Category: Health

MIL-OSI Global: Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue

Source: The Conversation – Canada – By Alexander Martin, PhD Student, Science and Technology Studies, York University, Canada

The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. (Shutterstock)

There has recently been a shift online from centralized platforms like X (formerly Twitter) to decentralized alternatives like Bluesky. In particular, many users unhappy with the politics and antics of X owner Elon Musk are moving to Bluesky.

Users migrating from X have cited a rise in bots and hate speech as the reason for leaving the site. Journalist Cory Doctorow termed this the idea of “enshittification,” a process where platforms get worse by focusing on profit and spreading harmful content.

Under Musk, X has seemingly shifted to promote more extreme accounts, making the platform less welcoming to others. These users are looking for more control, transparency, and less manipulation.

However, this migration raises an important question. Is this shift towards platforms like Bluesky limiting cross-ideological conversation and increasing political polarization? If so, what does this mean for the health of democracy in the digital age?

The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. Understanding this trend is essential, as it could shape how future political debates and movements unfold online.

Social media and political discourse

Social media platforms are now central to political discourse. Amid recent political movements, including Donald Trump’s rise, social media has emerged as a key player in shaping political narratives. Figures like Musk and Meta CEO Mark Zuckerberg are increasingly close to Trump.

Meta donated $1 million to Trump’s inauguration fund, as did other tech companies. Both Zuckerberg and Musk made appearances at Trump’s inauguration, signalling support for Trump’s ascent to power. This demonstrates the tech industry’s close proximity to political power and centralized social media’s potential to amplify certain political agendas.

The shift from X to Bluesky is part of a larger trend. Left-leaning users are moving to Bluesky because of concerns over political bias and misinformation on X.

Musk’s acquisition of X in 2022 changed its content moderation policies. This change amplified conservative voices and pushed away users who already felt marginalized. This resulted in an initial exodus to another decentralized social media site called Mastodon, where the user count surged from 3,400 to 113,400 in a single day.

Commentators have pointed out that many users want a platform with less bias, few manipulations and more freedom of expression.

Bluesky’s open-source, federated structure provides a space where users have more control over their online experience. This has helped Bluesky grow rapidly, with the platform gaining 2.5 million new users in just two months and seeing a 500 per cent increase in traffic following the U.S. election.

The platform’s appeal lies in its promise of transparency and user autonomy, qualities that users increasingly value as centralized platforms like X and Meta face scrutiny over political bias and misinformation.

Tara McGowan discusses the migration of liberals from X to Bluesky.

May fuel more polarization

While Bluesky offers an alternative to X’s perceived political bias, it may also deepen political polarization. Its decentralized nature gives users control over what they see, which could reinforce ideological silos.

Research being done on Mastodon shows that this model can contribute to the democratization of social media by offering more control. As left-leaning users flock to Bluesky while right-leaning users stay on X and Meta, the divide between these groups deepens, further entrenching political silos.

One of the main reasons for the migration to Bluesky is dissatisfaction with content moderation practices on centralized platforms like X and Meta. Under Musk’s leadership, X has scaled back content moderation and reinstated controversial accounts, raising concerns about the spread of misinformation.

Similarly, Meta has relaxed its content guidelines by introducing community notes, similar to X. This makes it easier for harmful content to spread. With the community notes, the platform decides what content is considered factual. While this gives users more freedom, it could also enable the spread of false and misleading information.

Read more:
Meta is abandoning fact checking – this doesn’t bode well for the fight against misinformation

Bluesky offers a decentralized model that gives users more control over the content they see. Users can curate their own feeds, creating a more personalized experience.

Though this model faces challenges, like bot activity and misinformation, it moves away from algorithm-driven approach of platforms like X and Meta. In an era where users worry about bias and censorship, Bluesky’s model offers a potential solution for those seeking more transparency and control over the content they see.

However, all misinformation threatens the integrity of public discourse. As users gravitate toward platforms that reinforce their existing beliefs, they become more vulnerable to misinformation campaigns.

This has the potential to undermine public trust in political institutions and the democratic process. Unchecked false information could have serious consequences for democratic participation and the legitimacy of the political process.

A threat to democracy?

Bluesky’s decentralized model offers an alternative to traditional centralized platforms that are increasingly seen as biased or manipulative.

However, this migration also highlights the dangers of political polarization and echo chambers. As users move to platforms that align with their beliefs, space for cross-ideological dialogue shrinks, weakening public discourse.

This growing division could make it harder for people to have informed, open debates about important issues that matter most. Moving to decentralized platforms like Bluesky may provide more control over the content, but it still requires careful attention to how platforms shape political narratives and the future of democratic engagement.

Alexander Martin 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. Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue – https://theconversation.com/online-platforms-risk-becoming-ideological-echo-chambers-that-undermine-meaningful-dialogue-247982

MIL OSI – Global Reports –

January 27, 2025
MIL-OSI Africa: Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study

Source: The Conversation – Africa – By Tinashe P. Kanosvamhira, Post-doctoral researcher, African Centre for Cities, University of Cape Town

Urban agriculture takes many forms, among them community, school or rooftop gardens, commercial urban farms, and hydroponic or aquaponic systems. These activities have been shown to promote sustainable cities in a number of ways. They enhance local food security and foster economic opportunities through small-scale farming initiatives. They also strengthen social cohesion by creating shared spaces for collaboration and learning.

However, evidence from some African countries (and other parts of the world) shows that very few young people are getting involved in agriculture, whether in urban, peri-urban or rural areas. Studies from Kenya, Tanzania, Ethiopia and Nigeria show that people aged between 15 and 34 have very little interest in agriculture, whether as an educational pathway or career. They perceive farming as physically demanding, low-paying and lacking in prestige. Systemic barriers like limited access to land, capital and skills also hold young people back.

South Africa has a higher rate of young people engaging in farming (24%) than elsewhere in sub-Saharan Africa. However, this number could be higher if young people better understood the benefits of a career in farming and if they had more support.

In a recent study I explored youth-driven urban agriculture in Khayelitsha, a large urban area outside Cape Town whose residents are mostly Black, low-income earners.

The young urban farmers I interviewed are using community gardens to grow more than vegetables. They’re also nurturing social connections, creating economic and business opportunities, and promoting environmental conservation. My findings highlight the transformative potential of youth-driven urban agriculture and how it can be a multifaceted response to urban challenges. It’s crucial that policy makers recognise the value of youth-led urban agriculture and support those doing the work.

The research

Khayelitsha is vibrant and bustling. But its approximately 400,000 residents have limited resources and often struggle to make a living.

I interviewed members of two youth-led gardens. One has just two members; the other has six. All my interviewees were aged between 22 and 27. The relatively low number of interviewees is typical of qualitative research, where the emphasis is placed on depth rather than breadth. This approach allows researchers to obtain detailed, context-rich data from a small, focused group of participants.

The first garden was founded in January 2020, just a few months before the pandemic struck. The founders wanted to tackle unemployment and food insecurity in their community. They hoped to create jobs for themselves and others, and to provide nutritional support, particularly for vulnerable groups like children with special needs.

The second garden was established in 2014 by three childhood friends. They were inspired by one founder’s grandmother, who loved gardening. They also wanted to promote organic farming, teach people healthy eating habits, and create a self-reliant community.

All of my interviewees were activists for food justice. This refers to efforts aimed at addressing systemic inequities in food production, distribution, and access, particularly for marginalised communities. It advocates for equitable access to nutritious, culturally appropriate food.

One of the gardens, for instance, operates about 30 beds. It cultivates a variety of produce: beetroot, carrots, spinach, pumpkins, potatoes, radishes, peas, lettuce and herbs. 30% of its produce is donated to local community centres each month (they were unable to say how many people benefited from this arrangement). The rest is sold to support the garden financially. Its paying clients include local restaurants and chefs, and members of the community. The garden also partners with schools, hospitals and other organisations to promote healthy eating and sustainable practices.

The second garden, which is on land belonging to a local early childhood development centre, also focuses on feeding the community, as well as engaging in food justice activism.

Skills, resilience and connections

The gardens also help members to develop skills. Members gain practical knowledge about sustainable agriculture, marketing and entrepreneurship, all while managing operations and planning for growth.

Read more: Healthy food is hard to come by in Cape Town’s poorer areas: how community gardens can fix that

This hands-on experience instils a sense of responsibility and gives participants valuable skills they can apply in future careers or ventures. The founder of the first garden told me his skills empowered him to seek help from his own community rather than waiting for government intervention. He approached the management of an early childhood development centre in the community to request space on their land, and this was granted.

Social connections have been essential to the gardens’ success. Bonding capital (close ties within their networks) and bridging capital (connections beyond their immediate community) has allowed them to strengthen relationships between themselves and civil society organisations. They’ve also been able to mobilise resources, as in the case of the first garden accessing community land.

Additionally, the gardens foster community resilience. Members host workshops and events to educate residents about healthy eating, sustainable farming and environmental stewardship.

By donating produce to local early childhood centres, they provide direct benefits to those most in need. These efforts have transformed the gardens into safe spaces for the community.

Broader collaboration has also been key to the gardens’ success. For instance, the second garden has worked with global organisations and networks, like the Slow Food Youth Network, to share and gain knowledge about sustainable farming practices.

Room for growth

My findings highlight the need for targeted support for youth-driven urban agriculture initiatives. Policy and financial backing can enable these young gardeners to expand their efforts. This in turn will allow them to provide more food to their communities, create additional jobs, and empower more young people.

At a policy level, the government could prioritise land access for urban agriculture projects, especially in under-served communities. Cities can foster an environment for youth initiatives to thrive by allocating spaces within their planning for urban farming.

Read more: Africa’s megacities threatened by heat, floods and disease – urgent action is needed to start greening and adapt to climate change

There’s also a need for educational programmes that emphasise the value of sustainable urban agriculture, and workshops and training on entrepreneurship and sustainable farming techniques. Community organising could further empower young farmers. Finally, continued collaboration with national and international food networks would help strengthen such initiatives.

– Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study
– https://theconversation.com/urban-food-gardens-produce-more-than-vegetables-they-create-bonds-for-young-capetonians-study-243500

MIL OSI Africa –

January 26, 2025
MIL-OSI Global: Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study

Source: The Conversation – Africa – By Tinashe P. Kanosvamhira, Post-doctoral researcher, African Centre for Cities, University of Cape Town

Urban farms like this one in Nouakchott, Mauritania, have many benefits. John Wessels/AFP via Getty Images)

Urban agriculture takes many forms, among them community, school or rooftop gardens, commercial urban farms, and hydroponic or aquaponic systems. These activities have been shown to promote sustainable cities in a number of ways. They enhance local food security and foster economic opportunities through small-scale farming initiatives. They also strengthen social cohesion by creating shared spaces for collaboration and learning.

However, evidence from some African countries (and other parts of the world) shows that very few young people are getting involved in agriculture, whether in urban, peri-urban or rural areas. Studies from Kenya, Tanzania, Ethiopia and Nigeria show that people aged between 15 and 34 have very little interest in agriculture, whether as an educational pathway or career. They perceive farming as physically demanding, low-paying and lacking in prestige. Systemic barriers like limited access to land, capital and skills also hold young people back.

South Africa has a higher rate of young people engaging in farming (24%) than elsewhere in sub-Saharan Africa. However, this number could be higher if young people better understood the benefits of a career in farming and if they had more support.

In a recent study I explored youth-driven urban agriculture in Khayelitsha, a large urban area outside Cape Town whose residents are mostly Black, low-income earners.

