Source: Government of Sweden
In light of the recent developments, Minister for Social Affairs and Public Health Jakob Forssmed and Minister for Foreign Affairs Tobias Billström invited representatives of faith communities to a discussion to listen to their views and thoughts on recent events.
Source: Government of Sweden
The European Commission and the Swedish Presidency will jointly review the progress of the Commission’s Strategic Framework on Health and Safety at Work 2021–2027 at the Occupational safety and health summit in Stockholm on 15–16 May. The themes include mental health at work, the ‘vision zero’ approach to work-related deaths, and the impact of climate change on occupational safety and health (OSH).
Source: GlobeNewswire (MIL-OSI)
| THE GROUP IS ACCELERATING ITS DEVELOPMENT | |||||||||
| CRÉDIT AGRICOLE S.A. | CRÉDIT AGRICOLE GROUP | ||||||||
| €m | Q2 2025 | Change Q2/Q2 | Q2 2025 | Change Q2/Q2 | |||||
| Revenues | 7,006 | +3.1% | 9,808 | +3.2% | |||||
| Expenses | -3,700 | +2.2% | -5,872 | +3.2% | |||||
| Gross Operating Income | 3,306 | +4.1% | 3,936 | +3.1% | |||||
| Cost of risk | -441 | +4.2% | -840 | -3.7% | |||||
| Net income group share | 2,390 | +30.7% | 2,638 | +30.1% | |||||
| C/I ratio | 52.8% | -0.5 pp | 59.9% | +0.0 pp | |||||
STRONG ACTIVITY IN ALL BUSINESS LINES
CONTINUOUS FLOW OF STRATEGIC OPERATIONS
HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST
HIGH SOLVENCY RATIOS
CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY
PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025 |
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Dominique Lefebvre, “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” |
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Olivier Gavalda, “With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.” |
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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 63.5% of Crédit Agricole S.A.
All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
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. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate (2) rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).
In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).
Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% (3) of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.
Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.
Continued support for the energy transition
The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group (4) has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy (5) increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.
At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition (6) amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.
In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.
In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.
Group results
In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.
In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.
The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings (7)reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis (8).
Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.
Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.
Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.
Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.
Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.
Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.
As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).
Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).
Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Credit Agricole Group, Income statement Q2 and H1 2025
| En m€ | Q2-25 | Q2-24 | ∆ Q2/Q2 | H1-25 | H1-24 | ∆ H1/H1 | |
| Revenues | 9,808 | 9,507 | +3.2% | 19,856 | 19,031 | +4.3% | |
| Operating expenses | (5,872) | (5,687) | +3.2% | (11,864) | (11,276) | +5.2% | |
| Gross operating income | 3,936 | 3,819 | +3.1% | 7,992 | 7,755 | +3.0% | |
| Cost of risk | (840) | (872) | (3.7%) | (1,575) | (1,523) | +3.4% | |
| Equity-accounted entities | 56 | 74 | (24.0%) | 131 | 142 | (7.9%) | |
| Net income on other assets | 452 | (7) | n.m. | 456 | (14) | n.m. | |
| Change in value of goodwill | – | – | n.m. | – | – | n.m. | |
| Income before tax | 3,604 | 3,014 | +19.6% | 7,004 | 6,361 | +10.1% | |
| Tax | (615) | (762) | (19.3%) | (1,656) | (1,517) | +9.1% | |
| Net income from discontinued or held-for-sale ope. | 0 | – | n.m. | 0 | – | n.m. | |
| Net income | 2,990 | 2,252 | +32.8% | 5,348 | 4,843 | +10.4% | |
| Non controlling interests | (352) | (224) | +57.0% | (545) | (432) | +26.1% | |
| Net income Group Share | 2,638 | 2,028 | +30.1% | 4,803 | 4,412 | +8.9% | |
| Cost/Income ratio (%) | 59.9% | 59.8% | +0.0 pp | 59.8% | 59.2% | +0.5 pp |
Regional banks
Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% (9), -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance (10) was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.
In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million (11). Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.
In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).
Crédit Agricole S.A.
Results
Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.
In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.
Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).
Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).
The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.
As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio (12) was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.
The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period (13) and 32 basis points on an annualised quarterly basis (14).
The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.
The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.
Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.
Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.
Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.
The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.
Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.
RoTE (15), which is calculated on the basis of an annualised net income Group share (16) and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US 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 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.
Crédit Agricole S.A. – Income statement, Q2 and H1-25
| En m€ | Q2-25 | Q2-24 | ∆ Q2/Q2 | H1-25 | H1-24 | ∆ H1/H1 | |
| Revenues | 7,006 | 6,796 | +3.1% | 14,263 | 13,602 | +4.9% | |
| Operating expenses | (3,700) | (3,621) | +2.2% | (7,691) | (7,289) | +5.5% | |
| Gross operating income | 3,306 | 3,175 | +4.1% | 6,571 | 6,312 | +4.1% | |
| Cost of risk | (441) | (424) | +4.2% | (855) | (824) | +3.8% | |
| Equity-accounted entities | 30 | 47 | (35.2%) | 77 | 90 | (14.1%) | |
| Net income on other assets | 455 | 15 | x 29.4 | 456 | 9 | x 50.7 | |
| Change in value of goodwill | – | – | n.m. | – | – | n.m. | |
| Income before tax | 3,350 | 2,814 | +19.0% | 6,250 | 5,587 | +11.9% | |
| Tax | (541) | (704) | (23.2%) | (1,368) | (1,315) | +4.0% | |
| Net income from discontinued or held-for-sale ope. | 0 | – | n.m. | 0 | – | n.m. | |
| Net income | 2,809 | 2,110 | +33.1% | 4,882 | 4,273 | +14.3% | |
| Non-controlling interests | (420) | (282) | +48.7% | (669) | (542) | +23.5% | |
| Net income Group Share | 2,390 | 1,828 | +30.7% | 4,213 | 3,731 | +12.9% | |
| Earnings per share (€) | 0.74 | 0.58 | +29.1% | 1.30 | 1.08 | +20.3% | |
| Cost/Income ratio (%) | 52.8% | 53.3% | -0.5 pp | 53.9% | 53.6% | +0.3 pp |
Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines
Activity of the Asset Gathering division
At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.
Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.
In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows(17) is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.
Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.
In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million (18) policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% (19), stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.
In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.
In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.
In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.
For Indosuez Wealth Management assets under management at the end of June stood at €214 billion (20), up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.
Results of the Asset Gathering division
In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.
In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).
In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).
As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.
Insurance results
In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance (21), €89 million from personal protection (22) and €114 million from property and casualty insurance (23).
The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.
Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.
Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.
Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).
Asset Management results
In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,(24), revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% (25) compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%25 from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership24, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.
Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.
Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.
At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.
Wealth Management results (26)
In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, (27) revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect27 and -€22.5 million in integration costs in the second quarter of 2025 (28). Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.
In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam(29) in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam29 in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.
Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).
At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.
Activity of the Large Customers division
The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.
In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.
Financing activities consolidated its leading position in syndicated loans (#1 in France (30) and #2 in EMEA30). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide30) and was ranked #1 in Green, Social & Sustainable bonds in EUR (31). Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.
For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.
Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.
On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.
Results of the Large Customers division
In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.
Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.
In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.
The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.
At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.
Corporate and Investment Banking results
In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).
Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.
In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.
Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.
Asset servicing results
In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 (32). Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.
Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target (33)of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.
Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.
Specialised financial services activity
Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing (34) in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% (35), LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.
The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context (36). In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.
Specialised financial services’ results
In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.
In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.
The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.
At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.
Personal Finance and Mobility results
In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt (37). Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points(38), a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.
In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt37. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.
Leasing & Factoring results
In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points38, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.
In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.
Crédit Agricole S.A. Retail Banking activity
In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.
Retail banking activity in France
In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.
The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.
Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).
Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.
Retail banking activity in Italy
In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.
Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion (39), up +1.6% compared with end-June 2024, in an Italian market up slightly (40), driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.
Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.
CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.
International Retail Banking activity excluding Italy
For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).
In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.
In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.
Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.
French retail banking results
In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.
Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.
The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.
Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.
In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).
In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.
At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.
International Retail Banking results (41)
In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).
In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.
At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.
Results in Italy
In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.
The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings (42) is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.
In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.
Results for Crédit Agricole Group in Italy (43)
In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.
International Retail Banking results – excluding Italy
In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).
In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.
At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.
At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.
Corporate Centre results
The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:
The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.
The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:
The contribution of “other items” was down -€15 million compared to first half 2024.
At 30 June 2025, risk weighted assets stood at €38.3 billion.
Financial strength
Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.
Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.
Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other44. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.
The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.
For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.
Crédit Agricole Group’s financial structure
| Crédit Agricole Group | Crédit Agricole S.A. | |||||||
| 30/06/25 | 31/03/25 | Exigences 30/06/25 | 30/06/25 | 31/03/25 | Exigences 30/06/25 | |||
| Phased-in CET1 ratio45 | 17.6% | 17.6% | 9.88% | 11.9% | 12.1% | 8.71% | ||
| Tier1 ratio45 | 18.9% | 19.0% | 11.72% | 14.0% | 14.3% | 10.52% | ||
| Total capital ratio45 | 21.4% | 21.8% | 14.17% | 17.8% | 18.4% | 12.94% | ||
| Risk-weighted assets (€bn) | 649 | 641 | 406 | 405 | ||||
| Leverage ratio | 5.6% | 5.6% | 3.5% | 3.9% | 4.0% | 3.0% | ||
| Leverage exposure (€bn) | 2,191 | 2,173 | 1,445 | 1,434 | ||||
| TLAC ratio (% RWA)45,46 | 27.6% | 28.5% | 22.4% | |||||
| TLAC ratio (% LRE)46 | 8.2% | 8.4% | 6.75% | |||||
| Subordinated MREL ratio (% RWA)45 | 27.6% | 28.5% | 21.6% | |||||
| Subordinated MREL ratio (% LRE) | 8.2% | 8.4% | 6.25% | |||||
| Total MREL ratio (% RWA)45 | 32.7% | 34.0% | 26.2% | |||||
| Total MREL ratio (% LRE) | 9.7% | 10.0% | 6.25% | |||||
| Distance to the distribution restriction trigger (€bn)47 | 46 | 46 | 13 | 14 | ||||
For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger48, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).
For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.
At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements49. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. 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.
Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.
Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).
The Group’s liquidity reserves, at market value and after haircuts50, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.
Liquidity reserves covered more than twice the short-term debt net of treasury assets.
This change in liquidity reserves is notably explained by:
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 €131 billion.
Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.
Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:
Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.
At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 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 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion51in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.
In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:
At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51,52.
The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:
At end-June, Crédit Agricole S.A. had issued 77%52,53 of its funding plan in currencies other than the euro.
In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.
The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.
The programme was 82% completed at 30 June 2025, with:
Economic and financial environment
Review of the first half of 2025
An even more conflict-ridden and unpredictable environment, causing a slowdown
The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.
Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.
The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).
The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.
In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.
In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.
In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.
In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.
Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields (54) on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).
On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.
2025–2026 Outlook
An anxiety-inducing context, some unprecedented resistance
The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.
Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.
Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.
In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.
