do

    While the environmental impact of these technologies raises valid concerns, it’s also essential to recognise their benefits. To take one example, AI-assisted tools like text-to-speech, voice recognition and auto-captioning have already made society more inclusive particularly for disabled or neurodiverse people. I don’t want to suggest we scrap social media or reject generative AI entirely.

    But there are things we can do to reduce the carbon footprint of our internet use, involving a combination of individual actions and systemic changes. Here are some strategies we can all adopt:

    First, limit the screen time. This is the most obvious one. Reducing the amount of time spent on social media can directly decrease energy consumption.

    Second, use energy-saving settings on your devices, such as lowering screen brightness, using a dark background, and enabling power-saving modes.

    Third, consider choosing less energy-demanding social media, using environmental ranking information to inform the decision. That means more text, and less video and generative AI.

    Fourth, whenever possible, use wifi over 4G or 5G mobile data: wifi generally consumes less energy.

    So, next time we find ourselves scrolling endless sequences of pictures and videos, our face lit by the blue glow of our screens, let’s just stop for a second and start implementing those simple strategies, so we can enjoy the benefits of being connected, while minimising the impact on our planet resources. Ultimately, the choice is ours.

    Domenico Vicinanza 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. Social media and generative AI can have a large climate impact – here’s how to reduce yours – https://theconversation.com/social-media-and-generative-ai-can-have-a-large-climate-impact-heres-how-to-reduce-yours-240661

    MIL OSI – Global Reports –

  • MIL-OSI Global: Scott Moe won in Saskatchewan promising economic prosperity, but does that truly help citizens?

    Source: The Conversation – Canada – By Iryna Khovrenkov, Associate Professor, Johnson Shoyama Graduate School of Public Policy, University of Regina

    After winning the recent provincial election, the Saskatchewan Party’s Scott Moe promised a “strong economy, bright future.”

    But does a strong economy necessarily guarantee a bright future?

    Between 1998 and 2018, Saskatchewan’s gross domestic product (GDP) grew by 45 per cent, making it the fourth largest in Canada.

    Even after the impact of the COVID-19 pandemic, Saskatchewan led the nation in economic growth, registering a hike of six per cent.

    Over the same 20 years, however, Saskatchewan’s well-being increased by only 13 per cent, according to the Saskatchewan Index of Wellbeing.

    This lag in well-being has only amplified the struggles of the province’s citizens in terms of drug use, youth mental health, homelessness and hate crimes.

    Evidently, and despite its impressive magnitude, Saskatchewan’s economic growth alone does not fully reflect the province’s progress in terms of citizen well-being.

    What is well-being?

    Well-being is a multi-dimensional concept that goes beyond the level or rate of growth of GDP and can illuminate ongoing major policy challenges. GDP, on the other hand, is one-dimensional, developed prior to the Second World War and well before today’s significant policy concerns.

    As defined by the Saskatchewan Index of Wellbeing, it’s achieved when people are physically, emotionally and spiritually healthy; economically secure; have a strong sense of identity, belonging and place; and have the confidence and capacity to engage as citizens.

    Well-being encompasses many aspects that make our lives good — happiness and wellness at the personal level, strong social capital and belonging at the community level. These aspects can then form a strong foundation to tackle larger issues at the societal level such as social justice and environmental sustainability.

    International well-being initiatives

    Many countries, including Canada with its Canadian Index of Wellbeing, have not only developed well-being frameworks but many now routinely collect and publish well-being indicators.

    A handful of jurisdictions — like France, Italy and Sweden — have also begun including quality-of-life measures as benchmarks of their progress.

    New Zealand even formally budgets for well-being and released its first Wellbeing Budget in 2019.

    Regardless of geography or political structure, one common motivation for developing these well-being frameworks is a recognition that economic metrics such as GDP are insufficient to measure a country’s human and environmental progress.



    Read more:
    Australia’s wellbeing budget: what we can – and can’t – learn from NZ

    A well-being approach to policy

    For an effective path forward, citizen well-being should be a guiding principle for government leaders. Community Initiatives Fund and Heritage Saskatchewan, joint forces behind the Saskatchewan Index of Wellbeing, have long called on decision-makers to incorporate well-being into policy.

    The federal government has recently introduced the Quality-of-Life Framework as its first step towards integrating well-being into policymaking. But are these efforts reaching local governments, which carry a regulatory duty of fostering citizen well-being?

    I partnered with the Community Initiatives Fund and Heritage Saskatchewan to survey more than 25 per cent of rural and urban municipalities in Saskatchewan on what’s facilitated or hindered the adoption of well-being into policy in their communities.

    We learned that only 17 per cent of our participating municipalities adopted a well-being approach in their official community plans, although 55 per cent of them consider community well-being elements when developing policies and budgets.

    Additionally, 46 per cent are interested in adopting a well-being approach but have cited lack of financial and human resources, time, community and team support as key challenges in shifting to a well-being approach.