The young urban farmers I interviewed are using community gardens to grow more than vegetables. They’re also nurturing social connections, creating economic and business opportunities, and promoting environmental conservation. My findings highlight the transformative potential of youth-driven urban agriculture and how it can be a multifaceted response to urban challenges. It’s crucial that policy makers recognise the value of youth-led urban agriculture and support those doing the work.

The research

Khayelitsha is vibrant and bustling. But its approximately 400,000 residents have limited resources and often struggle to make a living.

I interviewed members of two youth-led gardens. One has just two members; the other has six. All my interviewees were aged between 22 and 27. The relatively low number of interviewees is typical of qualitative research, where the emphasis is placed on depth rather than breadth. This approach allows researchers to obtain detailed, context-rich data from a small, focused group of participants.

The first garden was founded in January 2020, just a few months before the pandemic struck. The founders wanted to tackle unemployment and food insecurity in their community. They hoped to create jobs for themselves and others, and to provide nutritional support, particularly for vulnerable groups like children with special needs.

The second garden was established in 2014 by three childhood friends. They were inspired by one founder’s grandmother, who loved gardening. They also wanted to promote organic farming, teach people healthy eating habits, and create a self-reliant community.

All of my interviewees were activists for food justice. This refers to efforts aimed at addressing systemic inequities in food production, distribution, and access, particularly for marginalised communities. It advocates for equitable access to nutritious, culturally appropriate food.

One of the gardens, for instance, operates about 30 beds. It cultivates a variety of produce: beetroot, carrots, spinach, pumpkins, potatoes, radishes, peas, lettuce and herbs. 30% of its produce is donated to local community centres each month (they were unable to say how many people benefited from this arrangement). The rest is sold to support the garden financially. Its paying clients include local restaurants and chefs, and members of the community. The garden also partners with schools, hospitals and other organisations to promote healthy eating and sustainable practices.

The second garden, which is on land belonging to a local early childhood development centre, also focuses on feeding the community, as well as engaging in food justice activism.

Skills, resilience and connections

The gardens also help members to develop skills. Members gain practical knowledge about sustainable agriculture, marketing and entrepreneurship, all while managing operations and planning for growth.

Read more:
Healthy food is hard to come by in Cape Town’s poorer areas: how community gardens can fix that

This hands-on experience instils a sense of responsibility and gives participants valuable skills they can apply in future careers or ventures. The founder of the first garden told me his skills empowered him to seek help from his own community rather than waiting for government intervention. He approached the management of an early childhood development centre in the community to request space on their land, and this was granted.

Social connections have been essential to the gardens’ success. Bonding capital (close ties within their networks) and bridging capital (connections beyond their immediate community) has allowed them to strengthen relationships between themselves and civil society organisations. They’ve also been able to mobilise resources, as in the case of the first garden accessing community land.

Additionally, the gardens foster community resilience. Members host workshops and events to educate residents about healthy eating, sustainable farming and environmental stewardship.

By donating produce to local early childhood centres, they provide direct benefits to those most in need. These efforts have transformed the gardens into safe spaces for the community.

Broader collaboration has also been key to the gardens’ success. For instance, the second garden has worked with global organisations and networks, like the Slow Food Youth Network, to share and gain knowledge about sustainable farming practices.

Room for growth

My findings highlight the need for targeted support for youth-driven urban agriculture initiatives. Policy and financial backing can enable these young gardeners to expand their efforts. This in turn will allow them to provide more food to their communities, create additional jobs, and empower more young people.

At a policy level, the government could prioritise land access for urban agriculture projects, especially in under-served communities. Cities can foster an environment for youth initiatives to thrive by allocating spaces within their planning for urban farming.

Read more:
Africa’s megacities threatened by heat, floods and disease – urgent action is needed to start greening and adapt to climate change

There’s also a need for educational programmes that emphasise the value of sustainable urban agriculture, and workshops and training on entrepreneurship and sustainable farming techniques. Community organising could further empower young farmers. Finally, continued collaboration with national and international food networks would help strengthen such initiatives.

Tinashe P. Kanosvamhira 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. Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study – https://theconversation.com/urban-food-gardens-produce-more-than-vegetables-they-create-bonds-for-young-capetonians-study-243500

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI China: 4 Israeli hostages arrive in Israel after released by Hamas in Gaza

Source: China State Council Information Office

Four Israeli hostages are seen during the ceremony of their release in Palestine Square in Gaza City on Jan. 25, 2025. [Photo/Xinhua]

Four female Israeli soldier hostages held in Gaza were transferred to the Israel Defense Forces (IDF) and the Israel Security Agency (ISA) on Saturday and crossed the border into Israel, the IDF and the ISA said in a joint statement.

Liri Albag, Karina Ariev, Daniella Gilboa, and Naama Levy, army observers aged between 19 and 20, were abducted by Hamas from the Israeli army’s surveillance base at Nahal Oz on Oct. 7, 2023, near the Gaza Strip border.

“The four returning hostages were accompanied by IDF special forces and ISA forces on their return to Israeli territory, where they will undergo an initial medical assessment,” the statement reads.

The four are scheduled to meet their families at the IDF’s Reim camp, near the Gaza Strip border, and from there they will be transferred by helicopter to Beilinson Hospital in central Israel.

The transfer of the four soldiers from Hamas to the Red Cross in Gaza was broadcast live. The four appeared to be in good health, walking and smiling.

The hostage release is part of the second phase of a prisoner-hostage exchange between Hamas and Israel, implemented under the initial terms of a ceasefire agreement.

The first stage of the six-week ceasefire took effect on Jan. 19.

The ceasefire agreement between Hamas and Israel was reached after 15 months of intense fighting, as a result of negotiations mediated by Egypt, Qatar and the United States.

MIL OSI China News –

January 26, 2025
MIL-OSI: iRhythm Technologies to Participate in the Wolfe Research 2024 Healthcare Conference

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Nov. 05, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company will be participating in the upcoming Wolfe Research 2024 Healthcare Conference.

iRhythm’s management is scheduled to participate in a fireside chat on Tuesday, November 19, at 9:50 am Eastern Time. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

The MIL Network –

January 26, 2025

MIL-OSI USA: Savencia Cheese USA Announces an Expanded Voluntary Recall of Select Soft Ripened Cheeses

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:: November 04, 2024
FDA Publish Date:: November 05, 2024
Product Type:: Food & Beverages
Reason for Announcement:: Recall Reason Description

Potential Foodborne Illness – Listeria monocytogens
Company Name:: Savencia Cheese USA
Brand Name:: Brand Name(s)

Aldi, La Bonne Vie and others
Product Description:: Product Description

Soft ripened cheeses

Company Announcement

NEW HOLLAND, Pa. (Nov. 4, 2024) – Savencia Cheese USA is recalling select soft ripened cheeses manufactured in our Lena manufacturing facility because it has the potential to be contaminated with Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.

The following products are affected by this recall:

Description	Best Buy Date	Case GTIN	Product UPC	Mfg Date
Aldi Emporium Selection Brie, 12/8oz Brie	12/24/2024		4099100084016	9/30/2024
Supreme Oval 7oz, 6/7oz	12/24/2024	10071448504211	071448504214	9/30/2024
La Bonne Vie Brie, 6/8oz	12/24/2024	10820581678538		9/30/2024
La Bonne Vie Camember, 6/8oz	12/24/2024	10820581678613		9/30/2024
12/8oz Industrial Brie	12/24/2024	10077901005226	077901005229	9/30/2024
Market Basket Brie 6/8oz	12/24/2024	10049705666309	049705666302	9/30/2024
Glenview Farms Spreadable Brie, 2/3lb	1/13/2025	50758108712312		10/15/2024

The only products being recalled are those in the table above. You can identify these products by reviewing the UPC and the best buy date on the product labels. These products had limited regional distribution in the United States. The few retailers that received the product have been informed of this possible contamination and are in the process of removing products from shelves. Consumers that have any of the recalled products listed in the table above should refrain from consuming them and return them to their place of purchase for a full refund.

At this time, there have been no confirmed reports of adverse health events due to consumption of these products.

Through routine testing, it was identified that processing equipment at the site may have been contaminated with Listeria monocytogenes. While finished product testing has not identified contaminated product, we have initiated a voluntary recall to retrieve the potentially affected product.

This voluntary recall is being conducted in coordination with the U.S. Food and Drug Administration.

Consumers with questions regarding the recall can contact Consumer Relations at (800)-322-2743 or email sc.customer.service@savencia.com.

*UPC was stated incorrectly in original release. Updated to reflect correct UPC.

Media Contact:
Kriston Ohm
kriston.ohm@savencia.com

Labels for Identification Purposes:

Product Name	UPC -A	UPC – B	Label
Aldi Emporium Selection Brie, 12/8oz Brie	4099100084016		See image below
La Bonne Vie Brie, 6/8oz			See image below
La Bonne Vie Camembert, 6/8oz			See image below
12/8oz Industrial Brie		077901005229	See image below
Market Basket Brie 6/8oz	004970566630	049705666302	See image below
Supreme Oval 7oz, 6/7oz	007144850421	071448504214	See image below
Glenview Farms Spreadable Brie, 2/3lb	50758108712312		See image below

Initial Press

Company Contact Information

Product Photos

MIL OSI USA News –

January 26, 2025

MIL-OSI Australia: City seeks community feedback on Immunisation Services

Source: State of Victoria Local Government 2

The City of Greater Bendigo is undertaking a review of its Immunisation Services to ensure the service is meeting the needs of the community.

Residents can have input into the review by completing a short online survey on the City’s community engagement website Let’s Talk Greater Bendigo by Wednesday December 4, 2024.

City of Greater Bendigo Acting Manager Community and Environmental Health, Sue Harrison said in the last financial year the City provided a total of 10,504 immunisations at community sessions (6,725), school sessions (3,333) and 446 influenza vaccinations for City staff.

“The City’s free immunisation services are accessed by a large number of people and by undertaking a review we want to find out residents experiences and satisfaction with the current service,” said Ms Harrison.

“This is an important project because we want to gain an understanding of the challenges and barriers residents may face when accessing the service and identify what’s working well and the areas where improvements could be made,

“The information provided by residents through the survey will help us to determine how often, and where, public immunisation clinics are held, if we need to provide better access to the clinics and if services are being delivered in the best possible way.

“The review is about building community trust and knowledge and we really want to hear the thoughts of residents about the services they use so we can ensure they can access the services they want and need.”

The survey opens on Wednesday November 6 and will close on Wednesday December 4, 2024.

