Category: housing

MIL-OSI China: Xi Jinping and his four-decade bond with Iowan friends

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

BEIJING, Feb. 5 — China and the United States, sharing extensive common interests and broad space for cooperation, can become partners and friends.

This goodwill message, along with Chinese New Year greetings, was sent by Chinese President Xi Jinping to his friends in the U.S. state of Iowa ahead of this year’s Spring Festival.

He was replying to 58 Iowans who sent him a greeting card and recalled in it the Chinese leader’s first visit to Iowa in 1985. Among them are Xi’s longtime friends Luca Berrone, Gary Dvorchak and Sarah Lande.

Nearly four decades ago, Xi traveled to the United States for the first time. During that visit, he met these ordinary Americans. Since then, a special bond has been formed that lasts to this day.

CURIOUS YOUNG MAN

In the spring of 1985, Xi, then an official of Zhengding County, Hebei Province, led a five-member delegation to Iowa, known as “the world’s food capital,” to learn about crop production and livestock farming.

During the visit, he spent three days in Muscatine, a city in rural eastern Iowa along the Mississippi River, where he stayed with local hosts Thomas and Eleanor Dvorchak. The homestay left a lasting impression.

Recalling the trip decades later, Xi said he still remembered where he stayed: 2911 Bonnie Drive. “That was my first face-to-face contact with the Americans,” Xi said. “The days I spent with them are unforgettable.”

Xi and his delegation were warmly received in Muscatine. “On our first night, our hostess asked what time we would wake up the next morning and what we would like to eat,” recalled Xia Wenyi, the delegation’s translator.

Xi responded that he was happy to eat whatever the family typically had. According to Xia’s recollection, Xi said, “We want to experience and understand the daily life of an everyday American family.”

Hostess Eleanor prepared a big breakfast with coffee and tea every day during Xi’s stay. Xi slept in the Star Trek-themed bedroom belonging to the Dvorchaks’ son, Gary, who was then away at university.

“Everything, no matter what, was very acceptable to him — he was humble,” Eleanor recounted.

Xi’s visit came after China and the United States had spent years working to restore relations in the late 1970s. In 1983, then Iowa Governor Terry Branstad signed a sister-state agreement with Hebei and led a 50-member delegation to the provincial capital of Shijiazhuang in 1984, which, as he recalled, led to Xi’s trip in 1985.

“We wanted to treat them as we were treated in Hebei. So we went all out,” recalled Branstad, who served as U.S. ambassador to China from 2017 to 2020.

Xi’s itinerary in Muscatine included tours to farms and food processing plants, interviews with local media, a “Welcome to Muscatine” luncheon and a boat excursion on the Mississippi River.

It was Xi’s first sighting of the Mississippi River. “When I was young, I had read the novels of Mark Twain, and I had long wanted to see for myself the picturesque scenery of the Mississippi,” Xi said when he revisited Iowa back in 2012.

“He was curious about everything and asked questions about everything,” recalled Sarah Lande, one of the Muscatine tour coordinators. Local newspaper Muscatine Journal also reported on how Xi engaged with residents, answering “a variety of questions about China and its people.” Xi was also given a key to the city.

In 2023, reminiscing about this experience, Xi said, “I have found that although our two countries are different in history, culture and social system and have embarked on different development paths, our two peoples are both kind, friendly, hardworking and down-to-earth.”

LASTING CONNECTIONS

Xi has said on several occasions that the foundation of China-U.S. relations was laid by the people of both sides. Xi has stayed in touch with old friends in Iowa through reunions, letters and shared memories.

In 2012, Xi visited Iowa once again as China’s vice president. He made sure to add Muscatine to his jam-packed itinerary so he could reunite with the old friends. They chatted over tea at Lande’s home, gathering around a couch in the living room. Their hour-long meeting was filled with laughter.

Thomas and Eleanor Dvorchak, who had moved to Florida, made a special trip back. Xi recognized the couple the moment he saw them and shared his memories of his stay at the Dvorchaks.

“You were the first group of Americans I came into contact with,” Xi told his Iowa friends. “To me, you are America.”

Lande compiled their stories into a memoir titled Old Friends: The Xi Jinping-Iowa Story, which was published in 2018. Upon learning about Lande’s book project, Xi sent some of his own photos.

Another reunion of these old friends occurred in 2023 when Xi visited San Francisco for the APEC leaders’ meeting. When Xi saw Gary, son of the Dvorchaks, he said, “I stayed in your room and remember the sweatshirts and ball gear there.”

“There was genuine happiness, so you could see the smile on his face. He was really enjoying it,” Gary said of the reunion.

Gary first met Xi in person in 2015 when the Chinese president hosted the Dvorchak family for a private dinner in Beijing. During the gathering, Gary’s parents presented Xi with a photo album titled “Commemorating 30 Years of Friendship,” featuring photos from 1985 and 2012.

When Gary’s father, Thomas Dvorchak, passed away in 2024, Xi conveyed his condolences, expressing that he had always valued the genuine friendship.

The Dvorchaks’ Iowa home, where Xi once stayed, has been turned into a museum and renamed the Sino-U.S. Friendship House. Gary noted that visitors can appreciate how much the friendship has grown over the years.

“For America and China to be friends as countries, it is important for people to understand each other,” he said.

THE YOUTH AND TOMORROW

For the Chinese leader, the future of China-U.S. relations depends on the youth. For years, Xi has worked to foster friendly exchanges between young people in China and the United States.

During his 2023 visit to San Francisco, Xi announced an initiative to invite 50,000 young Americans to China for exchange and study programs over a five-year span.

Shortly after, Lande, who maintained correspondence with Xi, wrote to him, expressing hope that Muscatine High School students could join the program.

With Xi’s support, over 20 Muscatine students visited Beijing, Shanghai, Hebei and other places in China in January 2024, becoming the first group of American students to participate in the program.

After their visit, the students, delighted by their experiences, wrote a letter to Xi. In a reply, Xi told them he felt happy for them. He encouraged more young Americans to visit China to get a first-hand experience of the real China and foster genuine friendships with their Chinese counterparts.

In April, another group of Muscatine students arrived in Hebei. They made a special trip to Zhengding County to visit the place where Xi once worked.

Lucas Berrone, board of directors of Iowa Sister States, escorted the students on the trip. Berrone met Xi in 1985. He mapped out a two-week itinerary for Xi’s first Iowa tour and spent hours driving the delegation to farms and plants. Their friendship has endured over the decades.

Berrone sees these exchange trips as an opportunity to introduce a new generation to the friendship between China and the United States. He is hopeful about “passing the torch” to the younger generation.

Joseph McNeely, a student from Muscatine who traveled to China thanks to the exchange program, expressed his gratitude to Berrone: “Thank you for continuing the friendship between you and President Xi and for helping this trip come to light.”

McNeely made some Chinese friends from Shijiazhuang Foreign Language School during the trip. As a symbol of friendship, they planted a tree in Hebei.

This year, during the Chinese Spring Festival, Berrone hosted Chinese students from Shijiazhuang Foreign Language School in Iowa. The students were on vacation, touring the United States and making new friends in Muscatine.

As he had many times before, Berrone shared his story of hosting Xi and other Chinese delegates in Iowa 40 years ago. “Their stay, even though brief, made the connection with the families opening up their homes and their hearts.”

“That connection was the first building brick of a relationship that has lasted 40 years and continues to grow as a wonderful friendship and an inspiring story for relations between China and the United States,” Berrone added.

MIL OSI China News –

February 5, 2025
MIL-OSI: Directorate change

Source: GlobeNewswire (MIL-OSI)

OSB GROUP PLC

LEI: 213800ZBKL9BHSL2K459

5 February 2025

Appointment of Sally Jones-Evans and resignation of Sarah Hedger as Non-Executive Director

OSB GROUP PLC (“OSBG” or the “Group”) today announces the appointment of Sally Jones-Evans as a Non-Executive Director, with effect from 1 April 2025. The Group further announces that Sarah Hedger, who has served on the group’s Board for six years, has indicated that she does not intend to stand for re-election to the Board at the Annual General Meeting, which is scheduled to be held on 8 May 2025.

Sally will join the Group Remuneration and People Committee and the Group Nomination and Governance Committee. Subject to regulatory approval, she will also become Chair of the Group Remuneration and People Committee.

Until April 2024, Sally was the Chair of the Principality Building Society, where she oversaw a complete strategy refresh to 2030 and management of a major IT project. She brings extensive non-executive board experience, having served as a board member and chaired audit, risk and remuneration committees. Prior to this, her 30-year executive career was at Lloyds Banking Group in a variety of leadership roles across customer-facing parts of the business, culminating in her position as HR & Integration Director of Group Operations.

Sally Jones-Evans said, “I am thrilled to join the Board of OSBG and look forward to collaborating with the Board and senior leadership. OSBG has earned an outstanding reputation as a top specialist lender, and I am eager to contribute to its ongoing success.”

David Weymouth, Chair of OSBG, said: “We are pleased to welcome Sally to the Board. Her extensive expertise in the financial services industry will be a tremendous asset, and I, along with the entire Board and executive team, look forward to collaborating with her. At the same time, we extend our sincere thanks to Sarah for her valuable contributions and dedication during her time on the Board.”

There are no matters to disclose under Listing Rule 6.4.8R.

Note

The person responsible for arranging the release of this announcement on behalf of OSBG is Jason Elphick, Group General Counsel and Company Secretary. All enquiries should be directed to Investor Relations or Brunswick Group, contact details below.

Enquiries:

OSB GROUP PLC

Investor relations

Alastair Pate                                                 t: 01634 838 973

Group Head of Investor Relations                         Email: osbrelations@osb.co.uk

Brunswick Group
Robin Wrench/Simone Selzer                                 t: 020 7404 5959

Notes to Editors

About OSB GROUP PLC

OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.

OneSavings Bank (OSB)

OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries and InterBay Commercial. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online and postal channels as well as a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

Charter Court Financial Services Group (CCFS)

CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and retail savings products. It operates through its brands: Precise Mortgages and Charter Savings Bank.

It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

The MIL Network –

February 5, 2025

MIL-OSI: Nykredit today announces the Annual Reports for 2024 – Nykredit Bank A/S

Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen A/S

5 February 2025

Nykredit today announces the Annual Reports for 2024 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80
Nykredit Bank A/S, CVR no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78

Michael Rasmussen, Group Chief Executive, comments on the Annual Report 2024:

For the fourth consecutive year, Nykredit delivers its best full-year performance to date. This is naturally highly satisfactory. Our robust financial results demonstrate that Nykredit is stronger than ever. Thanks to our mutual ownership and attractive value propositions, we continue to welcome new customers. As a result, we recorded business growth and expanded our market position across our core business in 2024.
We want to be the customer-owned alternative to the largest listed banks. This is why we have made an offer to acquire Spar Nord Bank in 2025. We expect to close the acquisition in H1/2025 subject to approval by the authorities.

In early 2025, we decided to raise the KundeKroner discount to 0.25% from 0.20%, making it even clearer what it means to be a customer of a customer-owned Nykredit Group. This implies that it will once again be cheaper for more than 900,000 homeowners to have a Totalkredit loan. With KundeKroner discounts, Totalkredit is able to offer the lowest prices on home loans in the market in most scenarios. Moreover, Totalkredit homeowners are guaranteed KundeKroner discounts up to and including 2028. We will do our utmost to continue investing in Totalkredit and our other important partnerships, so that we stand as strong as possible when it comes to our customers and the competition in the financial market.
We are guiding for a profit after tax for 2025 of DKK 9.00-9.75 billion and do not expect to reach the same level as in 2024. This is primarily due to the prospect of falling interest rates, which will lower the return on Nykredit’s equity. At the same time, a generally tense geopolitical landscape creates uncertainty about the economic development and the potential impact on Nykredit’s operating conditions. Our profit guidance for 2025 does not include earnings impacts of the acquisition of Spar Nord Bank. We will therefore update our full-year profit guidance when the acquisition is completed.

Highlights from the Annual Report 2024:

Totalkredit’s mortgage lending increased to DKK 907.5 billion at end-December 2024 from DKK 878.5 billion at end-December 2023.
Nykredit Bank’s lending rose to DKK 103.3 billion at end-December 2024 from DKK 94.4 billion at end-December 2023.
Assets under management by Nykredit Wealth Management were up 9.5% on 2023 to DKK 499 billion at end-December 2024.
For 2024, Nykredit has recorded a return on average equity of 11.7%.
Nykredit’s cost/income ratio in 2024 was 32.5%.

Nykredit Group
			DKK million
	2024	2023	Change
Net interest income	12,018	12,305	-287
Net fee income	2,744	2,789	-45
Wealth management income	2,678	2,368	310
Net interest from capitalisation	2,483	1,719	764
Net income relating to customer benefits programmes	(580)	(404)	-176
Trading, investment portfolio and other income	2,088	1,625	463
Income	21,431	20,402	1,029
Costs	6,964	6,560	404
Business profit before impairment charges	14,467	13,842	625
Impairment charges for loans and advances	(248)	(177)	-71
Business profit	14,716	14,019	697
Legacy derivatives	98	59	39
Profit before tax for the year	14,813	14,078	735
Tax	3,086	3,191	-105
Profit for the year	11,728	10,887	841

Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

Attachment

Nykredit_Bank_Q4_24_2024-02-05_EN

The MIL Network –

February 5, 2025

MIL-OSI: Nykredit today announces the Annual Reports for 2024 – Nykredit Realkredit A/S

Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen A/S

5 February 2025

Nykredit today announces the Annual Reports for 2024 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80
Nykredit Bank A/S, CVR no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78

Michael Rasmussen, Group Chief Executive, comments on the Annual Report 2024:

For the fourth consecutive year, Nykredit delivers its best full-year performance to date. This is naturally highly satisfactory. Our robust financial results demonstrate that Nykredit is stronger than ever. Thanks to our mutual ownership and attractive value propositions, we continue to welcome new customers. As a result, we recorded business growth and expanded our market position across our core business in 2024.
We want to be the customer-owned alternative to the largest listed banks. This is why we have made an offer to acquire Spar Nord Bank in 2025. We expect to close the acquisition in H1/2025 subject to approval by the authorities.

In early 2025, we decided to raise the KundeKroner discount to 0.25% from 0.20%, making it even clearer what it means to be a customer of a customer-owned Nykredit Group. This implies that it will once again be cheaper for more than 900,000 homeowners to have a Totalkredit loan. With KundeKroner discounts, Totalkredit is able to offer the lowest prices on home loans in the market in most scenarios. Moreover, Totalkredit homeowners are guaranteed KundeKroner discounts up to and including 2028. We will do our utmost to continue investing in Totalkredit and our other important partnerships, so that we stand as strong as possible when it comes to our customers and the competition in the financial market.
We are guiding for a profit after tax for 2025 of DKK 9.00-9.75 billion and do not expect to reach the same level as in 2024. This is primarily due to the prospect of falling interest rates, which will lower the return on Nykredit’s equity. At the same time, a generally tense geopolitical landscape creates uncertainty about the economic development and the potential impact on Nykredit’s operating conditions. Our profit guidance for 2025 does not include earnings impacts of the acquisition of Spar Nord Bank. We will therefore update our full-year profit guidance when the acquisition is completed.

Highlights from the Annual Report 2024:

Totalkredit’s mortgage lending increased to DKK 907.5 billion at end-December 2024 from DKK 878.5 billion at end-December 2023.
Nykredit Bank’s lending rose to DKK 103.3 billion at end-December 2024 from DKK 94.4 billion at end-December 2023.
Assets under management by Nykredit Wealth Management were up 9.5% on 2023 to DKK 499 billion at end-December 2024.
For 2024, Nykredit has recorded a return on average equity of 11.7%.
Nykredit’s cost/income ratio in 2024 was 32.5%.

Nykredit Group
			DKK million
	2024	2023	Change
Net interest income	12,018	12,305	-287
Net fee income	2,744	2,789	-45
Wealth management income	2,678	2,368	310
Net interest from capitalisation	2,483	1,719	764
Net income relating to customer benefits programmes	(580)	(404)	-176
Trading, investment portfolio and other income	2,088	1,625	463
Income	21,431	20,402	1,029
Costs	6,964	6,560	404
Business profit before impairment charges	14,467	13,842	625
Impairment charges for loans and advances	(248)	(177)	-71
Business profit	14,716	14,019	697
Legacy derivatives	98	59	39
Profit before tax for the year	14,813	14,078	735
Tax	3,086	3,191	-105
Profit for the year	11,728	10,887	841

Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

Attachment

nyrr-2024-12-31-0-en

The MIL Network –

February 5, 2025

MIL-OSI China: Spanish potter shapes fusion of Eastern and Western art in China’s ‘porcelain capital’

Source: China State Council Information Office 3

This photo taken on May 1, 2023 shows a view of the Taoxichuan Ceramic Art Avenue at night in Jingdezhen, east China’s Jiangxi Province. (Xinhua)

In the quiet of winter, the cherry trees in the courtyard have withered, yet the fruits continue to flourish in the porcelain works of Spanish ceramic artist Jaume Ribalta.

The 32-year-old artist, who has spent the past three years wandering through Jingdezhen, dubbed China’s “porcelain capital”, in Jiangxi Province, draws inspiration from his surroundings to craft pieces that seamlessly blend nature with artistry.

Ribalta settled in Xianghu Village, a hub for ceramic artists in Jingdezhen, where he established his studio and now feels at home, deeply immersed in the rhythms of rural Chinese life.

Amid the Spring Festival aura, Ribalta’s studio courtyard hums with festive energy, as red lanterns sway among the greenery, festive paintings adorn the doors, and traditional decorations like spring couplets and Chinese knots complete the scene, marking a joyful celebration of the season.

“Over the years, I’ve created a Zodiac series of teacups, each featuring a different Chinese zodiac animal in my designs. Last year it was the dragon, and this year it’s the snake,” he explains. “I’ve grown to love this traditional Chinese cultural element and have continued to incorporate it into my work.”

His studio is filled with Chinese elements — antique furniture, a portrait of Confucius, and traditional ink landscape paintings — each detail reflecting Ribalta’s deep appreciation for Chinese culture.

“I learned Chinese painting from books, with masters like Qi Baishi serving as my ‘teachers,’” he said. Beyond this, Ribalta has expertly fused his Spanish heritage with Chinese artistry, drawing inspiration from the black-and-white ceramic designs of his hometown, Barcelona. He employs traditional blue-and-white porcelain techniques to craft distinctive works that seamlessly blend Eastern and Western artistic styles.

Jingdezhen’s history of ceramics spans over 2,000 years, and its role as an official and royal kiln elevated its porcelain-making techniques to the highest level in history. Driven by a passion for ceramics, thousands of foreign artists have migrated to Jingdezhen, a city with a population of less than 900,000, in recent years. During the peak period, there was one foreigner among every six migrants.

The open, inclusive and eclectic creative environment of Jingdezhen has allowed foreign drifters like Ribalta, despite initial language barriers, to quickly adapt to local life. For him, Jingdezhen is a vast cultural heritage, where every corner offers fertile ground for ceramic artistry.

In addition to the many ceramic studios nearby, Ribalta said another reason he was drawn to this particular village is its proximity to Jingdezhen Ceramic University.

“Engaging in conversations with young ceramic artists and students, exploring how to blend tradition with innovation, is key to keeping my inspiration alive,” he said.

For Ribalta, Jingdezhen was the obvious choice for his ceramic art, as the city is like “an art utopia,” boasting an omnipresent artistic atmosphere and a warm, free-spirited environment. However, creating individual ceramic pieces is not his sole ambition. He said that his goal for the year 2025 is to create a cultural landmark for the village.

He pulled up his design concept on his phone, explaining how blue-and-white porcelain could move beyond its traditional role as vessels and be repurposed as striking wall decorations.

“In Spain and Portugal, ceramics are often used in architectural decoration,” he said. “China has many exquisite, large blue-and-white porcelain vases, but their application in architectural settings is relatively rare. I hope to integrate ceramics into architecture in a public space someday, creating a monumental scene that blends Chinese and Western cultures with my own hands.”

MIL OSI China News –

February 5, 2025
MIL-OSI: Nomad Internet Launches Nomad Dragon- The Best Verizon Modem on the Planet

Source: GlobeNewswire (MIL-OSI)

NEW BRAUNFELS, Texas, Feb. 05, 2025 (GLOBE NEWSWIRE) — Nomad Internet has announced the launch of Nomad Dragon, the best Verizon Modem on the planet. Nomad Dragon comes with high-speed internet connectivity and up to 10 hours of battery backup, which means users can work, stream, and stay connected without interruptions.

The Nomad Dragon ensures dependable, fast connections perfect for streaming ultra-HD 8K videos, gaming without delays, and operating essential business applications. This modem is designed for outstanding reliability, delivering excellent performance even in the toughest network environments.

Innovative Battery Backup for Uninterrupted Connectivity

Pioneering advancements in wireless technology, the Nomad Dragon is the first modem in Nomad Internet’s collection to include an integrated battery backup system with a 10-hour battery backup. Created for residential and commercial applications, the battery guarantees smooth performance during electricity failures, providing consistent connectivity during essential times. Whether working from home, gaming, or controlling smart gadgets, users can depend on the Nomad Dragon’s power durability to remain connected when it’s essential.

Support for Up to 128 Devices

Designed for flexibility, the Nomad Dragon can accommodate up to 128 devices, making it a perfect choice for larger homes, companies, and shared work environments. Thanks to its powerful hardware and smart traffic management, users can experience quick, dependable, and secure connectivity on all their devices.

Advanced Network Security.

The Nomad Dragon comes with cutting-edge network security capabilities to protect users from cyber dangers. Users of Nomad Dragon can enjoy a secure, encrypted connection that guarantees data privacy and safety.

Blazing-Fast, Reliable Internet

The Nomad Dragon revolutionizes connectivity for individuals needing exceptional speed and dependability on the move, offering unlimited data and no contracts. Designed for enhanced performance, Nomad Dragon facilitates seamless Ultra HD 8K streaming, uninterrupted video calls, and lag-free online gaming, all while providing advanced mobility and an integrated battery backup.

Nomad Dragon embodies Nomad Internet’s steadfast dedication to innovation, quality, and customer satisfaction. With reliable connectivity, long-lasting battery life and the ability to provide high-speed, reliable connection on the go make Nomad Dragon the best Verizon modem on the planet.

For a limited time, Nomad Internet is offering the Nomad Dragon (retail price $799.95) for free with its unlimited internet plan. It is a unique opportunity for users to enjoy a high-speed and reliable internet connection at a remarkably affordable price.

Nomad Dragon is available for order on NomadInternet.com.

About Nomad Internet

Nomad Internet is America’s leading wireless internet provider for rural communities, delivering high-speed, reliable, and affordable connectivity to those in areas where traditional services fall short.

Media Contact

Company Name: Nomad Internet

Contact Person: Manish Roshan

Email: manish@nomadinternet.com

Website: https://nomadinternet.com

Phone: +1 281 800 1000

Disclaimer: This content is provided by the Nomad Internet. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5535f54-cc1d-4a68-a9ef-a46d1b5cbd4e

The MIL Network –

February 5, 2025
MIL-OSI: AppSecure Security Partners with Jazzee AI to Bolster US Market Expansion
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 05, 2025 (GLOBE NEWSWIRE) — In a strategic move to strengthen its presence in the US market, AppSecure Security, a global offensive Pentest and Red teaming company, has announced a partnership with Jazzee AI, an innovative SaaS and Cloud app marketplace. This collaboration aims to boost AppSecure’s customer acquisition in the United States while complementing Jazzee’s security offerings.

Securing the Future of SaaS with Offensive Security Expertise

AppSecure Security, renowned for its hacker-focused Pentesting and Red Teaming services, has earned a reputation for identifying and mitigating critical vulnerabilities in APIs and applications. With a clientele of over 300 global enterprises and startups, AppSecure, is a trusted partner in safeguarding digital ecosystems.

Sandeep Hodkasia, Founder of AppSecure Security, shared his enthusiasm: “Partnering with Jazzee AI allows us to combine our offensive security expertise with Jazzee’s AI-driven innovation. Together, we’re not just enhancing cybersecurity; we’re enabling businesses to securely harness the power of the best SaaS tools available.”

Agentic AI: Revolutionizing the Buying Experience

At the heart of this partnership is Jazzee AI’s extensive use of Agentic AI. Jazzee’s revolutionary AI capabilities are encapsulated in its “mother agent,” a sophisticated chatbot that consolidates powerful tools such as the Buyer Assist Agent, Price Discovery Agent and Contract Analyzer Agent. This AI powerhouse empowers consumers to:
- Identify the best product fit tailored to their needs.
- Optimize budgets with intelligent negotiation guidance.
- Access genuine, crowd-sourced reviews from real users across the internet.
Rajat Dhariwal, Chief AI Officer and Co-founder of Jazzee, explained the vision: “Jazzee AI is redefining how businesses and consumers navigate the SaaS and Cloud app landscape. Our mother agent doesn’t just assist—it transforms decision-making, ensuring enterprise customers find the right tools, negotiate the best deals, and make informed, confident choices.”

Driving Growth in a Booming Market

The global application security market is expected to grow from USD 9.95 billion in 2023 to USD 25.30 billion by 2030, with a CAGR of 14.3%. This partnership positions both companies to capitalize on this surge, addressing the growing sophistication of cyber threats and the increasing demand for AI-driven solutions. Jazzee’s platform, powered by Agentic AI, ensures clients can trust the SaaS solutions they choose while benefiting from robust cybersecurity measures provided by AppSecure.