    Finally, we learned that arts, culture and sports amenities were identified as a pressing community need by 36 per cent of our respondents, compared to only six per cent referencing economic sustainability and growth.

    Our findings also support existing evidence that rural communities become stronger when they value well-being more than economic growth.

    The five elements of a well-being economy. (ICLEI Europe YouTube Channel)

    Municipal action required

    As the government level closest to the people, municipalities matter. Services provided by local authorities define citizens’ well-being and their quality of life. Also, local efforts have the potential to inspire province-wide change.

    With urban municipalities in Saskatchewan gearing up for their own elections on Nov. 13, it’s a good time to consider prioritizing community well-being.

    In the words of Jacinda Ardern, the former prime minister of New Zealand: “Growth alone does not lead to a great country …. so it’s time to focus on those things that do.”

    For real change to occur, well-being should lie at the heart of policymaking.

    The research project about well-being in municipal policy is a product of a partnership between Iryna Khovrenkov at the University of Regina, Tracey Mann at Community Initiatives Fund and Ingrid Cazakoff at Heritage Saskatchewan. The financial support of Social Sciences and Humanities Research Council Partnership Engage Grant number 892-2021-3028 is gratefully acknowledged.

    – ref. Scott Moe won in Saskatchewan promising economic prosperity, but does that truly help citizens? – https://theconversation.com/scott-moe-won-in-saskatchewan-promising-economic-prosperity-but-does-that-truly-help-citizens-242574

    MIL OSI – Global Reports –

  • MIL-OSI: Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Paris, 4thNovember 2024 – 17.45

    Total Number of
    Shares Capital    		 Theoretical Number of Voting Rights1 Number of Real
    Voting Rights2
    150,179,792 150,179,792 149,420,056

    (1)   including own shares
    (2)   excluding own shares

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    About Coface

    COFACE SA is a société anonyme (joint-stock corporation), with a Board of Directors (Conseil d’Administration) incorporated under the laws of France, and is governed by the provisions of the French Commercial Code. The Company is registered with the Nanterre Trade and Companies Register (Registre du Commerce et des Sociétés) under the number 432 413 599. The Company’s registered office is at 1 Place Costes et Bellonte, 92270 Bois Colombes, France.

    At the date of 31 October 2024, the Company’s share capital amounts to €300,359,584, divided into 150,179,792 shares, all of the same class, and all of which are fully paid up and subscribed.

    All regulated information is available on the company’s website (http://www.coface.com/Investors).

    Coface SA. is listed on Euronext Paris – Compartment A
    ISIN: FR0010667147 / Ticker: COFA

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    The MIL Network –

  • MIL-OSI: Announcement of the total number of voting rights as at 31 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Regulated information, Leuven, 4 November 2024 (17.40 hrs CET)

    In application of Article 15 of the Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, KBC Ancora publishes on its website and via a press release on a monthly basis the total capital, the movements in the total number of voting shares and the total number of voting rights, in so far as these particulars have changed during the preceding month.

    Situation as at 31 October 2024
    Total capital :         EUR 3,158,128,455.28
    Total number of voting shares :            77,011,844
    Number of shares with double voting rights :        39,855,415
    Total number of voting rights (= denominator) :        116,867,259

    The total number of voting rights (the ‘denominator’) serves as the basis for the disclosure of major shareholdings by shareholders.

    On the basis of this information, shareholders of KBC Ancora can verify whether they are above or below one of the thresholds of 3% (threshold set by the Articles of Association), 5%, 10%, and so on (in multiples of five) of the total voting rights, and whether there is therefore an obligation to notify the company that they have exceeded this threshold.

    ———————————

    KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders ensures the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, they have to this end signed a shareholder agreement.

    Financial calendar:
    31 January 2025                        Interim financial report 2024/2025
    29 August 2025                        Annual press release for the financial year 2024/2025
    23 September 2025 (17.40 CEST)        Annual report 2024/2025 available

    This press release is available in Dutch, French and English on the website www.kbcancora.be.

    KBC Ancora Investor Relations & Press contact: Jan Bergmans
    tel.: +32 (0)16 27 96 72 – e-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be