We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(55), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.
In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).
The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.
Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.
In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.
As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.
On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.
Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).
Appendix 1 – Crédit Agricole Group: income statement by business line
Credit Agricole Group – Results par by business line, Q2-25 and Q2-24
| Q2-25 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 3,364 | 976 | 1,031 | 1,967 | 881 | 2,224 | (635) | 9,808 |
| Operating expenses | (2,690) | (597) | (540) | (864) | (438) | (1,257) | 514 | (5,872) |
| Gross operating income | 674 | 380 | 491 | 1,104 | 442 | 967 | (121) | 3,936 |
| Cost of risk | (397) | (95) | (61) | (7) | (235) | (20) | (26) | (840) |
| Equity-accounted entities | 1 | – | – | 58 | (13) | 10 | – | 56 |
| Net income on other assets | 1 | 1 | 0 | 449 | 1 | 0 | 0 | 452 |
| Income before tax | 278 | 286 | 430 | 1,604 | 194 | 958 | (147) | 3,604 |
| Tax | (96) | (69) | (130) | (249) | (58) | (149) | 136 | (615) |
| Net income from discontinued or held-for-sale ope. | – | – | 0 | – | – | – | 0 | 0 |
| Net income | 182 | 218 | 300 | 1,356 | 136 | 810 | (11) | 2,990 |
| Non-controlling interests | (0) | (0) | (40) | (247) | (22) | (43) | 1 | (352) |
| Net income Group Share | 182 | 217 | 260 | 1,108 | 114 | 767 | (10) | 2,638 |
| Q2-24 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 3,255 | 979 | 1,051 | 1,946 | 889 | 2,223 | (837) | 9,507 |
| Operating expenses | (2,560) | (591) | (573) | (813) | (443) | (1,204) | 497 | (5,687) |
| Gross operating income | 694 | 389 | 477 | 1,133 | 447 | 1,019 | (340) | 3,819 |
| Cost of risk | (444) | (95) | (75) | (2) | (211) | (39) | (6) | (872) |
| Equity-accounted entities | 2 | – | – | 33 | 29 | 10 | – | 74 |
| Net income on other assets | 1 | 2 | 0 | (12) | (1) | 2 | (0) | (7) |
| Income before tax | 253 | 296 | 402 | 1,152 | 265 | 993 | (347) | 3,014 |
| Tax | (44) | (65) | (117) | (282) | (54) | (248) | 48 | (762) |
| Net income from discontinued or held-for-sale ope. | – | – | – | – | – | – | – | – |
| Net income | 209 | 231 | 285 | 870 | 210 | 745 | (299) | 2,252 |
| Non-controlling interests | (1) | (0) | (38) | (124) | (23) | (36) | (2) | (224) |
| Net income Group Share | 208 | 231 | 247 | 746 | 187 | 710 | (300) | 2,028 |
Credit Agricole Group – Results par by business line, H1-25 and H1-24
| H1-25 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 6,716 | 1,939 | 2,079 | 4,016 | 1,749 | 4,632 | (1,275) | 19,856 |
| Operating expenses | (5,220) | (1,222) | (1,075) | (1,799) | (912) | (2,617) | 982 | (11,864) |
| Gross operating income | 1,496 | 717 | 1,003 | 2,217 | 837 | 2,015 | (293) | 7,992 |
| Cost of risk | (717) | (186) | (128) | (17) | (484) | 5 | (48) | (1,575) |
| Equity-accounted entities | 7 | – | – | 86 | 23 | 16 | – | 131 |
| Net income on other assets | 3 | 2 | 0 | 449 | 1 | 0 | 0 | 456 |
| Income before tax | 790 | 533 | 875 | 2,734 | 376 | 2,036 | (341) | 7,004 |
| Tax | (267) | (181) | (267) | (599) | (71) | (453) | 182 | (1,656) |
| Net income from discontinued or held-for-sale ope. | – | – | 0 | – | – | – | – | 0 |
| Net income | 523 | 352 | 608 | 2,135 | 305 | 1,583 | (159) | 5,348 |
| Non-controlling interests | (0) | (0) | (82) | (348) | (43) | (78) | 7 | (545) |
| Net income Group Share | 523 | 352 | 526 | 1,787 | 263 | 1,504 | (151) | 4,803 |
| H1-24 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 6,568 | 1,933 | 2,131 | 3,739 | 1,736 | 4,489 | (1,565) | 19,031 |
| Operating expenses | (5,044) | (1,193) | (1,098) | (1,567) | (897) | (2,501) | 1,024 | (11,276) |
| Gross operating income | 1,524 | 740 | 1,033 | 2,172 | 839 | 1,988 | (541) | 7,755 |
| Cost of risk | (691) | (214) | (159) | (5) | (429) | (5) | (20) | (1,523) |
| Equity-accounted entities | 7 | – | – | 61 | 59 | 14 | – | 142 |
| Net income on other assets | 3 | 4 | (0) | (20) | (1) | 2 | (2) | (14) |
| Income before tax | 842 | 530 | 875 | 2,208 | 468 | 1,999 | (563) | 6,361 |
| Tax | (191) | (119) | (260) | (501) | (97) | (482) | 133 | (1,517) |
| Net income from discontinued or held-for-sale ope. | – | – | – | – | – | – | – | – |
| Net income | 651 | 412 | 615 | 1,707 | 372 | 1,517 | (430) | 4,843 |
| Non-controlling interests | (1) | (0) | (89) | (236) | (42) | (69) | 6 | (432) |
| Net income Group Share | 650 | 412 | 525 | 1,471 | 330 | 1,448 | (424) | 4,412 |
Appendix 2 – Crédit Agricole S.A.: Income statement by business line
Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24
| Q2-25 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 1,970 | 2,224 | 881 | 976 | 1,007 | (51) | 7,006 |
| Operating expenses | (864) | (1,257) | (438) | (597) | (520) | (25) | (3,700) |
| Gross operating income | 1,106 | 967 | 442 | 380 | 487 | (76) | 3,306 |
| Cost of risk | (7) | (20) | (235) | (95) | (61) | (24) | (441) |
| Equity-accounted entities | 58 | 10 | (13) | – | – | (24) | 30 |
| Net income on other assets | 453 | 0 | 1 | 1 | 0 | 0 | 455 |
| Income before tax | 1,610 | 958 | 194 | 286 | 426 | (125) | 3,350 |
| Tax | (249) | (149) | (58) | (69) | (129) | 113 | (541) |
| Net income from discontinued or held-for-sale operations | – | – | – | – | 0 | – | 0 |
| Net income | 1,361 | 810 | 136 | 218 | 297 | (12) | 2,809 |
| Non-controlling interests | (261) | (58) | (22) | (10) | (59) | (10) | (420) |
| Net income Group Share | 1,100 | 752 | 114 | 208 | 238 | (22) | 2,390 |
| Q2-24 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 1,944 | 2,223 | 889 | 979 | 1,027 | (267) | 6,796 | |
| Operating expenses | (813) | (1,204) | (443) | (591) | (555) | (15) | (3,621) | |
| Gross operating income | 1,131 | 1,019 | 447 | 389 | 472 | (283) | 3,175 | |
| Cost of risk | (2) | (39) | (211) | (95) | (72) | (5) | (424) | |
| Equity-accounted entities | 33 | 10 | 29 | – | – | (25) | 47 | |
| Net income on other assets | (12) | 2 | (1) | 2 | 0 | 24 | 15 | |
| Income before tax | 1,150 | 993 | 265 | 296 | 400 | (289) | 2,814 | |
| Tax | (283) | (248) | (54) | (65) | (117) | 63 | (704) | |
| Net income from discontinued or held-for-sale operations | – | – | – | – | – | – | – | |
| Net income | 867 | 745 | 210 | 231 | 283 | (226) | 2,110 | |
| Non-controlling interests | (131) | (51) | (23) | (10) | (55) | (12) | (282) | |
| Net income Group Share | 736 | 694 | 187 | 220 | 228 | (238) | 1,828 | |
Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24
| H1-25 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 4,028 | 4,632 | 1,749 | 1,939 | 2,033 | (118) | 14,263 |
| Operating expenses | (1,799) | (2,617) | (912) | (1,222) | (1,035) | (106) | (7,691) |
| Gross operating income | 2,229 | 2,015 | 837 | 717 | 998 | (224) | 6,571 |
| Cost of risk | (17) | 5 | (484) | (186) | (128) | (45) | (855) |
| Equity-accounted entities | 86 | 16 | 23 | – | – | (47) | 77 |
| Net income on other assets | 453 | 0 | 1 | 2 | 0 | 0 | 456 |
| Income before tax | 2,749 | 2,037 | 376 | 533 | 870 | (316) | 6,250 |
| Tax | (601) | (454) | (71) | (181) | (266) | 205 | (1,368) |
| Net income from discontinued or held-for-sale operations | – | – | – | – | 0 | – | 0 |
| Net income | 2,148 | 1,583 | 305 | 352 | 604 | (111) | 4,882 |
| Non-controlling interests | (368) | (108) | (43) | (16) | (121) | (13) | (669) |
| Net income Group Share | 1,780 | 1,475 | 263 | 337 | 483 | (124) | 4,213 |
| H1-24 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 3,733 | 4,489 | 1,736 | 1,933 | 2,085 | (374) | 13,602 | |
| Operating expenses | (1,567) | (2,501) | (897) | (1,193) | (1,060) | (71) | (7,289) | |
| Gross operating income | 2,166 | 1,988 | 839 | 740 | 1,024 | (445) | 6,312 | |
| Cost of risk | (5) | (5) | (429) | (214) | (154) | (16) | (824) | |
| Equity-accounted entities | 61 | 14 | 59 | – | – | (46) | 90 | |
| Net income on other assets | (20) | 2 | (1) | 4 | (0) | 24 | 9 | |
| Income before tax | 2,203 | 1,999 | 468 | 530 | 870 | (483) | 5,587 | |
| Tax | (502) | (482) | (97) | (119) | (259) | 144 | (1,315) | |
| Net income from discontinued or held-for-sale operations | – | – | – | – | – | – | – | |
| Net income | 1,701 | 1,517 | 372 | 412 | 610 | (339) | 4,273 | |
| Non-controlling interests | (248) | (101) | (42) | (18) | (126) | (7) | (542) | |
| Net income Group Share | 1,453 | 1,416 | 330 | 393 | 485 | (345) | 3,731 | |
Appendix 3 – Data per share
| Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE |
| €m | Q2-25 | Q2-24 | H1-25 | H1-24 | |||||||||||||||||||
| Net income Group share | 2,390 | 1,828 | 4,213 | 3,731 | |||||||||||||||||||
| – Interests on AT1, including issuance costs, before tax | (141) | (83) | (270) | (221) | |||||||||||||||||||
| – Foreign exchange impact on reimbursed AT1 | 4 | – | 4 | (247) | |||||||||||||||||||
| NIGS attributable to ordinary shares | [A] | 2,252 | 1,745 | 3,947 | 3,263 | ||||||||||||||||||
| Average number shares in issue, excluding treasury shares (m) | [B] | 3,025 | 3,025 | 3,025 | 3,008 | ||||||||||||||||||
| Net earnings per share | [A]/[B] | 0.74 € | 0.58 € | 1.30 € | 1.08 € | ||||||||||||||||||
| €m | 30/06/25 | 30/06/24 | |||||||||||||||||||||
| Shareholder’s equity Group share | 75,528 | 70,396 | |||||||||||||||||||||
| – AT1 issuances | (8,612) | (7,164) | |||||||||||||||||||||
| – Unrealised gains and losses on OCI – Group share | 872 | 1,305 | |||||||||||||||||||||
| Net book value (NBV), not revaluated, attributable to ordin. sh. | [D] | 67,787 | 64,537 | ||||||||||||||||||||
| – Goodwill & intangibles** – Group share | (18,969) | (17,775) | |||||||||||||||||||||
| Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. | [E] | 48,818 | 46,763 | ||||||||||||||||||||
| Total shares in issue, excluding treasury shares (period end, m) | [F] | 3,025 | 3,025 | ||||||||||||||||||||
| NBV per share, after deduction of dividend to pay (€) | [D]/[F] | 22.4 € | 21.3 € | ||||||||||||||||||||
| TNBV per share, after deduction of dividend to pay (€) | [G]=[E]/[F] | 16.1 € | 15.5 € | ||||||||||||||||||||
| ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle | |||||||||||||||||||||||
| €m | H1-25 | H1-24 | |||||||||||||||||||||
| Net income Group share | 4,213 | 3,731 | |||||||||||||||||||||
| Added value Amundi US | 304 | 0 | |||||||||||||||||||||
| Additionnal corporate tax | -129 | 0 | |||||||||||||||||||||
| IFRIC | -173 | -110 | |||||||||||||||||||||
| NIGS annualised (1) | [N] | 8,382 | 7,572 | ||||||||||||||||||||
| Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised | [O] | -536 | -689 | ||||||||||||||||||||
| Result adjusted | [P] = [N]+[O] | 7,846 | 6,884 | ||||||||||||||||||||
| Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) | [J] | 47,211 | 44,710 | ||||||||||||||||||||
| ROTE adjusted (%) | = [P] / [J] | 16.6% | 15.4% | ||||||||||||||||||||
| *** including assumption of dividend for the current exercise | 0,0% | ||||||||||||||||||||||
(1)ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
(2)Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises
Alternative Performance Indicators56
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:
Impaired loan
Loan which has been provisioned due to a risk of non-repayment.