Transformative Synergy for US Enterprises

AppSecure’s approach to security, which involves simulating real-world attack scenarios on APIs and applications, complements Jazzee’s AI-powered SaaS curation and optimization services. This synergy is expected to provide US enterprises with a comprehensive solution that not only secures their digital assets but also ensures they are utilizing the promising and trusted SaaS tools available.

As both companies look to expand their footprint in the US market, this partnership represents a significant step towards creating a more secure and efficient digital ecosystem for businesses. With the combined strengths of AppSecure’s offensive security expertise and Jazzee’s AI-driven marketplace, US enterprises can look forward to a new era of cybersecurity and SaaS optimization.

About Appsecure.security

AppSecure Security is a CREST-accredited offensive cybersecurity company that provides comprehensive security solutions to protect businesses worldwide. With a team of skilled white hat hackers, including top bug bounty hunters from Fortune 500 companies like PayPal, LinkedIn, and Reddit, AppSecure offers a unique and robust approach to identifying and addressing critical security vulnerabilities.
The company’s core philosophy revolves around an offensive security stance, which involves simulating real-world attacks to uncover concealed vulnerabilities from a hacker’s perspective. This proactive approach allows organizations to anticipate and prevent sophisticated system attacks before they occur.
AppSecure’s services encompass a wide range of security solutions, including:
1. Web Application Penetration Testing: Utilizing advanced red teaming techniques to identify and address potential weaknesses within web applications.
2. API Security: Offering comprehensive testing of API endpoints to ensure airtight data flow and protection against common vulnerabilities.
3. Network Penetration Testing: Conducting thorough assessments to uncover exposed internal pathways and blind spots in network security.
4. Red Teaming Exercises: Simulating real-world attack scenarios to evaluate an organization’s security posture and response capabilities.
The company’s methodology aligns with industry standards such as the OWASP Top 10 and the Penetration Testing Execution Standard (PTES). This ensures that their assessments are thorough, accurate, and up-to-date with the latest security threats and best practices.

Media Contact:
Name: Vrinda
Website: https://appsecure.security
Email: marketing@appsecure.security
Ph.no.: +917018971376

Disclaimer: This content is provided by the AppSecure Security. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b52f376-8ce2-4634-922e-9b96072f9030

The MIL Network –
February 5, 2025
MIL-Evening Report: To keep your cool in a heatwave, it may help to water your trees

Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

Gena Melendrez/Shutterstock

Heatwaves are among the world’s deadliest weather hazards. Every year, vast numbers of people are killed by heat stress and it can worsen health problems such as diabetes, asthma and heart disease.

Unfortunately, the bitumen roads, brick and concrete structures and roofing tiles in cities can absorb and retain vast amounts of heat, much of which is released after the sun has set. This creates what’s known as the urban heat island effect. In fact, temperatures can be significantly higher in cities than in surrounding or rural areas.

Trees and greenspace can drive down urban temperatures – but they must be able to draw water from the soil to achieve these massive cooling effects.

In other words, it can sometimes be helpful to water your trees during a heatwave.

Trees need to be able to access water in the soil to achieve transpiration.
Tirachard Kumtanom/Shutterstock

How trees keep us cool (and no, it’s not just about shade)

Trees reduce urban temperatures in two significant ways. One is by the shade they provides and the other is through their cooling effect – and no, they’re not the same thing.

Water is taken up via a plant’s roots, moves through the stems or trunks and is then misted into the air from the leaves through little holes called stomata. This is called transpiration, and it helps cool the air around leaves.

Transpiration helps cools the air around a plant’s leaves.
grayjay/Shutterstock

Water can also evaporate from soil and other surfaces. The combined loss of water from plants and soil is called evapotranspiration.

The cooling effects of evapotranspiration vary but are up to 4°C, depending on other environmental factors.

Watering your trees

If heatwaves occur in generally hot, dry weather, then trees will provide shade – but some may struggle with transpiration if the soil is too dry.

This can reduce the cooling effect of trees. Keeping soil moist and plants irrigated, however, can change that.

The best time to irrigate is early in the morning, as the water is less likely to evaporate quickly before transpiration can occur.

You don’t need to do a deep water; most absorbing roots are close to the surface, so a bit of brief irrigation will often do the trick. You could also recycle water from your shower. Using mulch helps trap the water in the soil, giving the roots time to absorb it before it evaporates.

All transpiring plants have a cooling effect on the air surrounding them, so you might wonder if trees have anything special to offer in terms of the urban heat island effect and heatwaves.

Their great size means that they provide much larger areas of shade than other plants and if they are transpiring then there are greater cooling effects.

The surface area of tree leaves, which is crucial to the evaporative cooling that takes place on their surfaces, is also much greater than many other plants.

Another advantage is that trees can be very long lived. They provide shade, cooling and other benefits over a very long time and at relatively low cost.

Not all trees

All that said, I don’t want to overstate the role of urban trees in heatwaves when soils are dry.

Some trees cease transpiring early as soils dry, but others will persist until they wilt.

Careful tree selection can help maximise the cooling effects of the urban forest. Trees that suit the local soil and can cope with some drying while maintaining transpiration can provide greater cooling

And, of course, it is important to follow any water restriction rules or guidelines that may be operating in your area at the time.

Trees keep us cool

Despite the clear benefits trees can provide in curbing heat, tree numbers and canopy cover are declining annually in many Australian cities and towns.

Housing development still occurs without proper consideration of how trees and greenspace improve residents’ quality of life.

It is not an either/or argument. With proper planning, you can have both new housing and good tree canopy cover.

We should also be cautious of over-pruning urban trees.

Trees help us when we help them.
maxim ibragimov/Shutterstock

Trees cannot eliminate the effects of a heatwave but can mitigate some of them.

Anything that we can do to mitigate the urban heat island effect and keep our cities and towns cooler will reduce heat-related illness and associated medical costs.

Gregory Moore is affiliated with Make Victoria Greener, which campaigns to preserve trees in Victoria.

– ref. To keep your cool in a heatwave, it may help to water your trees – https://theconversation.com/to-keep-your-cool-in-a-heatwave-it-may-help-to-water-your-trees-246486

MIL OSI Analysis – EveningReport.nz –

February 5, 2025

MIL-OSI: Credit Agricole SA : CONTINUED STRONG EARNINGS MOMENTUM IN 2024

Source: GlobeNewswire (MIL-OSI)

CONTINUED STRONG EARNINGS MOMENTUM IN 2024
CASA AND CAG STATED AND UNDERLYING DATA Q4-2024

	CRÉDIT AGRICOLE S.A.			CRÉDIT AGRICOLE GROUP
		Stated	Underlying		Stated	Underlying
Revenues		€7,092m +17.4% Q4/Q4	€7,116m +18.2% Q4/Q4		€9,817m +11.9% Q4/Q4	€9,840m +13.4% Q4/Q4
Expenses		-€3,917m +5.6% Q4/Q4	-€3,878m +4.4% Q4/Q4		-€5,863m +3.2% Q4/Q4	-€5,824m +2.4% Q4/Q4
Gross Operating Income		€3,175m +36.2% Q4/Q4	€3,238m +40.4% Q4/Q4		€3,954m +28.0% Q4/Q4	€4,017m +34.3% Q4/Q4
Cost of risk		-€594m +35.0% Q4/Q4	-€594m +35.0% Q4/Q4		-€867m +13.9% Q4/Q4	-€867m +13.9% Q4/Q4
Net income group share		€1,689m +26.6% Q4/Q4	€1,730m +32.8% Q4/Q4		€2,149m +24.6% Q4/Q4	€2,190m +33.7% Q4/Q4
C/I ratio		55.2% -6.2 pp Q4/Q4	54.5% -7.2 pp Q4/Q4		59.7% -5.1 pp Q4/Q4	59.2% -6.4 pp Q4/Q4
ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN EXCEEDED AS OF 2024 STRONG INCREASE IN QUARTERLY AND FULL-YEAR EARNINGS Record quarterly and full-year revenues, fuelled by the excellent performance by Asset Gathering and Large Customers High profitability: low cost/income ratio (increase in recurring expenses contained at +3.0% Q4/Q4) and 14.0% return on tangible equity in 2024 Cost of risk rose in Q4-24, driven by provisions for performing loans related to model effects at Crédit Agricole CIB and Crédit Agricole Personal Finance & Mobility (CAPFM) PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS. 2023) STRONG ACTIVITY IN ALL BUSINESS LINES Robust growth in retail banking and consumer finance driven by multiple factors: continued upturn in the home loan business in France (up +18%), higher corporate loan production, thriving international lending business, consumer finance stability at a high level and confirmed stabilisation of the deposit mix in France Record CIB, asset management and insurance business, reflected in the record level in insurance revenues with contributions from all activities, high net inflows and record level of assets under management, as well as a new quarterly and full-year record reached by CIB CAPITAL OPERATIONS AND STRATEGIC PROJECTS Instruments finalised to acquire an additional 5.2% in Banco BPM Signing of an agreement for the acquisition of Santander’s 30.5% stake in CACEIS Acquisition of aixigo, European leader in Wealth Tech Finalization of the acquisition of 50% of GAC Leasing in China by CAPFM SOLID CAPITAL AND LIQUIDITY POSITIONS Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group phased-in CET1 at 17.2% CONTINUED SUPPORT FOR THE ENERGY TRANSITION Phased withdrawal from fossil energies and reallocation of investments to renewable energy Decarbonisation pathways in line with targets (oil & gas, power and automotive)

At the meeting of the Board of Directors of Crédit Agricole S.A. on 4 february 2025, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of 500 million euros in line with the operations announced in August 2023 and in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

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

« The Group’s excellent results illustrate our overall capacity to support all our customers in a global and loyal relationship over the long term. Three-quarters of these results are retained to serve the development of the economy. I would like to thank all of our employees who work every day with professionalism and commitment. »

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

« Driven by its unique Group model based on utility and universality, the Crédit Agricole Group reports excellent results in 2024. Crédit Agricole S.A. has once again exceeded all the financial objectives of its strategic plan, one year ahead of schedule. »

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

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During 2024, the Group added +1 900,000 new customers in Retail Banking and grew its customer base by +214,000 customers. More specifically, over the year, the Group gained +1 500,000 new customers for Retail Banking in France and +400,000 new International Retail Banking customers (Italy and Poland). The customer base also grew (+126,000 and +88,000 customers, respectively).

At 31 December 2024, retail banking on-balance sheet deposits totalled €837 billion, up +1.8% year-on-year in France and Italy (+0.5% for Regional Banks and LCL and +1.7% in Italy). Outstanding loans totalled €880 billion, up +0.4% year-on-year in France and Italy (+0.3% for Regional Banks and LCL and +1.7% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +1% for the Regional Banks and +11% for LCL compared to the third quarter of 2024, and +7.8% and +59% respectively compared to the fourth quarter of 2023. Although high, home loan production by CA Italia was down -6.3% compared with an already high Q4 2023. The property and casualty insurance equipment rate¹ rose to 43.9% for the Regional Banks (+0.8 percentage points compared with the third quarter of 2023), 27.9% for LCL (+0.4 percentage point) and 20.0% for CA Italia (+1.2 percentage point).

In asset management, inflows remained strong at +€20.5 billion, fuelled by strong medium/long-term assets, excluding JVs (+€17.9 billion) and at the JVs. In insurance, savings/retirement gross inflows rose to a record €8.3 billion over the quarter (+17% year-on-year), with the unit-linked rate in production staying at a high 37.4%. Net inflows were positive at +€2.4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.7 million contracts at end-December 2024, +5.3% year-on-year). Assets under management totalled €2,867 billion, up +12.1% in the year for all three segments: asset management rose 10% over the year to €2,240 billion; life insurance was up +5.1% to €347.3 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased 46.9% year-on-year to €279 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

Business in the SFS division was stable. At CAPFM, consumer finance outstandings increased to €119.3 billion, up +5.6% compared with the end of December 2023, buoyed by car loans, which accounted for 53%² of total outstandings. New loan production decreased slightly, by -2.9% compared with the same period in 2023, mainly due to the Chinese market. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +7.2% vs. December 2023 to 20.3%, with a particularly strong contribution from property leasing and renewable energy financing.

Large Customers again posted record results for both the quarter and the full year in Corporate and Investment Banking. Capital Markets and Investment Banking held up well with a strong performance by the repo and securitisation businesses, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,291 billion and assets under administration of €3,397 billion (+12.1% and +3%, respectively, compared with the end of December 2023), with good sales momentum and positive market effects over the quarter.

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

Roll-out of strategic plan

Crédit Agricole S.A.’s model offers constantly renewed potential for organic growth. This model is based on three pillars: customer acquisition, customer equipment and the development of new offers. Gross customer capture amounts to 1.9 million new customers on average since 2022, which marked the roll-out of the Horizon 2025 plan. Customer equipment is growing steadily across our various offers. The bank’s market share in household loans stood structurally at 30%³ helping to drive the market shares for our other offerings. These currently stand at 28% in asset management,³ 27% in payment services,³ 23% in individual death and disability insurance,⁴ 19% in creditor insurance,⁴ 15% in life insurance,⁴ 7% in property and casualty insurance,⁴ and 4% in property services.⁴ Lastly, in line with our universal banking model, we are steadily expanding our customer offers: the new CA Transitions et Energies (CATE) and CA Santé et Territoires (CAST) business lines have been rolled out for the large-scale financing of renewable energy projects as well as the production and supply of electricity, and to offer solutions to improve access to healthcare and support for the elderly.

This model is complemented by a steady stream of self-financed acquisitions and partnerships, through the consolidation of Crédit Agricole S.A.’s business lines in their markets to build the universal bank. Following on from acquisitions in the period 2019 to 2021 for a total of €3.3 billion, all of which were successful with some €1.3 billion⁵ in revenues generated, and a cost/income ratio of 52%, acquisitions and partnerships during the period covered by the Medium-Term Plan were in five main areas of development. The total investment was €7.2 billion⁶ (against €1.4 billion in disposals),⁷ generating around €3 billion in revenues.

First of all, transactions to consolidate our business lines and strengthen our expertise were carried out in France and Europe, in particular: Private Banking through the transaction under way with Degroof Petercam, and a 70% stake in the capital of Wealth Dynamix⁸; Asset Servicing with the creation of Uptevia⁹, a common company with BNP Paribas, the acquisition of RBC Investor Services’ European businesses and the purchase of Santander’s minority interest in CACEIS; and Asset Management with the acquisitions of Alpha Associates¹⁰ and aixigo¹¹; and finally, Leasing and factoring activity accelerate its development in Germany with the acquisition of Merca Leasing¹². Crédit Agricole S.A. is also structuring its property services through the acquisition of property management business of Casino (Sudeco), and more recently the ones of Nexity.

At the same time, the bank has expanded its distribution networks through new partnerships, notably by taking a stake in Banco BPM; signing a new distribution agreement between Crédit Agricole Assurances and Banco BPM for non-life and creditor insurance in Italy; partnership in automobile insurance with Mobilize Financial Services, subsidiary of Renault¹³; and entering into a distribution agreement between Amundi US and Victory Capital¹⁴.

In addition, Specialised Financial Services division developed a comprehensive mobility with: the joint venture Leasys, created with Stellantis to become the European leader in long-term car rental; 100% of CA Auto Bank was acquired, in order to develop partnerships with smaller manufacturers and with independent distributors; six European subsidiaries of ALD and LeasePlan were acquired; and lastly, CA Mobility Services was formed, to create 20 service offers by 2026, mainly through the acquisition of a minority stake in WATEA¹⁵, the creation of a joint venture with Opteven¹⁶, the acquisition of a stake in HiFlow¹⁷, and the commercial partnership with FATEC¹⁸. More recently, Credit Agricole Personal Finance & Mobility strengthens its partnership with the car manufacturer GAC with, on the one hand a financial partnership aimed at entrusting CA Auto Bank the financing of vehicules from the Chinese manufacturer in Europe, and on the other end, the acquisition of 50% of the capital of GAC Leasing in order to offer from 2025 financial and operational leasing on the Chinese market.

In addition, Crédit Agricole S.A. has acquired a stake in Worklife¹⁹ and formed a partnership with Wordline²⁰ as part of its drive to accelerate digitisation and innovation. In January 2024, Crédit Agricole S.A. announced its acquisition of a 7% non-controlling interest in Worldline.

Lastly, to support the transitions in the new CATE and CAST business lines, Crédit Agricole S.A. acquired minority stakes of 40% in R3 (energy transition consultancy) and 43% in Selfee (energy production and supply), and become a reference shareholder in the capital of Office Santé²¹ and Cette Famille²². In addition, Crédit Agricole Assurances acquired majority stakes of 93% in Omedys²³ and 86% in Medicalib²³.

These two pillars of Crédit Agricole S.A.’s universal banking model ensure steady, high growth in revenues and high profitability. Revenues have grown every year between 2015 and 2024 regardless of the environment at an average annual rate of +5.6%. Operational efficiency has also steadily improved with the cost/income ratio falling -15 percentage points in the period 2015 to 2024. Profitability has also risen significantly over the past 10 years. ROTE was 14% at the end of 2024, the highest since 2015, offering even more attractive shareholder remuneration: the dividend per share has tripled in the 10-year period.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing²⁴ by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024.

Investments by Crédit Agricole Assurances²⁵ and Amundi Transition Energétique in low-carbon energy totalled €6 billion at 31 December 2024. What is more, Crédit Agricole Assurances hit its target of 14 GW of renewable energy production capacity financed one year ahead of schedule.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Crédit Agricole CIB’s green loan portfolio²⁶ grew by +75% between the end of 2022 and December 2024, and represented €21.7 billion at 31 December 2024. The Group also continues to encourage low-carbon mobility. 37% of new vehicles financed by CAPFM in 2024 were electric or hybrid vehicles. The target for the end of 2025 is 50%.

In addition, the Group is continuing on its pathway to exit the financing of carbon-based energies and is disclosing progress at end 2024 in three sectors, in line with their 2030 targets (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -70% at end 2024 working towards a target of -75% by the end of 2030. The intensity of financed emissions in the power sector²⁷ was down by -29% at end 2024, for a target of -58% by the end of 2030, and by -21% in the automotive sector, for a target of -50% by 2030.

The Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in outstandings in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. At the same time, large-scale financing of low-carbon energies, with outstandings of €26.3 billion, will increase their relative share of the energy mix financed from 54% in 2020 to 82% by the end of 2024.

Group results

In the fourth quarter of 2024, Crédit Agricole Group’s stated net income Group share came to €2,149 million, up +24.6% compared with the fourth quarter of 2023.

Specific items in the fourth quarter of 2024 had a negative net impact of -€42 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for -€19 million in net income Group share from Capital Markets and Investment Banking, and the hedging of the loan book in Large Customers for +€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of
-€15 million in the net income Group share of Large Customers and the Degroof Petercam integration costs of
-€9 million in the net income Group share of Asset Gathering.

Specific items for the fourth quarter of 2023 had a combined impact of +€86 million on net income Group share and included +€69 million in recurring accounting items and +€17 million in non-recurring items. The recurring items mainly corresponded to the reversal of the Home Purchase Saving Plans provision of +€64 million (+€5 million for LCL, +€4 million for the Corporate Centre and +€55 million for the Regional Banks); the other recurring items (+€5 million) are split between the issuer spread portion of the FVA²⁸ and secured lending (+€4 million) and loan book hedging (+€1 million). The non-recurring items related to the ongoing reorganisation of the Mobility activities²⁹ in the SFS division (+€18 million).

Excluding these specific items, Crédit Agricole Group’s underlying net income Group share³⁰ amounted to €2,190 million, up +33.7% compared to fourth quarter 2023.

Crédit Agricole Group – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	9,817	(24)	9,840	8,769	93	8,677	+11.9%	+13.4%
Operating expenses excl.SRF	(5,863)	(39)	(5,824)	(5,682)	4	(5,686)	+3.2%	+2.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,954	(63)	4,017	3,088	97	2,991	+28.0%	+34.3%
Cost of risk	(867)	0	(867)	(762)	–	(762)	+13.9%	+13.9%
Equity-accounted entities	80	–	80	73	–	73	+9.9%	+9.9%
Net income on other assets	(20)	(1)	(19)	(19)	–	(19)	+7.5%	+2.2%
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	3,150	(64)	3,214	2,382	109	2,274	+32.2%	+41.4%
Tax	(784)	16	(799)	(455)	(23)	(432)	+72.4%	+85.1%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	(100.0%)	(100.0%)
Net income	2,366	(48)	2,414	1,918	86	1,832	+23.4%	+31.8%
Non controlling interests	(217)	7	(224)	(194)	–	(194)	+12.2%	+15.6%
Net income Group Share	2,149	(42)	2,190	1,724	86	1,638	+24.6%	+33.7%
Cost/Income ratio excl.SRF (%)	59.7%		59.2%	64.8%		65.5%	-5.1 pp	-6.4 pp

In the fourth quarter of 2024, underlying revenues amounted to €9,840 million, up +13.4% compared to the fourth quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect. In addition, International Retail Banking revenues were stable. Underlying operating expenses were up +2.4% in fourth quarter 2024, totalling €5,824 million. Overall, the Group saw its underlying cost/income ratio reach 59.2% in the fourth quarter of 2024, a -6.4 percentage point improvement. As a result, the underlying gross operating income came to €4,017 million, up +34.3% compared to the fourth quarter 2023.

The underlying cost of credit risk stood at -€867 million, an increase of +13.9% compared to fourth quarter 2023. This figure comprises an amount of -€363 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€489 million for the cost of proven risk (stage 3). There was also an addition of
-€16 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 fourth quarter were updated from the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). The cost of risk/outstandings³¹reached 27 basis points over a four rolling quarter period and 29 basis points on an annualised quarterly basis³².

Underlying pre-tax income stood at €3,214 million, a year-on-year increase of +41.4% compared to fourth quarter 2023. This includes the contribution from equity-accounted entities for €80 million (up +9.9%) and net income on other assets, which came to -€19 million over this quarter. The underlying tax charge was up +85.1% over the period, with the tax rate this quarter rising by +6.0 percentage points to 25.5%. Underlying net income before non-controlling interests was up +31.8% to €2,414 million. Non-controlling interests rose +15.6%. Lastly, underlying net income Group share was €2,190 million, +33.7% higher than in the fourth quarter of 2023.

Crédit Agricole Group – Stated and underlying results 2024 and 2023

En m€	2024 stated	Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues	38,060	93	37,967	36,492	851	35,641	+4.3%	+6.5%
Operating expenses excl.SRF	(22,729)	(123)	(22,606)	(21,464)	(14)	(21,450)	+5.9%	+5.4%
SRF	–	–	–	(620)	–	(620)	(100.0%)	(100.0%)
Gross operating income	15,332	(30)	15,362	14,408	837	13,572	+6.4%	+13.2%
Cost of risk	(3,191)	(20)	(3,171)	(2,941)	(84)	(2,856)	+8.5%	+11.0%
Equity-accounted entities	283	(0)	283	263	(39)	302	+7.6%	(6.1%)
Net income on other assets	(39)	(24)	(15)	88	89	(1)	n.m.	x 18.9
Change in value of goodwill	4	–	4	2	12	(9)	+60.4%	n.m.
Income before tax	12,388	(74)	12,462	11,821	814	11,007	+4.8%	+13.2%
Tax	(2,888)	12	(2,900)	(2,748)	(203)	(2,545)	+5.1%	+13.9%
Net income from discont’d or held-for-sale ope.	–	–	–	(3)	–	(3)	(100.0%)	(100.0%)
Net income	9,500	(62)	9,562	9,071	611	8,459	+4.7%	+13.0%
Non controlling interests	(860)	23	(883)	(813)	(0)	(813)	+5.8%	+8.7%
Net income Group Share	8,640	(39)	8,679	8,258	611	7,647	+4.6%	+13.5%
Cost/Income ratio excl.SRF (%)	59.7%		59.5%	58.8%		60.2%	+0.9 pp	-0.6 pp

For full-year 2024, stated net income Group share amounted to €8,640 million, compared with €8,258 million for full-year 2023, an increase of +4.6%.

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

Excluding specific items, underlying net income Group share reached €8,679 million, up +13.5% compared with full-year 2023.

Underlying revenues totalled €37,967 million, up +6.5% compared with full-year 2023, driven by all business lines (excluding Corporate Centre).

Underlying operating expenses amounted to -€22,606 million, up +5.4% excluding SRF compared to full-year 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for full-year 2024 was 59.5%, a -0.6 percentage point improvement compared to full-year 2023 excluding SRF. The SRF stood at
-€620 million in 2023.

Underlying gross operating income totalled €15,362 million, up +13.2% compared to full-year 2023.

The underlying cost of risk for full-year 2024 rose to -€3,171 million (of which -€540 million in cost of risk on performing loans (stages 1 and 2), -€2,637 million in cost of proven risk, and +€6 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +11.0% compared to full-year 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of December 2024 (€11.7 billion for Regional Banks), 42.2% of which represented provisioning of performing loans (47.3% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of December 2024 was 84.9%.

Underlying net income on other assets stood at -€15 million for full-year 2024 versus -€1 million for full-year 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +13.2% to €12,462 million. The tax charge was -€2,900 million, up +13.9%, with an underlying effective tax rate of 23.8%, stable compared to full-year 2023. Underlying net income before non-controlling interests was therefore up by +13.0%. Non-controlling interests amounted to -€883 million for full-year 2024, up +8.7%.

Underlying net income Group share for full-year 2024 thus stood at €8,679 million, up 13.5% compared to full-year 2023.