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    The MIL Network –

  • MIL-OSI: Revenue as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • €742.8 million in revenue over 9 months, down 3.5%, reflecting the group’s strategic orientations
      • Implementation of a strategy to prioritize margins over revenue growth
      • Continuing diversification into activities related to the energy transition, with strong growth of +28%
      • Accelerating growth in Germany, the group’s future third pillar, at +28%.
    • Third quarter: €225.4 million in revenue, down 10.1%, reflecting the continuation of 2nd quarter trends
      • Impact of selectivity measures implemented in Q2 in French and Spanish telecom sectors in France and Spain .
      • Temporarily reduced fiber activity in Belgium as negotiations continue between telco service providers looking to pool their investments
      • Sustained strong growth in Germany: +33%.
      • Strong growth in Energy activity, despite unfavorable seasonal effects in Q3: +26 %
    • 2024 full-year outlook confirmed   
      9 months Q3
    In millions of euros (unaudited data) 2024 2023 % change 2024 2023 % change
    Group 742.8 769.7         -3.5% 225.4 250.7         -10.1%
    Benelux 278.9 269.6         3.5% 82.1 89.6         -8.3%
    France 270.2 297.8         -9.3% 81.7 98.4         -16.9%
    Other Countries 193.8 202.4         -4.3% 61.6 62.7         -1.8%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “The evolution of Solutions30’s revenue since the beginning of the year reflects the strategic orientations we shared at our Capital Markets Day last September. We are prioritizing margins over revenue growth, with an increased selectivity in our mature markets. At the same time, we are continuing our expansion in Germany, which is set to become a profitable growth pillar for Solutions30, as well as our diversification into energy transition-related services, buoyed by favorable structural trends. The decrease in revenue in the third quarter was a continuation of trends seen in the second quarter, with the deepening impact of measures to reduce our exposure to certain insufficiently profitable contracts in France and Spain and a temporary slowdown in the fiber business in Belgium. In the current contrasted market environment, we are confident that our strategic choices are fully relevant.”

    Consolidated revenue

    In the first nine months of 2024, Solutions30’s consolidated revenue amounted to €742.8 million, down 3.5% from €769.7 million in the same period of 2023. This includes an organic contraction of -4.2%, a +0.3% impact from acquisitions, and a +0.4% favorable currency effect.

    This decrease reflects the group’s strategic orientations, as presented at the Capital Markets Day held on September 26, 2024. Namely, the prioritization of margins over revenue growth with the measures taken in Q2 to reduce exposure to certain telecoms contracts, notably in France and Spain, which no longer met the Group’s profitability requirements. Solutions30’s growth drivers, however, maintained strong momentum: Germany, which is proving to be its best-performing market in terms of growth, and energy-related services, which continue to develop successfully, confirming the relevance of the strategic diversification undertaken.

    Third-quarter consolidated revenue totaled €225.4 million, compared with €250.7 million in Q3 2023, representing a decline of -10.1% (-10.5% organically). This sharper decline than in Q2 (-4.5%) mainly reflects (i) the deepening impact of selectivity measures implemented in Q2 in the telecoms sector in France and Spain, and (ii) ongoing negotiations between Belgian telecom service providers, begun in Q2, with a view to pooling their fiber deployment investments.

    Benelux

    Revenue in Benelux for the first nine months of the year totaled €278.9 million, representing 38% of total revenue, up 3.5% (+3.4% organic growth). Following a year of exceptional growth (+77.2% in the first nine months of 2023), which set a particularly high comparison basis, business in the Benelux countries remains slowed down by ongoing negotiations between Belgian telecoms service providers to streamline the rollout of fiber nationwide. Although the Belgian market’s potential remains high, these negotiations are causing delays for Solutions30’s business. In Q4, these effects will be amplified due to the merger of two of the Group’s customers, Proximus and Fiberklaar, impacting the pace of the connection market.

    In the third quarter of 2024, Benelux revenue totaled €82.1 million, down 8.3% (-8.6% organic). Connectivity activity posted revenue of €61.3 million, down -15.3%. This decline reflects the full impact of delays in fiber roll-out in Belgium from the 2nd quarter onwards, due to the above-mentioned negotiations, as well as, to a lower extent, the impact of the Belgian communal and provincial elections, which was limited by efficient planning.

    The development of Energy activity continues, with growth accelerating to +23% in the third quarter of 2024 and revenue reaching €15.8 million. In September 2024, Solutions30 announced its acquisition of Xperal, a Netherlands-based photovoltaic project specialist (see press release dated September 23, 2024). This acquisition significantly enhances the group’s offering in the sector, providing an integrated range of energy services in the Benelux countries that cover smart meters, electric vehicle charging stations, low-voltage electricity grids, photovoltaic installation, and energy storage solutions. The acquisition of Xperal is fully in line with the Group’s strategy to become a leading energy services player in all the regions where it operates.

    Technology activity posted revenue of €5.0 million in the third quarter of 2024, up +16.1%.         

    France

    In France, revenue for the first nine months of the year was €270.2 million, or 36% of total revenue, down
    -9.3%. This change includes an organic contraction of -9.9% and a +0.6% positive impact from the acquisition of Elec-ENR, consolidated since July 2023.

    In the third quarter of 2024, revenue amounted to €81.7 million, a purely organic decline of -16.9%, driven by the sharp -35.3% decrease in Connectivity revenue to €45.8 million. This reflects the deepening impact of the selective measures implemented in the 2nd quarter, which led the Group to significantly reduce its exposure to certain contracts that no longer met its profitability standards. It also reflects a slowdown in the fiber roll-out market, which is set to continue in the quarters ahead.