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.
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.
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 second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.
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 six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations 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. 2024 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.
Financial Agenda
30 October 2025 Publication of the 2025 third quarter and first nine months results
18 November 2025 Presentation of the Medium-Term Plan
4 February 2026 Publication of the 2025 fourth quarter and full year results
30 April 2026 Publication of the 2026 first quarter results
20 May 2026 2026 General Meeting
31 July 2026 Publication of the 2026 second quarter and the first half-year results
30 October 2026 Publication of the 2026 third quarter and first nine months results
Contacts
CREDIT AGRICOLE PRESS CONTACTS
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
| Institutional investors | 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 |
| Debt 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 |
| Yury Romanov | + 33 1 43 23 86 84 | yury.romanov@credit-agricole-sa.fr |
See all our press releases at: www.credit-agricole.com – www.creditagricole.info
1 Closing at 4thof July
(2)Car, home, health, legal, all mobile phones or personal accident insurance.
(3)CA Auto Bank, automotive JVs and automotive activities of other entities
(4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
(5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
(6)Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
(7)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
(8)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
(9)Average rate of loans to monthly production for April to May 2025
(10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
(11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)
(12)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.
(13)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
(14)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
(15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
(16)The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
(17)In local standards
(18)Scope: property and casualty in France and abroad
(19)Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
(20)Excluding assets under custody for institutional clients
(21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
(22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
(23)Net of reinsurance cost, including financial results
(24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
(25)Excluding scope effect
(26)Indosuez Wealth Management scope
(27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
(28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
(29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
(30)Refinitiv LSEG
(31)Bloomberg in EUR
(32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
(33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
(34)CA Auto Bank, automotive JVs and auto activities of other entities
(35)CA Auto Bank and automotive JVs
(36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
(37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
(38)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.
(39)Net of POCI outstandings
(40)Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
(41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.
(42) Over a rolling four quarter period.
(43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
(44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.
(48)
(49)
(54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
(55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
(56)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 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
Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle
A survey from the Australian Dental Association out this week shows about three in four children never floss their teeth, or have adults do it for them. Many of the survey respondents thought it wasn’t worthwhile for baby teeth.
As anyone who cares for kids knows, it can be hard enough to get them to brush twice daily, let alone floss.
So how do you actually get kids to floss? Why do they need to anyway?
Flossing can reach between the teeth where toothbrushes can’t. It removes the soft food debris and biofilm, a slimy layer on teeth that harbours microbes, and so reduces the risk of dental decay and gum disease.
So flossing is essential as soon as children’s teeth erupt and are in contact with the next one. This is typically at the age of six to eight months when the lower front teeth start to emerge through their gums.
You may be thinking flossing is not worth the time or trouble, especially for younger children who’ll lose their baby teeth in a few years anyway.
However, baby teeth play a vital role in how children’s jaw bones develop and their face appears. And losing baby teeth early – due to the dental decay that can arise from not flossing – can have several effects.
As a child, it can change their speech and appearance. These can affect a child’s self-esteem and impact their wellbeing, depending on their age.
Losing baby teeth early can also affect them as a teenager or adult. Baby teeth act as a guide to where permanent teeth should erupt so losing them early can lead to crowding of teeth, needing orthodontic treatment (braces). In fact, premature loss of baby teeth can increase the risk of “malocclusion” or problems in the position of permanent teeth by more than 2.5 times.
Cleaning between the teeth is also vital for teens to reduce the risk of gingivitis (inflammation of the gums). This is very common in this age group due to changes in hormone levels.
Setting up a regular flossing routine may be challenging for many families. It’s one more thing to squeeze into the early morning rush to get to school or work. It can be hard to motivate tired children to floss at the end of the day too.
The technique itself also needs a level of manual dexterity for the kids themselves or for the parents who floss younger kids’ teeth.
You or your kids may have some form of dental anxiety due to previous negative experiences with dental visits. This may affect dental hygiene, or your likelihood to floss.
All of these factors can lead to lack of motivation or reluctance to floss, and so increases the risk of dental decay and gum disease in children.
But there are ways to help you and your kids develop and stick to a flossing regime.
First, gather your equipment.
Interdental brushes look like mini bottle brushes. These are more effective for larger spaces between adjacent teeth, or if your child has braces.
Floss or floss picks are only effective for areas with smaller or no spaces between adjacent teeth. Kid-friendly designs, such as animal-shaped and colourful floss and floss picks, can be an excellent option to make this routine more enjoyable. Flavoured floss, or floss that smells like fruit or chocolate can be appealing. Involving kids in the choice of floss or floss picks can boost their motivation to floss.
Alternatively, a waterjet flosser can make cleaning between the teeth more engaging. It’s as effective as regular dental floss.
For toddlers and preschoolers, using rewards and positive reinforcements, such as sticker charts or gold stars, can keep kids motivated to floss. So stock up.
Then choose your timing. Flossing is best done once a day, either in the morning or before bedtime. That’s because flossing can effectively remove biofilm between the teeth for 24 hours. You can floss before or after brushing.
Parents will need to brush and floss the teeth of infants and children up to five years old, until the children develop their own manual dexterity.
For infants, it’s easier if one adult holds them upright or sits them on their lap while the other does the flossing. For toddlers and preschoolers it may be easier to floss if they are sitting on the toilet, or standing at the basin with their head tilted back.
Last of all, lead by example. Kids with parents who regularly floss tend to pick up the routine quickly.
Flossing is only one part of preventing tooth decay and dental diseases, such as gum disease. It’s also important for children to:
avoid snacking on food with a high sugar content
choose plain water over fruit juices or fizzy drinks
avoid falling asleep with a feeding bottle containing milk, fruit juice or sugary liquids
avoid using a dummy dipped in sugary liquids or honey
clean their tongue while brushing their teeth
see a dentist or oral health professional well before their first tooth erupts so they can get used to the idea of a dental appointment.
Dileep Sharma receives funding from the Dental Council of NSW, International Association for Dental, Oral, and Craniofacial Research, Australian government Department of Foreign Affairs and Trade, International College of Dentists and Tropical Australian Academic Health Centre for his dental research projects. He is affiliated with The International Association for Dental, Oral, and Craniofacial Research and Australian Dental Association.
– ref. Kids need to floss too, even their baby teeth. But how do you actually get them to do it? – https://theconversation.com/kids-need-to-floss-too-even-their-baby-teeth-but-how-do-you-actually-get-them-to-do-it-262209
Source: Government of Sweden
The theme of this year’s World Health Assembly (WHA) was the World Health Organization (WHO) at 75 and the work it does. Representing the EU and its Member States, Minister for Health Care Acko Ankarberg Johansson took part on the first two days (21–22 May).
Source: Government of Sweden
Sweden and the majority of World Health Organization (WHO) Member States in the WHO European Region have decided to relocate the WHO European Office for the Prevention and Control of Noncommunicable Diseases from Moscow to Copenhagen. The decision was taken in support of Ukraine and enables the WHO to continue its work fighting noncommunicable diseases in Europe.
Source: US State of California
Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.
Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.
The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.
“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”
“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”
“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”
The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.
The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.
The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).
The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.
The claims resolved by the settlement are allegations only and there has been no determination of liability.
Source: United States Attorneys General
Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.
Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.
The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.
“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”
“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”
“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”
The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.
The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.
The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).
The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.
The claims resolved by the settlement are allegations only and there has been no determination of liability.
Source: City of York
The Get Britain Working Trailblazer programme is aimed at reducing economic inactivity and supporting residents into good jobs, volunteering, and training opportunities.
The funding, totalling £1,038,250, comes from the York and North Yorkshire Combined Authority (YNYCA) and will support a wide range of local projects targeting groups most affected by long-term unemployment, including young people, disabled residents, unpaid carers, and veterans.
Peter Roderick, Director of Public Health at City of York Council, said:
“This funding is a real opportunity to make a difference in the lives of York residents who face barriers to employment due to health or personal circumstances. We’re proud to be delivering a programme that puts people first—offering tailored support, improving wellbeing, and helping individuals find meaningful work. It’s about building a healthier, more inclusive city.”
Cllr Pete Kilbane, Deputy Leader and Executive Member for Economy & Culture, added:
“This investment aligns perfectly with our Economic Strategy and our ambition to create good jobs and a thriving local economy. By working with partners across the city, we’re scaling up what works and piloting new, innovative approaches. It’s a bold step forward in unlocking York’s hidden talent and ensuring no one is left behind.”
The funding will support 15 York-specific schemes, including mental health hubs, youth mentoring, workplace health checks, and employer engagement initiatives. It also complements wider regional programmes such as wage subsidies and primary care interventions.