Regional banks

Gross customer capture stands at +273,000 new customers and the customer base grew by +10,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stands at 22.7% (at the end of September 2024, source Banque de France). Loan production was up +7.4% compared to the fourth quarter of 2023, reflecting the +7.8% rise in home loans and specialised markets. Home loan production has been gradually recovering since the beginning of the year. The average production rate for home loans stood at 3.35%³³ over October and November 2024, -12 basis points lower than in the third quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+16 basis points compared to the fourth quarter of 2023). Outstanding loans totalled €648 billion at the end of December 2024, stable year-on-year across all markets but up slightly by +0.2% over the quarter.
Customer assets were up +2.6% year-on-year to reach €910.9 billion at the end of December 2024. This growth was driven both by on-balance sheet deposits, which reached €605.9 billion (+1.7% year-on-year), and off-balance sheet deposits, which reached €305 billion (+4.4% year-on-year) benefiting from strong inflows in life insurance. The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.5% and +0.1%, respectively, from end-September 2024. The market share of balance sheet collection is up compared to last year and stands at 20.3% (Source Banque de France, data at the end of September 2024, i.e. +0.4 percentage points compared to September 2023). The equipment rate for property and casualty insurance³⁴ was 43.9% at the end of December 2024 and continues to rise (up +0.8 percentage point compared to the end of December 2023). In terms of payment instruments, the number of cards rose by +1.6% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.6 percentage points year-on-year to account for 16.4% of total cards.
In the fourth quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend³⁵ stood at €3,247 million, up +0.7% compared to the fourth quarter of 2023, notably impacted by a base effect of +€73.6 million related to the reversal of the Home Purchase Savings Plan provision in the fourth quarter of 2023³⁶. Excluding this item, revenues were up +3.1% compared to the fourth quarter of 2023, the rise in the net interest margin (+9.8% excluding Home Purchase Savings³⁶) and good momentum of fee and commission income (+1.6%) in insurance, account management and payment instruments offsetting the drop in portfolio revenues (-10.0%). Operating expenses were stable (+0.7%), below inflation. Gross operating income was up +0.8% year-on-year (+11.6% excluding the Home Purchase Savings Plan base effect³⁶). The cost of risk was down -24.6% compared with the fourth quarter of 2023 to -€242 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 20 basis points (a -1 basis point drop compared to third quarter 2024).
The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend³⁵ amounted to €419 million, up +19.9% compared to the fourth quarter 2023 (+42.1% excluding the base effect³⁶).
The Regional Banks’ contribution to net income Group share was €403 million in the fourth quarter of 2024, up +20.3% compared to the fourth quarter of 2023.
In full-year 2024, revenues including the SAS Rue La Boétie dividend were up +1.9% compared to the same period in 2023. Operating expenses rose by +1.4%, resulting in a rise in gross operating income of +2.7%. Finally, with a cost of risk up +14.0%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,470 million, up +2.5% compared to full-year 2023 (+5.5% excluding the Home Purchase Savings Plan base effect³⁶).The Regional Banks’ contribution to the results of Crédit Agricole Group in full-year 2024 amounted to €1,423 million in stated net income Group share (-18.9% compared to the same period in 2023), with revenues of €13,110 million (-1.1%), expenses of -€9,956 (+2.6%) and a cost of risk of -€1,319 million (+14.5%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 4 February 2025 to examine the financial statements for the fourth quarter of 2024.

Crédit Agricole S.A. – Stated and underlying results, Q4-24 and Q4-23

€m	Q4-24 stated	Specific items	Q4-24 underlying	Q4-23 stated	Specific items	Q4-23 underlying	∆ Q4/Q4 stated	∆ Q4/Q4 underlying

Revenues	7,092	(24)	7,116	6,040	19	6,021	+17.4%	+18.2%
Operating expenses excl.SRF	(3,917)	(39)	(3,878)	(3,710)	4	(3,714)	+5.6%	+4.4%
SRF	–	–	–	–	–	–	n.m.	n.m.
Gross operating income	3,175	(63)	3,238	2,330	24	2,307	+36.2%	+40.4%
Cost of risk	(594)	0	(594)	(440)	–	(440)	+35.0%	+35.0%
Equity-accounted entities	62	–	62	61	–	61	+2.4%	+2.4%
Net income on other assets	(9)	(1)	(8)	(17)	–	(17)	(45.9%)	(51.9%)
Change in value of goodwill	–	–	–	2	12	(9)	n.m.	(100.0%)
Income before tax	2,634	(64)	2,698	1,937	35	1,902	+36.0%	+41.9%
Tax	(681)	16	(697)	(369)	(4)	(365)	+84.7%	+91.0%
Net income from discont’d or held-for-sale ope.	–	–	–	(10)	–	(10)	n.m.	n.m.
Net income	1,953	(48)	2,001	1,558	32	1,527	+25.3%	+31.1%
Non controlling interests	(264)	7	(271)	(224)	(0)	(224)	+17.8%	+21.1%
Net income Group Share	1,689	(41)	1,730	1,334	31	1,303	+26.6%	+32.8%
Earnings per share (€)	0.52	(0.01)	0.54	0.41	0.01	0.40	+26.8%	+33.4%
Cost/Income ratio excl. SRF (%)	55.2%		54.5%	61.4%		61.7%	-6.2 pp	-7.2 pp

In the fourth quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,689 million, up +26.6% compared to the fourth quarter of 2023, having benefited from non-recurring items related to reversals of Home Purchase Savings Plan and Cheque Image Exchange fine provisions and from the end of the reorganisation of the Mobility activities (see below). This was an excellent result for the fourth quarter of 2024, based on high revenues (exceeding €7 billion) and a cost/income ratio kept at a low level.

Specific items for this quarter had a cumulative impact of -€41 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for -€19 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for +€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€8 million in the net income Group share in Asset Gathering; ISB integration costs for -€15 million in the net income Group share in Large Customers.

Specific items for the fourth quarter 2023 had a cumulative impact of +€31 million on net income Group share, and included recurring accounting items for +€14 million and non-recurring items for +€17 million. The recurring items mainly corresponded to the reversal of the Home Purchase Savings Plans provision of +€8 million (+€4 million for LCL and +€4 million for the Corporate Centre); the other recurring items – the issuer spread portion of the FVA and secured lending (+€4 million) and loan book hedging (+€1 million) – offset each other. The non-recurring items related to the ongoing reorganisation of the Mobility activities in the SFS division (+€17 million).

Excluding specific items, underlying net income Group share³⁷ stood at €1,730 million in the fourth quarter of 2024, up +32.8% compared to the fourth quarter of 2023.

In the fourth quarter of 2024, underlying revenues were at a high level, standing at €7,116 million. They were up sharply by +18.2% compared to the fourth quarter of 2023. This growth was driven by growth in the Asset Gathering division (+31.6%) which in turn was driven by the rise in outstandings across all business lines, including the integration of Degroof Petercam³⁸. There was a positive base effect relating to very high weather-related claims in the fourth quarter of 2023. Large Customer division revenues (+10.6%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking in the fourth quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+4.0%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+0.8%) was driven by the rise in fee and commission income which offset the drop in NIM, and International Retail Banking revenues (-0.5%) were stable. Corporate Centre revenues were up +€362 million, positively impacted by the dividend and the revaluation of the equity interest in Banco BPM of +€294 million.

Underlying operating expenses totalled -€3,878 million in the fourth quarter of 2024, an increase of +4.4% compared to the fourth quarter of 2023, reflecting the support given to business line development. The -€164 million year-on-year rise in expenses was mainly due to a -€132 million scope effect³⁹.

The underlying cost/income ratio in fourth quarter 2024 stood at 54.5%, a decrease of -7.2 percentage points compared to fourth quarter 2023.

Underlying gross operating income in the fourth quarter of 2024 stood at €3,238 million, an increase of +40.4% compared to the fourth quarter of 2023.

As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (44% of Crédit Agricole S.A. gross outstandings). The Non-Performing Loans ratio was down
-0.2 point from the previous quarter and remains low at 2.3%. The coverage ratio⁴⁰ was high at 74.1%, up +2.7 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., relatively unchanged from end September 2024. Of those loan loss reserves, 35.8% were for performing loans (percentage up +1.5% from the previous quarter).

The underlying cost of risk showed a net addition of -€594 million, up +35.0% from the fourth quarter of 2023, including a -€278 million addition for performing loans (stages 1 and 2) (versus a reversal of -€1 million in the fourth quarter of 2023) and -€297 million in provisioning for proven risks (stage 3) (versus -€373 million in the fourth quarter of 2023). Also note a provision of -€18 million for other items (legal provisions), primarily for the SFS business line (-€30 million in legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (an increase from end-December 2023, unchanged from September 2024), 13% from LCL (22% at end-September 2023), 17% from International Retail Banking (23% at end-December 2023), 16% from Large Customers (9% at end-December 2023) and 1% from the Corporate Centre (3% at end-December 2023). 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 fourth quarter were updated relative to the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). In the fourth quarter of 2024, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period⁴¹ and 44 basis points on an annualised quarterly basis⁴² (a deterioration of 1 basis point and 10 basis points, respectively, versus the fourth quarter of 2023 for both bases).

The underlying contribution from equity-accounted entities amounted to €62 million in the fourth quarter of 2024, up +2.4% compared to the fourth quarter of 2023, mainly due to the growth of equity-accounted entities in the personal finance and mobility business line.

Underlying income⁴³before tax, discontinued operations and non-controlling interests was up +41.9% to €2,698 million. The underlying effective tax rate stood at 26.4%, up +6.7 percentage points on fourth quarter 2023. The underlying tax charge was -€697 million, a +91% increase chiefly due to a positive base effect. Underlying net income before non-controlling interests was up +31.1% to €2,001 million. Non-controlling interests amounted to -€271 million in the fourth quarter of 2024, an increase of +21.1%.

Underlying earnings per share in fourth quarter 2024 came to €0.54, up +33.4% compared to fourth quarter 2023.

Crédit Agricole S.A. – Stated and underlying results, 2024 and 2023

En m€	2024 stated		Specific items	2024 underlying	2023 stated	Specific items	2023 underlying	∆ 2024/2023 stated	∆ 2024/2023 underlying

Revenues		_27,181	₃₀	_27,151	_25,180	₆₁₇	_24,563	_+7.9%	_+10.5%
Operating expenses excl.SRF		_(14,895)	₍₁₂₃₎	_(14,772)	_(13,632)	₍₁₄₎	_(13,618)	_+9.3%	_+8.5%
SRF		_–	_–	_–	₍₅₀₉₎	_–	₍₅₀₉₎	_(100.0%)	_(100.0%)
Gross operating income		_12,286	₍₉₄₎	_12,379	_11,039	₆₀₃	_10,436	_+11.3%	_+18.6%
Cost of risk		_(1,850)	₍₂₀₎	_(1,830)	_(1,777)	₍₈₄₎	_(1,693)	_+4.1%	_+8.1%
Equity-accounted entities		₁₉₄	₍₀₎	₁₉₄	₁₉₇	₍₃₉₎	₂₃₅	_(1.5%)	_(17.6%)
Net income on other assets		₍₄₎	₍₂₄₎	₂₀	₈₅	₈₉	₍₄₎	_n.m.	_n.m.
Change in value of goodwill		_–	_–	_–	₂	₁₂	₍₉₎	_(100.0%)	_(100.0%)
Income before tax		_10,625	₍₁₃₈₎	_10,763	_9,546	₅₈₀	_8,966	_+11.3%	_+20.0%
Tax		_(2,472)	₂₈	_(2,500)	_(2,201)	₍₁₅₃₎	_(2,047)	_+12.3%	_+22.1%
Net income from discont’d or held-for-sale ope.		_–	_–	_–	₍₃₎	_–	₍₃₎	_n.m.	_n.m.
Net income		_8,153	₍₁₀₉₎	_8,263	_7,343	₄₂₇	_6,916	_+11.0%	_+19.5%
Non controlling interests		_(1,067)	₂₄	_(1,090)	₍₉₉₅₎	₍₂₎	₍₉₉₂₎	_+7.3%	_+9.9%
Net income Group Share		_7,087	₍₈₆₎	_7,172	_6,348	₄₂₅	_5,923	_+11.6%	_+21.1%
Earnings per share (€)		_2.11	_(0.03)	_2.14	_1.94	_0.14	_1.80	_+8.5%	_+18.5%
Cost/Income ratio excl.SRF (%)		_54.8%		_54.4%	_54.1%		_55.4%	_{+0.7 pp}	_{-1.0 pp}

Over year 2024, stated net income Group share amounted to €7,087 million, versus €6,348 million for full-year 2023, an increase of +11.6%.

Specific items for 2024 had a negative impact of -€86 million on stated net income Group share and comprise +€21 million in recurring accounting items and -€107 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€15 million and loan book hedging for +€6 million). Non-recurring items relate to the integration and acquisition costs of Degroof Petercam (-€35 million) within the Asset Gathering division, the costs of integrating ISB (-€52 million) within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

Excluding specific items, underlying net income Group share reached €7,172 million, up +21.1% compared to full-year 2023.

Underlying revenues were up +10.5% year-on-year, driven by all business lines. Underlying operating expenses excluding SRF were +8.5% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF⁴⁴ building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, a decrease of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €12,379 million, up +18.6% compared to full-year 2023. The underlying cost of risk increased by +8.1% over the period to
-€1,830 million, versus -€1,693 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €194 million, down -17.6% over the period.

Underlying earnings per share stood at €2.14 per share for full-year 2024, up 18.5% from full-year 2023.

Underlying RoTE⁴⁵, which is calculated on the basis of an annualised Underlying Net Income Group Share⁴⁶ and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.0% in 2024, up +1.4 percentage point compared to 2023.

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

Activity of the Asset Gathering division

In the fourth quarter of 2024, assets under management in the Asset Gathering division (AG) stood at

€2,867 billion, up +€58 billion over the quarter (or +2.1%), mainly due to a positive market effect and strong net inflows in the three business lines – Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +12.1%.

Insurance activity (Crédit Agricole Assurances) was very dynamic with total premium income of €10.9 billion – a record level for a fourth quarter – up +14.2% compared to the fourth quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total for the year, overall premium income also stood to a record €43.6 billion, up +17.2% vs. 2023.

In Savings/Retirement, fourth-quarter premium income stood at €8.3 billion, up +17.3% compared to the fourth quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. Unit-linked contracts accounted for 37.4% of gross inflows⁴⁷, down -12.8 percentage points over the year, reflecting the reduced appeal of unit-linked bond products. The quarter’s net inflows⁴⁷ totalled +€2.4 billion (up +€0.8 billion compared to the third quarter of 2024), comprised of +€1.4 billion net inflows from unit-linked contracts and +€1.1 billion from euro funds. In total, Savings/Retirement premium income amounted to €32.1 billion, up +21.5% compared to the end of December 2023.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €347.3 billion (up +€17.0 billion year-on-year, or +5.1%). The growth of assets under management was supported by positive market effects and positive net inflows. Unit-linked contracts accounted for 30.0% of outstandings, up +1.1 percentage point compared to the end of December 2023.

The profit sharing rate on Predica’s euro-denominated life insurance policies in 2024 remained stable compared to 2023.⁴⁸ The Policy Participation Reserve (PPE⁴⁹) amounted to €7.5 billion at 31 December 2024, representing 3.3% of total euro outstandings.

In property and casualty insurance, premium income rose to €1.2 billion in the fourth quarter of 2024, up +9.9%⁵⁰ compared to the fourth quarter of 2023. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of close to €16.7 million⁵¹ policies at the end of December 2024 (an increase of +5.3% over the year). The combined ratio at end-December 2024 was 94.4%,⁵² an improvement of -2.7 percentage points year-on-year, related to a positive base effect due to lower claims in the fourth quarter of 2024 compared with the same period one year earlier, which was impacted by fierce storms. In total, at the end of December 2024, premium income stood at €6.2 billion, an increase of +8.2% compared to full-year 2023.

In death & disability/creditor/group insurance, premium income for the fourth quarter of 2024 stood at €1.3 billion, up +1.4% compared to the fourth quarter of 2023. The strong performance in individual death and disability insurance and group insurance (+9.9% and +22.1%, respectively, compared to fourth quarter 2023) offset a decline in creditor insurance of -4.9% in both consumer finance and mortgage lending. In total, at the end of December 2024, premium income from personal protection insurance stood at €5.3 billion, an increase of +4.6% compared to 2023.

In Asset Management (Amundi), assets under management by Amundi increased by +2.2% and +10.0% respectively over the quarter and the year, reaching a new record of €2,240 billion at the end of December 2024, benefiting from the positive market effect, but also from a high level of inflows over the quarter and year.

Over the quarter, net inflows amounted to +€20.5 billion, the highest level since 2021, driven by medium-long-term assets ⁵³ (+€17.9 billion) in active management and, as in previous quarters, in ETFs. Third-party distributors also posted record inflows in 2024, which were well diversified and positive in all asset classes.

The Retail segment recorded record net inflows in 2024 from third-party distributors, well diversified across all asset classes, and positive inflows from partner networks in France. The institutional segment continued to record solid commercial momentum, with net inflows driven by medium/long-term assets in the institutional and sovereign segments, and by treasury products in the corporate segment. Finally, JVs continue to benefit from the dynamic inflows of SBI MF in India. Thus, the increase in assets under management of +€48.5 billion over the quarter is linked to a good level of activity (net inflows of +€20.5 billion) and a positive market and foreign exchange effect of +€28.1 billion. In 2024, the increase in assets under management of +€203 billion is linked to record net inflows of +€55.4 billion, doubling compared to 2023, a favorable market effect of +€140.1 billion and a scope effect of +€7.9 billion in connection with the integration of Alpha Associate since the second quarter of 2024.

In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of December 2024, and were up +1.9% compared to September 2024 and +46,9% compared to December 2023.

For Indosuez Wealth Management assets under management at the end of December stood at €215 billion⁵⁴, up +2.6% compared to the end of September 2024, thanks to a good level of activity with net inflows of +€1.9 billion and a favourable market effect of +€3.7 billion. Compared to the end of December 2023, assets under management were up by +€87 billion (or +68.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). Also of note over the quarter was the continued integration of Degroof Petercam with several capital reorganisations in France and in Luxembourg, and the effective mergers of legal entities planned for Q3 2025. In 2025, Wealth Management projects in the region of €70-80 million in additional integration costs for Degroof Petercam.

Results of the Asset Gathering division

In the fourth quarter of 2024, the Asset Gathering division generated €2,045 million in revenues, up +31.6% compared to the fourth quarter of 2023, driven by all the division’s business lines. Expenses increased +28% to -€930 million and gross operating income came to €1,116 million, +34.7% compared to fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 45.5%, down -1.3 percentage points compared to the same period in 2023. Taxes amounted to -€315 million, up +82.3%, notably related to the scope of insurance activities. Net income Group share for Asset Gathering division was €695 million in the fourth quarter of 2024, up +27.4% compared to the same period in 2023.

In full-year 2024, Asset Gathering generated €7,648 million in revenues, up +14.4% compared to the end of December 2023, driven by very high level of revenues in all three business lines – in Insurance, Asset Management and Wealth Management. Expenses excluding SRF increased +17.1%.to -€3,365 million, while gross operating income came to €4,284 million (up +12.5% compared to end-December 2023). As a result, the cost/income ratio excluding SRF stood at 44%, up +1.0 percentage points compared to the end of December 2023. The tax charge was -€973 million in 2024, up +11.7% on 2023. Finally, Asset Gathering net income Group share came to €2,875 million, up +13.1% compared to 2023, up in the three activities of the Asset Gathering division.

At end-December 2024, the Asset Gathering, contributed 38% to the underlying net income Group share of the Crédit Agricole S.A. core businesses and 28% to underlying revenues (excluding the Corporate Centre division).

As at 31 December 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.9 billion for Wealth Management. The division’s risk-weighted assets amounted to €57.5 billion, including €34.5 billion for Insurance, €13.7 billion for Asset Management and €9.4 billion for Wealth Management.

Underlying RoNE (return on normalised equity) stood at 26.9% at the end of December 2024.

Insurance results

In the fourth quarter of 2024, insurance revenues reached €715 million, up sharply by +37.1% compared to the fourth quarter of 2023, benefiting from a favorable base effect (fourth quarter 2023 having been impacted by the high claims rate related to storms Ciaran and Domingos), dynamic activity and growth in assets under management. Revenues for the quarter include €540 million from savings/retirement⁵⁵, €93 million from personal protection⁵⁶ and €141 million from property and casualty insurance⁵⁷.

The CSM (Contractual Service Margin) stood at €25.2 billion at 31 December 2024, up 5.8% year-on-year, benefiting from the positive impact of the revaluation of the stock and the contribution of new business exceeding the CSM allocation. The CSM allocation factor was 7.7% in 2024. Non-attributable expenses for the quarter amounted to -€77 million, up +2.7% vs. the fourth quarter of 2023. As a result, gross operating income reached €638 million, up +42.9% compared to the same period in 2023. Taxes amounted to -€218 million, compared with -€79 million in the fourth quarter of 2023, in connection with the increase in the tax rate to 34.5% (+16.7 percentage points compared to the fourth quarter of 2023). This change is linked in particular to an upward reassessment of the tax rate including a decrease in the valuation of assets at a reduced rate. Non-controlling interests amounted to €3 million compared to €-32 million in the fourth quarter of 2023, impacted by the inclusion of accounting items related to the redemption of RT1 instruments. Net income Group share was €418 million, up +24.5% compared to the fourth quarter of 2023.

Full year 2024 insurance revenues reached €2,845 million, up +11.9% compared to 2023, in line with dynamic activity, the increase in outstandings, as well as the lower claims experience in 2024 compared to 2023. Non-attributable expenses amounted to -€341 million, up +9.3%. The cost/income ratio is thus 12%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income was €2,504 million (+12.2% compared to 2023). The tax expense was -€572 million, up +16.6% compared to 2023, in line with the lower contribution of reduced tax rate operations to the overall tax rate. As a result, net income Group share reached €1,884 million, up +14% compared to 2023.

Insurance contributed 25% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 10% to their underlying revenues.

Crédit Agricole Assurances remains solid with a prudential Solvency 2 ratio superior to 200% as of 31 December 2024.

Asset Management results

In the fourth quarter of 2024, revenues reached €901 million, up +14.5% compared to the fourth quarter of 2023, mainly driven by management and technology revenues. Net management fees posted sustained growth of +13.5% compared to the fourth quarter of 2023, linked to the good level of activity and the increase in average assets under management. Performance fees were also up +67.6% compared to the fourth quarter of 2023, benefiting from the good performance of active strategies, particularly rates and credit. Amundi Technology’s revenues continued their sustained growth and increased by +47,1% compared to the fourth quarter of 2023, amplified this quarter by the first consolidation of aixigo, a European leader in Wealth Tech, whose acquisition was finalized in November 2024. Operating expenses amounted to €-506 million, up +16.2% compared to the fourth quarter of 2024, mainly explained by the effect of the first consolidation of Alpha Associates and aixigo, the acceleration of strategic investments, the growth of variable compensation revenues related to operational performance and acquisition-related integration costs.⁵⁸ Restated for integration costs, the increase in expenses remains lower than the increase in revenues, thus generating a positive jaws effect. Gross operating income was €395 million, up +12.5% compared to the fourth quarter of 2023, reflecting double-digit revenue growth. The contribution of associates, including the contribution of Amundi’s Asian joint ventures, amounted to €29 million, up +1.8% compared to the fourth quarter of 2023. The tax expense amounted to -€80 million (down -9.6%). Net income before deduction of minority interests amounted to €341 million, up +18% compared to the same period in 2023. As a result, net income Group share was €226 million, +16.2% compared to the fourth quarter of 2023.

In 2024, net banking income reached €3,406 million, up +9.1% in asset management, reflecting growth in management revenues, linked to the growth in average assets under management and the very good performance of active and passive management. Amundi Technology’s revenues also grew strongly, amplified by the acquisition of aixigo in the fourth quarter of 2024. Operating expenses excluding SRF amounted to -€1,890 million, an increase of +8.8%, explained by the first consolidation of Alpha Associates and aixigo, investments in growth areas, the increase in provisions for variable compensation in line with operational performance and integration costs⁵⁸.The cost/income ratio excluding SRF stood at 55.5%, stable compared to 2023 (-0.2 percentage points). Thus, gross operating income increased by +9.7% compared to 2023, reflecting the increase in revenues. Profit from associates increased by +20.9%, mainly driven by the JV in India, which contributed more than €100 million for the first time to this result. In the end, net income Group share was €849 million, up +11.7% compared to 2023.

Wealth Management results⁵⁹

In the fourth quarter of 2024, net banking income from wealth management amounted to €430 million, up +73.9% compared to the fourth quarter of 2023, benefiting from the impact of the integration of Degroof Petercam in June 2024.⁶⁰ Excluding this effect, revenues were supported by the good momentum of management fees in connection with the increase in outstandings, offsetting the anticipated decrease in the net interest margin on deposits. Expenses for the quarter amounted to -€347 million, up +60.4% compared to the fourth quarter of 2023, impacted by a Degroof Petercam⁶⁰ and -€12.8 million in integration costs. Restated for these impacts, the evolution of expenses is slightly lower than in the fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 80.8%, down -6.8 percentage points compared to the same period in 2023. Restated for integration and acquisition costs, the cost/income ratio was 77.8%. Gross operating income reached €82 million, up sharply (x 2.7) compared to the fourth quarter of 2023. The cost of risk for the quarter remained moderate at -€3 million, in line with the fourth quarter of 2023 (-€5 million). Net income Group share reached €51 million, up sharply (x 3.3) compared to the fourth quarter of 2023. Restated for integration and acquisition costs⁶¹, net income Group share for the fourth quarter of 2024 amounted to €60 million.