    Revenue from Energy activity continued to grow strongly, rising by +42.5% in the third quarter to €18,6 million. Solutions30 continues to successfully diversify in this sector, which is buoyed by favorable structural trends, and is gradually establishing itself as a leading player. Growth, however, was less strong than in the second quarter (+56%), due to the seasonal nature of these services, which usually experience lower activity during the summer period, before tending to rebound in the fourth quarter.

    Technology activity’s revenue was €17.3 million, rising sharply by +19.8% and reflecting a temporary increase in business linked to the 2024 Paris Olympics. Drawing on its expertise in these fields, Solutions30 was on call at all Olympic sites to provide technical assistance for IT and payment systems.

    Other countries

    In other countries, the Group generated €193.8 million in revenue over the first nine months of the year, or 26% of total revenue, down -4.3%. This includes an organic decline of -5.8% and a positive currency effect of +1.5%, reflecting the appreciation of the zloty and the pound sterling against the euro during this period. In the third quarter of 2024, revenue was €61.6 million, down -1.8% (-3.0% organic) but with highly contrasting situations from one country to another.

    In Germany, Solutions30 is benefiting from exceptional market momentum, with revenue increasing +33.2% in the third quarter of 2024 to €21.8 million. Coaxial network activity remains strong, while fiber activities continue to ramp up. Solutions30 is now firmly established as a trusted partner for the six national telecom service providers.

    In Poland, growth remained solid at +24.2%, with revenue reaching €14.5 million in the third quarter.

    In Italy, revenue amounted to €12.8 million in the third quarter. Normal activity has resumed with more favorable economic conditions, after the Group voluntarily limited its call-outs with its main fiber customer from the second half of 2023. Solutions30 returned to slight growth of +0.8% in the third quarter, and will benefit from a favorable base effect in the fourth quarter.

    In Spain, revenue fell by -43.5% to €7.3 million, reflecting the full impact of measures taken in the second quarter to reduce the Group’s exposure to the mature fiber market. The Connectivity business is currently being restructured, while the Group refocuses its development on Energy and Technology. In the third quarter, it won a strategic contract with Atlante to install an initial set of 50 electric vehicle charging stations (see press release from September 30, 2024).

    Lastly, in the United Kingdom, revenue fell by -42.5% to €5.2 million, reflecting the continued refocusing of Connectivity activities on the fiber market. Solutions30 is also focusing on developing its Energy business, as demonstrated by the multi-year contract signed with Connected Kerb to develop its electric vehicle charging infrastructure network (see press release from September 24, 2024).

    2024 full-year outlook confirmed

    For the full year 2024, Solutions30 expects slightly lower revenue compared to 2023, along with improvement in the Group’s adjusted EBITDA margin, leading to an overall increase in adjusted EBITDA.

    2026 Roadmap

    At the Capital Markets Day held on September 26, 2024, Solutions30 shared its 2026 roadmap, with concrete action plans and objectives tailored to each of its markets.

    In the Benelux, the group is confident it will be able to capitalize on its leading market position and return to a profitable growth trajectory as early as 2025, whatever the outcome of the current negotiations with service providers. It is targeting an adjusted EBITDA margin above 10% by 2026.

    In France, Energy activity revenue is set to triple compared with 2023, reaching €150 million by 2026. In Connectivity activity, the Group is working to stabilize its business while applying strict contract selectivity. It is also positioning itself to seize future opportunities such as the forthcoming dismantling of the copper network. Adjusted EBITDA margin, benefiting from the global transformation plan launched in 2022, should exceed 10% by 2026.

    In Germany, Solutions30 is aiming for a first milestone in 2026, with revenue of between €150 and €200 million, and an adjusted EBITDA margin well above 10%. The country should then continue to grow faster than the rest of the Group, becoming one of its biggest contributors.

    In the rest of Europe, Solutions30 has adopted a differentiated approach, with the aim of maintaining profitable growth in Poland, continuing to improve performance in the United Kingdom, and restoring margins in Italy and Spain by 2026, or else envisaging strategic actions for its activities in these two countries.

    Webcast for investors and analysts
    Date: Monday, November 4, 2024
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers
    Gianbeppi Fortis, Chief Executive Officer
    Jonathan Crauwels, Chief Financial Officer
    Amaury Boilot, Group General Secretary

    Connection details
    Webcast in English: https://channel.royalcast.com/solutions30-en/#!/solutions30-en/20241104_1

    Upcoming events

    Gilbert Dupont Forum Valeurs Familiales  (Paris) – November 5, 2024

    CIC Forum (Virtual Day)  – November 21, 2024

    2024 Q4 Revenue  – January 29, 2025

    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
    The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
    Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Growth.
    Visit our website for more information: www.solutions30.com.

    Contact

    Individual Shareholders:
    shareholders@solutions30.com – Tel: +33 (0)1 86 86 00 63

    Analysts/investors:
    investor.relations@solutions30.com

    Press – Image 7:
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

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    The MIL Network –

  • MIL-OSI Canada: G7 foreign ministers’ statement on the Launch of an Intercontinental Ballistic Missile by the Democratic People’s Republic of Korea

    Source: Government of Canada News

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology.