MIL OSI News –

January 26, 2025
MIL-OSI USA: FDA Roundup: November 5, 2024
Source: US Department of Health and Human Services – 3
For Immediate Release:

November 05, 2024

Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency:
- Today, the FDA published “Catching Up with Califf: One Health – Optimal Public Health Outcomes for Humans and Animals in Our Shared Environment,” by FDA Commissioner Robert M. Califf, M.D. Dr. Califf discusses One Health and the FDA’s mission to collaborate across disciplines and sectors to promote the health of humans and animals; and taking into account agricultural and environmental issues, using science, technology, and innovation to better understand and define policies that involve these intersections. The blog also provides details on FDA Center for Veterinary Medicine’s upcoming Symposium: “Paws, Claws, Hooves, Fins, and Feet—Advancements through a One Health Approach.”
- On Monday, the FDA published the Supplement to the 2022 Food Code. The Supplement updates the 2022 Food Code with recommendations made by regulatory officials, industry, academia, and consumers at the 2023 Biennial Meeting of the Conference for Food Protection. The Food Code and its Supplement provide government and industry with practical, science-based controls for reducing the risk of foodborne illness in retail and foodservice establishments of all types. The Food Code and the Supplement are joint projects by the FDA, the Centers for Disease Control and Prevention, and the United States Department of Agriculture – Food Safety and Inspection Service.
- On Monday, the FDA, in collaboration with the Environmental Protection Agency (EPA), announced the registration of the first antimicrobial treatment for pathogen reduction in pre-harvest agricultural water—a landmark achievement in enhancing food safety. This product effectively combats foodborne pathogens such as E. coli and Salmonella in water used to grow crops. It is the first label amendment approved under a revised efficacy protocol–designed by the FDA and EPA–to ensure robust treatment options are available for agricultural use.
- On Monday, the FDA authorized marketing of LumiThera, Inc.’s Valeda Light Delivery System to help improve vision in certain dry age-related macular degeneration (AMD) patients. According to data on AMD prevalence estimates analyzed by the CDC, in 2019 an estimated 19.8 million Americans aged 40 years and older were living with some type (dry or wet) of AMD.
  “Today’s action brings to market the first therapeutic option for adult patients with dry AMD,” said Malvina Eydelman, M.D., director of the Office of Ophthalmic, Anesthesia, Respiratory, ENT and Dental Devices at the FDA’s Center for Devices and Radiological Health. “This authorization reinforces FDA’s commitment to assuring access to innovative, safe and effective medical devices to treat high-prevalence, degenerative conditions.”
  
  The Valeda Light Delivery System uses three light emitting diodes that generate light at different wavelengths to provide treatment to the patient’s eye. Treatment with the device after approximately two years can provide an average improvement in vision equivalent to around one line on an eye chart.
- On Friday, the FDA Office of Criminal Investigations arrested a Massachusetts spa owner, Rebecca Fadanelli, for allegedly performing thousands of illegal injections of counterfeit Botox, Sculptra and Juvederm on clients for over three years. If you or a family member believe you received services involving a counterfeit drug or counterfeit device from Fadanelli and/or Skin Beaute Med Spa in Randolph and South Easton, Mass. between 2021 through and including to the present date, please complete the questionnaire located on the FDA’s website here.
Related Information

Related Information

###

Boilerplate

The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

Inquiries

Consumer:

888-INFO-FDA
Content current as of:

11/05/2024

Regulated Product(s)

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MIL OSI USA News –
January 26, 2025
MIL-OSI New Zealand: Not too late to abandon the Bill, Christopher

Source: Green Party

The Green Party is urgently calling on Prime Minister Christopher Luxon to abandon the Treaty Principles Bill following reports it will be introduced on Thursday.

“It’s not too late to do the right thing, Christopher. It’s time to abandon this Bill and honour Te Tiriti,” says the Green Party’s spokesperson for Justice, Tamatha Paul.

“Te Tiriti forms the founding agreement Aotearoa was built upon. It provides the foundations for an enduring relationship between tangata whenua and tangata Tiriti that ensures everybody is looked after and nobody is left behind.

“Te Tiriti is permanent, Governments are temporary. Honouring the Treaty has to come before the honouring of coalition agreements.

“At Waitangi, Christopher Luxon told Māori that Te Tiriti was our past, present and future. At the tangi of Kiingi Tuuhetia, he spoke to the importance of kotahitanga and the need to honour the legacy of the late Kiingi. If his words are actually worth anything, he would not allow legislation that aims to completely corrupt and defile the defining essence of our nation anywhere near our Parliament.

“It is high time that his rhetoric matched the reality of his actions when it comes to Te Tiriti. He has stood by and watched as Treaty protections were removed from state care, as the Māori Health Authority was scrapped and as Māori wards were essentially erased.

“The Prime Minister has two choices: abandon the Bill and honour our founding agreement or unleash a level of division and disharmony that will cut to the very core of our country.

“We call on the Prime Minister to do the right thing and uphold the dignity, meaning and integrity of our founding agreement,” says Tamatha Paul.

MIL OSI New Zealand News –

January 26, 2025

MIL-OSI: Hut 8 Operations Update for October 2024

Source: GlobeNewswire (MIL-OSI)

20.1 EH/s and 967 MW under management in mining with path to ~35 EH/s

Vega site buildout advancing on track for Q2 2025 energization

MIAMI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for October 2024.

“Following the announcement of our partnership with BITMAIN to launch the U3S21EXPH with a 15 EH/s hosting deployment, progress continues on our 205-megawatt Vega site, which will feature the custom rack-based architecture we developed in-house for the project,” said Asher Genoot, CEO of Hut 8. “With groundwork progressing rapidly, we are on track to energize the site in Q2 2025. Our hosting agreement with BITMAIN is expected to generate up to $135 million in annualized revenue on a fully ramped basis.”

“In parallel, we are preparing our existing sites for a near-term fleet upgrade as we finalize a commercial agreement. At Salt Creek, we launched an immersion cooling pilot as we continue to advance our technological innovation efforts. More broadly, we are focused on identifying further opportunities for technical and commercial innovation as we advance discussions for large-scale AI data center development opportunities across multiple sites in our development pipeline.”

Highlights:

Groundwork at Vega progressing on track for Q2 2025 energization with ~15 EH/s hosting deployment of U3S21EXPH ASIC miner
Began preparing existing sites for expected near-term ASIC fleet upgrade
Launched immersion cooling pilot at Salt Creek as part of continued technological innovation efforts
Advanced discussions for large-scale AI data center development opportunities across multiple sites in development pipeline

Operating Metrics

Average during the period unless otherwise noted	October 2024	September 2024
Total energy capacity under management (mining)^1,2	967 MW³	762 MW
Total deployed miners under management⁴	194.2K	189.9K
Total hashrate under management⁵	20.1 EH/s	19.5 EH/s

Self-Mining⁶
Deployed miners⁷	57.1K	58.6K
Deployed hashrate⁸	5.6 EH/s	5.6 EH/s
Bitcoin produced^1,⁹	100 BTC	85 BTC
Bitcoin on balance sheet¹	9,110 BTC	9,106 BTC

Managed Services¹⁰
Energy capacity under management¹	582 MW	582 MW
Deployed miners under management	146.5K	140.8K
Hashrate under management	15.5 EH/s	14.9 EH/s

Hosting
Deployed miners under management¹¹^,1²	76.7K	76.7K
Hashrate under management¹³	8.5 EH/s	8.6 EH/s

Energy Infrastructure Platform¹

				Current/Contracted Revenue Stream(s)¹⁴
Site	Location	Owner¹⁵	Power Capacity	Self- Mining	Managed Services	Hosting	HPC	Power Sales
Vega¹⁶	Texas Panhandle	Hut 8	205 MW			Yes¹⁷
Medicine Hat	Medicine Hat, AB	Hut 8	67 MW	Yes
Salt Creek	Orla, TX	Hut 8	63 MW	Yes
Alpha	Niagara Falls, NY	Hut 8	50 MW	Yes		Yes
Drumheller¹⁸	Drumheller, AB	Hut 8	42 MW
Kelowna	Kelowna, BC	Hut 8	1.1 MW				Yes
Mississauga	Mississauga, ON	Hut 8	0.9 MW				Yes
Vaughan	Vaughan, ON	Hut 8	0.6 MW				Yes
Vancouver II	Vancouver, BC	Hut 8	0.5 MW				Yes
Vancouver I	Vancouver, BC	Hut 8	0.3 MW				Yes
King Mountain¹⁹	McCamey, TX	Hut 8 (JV)	280 MW	Yes	Yes	Yes		Yes
Iroquois Falls²⁰	Iroquois Falls, ON	Hut 8 (JV)	120 MW					Yes
Kingston²⁰	Kingston, ON	Hut 8 (JV)	110 MW					Yes
North Bay²⁰	North Bay, ON	Hut 8 (JV)	40 MW					Yes
Kapuskasing²⁰	Kapuskasing, ON	Hut 8 (JV)	40 MW					Yes
Cedarvale³^,16	Barstow, TX	Managed	215 MW		Yes
East Stiles	Midland, TX	Managed	30 MW		Yes
Rebel	Midland, TX	Managed	25 MW		Yes
Stiles	Midland, TX	Managed	20 MW		Yes
Garden City	Midland, TX	Managed	12 MW		Yes
Total			1,322 MW

Conference Call to Discuss Third Quarter 2024 Results

Who:	Analysts, media, and investors are invited to attend.
What:	Hut 8 executives will review the Company’s financial results for the third quarter of 2024.
When:	Results will be shared via media release and on the Company’s website at https://hut8.com/investors/ on November 13 2024. The conference call and webinar will begin at 8:30 a.m. ET.
Where:	The webcast can be viewed at: https://www.hut8.com/q3-2024/.
	Analysts can register here.

Upcoming Conferences & Events:

November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
November 19, 2024: Benzinga Future of Digital Assets Conference 2024

Notes:

(1)	As of the end of the period
(2)	Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, (iii) 280 MW of capacity under management at King Mountain, and (iv) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
(3)	Starting October 2024, Hut 8 includes the full 205 MW of capacity at Vega as energy capacity under management (mining) as Vega is expected to host miners for BITMAIN. This was not reflected in Hut 8’s September 2024 figure.
(4)	Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
(5)	Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
(6)	Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
(7)	Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 48.2K during October and 49.6K during September.
(8)	Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during September and August, respectively.
(9)	Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 83 BTC during October and 72 BTC during September.
(10)	Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
(11)	Miners are rounded to the nearest 100.
(12)	42.6K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during October and September, respectively.
(13)	4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during October and September, respectively.
(14)	Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
(15)	Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
(16)	Site is currently under development.
(17)	Anticipated to begin generating revenue by Q2 2025.
(18)	Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
(19)	Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
(20)	Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.

About Hut 8

Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the execution, timing and potential revenues for the hosting deployment at our Vega site, the timing and completion of a fleet upgrade, and the advancement of the Company’s pipeline.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Media Relations
media@hut8.com

The MIL Network –

January 26, 2025

MIL-OSI New Zealand: Health and Employment – New Dunedin hospital petition: Southerners need tertiary level care
Source: New Zealand Nurses Organisation

The Government will today be urged to ensure the new Dunedin hospital provides crucial tertiary level health services for the Southern region in a petition being handed over at Parliament today.

Tertiary level health services are specialised and lifesaving care such as surgery and lifesaving and cancer treatments. The current Dunedin Hospital which provides a range of these specialist services to patients throughout Otago and the South Island is in a state of disrepair.

The 34,406-signature petition from the New Zealand Nurses Organisation (NZNO) Tōpūtanga Tapuhi Kaitiaki O Aotearoa calls for the new hospital to be fully funded as planned after the Coalition Government in September said it would be scaled back to reduce costs.

The proposed downgrades are a false economy, says NZNO delegate Linda Smillie.

“A scaled back hospital will increase costs over the long term because it will reduce the clinical capacity to care for an increasingly aging population.

“Nurses will not be able to provide the appropriate level of care their patients need. This will lead to patient harm and loss of life.”

The Coalition Government must fund the full new hospital as was promised, Linda Smillie says.

“Southerners deserve more than half a hospital or a slow rebuild of the old hospital.”

NZNO representatives will be at Parliament at 12:30 with the Dunedin City Council delegation led by Mayor Jules Radich.
MIL OSI New Zealand News –
January 26, 2025
MIL-OSI New Zealand: Exercise NZ – Movement In Movember: Urging Kiwi Men to Boost Health Through Physical Activity

Source: Exercise New Zealand

Movember is an annual campaign held each November to raise awareness and funds for men’s health issues, particularly prostate cancer, testicular cancer, mental health, and suicide prevention.