For the full year 2024, net banking income from the wealth management business amounted to €1,397 million, up +36.6% compared to the end of December 2023, benefiting in particular from the integration of Degroof Petercam in June 2024⁶². Expenses excluding SRF were up +37.5% due to a Degroof Petercam⁶² scope effect and -€26.4 million in integration costs. Restated for these impacts, 2024 expenses are up slightly by +2.8% compared to 2023. Gross operating income increased by +35.0% to €264 million. The cost of risk at the end of 2024 was -€15 million, up -€11 million compared to the end of December 2023, related to the consideration of litigation and the provisioning of various cases. Net income on other assets amounted to -€23 million, mainly corresponding to acquisition costs for Degroof Petercam⁶³, restated for specific items. Net income Group share for 2024 was €142 million, up 11.1% compared to 2023. Restated for integration and acquisition costs⁶³, 2024 net income Group share amounted to €177 million.

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

As of 31 December 2024, the equity allocated to Wealth Management amounted to €0.9 billion; risk weighted assets are €9.4 billion.

Activity of the Large Customers division

Once again in Q4 2024, Corporate and Investment Banking (CIB) posted an excellent performance across all its businesses (best fourth quarter and best year in terms of revenues). Asset servicing also recorded strong business momentum during the period.

Corporate and Investment Banking’s fourth-quarter underlying revenues rose sharply to €1,596 million, an increase of +9.9% compared with the fourth quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +4.4% year-on-year to €898 million. This was mainly due to the strong performance recorded by Commercial Banking (+4.0% versus the fourth quarter of 2023), driven by good momentum in Corporate activities, especially in the Telecom sector, and strong revenues from asset financing and project financing, especially in Green energy and Aerospace. Capital Markets and Investment Banking also grew its revenues to €699 million, an increase of +18.0% compared with the fourth quarter of 2023. Growth was fuelled by the high revenues maintained by Capital Markets (+17.0% versus the fourth quarter of 2023), driven by the Repo and Securitisation businesses, and the strong performance recorded by Investment Banking (with growth of +23.0% compared with the fourth quarter of 2023) thanks to the strong performance of Structured Equities.

In total, Corporate and Investment Banking’s underlying revenue rose a steep +6.5% year-on-year to €6,540 million, driven by growth in its two business lines. Revenues from Financing activities were up +5.7% compared to the total for 2023, at €3,355 million. Capital Markets and Investment Banking also grew its revenues by +7.3% compared with the end of December 2023, to total €3,185 million.

Financing activities consolidated its leading position in syndicated loans (#1 in France⁶⁴ and #2 in EMEA⁶⁴). Crédit Agricole CIB reaffirmed its strong position in bond issues (#4 All bonds in EUR Worldwide⁶⁴) and was ranked #2 in Green, Social & Sustainable bonds in EUR.⁶⁵ Average regulatory VaR stood at €9.5 million in the fourth quarter of 2024, down from the €10.1 million recorded in the third quarter of 2024, reflecting changes in positions and the financial markets. It remained at a level that reflected prudent risk management.

In Asset Servicing, buoyant sales and favourable market conditions boosted growth in assets over the year, which offset the planned withdrawal of ISB customers. The fourth quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) client portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Client migration is now practically complete. On 19 December 2024, Crédit Agricole S.A. announced the signature of an agreement to acquire Santander’s 30.5% non-controlling stake in CACEIS, with the aim of full ownership.

Assets under custody increased by +4.5% at end-December 2024 compared with end September 2024, and by +12.1% compared with end December 2023, to reach €5,291 billion. Assets under administration also increased by +0.3% this quarter and were up +3.0% year-on-year, totalling €3,397 billion at end December 2024.

Results of the Large Customers division

In the fourth quarter of 2024, stated revenues of the Large Customers division once again reached a record level, with €2,108 million, up +8.9% compared with the fourth quarter of 2023, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased (+7.4%) compared with the fourth quarter of 2023, due to IT investments and business development. As a result, the division’s gross operating income was up +11.6% compared with the fourth quarter of 2023 to €810 million. The division recorded an overall net provision for cost of risk of -€93 million in the fourth quarter of 2024, compared with additions of -€39 million in the fourth quarter of 2023. Stated pre-tax income totalled €723 million, an increase over the period (+4.7%). The tax charge was -€166 million. Lastly, stated Net income Group share came to €512 million in the fourth quarter of 2024, compared with stated income of €525 million in Q4 2023.

Over full-year 2024, stated revenues of the Large Customers division was a record high of €8,651 million, up +11.2% compared with the 2023 total. At -€5,039 million, operating expenses excluding SRF rose +11.8% compared with the same period in 2023, due mainly to IT investments and business development. Expenses for the year include ISB integration costs of -€97 million. Gross operating income stood at €3,612 million for full-year 2024, representing an increase of +22.0% compared to 2023. Over the period, the cost of risk recorded a net addition of -€117 million, compared to an addition of -€120 million in the same period in 2023. The business line’s contribution to stated Net income Group share was €2,448 million, a strong increase of +21.7% compared to full-year 2023.

The business line contributed 32% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 31% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the equity allocated to the division was €14 billion and its risk-weighted assets were €147.8 billion.

Underlying RoNE (return on normalised equity) stood at 17.7% at the end of December 2024.

Corporate and Investment Banking results

In the fourth quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,573 million, up +7.7% from the fourth quarter of 2023. This was a record fourth quarter for Corporate and Investment Banking. The specific items had an impact of -€23.7 million in the fourth quarter of 2024 (compared to +€7.8 million in the fourth quarter of 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for -€25.6 million (compared to +€6.0 million in the fourth quarter of 2023) and loan book hedging totalling +€1.9 million (compared to +€1.8 million in the fourth quarter of 2023).

Operating expenses rose by +6.3% to -€902 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.7% compared to the fourth quarter of 2023, taking it to a high level of +€671 million. The cost/income ratio was 57.4%, a slight change of -0.8 percentage point over the period. The cost of risk recorded a net addition of -€86 million, higher than the fourth quarter 2023 (-€32 million). This level of allocations is driven by model effects. The overall level remains low with a cost of risk/outstandings of 7 basis points⁶⁶. Lastly, pre-tax income in the fourth quarter of 2024 stood at €586 million, versus €580 million in the fourth quarter of 2023 (up +1.0%). The tax charge stood at -€139 million. Lastly, stated net income Group share was down -7.1% at €437 million in the fourth quarter of 2024.

In 2024, stated revenues were up +7.6% to a record level of €6,568 million for the year, with balanced growth between Corporate and Investment Banking and on a very good level recorded for full-year 2023. The specific items over the period had an impact of +€28.5 million (compared to -€38.9 million in 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for +€20.2 million (compared to -€14.6 million in 2023) and loan book hedging totalling +€8.2 million, (compared to -€24.3 million in 2023).

Operating expenses excluding SRF rose +5.4%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. The cost/income ratio of 53.7% remained contained and below the MTP target. As a result, gross operating income of €3,040 million was up sharply (+22.3% compared with full-year 2023.) The cost of risk recorded a net addition of -€93 million for 2024, compared to a net addition of -€111 million for 2023. The income tax charge stood at -€748 million, up +29.4%. Lastly, stated net income Group share totalled €2,152 million for 2024, an increase of +22.7% over the period.

Risk weighted assets at the end of December 2024 amounted to €136.9 billion, up by +€8.3 billion compared to the end of September 2024, notably due to an unfavourable foreign exchange impact and rating.

Asset servicing results

In the fourth quarter of 2024, the revenues of Asset Servicing were up +12.7% compared to the fourth quarter of 2023, totalling €535 million. This rise was driven by high fee and commission income, itself driven by the increase in assets and by the favourable trend in net interest margin. Operating expenses rose by +9.8% to -€396 million, including -€2.7 million in scope effects linked to the consolidation of the remaining ISB entities and -€26.6 million in ISB integration costs restated as specific items (-€24.9 million in integration costs in the fourth quarter of 2023). Excluding these effects, the increase in expenses was +9.3% compared to the third quarter of 2023, linked to IT expenses and business growth. As a result, gross operating income was up by +21.7% to €139 million in the fourth quarter of 2024. Thus, the cost/income ratio stood at 74%, down -1.9 percentage point. Excluding ISB integration costs, it stood at 69.0%. Net income thus totalled €110 million, up +36.9% compared with the fourth quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to net income Group share totalled €75 million in the fourth quarter of 2024, up +36.4% compared with the fourth quarter of 2023.

In 2024, revenues totalled €2,083 million, up +24.2% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Costs excluding SRF increased by +30.1% and stood at €1,511 million. They included a scope effect of -€207 million over the first six months of 2024 and -€97 million in ISB integration costs. Gross operating income was up +20.4% compared to full year 2023. The cost/income ratio stood at 72.6%, up 3.3 points compared to 2023. Excluding ISB integration costs, the cost/income ratio stood at 67.9%. Net income thus rose by +15.8%. The overall contribution of the business line to net income Group share at the end of December 2024 was €296 million, representing a +15.1% increase compared to full year 2023.

Specialised financial services activity

The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.7 billion in the fourth quarter of 2024. This represents a decrease, mainly due to the Chinese market, of -2.9% compared to fourth quarter 2023. The share of automotive financing⁶⁷ in quarterly new business production stood at 50.2% this quarter. The average customer rate for production was up +5 basis points from the third quarter of 2024. CAPFM’s assets under management stood at €119.3 billion at the end of December 2024, up +5.6% compared to the end of December 2023, driven by all activities (Automotive +8.2%⁶⁸ with Crédit Agricole Auto Bank and Leasys, LCL and Regional Banks +5.3%; Other entities +3.2%). Lastly, consolidated outstandings totalled €69.1 billion at the end of December 2024, up +3.3% compared to the fourth quarter of 2023.

In January 2025, CAPFM announced the finalisation of the acquisition of 50% of GAC Leasing.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +15.7% compared to the fourth quarter of 2023. It was driven by property leasing and renewable energy financing. Leasing outstandings rose +7.2% year-on-year, both in France (+5.9%) and internationally (+12.3%), to reach €20.3 billion at the end of December 2024 (of which €16.0 billion in France and €4.3 billion internationally). Commercial factoring production was up sharply, recording a twofold increase compared to the fourth quarter of 2023. It was driven by the signing of significant contracts both in France, where production increased by +32.5% in the fourth quarter of 2024 compared to the fourth quarter of 2023, and internationally, where production was multiplied by a factor of 3.5 in the fourth quarter of 2024 compared to the fourth quarter of 2023. Factoring outstandings at end-December 2024 were up +3.7% compared to end-December 2023, and factored revenues were up by +6.9% compared to the same period in 2023.

Specialised financial services’ results

The revenues of the Specialised Financial Services division were €915 million in the fourth quarter of 2024, up +4.0% compared to the fourth quarter of 2023. Expenses amounted to -€447 million, down -0.5% versus fourth quarter 2023 and down -1.4% excluding the base effect⁶⁹ related to the reorganisation of the Mobility activities at CAPFM in the fourth quarter of 2023. The cost/income ratio stood at 48.8%, up -2.2 percentage points compared to the same period in 2023. Gross operating income thus came to €468 million, up +8.6% compared to the fourth quarter of 2023. Cost of risk amounted to -€306 million, up +66.2% compared to the fourth quarter of 2023, with this quarter including model revisions at CAPFM, essentially leading to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. Net income from equity-accounted entities rose +8.4% compared to the fourth quarter of 2023 to €43 million, with this quarter including around €14 million in non-recurring items. The change in value of goodwill was €0 million vs. €12 million in the fourth quarter of 2023, and excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM, there was no change. The division’s Net income Group share amounted to €124 million, down -43.1% compared to the same period in 2023, and down -8.4% excluding the base effect⁶⁹ related to the reorganisation of Mobility activities at CAPFM and excluding provisions for legal risks and model revisions in Q4-24 at CAPFM.

Over 2024, revenues for the Specialised Financial Services division fell by -2.2%, but rose by +6.8% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, compared to 2023. This favourable trend was driven by a good performance in CAL&F (+6.8%) and by higher revenues for CAPFM excluding the base effect⁷⁰ (+6.8%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Costs excluding SRF increased by +6.4% compared to 2023. Expenses excluding SRF, the base effect⁷⁰ and scope effects rose by +2.3%. The cost/income ratio stood at 50.6%, or +4.1 percentage points versus the same period in 2023; excluding the base effect⁷⁰, the change was +0.3 percentage points. Cost of risk increased by +10.1% compared to 2023, to -€958 million, and increased by +21.9% excluding the base effect⁷⁰.This rise notably includes the impact of scope effects as well as -€50 million due to model revisions and a -€30 million provision for legal risk of which UK car loans in the fourth quarter of 2024 at CAPFM. The contribution from equity-accounted entities was down -3.3% versus the same period in 2023, and down -25.5% excluding the base effect⁷⁰, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€12 million at the end of December 2024, compared to €71 million at the end of December 2023 and -€18 million excluding the base effect⁷⁰. The change in value of goodwill was €0 million for 2024 vs. €12 million for 2023, and excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM, there was no change. Net income Group share thus came to €625 million, down -26.6% compared to 2023, and down -7.5% excluding the base effect⁷⁰ related to the reorganisation of the Mobility activities at CAPFM.

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

At 31 December 2024, the equity allocated to the division was €7.2 billion and its risk-weighted assets were €76.2 billion.

The underlying RoNE (return on normalised equity) stood at 8.1% for the 12 months of 2024.

Personal Finance and Mobility results

CAPFM revenues reached €722 million in the fourth quarter of 2024, up +4.5% compared to the fourth quarter of 2023, with a positive price effect thanks in particular to the production margin rate, which improved by +75 basis points in the fourth quarter of 2024 compared to the fourth quarter of 2023 (up +31 basis points compared to the third quarter of 2024), and with around €30 million in non-recurring items in the fourth quarter of 2024. Expenses were down by -0.7% and stood at -€347 million. They were down by -1.9% excluding the base effect⁷¹ related to the reorganisation of the Mobility activities compared to the same period in 2023. Gross operating income stood at €375 million, up +9.9%. The cost/income ratio stood at 48.1%, or -2.5 percentage points versus the same period in 2023 and -3.2 percentage points excluding the base effect⁷¹ related to the reorganisation of the Mobility activities. Cost of risk increased by +68.4% to -€286 million compared to the fourth quarter of 2023, with this quarter including model revisions leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The cost of risk/outstandings thus stood at 127 basis points⁷², a deterioration of +6 basis points compared to the fourth quarter of 2023. The Non Performing Loans ratio was 4.7% at the end of December 2024, up +0.2 percentage point compared to the end of September 2024, while the coverage ratio reached 73.2%, down -1.0 percentage point compared to the end of September 2024. The contribution from equity-accounted entities rose by +9.7% compared to the same period in 2023. Excluding the base effect⁷¹ related to the reorganisation of the Mobility activities, the change in value of goodwill is zero, it stood at €12 million in the fourth quarter of 2023. As a result, net income Group share totalled €74 million in the fourth quarter of 2024, i.e. -56.2% compared to the same period the previous year. Excluding the base effect⁷¹ and excluding the legal provisions and model revisions, net income Group share was down -11.7%.

In 2024, CAPFM’s revenues totalled €2,764 million, down -4.3% compared with 2023, but up +6.8% excluding the base effect related to the reorganisation of the Mobility activities⁷³. Revenues benefited from scope effects related to the strategic pivot around Mobility that had resulted in the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023, the acquisition of ALD and LeasePlan activities in six European countries, and the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,382 million, an increase of +7.0% on 2023. Expenses excluding SRF, excluding the base effect⁷³ and scope effects, were up +1.7%. Gross operating income therefore came in at €1,382 million, which was a drop of -12.8% but an increase of +6.4% excluding the base effect⁷³. The cost/income ratio stood at 50.0%, or +5.3 percentage points versus the same period in 2023; excluding the base effect⁷³, the change was +0.7 percentage points. Cost of risk increased by +8.6% compared with 2023, to -€877 million, and rose +21.3% when the base effect⁷³ is excluded. This rise notably includes the impact of scope effects as well as a model revision leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The contribution from equity-accounted entities was down -0.8% versus the same period in 2023, and down -22.9% excluding the base effect⁷³ related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Net income on other assets was down -€82.1 million between 2024 and 2023. However, excluding the base effect⁷³, it was up +€7 million. The change in value of goodwill was €0 million for 2024 against €12 million for 2023, and excluding the base effect⁷³ related to the reorganisation of the Mobility activities, there was no change. As a result, net income Group share stood at €422 million for 2024, a decline of -37.5% from the same period one year earlier. Excluding the base effect⁷³, net income Group share was down -15.4% from the same period in 2023.

Leasing & Factoring results

CAL&F’s revenues totalled €193 million, up +1.9% compared with the fourth quarter of 2023. This increase was driven by factoring, which benefited from positive volume effects (increase in factored revenues). Expenses remained stable with an increase of +0.4%, while the cost/income ratio stood at 51.7%, an improvement of -0.8 percentage points from the fourth quarter of 2023. Gross operating income rose +3.5% to €93 million, with a positive jaws effect of +1.5 percentage points. Cost of risk totalled -€20 million, up +40.1% compared to the same period in 2023. This rise was mainly due to the small business and SME markets. Cost of risk/outstandings stood at 24 basis points⁷², up +4 basis points compared to fourth quarter 2023. As a result, net income Group share was €50 million, up +1.7% compared with the fourth quarter of 2023.

In 2024, revenues totalled €756 million, an increase of +6.8% compared to 2023. Costs excluding SRF increased by +4.3% to €398 million. Gross operating income rose significantly, +15.1% compared to 2023, to €358 million. The underlying cost/income ratio excluding SRF amounted to 52.6%, an improvement of -1.2 percentage points compared to 2023. The cost of risk increased by +29.7%, compared to the same period in 2023, to -€81 million. Net income Group share was €203 million, up +15.0% compared to the year 2023.

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

In the fourth quarter of 2024, activity remained strong with the upturn in mortgage lending and non-remunerated demand deposits which rose over the quarter. Customer acquisition is dynamic, with 60,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.4 percentage points to stand at 27.9% at end-December 2024.

Loan production totalled €8.5 billion, representing a year-on-year increase of +34.2%. The fourth quarter of 2024 confirmed the recovery in home loan production (+59.3% compared to the fourth quarter of 2023 and +10.6% compared to the third quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.24%, down -14 basis points from the third quarter of 2024 and -92 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+28.9% year on year) and the small business market (+19.3% year on year) but slowed for the consumer segment (-8.2%), in a challenging economic environment.

Outstanding loans stood at €171 billion at end-December 2024, representing a +1.1% increase quarter-on-quarter and year-on-year (of which +1.3% for home loans, +0.8% for loans to professionals, +0.7% for loans to corporate). Customer assets totalled €255.0 billion at end-December 2024, up +3.0% year on year, driven by non-remunerated deposits and off-balance sheet funds. Customer assets also rose +0.7% during the quarter, thanks to the increase in demand deposit volumes (+1.1% compared with end-September 2024) in a still-uncertain environment, as well as term deposits (+1.2% compared with end-September 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the fourth quarter of 2024, CA Italia posted gross customer capture of 45,000.

Loan outstandings at CA Italia stood at €62.1 billion at end-December 2024⁷⁴, up +1.7% compared with end-December 2023. This was despite the downturn in the Italian market⁷⁵, driven by the retail segment, which posted an increase in outstandings of 3.2%, and the corporate segment, which recorded an increase in outstandings of 3.6%. Loan production, buoyed by the solid momentum in all markets, rose +4.5% compared with the fourth quarter of 2023. Home loan production was good but nevertheless recorded a decline compared to a very high fourth quarter in 2023 (-6.3%). The loan stock rate fell by -20 bp on the third quarter of 2024, but was down less sharply than market rates.

Customer assets at end-December 2024 totalled €120 billion, up +3.6% compared with end-December 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.5%, while the cost of ressources decreased. Lastly, off-balance sheet deposits rose +7.7%, benefiting from a market effect and positive net inflows.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile devices or personal accident insurance increased to 20.0%, up 1.2 percentage points compared with the fourth quarter of 2023.

Crédit Agricole Group activity in Italy⁷⁶

The Group’s business lines in Italy continued to grow throughout 2024. They served 6.1 million customers at end-December 2024, and the Group’s market share stood at 5%⁷⁷ in Italy at end-2024.

Crédit Agricole Italia has the best NPS among commercial banks.⁷⁸ The Group’s business lines were ranked 2^nd in consumer finance⁷⁹, 3^rd in asset management⁸⁰, and 4^th in life bancassurance⁸¹.

Loans outstanding stood at €102 billion at end-December 2024 (+2% versus end-December 2023). Total customer assets stood at €340 billion at end-December 2024 (+2.7% compared to end-December 2023).

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were stable at -0.2% at current exchange rates at end-December 2024 compared with end-December 2023 (+5.2% at constant exchange rates). Customer assets rose by +1.2% over the same period at current exchange rates (+8,9% at constant exchange rates).

In Poland in particular, loan outstandings increased by +3.8% versus December 2023 (+2.1% at constant exchange rates) and customer assets by +7.5% (+9.3% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +9% compared with the fourth quarter of 2023 at current exchange rates (+6.3% at constant exchange rates).

In Egypt, loan outstandings fell -16.4% between end-December 2024 and end-December 2023 (+29.3% at constant exchange rates). Over the same period, inflows fell by -26.8% but were still up +13.2% at constant exchange rates.

The surplus of deposits over loans in Poland and Egypt amounted to €2.4 billion at 31 December 2024, and totalled €4.1 billion including Ukraine.

French retail banking results

In the fourth quarter of 2024, LCL’s revenues stood at €960 million, stable (+0.1%) compared with the fourth quarter of 2023 (+0.8% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). The increase in fee and commission income (+8.4% Q4/Q4) was driven by all activities (excluding securities management), but mainly by strong momentum in cash flow and card premiums. NIM was down -7.7% Q4/Q4 (-6.6% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 2023⁸²). This quarter, the net interest margin was boosted by higher lending yields (stock repricing +18 bp Q4/Q4 and +5 bp Q4/Q3) making it possible to offset the increased cost of resources and a lower contribution from macro-hedging.

Expenses were down by -1.1% and stood at -€647 million, benefiting in particular from a positive base effect (non-recurring items recorded in Q4 2023 including provisions on HR, property and IT components) making it possible to offset continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio stood at 67.4%, down 0.8 percentage point compared to fourth quarter 2023. Gross operating income rose by +2.7% to €313 million.

The cost of risk was down -19.3% compared with the fourth quarter of 2023 to -€78 million (including -€42 million in cost of risk on performing loans, -€36 million in proven risk), cost of risk/outstandings remained stable at 22 basis points, in a context of a deterioration for SMEs and small businesses. The coverage ratio stood at 62.6% at end-December 2024 (+2.8 percentage point compared with end-September 2024). The non-performing loans ratio was 2.0% at end December 2024, -0.1 percentage point compared to end September 2024. As a result, net income Group share increased by +13.1% compared with the fourth quarter of 2024 (+16.3% excluding the Home Purchase Saving Plan base effect⁸²).

For the year 2024, LCL revenues were up +0.6% compared to 2023, totalling €3,872 million (+2.6% excluding the Home Purchase Saving Plan base effect⁸³). The net interest margin was down -1.6% (+1.3% excluding the Home Purchase Saving Plan base effect⁸³), benefiting from gradual loan repricing, making it possible to offset the increased cost of resources. Fee and commission income was up +2.7% compared to 2024 (+3.9% excluding the Cheque Image base effect⁸⁴ in 2023), particularly on life insurance segments supported by the increase in assets in a positive market context, on non-life insurance linked to property and casualty insurance, and on payment instruments and account management. Costs excluding SRF were up +2.2% due to continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio excluding SRF stood at 63.2% (+1.0 percentage point compared with 2023). Gross operating income grew by +1.0% year on year. Cost of risk increased by +24.0%, impacted by the rise in proven risk on the corporate market, including corporate-specific files and on the retail market (small businesses and consumer finance). All in all, the business line’s contribution to net income Group share stood at €790 million, down -5.4% (+1.8% excluding the Home Purchase Saving Plan base effect and Cheque Image fine reversal)

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

At 31 December 2024, the equity allocated to the business line stood at €5.4 billion and risk-weighted assets amounted to €56.8 billion. LCL’s underlying return on normalised equity (RoNE) stood at 13.7% in 2024.

International Retail Banking results⁸⁵

In the fourth quarter of 2024, revenues for International Retail Banking totalled
€969 million, stable (-0.5% at current exchange rates, +2.8% at constant exchange rates) compared with the fourth quarter of 2023. Operating expenses were under control at €568 million, down -9.5% (-8.3% at constant exchange rates). Gross operating income consequently totalled €401 million, up +15.7% (+24.6% at constant exchange rates) for the period. Cost of risk amounted to -€100 million, down -2.5% compared with the fourth quarter of 2023 (-0.5% at constant exchange rates).

All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €158 million in the fourth quarter of 2024, up +54% (+68.6% at constant exchange rates).