The Council has committed to delivering all projects within the 2025/26 financial year, with a focus on collaboration, innovation, and measurable impact. A report detailing the funding will go to a joint councillor decision session on 5 August
ENDS
Source: The Conversation – UK – By Primrose Freestone, Senior Lecturer in Clinical Microbiology, University of Leicester
Your feet are microbial hotspots. The area between your toes is packed with sweat glands, and when we wrap our feet in socks and shoes, we trap that moisture in a warm, humid cocoon that’s ideal for microbial growth. In fact, your feet may be home to a miniature rainforest of bacteria and fungi, with anywhere from 100 to 10 million microbial cells per square centimetre of skin surface.
Not only do feet host a huge variety of microorganisms – up to 1,000 different species per person – but they also have a wider range of fungal species than any other part of the body. That means your feet aren’t just sweaty or smelly – they’re genuinely biodiverse.
Because your feet are microbe-rich, your socks become prime real estate for these same bacteria and fungi. Studies show that socks harbour both harmless skin residents, like coagulase-negative staphylococci, and potentially dangerous pathogens, including Aspergillus, Staphylococcus, Candida, Histoplasma and Cryptococcus. These microbes thrive in the warm, moist spaces between your toes, feeding on sweat and dead skin cells.
Their byproducts, such as volatile fatty acids and sulphur compounds, are what give sweaty feet, socks and shoes that notorious odour. It’s not the sweat itself that smells, but the microbial metabolism of that sweat. Perhaps unsurprisingly, smelly feet are so common the NHS has dedicated pages of advice on the issue.
The sock microbiome isn’t just influenced by your feet – it also reflects your environment. Socks pick up microbes from every surface you walk on, including household floors, gym mats, locker rooms and even your garden. They act as microbial sponges, collecting bacteria and fungi from soil, water, pet hair and dander, and the general dust of everyday life. In one study, socks worn for just 12 hours had the highest bacterial and fungal counts of any clothing item tested.
And those microbes don’t stay put. Anything living in your socks can transfer to your shoes, your floors, your bedding – and even your skin. In a hospital study, slipper socks worn by patients were found to carry floor microbes, including antibiotic-resistant pathogens, into hospital beds. It’s a reminder that foot hygiene isn’t just a personal issue – it can have broader implications for infection control and public health.
Socks can also play a key role in spreading fungal infections like Tinea pedis (better known as athlete’s foot), a highly contagious condition that primarily affects the toes but can spread to the heels, hands, or even the groin. The infection is caused by dermatophyte fungi, which love warm, damp environments – exactly the kind you find in sweaty socks and tight shoes.
To prevent this, experts recommend avoiding walking barefoot in shared spaces like gyms and pools, not sharing socks, towels, or shoes, and practising good foot hygiene, which includes washing and drying thoroughly between the toes. Topical antifungal treatments are usually effective, but prevention is key.
It’s also important to note that socks can retain fungal spores even after washing. So if you’ve had athlete’s foot, wearing the same pair again – even if it looks clean – could trigger reinfection.
The safest approach is to wear fresh socks daily and allow your shoes to dry out completely between wears. Choose breathable fabrics and avoid footwear that traps heat or causes excessive sweating.
Most laundry advice focuses on preserving fabric, colour and shape – but when it comes to socks, hygiene matters more. Studies show that washing at typical domestic temperatures (30–40°C) may not be sufficient to kill bacteria and fungi. In fact, under-cleaned socks can act as infection vectors, especially in households with vulnerable people.
To properly sanitise your socks:
turn them inside out before washing to expose the inner surface where most microbes accumulate
use an enzyme-based detergent, which helps break down sweat and skin debris
wash at 60°C when possible, as the higher temperature helps detach and kill microbes
steam iron your socks if you need to wash at lower temperatures – heat from ironing can destroy residual spores.
Cotton socks tend to tolerate higher temperatures better than synthetic blends, making them a better option for those prone to fungal infections. Drying socks in direct sunlight can also help: UV light has known antimicrobial effects.
Your socks might say more about you than you realise. In a US murder investigation, forensic scientists used soil bacteria found on a suspect’s socks to link them to the burial site of a victim.
The microbial profile of the socks closely matched that of the crime scene – suggesting the socks had picked up and preserved location-specific soil microbes. This emerging field of forensic microbiology shows how microbial signatures can offer valuable clues in legal contexts.
It’s a reminder that the ecosystems we carry on our bodies – and in our clothing – are not only complex and revealing but also surprisingly durable. Whether it’s helping to solve crimes or fuelling a fungal outbreak, your socks are far more biologically active than they appear.
So next time you peel off a sweaty pair at the end of the day, spare a thought for the microscopic universe you’ve been walking around in. And maybe, just maybe, opt for that 60-degree wash.
Primrose Freestone does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. The dirty truth about what’s in your socks: bacteria, fungi and whatever lives between your toes – https://theconversation.com/the-dirty-truth-about-whats-in-your-socks-bacteria-fungi-and-whatever-lives-between-your-toes-261580
Source: The Conversation – UK – By Susan Walker, Associate Professor in Contraception, Reproductive and Sexual Health, Anglia Ruskin University
A potential new male contraceptive drug has just undergone its first tests in human volunteers. The results give the first indication that the drug, which does not use artificial hormones or affect testosterone production by the testes, may be safe in humans.
While previous attempts have been made to develop a male contraceptive in the past, these largely failed to pass clinical trials due to their unacceptable side-effects. But this newest contraceptive works differently from past attempts, which means it doesn’t require surgery and is much less likely to cause hormonal side-effects – problems that have helped stop previous attempts from reaching the market.
The study showed the drug was well tolerated in a small group of healthy young men and did not appear to cause any serious side-effects at the doses used. Further research will be needed to demonstrate precisely how effective it is as a contraceptive.
The new method uses a specially-designed chemical known as YCT-529 to target a specific cell receptor in the testes called retinoic acid receptor–alpha.
Similar, but less specific compounds, had been shown to reduce sperm production in humans previously. But these compounds also had unwanted side-effects – such as feeling ill when drinking alcohol, altering salt levels in the bloodstream and not being fully reversible in all men. This made them unsuitable for contraceptive use.
But in animal studies, YCT-529 was shown to produce fully reversible, temporary infertility without any significant side-effects. A study in mice also found that those who went on to father babies after stopping the drug produce normal, healthy offspring.
Based on these results, the drug then entered into phase one trials in humans. This is the first stage of human testing, where a small group of healthy volunteers are recruited to test safety, tolerability and possible side-effects.
This small trial involved 16 male volunteers who took the drug twice at increasing doses – either 10mg to 30mg or 90mg to 180mg. Some men took placebo pills for comparison.
The participants were monitored for 15 days for any effects on normal hormone levels, inflammation (signs of cell damage), kidney and liver function, abnormal heart rhythms, sexual desire and mood.
No changes were detected in the natural hormones in the body. There were also no lasting effects on liver and kidney function and no signs of cell damage. No dangerous abnormalities of heart rhythm were detected, and the participants reported no changes in mood or sexual desire.
However, participants only took two doses of the drug and were only followed up for 15 days. The authors say in the paper that a larger phase two trial is underway which will test the drug in a greater number of men.
This will then be followed by phase three trials in hundreds of men where the effectiveness, reversibility and side-effects of longer term use of the drug will be assessed. These are the hurdles which have prevented other approaches from being made widely available.
At present there are no commercially available contraceptive methods for men that are not only safe and effective at preventing pregnancy, but which also allow sperm production to be turned off and on again at will.
While condoms have few side-effects and are used at will, they have a relatively high failure rate (resulting in pregnancy around 12%-18% of the time with typical use).
A vasectomy, which severs the tube connecting the sperm-producing testes to the rest of the male reproductive organs, is very effective (more than 99%) and safe – but it’s not easily reversible and requires a minor operation.
There have been previous attempts (and some ongoing) at producing a reversible method of contraception for men. Some have proven to be effective at stopping sperm production or preventing sperm from exiting the male reproductive tract. However, they haven’t moved to the stage of commercial production, often because of unwanted side-effects.
Most of these attempts used one of two main approaches to prevent pregnancy.
One method involves injecting a substance into the vas deferens (a tube leading from the testes to the urethra). This substance filters out and damages sperm during ejaculation. This substance can be flushed out through a minor procedure if the man wishes to become fertile again.
The drawback of this method is that it requires a minor surgical procedure (an injection into the scrotum) and that the man has to have a further procedure to reverse its effects.
The second route involves stopping sperm production altogether by lowering the hormones that cause sperm to be made in the testes.
The most successful of these trials used an injectable progestogen (a synthetic version of the sex hormone progesterone). This injectable signalled the brain to stop producing follicular stimulating hormone (FSH) and lutenising hormone (LH), which normally signal the testes to produce sperm and testosterone.
However, suppressing LH also turned off the testosterone in the testes that is needed for normal, healthy function in men. To counteract the loss of testosterone, this contraceptive approach required men to take an “add back” testosterone – either as a tablet or a gel applied to the skin.
But a major trial testing this method was stopped early because of the hormonal side-effects participants experienced, including mood swings, acne and changes to sex drive.
There’s a long way to go before the new drug can be considered suitable for use as a male contraceptive. But this new approach shows a lot of promise because it avoids upsetting hormonal balance and can be taken orally – rather than requiring an invasive procedure.
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Susan Walker has previously received funding from Bayer PLC who manufacture contraceptive devices.
– ref. Hormone-free male contraceptive pill passes first safety test – https://theconversation.com/hormone-free-male-contraceptive-pill-passes-first-safety-test-262083
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
July 30, 2025
Consumers face higher electricity prices than when Biden left office, despite Trump campaign promise to cut energy and electricity prices in half
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), joined by Senators Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), and Sheldon Whitehouse (D-R.I.), pressed Trump administration officials on rising electricity prices for Americans. Despite Donald Trump’s campaign promise to “cut the price of energy and electricity in half,” consumers are facing higher electricity prices than when President Biden left office.
“The Administration must reverse its path of increased energy prices and instead work to cut energy costs for American families,” wrote the lawmakers.
The lawmakers wrote to Energy Secretary Chris Wright, Interior Secretary Doug Burgum, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, United States Trade Representative (USTR) Jamieson Greer, and Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr., pressing for answers as to why President Trump has failed to lower energy prices and what the administration’s plan is to bring down those costs.
“We write to you – a broad swath of the cabinet – because the increase in energy costs is driven by a broad swath of policies across the Trump Administration,” wrote the lawmakers.
According to the most recent data from the Consumer Price Index, under the Trump administration, electricity prices are up nearly 5 percent from the start of the year and up by almost a full percentage point in June 2025. Prices are expected to climb even further, with the average electric bill in the U.S. during this year’s air conditioning season projected to hit record highs.
“At the same time, the Trump Administration is cutting programs that help families afford higher electricity costs and lower their energy usage, all while utility CEOs receive massive payouts,” wrote the lawmakers. “A combination of the Administration’s regulatory decisions, the impacts of tariffs, and the Administration’s reversal of key energy investments is driving up energy bills for Americans around the country.”
The lawmakers cited key examples of Trump administration actions which have exacerbated the energy cost crisis, including:
The lawmakers pressed for answers to better understand how the Administration plans to lower prices for consumers by August 11, 2025.