    November 4, 2024 – Ottawa, Ontario – Global Affairs Canada

    “We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, condemn in the strongest terms the Democratic People’s Republic of Korea’s (DPRK) October 31 (local time) launch of an Intercontinental Ballistic Missile (ICBM), following other launches using ballistic missile technology. We deplore that the DPRK once again chose to prioritize its unlawful weapons of mass destruction (WMD) and ballistic missile programs over the welfare of the people in the DPRK.

    ” The DPRK continues to advance its unlawful nuclear and ballistic missile capabilities and to escalate its destabilizing activities. We reiterate our call for the complete denuclearization of the Korean Peninsula and demand that the DPRK abandon all its nuclear weapons, existing nuclear programs, and any other weapons of mass destruction (WMD) and ballistic missile programs in a complete, verifiable, and irreversible manner in accordance with all relevant United Nations Security Council resolutions (UNSCRs). We urge UNSC Members to follow through on their commitments and call on all UN Member States to fully and effectively implement relevant UNSCRs.

    ” The G7 remains committed to working with all relevant partners toward the goal of peace and stability on the Korean Peninsula and to upholding the free and open rules-based international order.”

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Source: Government of India (2)

    The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Republic of India and Republic of France retain the Presidency and Co-Presidency of the ISA Assembly

    Posted On: 04 NOV 2024 6:04PM by PIB Delhi

     The seventh session of the ISA Assembly in progress at the iconic Bharat Mandapam in New Delhi today elected its President and Co-president for a period of two years from 2024 to 2026. While the Republic of India was the sole contender for the post of President, the Co-Presidency was contested between the Republic of France and Grenada, with the Republic of France emerging victorious.

    The Rules of Procedure of the Assembly of the International Solar Alliance provide for the election of the President, Co-President, and Vice Presidents.

    The Assembly elects the President and Co-President, with due regard to equitable geographical representation. The four regional groups of the ISA Members include Africa; Asia and the Pacific; Europe and Others; and Latin America and the Caribbean. Eight Vice Presidents of the Standing Committee, two from each of the four ISA geographical regions, are selected based on seniority in terms of submitting the instrument of ratification to the depositary on a rotation basis from the ISA Member Countries in the specific region.

    The Republic of Ghana and the Republic of Seychelles will hold office as Vice Presidents for the Africa region; the Commonwealth of Australia and the Democratic Socialist Republic of Sri Lanka for Asia and the Pacific region; the Federal Republic of Germany and the Republic of Italy for Europe and the Others region; Grenada and Republic of Suriname from the Latin America and the Caribbean region.

    As the apex decision-making body of ISA, the Assembly holds significant authority and responsibility. It represents each Member Country and makes crucial decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.

    The Assembly meets annually at the ministerial level at the ISA’s seat, underscoring the regularity and importance of these gatherings. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.

    The Seventh Session of the ISA Assembly is currently deliberating on the ISA’s key initiatives, focusing on three critical issues: energy access, energy security, and energy transition. These discussions aim to address and find solutions to these pressing global concerns.

    The ISA’s governance bodies, the Assembly, the Standing Committee, and the Regional Committees, offer an integrated approach to governance and decision-making within the Alliance. These Meetings extend the ISA Secretariat the opportunity to enhance cooperation with ISA Member Countries, as well as provide Member Countries with the ability to improve collaboration among themselves and mutually identify avenues of cooperation and partnership.

     

     

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    ***

    Navin Sreejith

    (Release ID: 2070661) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The International Solar Alliance Hosts the Seventh Session of its Annual Assembly with representatives from 103 Member & 17 Signatory Countries

    Source: Government of India (2)

    Posted On: 04 NOV 2024 5:54PM by PIB Delhi

    The International Solar Alliance (ISA) is hosting the seventh session of its Assembly here in the Indian capital with ministers from 29 countries.

    Speaking at the inaugural ceremony, the Hon’ble Minister for New and Renewable Energy, India, in his capacity as the President of the ISA Assembly, Shri Pralhad Joshi said: “It is my great honour to stand before you today at the Seventh Session of the Assembly of the ISA. Today, we find ourselves at a key turning point in our mission to reshape the global energy future. Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we’ve made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.” He further added, “As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). I’m proud to state that ISA has successfully completed 21 out of 27 demonstration projects, showcasing our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe. These successful projects are a testament to our shared commitment and dedication. I congratulate and dedicate the eleven demonstration projects and the seven STAR- Centres launched today to the people of these countries.”

    The Hon’ble President also highlighted key interventions of ISA, which are globally pushing the solar agenda. The Solar Data Portal, a platform that delivers real-time data on solar resources, project performance, and investment opportunities across countries, transforms how governments, investors, and developers engage with solar projects by providing transparent and actionable insights. The Global Solar Facility aims to unlock commercial capital for solar projects in underserved regions, especially Africa. A pilot project is underway in the Democratic Republic of Congo, and commitments of USD 39 million from India, ISA, Bloomberg, and Children’s Investment Fund Foundation are on track to be operationalised by COP29.