For full-year 2024, International Retail Banking revenues rose by +2.8% to €4,059 million (+1.0% at constant exchange rates). Expenses excluding SRF were under control at -€2,148 million, an increase of +1.4% on 2023. Gross operating income totalled €1,911 million, up +6.7% (+5.3% at constant exchange rates). The cost of risk fell by -32.5% (-21.2% at constant exchange rates) -€313 million compared to 2023. All in all, net income Group share of International Retail Banking was €836 million, compared with €703 million in 2023.

In full-year 2024 the International Retail Banking business line contributed 11% to the underlying net income Group share of Crédit Agricole S.A’s core businesses. (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

As at 31 December 2024, the capital allocated to International Retail Banking was €4.5 billion and risk-weighted assets totalled €46.9 billion.

Results in Italy

In fourth quarter 2024, Crédit Agricole Italia’s revenues stood at €733 million, up +2.7% from fourth quarter 2023. The net interest margin was relatively stable from fourth quarter 2023 (-0.2% compared to fourth quarter 2023) and fee and commission income (-0.1%) benefited from the strong momentum of fee and commission income on assets under management (+18.8% compared to fourth quarter 2023). Operating expenses, excluding DGS, were stable at +0.8% compared to the fourth quarter of 2023.

Cost of risk amounted to -€76 million in the fourth quarter of 2024, down -21.2% from the fourth quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁸⁶ stood at 40 basis points, an improvement of four basis points compared with the third quarter of 2024. The Non Performing Loans ratio improved compared with the third quarter of 2024 to stand at 2.9%, while the coverage ratio was 75.1% (+1.5 percentage points compared with the third quarter of 2024). Net income Group share for CA Italia was €112 million, up +74.3% compared to the fourth quarter of 2023.

In full-year 2024, revenues for Crédit Agricole Italia rose by +1.3% to €3,056 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,602 million, up +0.1% compared with full-year 2023. Gross operating income stood at €1,396 million, a slight increase of +6.1% compared to 2023. The cost of risk amounted to -€246 million, down -25.5% compared to 2023. As a result, the net income Group share of CA Italia totalled €608 million, an increase of +12.7% compared to 2023.

CA Italy’s underlying RoNE (return on normalised equity) was 20,8% at 31 December 2024.

Results for Crédit Agricole Group in Italy⁸⁷

For full-year 2024, the underlying net income Group share of entities in Italy was €1,254 million, up 20% compared to 2023. This reflects the ongoing momentum of the various business lines, particularly Retail Banking, Asset Gathering, and Large Customers. The breakdown by business line is as follows: Retail Banking 49%; Specialised Financial Services 18%; Asset Gathering and Insurance 21%; and Large Customers 12%. Lastly, Italy’s contribution to the net income Group share of Crédit Agricole S.A. in full-year 2024 was 16%.

International Retail Banking results – excluding Italy

In the fourth quarter of 2024, revenues for International Retail Banking excluding Italy totalled €236 million, up -9.3% (+3.3% at constant exchange rates) compared to the fourth quarter of 2023. Revenues in Poland were up +2.5% on the fourth quarter of 2023 (+0.1% at constant exchange rates), boosted by a higher net interest margin. Revenues in Egypt fell (-21.5% compared with the fourth quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound) but were particularly buoyant at constant exchange rates (+25%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €126 million, down -1.3% compared with the fourth quarter of 2023 (+5.1% at constant exchange rates). Gross operating income amounted to €110 million, a decrease of -17.1% (+1.9% at constant exchange rates) compared with the fourth quarter of 2023. The cost of risk was stable at -€24 million, versus -€6 million in fourth quarter 2023. Furthermore, at end December 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 151% respectively. In Ukraine, the local coverage ratio remains prudent (409%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €46 million, up 20.2% compared with the fourth quarter of 2023 at current exchange rates (+56.4% at constant exchange rates).

In full-year 2024, revenues for International Retail Banking excluding Italy totalled €1,003 million, up +7.7% (+19.0% at constant exchange rates) compared to 2023, driven by the increase in the net interest margin. Revenues in Poland increased dynamically by +21% compared to 2023 (+15% at constant exchange rates) driven by net interest margin and commissions. Revenues in Egypt decreased slightly by -3% at current exchange rates compared to 2023, taking into account the evolution of exchange rates (in a context of devaluation of the EGP currency) but remain very well oriented at constant exchange rates (+43% compared to 2023), benefiting from a strong increase in the interest margin. Operating expenses amounted to -€488 million, up +6.9% compared with 2023 (+10.6% at constant exchange rates). The cost/income ratio at end-December 2024 was 48.6% (an improvement of 0.4 points on the cost/income ratio at end-December 2023). Thanks to strong growth in revenues, gross operating income came to €515 million, up 8.5% (+28.1% at constant exchange rates) from 2023. Cost of risk amounted to -€67 million, down -50.0% (-49.1% at constant exchange rates) compared to 2023. All in all, International Retail Banking excluding Italy contributed €228 million to net income Group share.

The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 29.5% at 31 December 2024.

At 31 December 2024, the entire Retail Banking business line contributed 21% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

At 31 December 2024, the division’s equity amounted to €9.9 billion. Its risk-weighted assets totalled €103.7 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was +€18 million in the fourth quarter of 2024, up +€236 million compared with the fourth quarter of 2023. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€26 million) and other items (+€44 million).
The contribution of the “structural” component (-€26 million) was up by +€193 million compared with the fourth quarter of 2023 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€354 million in the fourth quarter of 2024, down -€116 million, mainly due to a negative corporate income tax catch-up effect of -€91 million.
The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed +€315 million in the fourth quarter 2024, up +€297 million from the fourth quarter of 2023. This was due to the negative impact of the revaluation of Banco BPM shares for +234 million in revenues (+€271m in the fourth quarter of 2024 compared to +€37m in the fourth quarter of 2023), as well as an interim dividend of +€60 in revenues.
Group support functions. Their contribution amounted to +€12 million this quarter (+€12 million compared with the fourth quarter of 2023).

The contribution of “other items” was up +€43 million compared with the fourth quarter of 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€198 million in revenues and +€198 million in expenses.

Over 2024, the underlying net income Group share of the Corporate Centre division was -€488 million, up +€105 million compared with 2023. The structural component contributed -€539 million, and other items of the division recorded a positive contribution of +€51 million over the year.
The “structural” component contribution was up €160 million compared with 2023 and can be broken down into three types of activities:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€1,120 million in 2024, down -€202 million compared to 2023, including a base effect of -€171 million related the reversal of the provision for Home Purchase Saving Plans recognised in the third quarter of 2023 as well as -€42 million relating to the reversal of the Cheque Image Exchange fine in the second quarter of 2023;
Business lines not attached to the core businesses, such as CACIF (private equity) and CA Immobilier and BforBank: their contribution, which stood at +€549 million in 2024, was up +€343 on 2023. This increase was primarily due to the end of the SRF building-up period (+€77 million) and the impact of the valuation and dividend of Banco BPM shares for +€387 million;
The Group’s support functions: their contribution for 2024 was +€32 million, up +€19 million compared to 2023.

The contribution of “other items” was down -€55 million compared to 2023.
The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the year, the impact of internal margins was -€832 million in revenues and +€832 million in expenses.

At 31 December 2024, risk-weighted assets stood at €30.0 billion.

Financial strength

Crédit Agricole Group

At 31 December 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.2%, a decrease of -0.2 percentage point compared to end-September 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.4 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.1%.
During the fourth quarter 2024:

The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
Changes in risk weighted assets related to business line organic growth impacted the Group’s CET1 ratio by -28 basis points (see below), mainly due to a rating effect of -15 basis points.
Methodology, M&A and other effects had a negative impact of -14 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.

The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 20.9% at end-December 2024.
The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-September 2024, well above the regulatory requirement of 3.5%.
Risk-weighted assets for the Crédit Agricole Group amounted to €653 billion, up +€17.5 billion compared with 30 September 2024. The change can be broken down by business line as follows: Retail Banking +6.9 billion (including +4.1 billion in negative rating effects on LCL and the Regional Banks, Asset Gathering -1.3 billion, Specialised Financial Services +4.3 billion, Large Customers +7.3 billion (impacted by foreign exchange and negative rating effects) and Corporate Centre +0.3 billion.

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

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

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

At 31 December 2024, Crédit Agricole Group posted a buffer of 666 basis points above the MDA trigger, i.e. €44 billion in CET1 capital.

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

At 31 December 2024, Crédit Agricole Group posted a buffer of 197 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

At 31 December 2024, Crédit Agricole S.A. posted a buffer of 296 basis points above the MDA trigger, i.e. 12 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

TLAC

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

a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

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

At 31 December 2024, Crédit Agricole Group’s TLAC ratio stood at 26.9% of RWA and 8.0% of leverage ratio exposure, excluding eligible senior preferred debt⁸⁸, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk-weighted assets, decreased by 40 basis points over the quarter, due to risk-weighted assets increasing more rapidly than equity and eligible items over the period. Expressed as a percentage of leverage exposure (LRE), the TLAC ratio was down 20 basis points compared with September 2024.

The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 460 basis points higher, i.e. €30 billion, than the current requirement of 22.3% of RWA.

At end-December 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €2.5 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €34.5 billion.

MREL

The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 31 December 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
6.25% of the LRE.

At 31 December 2024, the Crédit Agricole Group had a total MREL ratio of 32.4% of RWA and 9.7% of leverage exposure, well above the requirement.

An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 31 December 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.6%;
6.25% of leverage exposure.

At 31 December 2024, Crédit Agricole Group had a subordinated MREL ratio of 26.9% of RWA and 8.0% of leverage exposure, well above the requirement.

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

At 31 December 2024, Crédit Agricole Group had a buffer of 430 basis points above the M-MDA trigger, i.e. €28 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

Crédit Agricole S.A.

At 31 December 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, stable compared to end-September 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.0 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.6%.
During the fourth quarter 2024:

The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 27 euro cents per share in third quarter 2024 (-20 basis points).
Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by -12 basis points, of which a rating effect of -10 basis points in Corporate and Investment Banking and French Retail Banking.
- Methodology, M&A and other effects had a negative impact of -13 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.
The phased-in leverage ratio was 3.9% at end-December 2024, up +0.1 percentage point compared to end-September 2024 and above the 3% requirement.

The phased-in Tier 1 ratio stood at 13.4% and the phased-in total ratio at 17.4% this quarter.
Risk weighted assets for Crédit Agricole S.A. amounted to 415 billion at end of December 2024, up by +€12.9 billion compared to 30 September 2024. The change can be broken down by core business line as follows:

The Retail Banking divisions showed an increase of +€2.1 billion, particularly in France, with a rating effect at LCL of +€1.9 billion.
Asset Gathering posted a decrease of -€1.2 billion essentially for Insurance due to the impact of the interim dividend.
Specialised Financial Services increased by +€4.3 billion, due to the Basel 4 impact of consolidation of leasing activities
Large Customers recorded an increase in risk-weighted assets of +€7.4 billion over the quarter, mainly as a result of the growth of the Corporate and Investment Banking business lines, and negative foreign exchange effects (+€2.7 billion) and ratings (+€1.5 billion).
The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

Preliminary presentation information:

At 31 December 2024, changes have been made to the liquidity balance sheet:

In assets, the section “Cash and Central Bank deposits (including mandatory reserves)”, eligible to LCR, was reduced to “Central Bank deposits (without Cash and mandatory reserves)”, for consistency with the presentation of Liquidity reserves, which exclude Cash and mandatory reserves. The latter have been reclassified under stable application of funds for the surplus of stable funding resources over stable application of funds, in the section “Net working capital” (see Infra). This methodological change had a negative impact on the indicator of €16 billion;
In assets, the sections “Interbank assets” and “Reverse repos (net) and other ST” in the banking book have been merged into a single section called “Treasury assets”;
In liabilities, the “Customer-related funds” section now only contains customer deposits eligible for the Stable Resources Position indicator⁸⁹, and bonds issued by Group entities through its retail networks as well as national or supranational borrowings are now listed in the “LT debt” section (formerly called “MLT market funds”);
The sections “Tangible and intangible assets” previously in assets and “Equity and similar” previously in liabilities are netted in a single section called “Net working capital” in liabilities. The later now also includes the difference between accrued liabilities and accrued interests, which were historically included in the section “Reverse repos and other ST”. This reclassification had a positive impact on the surplus of stable funding resources over stable application of funds of €3 billion.

In addition, the following changes have been made to the breakdown of long-term debt (considered within the meaning of banking activities) from the 31 December 2024:

Senior Preferred bonds issued by Group entities through its retail networks are classified within other debt with the same ranking issued on the market;
National or supranational borrowings are classified as senior secured debt.

Comments on the liquidity position:

Diversified and granular customer deposits has increased by +2% over the quarter (€1,152 billion at 31 December 2024). The stabilisation of the breakdown in deposits continues this quarter in France.

The Group’s liquidity reserves, at market value and after haircuts⁹⁰, amounted to €473 billion at 31 December 2024, up +€7 billion compared to 30 September 2024.

Liquidity reserves (without Cash and Central Bank deposits) covered more than twice the short term debt net of treasury assets.

This increase in liquidity reserves is notably explained by:

The increase in the securities portfolio (HQLA and non-HQLA) for +€24 billion, due to the subscription of additional securities (instead of Central Banks deposits, Cf. Infra) and to the change in haircuts to better reflect the economic reality of central bank value;
The decrease of collateral already pledged to Central Banks and unencumbered for -€12 billion since additional private non-financial corporate claims (ACC Corpo) are no longer eligible to ECB funding from Q4.

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 €139 billion.

Standing at €1,685 billion at 31 December 2024, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €177 billion, down -€12 billion compared with end-September 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €305 billion at 31 December 2024, up from pro-forma end-September 2024.

This included:

Senior secured debt of €84 billion;
Senior preferred debt of €159 billion, up +€10 billion, of which €7.5 billion due to the consolidation of CAPFM’s car lease subsidiaries in compliance with CRR3 regulation;
Senior non-preferred debt of €37 billion;
And Tier 2 securities of €25 billion.

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

At 31 December 2024, the end of month LCR ratios were 127% for Crédit Agricole Group (representing a surplus of €66 billion) and 131% for Crédit Agricole S.A. (representing a surplus of €64 billion). They were higher than the Medium-Term Plan target (around 110%). The LCR ratio was lower in December given higher one-month net outflows weighing on the denominator of the ratio.

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 31 December 2024, the Group’s main issuers raised the equivalent of €32.7 billion⁹¹in medium-to-long-term debt on the market, 81% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in Tier 2 10-year bullet subordinated and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September;
Crédit Agricole Personal Finance & Mobility issued:
- €2 billion equivalent in EMTN issuances and €0.9 billion in securitisations through Crédit Agricole Auto Bank (CAAB);
- €0.7 billion in securitisations through Agos;
Crédit Agricole Italia issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
Crédit Agricole next bank (Switzerland) issued three tranches in senior secured format for a total of 300 million Swiss francs, of which 100 million Swiss francs in Green Bond format

At 31 December 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion through the market⁹²^,⁹³.

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

€6.3 billion⁹⁴^,⁹⁵;
6.35 billion⁹⁶ US dollars (€5.8 billion equivalent);
1.1 billion pounds sterling (€1.3 billion equivalent);
230 billion Japanese yen (€1.4 billion equivalent);
0.8 billion Swiss francs (€0.8 billion equivalent);
1.75 billion Australian dollars (€1.1 billion equivalent);
7 billion renminbi (€0.9 billion equivalent).

At end-December, Crédit Agricole S.A. had issued 64%⁹⁷^,⁹⁸ of its funding plan in currencies other than the euro.

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

The 2025 MLT market funding programme was set at €20 billion, with equilibrium between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 30% completed at 31 January 2025, with:

€0.5 billion in senior secured debt;
€0.3 billion equivalent in senior preferred debt;
€4.6 billion equivalent in senior non-preferred debt;
€0.7 billion equivalent in Tier 2 debt.

Economic and financial environment

2024 retrospective

Continuing trend of disinflation and monetary easing

The global context remained contentious and eruptive, marked by significant geopolitical tensions and ongoing open conflicts such as the wars in Ukraine and the Middle East, which began in February 2022 and October 2023, respectively. On their emergence, these conflicts had caused tensions for upstream prices, particularly for grain, gas and maritime transport. These sharp price increases combined with sources of inflation arising from the post-Covid recovery: pressure on demand (recovering strongly) and supply (tight), problems or disruptions in supply, slow return of the participation rate on the labour market to its pre-pandemic level (labour shortage, wage pressures).
This combination of shocks resulted in a sudden upturn in global inflation, which peaked at 10.3% in October 2022 (an annual average of 8.7% in 2022 after 3.8% in 2021). This high inflation and the need to anchor inflation expectations quickly, to avoid price-wage spirals and persisting very high levels of inflation, resulted in sharp monetary tightening. The Federal Reserve and the ECB also began, in March and July 2022, respectively, a powerful rate hike cycle (increases of 525 and 450 base points (bp), respectively, in around 15 months). Thanks to the resorption of shocks upstream, the normalisation of the labour markets and the effects of monetary tightening, disinflation occurred from 2023 (average global inflation at 6.9%); global growth held up well overall.
2024 was marked by widespread continued disinflation (average global inflation at 5%, 4.5% year-on-year in December), despite the resilience of services prices being almost as widespread. After having kept their policy rates at high levels for some time, the major central banks started to make cuts in the summer. While the ECB reduced its deposit rate by 150 bp (to 3% for a refinancing rate of 3.15% in December 2024), the Fed reduced the federal funds target rate by 100 bp (upper bound at 4.50% in December 2024). Widely anticipated, this monetary easing provided support to still robust global growth (recession was avoided despite the high inflation followed by much stricter financial conditions) but for which the overall resilience still masks very mixed performances.
Overall resilient growth masking mixed performances

In the US, the economy once again demonstrated its robustness in 2024, with growth that continued to exceed expectations, coming in at an annual average of 2.8% (after 2.9% in 2023). Despite some pockets of weakness (households with low incomes, negative net equity, small businesses, vulnerable workers more exposed to high interest rates), the monetary and financial tightening did not have a widespread depressive effect thanks to an overall strengthening of balance sheets (corporate and household) after the financial crisis. While the employment market showed signs of a slowdown, this was more of a normalisation following a period of overheating rather than a deep deterioration. The unemployment rate rose only slightly, (4.1% at end-December 2024 vs 3.8% one year earlier). Lastly, confirming that the last mile of disinflation is the hardest, year-on-year inflation climbed very slowly from September to reach 2.9% in December.
In China, the property market has not yet stabilised and support measures (lowering mortgage rates, lowering reserve requirement rates to free up liquidity, creating support funds to buy back certain vacant properties or properties under construction) have not generated the confidence boost expected. Households have preferred to maintain their precautionary savings, to the detriment of consumption, and weak domestic demand has continued to feed strong deflationary pressure. Thanks to better-than-expected growth in the last quarter (5.4% year-on-year), average annual growth reached the government target of “around 5%”. However, inflation (0.2% in 2024) remained far below the Central Bank’s 3% target.
In France, growth came in at 1.1% in 2024, as in 2023. However, inflation dropped sharply, with an annual average of 2%, after 4.9% in 2023. This disinflation led to increased purchasing power for households, although this did not translate into a sharp rise in consumption. The savings rate for households therefore increased to 18%, as an annual average, compared to below 17% in 2023 and 14% before the health crisis (2015-2019). Employment proved very resilient in 2024 and the unemployment rate showed only a slight increase (7.4%). As the previous tightening of financial terms continued to weigh heavily on private investment, domestic demand decelerated and growth was driven by foreign trade and the public sector. While public consumer spending drove growth, on the other side of the coin, the public deficit significantly increased and should reach around 6.2% of GDP (after 5.5% in 2023).

In Italy, the slowdown in activity continued in 2024, with growth limited to 0.5%. The disinflation process that began at the end of 2023 continued (average annual inflation of 1.1%) but was not enough to significantly boost the economy. A buoyant employment market (with an unemployment rate of 6.7%, down one point on 2023), low inflation and slight wage increases enabled an upturn in purchasing power after two years of decline. Despite this support, growth in household consumption remained moderate and the savings rate stabilised after its drop in 2023. Investment growth stagnated, driven solely by projects linked to the stimulus package, while productive investment declined sharply, particularly in the third quarter. Continued restrictive financing terms and insufficient demand, both domestically and internationally, have hampered supply, particularly in industry, which saw a marked drop. The construction sector, supported in the first six months by the delayed effect of the Super Bonus, then slowed.

Financial markets

Disinflation did not drive inflation rates to the targets set by the major central banks, but within their “comfort zones” and enabled them, during the summer, to ease their monetary policy. However, firstly, the “last mile” of disinflation has proved harder than the markets had anticipated and, secondly, the US election revived hopes of stronger growth but fears of higher inflation in the US. Consequently, investors have had to temper their hopes for monetary easing and bond rate cuts, particularly in the US.

On the other side of the Atlantic, while two-year US Treasury yields fell back very slightly during the year (around 4.25% in December 2024), longer-term rates (US 10-year Treasuries) picked up by almost 65 bp (to almost 4.60%). In the eurozone, with a fairly depressed growth outlook and modest inflation, 2-year and 10-year swap rates fell by around 65 bp and 15 bp, respectively, over the year (to 2.20% and 2.35%). The trend in sovereign spreads reflected the relative economic, as well as political, performance of the economies. Whilst difficulties piled up in Germany, the European periphery enjoyed political stability and/or better economic growth. While the Bund rate (German 10-year rate) gained 30 bp over the year (to 2.35%, i.e. the 10-year swap rate level, having been nearly 50 bp below this level at the end of December 2023), peripheral spreads tightened. In France, political instability and concerns about the trajectory of French debt prompted the spread to widen. At the end of 2024, the Spanish, Italian and French 10-year yield spreads against the Bund were around 120, 70 and 80 bp, respectively, (i.e. variations of -25 bp, -50 bp and +30 bp over the year). France’s spread is now higher than Spain’s.

In 2024, US economic performance far outstripped that of other major regions, notably Europe. Whilst US equity markets were again buoyed by the performance of the “Magnificent Seven” and the expected benefits of the US election, Europe suffered for a variety of reasons (depressed manufacturing sector, high energy costs, excessive regulation, Chinese competition, technology gap, political concerns in France and Germany etc.). Between the start and end of 2024, the S&P index rose by 24%, the Eurostoxx 50 was up 8% and the CAC was down 2%. Lastly, although stable on average over the year (at US$1.08), the euro fell against the dollar by 5.5% between January and December 2024.

2025 Outlook

A highly conditional scenario

More than ever, the outlook is dependent on the future course of US geopolitics and economic policy. The assumptions made about the scale and timing of the measures to be taken by the new administration suggest that, in the US, the economy is likely to remain resilient, but also that inflation will pick up, monetary easing will be modest and long-term interest rates will come under upwards pressure. Moreover, these measures are only one explanation for the eurozone’s expected sluggish recovery, below potential.
Outlining the US (and, by extension, global) scenario obviously involves making assumptions about both the scale of the measures likely to be implemented and their timing, depending on whether they fall under the purview of the President or require the approval of Congress. As far as tariffs are concerned, the US President’s threats seem to be tantamount to extreme pressure tactics. They call for an intermediate scenario consisting of substantial increases, but not as high as campaign proposals. Trade tariffs would likely rise to an average of 40% for China, from the second quarter of 2025, and to an average of 6% for the rest of the world, phased in over the second half of 2025. An aggressive fiscal policy, favouring tax cuts and maintaining extremely high deficits, would be implemented later. Its effects could be seen from 2026 onwards. In terms of immigration, restrictions could be applied from the start of the presidential term. They would be followed by a very sharp slowdown in immigration flows and, while deportations are to be expected, they would be selective as opposed to a massive and indiscriminate deportation of millions of people. Lastly, deregulation, from which the energy and finance sectors are likely to benefit the most, would have rather positive effects throughout the presidential term of office.

In the US, these policy guidelines should, on the whole, favour growth. If the expected positive effect of an aggressive fiscal policy and deregulation exceeds the negative impact of tariffs and immigration restrictions, growth will follow. Given the resilience of the US economy, whose growth is still expected to outperform forecasts to settle at around 2.8% in 2024, this suggests that growth will remain strong, albeit slightly weaker. Due to a number of vulnerabilities (low-income households and small businesses are more exposed to high interest rates), our scenario assumes a slowdown to 1.9% in 2025, before a recovery to 2.2% in 2026, a trend that is likely to be accompanied by an upturn in inflation. The end of the disinflationary path to the 2% target is, in fact, the most arduous, and tariffs could result in price pressure ranging between 25 to 30 basis points. Headline inflation could therefore fall back to around 2% next spring, before rising to around 2.5% by the end of 2025 and then remain stable in 2026. The potential for monetary policy easing will be very limited.