While there is strong support for men to grow moustaches throughout the month to spark conversations around men’s health, Movember also promotes other health initiatives like the Move for Movember campaign, which encourages people to get active and raise awareness about the benefits of physical activity for mental and physical well-being.

As Movember kicks off, Exercise New Zealand is emphasising the crucial role of regular physical activity in promoting men’s health, particularly in reducing the risk of prostate cancer and improving mental well-being.

Recent findings from ExerciseNZ’s 2024 consumer research reveal that mental health now rates as the second most important reason to exercise among men, following general health by only a few percent.

Many men report that exercise not only enhances how they feel but that the social connections fostered in structured exercise programs offer additional mental health benefits. This aligns well with Movember’s focus on mental well-being and social support, underscoring the value of men talking openly about their challenges and supporting one another through physical activity.

The Move for Movember campaign provides a supportive space where men can openly discuss their challenges while staying physically active.

The challenge—to walk 60 km throughout November—honours the 60 men who die by suicide each hour worldwide.

Walking just 90 minutes per week at a comfortable pace can help reduce fatigue, ease depression, and support a healthy body weight.

Whether it’s on a footpath, along the beach, or on a treadmill at the local gym, Movember encourages men to embrace the simplicity of walking for its wide-reaching benefits for mental and physical well-being.

In addition, studies have also shown that men who engage in regular exercise have a lower risk of developing prostate cancer, especially aggressive forms of the disease. Urologist, Dr. Michael Johnson explained in John Hopkins Medicine that “Most likely, it’s not just the exercise that counts — it’s the subsequent weight loss that also makes a difference. Studies have linked obesity with particularly aggressive forms of prostate cancer”.

Furthermore, a study from the Health Professionals Follow-up Study found that men who exercised vigorously for three or more hours per week had a 61% reduction in the risk of prostate-specific death compared to those who exercised for less than one hour per week.

These studies highlight the importance of regular physical activity or exercise as a vital measure to help reduce the risk of certain cancer-related deaths.

In summary, while growing moustaches is a hallmark of the campaign, Movember also champions physical activity through initiatives like Move for Movember. Exercise New Zealand supports this focus, highlighting the role of regular exercise in reducing cancer risks and improving mental health.

With research showing that mental well-being is a key reason men engage in physical activity, Movember creates space for open conversations and physical activity, reinforcing the benefits of an active lifestyle for both mental and physical health.

Exercise New Zealand is encouraging all men across Aotearoa to prioritise their health this Movember by incorporating regular physical activity into their routines.

MIL OSI New Zealand News –

January 26, 2025
MIL-OSI United Kingdom: Better Care for Mental Health Patients Under Major Reforms
Source: United Kingdom – Executive Government & Departments 2

Mental Health Act reformed to improve treatment of patients and address disparities
Outdated Mental Health Act modernised to better support patients, treat them more humanely, and address disparities

Reforms will introduce statutory care and treatment plans, end the use of police and prison cells to place people experiencing a mental health crisis, and end the inappropriate detention of autistic people and people with learning disabilities

Greater involvement of patients, families and carers will improve treatment whilst protecting patients, staff and the wider public

New laws will give patients sectioned under the Mental Health Act more dignity and say over their care in long-awaited updates to be introduced in Parliament today (Wednesday, 6 November).

Currently, outdated laws do not meet modern standards and fail to give patients an adequate voice. For example, individuals experiencing severe mental illness can be placed in police cells, and the law automatically gives a patient’s nearest relative – rather than the person of their choosing such as a partner – a say in decisions about their care.

Black people are over three times more likely to be detained under the Act, whilst those with a learning disability and autistic people are also found to be inappropriately sectioned. Patients currently have little say over their care and treatment should they be detained, or over who should be involved in making decision related to their care, such as family members and carers.

The new Mental Health Bill addresses the significant changes in attitudes towards mental illness since the original Act was passed, recognising outdated laws around the treatment of people in a mental health crisis are no longer tolerable. Modernising the Bill was a manifesto commitment and will reform the existing Mental Health Act to make it fit for purpose, improving patients’ experiences of hospital and mental health outcomes, while also introducing stronger protections for patients, staff and the general public.

This includes making it a legal requirement for each patient to have ‘care and treatment plans’ tailored and shaped by their individual needs that will make clear what is needed to progress them to discharge. The Bill will also give patients the right to elect a person to represent their interests and greater access to advocacy when they are detained. Together, these reforms will make it more likely for patients to stay in contact with health services and continue to engage with treatment.

As well as ensuring patients have a voice in their care, the reforms also recognise the critical role that families and carers can play in keeping patients safe – providing insight and knowledge of a patient’s wishes and preferences and an understanding of what keeps them safe – including when a patient is too unwell to express this themselves. The Bill will strengthen the rights of families and carers through changes to the Nominated Person role, and require clinicians to consult with others close to the patient as they make decisions around their care where appropriate or where the patient wishes.

Police and prison cells will also no longer be used to place people experiencing a mental health crisis, as well as creating more space for police forces to hold criminal suspects. Instead, patients will be supported to access a suitable healthcare facility that will better support their needs.

The Mental Health Act is vital to keeping people safe when necessary. It will continue to provide clinicians with the powers to admit and treat people if they become a risk to themselves or others.

Secretary of State for Health and Social Care, Wes Streeting, said:

Our outdated mental health system is letting down some of the most vulnerable people in our society, and is in urgent need of reform.

The treatment of autistic people and people with learning disabilities, and the way in which black people are disproportionately targeted by the act should shame us all.

By bringing the Mental Health Act in line with the 21st Century, we will make sure patients are treated with dignity and respect and the public are kept safe.

Safety is paramount, which is why the Bill also includes measures to ensure patients, staff and the general public are better protected. The Bill will improve decision making around detention, discharge, care and treatment. As part of this, the Bill will introduce a new requirement for the Responsible Clinician to consult another person before they discharge a patient. Increased access to second opinion doctors will help ensure care is appropriate, compassionate and effective. Discharge processes will also be reviewed more broadly and will include a safety management plan for the patient, to keep themselves and other safe.

Claire Murdoch, NHS National Mental Health Director, said:

This new Mental Health Act is a once in a generation opportunity to ensure that patients experiencing serious mental illness and crises receive safe, modern, evidence-based care, and that the needs and wishes of patients and their loved ones are central to care and better mental health outcomes.

This comes alongside the NHS’s work to transform mental health services – either through intervening earlier with hundreds of NHS teams working in schools, or trialling new 24/7 crisis mental health hubs to prevent people needing hospital care in the first place, and if an admission to hospital is needed the health service is working with local services to ensure this is delivered in a safe and therapeutic environment close to people’s homes.

Lord Timpson, Minister for Prisons and Probation, said:

This Bill will rightly end the use of prison cells for people who need care under the Mental Health Act and ensure they get the urgent specialist help they need.

It will also mean prisoners requiring mental health hospital treatment are transferred quicker, and builds on our ongoing work to ensure prisons make better citizens and not better criminals.

Whilst there have been decreases in the number of detentions from 2021/22 and 2022/23, latest data from NHS England shows an increase in 2023/24 with 22,000 people subject to the Act as of September.

An independent review of the Mental Health Act, chaired by Professor Sir Simon Wessely, President of the Royal Society of Medicine, and commissioned by former Prime Minister Theresa May in 2017, found rising rates of detention under the Act, racial disparities, poor patient experience especially for autistic people and those with a learning disability.

For those with a learning disability or autistic people, the Act will be amended to place a limit of 28 days for which they can be detained unless they have a co-occuring mental health condition.

Professor Sir Simon Wessely, Chair of the Independent Review of the Mental Health Act, said:

I am delighted that at long last a new Mental Health Act bill is to go before Parliament. No one doubts that it is time to modernise our legislation, in order to achieve the goal of reducing coercion and increasing choice for those who suffer from the most severe mental illnesses.

Our reforms will achieve that by ensuring better treatment and discharge planning with more family involvement, replacing outdated Victorian rules, and by reforming community treatment orders tackle unacceptable ethnic differences. Most of all ensuring that more attention is given to patient preferences will improve compliance with essential treatment, reduce coercion, whilst still protecting the public where necessary.

Reforms in the Mental Health Bill aim to improve patient experiences, choice and autonomy as well as tackling racial discrimination and better supporting those with learning disabilities.

This includes:

Increase the frequency of clinical reviews, to better ensure that the treatment patients receive is appropriate

Update the use of Community Treatment Orders, so that they are only used when appropriate and proportionate

Limit the length of time that people with a learning disability and/or autistic people can be detained under the Act, if they do not have a co-occurring mental disorder that needs hospital treatment and have not committed a criminal offence

End the use of police and prison cells for detaining someone experiencing a mental health crisis instead of getting them access to a facility where they can get the proper support, such as a hospital

Speed up transfers from prison to hospital by limiting the time it can take to transfer prisoners who need treatment in a mental health hospital to a maximum of 28 days

The action follows the introduction of one of the world’s first all-hours mental health crisis support service in August through NHS 111. The government also announced £26 million will be invested to open new mental health crisis centres as part of last week’s Budget, with extra funding also secured to provide talking therapies to an extra 380,000 patients.

For people who need support at A&E, every emergency department in England now also has a liaison psychiatric team available to offer specialist care.

A full list of mental health support options is available via the NHS.uk website. The service is also suitable for deaf people, with tailored services available via the NHS 111 website.

Commenting on the announcement, Mark Rowland, Chief Executive at the Mental Health Foundation, said:

These long overdue updates to the Mental Health Act cannot come soon enough. People need support that reflects our modern understanding of how to help and care for people during a mental health crisis – not our understanding four decades ago. The original version of the Act has driven racial disparities, stripped those who are sectioned of their humanity in a wholly unnecessary way, and all too often made crises worse.

We particularly welcome reforms to give greater say to patients, such as granting people with severe mental health problems more control over who makes decisions for them during a crisis, banning the use of police cells as ‘places of safety’ for people experiencing a crisis, and addressing the inappropriate use of Community Treatment Orders, which Black people were 11 times more likely to receive. We will look to work with the Department of Health and Social Care over the next weeks and months to help shape the Mental Health Bill and put dignity at the heart of how our public services support people experiencing a mental health crisis.

Mark Winstanley, Chief Executive, Rethink Mental Illness, said:

People tell us that the Mental Health Act has saved their life, but that the experience was horrendous. It is hard to fathom that when people are at their most unwell they are still routinely placed in prison cells, have no say in who is appointed as their nearest relative and have so little involvement in their treatment.

Reform of this vital legislation is long overdue, and today marks another important step towards the reality of a Mental Health Act fit for the 21st century. Reform should help ensure people are with dignity and respect, and help to protect us all.

We hope the Bill is given careful passage through Parliament so it can be swiftly implemented, and bring improvements for the thousands of people who are detained under the act every year.

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Published 6 November 2024
MIL OSI United Kingdom –
January 26, 2025
MIL-OSI New Zealand: Health and Employment – Nurses stop work across the country – NZNO
Source: New Zealand Nurses Organisation
Members of the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) employed by Te Whatu Ora are attending a series of 62 meetings across the country over urgent pressing issues.

These hour-long meetings started on Monday and end on Friday. They aim to allow nurses, midwives, and health care assistants to review Te Whatu Ora’s intention to pause calculations for the Care Capacity Demand Management (CCDM) safe staffing programme during collective bargaining late last month.

The employer restricting bargaining parameters to 1% of total employee costs will also be discussed.