Source: US Department of Health and Human Services – 3
Summary
Company Announcement Date:
July 29, 2025
FDA Publish Date:
July 30, 2025
Product Type:
Food & Beverages
Reason for Announcement:
Recall Reason Description
Cans contain alcohol
Company Name:
High Noon
Brand Name:
Brand Name(s)
High Noon, Celsius
Product Description:
Product Description
Energy Drink
Company Announcement
MODESTO, CA, July 29, 2025 – High Noon is recalling two production lots of High Noon Beach Variety packs (12-pack/12 fluid ounce cans). Some of these packs contain cans that are filled with High Noon vodka seltzer alcohol and are mislabeled as CELSIUS® ASTRO VIBE™ Energy Drink, Sparkling Blue Razz Edition with a silver top. Consumption of the liquid in these cans will result in unintentional alcohol ingestion.
No illnesses or adverse events have been reported for this recall to date.
Product Details: This labeling error is confined to the two lots listed below:
Product Description
Retail UPC
Lot Codes
Product Images
High Noon BeachVariety Packs
High Noon UPC:085000040065
L CCC 17JL25 14:00 toL CCC 17JL25 23:59 L CCC 18JL25 00:00 toL CCC 18JL25 03:00 Lot Codes are on theexterior of the 12-pack.See below:
See Image Below
CELSIUS ASTROVIBE Energy Drink, Sparkling Blue Razz Edition
CELSIUS UPC8 89392 00134 1
L CCB02JL25 2:55 to L CCB02JL25 3:11 The lot codes arelasered on thebottom of the can.
See Image Below
This recall is exclusively for the affected High Noon Beach Variety 12-packs with the lot codes listed above, which were shipped to distributors in FL, MI, NY, OH, OK, SC, VA & WI. Distributors shipped product to retailers in FL, NY, OH, SC, VA & WI. Product was shipped between July 21, 2025 – July 23, 2025.
Even if not purchased in a High Noon Beach Variety pack, consumers should be advised to ensure their CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition does not contain the lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11), prior to consuming.
Consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid. High Noon Beach Variety packs with different lot codes than above are not affected by this recall and are safe to consume.
The recall was initiated after High Noon discovered that a shared packaging supplier mistakenly shipped empty CELSIUS cans to High Noon.
As a reminder, consumers are advised to dispose of the CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition silver lid cans with the impacted lot codes (L CCB 02JL25 2:55 to L CCB 02JL25 3:11) and not consume the liquid.
Consumers who have purchased the identified High Noon Beach Variety 12-packs or mislabeled CELSIUS ASTRO VIBE Energy Drink, Sparkling Blue Razz Edition (with lot codes: L CCB 02JL25 2:55 to L CCB 02JL25 3:11), should contact High Noon Consumer Relations at consumerrelations@highnoonvodka.com to get more information on next steps, including refunds.
This recall is being conducted with the knowledge of the U.S. Food and Drug Administration and the Alcohol and Tobacco Tax and Trade Bureau.
Company Contact Information
Product Photos
Content current as of:
07/30/2025
Regulated Product(s)
Follow FDA
Source: US Department of Health and Human Services
Leading Healthcare, Tech Companies Pledge to Work on Interoperability & User-Friendly Apps
Today, the Trump Administration announced progress toward building a smarter, more secure, and more personalized healthcare experience in partnership with innovative private sector companies. During a White House “Make Health Tech Great Again” event hosted with the Centers for Medicare & Medicaid Services (CMS), the Administration secured commitments from major healthcare and information technology firms – including Amazon, Anthropic, Apple, Google, and OpenAI – to begin laying the foundation for a next-generation digital health ecosystem that will improve patient outcomes, reduce provider burden, and drive value.
Source: United States House of Representatives – Congresswoman Diana DeGette (First District of Colorado)
DENVER, CO — Today, Congresswoman Diana DeGette (CO-01), Ranking Member of the Energy and Commerce Subcommittee on Health, issued the following statement after the Office of Management and Budget (OMB) reversed course on directing the National Institutes of Health (NIH) to only use appropriated dollars for salaries, administrative expenses, and expenses associated with the NIH Clinical Center which would have prohibited the investment of at least $15 billion in biomedical research.
“The Office of Management and Budget may not change or disregard the law. Congress appropriated $47.3 billion for NIH in fiscal year 2024 appropriations, and it continued that funding level in the fiscal year 2025 continuing resolution. That funding was made available to support research, not just at NIH but at institutions across the country and around the world. OMB and its director, Russ Vought, may not change that reality with the stroke of a pen.
“NIH-funded research has fueled treatments and cures for sickle cell disease, Hepatitis C, and cystic fibrosis. It has led to effective treatments for myriad cancers, leading in part to a reduction in the cancer death rate by a third in the past 30 years. Halting this progress means death and misery for millions of Americans with diseases that NIH seeks to cure. That is why Congress has continued to empower NIH. Congress has given OMB and NIH zero authority to curtail grantmaking.
“Russ Vought’s latest attempt to strangle biomedical research is just a continuation of his disdain for Congress, science, and the American people. It was apparently a bridge too far, even for Donald Trump and the White House, which reportedly pushed back on the directive from OMB and Vought. There must be accountability for this directive, and Director Vought must testify before Congress to explain his illegal attempt to gut biomedical research.”
###
Source: US State of Connecticut
Nearly 80 women gathered at the Community Health Center in Middletown (CHC) on July 19 for Rooted in Wisdom: A Menopause Garden Party, a joyful, intergenerational celebration of wisdom, wellness, and womanhood. With floral bouquets in hand and shared stories in their hearts, attendees came together to reclaim the menopause journey: openly, proudly, and in community.
This community-led event was part of the UConn Health Disparities Institute’s Menopause Equity Initiative (MEI), a statewide effort to break the silence, reduce stigma, and create community-informed solutions to support women’s midlife health.
Organized by CHC and the Epsilon Omicron Omega Chapter of Alpha Kappa Alpha Sorority, Incorporated®, the event was co-hosted by DeLita Rose-Daniels and Yvette Highsmith-Francis, CHC’s vice president of the Eastern Region. Their vision created a space where participants could learn, connect, and celebrate menopause as a shared journey rather than a silent struggle.
“Rooted in Wisdom was a powerful example of what it means to center community voices in health equity work,” said Dr. Linda Sprague Martinez, director of HDI. “Women are experts in their own lived experience. This event was special because it was created by women of color for women of color to reclaim their stories and build collective knowledge about menopause. HDI is committed to supporting intergenerational, culturally grounded conversations like these, which are needed to address health and health care disparities.”
The event opened with a screening of the (M) Factor: Shredding the Silence on Menopause, the first PBS documentary to spotlight the complex realities of the menopause transition. The film resonated deeply with the audience, evoking both quiet reflection and vocal commentary. “Women were connected to every word,” said DeLita Rose-Daniels. “It was an unspoken affirmation to me that women felt connected, seen, and heard about their menopause experience, a piece of them they probably never really shared out loud with anyone.”
Following the film, a “talkback” session with expert health professionals helped break down myths and medical misinformation, giving voice to common but often undiscussed symptoms. Guests asked questions, shared personal stories, and received guidance from:
The event continued with a tea and wellness session led by Sasha Allen Walton, a Gullah Geechee herbalist and owner of Sasha’s Whole Earth. Walton offered a sampling of teas grounded in ancestral knowledge and everyday health rituals, demonstrating the connection between cultural healing and bodily empowerment.
To close the afternoon, guests created their floral bouquets on CHC’s garden rooftop as a personal expression of rebirth and rootedness.
CHC Vice President Yvette Highsmith-Francis captured the spirit of the day: “I literally saw faces light up when we shared the reframing of menopause from a negative to a journey to be embraced; a second spring- a time of personal rebirth, creativity, and internal wisdom. Individuals should be able to discuss their symptoms and find treatment openly or ways they can manage them.”
Why Menopause Equity Matters
While menopause is a universal experience, it is not equally experienced by all. Black women, for example, are three times more likely to enter menopause early and often face symptoms that last up to a decade, substantially longer than other groups. These symptoms are frequently dismissed or ignored, compounding risks for chronic conditions like heart disease.
One attendee shared, “This was the first time I ever had a real conversation about menopause. I didn’t even know hormone replacement therapy was something to explore.”
“At HDI, we believe that those most affected by health inequities should be at the heart of the solutions,” said Trisha Pitter, director of Community Learning and Engagement at HDI. “That’s what this event was: a community-driven expression of wisdom, joy, and truth-telling. Menopause doesn’t have to be a silent or isolating experience. Nor does someone have to figure it out alone. Through gatherings like this, we’re restoring connections, sharing intergenerational stories, and changing the narrative about what midlife can look and feel like, especially for Black and Brown women.
Looking Ahead
HDI will host the “Power of the Pause,” a statewide celebration during Menopause Awareness Month, on October 25, from 11:00 a.m. to 4:00 p.m.. The event will take place at the Mandell JCC in West Hartford, bringing together individuals experiencing menopause and their loved ones while connecting them with health providers and tailored resources.
For more information or to get involved, visit HDI’s Menopause Equity Initiative webpage or email us at hdimenopauseequity@uchc.edu.
US Senate News:
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, applauded the committee passage of the Improving Care in Rural America Reauthorization Act, bipartisan legislation Kaine introduced to reauthorize programs to improve access to health care in rural communities.
“Everyone – regardless of their ZIP code – deserves access to high-quality medical care. But rural communities across Virginia and the country face unique challenges that can reduce or completely eliminate their access to that care. President Trump’s new law that will rip health care away from more than 15 million Americans and cut funding rural hospitals rely on to keep their doors open will only make those challenges worse. We were able to take a small step forward today in the HELP Committee to provide much-needed funding for health care in rural communities, and I will keep doing all that I can to reverse the dangerous health care policies of this Administration,” said Kaine. “I’m also glad that the HELP Committee passed my bipartisan bill with Senator Banks to improve over-the-counter (OTC) drug safety and modernize the FDA’s review of OTC medications, and my bipartisan bill with Senator Marshall and to help more employees harness a stake in the companies they work for.”
In addition to the Improving Care in Rural America Reauthorization Act, the HELP Committee passed several other pieces of Kaine-led legislation. The committee passed a bipartisan bill to reauthorize the Food and Drug Administration’s (FDA) Over-the-Counter Monograph User Fee Program (OMUFA), which modernizes the FDA’s review of OTC medications with support from drug manufacturer user fees, until fiscal year (FY) 2030. Included in that text, the committee also passed the Kaine-led OTC Monograph Drug User Fee Transparency Act, mandating that the FDA annually provide information about OTC drug safety, adverse effects, the speed with which the FDA processes OTC monograph order requests, and other matters related to the safe and timely regulation of over-the-counter drugs. The legislation also requires that the FDA provide the Senate HELP Committee and the House Committee on Energy and Commerce with a report after two years on the status of the OTC drug supply chain. The committee also passed the Retire through Ownership Act, led by Kaine and Senator Roger Marshall, M.D. (R-KS), which provides crucial guidance to facilitate the formation and continued operation of employee stock ownership plans (ESOPs). ESOPs allow all workers to directly share in the profits they help their company earn, leading to higher wages and more wealth-building.