In the eurozone, growth is likely to be sluggish, with the economy still not meeting its growth potential and below the pace enjoyed by the US. Although the upturn in household consumption points to slightly stronger growth, the latest data regarding investment does not augur well for a marked acceleration. Falling inflation boosts purchasing power, as well as a rebuilding of real wealth, implying less saving, and lower interest rates help to restore property purchasing power. The ingredients are there for a continued recovery in household spending, albeit only at a very moderate pace, however, as fiscal consolidation and global uncertainty are likely to encourage a continued high savings rate. Our scenario therefore assumes a modest acceleration in consumption to 1.1% in 2025 and 1.2% in 2026, after 0.7% in 2024. After a sharp fall in 2024, investment in 2025 is likely to continue to be penalised by the delay in passing on the interest rate cuts and, above all, by weak domestic demand and growing uncertainty about foreign demand. Investment is expected to grow by just 1.5%, before firming slightly in 2026 (2%). The Trump administration’s policies are likely to have a moderately negative impact on growth in the eurozone, in the short term primarily due to uncertainty. Les politiques de l’administration Trump auraient un impact modérément négatif sur la croissance de la zone euro, dont le canal le plus important à court terme serait l’incertitude. In addition, the monetary and fiscal policy mix remains unfavourable to growth, with the central bank policy rate returning to neutral by mid-2025, while the reduction in the ECB’s balance sheet continues to reflect a restrictive stance. Our forecasts therefore place growth on a relatively soft acceleration trend, rising from 0.7% in 2024 to 1% in 2025, then 1.2% in 2026: growth potential would be attained, but the output gap, which is slightly negative, would not yet be closed, as the growth gap with the US economy would widen.
In France, in 2025, assuming that a 2025 finance act is adopted at the beginning of the year (probably at the end of the first quarter) and that the recovery in public finances is weaker than forecast by the former Barnier government’s draft bill, growth would fall to 0.8%. Economic activity would be curbed, especially at the start of the year, by the uncertainty surrounding national politics and international trade policies. Households and businesses are likely to adopt a more wait-and-see attitude to consumption, investment and hiring. Household consumption is nevertheless set to rise as a result of the ongoing disinflation process, with inflation easing to 2.1% on an annual average basis (CPI), but only slightly. The household savings rate is not expected to fall until the second half of the year and will remain very high, while the unemployment rate is set to rise moderately. Private investment, meanwhile, is expected to remain stable, with an upturn postponed until 2026. Foreign trade is no longer expected to contribute to growth, as imports and exports are expected to grow at more or less the same rate. A slight re-stocking phenomenon is set to support growth, but budgetary efforts are likely to weaken. The public deficit is, however, only expected to fall slightly, to 6% of GDP. In Italy, a slight improvement is expected in 2025, with GDP growth forecast at 0.6%. Although a weakening labour market and slightly higher inflation are expected, consumption should become the main driver of the economy. Productive investment could benefit from a more favourable monetary environment. The construction sector will continue to be weakened by the after-effects of the boom of previous years, despite partial support from projects under the stimulus package.

Regarding emerging countries, were it not for the difficulties associated with “Trump 2.0”, the situation would be improving, with lower US central bank policy rates conducive to global monetary easing, easing of downwards pressure on emerging currencies and, more generally, on external financing for emerging countries, with domestic growth buoyed by falling inflation and interest rate cuts and exports to developed countries (primarily the US) still buoyant. However, the effects of these supporting factors are at risk of being undermined by the probable repercussions of the measures taken by the new US administration. In addition to trade tariffs that are likely to make emerging country exports more expensive and more limited, there will be less monetary accommodation in the US and a probable reduction in US military and financial support for Ukraine, fuelling geopolitical uncertainty in Europe. It will therefore be preferable to be a large country with a low level of openness, such as India, Indonesia or Brazil, a commodity-exporting country or an economy that is well integrated with China, which is preparing for the Trump storm.

In China, the last Politburo meeting concluded in December with a commitment by the authorities to implement a “more proactive” fiscal policy and a “sufficiently accommodating” monetary policy, in order to boost domestic demand and stabilise the property and equity markets. A period of trade tensions is looming and, apart from restrictions on exports of critical products (including rare earths), the means of retaliation are limited. It is difficult to respond by boosting the competitiveness of exports (the yuan is already historically low) or by reciprocally raising tariffs, which would risk penalising already very fragile domestic consumption. The authorities’ plans to provide more vocal support for domestic demand are commendable, but the effectiveness of this strategy will depend on household confidence. The upturn cannot be ordered by decree, and our scenario continues to predict a slowdown in growth in 2025.

The market’s hopes of a sharp monetary easing have been refuted and are absolutely no longer on the agenda, especially in the US.

In an economy that is expected to remain robust, with inflation holding above 2% and which could pick up again, the easing would be modest. After a total reduction of 100 basis points in 2024 (bp), the Fed could ease by a further 50 bp in total, taking the Fed funds rate (upper limit of the target range) to 4.00% in the first half of 2025, before pausing for a prolonged period. With inflation on target and no recession in sight, the ECB is likely to continue moderate easing via its central bank policy rates, while extending its quantitative tightening. After its four 25 bp cuts in 2024, the ECB is expected to cut rates by 25 bp at its meetings in January, March and April, then maintain its deposit rate at 2.25%, i.e. very slightly below the neutral rate estimate (2.50%).
Everything points to a scenario of rising long-term interest rates. In the US, given the economic scenario (limited slowdown in growth and moderation in inflation concentrated at the beginning of the period) and modest monetary easing followed by an earlier pause, interest rates could fall slightly in the first half of 2025 before picking up. The new forecasts look to a ten-year Treasury rate nearing 4.50% at the end of 2025, then rising to around 5.00% at the end of 2026.

In the eurozone, a number of factors lead to a scenario of rising sovereign interest rates: excessive monetary easing expectations by the markets, the correction of which could lead to a rise in swap rates, an increase in the volume of government securities linked to the ECB’s balance sheet reduction (Quantitative Tightening) as well as still-high net national issuance and the extension of the rise in US bond yields to their European equivalents. Whilst the German economy (where early elections will be held in February) continues to suffer, and the political situation in France is not any clearer, “peripheral” countries have seen their sound economic results (notably Spain) and their political stability (this applies to Italy and Spain) rewarded by a significant tightening of their spreads against the German 10-year rate in 2024. They should benefit from the same supportive factors in 2025. Our scenario therefore assumes German, French and Italian ten-year interest rates of 2.55%, 3.15% and 3.55%, respectively, at the end of 2025.

Lastly, on the dollar front, a number of positive factors, including the increased attractiveness of the dollar in terms of yield, seem to have already been largely incorporated into its price. As a result, our scenario assumes that the greenback will remain close to its recent highs throughout 2025, without exceeding them for any long period.

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

Crédit Agricole Group – Specific items

	Q4-24		Q4-23		2024		2023
€m	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income	Gross impact*	Impact on Net income

DVA (LC)	(26)	(19)	6	4	20	15	(15)	(11)
Loan portfolio hedges (LC)	2	1	2	1	8	6	(24)	(18)
Home Purchase Savings Plans (LCL)	–	–	6	5	1	1	58	43
Home Purchase Savings Plans (CC)	–	–	5	4	(0)	(0)	236	175
Home Purchase Savings Plans (RB)	–	–	74	55	63	47	192	142
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	300	214
Check Image Exchange penalty (CC)	–	–	–	–	–	–	42	42
Check Image Exchange penalty (LCL)	–	–	–	–	–	–	21	21
Check Image Exchange penalty (RB)	–	–	–	–	–	–	42	42
_{Total impact on revenues}	₍₂₄₎	₍₁₈₎	₉₃	₆₉	₉₃	₆₉	₈₅₁	₆₅₀
_{Degroof Petercam integration costs (AG)}	₍₁₃₎	₍₁₀₎	_–	_–	₍₂₆₎	₍₁₉₎	_–	_–
_{ISB integration costs (LC)}	₍₂₇₎	₍₁₅₎	_–	_–	₍₉₇₎	₍₅₂₎	_–	_–
_{Mobility activities}_{reorganisation (}_SFS)	_–	_–	₄	₃	_–	_–	₍₁₄₎	₍₁₀₎
_{Total impact on operating expenses}	₍₃₉₎	₍₂₅₎	₄	₃	₍₁₂₃₎	₍₇₂₎	₍₁₄₎	₍₁₀₎
Mobility activities reorganisation (SFS)	–	–	–	–	–		(85)	(61)
Provision for risk Ukraine (IRB)	–	–	–	–	(20)	(20)	–	–
Total impact on cost of credit risk	–	–	–	–	(20)	(20)	(85)	(61)
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	(39)	(39)
Total impact equity-accounted entities	–	–	–	–	–		(39)	(39)
ISB integration costs (LC)	(2)	–	–	–	(2)	–	–	–
Degroof Petercam acquisition costs (AG)	1	1	–	–	(22)	(16)	–	–
Mobility activities reorganisation (SFS)	–	–	–	–	–	–	89	57
Total impact Net income on other assets	(1)	1	–	–	(24)	(16)	89	57
Mobility activities reorganisation (SFS)	–	–	12	12	–	–	12	12
Total impact on change of value of goodwill	–	–	12	12	–	–	12	12
Mobility activities reorganisation (SFS)	–	–	–	3	–	–	–	3
Total impact on tax	–	–	–	3	–	–	–	3

Total impact of specific items	(64)	(42)	109	86	(74)	(39)	814	611
Asset gathering	(12)	(9)	–	–	(49)	(36)	–	–
French Retail banking	–	–	80	59	65	48	312	248
International Retail banking	–	–	–	–	(20)	(20)	–	–
Specialised financial services	–	–	16	17	–	–	263	176
Large customers	(52)	(33)	8	6	(70)	(31)	(39)	(29)
Corporate centre	–	–	5	4	(0)	(0)	277	216

* Impact before tax and before minority interests

Crédit Agricole S.A. – Specific items

Q4-24

Q4-23

2024

2023

€m

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

Gross
impact*

Impact on
Net income

DVA (LC)

(26)

(19)

(15)

(11)

Loan portfolio hedges (LC)

(24)

(18)

Home Purchase Savings Plans (LCL)

–

Home Purchase Savings Plans (CC)

–

(2)

(1)

236

175

Mobility activities reorganisation (SFS)

–

300

214

Check Image Exchange penalty (CC)

–

Check Image Exchange penalty (LCL)

–

Total impact on revenues

₍₂₄₎

₍₁₇₎

₁₉

₁₄

₃₀

₂₁

₆₁₇

₄₆₄

_{Degroof Petercam integration costs (AG)}

₍₁₃₎

₍₉₎

_–

₍₂₆₎

₍₁₉₎

_–

_{ISB integration costs (LC)}

₍₂₇₎

₍₁₅₎

_–

₍₉₇₎

₍₅₂₎

_–

_{Mobility activities reorganisation (SFS)}

_–

₄

₃

_–

₍₁₄₎

₍₁₀₎

Total impact on expenses

₍₃₉₎

₍₂₅₎

₄

₃

₍₁₂₃₎

₍₇₁₎

₍₁₄₎

₍₁₀₎

Provision for risk Ukraine (IRB)

–

(20)

–

Mobility activities reorganisation (SFS)

–

(85)

(61)

Total impact on cost of credit risk

–

(20)

(85)

(61)

Mobility activities reorganisation (SFS)

–

(39)

Total impact equity-accounted entities

–

(39)

ISB integration costs (LC)

(2)

–

(2)

–

Degroof Petercam acquisition costs (AG)

–

(22)

(16)

–

Mobility activities reorganisation (SFS)

–

Total impact Net income on other assets

(1)

–

(24)

(16)

Mobility activities reorganisation (SFS)

–

Total impact on change of value of goodwill

–

Mobility activities reorganisation (SFS)

–

Total impact on tax

–

Total impact of specific items

(64)

(41)

(138)

(86)

580

425

Asset gathering

(12)

(9)

–

(49)

(35)

–

French Retail banking

–

International Retail banking

–

(20)

–

Specialised financial services

–

263

176

Large customers

(52)

(32)

(70)

(32)

(39)

(28)

Corporate centre

–

(2)

(1)

277

216

* Impact before tax and before minority interests

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

Crédit Agricole Group – Results by business line, Q4-23 and Q4-24

	Q4-24 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,276	960	993	2,037	915	2,108	(472)	9,817
Operating expenses excl. SRF	(2,503)	(647)	(588)	(930)	(447)	(1,298)	549	(5,863)
SRF	–	–	–	–	–	–	–	–
Gross operating income	773	313	405	1,107	468	810	77	3,954
Cost of risk	(263)	(78)	(97)	(11)	(306)	(93)	(19)	(867)
Equity-accounted entities	1	–	–	29	43	7	–	80
Net income on other assets	(2)	1	0	(0)	(9)	(1)	(10)	(20)
Income before tax	513	236	308	1,125	196	724	48	3,150
Tax	(110)	(44)	(100)	(313)	(49)	(166)	(2)	(784)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	404	192	207	813	147	557	46	2,366
Non controlling interests	(1)	(0)	(31)	(117)	(24)	(34)	(11)	(217)
Net income Group Share	403	192	177	696	124	523	35	2,149

	Q4-23 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,227	959	1,000	1,550	880	1,936	(782)	8,769
Operating expenses excl. SRF	(2,485)	(654)	(646)	(726)	(449)	(1,209)	488	(5,682)
SRF	–	–	–	–	–	–	–	–
Gross operating income	742	305	353	824	431	727	(294)	3,088
Cost of risk	(321)	(96)	(98)	(4)	(184)	(39)	(20)	(762)
Equity-accounted entities	(0)	–	(0)	29	40	5	–	73
Net income on other assets	(1)	0	2	(5)	(11)	(1)	(4)	(19)
Income before tax	420	209	258	843	288	692	(328)	2,382
Tax	(85)	(39)	(104)	(172)	(53)	(130)	128	(455)
Net income from discont’d or held-for-sale ope.	(0)	–	(10)	–	–	–	–	(10)
Net income	336	170	144	671	235	562	(200)	1,918
Non controlling interests	0	0	(24)	(123)	(18)	(25)	(4)	(194)
Net income Group Share	336	170	120	548	217	537	(204)	1,724

Crédit Agricole Group – Results by business line, 2024 et 2023

	2024 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,110	3,872	4,153	7,633	3,520	8,652	(2,879)	38,060
Operating expenses excl. SRF	(9,956)	(2,448)	(2,225)	(3,365)	(1,780)	(5,039)	2,084	(22,729)
SRF	–	–	–	–	–	–	–	–
Gross operating income	3,155	1,424	1,928	4,268	1,740	3,613	(795)	15,332
Cost of risk	(1,319)	(373)	(316)	(29)	(958)	(117)	(79)	(3,191)
Equity-accounted entities	8	–	–	123	125	27	–	283
Net income on other assets	1	5	0	(23)	(12)	1	(13)	(39)
Income before tax	1,849	1,056	1,612	4,339	895	3,523	(887)	12,388
Tax	(423)	(229)	(536)	(970)	(187)	(883)	341	(2,888)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	1,425	827	1,076	3,369	708	2,641	(546)	9,500
Non controlling interests	(2)	(0)	(160)	(481)	(82)	(139)	4	(860)
Net income Group Share	1,423	827	916	2,889	625	2,502	(542)	8,640

	2023 (stated)
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	13,259	3,850	4,040	6,693	3,597	7,780	(2,728)	36,492
Operating expenses excl. SRF	(9,702)	(2,396)	(2,189)	(2,874)	(1,673)	(4,507)	1,877	(21,464)
SRF	(111)	(44)	(40)	(6)	(29)	(312)	(77)	(620)
Gross operating income	3,446	1,410	1,811	3,813	1,896	2,961	(928)	14,408
Cost of risk	(1,152)	(301)	(463)	(5)	(871)	(120)	(28)	(2,941)
Equity-accounted entities	9	–	1	102	130	21	–	263
Net income on other assets	5	21	3	(10)	71	2	(5)	88
Income before tax	2,308	1,130	1,353	3,900	1,237	2,865	(971)	11,821
Tax	(551)	(256)	(425)	(868)	(306)	(691)	350	(2,748)
Net income from discont’d or held-for-sale ope.	(0)	–	(3)	1	(0)	–	–	(3)
Net income	1,756	874	924	3,033	931	2,174	(621)	9,071
Non controlling interests	(0)	(0)	(145)	(466)	(79)	(118)	(4)	(813)
Net income Group Share	1,756	874	780	2,566	851	2,056	(625)	8,258

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

Crédit Agricole S.A. – Results by business line, Q4-24 et Q4-23

	Q4-24 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	2,045	2,108	915	960	969	95	7,092
Operating expenses excl. SRF	(930)	(1,298)	(447)	(647)	(568)	(28)	(3,917)
SRF	–	–	–	–	–	–	–
Gross operating income	1,116	810	468	313	401	67	3,175
Cost of risk	(11)	(93)	(306)	(78)	(100)	(6)	(594)
Equity-accounted entities	29	7	43	–	–	(17)	62
Net income on other assets	(0)	(1)	(9)	1	0	(0)	(9)
Income before tax	1,133	723	196	236	302	44	2,634
Tax	(315)	(166)	(49)	(44)	(101)	(7)	(681)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–
Net income	819	557	147	192	201	37	1,953
Non controlling interests	(124)	(45)	(24)	(9)	(43)	(19)	(264)
Net income Group Share	695	512	124	183	158	18	1,689

	Q4-23 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,555	1,935	880	959	974	(262)	6,040
Operating expenses excl. SRF	(726)	(1,209)	(449)	(654)	(627)	(44)	(3,710)
SRF	–	–	–	–	–	–	–
Gross operating income	828	726	431	305	347	(306)	2,330
Cost of risk	(4)	(39)	(184)	(96)	(102)	(14)	(440)
Equity-accounted entities	29	5	40	–	(0)	(12)	61
Net income on other assets	(5)	(1)	(11)	0	2	(3)	(17)
Income before tax	848	691	288	209	246	(345)	1,937
Tax	(173)	(129)	(53)	(39)	(103)	128	(369)
Net income from discont’d or held-for-sale ope.	–	–	–	–	(10)	–	(10)
Net income	675	562	235	170	134	(217)	1,558
Non controlling interests	(130)	(37)	(18)	(8)	(31)	(1)	(224)
Net income Group Share	546	525	217	162	103	(218)	1,334

Crédit Agricole S.A. – Results by business line, 2024 et 2023

	2024 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	7,648	8,651	3,520	3,872	4,059	(570)	27,181
Operating expenses excl. SRF	(3,365)	(5,039)	(1,780)	(2,448)	(2,148)	(116)	(14,895)
SRF	–	–	–	–	–	–	–
Gross operating income	4,284	3,612	1,740	1,424	1,911	(685)	12,286
Cost of risk	(29)	(117)	(958)	(373)	(313)	(59)	(1,850)
Equity-accounted entities	123	27	125	–	–	(82)	194
Net income on other assets	(23)	1	(12)	5	0	23	(4)
Income before tax	–	–	–	–	–	–	–
Tax	4,355	3,523	895	1,056	1,599	(803)	10,625
Net income from discont’d or held-for-sale ope.	(973)	(883)	(187)	(229)	(535)	336	(2,472)
Net income	–	–	–	–	–	–	–
Non controlling interests	3,381	2,640	708	827	1,063	(466)	8,153
Net income Group Share	(506)	(192)	(82)	(37)	(227)	(22)	(1,067)
Revenues	2,875	2,448	625	790	836	(488)	7,087

	2023 (stated)
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	6,688	7,779	3,597	3,850	3,949	(683)	25,180
Operating expenses excl. SRF	(2,874)	(4,507)	(1,673)	(2,396)	(2,118)	(64)	(13,632)
SRF	(6)	(312)	(29)	(44)	(40)	(77)	(509)
Gross operating income	3,808	2,960	1,896	1,410	1,791	(825)	11,039
Cost of risk	(5)	(120)	(870)	(301)	(464)	(17)	(1,777)
Equity-accounted entities	102	21	130	–	1	(58)	197
Net income on other assets	(10)	2	71	21	3	(3)	85
Income before tax	–	–	12	–	–	(9)	2
Tax	3,894	2,864	1,237	1,130	1,332	(911)	9,546
Net income from discont’d or held-for-sale ope.	(872)	(690)	(306)	(256)	(422)	346	(2,201)
Net income	1	–	(0)	–	(3)	–	(3)
Non controlling interests	3,024	2,174	931	874	906	(565)	7,343
Net income Group Share	(483)	(162)	(79)	(39)	(204)	(28)	(995)
Revenues	2,541	2,011	852	835	703	(593)	6,348

Appendix 4 – Data per share

Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)

Q4-2024
Q4-2023

2024
2023

Net income Group share – stated

1,689
1,334

7,087
6,348
– Interests on AT1, including issuance costs, before tax

(112)
(87)

(463)
(458)
– Foreign exchange impact on reimbursed AT1

–
–

(266)
–
NIGS attributable to ordinary shares – stated

[A]
1,577
1,247

6,358
5,890
Average number shares in issue, excluding treasury shares (m)

[B]
3,025
3,032

3,015
3,031
Net earnings per share – stated

[A]/[B]
0.52 €
0.41 €

2.11 €
1.94 €
Underlying net income Group share (NIGS)

1,730
1,303

7,172
5,923
Underlying NIGS attributable to ordinary shares

[C]
1,618
1,216

6,443
5,465
Net earnings per share – underlying

[C]/[B]
0.54 €
0.40 €

2.14 €
1.80 €

(€m)

31/12/2024
31/12/2023
Shareholder’s equity Group share

74,710
71,086
– AT1 issuances

(7,218)
(7,220)
– Unrealised gains and losses on OCI – Group share

1,256
1,074
– Payout assumption on annual results*

(3,327)
(3,181)
Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]

65,421
61,760
– Goodwill & intangibles** – Group share

(17,851)
(17,347)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]

47,569
44,413
Total shares in issue, excluding treasury shares (period end, m)

[F]

3,025
3,029

NBV per share, after deduction of dividend to pay (€)

Dividend to pay (€)

TNBV per share, after deduction of dividend to pay (€)

TNBV per sh., before deduct. of divid. to pay (€)

€21.6	20,4 €
€1.10	1,05 €
€15.7	14,7 €
€16.8	15,7 €

20,4 €

1,05 €

14,7 €

15,7 €

€20.4

€1.05

€14.7

€15.7

* dividend proposed to the Board meeting to be paid
** including goodwill in the equity-accounted entities

(€m)

2024
2023
Net income Group share – stated

[K]

7,087
6,348
Impairment of intangible assets

[L]

0
0
Stated NIGS annualised

[N] = ([K]-[L]-[M])*4/4+[M]

7,087
6,348
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

[O]

-729
-458
Stated result adjusted

[P] = [N]+[O]

6,358
5,890
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)

[J]

46,125
43,281
Stated ROTE adjusted (%)

= [P] / [J]

13.8%
13.6%
Underlying Net income Group share

[Q]

7,172
5,923
Underlying NIGS annualised

[R] = ([Q]-[M])*4/4+[M]

7,172
5,923
Underlying NIGS adjusted

[S] = [R]+[O]

6,443
5,465
Underlying ROTE adjusted(%)

= [S] / [J]

14.0%
12.6%
*** including assumption of dividend for the current exercise

0.0%

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

Alternative Performance Indicators⁹⁹

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

The figures presented for the twelve-month period ending 31 December 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force.

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

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

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

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

As of December 31, 2024, Amundi finalized the acquisition of aixigo, a European Wealth Tech player, to complete the ALTO platform’s offering.

As of December 31, 2024, Crédit Agricole S.A. has entered into financial instruments for 5.2% of Banco BPM’s share capital.

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Credit investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr

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

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 2024 market shares: CRCA and LCL household loans (source: Banque de France and internal); French UCITS (all customer segments); payments (in No. of transactions; source: Banque de France and internal)
4 2023 market shares: insurance (Argus de l’Assurance and France Assureurs); property services
5 Economic outlook to 2025
6 Purchase price of transactions carried out since 2022. Includes shares acquired in Banco BPM and Worldline
7 Disposal of Crédit du Maroc, La Médicale, Crédit Agricole Serbia and others
8 Indosuez Wealth management acquires a 70% stake in Wealth Dynamix, a fintech specialising in client relationship management for private banks, wealth management and asset management actors across the world.
9 Creation of Uptevia, held in equal shares by CACEIS and BNPP, wich brings together the activities for the issuers of the two banks.
10 Independent asset manager offering private markets multi-manager investment solutions.
11 Technology company of high value-added modular service for distributors of savings solutions.
12 Acquisition of Merca Leasing, independent leasing company in Germany
13 Commercial partnership for automobile insurance between Mobilize Financial Services, subsidiary of Renault Group, specialised in services facilitating access to automobiles, and Pacifica, Property and Casualty subsidiary of Credit Agricole Assurances
14 Merge between Amundi and Victory Capital, acquisition of a participation of 26.1% in Victory Capital, and signature of distribution and services agreement lasting 15 years.
15 Digital fleet management tool on monthly subscription
16 Extended warranty
17 Delivery of single vehicule
18 Agreement allowing CA Autobank, Drivalia, Agilauto and Leasys to offer fatec fllet management services to their customers in France
19 Employee benefits management tool
20 Creation of a joint venture to develop innovative commercial offers.
21 Leader in design, construction, and daily support for multidisciplinary collective primary care structures
22 Credit Agricole Santé et Territoires and 10 regional banks enter the capital of Cette Famille, major player in inclusive housing for seniors in France.
23 Omedys, specialist in assisted telemedicine, Medicalib, home care expert
24 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
25 Listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly
26 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
27 Scope of power sector: CACIB and Unifergie (Crédit Agricole Transitions & Energies)
28 DVA (Debt Valuation Adjustment)
29Specific (one-off) items had impacted the fourth quarter of 2023 for the SFS division and for CACF as follows: +€17m in net income Group share, of which +€4m on operating expenses, +€12m on badwill and +€1m on tax.
30 See Appendixes for more details on specific items.
31 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
32 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
33 Average rate of loans to monthly production for October and November 2024.
34 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
35 SAS Rue La Boétie dividend paid annually in Q2
36 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q4-23 totalling +€73.6m in revenues and +€54.6m in net income Group share.