Meeting schedule for Thursday:
Whangārei – Whangārei Hospital 2nd Floor Conference Room – 2.30pm-3.30pm

Kaitāia – Kaitāia Hospital level 3/meeting room 1 – 2.30pm-3.30pm

Dargaville – Dargaville Hospital, Dargaville ward lounge – 2.30pm-3.30pm

Bay of Islands – Community Building Meeting Room – 2.30pm-3.30pm

Auckland – Greenlane Hospital, Building 13, Level 7 – 8.30am-9.30am & 10am-11am

Auckland – Waitakere Hospital – Muriwai A wing dining room – 2.45pm-3.45pm

Auckland – Manukau Health Park – Conference Room 1 – 12pm-1pm

Whakatāne – Clinical School Conference Hall, Whakatāne Hospital – 1.30pm-2.30pm

Tokoroa – Library Tokoroa Hospital – 11am-12pm

Hawkes Bay – Harding Hall Hastings Hospital – 1pm-2pm

Whanganui – Whanganui Jockey Club – 1.30pm-2.30pm

Wairarapa – Wairarapa Hospital -2.30pm-3.30pm

Blenheim – Wesley Centre – 1.30pm-2.30pm

Nelson – Finance Meeting Room, Braemar Campus, Nelson Hospital – 1pm-2pm & 2pm-3pm

Timaru – Caroline Bay Community Lounge – 1.30pm-2.30pm.
MIL OSI New Zealand News –
January 26, 2025
MIL-OSI China: Moves seen helping boost consumption

Source: China State Council Information Office

China’s recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on Tuesday.

In particular, the China International Import Expo, running from Tuesday to Sunday in Shanghai, will play a key role in scaling up imports of quality goods and services and boosting the country’s consumption upgrading, they said during the ongoing trade event.

Noting the great confidence in China’s consumption landscape, Jean-Paul Agon, L’Oreal Group chairman, said that the optimism is rooted in China’s vision for modernization, especially driven by recent government initiatives.

Both national and local authorities have rolled out policy measures to bolster consumer confidence and unlock the full potential of domestic demand, he said.

Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development, he added.

China has solidified its position as the world’s second-largest consumer market for several consecutive years, and the trend continues to hold strong this year, said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce.

Consumption has remained the primary driving force for China’s economic development as the growth in consumption contributed 49.9 percent to GDP growth in the first three quarters, said the Bureau of National Statistics.

“The future of consumption in China is full of potential. That is why we at L’Oreal firmly believe that the next China is China, and that investing in China is investing in our future,” Agon said.

Notably, the CIIE has emerged as a critical channel for expanding imports of high-quality goods and services to cater to the growing demand of the Chinese people and create more development opportunities for enterprises from all over the world.

This year’s expo has set new benchmarks, drawing the participation of 3,496 exhibitors from 152 countries and regions — the highest number represented in the event’s history.

As China’s consumption-driven economic transformation continues to gain momentum, the CIIE has emerged as an indispensable gateway for international enterprises to showcase their latest innovations.

Healthcare company Abbott has utilized the expo as a significant platform to showcase hundreds of its latest products over the years, with many of them successfully transitioning from exhibition items to commercially available goods.

This year, the company is again leveraging the CIIE stage to debut dozens of new-to-market products, said Fanny Chen, vice-president of Abbott Core Diagnostics, adding that this will allow the company to better understand the evolving needs of Chinese consumers and tailor its products accordingly.

Between January and September, the total number of new consumer products launched nationwide came in at 15.18 million, representing a 13.1 percent year-on-year growth, according to data from the State Administration for Market Regulation.

The sheer size and growth potential of the Chinese market make it a highly attractive and strategic destination for any businesses looking to expand their global footprint, Chen said.

Moreover, the expo will significantly enrich China’s supply-side and bring new development frontiers for the country’s enterprises, said Wang Wei, senior research fellow at the Institute of Market Economy, which is part of the Development Research Center of the State Council.

The trade event brings together a vast array of premium global brands and service providers that will introduce a wide range of cutting-edge products, technologies and services from around the world, Wang said.

MIL OSI China News –

January 26, 2025
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 –

January 26, 2025
MIL-OSI Asia-Pac: Speech by SITI at Seminar on Life Science and Global Health “Innovation Â·Inclusion Â· Impact” (English only) (with photo)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” on November 5 (Ottawa time):

Ms Wu (Board Director of Hong Kong Canada Business Association, Ottawa, and Department Chair of Algonquin College School of Business and Hospitality, Ms Sandra Wu), Mr Eng (President of Hong Kong Canada Business Association, Ottawa, Mr Frank Eng), Senator Woo (Senator of Canada, Mr Woo Yuen-pau), Mr McLean (Member of the House of Commons of Canada, Mr Greg McLean), Mr Arya (Member of the House of Commons of Canada, Mr Chandra Arya), distinguished guests, ladies and gentlemen,

Good evening. It is my great pleasure to join you all here today in Ottawa and in such a historic building for the Seminar of Life Science and Global Health, to explore the vital intersection of life science and global health, through the lenses of innovation, inclusion, and impact.

Over the years, Hong Kong has established close ties with Canada in many façades, say economically, culturally and people-to-people bond. We share many similarities and a wide range of common interests. While Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre, as well as a health and medical innovation hub in the Asia-Pacific region. Taking this opportunity, I would like to give you a brief update on Hong Kong’s I&T landscape and the opportunities that lie ahead in the field of life and health technology.

Promoting I&T development is of top priority on the policy agenda of the Hong Kong Special Administrative Region (SAR) Government. Back in December 2022, we promulgated the Hong Kong I&T Development Blueprint, which clearly indicated our development direction to perfect the I&T ecosystem by promoting positive interaction between upstream for basic research, midstream for technology transfer, and downstream for all industries development. We greatly support the development of technology industries with an edge and of strategic importance.

Life and health technology is one of our focuses.

Hong Kong possesses professional medical services and a well-established healthcare system. Supported by five top 100 universities and two top 40 medical schools in the world, together with a multitude of world-class experts in the life and health disciplines, Hong Kong enjoys significant advantages in developing life and health technology.

To capitalise on our strength in basic research and foster global I&T collaboration, Hong Kong’s flagship R&D (research and development) initiative, namely InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada of course, and set up a total of 29 InnoHK research laboratories. Of these, 16 of them focus on healthcare-related technologies and have brought notable scientific achievements and benefits to society. For example, the Centre for Eye and Vision Research, which was jointly established by the University of Waterloo and Hong Kong Polytechnic University, is one of them.

Furthermore, we will launch a HK$6 billion subsidy programme, roughly $1.1 billion Canadian dollars, to support setting up cross-institutional and multidisciplinary life and health technology research institutes in Hong Kong. We have also earmarked HK$3 billion, that is approximately $540 million Canadian dollars, for the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields, including clinical medicine and health, gene and biotechnology, spearheaded by the local funded universities and renowned scholars from around the world. These initiatives will empower us to create a vibrant research atmosphere with the participation of global talent, thereby strengthening Hong Kong’s capability for forward-looking and disruptive scientific researches.

A few weeks ago, the Chief Executive of the Hong Kong SAR Government announced his 2024 Policy Address, in which a series of new initiatives are introduced to accelerate the pace of the development of Hong Kong into an international I&T centre. Among them, we will launch a new HK$10 billion I&T Industry-Oriented Fund, which is equivalent to around $1.8 billion Canadian dollars, to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. Indeed, we launched a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme last year to accelerate the transformation and commercialisation of outstanding research outcomes from universities, and another HK$10 billion New Industrialisation Acceleration Scheme this year to encourage industries of strategic importance, including life and health technology, to set up new smart production facilities in Hong Kong. Just these three funding schemes alone, totalling HK$30 billion, almost $5.4 billion Canadian dollars in financial commitment, demonstrates our strong commitment to promoting industry development and placing a strong emphasis on investment in the I&T sector.

Adequate sites and sophisticated infrastructure are equally important for the long-term I&T development. Located in the border area between Hong Kong and Shenzhen, the Hetao Hong Kong Park, or the Loop in short, will serve as an I&T hub of strategic value connecting Mainland China and the international community. We will set up the InnoLife Healthtech Hub in the Loop to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.

Besides, new I&T land will be available in San Tin Technopole in the northern part of Hong Kong to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone. With the new I&T platform in the Loop and new I&T land in San Tin Technopole, coupling with the gigantic market of the Guangdong-Hong Kong-Macao Greater Bay Area, there are indeed many I&T opportunities and possibilities lying ahead in Hong Kong.

While the global economic and political situation is becoming more complicated, Asia will still play a pivotal role in the technological revolution. Under the principle of “one country, two systems” and with a strategic geographical location on the doorstep of Mainland China, Hong Kong is the best platform to connect I&T talent and companies from Mainland China and around the world. Whether you are looking for job opportunities, capital or investment, there is always a place for you in Hong Kong. I strongly believe that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada, say, in green technology, renewable energy, environmental protection and sustainability, where Canada has an edge.

Ladies and gentlemen, the challenges we face in global health are complex and multifaceted. By fostering global I&T collaboration, we amplify the impact brought by innovation and inclusion, from zero to one, from one to many, to unlock new possibilities and drive the next wave of technological advancement for the betterment of the mankind. Hong Kong stands ready to play the promising role as a “super-connector” and a “super value-adder” to create value and impact to the world.

In closing, I would like to express my gratitude to Hong Kong – Canada Business Association (Ottawa) and Invest Hong Kong for organising today’s seminar. I look forward to the fruitful collaborations that will arise from this seminar. Thank you very much.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: DH invites proposals for Community Dental Support Programme

Source: Hong Kong Government special administrative region

DH invites proposals for Community Dental Support Programme
DH invites proposals for Community Dental Support Programme
***********************************************************

The Department of Health (DH) today (November 6) invited interested organisations to submit proposals for providing services under the Community Dental Support Programme (CDSP). Organisational applicants interested in participating in the CDSP must meet all of the following requirements:

Be a non-profit-making entity exempted from tax under Section 88 of the Inland Revenue Ordinance (Cap. 112) on or before the application closing date;
Have established at least one clinic providing dental services to the public on or before the application closing date;
Ensure that the registered dentists providing services are registered with eHealth and enrolled in the Primary Care Directory; and
Be registered under Section 12 of the Dentists Registration Ordinance (Cap. 156) on or before the application closing date.

In evaluating the submitted proposals, the DH will consider the requirements specified in the invitation documents. The Working Group on Oral Health and Dental Care of the Health Bureau indicated in its Interim Report that in order to address the high demand for dental service provided through General Public (GP) Sessions under the DH, a new service model should be developed in collaboration with non-governmental organisations to supplement the GP Sessions. In response, the Government will pilot a Community Dental Support Programme in 2025 to increase service capacity, add service points and expand service scope, targeting designated underprivileged groups with financial difficulties requiring GP Session services. ???Interested applicants can collect invitation documents from the DH’s Community Dental Service at Unit 01-P03, P08-09, 26/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, or via email (aa1a_cds@dh.gov.hk). Applications must be submitted to the DH’s Community Dental Service at Unit 01-P03, P08-09, 26/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, by 9.30 am on December 2, 2024. Late applications will not be accepted. For enquiries, please call the Community Dental Service (2111 3465).

Ends/Wednesday, November 6, 2024Issued at HKT 11:30

NNNN

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: SITI continues visit to Canada (with photos)

Source: Hong Kong Government special administrative region

The Secretary for Innovation, Technology and Industry, Professor Sun Dong, arrived in Ottawa to continue his visit to Canada on November 5 (Ottawa time).