    In addition, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. The 2024 edition announced 30 winners from the Asia and Pacific region, including India, and preparations are underway to host the Third Edition of the challenge for the Latin America and Caribbean region.

    The monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development to expand knowledge-sharing and advocacy. Global events like the International Solar Festival, CEO Caucus, and the ISA pavilion ‘Solar Hub’ at the Conference of Parties since COP27 have encouraged global participation and advocacy for solar as a preferred energy source.

    The Co-President of the ISA Assembly, H.E. Mr H.E. Thani Mohamed Soilihi, France’s Minister of State for Development, Francophonie and International Partnerships, via a video message, said:

    “I would like to thank the Secretariat of the International Solar Alliance for its significant work in developing the organisation and setting out ambitious programmes year after year. France has honoured its pledge at the outset of the International Solar Alliance to contribute €1.5 billion to finance solar projects in the organisation’s Member Countries. That is why we renewed our financial support for the Alliance in 2024, which is based on three priorities: First, support for the STAR-C programme which plays a key role in local capacity building. Second, France wishes to facilitate access to financing for developing economies which are transitioning towards sustainable development. Third, France wants to step up the ISA Secretariat’s internationalisation process to increase its outreach. France will continue to support the International Solar Alliance, to enhance collaboration and speed up the development of solar energy. It will thus encourage new partner countries to join the Alliance and will synergise with the initiatives and organisations in developing renewable energies.”

    In his welcome address, Dr Ajay Mathur, Director General of the International Solar Alliance, said, “We are pleased to have honourable ministers from our member, signatory, and prospective countries present here today. Our collective presence symbolises our intention—to explore groundbreaking solutions, exchange expertise, and strengthen partnerships that will drive a new era of solar transformation. In this spirit of global cooperation, we find the collective strength to confront the critical challenges of our time. Over the past years, the Assembly has helped shape the ISA into a global leader in the international arena as the definitive voice on driving energy transition through the deployment of solar energy solutions. This year, too, the Assembly shall be taking up some major initiatives and programmes into consideration that will be laying the foundation for the future.”

    The Assembly will also consider the budgets and work plans for the coming year and include updates on ISA’s priority areas of work, programmes, and projects. An important topic of discussion will be the guidelines for the Viability Gap Funding (VGF) Scheme, which provides for 10% to 35 % of the total solar project cost to be given as a grant for developing solar projects in LDCs and SIDS identified by the countries themselves, provided 90% of the project cost is locked in. Proposals from countries will be considered on a first-come, first-served basis until the annual budget provisions of ISA USD 1.5 million per year are available. The VGF can be availed for solar projects set up by government/government institutions or independent developers/beneficiaries selected through a process per the respective country policies.

    This year’s proceedings will also consist of the election of the president and co-president, who will take over office immediately after the Assembly for the period: 2024 – 2026. The selection of the new Director General, who will assume office in March of 2025, will also be announced.

    The Assembly will be followed by a day-long High-Level Technology Conference on Clean Technologies, which will witness the launch of the third edition of ISA’s flagship report series on technology, investment, and market—the World Solar Reports. The Assembly proceedings will culminate on 6 November 2024 with delegates marking a visit to a farm site in NCT of Delhi to witness first-hand the practical implementation of agrivoltaic system, which entails using the same land for solar energy production and agriculture.

    About the ISA Assembly:

    The Assembly is ISA’s yearly apex decision-making body, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance. The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.

    About the Demonstration Projects:

    In May 2020, ISA initiated Demonstration Projects to meet the needs of Least Developed Countries (LDCs) and Small Island Development States (SIDS). The aim was to exhibit solar technology applications that can be scaled up and build the capacity of Member Countries to replicate these solar-powered solutions.

    1. Bhutan: Solar cold storage at the National Post Harvest Centre in Paro
    2. Burkina Faso: Solarisation of two primary healthcare centres in the rural communes of Louda and Korsimoro in the north centre region
    3. Cambodia: Solarisation of primary and secondary schools in Koh Rong city
    4. Cuba: Solar water pumping system at the Hatuey Indian Experimental Station (EEIH) in Perico, Matanzas
    5. Djibouti:  Installation of two off-grid solar-powered cold storage units in Omar Jaga’a in the Arta region and Dougoum village in the Tadjourah region
    6. Ethiopia: Solar-powered water pumps in Gedeo Zone, Irgachefe Woreda community
    7. Mauritius: Solarisation of the Jawaharlal Nehru Hospital in Rose Belle
    8. Samoa: Solar streetlights implemented across 46 locations
    9. Senegal: Solar cold storage in the Borough of Ndande, within the Municipality of Theippe in the Kebemer Department
    10. The Gambia: Solar water pumping systems in Wassadou and Julangel
    11. Tonga: Solar water pumping project in four villages on Tongatapu

    About the STAR-Centre Initiative:

    Solar Technology Application Resource-Centre (STAR-C)are equipped with specialised training facilities, tools, and structured learning modules designed to cultivate a highly skilled solar workforce. To date, ISA has successfully established and operationalised STAR Centers in seven countries: Ethiopia, Somalia, Cuba, Côte d’Ivoire, Kiribati, Ghana, and Bangladesh. Since their launch, these centres have trained professionals in various aspects of solar energy, preparing them to contribute effectively to the sector’s rapid expansion.