37 Underlying, excluding specific items.
38 Scope effect of Degroof Petercam revenues: +€158 million in the fourth quarter of 2024.
39 Scope effect in expenses in the fourth quarter of 2024: Degroof Petercam for -€120 million and miscellaneous others.

40 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.
41 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
42 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
43 See Appendixes for more details on specific items.
44 SRF costs amounted to -€509 million over full-year 2023

45 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
46 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
47 In local standards
48 Can reach up to 3.85% for the Anaé policy with a UL rate > 50% and benefiting from management fees of 0.5%
49 Scope “Life France”
50 Property and casualty insurance premium income includes a scope: effect linked to the initial consolidation of CATU in Q2-24 (a property and casualty insurance entity in Poland): 9.4% Q4/Q4 increase in premium income at constant scope

51 Scope: property and casualty in France and abroad
52 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: 96.4% (-4.3 pp over the year)
53 Excl. JVs
54 Excluding assets under custody for institutional clients
55 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
56 Amount of allocation of CSM and RA
57 Net of cost of reinsurance, excluding financial results
58 Integration costs related to the acquisition of aixigo and the partnership with Victory Capital, which are expected to be completed towards the end of Q1 25, were recorded as operating expenses in the fourth quarter of 2024 for a total of -€14 million.
59 Indosuez Wealth Management scope
60 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €158m and expenses of -€120m (excluding integration costs partly borne by Degroof Petercam)
61 In Q4 24: -€12.8 million of integration costs (impacting the operating expenses line); and +€0.8 million in acquisition costs (impacting the line gains and losses on other assets)
62 2024 Degroof Petercam data included in the results of the Wealth Management business: NBI of €347 million and expenses of -€259 million (excluding integration costs partially borne by Degroof Petercam)
63 In 2024: -€26.4 million in integration costs (impacting the operating expenses line); and -€22.2 million in acquisition costs (impacting the line gains and losses on other assets)
64 Refinitiv LSEG
65 Bloomberg in EUR
66 Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
67 CA Auto Bank, automotive JVs and auto activities of other entities
68 CA Auto Bank and automotive JVs
69 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
70 12M-23 base effect linked to the reorganisation of Mobility activities (revenues €300m, expenses -€14m, cost of risk -€85m, equity-accounted entities -€39m, income on other assets €89m, Change in the value of goodwill +€12m, corporate tax €87m, net income Group share €176m)
71 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
72 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.
7312M-23 base effect related to the reorganisation of the Mobility activities (Revenues €300m, Expenses -€14m, Cost of risk -€85m, Equity-accounted entities -€39m, GPAI €89m, Changes in value of goodwill +€12m, Corporate income tax €87m and Net income Group share €176m)
74 Net of POCI outstandings
75 Source: Abi Monthly Outlook, January 2024: -1.0% Dec./Dec. for all loans
76 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
77 In number of branches
78 Net Promoter Score; source: Doxa survey, October 2023.
79 Assofin publication, 30/04/2024 (excluding credit cards).
80 Assets under management Source: Assogestioni, 31/05/2024
81 Production. Source: IAMA, 30/04/2024
82 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q4-23 of +€6.1 million in revenues and +€4.5 million in net income Group share versus 0 in Q4 2024.
83 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in 2023 of +€57.9 million in revenues and +€41.2 million in net income Group share versus €3.1 million in revenues and +€2.2 million in net income Group share in 2024.
84 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
85 At 31 December 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

86 Over a rolling four quarter period.
87 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
88 As part of its annual resolvability assessment, Crédit Agricole Group has chosen in 2024 to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements over the resolvability period that will begin during 2025.
89 Which excludes some client deposits from the asset custody business in coherence with the internal management.
90Securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
91 Gross amount before buy-backs and amortisations
92 Gross amount before buy-backs and amortisations
93 Excl. AT1 issuances
94 Gross amount before buy-backs and amortisations
95 Excl. senior secured debt
96 Gross amount before buy-backs and amortisations
97 Gross amount before buy-backs and amortisations
98 Excl. AT1 issuances
99 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

EN_CASA_PR_2024-Q4

The MIL Network –

February 5, 2025

MIL-OSI Economics: Alternative payments account for over half of total e-commerce payments in Australia, reveals GlobalData

Source: GlobalData

Alternative payments account for over half of total e-commerce payments in Australia, reveals GlobalData

Posted in Banking

Alternative payment methods such as mobile and digital wallets and buy now pay later (BNPL) solutions have reshaped Australia’s e-commerce landscape, overtaking traditional cash and card payments. With a 53% market share in 2024, these digital solutions are driving seamless transactions, fuelling online sales, and reinforcing the sector’s robust growth trajectory, reveals GlobalData, a leading data and analytics company.

GlobalData’s E-Commerce Analytics reveals that Australian e-commerce market is expected to register a compound annual growth rate (CAGR) of 6.5% from AUD77.2 billion ($51.3 billion) in 2024 to AUD105.8 billion ($70.3 billion) in 2029, as consumers increasingly shift from offline to online purchases.

Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “E-commerce sales in Australia have experienced consistent growth in recent years. This growth can be attributed to the availability of secure online payment tools, an increasing number of online shoppers, and the rise of online merchants and payment options. Furthermore, the popularity of online shopping events like Black Friday, Cyber Monday, and Afterpay Day has further fuelled the expansion of e-commerce.”

According to Australia Post, 7.6 million households in Australia made online purchases during November to December 2024, representing a growth rate of 2.4% compared to same period last year. Additionally, the availability of secure payment solutions, such as Mastercard Identity Check, and appealing BNPL options like Afterpay have encouraged consumers to shop online.

GlobalData’s 2024 Financial Services Consumer Survey* reveals that alternative payment solutions dominate e-commerce market in Australia with a combined market share of 53% in 2024.

Gupta explains: “This is a trend that is prevalent in many Asian markets. PayPal is the most preferred payment option, followed by other brands such as Apple Pay. The rising popularity of BNPL solutions is also contributing to the overall ecommerce payments with the most prominent BNPL brands being Afterpay, Zip, and Klarna.”

Payment cards are the second most preferred payment method, with debit, credit and charge, and prepaid cards collectively accounting for 38.7% share in 2024. This can be attributed to the value-added benefits offered on payment cards, including interest free instalment payments, reward programs, cashback, and discounts.

Cash accounted for a share of just 3.1% of e-commerce payments, reflecting the strong use of electronic payment methods in the country.

Gupta concludes: “The uptrend in e-commerce sales is likely to continue over the next few years supported by evolving consumer preferences, improving payment infrastructure, and proliferation of alternative payment solutions. Subsequently, Australia’s e-commerce sales are anticipated to register a growth rate of 8% to reach AUD83.4 billion ($55.4 billion) in 2025.”

*GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

MIL OSI Economics –

February 5, 2025
MIL-OSI China: Trump says he wants US to take over Gaza Strip

Source: China State Council Information Office

U.S. President Donald Trump (R) and Israeli Prime Minister Benjamin Netanyahu hold a joint press conference at the White House in Washington D.C., the United States, Feb. 4, 2025. [Photo/Xinhua]

U.S. President Donald Trump said Tuesday that the United States will take ownership of the Gaza Strip and redevelop it after Palestinians are relocated elsewhere.

Trump made the remarks in a joint press conference with visiting Israeli Prime Minister Benjamin Netanyahu, without providing details about how to conduct a resettlement procedure.

“The U.S. will take over the Gaza Strip, and we will do a job with it too,” he said. “We’re going to develop it, create thousands and thousands of jobs, and it’ll be something that the entire Middle East can be very proud of.”

The place could become a home to “the world’s people,” he added.

The president said that he plans to visit Israel and possibly make a trip to Gaza.

MIL OSI China News –

February 5, 2025
MIL-Evening Report: Returning home after a flood? Prioritise your health and take it one step at a time

Source: The Conversation (Au and NZ) – By Kazi Mizanur Rahman, Associate Professor of Healthcare Innovations, Faculty of Health Sciences and Medicine, Bond University

Parts of North Queensland have received almost two metres of rain since the weekend, causing flash and riverine flooding that claimed the lives of two women around Ingham.

While some North Queensland residents are on alert for more flooding, others are returning home to assess the damage.

This can be very confronting. You may have left in a rush when the evacuation order was issued, taking only a few valuables and necessary items, and maybe your pet. You may have been scared and unsure of what would happen.

Coming back and seeing the damage to the place you lived in and loved can be painful. You might also be worried about the financial consequences.

First, focus on safety

Make sure it’s safe to return home. Check with your energy provider whether power has been restored in your area and, if so, whether it’s safe to turn the main switch back on. Do not use appliances that got wet, as electrical hazards can be deadly.

Look for any structural damages to your property and any hazards such as asbestos exposure. Watch out for sharp objects, broken glass, or slippery areas.

The hardest part is cleaning up. You will need to be patient, and prioritise your health and safety.

What risks are involved with flood clean ups?

Floodwater carries mud and bugs. It can also be contaminated with sewage.

Contaminated flood water can cause gastroenteritis, skin infections, conjunctivitis, or ear, nose and throat infections.

Mud can make you sick by transmitting germs through broken skin, causing nasty diseases such as the bacterial infection melioidosis.

Your house may also have rodents, snakes, or insects that can bite. Rats can also carry diseases that contaminate water and enter your body through broken skin.

Be careful about mould, as it can affect the air quality in your home and make asthma and allergies worse.

Stagnant water in and around your home can become a place where mosquitoes breed and spread disease.

How can you reduce these risks?

When you first enter your flood-damaged home, open windows to let fresh air in. If you have breathing problems, wear a face mask to protect yourself from any possible air pollution resulting from the damage, and any mould due to your home being closed up.

Cleaning your home is a long, frustrating and exhausting process. In this hot and humid weather, drink plenty of water and take frequent breaks. Identify any covered part of your home with sufficient ventilation which is high and dry, and where flood water did not enter. Use that as your resting space.

While assessing and cleaning, wear protective clothing, boots and gloves. Covering your skin will reduce the chance of bites and infection.

Wash your hands with soap and water as often as possible. And don’t forget to apply sunscreen and mosquito repellent.

Throw away items that were soaked in floodwater. These could have germs that can make you ill.

Empty your fridge and freezer because the food inside is no longer safe.

If there is standing water, avoid touching it.

When you can, empty outdoor containers with stagnant water to prevent mosquitoes breeding.

Don’t overlook your mental health

When cleaning up after a flood, you may feel sad, anxious, or stressed. It’s hard to see your home in this condition.

But know you are not alone. Stay connected with others, talk to your friends and families, and accept support. If you feel too overwhelmed, seek help from mental health support services in your area or contact Lifeline on 13 11 14.

On top of everything, be mindful about those who are vulnerable, such as older people and those with disabilities, as they may be more affected and find the clean up process harder.

Recovering from a flood takes time. Focus on what needs to be fixed first and take it step by step.

Kazi Mizanur Rahman 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. Returning home after a flood? Prioritise your health and take it one step at a time – https://theconversation.com/returning-home-after-a-flood-prioritise-your-health-and-take-it-one-step-at-a-time-248902

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue

Source: The Conversation (Au and NZ) – By Melissa Conley Tyler, Honorary Fellow, Asia Institute, The University of Melbourne

One of the executive orders US President Donald Trump signed the day he was inaugurated was a 90-day pause in US foreign development assistance.

The US Agency for International Development, USAID, was ordered to halt funding. Programs worldwide were issued with stop-work orders.

All of a sudden, more than US$60 billion (around A$95 billion) of programs for the world’s most vulnerable people just stopped.

So what happened? The world became less fair, and US soft power fizzled.

What’s happened so far?

We know this decision will cause deaths.

Stop-work orders were delivered to programs that provide AIDS medication to patients. If you stop this, people die.

Charities, many of which work on a shoestring, had no choice but immediately to lay off staff.

Food and vaccines already in warehouses couldn’t be distributed.

Programs providing landmine clearing and counterterrorism training ceased.

Belatedly, the US walked this back to some extent by saying life-saving humanitarian programs would be exempted.

But it doesn’t appear to have slowed the pace of layoffs, partly because of confusion.

With USAID staff now either sacked, placed on forced leave or told to stay home – and the agency’s website taken down – USAID is essentially no longer operational.

Agents from Elon Musk’s Department of Government Efficiency have raided the offices of USAID and assumed control, with Musk posting on his X social network that “USAID is a criminal organization” and “it’s time for it to die”.

Some of the people affected have gone public, including Australian organisations on behalf of their partners.

But most in the sector can’t speak up if they hope for funding in the future. So the true extent of the impacts, including their knock-on effects, is likely much larger than has been publicly reported so far.

A more unequal and unstable world

With the halt in aid for the poorest, the world just became more unequal.

Before this week, the US was the world’s largest aid donor.

USAID was established by then-US president John F. Kennedy in 1961. Its programs focused on improving global health, alleviating poverty and providing emergency relief in response to natural disasters or conflict, as well as enhancing education and strengthening democratic institutions abroad.

The countries that were receiving the most USAID assistance in 2023 were Ukraine, Ethiopia, Jordan, Afghanistan and Somalia.

In the Indo-Pacific, the Lowy Institute’s aid maps show that the Pacific received US$249 million (about A$470 million) and SouthEast Asia received US$1 billion (almost A$1.6 billion) in US overseas development assistance annually in the most recent data.

This funded 2,352 projects, including peacebuilding in Papua New Guinea, malaria control in Myanmar, early childhood development in Laos, and programs to improve the education, food security and health of school-age children across the region.

All of these programs are now being reviewed to ensure they are “fully aligned with the foreign policy of the President of the United States”.

Based on the first Trump administration, there seems no chance that programs on climate, gender equality, abortion and equity inclusion will be reinstated after the 90-day assessment period. Losing funds for climate adaptation and mitigation is a huge issue for the Pacific Islands.

Assistance for survivors of gender-based violence, employment for people with disabilities and support for LGBTQIA+ youth will likely lose funding.

In communities that received significant USAID funding, the sudden cut in programs and loss of community organisations will damage the fabric of society.

An unequal world is a less stable one. Australia’s peak body for the non-government aid sector, the Australian Council for International Development, says the suspension of USAID programs “will work against efforts to build peace, safety, and economic stability for the world”.

A power that’s no longer super

Thinking of the impact on the US interests, there has been an enormous hit to US soft power from an entire pillar of US foreign policy suddenly disappearing.

This is underlined by the fact the cuts apply equally to ally, partner and adversary nations alike.

In the Pacific, the Biden Administration made a real effort to increase US presence, opening embassies and announcing USAID programs.

All of this has now been squandered by withdrawing from this space. I am aware of a project for which China has come in to provide funding where US funding has gone. It is a spectacular setback for the US.

What is most extraordinary is that this is self-inflicted damage. There were alternatives, such as continuing business as usual during a 90-day period of review, then giving notice to some programs that they would be discontinued.

The performative and haphazard way in which the policy has been implemented suggests an administration that doesn’t care much about the world outside its borders and is more concerned about ideological battles within.

Researcher Cameron Hill describes Trump as linking foreign aid “to the symbols and slogans of his domestic political coalition”. This is likely to continue beyond the demise of USAID to other agencies involved in foreign assistance, such as development finance.

Australia needs to help fill the gap

What does this mean for Australia? As a middle power, it has an opportunity to step up – and work with other development partners such as Japan, Korea, India, Indonesia, Canada and European donors in the face of a genuine emergency.

For the Australian government this might mean an emergency increase in development funding or freeing up existing funding to keep the lights on.

Australia will undoubtedly now need to step up on climate programs in the Pacific if US funding doesn’t return. Australia could seek to convene an urgent meeting through the Pacific Islands Forum to discuss.

The first fortnight of the Trump administration has had global impact well beyond US politics. On the most important issue for the majority of the world – development – the US decided to withdraw, destroying in a few days what have taken decades to build.

Melissa Conley Tyler is Executive Director at the Asia-Pacific Development, Diplomacy & Defence Dialogue (AP4D), an initiative funded by the foreign affairs and defence portfolios and hosted by the Australian Council for International Development.

– ref. In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue – https://theconversation.com/in-freezing-foreign-aid-the-us-leaves-people-to-die-and-allows-china-to-come-to-the-rescue-249024

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI United Kingdom: New UK support for Ukraine drives forward 100 Year Partnership
Source: United Kingdom – Executive Government & Departments

The UK will boost Ukrainian grain supplies to Syria as the Foreign Secretary drives forward the 100 Year Partnership on visit to Kyiv.
The UK’s immediate support for Ukraine and the longer-term partnership between our two countries both top of the agenda in Foreign Secretary’s visit to Kyiv.

New UK support totalling £55m will boost resilience and growth in the UK and Ukraine.

Visiting Kyiv today, David Lammy will see first-hand how UK support is putting Ukraine in the strongest possible position as it enters its fourth year of Russia’s full-scale invasion.

Delivering on commitments made to President Zelenskyy by Prime Minister Keir Starmer two weeks ago, the UK is providing £3 million for deliveries of Ukrainian grain and other food produce to Syria.

Working with the World Food Programme, this planned support will provide a lifeline to the most vulnerable in Syria unlike Russian grain supplies to the brutal Assad regime which attempted to buy favour, loading costly debt on the Syrian state.

These malign efforts from Russia often likely used produce from illegally occupied Ukrainian land. Russia is estimated to be taking 4.3 million tonnes of grain each year from temporarily occupied territories. It comes after the Prime Minister announced a new Grain Verification Scheme to track stolen grain from occupied Ukrainian territories last month. The UK developed the new scheme following an ask from Ukraine to the G7 to help trace snatched grain from Ukraine fields under Russian control, which is then relabelled and sold on.

Russia has repeatedly attacked Ukrainian port infrastructure and ships in the Black Sea, delaying vital food and aid from reaching the global south. These attacks hinder food supplies from reaching the most in need and help drive up food and fuel prices around the world.

However, Ukraine’s navy continues to fight back, having destroyed or damaged roughly one quarter of the Black Sea Fleet’s major combatant vessels, denying Russia control of the western Black Sea.

As part of the Foreign Secretary’s visit, he will meet with President Zelenskyy, Foreign Minister Sybiha, Prime Minister Shmyhal, and Deputy Prime Minister Stefanishyna, to reiterate the UK’s ongoing support and discuss first-hand how the UK and international partners can put Ukraine into the strongest position possible.

In his second official visit to Kyiv, Mr Lammy will announce £17 million for innovative energy projects to support the recovery and sustainability of Ukraine’s energy system. The InnovateUkraine competition will spur collaborations between British, Ukrainian and international businesses and research institutions to find the resilient, scalable and sustainable energy solutions of the future.

Despite relentless Russian attacks on their energy system, Ukrainians have shown that with the right support and international collaboration, they can use ingenuity and innovation to keep the lights on and defend themselves against Russia’s illegal invasion. Producing clean, reliable and affordable energy is a vital part of the struggle for Ukraine’s freedom and its defense against Russian attempts to use energy as a weapon.

Shoring up Ukraine’s private sector and the resilience of small and medium businesses, the new economic recovery programme, announced by the Prime Minister as part of the 100 Year Partnership, will receive a £10 million boost to help renew, rebuild and reform Ukraine’s economy for the future.

Foreign Secretary, David Lammy said:

Our support for Ukraine remains unbreakable. We are determined to put Ukraine in the strongest possible position, both in its fight against Russia and beyond, with our long-term relationship cemented by the 100 Year Partnership.

We believe in building for the future between our two countries, as well as supporting Ukraine in the present, as Russia’s barbaric and relentless attacks on vital infrastructure, communities, and businesses continue. That is why we are announcing more support for innovation in Ukraine, to rebuild a more resilient and sustainable society for years to come.

Delivering change at home, against the backdrop of an increasingly volatile world, means we must bolster the resilience of our partners.

A further £25 million of UK funding will support Ukraine to strengthen more inclusive, effective and efficient social systems and services. We will work with Ukraine to revitalise family and community-based services that meet the needs of women, children, people with disabilities and marginalised groups and ensure a safe and loving family for every child.

The UK’s SPIRIT programme will bolster Ukraine’s resilience against Russian aggression by helping Ukraine build a more resilient, prosperous and barrier-free future for all.

Announcements made today will open up opportunities for British business, by harnessing UK expertise, creating trade and investment opportunities, and building links between the UK and Ukraine for years to come.

Support announced today builds on the UK’s strong record as a leading bilateral donor, having committed £977 million in support, including £477 million in humanitarian assistance to Ukraine and the region since the start of the full-scale invasion. We will provide £282 million in support for 2024-25, in addition to the Prime Minister’s commitment to provide £3billion of military support to Ukraine, this year and for as long as it takes.

Background

More information on the UK’s support to Ukraine can be found here

More information on the 100 Year Partnership can be found here

The UK provided £35 million in emergency support for energy and most vulnerable in Ukraine in December

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI Russia: Food and clothing: how capital stores help residents of Kursk region

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Owners of capital shops continue to collect humanitarian aid for residents of Kursk Oblast. Many of them had previously sent parcels to fighters of a special military operation, so they were able to organize shipments to border regions when such a need arose.

In addition to long-life food products — cereals, sugar, and canned goods — the entrepreneurs purchased jars of baby food, water, and disposable tableware. They collected personal hygiene products, medicines, clothing, and bedding, as well as other material assistance.

Household chemicals and products

The Kursk Region received the most humanitarian aid from the Northern Administrative District of Moscow. Three stores in the Begovoy District sent food products to residents of the region, and five supermarkets in the Beskudnikovsky District sent household chemicals and hygiene products.

They included pasta, buckwheat and instant noodle sets in the parcels, and also transferred funds to charitable foundations. The same was done by a hardware store in the Voykovsky district and three grocery stores in the Sokol district.

A shopping mall, a gastromarket and a car dealership in the Levoberezhny district packed large humanitarian aid packages with clothes. For children, they put socks, hats and caps, mittens, trousers and shoes. The same packages were collected for adults, adding jackets and bed linen. One of the stores in Khovrino joined them.

Among the food collected were buckwheat, millet, pasta, flour, vegetable oil, stewed meat, canned pink salmon, condensed milk, cookies and candies, tea and instant coffee.

Employees of the shopping center on Semenovskaya Street in the Eastern Administrative District sent almost three thousand personal hygiene products and food products through the Moscow Help headquarters collection point. The distribution point of one of the marketplaces in Teply Stan transferred more than 300 kilograms of groceries and medicines to the Kursk Region.

How capital entrepreneurs – participants of city festivals help military personnel in the SVO zone Owners of capital shops send office supplies to the special military operation zone

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

Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

https: //vv.mos.ru/nevs/ite/149699073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: Online diagnostics for children with disabilities has become available in Moscow

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Experts City Psychological and Pedagogical Center can now remotely assess the developmental characteristics of children with disabilities and provide recommendations for their education and socialization. Every year, about 50 thousand Moscow families turn to specialists. This was reported by the press service of the capital Department of Education and Science.

“As a mother, I have already used the service in a new format. You can send all the documents to specialists in advance in electronic form and choose the time for your child to undergo online diagnostics. In format, it is similar to a distance lesson, based on the results of which psychologists, speech therapists and defectologists give feedback. Since March, the conclusion will be sent by e-mail. The procedure has become very convenient and fast, for most parents and children this is a huge saving of time and effort,” said Maya Bulaeva, deputy of the Moscow City Duma, director of the educational institution “School in Nekrasovka”.

Remote diagnostics are available for children over three years of age without hearing or vision impairments. The examination is carried out on a video conferencing platform. “Negotiation room”To connect, you will need a computer or tablet with a camera, microphone and a stable Internet connection. Recording is carried out through the portal Mos.ru.

The Central Psychological-Medical-Pedagogical Commission operates on the basis of the City Psychological-Pedagogical Center. Its specialists develop recommendations based on their own diagnostics and taking into account medical reports provided by the child’s parents.

“When parents are interested in their child’s development, the family’s life is scheduled down to the minute. Every day you need to manage to do a lot of things: take the child to kindergarten or school, to the pool, to developmental classes, repeat the speech therapist’s exercises at home. In this situation, time is the most important resource, and you begin to appreciate technologies that help you use it rationally. Online diagnostics of special children is a godsend for parents. The family does not need to waste time on the way there and back. This is especially important for children who have difficulty moving. During online testing, communication with the commission specialists takes place using a gadget. The child is at home, in a familiar environment. He is calm and comfortable, that is, the stress factor is excluded,” shared actress Evelina Bledans, mother of a child with Down syndrome.

For children with disabilities who have received a commission’s conclusion, special conditions are created in educational institutions. Adapted educational programs and manuals are developed, and assistance from tutors, assistants and other specialists is provided. Such children and disabled children can also participate in sports sections.

If a child has difficulties in mastering the school curriculum or social adaptation, support can be obtained from City Psychological and Pedagogical Center capital Department of Education and ScienceThe institution’s branches operate in every district of Moscow.

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149715073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: To reconcile financial and personal accounts, Moscow entrepreneurs are increasingly turning to the service on mos.ru

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Last year, Moscow entrepreneurs used the financial and personal account reconciliation service (FPA) more than 1.2 million times. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

“The service for reconciling financial and personal accounts under lease or purchase and sale agreements for non-residential premises and land plots has appeared

on the mos.ru portal in 2015 and has been constantly improving since then. Now, with its help, you can find out basic information about the status of your personal account, make a payment, set up an automatic payment. All transactions are available online, which significantly saves time and makes it easier for entrepreneurs to do business. On the mos.ru portal, this is the most popular digital product among Moscow businesses, and the number of its users is only growing every year. If in 2021 the service was accessed more than 946 thousand times, then in 2024 – already over 1.2 million times,” said Maxim Gaman.