US Senate News:
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine, a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, (D-VA) joined a bipartisan group of Senate colleagues in introducing the College Transparency Act (CTA), legislation to ensure students and families have better information as they consider higher education opportunities. The CTA would modernize the college reporting system for postsecondary data by providing accurate reporting on student outcomes such as enrollment, completion, and post-college earnings across colleges and majors.
“For many Virginians, higher education is one of the best investments for one’s future, and it’s vital that students and families have accurate information about student outcomes before choosing the right school and program for them,” said Kaine. “I’m proud to join colleagues from both sides of the aisle to introduce the College Transparency Act to ensure our college reporting system is up to date and able to provide Virginians with the most important information as they make this life-changing decision.”
The information provided by the CTA will give students a clear understanding of the return on investment in higher education and help them to make better decisions regarding the schools and programs of study that are best for them and their goals. It will also promote better outcomes by aiding institutions of learning and policymakers in their work to improve our country’s postsecondary education system and assist businesses and other employers in finding potential employees best suited to a particular field.
The legislation is led by U.S. Senators Bill Cassidy, M.D. (R-LA) and Elizabeth Warren (D-MA) and cosponsored by Senators Tammy Baldwin (D-WI), Katie Britt (R-AL), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Kevin Cramer (R-ND), Joni Ernst (R-IA), Chuck Grassley (R-IA), Maggie Hassan (D-NH), John Hickenlooper (D-CO), Cindy Hyde-Smith (R-MS), Mark Kelly (D-AZ), Amy Klobuchar (D-MN), Roger Marshall, M.D. (R-KS), Chris Murphy (D-CT), Tina Smith (D-MN), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Chris Van Hollen (D-MD), and Rev. Raphael Warnock (D-GA). U.S. Representatives Raja Krishnamoorthi (D-IL-08) and Mike Kelly (R-PA-16) introduced companion legislation in the U.S. House of Representatives.
The CTA is supported by the U.S. Chamber of Commerce, American Association of Community Colleges (AACC), American Association of State Colleges and Universities, Association for Career and Technical Education, Association of American Universities, Association of Public and Land-grant Universities, and Institute for Higher Education Policy (IHEP).
“The U.S. Chamber of Commerce strongly supports the introduction of the College Transparency Act. This legislation will make postsecondary data available to students and employers, empowering students to make informed decisions about their education and career paths while equipping employers with the data necessary to connect with skilled talent. The College Transparency Act will strengthen our education system, enhance workforce competitiveness, and drive economic growth,” said Rodney Davis, Head of Government Affairs, U.S. Chamber of Commerce.
Full text of the legislation is available here.
US Senate News:
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, on the 60th anniversary of the Medicare and Medicaid programs, U.S. Senators Mark R. Warner and Tim Kaine, a member of the Senate Health, Education, Labor and Pensions Committee, (both D-VA) introduced legislation to repeal the health care provisions in President Donald Trump and Republicans’ ‘Big, Ugly Bill’ and permanently extend the Affordable Care Act’s enhanced tax credits, which expire at the end of the year. The law, which Warner and Kaine strongly opposed, will result in more than 15 million people losing their health insurance under Medicaid and the Affordable Care Act and many rural hospitals losing federal funding from Medicaid, putting them at risk of closure.
“In the 60 years since President Johnson signed the law that established Medicare and Medicaid, millions of Americans have been able to access the health care they need. Sadly, instead of strengthening these programs, President Trump and Republicans’ ‘Big, Ugly Bill’ will do the opposite and kick people off their health insurance under Medicaid and the Affordable Care Act,” said the senators. “We will all be better off if more people can access health insurance, and that’s why we’re proud to join our colleagues in introducing legislation to repeal the health care changes in the disastrous Republican law and extend the Affordable Care Act’s enhanced tax credits so Virginians can continue to access care.”
The Republican law makes massive cuts to health care, nutrition assistance, and other critical programs that Virginians rely on in order to cut taxes for the ultra-wealthy. While the bill was being considered in the Senate, Warner and Kaine introduced a series of amendments in an attempt to improve the legislation, but Republicans blocked them.
78,000 Virginians will lose access to some benefits from the Supplemental Nutrition Assistance Program (SNAP), and Virginia will be required to contribute an estimated $263 million annually in state cost-share for benefits, which have always been fully federally funded. The law jeopardizes clean energy jobs in Virginia by phasing out clean energy and energy efficiency tax credits and incentives that were passed in the Inflation Reduction Act. The law gives the top 0.1% a $250,000 tax cut and makes it harder for students to access student loans. The legislation also includes $85 million to move the Space Shuttle Discovery from the Steven F. Udvar-Hazy Center in Chantilly, Virginia to Houston, Texas; the full cost to move the space shuttle is estimated to be $300-$400 million.
Source: US State of New York
overnor Kathy Hochul today announced the start of construction on a $20 million mixed-use development at 435 Main Street in Johnson City as part of the Village’s $10 million Downtown Revitalization Initiative (DRI) award. The transformational project, which received nearly $1.2 million through the DRI, will create 55 new energy-efficient apartments and renovate 12,000 square feet of commercial space to support workforce training and educational expansion.
“In order to attract and retain a growing workforce in our state, we need more housing. Period,” Governor Hochul said. “Johnson City is leading by example, transforming an underutilized historic high school into energy-efficient apartments and new space for workforce training opportunities. This kind of forward-thinking investment will support Johnson City’s vibrant downtown and strengthen the local economy for generations to come.”
New York State Secretary of State Walter T. Mosley said, “This project is a shining example of how the Downtown Revitalization Initiative is transforming communities like Johnson City. With 55 new energy-efficient apartments underway, we’re addressing the growing demand for quality housing across New York State while breathing new life into a site with deep roots in the community. Combined with the expansion of workforce training opportunities, this investment will help attract and retain talent, strengthen the local economy, and support a vibrant downtown for generations to come.”
This project is set to be one of the largest and most impactful DRI investments to date in Johnson City’s Innovation District and builds on previous state-funded revitalization efforts. Upon completion, this historically significant former high school will be transformed into a dense and vibrant campus of buildings in downtown Johnson City. This addition of 55 energy-efficient apartments will expand the region’s housing options, helping to attract and retain a talented workforce in Johnson City and Broome County. The 12,000-square-foot commercial space—formerly the Johnson City High School gymnasium—will be renovated to accommodate the expansion of Broome-Tioga BOCES’ program for practical nursing. The project will also feature enhanced landscaping and parking lot improvements to support the revitalized space.
In addition to the $1.125 million provided by the DRI, the project also received $250,000 from Empire State Development through the Upstate Revitalization Initiative (Greater Binghamton Fund). Johnson City was named the Southern Tier winner of the sixth round of the DRI in 2023. Several additional DRI-funded projects are underway across the Village, including:
Empire State Development President, CEO and Commissioner Hope Knight said, “The 435 Main Street project is yet another innovative example of how the Governor’s Downtown Revitalization Initiative is fueling the economic engines that support local communities and foster growth. This transformational project will create a dynamic space focused on creating next-generation housing opportunities in Johnson City, and provide a focused, workforce training and educational space that will benefit both current and future generations of Southern Tier residents.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Converting a century-old high school into 55 modern apartments with space dedicated to preparing a growing workforce, not only preserves a piece of Johnson City’s rich history—it creates new opportunities and incentives for residents to live in the heart of a burgeoning downtown. Housing is the bedrock of a strong economy and an essential component of Governor Hochul’s Downtown Revitalization Initiative, which is creating vibrant, walkable communities across New York. This cutting-edge $20 million project builds on more than 1,000 affordable homes we’ve created in Broome County in recent years, and provides a diverse mix of housing that is reshaping the Southern Tier.”
State Senator Lea Webb said, “I’m proud to support the transformation of the former Johnson City High School through the Downtown Revitalization Initiative (DRI) and the Greater Binghamton Fund (GBF). This $250,000 investment will revitalize a long-vacant, historic property, bringing 55 energy-efficient, market-rate apartments and a cutting-edge facility for Broome-Tioga BOCES’ practical nursing program to the heart of Johnson City. This project reflects exactly the kind of smart, community-driven development we need: it strengthens our neighborhoods, expands access to education and career training, and helps build the skilled workforce essential to the future of Broome County.”
Assemblywoman Donna Lupardo said, “I am thrilled to see the revitalization of the former Johnson City HS finally getting underway. We have watched this beautiful historic building for many years, hoping to see this type of adaptive reuse. With new housing and expanded space for BOCES, this project certainly reflects the goals of our Downtown Revitalization Initiative. I’d like to commend everyone involved for their commitment to the Village, and to bringing this wonderful structure back to life for residents and students alike.”
Broome County Executive Jason Garnar said, “This project is a win on every level. Restoring these historic buildings will improve the neighborhood while addressing two major challenges, our health care workforce shortage, and the need for quality housing. We’re proud to support efforts that move Broome County forward on both fronts.”
Johnson City Mayor Martin Meaney said, “The revitalization and transformation of 435 Main Street, “the old high school” into apartments and the BOCES School for Licensed Practical Nursing is a wonderful addition to our downtown. This project has been in the planning stages for a long time and we are very excited to see it come to fruition!”
William H. Lane Incorporated President & Chief Executive Officer Mark Lane said, “As an adolescent working summers for my father, I frequently visited this property to have tools repaired at McKilligan Industrial Supply, which operated out of this very building. To return five decades later as its developer, and to have the opportunity to transform this historic structure into an educational facility for our essential nurses, as well as residential apartments, is profoundly meaningful. The privilege of preserving this piece of history and giving it renewed purpose has been one of the most rewarding experiences of my life.”
BOCES District Superintendent Rebecca Stone said, “Thanks to the incredible support of our community partners, including UHS, Guthrie and Broome County, Broome Tioga BOCES is proud to expand our Licensed Practical Nursing program into a larger facility. This opportunity not only allows us to better serve our adult students, but also helps the critical need for a skilled healthcare professionals in our region.”
The Agency Executive Director Stacey Duncan said, “This transformative project embodies the intersection of historic preservation, forward-looking development, and the power of public-private partnership. It serves as a catalyst for economic vitality by supporting both new housing development and critical workforce training.”
In the FY2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for cities, towns and villages to access up to $650 million in State discretionary programs, including the Downtown Revitalization Initiative and New York Forward. To date, more than 300 municipalities across the State have become certified. To further support localities that are doing their part to address the housing crisis, Governor Hochul created a $100 million Pro-Housing Supply fund for certified Pro-Housing Communities to assist with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.
About the Downtown Revitalization Initiative
The DRI was launched in 2016 to accelerate and bolster the revitalization of downtowns and neighborhoods in all 10 regions of the State to serve as centers of activity and catalysts for increased local investments. Led by the Department of State, DRI communities benefit from partnerships with and coordinated technical assistance provided by the Department of Housing and Community Renewal (HCR), Empire State Development (ESD) and the New York State Energy Research & Development Authority (NYSERDA). The DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation. Through eight rounds, the DRI has awarded a total of $900 million to 91 communities across every region of the State.