Professor Sun attended the Seminar on Life Science and Global Health, themed “Innovation · Inclusion · Impact” and organised by the Hong Kong-Canada Business Association (Ottawa Chapter) and Invest Hong Kong, at the Parliament Building. In his keynote speech, Professor Sun said while Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is also emerging as an international innovation and technology (I&T) centre. The Hong Kong Special Administrative Government strives to support the development of life and health technology as one of the technology industries with an edge and of strategic importance.

Professor Sun outlined a number of significant advantages that Hong Kong enjoys in developing life and health technology. Hong Kong’s flagship research and development initiative, InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada, and set up a total of 29 research laboratories with 16 of them focusing on healthcare-related technologies. A $6 billion subsidy programme to support local universities to set up life and health technology research institutes and a $3 billion Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches are in place.

“Adequate sites and sophisticated infrastructure are equally important for long-term I&T development. We will set up the InnoLife Healthtech Hub in the Hetao Hong Kong Park (the Loop) to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.” Professor Sun added that new I&T land will be available in San Tin Technopole to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone.

Professor Sun continued that having the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems”, Hong Kong is the best platform to connect I&T talent and companies from the Mainland and around the world. He strongly believes that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada in fields such as green technology, renewable energy, environmental protection and sustainability.

Professor Sun also met with Canada-Hong Kong Parliamentary Friendship Group Member and Senator of Canada, Mr Woo Yuen-pau; the Group Chair and Member of Parliament of Canada, Mr Greg McLean; and Member of Parliament of Canada Mr Chandra Arya, at the Parliament Building. They had a brief exchange of views on areas of common interest, such as enhancing further collaboration on science, innovation and research between Hong Kong and Canada, as well as people and cultural exchanges between the two places.

Professor Sun also called on the Chinese Ambassador to Canada, Mr Wang Di, to brief him on the progress of building Hong Kong into an international I&T centre, as well as the city’s continuous efforts in integrating into national I&T development. Professor Sun said that Hong Kong spares no effort in developing new quality productive forces tailored to local conditions, including optimising the strategy and institutional set-up for the development of new industrialisation, and increasing investment for I&T industries.

Professor Sun will proceed to visit Waterloo on November 6 (Toronto time).

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Australia: Celebrating 18 years of helping Aboriginal mums and bubs

Source: New South Wales Government 2

Headline: Celebrating 18 years of helping Aboriginal mums and bubs

Published: 6 November 2024

Released by: Minister for Aboriginal Affairs and Treaty, Minister for Health

The community, Aboriginal Elders, health care professionals and families who have used the Malabar Midwifery Group Practice are celebrating 18 years of the service providing culturally respectful pregnancy, birth, and postnatal care to Aboriginal families.

Affectionately known as ‘Malabar Midwives’, the service has supported the births of over 1,500 babies since it was established in 2006.

The service provides pregnancy, birth and postnatal care to Aboriginal women, and women with an Aboriginal partner, who choose to give birth at the Royal Hospital for Women.

Malabar Midwives has a unique way of working that promotes flexible and culturally respectful midwifery care, and is available to Aboriginal women and families from anywhere in NSW who seek out the service.

The midwives work alongside an Aboriginal Health Education Officer in a continuity of midwifery model of care, which supports women getting to know the midwives during their pregnancy journey.

Four midwives work on a rotating 24-hour roster so women have a known midwife to provide care around the clock. Two midwives in the team are proud Aboriginal women.

Local community members, Elders, health care professionals and families who have used the Malabar Midwifery Group Practice will be attending celebrations to mark this milestone at the La Perouse Medical Centre at 11:00am on Wednesday, 6 November 2024.

Quotes attributable to Minister for Health, Ryan Park:

“The Royal Hospital for Women’s Malabar Midwifery Group Practice is an exceptional model of care that other services seeking to establish pregnancy, birthing and postnatal care for Aboriginal women and families can learn from.

“The service is an outstanding example of the success that can be achieved when health professionals work collaboratively with communities to find the best solutions for their health care needs.”

Quotes attributable to Minister for Aboriginal Affairs and Treaty, David Harris:

“Malabar Midwives is an example of how working alongside community can help close the gap to improved health outcomes for Aboriginal people.

“This successful model of maternal and infant health care for Aboriginal families sets the standard for Aboriginal midwifery initiatives.”

Quotes attributable to the Member for Maroubra, Michael Daley:

“Women from all over NSW travel to Sydney to attend Malabar Midwives, which is a testament to the solid reputation the team has developed across Aboriginal communities.

“I congratulate the Malabar Midwives team on their great success over many years and look forward to them continuing their outstanding service for many years to come.”

Quotes attributable to Aboriginal Health Worker, Malabar Midwifery Group Practice, Trudy Allende:

“We know the women and families in this community and are able to support their voice within the health system. It’s an incredibly dedicated team and it’s a tribute to the service to have been around for 18 years.

“I believe that the team at Malabar Midwives gives our local Aboriginal community the service and care it deserves to support best outcomes for mothers and babies.”

MIL OSI News –

January 26, 2025
MIL-OSI Russia: An innovative method for cleaning wells from plugs was patented at Novosibirsk State University

Translation. Region: Russian Federation –

Source: Novosibirsk State University – Novosibirsk State University –

Employees Center for Technology Transfer and Commercialization of Novosibirsk State University (CTTC NSU) together with colleagues Faculty of Mechanics and Mathematics of NSU patented two innovative methods for cleaning wells from asphalt-resin-paraffin deposits (ARPD), which are formed during the operation of wells. In the first version, cleaning is carried out with the help of service companies, while oil workers can use the second method themselves.

Almost all Russian companies periodically face the need to remove heavy oil fraction deposits from wells, which significantly complicate the extraction of oil and gas.

The standard method involves immersing a heating device into the well, which is connected to a special power cable and melts the plug like a boiler, but it requires a long supply of high current to heat it up. This technology requires the use of extremely expensive equipment, which is practically no longer supplied to our country today.

The solutions patented by NSU are based on a burner created by Professor of the Hydrodynamics Department of the MMF NSU, Doctor of Physical and Mathematical Sciences Sergey Sukhinin and a chemical composition for it, which provides a combustion mode that effectively removes deposits without damaging the pipe itself. We have previously talked about this invention, and now ready-to-use technologies based on it have been patented.

— The first solution is designed for service companies, it involves immersing a burner into a well on a regular geophysical cable, which is often used when working at oil and gas fields and is always available. This significantly reduces the cost and simplifies the cleaning procedure. In the second version of the technology, instead of a cable, special rods are immersed into the well, which ignite upon reaching the required depth and burn out the plug. Oil producing companies can use this method themselves, — said Deputy Director of the NSU CTTC, PhD in Engineering Andrey Savchenko.

Patented technologies also have other advantages over known technical solutions. The combustion temperature is calculated in such a way as to guarantee the burning of paraffins that have formed the plug, and the combustion itself is directed downwards in the well so that the combustion products rise up together with the gases from the well. As a result, it is possible to avoid a situation where the melted plug thickens again in another section of the well (which periodically happens with standard cleaning methods), forcing oil workers to repeat the procedure again. This is especially important when it comes to removing extended plugs, which can be tens and hundreds of meters long.

— Today, the technology has already attracted great interest, both its variants, both for service and for the mining companies themselves, including quite large players in this market. And now we are negotiating pilot projects for its testing in real conditions, — summed up Andrey Savchenko.

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

MIL OSI Russia News –

January 26, 2025
MIL-Evening Report: Only 25% of older Queenslanders are aware of the risks heatwaves put on their health – new study

Source: The Conversation (Au and NZ) – By Mehak Oberai, Senior Research Assistant, Ethos Project, School of Medicine and Dentistry, Griffith University

Los Muertos Crew/Pexels

Parts of Australia are currently facing extreme heat, with high temperatures set to continue over the coming days.

Though it’s unclear exactly what the upcoming summer will bring, climate change means Australian summers are getting hotter. Even this year in August we saw temperatures around 40°C in parts of the country.

Heatwaves aren’t just uncomfortable – they can be deadly. Health emergencies related to extreme heat place significant strain on our health-care systems, with data showing increased ambulance callouts and hospital presentations during these periods.

Although heatwaves can affect everyone, older adults are particularly at risk. But our new research has found older Queenslanders don’t necessarily believe heat poses a risk to their health. And this affects how they respond to emergency warnings.

Older people and the heat

Ageing brings physiological changes, including reduced ability to regulate body temperature, which can put older people at increased risk of issues such as heat exhaustion and heat stroke.

Heat exposure can also worsen the symptoms of existing conditions, such as heart disease, lung disease or kidney disease, which are more common in older people.

The risk is even more pronounced for older people who live in poor quality housing, are economically disadvantaged, or are socially isolated.

A report from the Australian Institute of Health and Welfare shows that, of 2,150 hospitalisations due to extreme heat between 2019 and 2022, 37% were among people aged 65 and older (who make up around 16% of the population).

So there’s an urgent need to prioritise the health of older Australians as the country braces for more intense and prolonged heatwaves in the future.

When the weather is hot, older people are at greater risk of health complications.
Kleber Cordeiro/Shutterstock

Early warning systems

As we’ve learned more about the risks of heatwaves, there’s been an increased focus on developing population-based early warning systems. These systems play a crucial role in encouraging people to adopt heat-protective behaviours such as staying hydrated, avoiding strenuous physical activity when temperatures are high, and wearing loose or light clothing.

Queensland is one of the world’s most vulnerable regions to heatwaves. Since 2015, heatwave warnings have been part of the state’s heatwave subplan, which sets out strategies for managing and mitigating the impacts of extreme heat events.

These warnings involve alerts about upcoming high temperatures, and advice on staying cool. They come as notifications through the Bureau of Meterology’s weather app or via media outlets or social media. However, it’s not clear whether these warnings are reaching those most at risk.

As part of a broader project on extreme heat and older people, we surveyed 547 Queenslanders aged 65 and over to understand their perceptions of heat risks and to determine if heatwave warnings were reaching them.

We also wanted to know what factors influence how they receive and respond to these warnings, with a view to understanding how we can improve heatwave warnings for this group.

What we found

Only 25% of respondents were aware of the potential consequences of heatwaves on their health. The majority of participants (80%) perceived themselves to be at lower risk compared to others of their age group. This aligns with previous heat-health research which has similarly found older adults often don’t perceive heat as a personal risk.

While most of the sample (87%) reported having one or more chronic health conditions, 30% were unaware having a chronic health condition increased their vulnerability to heatwaves.

Several cultural and personal factors may explain why older people don’t think heat poses a danger to them. In Australia, heat is typically seen as a normal and even positive part of life. Heat risk messages are often less urgent than warnings for other natural disasters.

Previous research has also shown older people tend not to think heat poses a risk to their health.
Miguel AF/Shutterstock

We also found nearly half of respondents had not heard a heatwave warning. Of those who had, roughly half took actions to keep themselves cool.

What stood out from our analysis was that participants’ awareness and actions in response to heatwave warnings were significantly influenced by their knowledge and perceptions of heat risks. Factors such as age, gender and education were not so important.

Respondents who believed they were at risk were almost twice as likely to hear the warnings, and 3.6 times more likely to take heat protective actions.

This aligns with other research that highlights the correlation between heat-health risk perception and the efficacy of heatwave warnings.

One limitation of our research is that we conducted the survey in 2022 during and following a La Nina period, where temperatures are usually lower. So there may have been fewer heatwave warnings throughout the season, potentially reducing participants’ perceptions of heat health risks.