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    Navin Sreejith

    (Release ID: 2070655) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: INTERPOL, human rights and international police cooperation

    Source: Interpol (news and events)

    Updated Repository of Practice provides greater insight into how INTERPOL upholds its constitutional commitments to neutrality and human rights

    LYON, France – INTERPOL has today published an updated Repository of Practice (RoP) on how the Organization assesses member countries’ requests for international police cooperation, including Notices and Diffusions.

    The RoP outlines how the INTERPOL General Secretariat headquarters determines compliance with Articles 2(1) and 3 of the Organization’s Constitution which mandate that all activities align with the Universal Declaration of Human Rights and are not political, military, religious, or racial in nature.

    While the previous RoP published in 2013 only covered Article 3, this comprehensive document shares for the first time how INTERPOL determines compliance on human rights grounds.

    Using specific scenarios based on real-life cases, the updated RoP provides insights into the decision-making process for offences:

    • committed by current or former politicians and high-level civil servants or in the context of a coup d’état or situations of social/civil/political unrest
    • concerning freedom of assembly or of association
    • relating to terrorism or membership of a terrorist organization
    • involving sanctions violations
    • including religious or racial elements

    INTERPOL Secretary General Jürgen Stock said:

    “As a neutral platform for international police cooperation, it is of utmost importance that our activities transcend domestic and global politics.

    “The Repository of Practice is a valuable resource which demonstrates INTERPOL’s commitment to upholding human rights principles and the rule of law in our activities.”

    The revised RoP, which will be regularly updated, reflects the evolving nature of transnational crime and INTERPOL’s continued work to ensure that its activities comply with its Constitution and rules.

    It builds on the creation in 2016 of the Notices and Diffusions Task Force (NDTF), a dedicated multidisciplinary team that conducts a robust quality and legal compliance review of incoming Notice and Diffusions requests from member countries.

    Comprised of lawyers, police officers and operations specialists with a wide range of experience and language skills, the NDTF will either authorize or deny each request.

    Notices approved by the NDTF are published by the General Secretariat and all INTERPOL member countries are notified.

    If a Notice or Diffusion is denied because of non-compliance with Article 2(1) or 3 of the INTERPOL Constitution, no further cooperation is allowed to take place via INTERPOL.

    MIL Security OSI –

  • MIL-OSI United Nations: Human Rights Committee Adopts Report on Views Concerning Individual Communications on Colombia, Ecuador, Finland, Greece, New Zealand, Sweden, Türkiye, Turkmenistan and Ukraine

    Source: United Nations – Geneva

    The Human Rights Committee today adopted a follow-up progress report on individual communications, presented by the Special Rapporteur for follow-up on Views, which concerned communications on Colombia, Ecuador, Finland, Greece, New Zealand, Sweden, Türkiye, Turkmenistan and Ukraine.

    José Manuel Santos Pais, Special Rapporteur for follow-up on Views, said one individual communication on Colombia concerned a case of enforced disappearance by parliamentary groups.  The State party was urged to conduct an independent, thorough and effective investigation of the disappearances of Mr. Anzola and Mr. Molina and prosecute and punish those responsible; release these people if they were still alive; if they were dead, hand-over their remains to their family; and ensure effective reparation, including adequate compensation, and medical and psychological rehabilitation for the authors for the violations suffered. The State party was also under an obligation to prevent similar violations from occurring in the future and to ensure that any forced disappearances gave rise to prompt, impartial and effective investigations.  The State party had established a search and investigative unit, but one Committee member noted that many measures had not been implemented and there seemed to be no urgency.  The Committee recommended ongoing follow-up dialogue.

    A second communication on Colombia involved the killing of a trade unionist.  The Committee recommended that the State party promptly conduct a thorough, effective, impartial, independent and transparent investigation into the circumstances surrounding the murder, to establish the truth; provide the family members who were the authors with detailed information about the results of the investigation; and provide adequate compensation to the family members, including sufficient compensation to cover the reasonable legal expenses they have incurred. The State party had reported that it would proceed with the compensation procedure and had published the Committee’s Views publicly.  However, it was reported that the State party had not conducted the criminal investigation in a way conducive to the identification of the perpetrators or to shed light on the reasons behind the murder.  The Committee therefore recommended follow-up dialogue. 