US Senate News:
Source: United States Senator for Washington State Patty Murray
Bicameral legislation to reverse “defund” Planned Parenthood provision in Republicans’ reconciliation bill is endorsed by Planned Parenthood & more than 125 original cosponsors
Senator Murray has led the fight in the Senate against Republican efforts to defund Planned Parenthood, offered an amendment to strip “defund” provision out of the reconciliation bill—Republicans blocked it
WASHINGTON, D.C. — U.S. Senator Patty Murray (D-WA), a senior member and former chair of the Senate Health, Education, Labor and Pensions Committee, joined Senator Tina Smith (D-MN) and U.S. Representatives Laura Friedman (CA-30), Nikema Williams (GA-5), and Chris Pappas (NH-1) in introducing theRestoring Essential Healthcare Act this week, a bicameral bill that repeals the federal ban on Medicaid reimbursements to Planned Parenthood that Republicans recently enacted as part of their partisan reconciliation legislation, the One Big Beautiful Bill Act.
The legislation strikes Section 71113 of Republicans’ reconciliation bill, which prohibits federal Medicaid payments to Planned Parenthood clinics that offer reproductive health care and other essential health care services. The provision puts nearly 200 Planned Parenthood clinics at risk of closure, endangering access to health care for more than two million patients across the country.
“Republicans have been pushing for years to defund Planned Parenthood, because they want to ban abortion nationwide—and they don’t care if they rip away access to cancer screenings, contraception, or other essential preventive care for millions of women in the process,” said Senator Murray. “Our bill is simple: it would reverse the provision Republicans enacted into law that cuts Planned Parenthood and other women’s health clinics off from federal Medicaid funding. In many communities, Planned Parenthood is the only place women can go to get basic preventive care, no matter their income. I’m proud to join my colleagues in this effort to save essential health care.”
“I worked at Planned Parenthood. I saw how controlling your own health care allows you to make the best decisions about the course of your life – your education, your work and your family,” said Senator Smith. “Planned Parenthood offers so much more than abortion services. In many communities it is the only clinic to provide cancer screenings, birth control, and STI screening. This bill takes a critical step to restore Medicaid funding to Planned Parenthood, to ensure these clinics are equipped with the resources they need to provide essential health care, and to give patients back the right to choose their health care provider.”
“President Trump and his allies in Congress chose to devastate our nation’s already fractured health care system when they passed a backdoor abortion ban ‘defunding’ Planned Parenthood. With this provision, they have put nearly 200 health centers at risk of closing and threatened over a million people’s access to cancer screenings, STI testing and treatment, birth control, and other essential services, all in order to push an unpopular, anti-abortion agenda. We are thankful to Sens. Smith (D-MN) and Murray (D-WA) and Reps. Friedman (D-CA-30), Pappas (D-NH-1), and Williams (D-GA-5) for introducing the Restoring Essential Healthcare Act, and for championing access to high-quality, affordable reproductive care. Everyone deserves health care, and we will continue to fight every day to make that possible,” said Alexis McGill Johnson, president and CEO of Planned Parenthood Action Fund.
The ban on Medicaid reimbursements to Planned Parenthood could leave thousands of patients in every state with no place to seek essential reproductive care and other vital health services. Every year, Planned Parenthood provides health care to more than two million people, including STI testing, breast exams, birth control, HPV vaccines, and other critical services.
The Restoring Essential Healthcare Act has been endorsed by Planned Parenthood Federation of America, Center for Reproductive Rights, Reproductive Freedom Caucus, All* Above All, Guttmacher Institute, National Abortion Federation, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Family Planning & Reproductive Health Association, National Latina Institute for Reproductive Justice, National Network of Abortion Funds, National Partnership for Women & Families, National Women’s Law Center Action Fund, Reproductive Freedom for All, Physicians for Reproductive Health, Power to Decide.
There are 133 original cosponsors of the Restoring Essential Healthcare Act in the House, including Williams*, Pappas*, Amo, Auchincloss, Balint, Barragán, Bell, Beyer, Bonamici, Brownley, Budzinski, Carbajal, Carson, Carter, Case, Casten, Castor, Cherfilus-McCormick, Chu, Cisneros, Clarke, Cleaver, Cohen, Correa, Craig, Crockett, Davids, Davis, DeGette, DelBene, Deluzio, DeSaulnier, Dexter, Doggett, Elfreth, Escobar, Evans, Fletcher, Foushee, Frankel, Frost, Garamendi, Garcia (TX), Goldman, Goodlander, Gottheimer, Horsford, Houlahan, Hoyle, Huffman, Ivey, Jacobs, Jackson, Johnson (GA), Kamlager-Dove, Kaptur, Kelly, Kennedy, Khanna, Krishnamoorthi, Landsman, Larson, Lee (PA), Leger Fernandez, Levin, Liccardo, Lieu, Lofgren, Lynch, Mannion, Matsui, McBath, McBride, McClellan, McGovern, McIver, Meeks, Menendez, Meng, Min, Moore, Morelle, Morrison, Moulton, Mullin, Nadler, Norton, Olszewski, Panetta, Pelosi, Peters, Pettersen, Pingree, Pocan, Pou, Quigley, Ramirez, Randall, Raskin, Ross, Ryan, Salinas, Scanlon, Schakowsky, Schneider, Sewell, Sherman, Sherrill, Simon, Sorensen, Soto, Stansbury, Stanton, Stevens, Strickland, Sykes, Takano, Thanedar, Thompson (CA), Titus, Tlaib, Tokuda, Tonko, Torres (NY), Torres (CA), Trahan, Underwood, Veasey, Velázquez, Wasserman Schultz, Waters, Watson Coleman, Wilson.
Senator Murray has been the leading voice in the Senate speaking out and raising the alarm against Republican efforts to defund Planned Parenthood. After the Parliamentarian allowed Republicans to proceed with their long-sought goal of defunding Planned Parenthood in their reconciliation bill, Senator Murray put forward an amendment to strike the provision—Republicans blocked it.
At her recent Senate forum on the anniversary of the Dobbs decision, Senator Murray spoke about Republicans’ plan to institute a backdoor nationwide abortion ban and laid out how defunding Planned Parenthood is a key part of that strategy. Last month, Senator Murray delivered a lengthy speech on the Senate floor where she laid out in detail how Republicans’ One Big Beautiful Bill Act will rip away health care from millions of Americans, shutter the doors of hospitals and health care clinics across the country, make the largest cuts to Medicaid and nutrition assistance in history, and blow up the national debt—all so Republicans can fund massive tax breaks for billionaires.
Source: Hong Kong Government special administrative region – 4
The Department of Health (DH) today (July 30) signed a Co-operation Arrangement with the Guangzhou Municipal Market Regulatory Administration, with a view to deepening the exchange and co-operation in the regulation of drugs and medical devices between Guangzhou and the Hong Kong Special Administrative Region (HKSAR), and to jointly promote the development of a healthy Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The Vice Mayor of the Guangzhou Municipal Government, Mr Lai Zhihong; Deputy secretary-general of the Guangzhou Municipal Government, Ms Meng Hao; and the Party Secretary of the Guangzhou Municipal Market Regulatory Administration, Mr Zhao Junming, attended the signing ceremony of the Co-operation Arrangement in Guangzhou. The Co-operation Arrangement was signed by the Director of Health, Dr Ronald Lam, and the Director of the Guangzhou Municipal Market Regulatory Administration, Mr Jiang Yingqiao.
“The Co-operation Arrangement will further strengthen the co-operation in testing of Chinese medicines between the Guangzhou Institute for Drug Control and the Government Chinese Medicines Testing Institute (GCMTI) under the DH of the HKSAR. Together, we will drive the high-quality development of Chinese medicines in the GBA, and jointly contribute to enhance new quality productive forces of the healthcare sector in Guangdong and Hong Kong. The permanent premises of the GCMTI will be completed and commissioned in phases by the end of this year, leveraging its expertise in the research and development of internationally recognised reference standards for Chinese medicines and related products, reinforcing Hong Kong’s role as a bridgehead for the internationalisation of Chinese medicines,” Dr Lam said.
Dr Lam visited the Guangzhou Institute for Drug Control on the same day. The institute, established in 1953, is a technical supporting institution under the Guangzhou Municipal Market Regulatory Administration. It was also one of the first four Port Institutes for Drug Control authorised by the National Ministry of Health and one of the five institutions qualified for conducting inspections of first-time imported drugs nationwide. Currently, the Guangzhou Institute for Drug Control possesses technical advantages in testing the level of pesticide residue, heavy metals and harmful elements, residue of mycotoxins and detection of irradiated Chinese medicines by photostimulated luminescence and thin-layer chromatographic identification of Chinese herbal medicine.
Dr Lam emphasised that the HKSAR Government will establish the “Hong Kong Centre for Medical Products Regulation” (CMPR) by the end of 2026, consolidating regulatory functions for Western and Chinese medicines, as well as medical devices, and enhancing the existing regulatory regime in a holistic manner, in order to fostering growth in the local healthcare and biotechnology industries. The Co-operation Arrangement will strengthen the collaboration of the regulatory networks between the two regions, further promoting the future development of the CMPR.
Source: European Parliament
Question for written answer E-002971/2025
to the Commission
Rule 144
Moritz Körner (Renew)
Following the outbreak of the COVID-19 pandemic, the European Union provided financial support to Member States facing exceptional circumstances beyond their control.
The World Health Organization declared COVID-19 a global pandemic on 11 March 2020. In response, the EU introduced two major instruments: the SURE instrument, to support Member States in protecting employment, and NextGenerationEU (NGEU), as a broader recovery instrument.
The Commission proposed the SURE instrument on 2 April 2020, 23 days after the outbreak was declared a pandemic, and NGEU on 27 May 2020, 78 days after the pandemic declaration.
In the Commission’s view, what is the maximum amount of time, in line with the Treaties, that may elapse between the outbreak of any exceptional crisis and the provision of financial support to respond to that crisis?
Submitted: 17.7.2025
Source: Government of Canada News
The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario, will deliver remarks at the Black Ideas Grant (B.I.G) 2.0 event in Toronto.
Minister Solomon is attending on behalf of the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario.
Please note that all details are subject to change.
Date: Thursday, July 31, 2025
Time: 12:45 p.m. EDT
Place: Rwanda Canadian Healing Centre
339 Queen Street East
Toronto, Ontario
Notes for media:
To register, contact communications@forblackcommunities.org with your name and media outlet.
– 30 –
Source: Republic of China Taiwan
Details
2025-07-24
President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam
On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values. This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.
Details
2025-07-22
President Lai meets cross-party Irish Oireachtas delegation
On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.
Details
2025-07-22
President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.
Details
2025-07-17
President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos
On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows: I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.
Details
2025-07-08
President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.
Details
2025-05-20
President Lai interviewed by Nippon Television and Yomiuri TV
In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era. The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.
Source: Verizon
Headline: Straight Talk Launches Mission to Help Families Build Healthy Digital Habits with “The First Phone Pact”
NEW YORK – As families prepare for the back-to-school season, Straight Talk Wireless, a leading prepaid brand covered by Verizon’s 5G network, is addressing one of parents’ most pressing concerns: helping children develop healthy phone habits from the start. The wireless carrier today released “The First Phone Pact,” a resource that goes beyond connectivity to provide families with practical tools for establishing digital boundaries together. The new resource was developed in partnership with Dr. Jacqueline Nesi, a psychologist who studies the impact of digital technology on kids’ well-being.