What needs to change?

With another hot summer likely ahead, we need to rethink how we communicate about heatwaves. These are more than just hot days. We need to recognise heatwaves as a serious health risk, especially for older people, and effectively communicate that risk to the public.

This might include using primary health-care professionals such as GPs, nurses and pharmacists to share heat-health information with older patients and their family members, or developing personalised heat action plans for the summer period.

Text message alerts from the Bureau of Meteorology, along with app notifications, could be a good idea considering some older adults may not have a smartphone or be open to using apps.

To improve heatwave communication, we also need to explore the barriers and facilitators to heat protective behaviours. This includes considering structural factors (such as housing design), environmental factors (for example, access to shade and cool refuges), individual factors (such as financial constraints or health conditions) and social factors (such as access to family and community support).

Strengthening communication around heatwaves and health will not only protect individual wellbeing but enhance community resilience as extreme heat continues to affect our lives.

Mehak Oberai is a Senior Research Assistant working on Ethos project and is also a member of the AAG (Australian Association of Gerontology) Student & Early Career Working Group.

Ella Jackman is a PhD Candidate at Griffith University and a Research Assistant for the Queensland Heat Health Community of Practice (QHHCoP) and the Ethos Project.

Shannon Rutherford co-leads the Climate Action Beacon Griffith University funded, Queensland Heat Health Community of Practice and receives funding from Wellcome and NEMA. She is an affiliate member of the HEAL network

Steven Baker and Zhiwei Xu do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Only 25% of older Queenslanders are aware of the risks heatwaves put on their health – new study – https://theconversation.com/only-25-of-older-queenslanders-are-aware-of-the-risks-heatwaves-put-on-their-health-new-study-238875

MIL OSI Analysis – EveningReport.nz –

January 26, 2025

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

CASA_PR_2024-Q3 results

The MIL Network –

January 26, 2025

MIL-OSI Economics: Luigi Federico Signorini: The journey to financial well-being through financial inclusion

Source: Bank for International Settlements

Today’s event will explore the connection between financial inclusion and financial well-being. Why is this important?

Financial inclusion has become a widely shared goal of government policies and a topic of interest for central banks and financial authorities at the international level. It has received a lot of attention over the years as an instrument to foster growth, reduce inequalities, increase employment, and alleviate poverty.¹ Financial inclusion may help people cope with macroeconomic and idiosyncratic shocks, as it facilitates financial planning and the intertemporal shift of financial resources.

From the policymaker’s standpoint financial inclusion is important as it improves the individual’s economic and financial well-being, whilst having a positive impact on the economy as whole. Studies find that the benefits of financial inclusion can be substantial even in countries with well-developed financial markets, because it can translate into higher wealth accumulation and greater resilience of low-income households. Other studies, focusing on emerging and developing countries, find that increased usage of bank accounts via debit cards has boosted the saving rate significantly because it reduces transaction costs for people to access their money.²

The digitalisation of finance has significantly contributed to promoting financial inclusion through more efficient and effective technologies and through increased competition, which leads to higher quality products and services and to lower costs. Over the last decades, notable progress has been made around the world in increasing access to financial products and services for more individuals, with 76 per cent of people worldwide having a bank or mobile money account in 2021. This represents a significant increase from 2011 when the figure stood at 51 per cent.³

Nonetheless, progress has been uneven across regions, even controlling for income levels. Increased access to digital financial products and services has not translated, in some cases, into higher actual usage of financial products and services. Moreover, in some instances, financial innovation has resulted in the lower financial inclusion of rural households⁴ or in the worsened financial well-being of individuals, particularly as the result of over-indebtedness and exposure to fraud and scams.⁵

Possible causes include market failures, lack of competition, inadequate consumer protection rules and an insufficient level of digital and financial literacy.⁶ Even in advanced countries – where the offer of financial services is regulated and transparent, and consumers are better protected from intermediaries’ improper behaviour – authorities continue to consider how to improve the regulatory environment to manage new risks.

A specific matter of concern is the exclusion of those who do not possess adequate digital skills for accessing and using the financial services. The data show that the elderly, those with lower education levels, and those living in rural areas suffer from limited access. The shift to digital channels will continue; appropriate actions need to be put into place to ensure that everybody can reap its benefits.

It is generally understood that financial inclusion has three dimensions: access, use and quality. The first is the possibility for individuals to access basic financial services and products. The second is the actual ability of individuals to use such services and products in an effective way. The third (and subtler) dimension consists in creating the conditions for financial services and products to work best to improve people’s financial well-being.

Progress along all three dimensions – access, use and quality – should ideally be simultaneous. Achieving better results on all three fronts is important to ensure the empowerment of consumers, so that markets can actually work in their best interest.

The first dimension requires good infrastructures, which are a prerequisite for enabling the efficient and secure provision of financial services. It also requires a competitive environment, to foster higher cost-efficiency, a more diversified offering of financial products and services, and greater consumer choice.

The second and third dimensions require consumer protection measures and financial education.

Ex ante transparency rules work to ensure that customers are well informed before purchasing a financial product. Ex post rules need to envisage effective recourse if something goes wrong. Conduct supervision monitors the correct implementation of rules. Free and open competition is once again essential to enable consumers to exploit the full potential of transparency and conduct rules.

Nothing, however, will work very well unless consumers are endowed with the minimum knowledge that is necessary (1) to make effective use of the information provided, (2) to activate in practice the tools through which services are offered, (3) to compare in a meaningful way the products offered on the market, and (4) to take full advantage of consumer protection rules. Therefore, financial and digital education initiatives are important.

Given the growing complexity of financial markets, and the new opportunities offered by digitalisation, the Global Partnership for Financial Inclusion (GPFI) has shifted its focus from simple access to financial services, which was originally its main objective, to fostering the use of financial services and understanding the conditions under which financial inclusion can enhance financial well-being.

Last September, Her Majesty Queen Máxima of the Netherlands, Honorary Patron of the GPFI, after having spent 15 years as United Nations Special Advocate for Inclusive Finance for Development was given a new role focusing specifically on financial health (Secretary-General’s Special Advocate for Financial Health). This also marks a change in perspective towards the need to focus on the actual outcomes of financial inclusion.

Data are useful. The Global Findex database, maintained by the World Bank, is a valuable tool for evaluating progress on access and usage of financial services. More work may be needed on the quality dimension; concepts, statistics and pre-conditions for comparability are all thorny issues, and it is probably appropriate to rely on a set of different indicators rather than concentrate on a single one.

Once again: the issue is empowerment, not paternalism – or, as one should perhaps say, parentalism. In all this, there should be no presumption that the regulator, even the best intentioned one, is in a position to take decisions for the consumer. Comprehensive financial education and a robust framework of consumer protection rules are the best tools available to us to enable consumers to make their choices in full awareness of the opportunities and risks.

MIL OSI Economics –

January 26, 2025
MIL-OSI Russia: Dmitry Chernyshenko: Patriotic routes will be an important topic of the anniversary forum “Travel!”

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

November 6, 2024

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Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

Deputy Prime Minister Dmitry Chernyshenko held a meeting on organizing the fifth Travel! forum, which will take place on June 10–15 at VDNKh. The Roscongress Foundation will act as the event operator. In 2025, the business program events will be united under the general theme of Discover Russia, which implies both familiarizing Russians with the potential and opportunities of their country, and cooperation in the field of inbound tourism.

Opening the meeting, Dmitry Chernyshenko noted the high level of organization of the IV Russian Tourism Forum “Travel!” and the relevance of such events in modern conditions. “After the forum “Travel!” in June this year, many positive reviews were received, which indicates the relevance and significance of the event. The site was successfully chosen: the territory of VDNKh and the exhibition “Russia” created good conditions for guests and organizers. Today, interest in the forum is growing on the part of both Russian and foreign participants. An important theme of the upcoming fifth forum “Travel!” in the year of the 80th anniversary of Victory in the Great Patriotic War will be patriotic routes that will present the regions of our country,” said Dmitry Chernyshenko.

The Deputy Prime Minister noted that federal and regional authorities, tour operators and companies working in the tourism sector should be widely represented in the exhibition part of the forum. In particular, Dmitry Chernyshenko proposed holding an exhibition of domestic equipment manufacturers for the tourism industry as part of the forum, as well as organizing a platform for the presentation of investment projects by representatives of various industries, including those planned to be implemented with support under the national project “Tourism and Hospitality Industry”. In this way, business representatives will be able to find potential partners.

Adviser to the President of Russia, Executive Secretary of the Organizing Committee for the Preparation and Holding of the Russian Tourism Forum “Travel!” Anton Kobyakov noted that in 2024 the forum confirmed its social significance and high status as an anchor industry event, becoming a global discussion platform for discussing modern trends in the development of the tourism and hospitality industry. He spoke about the new concept of the event. “A new comprehensive approach to creating the concept and space of the forum for its guests will demonstrate the tourism potential of all 89 constituent entities of the Russian Federation and increase the international part of the exposition. Visitors will see the full diversity of travel in Russia and learn information about new resorts, tourism sites and travel formats. Traveling around the country, getting to know the sights and cultural features of a particular region contribute to the study of the culture and history of the country. Therefore, the national goal “Opportunities for Self-Realization and Talent Development” formed the basis of the national project “Tourism and Hospitality Industry”. I am sure that in order for more Russians to have the opportunity to study the cultures of peoples and the history of Russia, it is important to make travel around the country convenient, safe and interesting. This is one of the priority tasks of the entire tourism industry,” added Anton Kobyakov.

Next year, the Travel! forum will discuss medical tourism, which is in demand within the country and is also a tool for attracting foreign guests. A large block of the program will be devoted to inbound tourism. In 2025, it is planned to expand the geography of foreign participants from friendly countries; the Ministry of Foreign Affairs and the Ministry of Economic Development have been instructed to work on this issue.

“The goals of any tourism forum are to promote the tourism product and attract investment. We are preparing in this philosophy to give regions the opportunity to show themselves and present their achievements and products to foreign guests, and for foreign participants to demonstrate the tourism potential of their countries. This is why we now go to international exhibitions. People should come to us for this too. The festival program of the regions will take an important place this year. In addition, we have preliminarily formulated six tracks of the business program architecture. These are “digital”, transport, government regulation, personnel, development of tourist areas and a comprehensive tourist product,” said Deputy Minister of Economic Development Dmitry Vakhrukov.

Deputy Director of the Roscongress Foundation, Director of the Russian Tourism Forum “Travel!” Vladimir Zatynaiko spoke about the year-round ecosystem of projects, which includes network events on tourism in the constituent entities of the Russian Federation. “Congress, exhibition and business events dedicated to tourism are actively developing. Examples of such events include the Sustainable Tourism Development Forum “Travel!” in Petropavlovsk-Kamchatsky, “Discover the Far East” in Khabarovsk and the St. Petersburg International Tourism Forum “Travel Hub. Travel!”, which will be held in the Northern capital from December 4 to 6, where the results of the tourism sector in 2024 will be summarized. In this regard, the Russian Tourism Forum “Travel!” is the key, central event of the year, where the main areas of development of the industry are outlined,” Vladimir Zatynaiko noted.

This year, a program to promote Russia abroad under the Discover Russia brand was launched at the national level for the first time. The priority countries in 2024 were China, India, Bahrain and Saudi Arabia. Next year, it is planned to promote Russia’s tourism potential in Southeast Asia and expand its presence in the Persian Gulf countries.