    Regarding Ecuador, the communication concerned criminal conviction and the seizure of assets. The Committee recommended making full reparation to the persons whose rights had been violated and ensuring that due process was followed in the relevant suits at law.  The State party had outlined that the Committee had not recommended restitution but called for ensuring effective remedy.  It was acknowledged that partial reparation had been granted by the courts, with an appeal still pending.  There were several conflicting interests in regards to this case.  The Committee decided to close the case with partial satisfaction of the Committee’s Views, because the Views issued did not address directly the return of assets to the author, but gave them the possibility to contest the decisions, which had occurred. 

    On Finland, the communication related to the right to vote for elections at the Sami Parliament. The Committee had requested effective remedy, including to make full reparation to individuals whose rights had been violated.  The State party was obligated to review the Act on the Sami Parliament with a view to ensuring that the criteria for eligibility to vote in Sami Parliament elections was defined and applied in a manner that respected the right of the Sami people to exercise their internal self-determination.  A detailed proposal sent to the State party had requested several measures, but the authors had not received any written responses to their proposals.  The Committee recommended ongoing follow-up dialogue. 

    The communication for Greece concerned conscientious objection to compulsory military service.  Remedies proposed by the Committee included expunging the author’s criminal record, reimbursing all sums paid as fines, providing him with adequate compensation, taking all steps necessary to prevent similar violations in the future, and reviewing the legislation with a view to ensuring the effective guarantee of the right to conscientious objection.  The Committee noted there were some positive steps taken, however, some human rights violations remained unaddressed. Contentious objectors still faced discrimination, and in some cases punishment, including fines and imprisonment.  The State was requested to continue follow-up dialogue and was encouraged to look further into the matter. 

    On New Zealand, the communication concerned compensation for wrongful arrest and detention. The Committee recommended providing the author with adequate compensation and taking all steps to prevent similar violations from occurring in the future, including by reviewing its domestic legislation, to ensure that individuals who had been unlawfully arrested or detained as a result of judicial acts could apply to receive adequate compensations.  The State party had requested a consultation process with civil society, but there was no timeline provided and no deadline for the subsequent report to be submitted to the Committee.  The absence of legislative action demonstrated a lack of willingness on behalf of the State party to fulfil its obligations.  In this regard, the Committee recommended follow-up dialogue and would request a meeting with a representative of the State party during a future session. 

    Regarding Sweden, the communication concerned deportation to Albania.  The Committee had recommended that Sweden review the authors’ claims, taking into account the State party’s obligations under the Covenant and the Committee’s present Views, and refrain from expelling the authors to Albania while their requests for asylum were under reconsideration.  The State party heeded to the Committee’s recommendations and therefore the Committee decided to close the follow-up dialogue with a note of satisfactory implementation of the Committee’s Views. 

    In the individual communication on Türkiye, which concerned conscientious objection to military service by Jehovah’s Witnesses, the Committee recommended expunging their criminal records, providing them with adequate compensation, and avoiding similar violations of the Covenant in the future.  The State party submitted that it had made amendments regarding crimes related to compulsory military services, and had also abolished the military courts, which the Committee described as a welcome development.  However, the author reported that their criminal records had not been expunged, they had not been provided with compensation, and they were still subject to military conscription.  Given this, the Committee recommended follow-up dialogue. 

    On Turkmenistan, the communication included conscientious objection to compulsory military service.  The Committee’s recommendations included expunging the author’s criminal record, providing them with adequate compensation, including by reimbursing any legal costs, and taking steps to prevent similar violations from occurring in the future, including by reviewing the legislation of the State party, for instance by providing for the possibility of alternative service of a civilian nature. The author’s counsel had stated that neither he nor the author were aware of any steps taken by the State party to implement the Committee’s Views.  One Expert noted there was no convincing evidence that the State party had contemplated compensation of any kind to the author.  The Committee decided to close the follow-up dialogue with a note of unsatisfactory implementation of the Committee’s recommendation. 

    On Ukraine, the communication concerned the impossibility of having life sentence reviewed. The Committee recommended providing the author with a meaningful review of his sentence of life imprisonment on the basis of a clear and predictable procedure, providing him with adequate compensation, and taking all steps necessary to prevent similar violations in the future.  Due to the escalating conflict in Ukraine, the author requested that his life imprisonment be replaced with a fixed term imprisonment, which did not exceed 15 years of imprisonment, however, this was rejected by the Supreme Court.  In this regard, the Committee recommended follow-up dialogue, but noted positively, that the State party had prepared legislation allowing for any convicted person to have their life sentence considered by the court. 

    In closing remarks, Mr. Santos Pais said it was his last report as Rapporteur on follow-up to Views.  The report on follow-up to Views was essential in monitoring the Committee’s Views and ensuring victims had access to effective remedies.  It also ensured accountability for States under the Optional Protocol.  He thanked all those who had contributed to the report which was very much a team effort. 

    The Human Rights Committee’s one hundred and forty-second session is being held from 14 October to 7 November 2024.  All the 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 in public at 3 p.m. on Thursday, 7 November to close its one hundred and forty-second session.

     

    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.

     

    CCPR24.024E

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