The First Phone Pact offers an elevated, user-friendly experience designed to help families create an agreement that reflects their specific values, parenting style, and child’s maturity. This pact creates clear expectations upfront — shaping their child’s first phone experience with clarity and care.
This customizable pact helps parents establish their own ground rules around:
“At Straight Talk, we believe that anyone’s first exposure to a phone should come with a plan for how to use it,” said Nancy Clark, President at Verizon Value. “The First Phone Pact gives families the blueprint they need to establish healthy digital habits from day one and includes expert-backed guidance parents can trust. Families deserve a smooth, confident digital transition.”
The campaign responds to growing parental anxiety around children’s first exposure to phones. Back-to-school preparation now extends beyond supplies and clothes to include digital boundaries, as families grapple with questions about appropriate screen time, online safety, and responsible technology use.
“A child’s first phone is an important milestone for families,” said Dr. Nesi. “It’s the perfect opportunity to lay the groundwork for healthy digital habits in the future. Having open, honest conversations and setting clear boundaries upfront goes a long way and we’re here to help parents do that by providing practical, personalized tools.”
The First Phone Pact is available as a free resource for all families, regardless of their wireless carrier. Supporting families goes beyond digital guidance. In addition to The First Phone Pact, Straight Talk is making back-to-school easier with affordable device deals available only at Walmart and StraightTalk.com.
For a limited time through 10/19/25, families can take advantage of special back-to-school savings on top devices, including:
The downloadable First Phone Pact template is available in English and Spanish. For more information, visit thefirstphonepact.com.
About Straight Talk
Straight Talk Wireless provides quality no-contract wireless solutions to value-conscious consumers and is available exclusively at Walmart, Walmart.com, and Straighttalk.com.
Straight Talk is part of the Verizon Value portfolio of prepaid brands, which includes Total Wireless, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid.
Source: Government of Canada regional news
More support is on the way for people experiencing homelessness as the Province and the City of Powell River partner on a new temporary shelter.
“We’re focused on bringing people indoors, keeping people safe and building strong communities where no one is left behind,” said Christine Boyle, Minister of Housing and Municipal Affairs. “Addressing homelessness is a complex challenge, but the work we’re doing is starting to make real progress. We’re helping people move indoors so they can access the supports that help stabilize their lives.”
The Province, through BC Housing, the City of Powell River and Lift Community Services, are working together to support people sheltering outdoors and in encampments, prioritizing their health and safety.
A proposed new 40-bed temporary shelter at 7104 Barnet St. will replace the 20-bed emergency shelter at 4746 Joyce Ave. that closed in March, doubling available shelter capacity in the community. The shelter will be operated by Lift and will offer 24/7 staffing, meals, laundry, showers and storage, as well as connections to housing and support services. It will also have security measures in place, including fenced grounds, controlled access, security cameras and lighting. If approved by city council, it is expected to open this winter as the Province works to deliver more housing options in the community.
In addition, in response to the toxic-drug crisis, the qathet overdose prevention service, previously at 4752 Joyce Ave., will also be located at the temporary shelter site. Funded by Vancouver Coastal Health and operated by Lift, the site will provide life-saving services, including a stand-alone trailer, outdoor inhalation support and a peer-recovery navigator to connect people with recovery services.
“This response reflects the collaboration we need to address complex challenges like homelessness,” said Ron Woznow, mayor of Powell River. “The Province, through BC Housing, is leading the delivery and funding of the shelter, Vancouver Coastal Health is providing funding for vital health services, Lift Community Services will operate the site and the city will provide the land. Together, we will provide opportunities for Powell River residents to have the accommodation and medical support they require.”
This initiative reflects a shared commitment between the Province and the city to intensify efforts and bring more resources, helping people who are sheltering outdoors transition into safe, indoor spaces. The commitment supports a more co-ordinated response to homelessness and encampments, focusing on outreach and the rapid delivery of temporary housing so people can access support as quickly as possible.
Building on progress made in Abbotsford, Campbell River, Chilliwack, Duncan, Kamloops, Kelowna, Nanaimo, Prince George, Vancouver, and Victoria, Powell River will be the first of a second group of local governments partnering with the Province to put in place homeless and encampment responses and temporary housing solutions.
This work is part of the Province’s Belonging in B.C. plan to help prevent homelessness and bring more people indoors quickly. Since 2017, the Province has more than 93,250 homes delivered or underway, including more than 230 homes in Powell River.
Quotes:
Randene Neill, MLA for Powell River-Sunshine Coast –
“These new shelter spaces will offer safety, dignity and a path toward stability for people experiencing homelessness. I’m proud to see Powell River taking action to ensure everyone has access to the supports they need in the community they call home.”
Jeremy Valeriote, MLA for West Vancouver-Sea to Sky, and interim BC Green leader –
“Smaller communities in B.C. are often underserved when it comes to appropriate housing options, which only compounds economic and social challenges. We’re pleased to see the Province supporting Powell River through the HEART and HEARTH fund to advance housing models that meet local needs. We’re hopeful that more communities will gain access to these funds to support those most at risk of homelessness.”
Kim Markel, executive director, Lift Community Services –
“We’re very grateful for the collaborative action being taken to provide vital, life-saving services in qathet. Everyone, no matter their life circumstances, has a right to shelter and health care, and we’re proud to be part of the team providing these services to community members.”
Quick Facts:
Learn More:
To read the Belonging in B.C. plan, visit: https://news.gov.bc.ca/files/BelongingStrategy.pdf
For information about the HEART and HEARTH programs, visit: https://www.bchousing.org/housing-assistance/homelessness-services/HEART-HEARTH
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/
To see a map showing the location of all announced provincially funded housing projects in B.C., visit: https://www.bchousing.org/homes-for-BC
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
TYLER, Texas – A Longview man who sold fake prescription drugs has been sentenced to 30 years in federal prison for trafficking fentanyl in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.
Kym Andrew Wallace, also known as Trigga, 28, pleaded guilty to possession with intent to distribute fentanyl resulting in death and was sentenced to 360 months in federal prison by U.S. District Judge Jeremy D. Kernodle on July 30, 2025.
According to information presented in court, Wallace admitted to selling what were supposed to be prescription pills, which a 17-year-old juvenile consumed them and died from a fentanyl overdose on May 29, 2024. Following the overdose of the juvenile victim, investigators analyzed pills purchased from Wallace and determined they contained fentanyl. Fentanyl is a synthetic opioid commonly used as an analgesic or anesthetic that is 100 times more potent than morphine and 50 times more potent than heroin, according to the National Institutes of Health (NIH). The pills purchased from Wallace were round and light blue, bearing the markings “M” and “30,” which are the same manufacturer’s markings for 30 milligram tablets of generic oxycodone.
“Thirty years in a federal prison cannot compare to the lifetime sentence of grief that the victim’s family faces as the result of Wallace’s actions,” said Acting U.S. Attorney Jay R. Combs. “Wallace deserves every day of this 360-month sentence. Our office, and our law enforcement partners, will continue to aggressively work to protect our communities from drug traffickers like Wallace.”
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
This case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives; U.S. Drug Enforcement Administration; Gregg County Sheriff’s Office; and Longview Police Department. This case was prosecuted by Assistant U.S. Attorney Lucas Machicek.
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Source: New Zealand Government
More women and families in need of specialist mental health support during and after pregnancy will soon have better access to care, with new investment being directed to Waikato, Hawke’s Bay, Mid Central, and the Wellington region.
Pregnancy and early parenthood can be a challenging time. This funding will mean more women can access the right care when they need it. These services can be life-changing not only for mothers but also for their babies and wider families,” Mr Doocey says.
“While becoming a parent is often a time of great joy, it can also bring real challenges for some. This funding will enable those who need extra support, whether they are facing mental health challenges during pregnancy or postpartum, to access the care they need.
“It will also provide support for those experiencing distress following birth trauma or stillbirth.
“The additional $4.9 million announced today targets four regions identified as having lower levels of investment in maternal mental health. This new funding will help ensure more equitable access across the country.
“The investment will create more clinical and non-clinical roles within community-based specialist infant and maternal mental health services. It will also fund intensive home-based care packages for those with higher needs. Evidence shows these measures make a significant difference for pregnant women, mothers, their babies, and families.
“We’re turning the corner on reducing wait times and increasing the workforce. Recent data shows Health New Zealand’s frontline mental health workforce has grown around 10% since we came into Government and over 80% of people are being seen within three weeks for specialist services.
“When someone reaches out for help whether it’s you, your child, a friend or family member this Government is committed to ensuring support is available. Today’s announcement will continue with the progress being made in ensuring that support is there.”
Source: US Congressional Budget Office
S. 632 would modify two workforce development programs aimed at recruiting health professionals for the Indian Health Service (IHS). The IHS Scholarship Program provides grants to current students who are members of federally recognized tribes and working toward degrees in the health professions. The awards cover tuition and education-related expenses in exchange for a two-year, full-time commitment to work for IHS after certification as a health professional. The Loan Repayment Program pays current health professionals up to $25,000 annually to cover student loan repayments and up to $6,000 a year to cover the associated income tax liability in exchange for a two-year, full-time commitment to work for IHS.
S. 632 would modify both programs by allowing recipients to work part-time in exchange for the financial assistance. Under the bill, Scholarship Program recipients could work 20 hours a week for four years, and Loan Repayment Program recipients could work either part-time at IHS for four years for the full amount of loan and tax assistance or part-time for two years in exchange for a 50 percent reduction in their loan assistance.
CBO estimates that implementing S. 632 would result in more students and health care professionals receiving financial assistance by agreeing to work with IHS. CBO expects that the number of grants would increase by about 1 percent in 2027 and continue to grow thereafter. By 2031, and for the remainder of the 2025-2035 period, the number of grants is projected to increase by 5 percent relative to current law. Using information from IHS about average scholarship and loan amounts and information on the cost of part-time employment at IHS, CBO estimates that implementing the bill would cost $17 million over the 2025-2030 period and $125 million over the 2025-2035 period. Any related spending would be subject to the availability of appropriated funds.
The costs of the legislation, detailed in Table 1, fall within budget function 550 (health).
|
Table 1. Estimated Spending Subject to Appropriation Under S. 632 |
|||||||||||||
|
By Fiscal Year, Millions of Dollars |
|||||||||||||
|
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
2031 |
2032 |
2033 |
2034 |
2035 |
2025-2030 |
2025-2035 |
|
|
Estimated Authorization |
0 |
* |
1 |
2 |
5 |
9 |
14 |
18 |
22 |
26 |
28 |
17 |
125 |
|
Estimated Outlays |
0 |
* |
1 |
2 |
5 |
9 |
14 |
18 |
22 |
26 |
28 |
17 |
125 |
The CBO staff contact for this estimate is Robert Stewart. The estimate was reviewed by Emily Stern, Senior Adviser for Budget Analysis.
Phillip L. Swagel
Director, Congressional Budget Office