As part of the event, Minister of Economic Development Maxim Reshetnikov will hold an all-Russian meeting with the regions, as well as a meeting with the industry community in the format of a business dialogue.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of national and international congress, exhibition, business, public, youth, sporting, and cultural events, created in accordance with the decision of the President of Russia.

The Fund was established in 2007 with the aim of promoting the development of economic potential, advancing national interests and strengthening the image of Russia. The Fund comprehensively studies, analyzes, forms and covers issues of the Russian and global economic agenda. Provides administration and facilitates the promotion of business projects and attracting investments, promotes the development of social entrepreneurship and charitable projects.

The Foundation’s events bring together participants from 209 countries and territories, more than 15,000 media representatives work annually at Roscongress venues, and more than 5,000 experts in Russia and abroad are involved in analytical and expert work.

The Foundation interacts with UN structures and other international organizations. It develops multi-format cooperation with 212 foreign economic partners, associations of industrialists and entrepreneurs, financial, trade and business associations in 86 countries of the world, with 293 Russian public organizations, federal and regional executive and legislative bodies of the Russian Federation.

Official telegram channels of the Roscongress Foundation: in Russian –t.te/Roscongress, in English –t.te/RoscongressDirect, in Spanish –t.te/RoscongressEsp, in Arabic –t.te/RosKongressArabik. Official website and information and analytical system of the Roscongress Foundation:roscongress.org.

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

MIL OSI Russia News –

January 26, 2025
MIL-OSI Asia-Pac: HK’s advantages promoted in Ottawa

Source: Hong Kong Information Services

Continuing a visit to Canada, Secretary for Innovation, Technology & Industry Prof Sun Dong delivered a keynote speech at a Seminar on Life Science & Global Health, held at the Parliament Building in Ottawa.

Prof Sun said that while Canada is a long-recognised powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre.

He then outlined a number of advantages that Hong Kong enjoys in relation to the development of life and health technologies.

Hong Kong’s flagship research and development initiative, InnoHK, has established collaborations with more than 30 world-renowned universities and research institutes in 12 economies, including Canada. It has set up 29 research laboratories,16 of them focused on healthcare-related technologies. Also in place are a $6 billion subsidy programme supporting local universities to set up life and health technology research institutes, and a $3 billion Frontier Technology Research Support Scheme to accelerate cross-disciplinary research.

He said: “We will set up the InnoLife Healthtech Hub in the Hetao Hong Kong Park (the Loop) to attract top-notch research teams and talent from around the world. We will allocate another $2 billion to support the InnoHK research clusters to establish (a) presence in the Loop, and $200 million to support startups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.”

New land will be made available in San Tin Technopole to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone, he added.

He also outlined that Hong Kong is the best platform for connecting Mainland I&T talent and companies with those from around the world, as the city possesses the distinctive advantages of enjoying strong national support and being closely connected to the world under “one country, two systems”.

Prof Sun also met a Canadian senator and a member of the country’s parliament to discuss ways of enhancing collaboration on science, innovation and research between Hong Kong and Canada, as well as fostering people-to-people and cultural exchanges.

Separately, Prof Sun called on Chinese Ambassador to Canada Wang Di to brief him on the progress of developing Hong Kong into an international I&T centre, as well as the city’s efforts to integrate into the nation’s I&T development. The tech chief said that Hong Kong spares no effort in developing new quality productive forces tailored to local conditions, including in its pursuit of new industrialisation, and its increased investment for I&T industries.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI China: Climate change poses substantial health risks, report finds

Source: China State Council Information Office 2

Cai Wenjia, a professor at Tsinghua University’s Department of Earth System Science and director of the Lancet Countdown Asia Center, speaks during the launch of the 2024 China Lancet Countdown report at Tsinghua University in Beijing, Nov. 5, 2024. [Photo courtesy of Lancet Countdown Asia Center]
The worsening climate is increasingly endangering public health and threatening economic and social systems that underpin people’s well-being, according to a report released Tuesday.
The 2024 China report of the Lancet Countdown on health and climate change, published by the Lancet Countdown Asia Center in Beijing, marks the fifth such assessment. The study monitors climate change health risks in China through 2023, along with the country’s adaptation and mitigation efforts.
The report found that the health impacts of rising temperatures have been substantial. China faced extreme hot and dry weather conditions in 2023, with record-high temperatures and the second-lowest precipitation since 2012. These conditions led to a 309% surge in heatwave-related deaths, a 24% rise in lost work hours and diminished opportunities for outdoor activities.
“The health risks of climate change are not in the far future. They’re imminent threats in front of us,” said Cai Wenjia, professor at Tsinghua University’s Department of Earth System Science and director of Lancet Countdown Asia Center.
“Although already dangerous, recent health risks might be just a glimpse of even worse ones to come,” Cai said.
The report projects that by the 2060s, annual average heatwave-related mortality, heat-related labor productivity losses and wildfire-related deaths will increase 183%-275% and 28%-37%, respectively, compared with 1986-2005 averages. Additionally, the annual excess risk of dengue fever incidence is expected to rise by 15.3%-15.5% from 2013-2019 levels.
“It is another wake-up call that the climate crisis is the health crisis,” said Martin Taylor, WHO representative to China. He noted that dealing with climate-related health risks may become the new normal.
Given unprecedented climate challenges, the report pointed out that China had taken considerable steps by 2023 to integrate health concerns into climate change discourse, particularly emphasizing the need for renewable energy in promoting a fair transition. “This shift promises not only environmental and economic benefits, but also public health benefits,” the report stated.
The report outlined China’s specific initiatives in addressing climate change. The country established the “1+N policy framework” to realize its goals of peaking carbon emissions before 2030 and reaching carbon neutrality before 2060. Moreover, it has released the National Climate Change Adaptation Strategy 2035 and the National Climate Change Health Adaptation Action Plan (2024-2030) to combat climate-related health risks and enhance public health protection.
Regarding carbon emission reduction, China represented more than half of the global increase in renewable energy capacity in 2023. This increase pushed the country’s total renewable capacity to surpass coal power installations for the first time.
“This effort has significantly accelerated global initiatives made at the Conference of the Parties 28 (COP 28), which is to triple renewable energy capacity by 2030 and reduce fossil fuel dependence,” Cai said.

MIL OSI China News –

January 26, 2025
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 –

January 26, 2025
MIL-OSI Security: Clarenville — Clarenville RCMP investigates fatal collision on TCH west of Clarenville

Source: Royal Canadian Mounted Police

A 53-year-old man is deceased following a collision that occurred on the Trans-Canada Highway (TCH) near Clarenville on November 1, 2024.

Shortly before 1:45 p.m. on Friday, Clarenville RCMP received and responded to the report of a head-on collision involving a car and a commercial gravel truck that occurred on the TCH approximately six kilometers west of Clarenville. Upon arrival, officers located the lone occupant of the car, who had been ejected from the vehicle and died at the scene. The driver of the gravel truck was transported to Dr. G.B Cross Memorial Hospital in Clarenville for treatment of minor injuries.

A Collision Analyst with RCMP Traffic Services attended the scene, along with RCMP officers from Clarenville detachment, Traffic Services and Police Dog Services.

The TCH was impassable for a number of hours. The Office of the Chief Medical Examiner is engaged and the investigation is continuing.

MIL Security OSI –

January 26, 2025
MIL-OSI New Zealand: Storm recovery in Beach Haven, Northcote Point and Birkenhead

Source: Auckland Council

The Pest-Free Kaipātiki Restoration Society (Pest Free Kaipātiki) is working with the Tāmaki Makaurau Recovery Office, helping local communities plan for their recovery. This is part of a series of partnerships in heavily- impacted communities across Auckland. Communities will be supported to develop practical plans, which will include activities and priorities that can be delivered to improve wellbeing and flourishing as they recover.

More than 230 homes in Beach Haven, Northcote Point and Birkenhead were affected by landslips or flooding last year, with 118 of them having serious access issues.

While most locals have moved on with their lives, the road to recovery continues for others: some of these homes will never be safe to live in again.

As affected residents work toward their recovery, Pest Free Kaipātiki has partnered with the Tāmaki Makaurau Recovery Office to help coordinate a wider recovery plan for these communities.

Pest Free Kaipātiki started out from a collection of localised community reserve groups wanting to make a more united impact in restoring and protecting their special places. It is now providing support to 55 reserve and cluster groups in the Kaipātiki area with anything from pest control advice/equipment to guidance on planting natives that reduce landslide risk.

You might wonder what a pest-free group is doing leading a community conversation about storm recovery.

“The social and natural environment are both our kaupapa,” says Annie Dignan, Pest Free Kaipātiki’s General Manager.

“The way we look after the land and water around us has a direct impact on flooding and landslips, and vice versa. And our neighbourhoods really felt the impact of last year’s storms.”

Healing and resilience through nature

“I had barely finished mopping out the bottom of my place when we decided to set up a get together for locals at our hub. I will always remember sitting here and seeing people crying and still in shock,” Annie tears up describing the moment.

“It was a loss on a number of levels – their land, their homes, and the experience they had just had. There is also a big fear of when this will happen again.

“We knew we had to do something practical. So, we pulled together a taskforce to focus our efforts on remediating one reserve as a start. The turnout was great, and you could see the emotion and processing that was taking place in how hard people were working.

“Then we started reaching out to a range of other experts and pulled together information relevant to our area about planting for slip stabilisation. We know ground and tree cover is so important.

“From there we created a guide so that people could plant natives at home to reduce their own landslide risk. We even helped people provide feedback on plans for how council will be responding to coastal hazards and climate change.

“People realised it wasn’t a hopeless situation, that there are things they can do to make a difference the next time a storm comes around.”

Pest Free Kaipātiki’s planting for slip stabilisation guide

Planning a way forward

Working with the Recovery Office, Pest Free Kaipātiki has been engaging with these communities to help them plan for their recovery.

“The key question we want people to think about is what the community needs to feel like they are moving forward and flourishing. It’s up to people to shape the outcomes, so the results could be anything really – from physical things and places, to programmes and events.

“We’ve done a series of in-person events and there will be more opportunities for people to engage and contribute to the recovery plan for their neighbourhoods, including individual and group interviews, workshops, library displays, and online polls. There will even be Mandarin events to engage our growing Chinese community.”

“So you can participate in whatever way makes sense for you!”

Engagement for Beach Haven, Northcote Point and Birkenhead recovery plans will continue with Pest Free Kaipātiki’s support until mid-2025.

Visit Pest Free Kaipātiki’s website to find out how to participate.

Community recovery planning session in Kaipātiki

MIL OSI New Zealand News –

January 26, 2025

Category: Health

Social media and political discourse

May fuel more polarization

A threat to democracy?

The research

Skills, resilience and connections

Room for growth

The research

Skills, resilience and connections

Room for growth

Summary

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Source: New Zealand Nurses Organisation

Secretary of State for Health and Social Care, Wes Streeting, said:

Claire Murdoch, NHS National Mental Health Director, said:

Lord Timpson, Minister for Prisons and Probation, said:

Professor Sir Simon Wessely, Chair of the Independent Review of the Mental Health Act, said:

Commenting on the announcement, Mark Rowland, Chief Executive at the Mental Health Foundation, said:

Mark Winstanley, Chief Executive, Rethink Mental Illness, said:

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Source: New Zealand Nurses Organisation

Older people and the heat

Early warning systems

What we found

What needs to change?

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

Dmitry Chernyshenko held a meeting on organizing the fifth forum “Travel!”

The mysterious black balls

Oil – or something more disgusting?

PFAS, drugs and signs of faeces

Were the blobs lumps of fatberg?

Urban waste pollution