The growing popularity of the service is due to its constant improvement and the emergence of new features. For example, starting in December 2021, tenants and buyers of city real estate can order an extract through the financial and personal account reconciliation service. It is prepared in a few minutes, while containing all the current information on the state of the FLS. During the first year after the introduction of this option, an account statement was ordered more than 32 thousand times. By the end of 2024, this figure had more than tripled to 101 thousand times.

In December 2023, a new printed form of the payment schedule became available to users. It is generated within 5-10 minutes and sent to your personal account on the mos.ru portal, where entrepreneurs can check their debts on financial and personal accounts. Last year, tenants of city land plots, buildings and premises, as well as buyers of capital real estate, requested a payment schedule almost six thousand times. The user of the account reconciliation service can pay off the debt, as well as future transactions on the financial and personal account, right here by clicking the appropriate button.

As reported by the capital Department of Information TechnologyTo use the service, you need to go to the business services catalog on the portal (section “Land and Real Estate”) and find the service for reconciling financial and personal accounts.

Earlier Sergei Sobyanin reported, that the mos.ru portal has more than 200 tools for entrepreneurs. The service for reconciling financial and personal accounts under lease or sale and purchase agreements for non-residential premises and land is among the most popular of them.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149712073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI USA: February 4th, 2025 Senator Martin Heinrich on CNN: “My Constituents Did Not Vote for This Chaos”

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

Watch the full video here

WASHINGTON — In an interview with Jim Sciutto on CNN’s The Situation Room, U.S. Senator Martin Heinrich (D-N.M.) slammed Elon Musk and Donald Trump’s actions that are wreaking havoc on New Mexicans and throwing the government into chaos.

During the interview, Heinrich vocalized the concerns of his constituents who continue to write-in and call his office, opposing Trump’s harmful actions and raising the impacts of those actions on their livelihoods and financial security.

“No one voted to have Elon Musk in charge of their personal data. No one voted to have him ransacking federal agencies that many of my constituents rely on for various things. That is where I think we need to really draw a contrast that, at least for my constituents, they voted for lower gas prices, they voted for cheaper eggs. They did not vote for this chaos,” Heinrich said.

VIDEO: U.S. Senator Martin Heinrich (D-N.M.) on CNN’s The Situation Room, February 4, 2025.

On Tulsi Gabbard’s Nomination:

Sciutto asked, “You voted against her, calling her ‘a national security risk.’ Why?”

Heinrich said, “One, there’s the issue of whether she’s qualified, but much more weighing on my mind than that is the issue of judgment. And if you look at some of her actions, especially her travel in the Middle East — with her background — when we travel to places like that, as members of Congress, we go with the State Department. Every meeting is carefully vetted. That is not what this was.”

Heinrich continued, “She met with the Grand Mufti of Syria who had threatened suicide bombers against the United States. She met with Bashar al-Assad. My goodness, I can’t imagine a more off script foreign policy trip. And if that’s how you roll, and you’re going to be in charge of coordinating all of these intelligence agencies, and you don’t accept the information that comes from those agencies on a regular basis, it just makes no sense.”

On Robert F. Kennedy Jr.’s Nomination:

Heinrich stated, “I’m actually kind of a health food person and some of the things that RFK Jr. has said in the past, on the front of high-quality food, I can relate to. But the science of this vaccination denial is not only unscientific and irresponsible, it makes every mother who’s got an autistic kid question everything she ever did. It’s deeply irresponsible.”

On the Israel-Gaza Conflict:

Sciutto asked, “Earlier today, Trump said that he would like to see the Palestinian people leave Gaza and go to Jordan or Egypt. We should note, the leaders of Jordan and Egypt said they have no interest in doing so. What would that mean to you? Does that sound to you like the forced migration of people away from their home? Is that something that American presidents should be advocating for?”

Heinrich said, “I don’t think it’s our role to take people from land that they’ve inhabited and tell them what their future should be. I think our role should be trying to encourage a future for the Israelis that creates security for them, for the Palestinians that create some sovereignty and reconstruction and a life that’s not under a terrorist organization. You know, this is a President who says outrageous things because he thinks it always will result in the deal. I’m not sure that works as well in the Middle East.”

On President Trump Breaking Constitutional Norms and the Law:

Heinrich said, “I think the thing that bothers me the most is that when you are willing to break the fundamentals of the Constitution, the fundamentals of law, like the Impoundment Act of 1974 and say that Congress doesn’t matter, and go into USAID or Treasury and start turning off the switches to individual programs, then you can do that to American citizens. If you can get away with that, if you can say, I’m going to turn off this USAID program. You can say this person is not going to get their Social Security.”

On Republican Colleagues Failing to Stand Up to President Trump and Elon Musk:

Heinrich said, “They’re not willing. They’re scared. The amount of pressure that this administration has been able to put on members of Congress, and up till now, we’re just not seeing a lot of profiles in courage.”

Heinrich continued, “Our constitutional principles are being tested. There’s going to be a role for the courts in that battle. There’s going to be a role for Congress in that battle, and there’s going to be a role for the American people.”

“No one voted to have Elon Musk in charge of their personal data. No one voted to have him ransacking federal agencies that many of my constituents rely on for various things. That is where I think we need to really draw a contrast that, at least for my constituents, they voted for lower gas prices, they voted for cheaper eggs. They did not vote for this chaos,” Heinrich concluded.

MIL OSI USA News –

February 5, 2025
MIL-OSI Security: 3rd MLG CG Completes JGSDF, ROK Visits Ahead of Bilateral Exercises

Source: United States INDO PACIFIC COMMAND

CAMP KINSER, OKINAWA, Japan –

Brigadier General Kevin Collins, the commanding general of 3rd Marine Logistics Group, completed today a multinational visit of U.S., Japan Ground Self-Defense Force, and Republic of Korea self-defense and military commands ahead of scheduled bilateral exercises in Japan and Korea, Jan. 27 through Feb. 4, 2025.

With multiple bilateral exercises on the horizon for 3rd MLG, Collins and his command staff visited multiple units to better understand their capabilities and to discuss better integration with the MLG for upcoming bilateral exercises and preparedness training for any humanitarian assistance and disaster relief operations. As the logistics arm of III Marine Expeditionary Force, 3rd MLG’s understanding of the housing and distribution of allied forces’ equipment and how to further train the blending of respective countries’ logistics systems is crucial for supporting the Marine Corps mission in the Pacific, in either contested environments or areas impacted by natural disasters.

In Japan, Collins met with the director of logistics for the Western Army at Camp Kengun in Kumamoto, followed by a tour of the Kyushu District Depot and its Western Army Logistics Support Unit, visits timed concurrently with planning conferences about the upcoming exercise Resolute Dragon, a training evolution hosted by III MEF and the Western Army that rehearses operations over maritime terrain to strengthen bilateral command, control, and multi-domain maneuver capabilities. Additionally, he visited 3rd MLG Marines stationed at Marine Corps Air Station Iwakuni and Commander, Fleet Activities Yokosuka, as the MLG has personnel dispersed across mainland Japan and Okinawa as logistical liaisons at sister units. Further, he toured U.S. ordnance and other supply facilities at MCAS Iwakuni, the Kure Ammunition Depot, and Yokohama North Dock on CFAY.

In Korea, Collins met with both U.S. and ROK leadership at United States Forces Korea before visiting Marine Corps Forces, Korea, where they discussed the upcoming Korea Theater of Operations training package, which includes exercises Freedom Banner, Freedom Shield, and the Korean Marine Exchange Program. Freedom Banner is the maritime offload, dispersal, and retrograde of equipment in support of follow-on training events; Freedom Shield strengthens the combined defensive capabilities of both countries’ armed forces in a changing security environment; and KMEP focuses on bolstering ROK and U.S. Marine Corps interoperability as a unified, regional littoral force.

With these shared exercises ahead of 3rd MLG, such command visits and planning iterations further codifies the alliances built upon by previous training events. 3rd MLG is focused on enhancing cooperation with partner nations, strengthening partnerships, and demonstrating its role as a critical element in maintaining a ready and capable force to deter adversary actions to support a free and open Indo-Pacific region.

MIL Security OSI –

February 5, 2025
MIL-OSI China: Convenience stores see numbers surge

Source: China State Council Information Office

The convenience store sector in China recorded higher revenues and continued store number expansions in 2024, while making efforts to continue to optimize product category structures, according to an industry survey.

The survey, the Development of Convenience Stores in 2024 — released on Jan 21 by the China Chain Store and Franchise Association — covered 60 convenience store chains nationwide, representing about 124,000 stores.

Sales growth in the sector was seen by 70 percent of surveyed enterprises, versus 81.4 percent in 2023 and 64.1 percent in 2022.

Expansion remained a key trend, with 80 percent of operators opening new locations last year. A total of 14,550 new stores were launched, with larger operators driving growth. Chains with over 1,000 stores accounted for 8,510 of the 9,570 net new stores, representing 89 percent of the total net increase.

Profitability improved for some enterprises. Of 27 surveyed companies reporting profit growth in 2024, 85 percent saw year-on-year increases in total sales, while 56 percent recorded growth in comparable store sales. The report highlighted a strong correlation between sales, profits and daily sales at comparable stores, indicating that success in one area often boosted overall performance.

Customer visit numbers were also critical to store success.

Among companies with a year-on-year increase in visitors, 62 percent saw higher comparable store sales, and 86 percent reported total sales growth. In contrast, businesses with fewer visitors struggled, with 65 percent experiencing lower comparable store sales and 42 percent reporting a decline in total sales.

While challenges persist, the sector continues to focus on optimizing product offerings and improving operating capabilities to drive long-term growth, said the report.

Convenience store chains in China, including major names Meiyijia and Tianfu, are ramping up expansion efforts. Meiyijia, for instance, had grown its nationwide store count to 35,000 by April 2024, adding nearly 300 new stores per month on average.

Hu Chuncai, founder of Shanghai UI Sharing Consulting, told 21st Century Business Herald that convenience stores primarily serve consumers’ immediate needs.

To remain competitive, domestic players must focus on product differentiation and unique offerings.

“Stores must give customers a reason to visit and make purchases,” Hu said.

Hu added that long operating hours are key to their success. He noted that in northern regions, particularly during winter, foot traffic declines sharply as residents stay indoors for extended periods.

“In the northeast, this can last for months, affecting both daytime and nighttime business. In such cases, extended store hours become crucial. Moreover, in sparsely populated northern areas, the customer base within a 500-meter to one-kilometer radius is often insufficient to sustain a store. In contrast, the same radius in southern cities can support two or three stores,” he said.

While southern China has fostered more homegrown convenience store brands, many focus on specific regional markets, such as Tianfu in Guangdong province and Fook Convenience Store in Fujian province.

The primary constraint behind this regional approach is supply chains. Companies achieve economies of scale by densely clustering stores, thus optimizing distribution efficiency, said Hu.

However, expanding across regions requires rebuilding local supply chains, which means more costs, he added.

Despite these challenges, Hu sees growth opportunities in lower-tier markets.

“There is significant potential in county-level cities and towns, where consumer demand is evolving, and preferences are increasingly aligning with those in first and second-tier cities,” he said.

MIL OSI China News –

February 5, 2025
MIL-OSI China: More tweaks ahead for property policy

Source: China State Council Information Office

Policy fine-tuning in real estate may be necessary in 2025 for China to more effectively address debt risks facing developers, a crucial link in ensuring a steady economic recovery and preventing systemic financial risks, economists and analysts said.

Possible measures include launching a systematic policy plan that details the roadmap for risk disposal, supports debt restructuring of qualified real estate enterprises and optimizes housing delivery efforts, they said.

“To resolve real estate market risks, it is necessary to gradually shift from simply safeguarding housing project deliveries to fully supporting qualified enterprises,” said Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

Zhang said a “one company, one policy” risk resolution approach is necessary as some real estate enterprises have faced difficulties in getting finance and transferring funds across projects and regions, hampering the sustainable development of the property market.

For responsible, law-abiding developers, Zhang suggested taking a combination of measures to extend their debt maturities, reduce repayment obligations and enhance their capital via debt-to-equity swaps or new investments.

For the tiny proportion of smaller developers involved in illegal operations, bankruptcy liquidation in line with legal regulations is needed, said Zhang.

The Central Economic Work Conference in December decided to take the real estate sector as a crucial link in effectively preventing and defusing risks, calling for reversing the downturn of and stabilizing the property market.

China Real Estate Information Corp (CRIC) said capital market debt maturities of Chinese property developers are projected to reach 525.7 billion yuan ($72.5 billion) in 2025, 8.9 percent up from 2024. CRIC predicts that the third quarter will be a peak of debt repayments with maturities worth about 157.4 billion yuan.

Echoing Zhang’s views, a China Index Academy report suggested a systematic risk resolution plan for property developers, with efforts so far having primarily focused on safeguarding real estate projects.

“A comprehensive plan aimed at addressing risks facing developers should be established, detailing methods, principles, supportive policy measures and coordination mechanisms for risk disposal.”

To ensure that presold real estate projects have access to necessary funding, China introduced a real estate financing coordination mechanism last year.

Via the mechanism, Chinese banks had approved 5.6 trillion yuan worth of loans to property projects as of Jan 22, financing the delivery of 14 million homes, the National Financial Regulatory Administration said.

However, the total financing of 65 typical Chinese real estate enterprises in 2024 was 462.9 billion yuan, down 31 percent from 2023, according to CRIC.

Shi Lulu, director of Asia-Pacific corporate ratings at Fitch Ratings, said higher debt maturities, weakening sales, declining margins and reduced cash generation may continue in 2025 for many Chinese homebuilders.

The risk of sales failing to stabilize remains a key factor behind the negative ratings outlook or watch of some of Fitch’s rated Chinese homebuilder issuers, Shi said, though it is expected that the magnitude of negative rating actions will abate as State-owned developers have maintained access to the onshore bond market.

“The most critical debt chain in the real estate sector lies between developers and homebuyers, rather than developers and banks or developers and foreign bond investors,” said Lu Ting, chief China economist at Nomura.

Stressing the importance of rebuilding homebuyer confidence by ensuring that they will receive the homes they paid for, Lu said this does not always mean completing every building and requires active efforts by government departments.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Mobile payments enhance tourism

Source: China State Council Information Office

A consumer scans an Alipay QR code to pay for the order at a self-service restaurant in Hangzhou, Zhejiang province. [Photo/Xinhua]

China’s convenient mobile payment services have bolstered tourism-related consumption and injected fresh momentum into the country’s economic recovery during the Spring Festival holiday, experts and industry insiders said.

They added that an increasing number of overseas travelers have come to experience Chinese culture and opted for online payment tools following the implementation of expanded visa-free entry and transit policies, and the country’s enhanced efforts to facilitate payments for foreigners.

Data from Alipay, the digital payment arm of Chinese financial technology company Ant Group, showed that spending made by inbound tourists on the platform surged 1.5 times from Jan 28 to Saturday, compared with the first five days of last year’s Spring Festival holiday.

The number of Chinese merchants using Alipay for foreign visitors witnessed a 100 percent increase during the period, while the expenditure from some overseas tourists, who can enjoy visa-free policies when visiting China, nearly tripled via Alipay over the previous Spring Festival.

Chinese cities with abundant intangible cultural heritage have been favored by foreign tourists. The top five cities that saw the highest expenditure from inbound travelers using Alipay for in-depth travel and consumption were Suzhou in Jiangsu province, Zhongshan, Foshan and Jiangmen in Guangdong province, and Xi’an in Shaanxi province.

Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation, said, “China’s mobile payment options, such as Alipay and WeChat Pay, have greatly simplified the payment process, improved transaction efficiency and provided consumers with a more convenient payment experience.”

Hong said the widespread use of digital payment methods and expanded visa-free policies have attracted a large number of inbound tourists, thus further propelling the development of the tourism industry, stimulating consumption demand — including catering, accommodation and transportation as well as injecting more vitality into the country’s economic growth.

China has been working to make mobile payment processes more accessible to foreigners. The State Council, China’s Cabinet, published a guideline in March aimed at improving payment services and enhancing payment convenience, so as to better meet the diversified payment needs of the elderly and foreign visitors.

Foreign travelers can now link their international bank cards such as Visa and Mastercard to mobile payment platforms like Alipay and WeChat Pay, greatly streamlining the payment processes. Alipay has also allowed foreigners to use their familiar e-wallets from their home country by scanning Alipay QR codes.

Chinese financial services provider UnionPay International in December introduced enhanced payment services for foreign visitors to the Chinese mainland in collaboration with WeChat Pay.

Travelers using any of eight overseas e-wallets, such as Bangkok Bank Mobile Banking and Naver Pay, which is frequently used in South Korea, can make payments on the Chinese mainland by scanning WeChat QR codes.

Pan Helin, a member of the Expert Committee for Information and Communication Economy, which operates under the Ministry of Industry and Information Technology, said innovative mobile payment tools have not only helped tackle payment difficulties faced by international travelers, but also boosted inbound tourism and the recovery of domestic consumption.

A slew of convenient measures optimizing mobile payments for foreigners have demonstrated the country’s resolve to expand high-standard opening-up, said Wang Pengbo, a senior analyst at market consultancy Botong Analysys.

MIL OSI China News –

February 5, 2025
MIL-OSI Australia: Funding to improve the transitioning and rehoming of animals used in research
Source: New South Wales Department of Primary Industries

Minister for Agriculture and Western NSW – Media Release

5 Feb 2025

Three NSW based animal welfare organisations will share in $2.45 million to fund the rehoming of animals following their contribution to important scientific research projects.

The Minns Labor Government’s Research Animals Rehoming Grant Program supports organisations to find forever homes for cats, dogs, guinea pigs and other animals after they have completed their involvement in research.

With this investment and a suite of initiatives, including the recent passing of the Puppy Farm Bill introducing mandatory regulation of dog breeders, the Government is delivering on its commitment to modernise and strengthen the state’s animal welfare environment.

The animal rehoming organisations to receive funding are:
- Animal Welfare League (AWL) – $825,000
  The AWL will continue its re-homing pilot program including building a wing at its site for dogs and cats from research establishments to transition them and then find new homes post-retirement.
- Blacktown Animal Rehoming Centre – $800,000
  The centre plans to build a “real life room” at their current facility. The room will simulate a home environment to allow animals previously used in research to undertake rehabilitation and help them move on to the next phase of their lives.
- Liberty Foundation Australia – $825,000
  Liberty Foundation will scale up its rehoming work with small animals such as guinea pigs, rabbits, rats and mice, including new education and volunteer programs to raise awareness and encourage more people to adopt an animal from research.
The Rehoming Grant Program funding is part of a broader $7 million investment to enhance positive welfare outcomes for animals, both during and after use in research, including identifying alternatives to replace animals in research.

The vast bulk of cats and dogs used in research are either part of programs designed to taste test new pet foods or as part of animal medicine test programs run through vet clinics with the approval of the animal’s owner.

Minister for Agriculture and Western NSW, Tara Moriarty said:

“The Minns Labor Government is committed to improving the welfare outcomes of all animals and in this case that of research animals.

“This $2.45 million in funding will make a real and proven difference and is dedicated to improving animal welfare outcomes by supporting specialist organisations to successfully rehome research animals.

“Effective rehoming requires education and a coordinated, cooperative approach, and that is why the NSW Government is supporting this by working with research, rehoming and animal welfare organisations to achieve the best outcome for research animals when they retire.”

NSW CEO Animal Welfare League Stephen Albin said:

“AWL NSW is pleased to be one of the recipients of funding from this important program, it will assist us rehome the animals that come into our care, regardless of their origins.

“Our commitment involves enhancing each animal’s socialisation skills by understanding their past, respecting their individual needs, and providing a safe and protected sanctuary here at our Kemps Creek Shelter.

“We offer every animal, including those from research, high-quality veterinary care, behavioural improvements, including walking animals four times daily, nutritional enhancement and careful matching with potential owners.

“Our unique ‘Hope to Love’ journey allows for prolonged stays demonstrating our dedication to animal welfare.”

Paula Wallace, Director Liberty Foundation Australia said:

“Liberty Foundation is delighted to be awarded funding as part of this unique grant program, which will help us provide a lifeline for animals moving from research establishments into the community.

“We know that small animals coming out of research settings can transition well into people’s homes as pets and companions and this funding means we can provide this opportunity to more animals.

“This funding comes at a crucial time, when more research establishments than ever before are wanting to work with us to provide the best possible outcomes for animals after their time in research.

“Funding like this is vital for small charities like Liberty Foundation to give us the helping hand we need to scale up our activities and share the wonderful message of rehoming with more people.”

Brad Bunting Mayor of Blacktown City said:

“This NSW Government grant will further support Blacktown City Council’s vision to help animals transition to happy, comfortable lives while changing community perceptions around rehoming pets.

“The ‘real life room’ at the Blacktown Animal Rehoming Centre (BARC) is a practical step toward easing the transition of retired research animals back into the real world, giving them the chance to live happy and comfortable lives.

“BARC is a state-of-the-art facility built to give animals the best chance at finding loving permanent homes. Designed with world-leading research, it sets a new standard for animal welfare, creating a welcoming space where pets in need and families searching for their perfect companion can come together.

MEDIA: Michael Salmon | Minister Moriarty | 0417 495 018

MIL OSI News –
February 5, 2025
MIL-OSI USA: Murphy, Blumenthal, 35 Colleagues Raise Alarm Over Trump Administration Chaos At Critical National Security Agencies

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

February 04, 2025

WASHINGTON–U.S Senators Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, and Richard Blumenthal (D-Conn.) joined 35 of their Senate colleagues in sending a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID). USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability.
Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.
“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” the senators wrote.
The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”
“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” the senators added.
They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”
U.S. Senators Tim Kaine (D-Va.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), Ruben Gallego (D-Ariz.), Lisa Blunt Rochester (D-Del.), Michael Bennet (D-Colo.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Edward J. Markey (D-Mass.), Kirsten Gillibrand (D-N.Y.), Bernie Sanders (I-Vt.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), Ron Wyden (D-Ore.), Martin Heinrich (D-N.M.), Amy Klobuchar (D-Minn.), Tammy Duckworth (D-Ill.), Andy Kim (D-N.J.), Adam Schiff (D-Calif.), Angus S. King (I-Maine), Sheldon Whitehouse (D-R.I.), John Hickenlooper (D-Colo.), Mazie K. Hirono (D-Hawaii), Alex Padilla (D-Calif.), Tina Smith (D-Minn.), Catherine Cortez Masto (D-Nev.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Mark Kelly (D-Ariz.), Brian Schatz (D-Hawaii), Mark R. Warner (D-Va.), Chris Van Hollen (D-Md.), Chris Coons (D-Del.), and Elissa Slotkin (D-Mich.) also signed the letters.
Full text of the letter is available HERE.

MIL OSI USA News –

February 5, 2025
MIL-OSI New Zealand: Govt’s lack of a plan shows in soaring unemployment stats

Source: Green Party

The latest labour market figures confirm unemployment has risen to levels not seen since the height of the Covid-19 pandemic.

“This Government lacks a plan for creating jobs, its only plan is entrenching poverty for our poorest communities,” says the Green Party’s Social Development spokesperson Ricardo Menéndez March.

“Our country has the means to build an economy that works for everyone and leaves nobody behind. We can invest in the public services and infrastructure which support our communities into meaningful jobs and livelihoods.

“The latest stats lay bare the poverty trap this Government is setting for our communities. Cutting thousands of jobs and undermining support for people doing it tough is setting our communities up to fail.

“There are not enough jobs – this is by design. We can’t use austerity to condemn people into deeper poverty due to hard times

“The Government has introduced new benefit sanctions while they push more people into unemployment, knowing full well there aren’t enough jobs for every single person on the benefit, and will never be while it’s in power.

“Where is the workforce planning desperately needed for our country, with its many challenges including the huge infrastructure deficit and meeting the needs of an ageing population? Nowhere to be seen under this coalition for the rich.

“We have a plan for a Future Workforce Agency to strategically upskill New Zealanders and coordinate industrial planning.

“The Greens would end poverty with a Guaranteed Minimum Income, more training opportunities, and restarting public investment in healthcare, schools, and building housing that creates good jobs. Our jobs for nature plan will also be a central plank for providing people with meaningful and stable work.

“The Government needs to boost benefits and abolish sanctions, so that the increasing number of unemployed New Zealanders aren’t left to languish in poverty, and aren’t punished for struggling to find work in National’s barren economy,” says Ricardo Menéndez March.

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores Maximum Pressure on Iran
Source: The White House
RESTORING MAXIMUM PRESSURE ON IRAN: Today, President Donald J. Trump signed a National Security Presidential Memorandum (NSPM) restoring maximum pressure on the government of the Islamic Republic of Iran, denying Iran all paths to a nuclear weapon, and countering Iran’s malign influence abroad.
- The NSPM establishes that:
  
  Iran should be denied a nuclear weapon and intercontinental ballistic missiles;
  
  Iran’s terrorist network should be neutralized; and
  
  Iran’s aggressive development of missiles, as well as other asymmetric and conventional weapons capabilities, should be countered.
- The NSPM directs the Secretary of the Treasury to impose maximum economic pressure on the Government of Iran, including by sanctioning or imposing enforcement mechanisms on those acting in violation of existing sanctions.
  
  The Treasury Secretary will also issue guidance for all relevant business sectors – including shipping, insurance, and port operators – about the risks to any person that knowingly violates U.S. sanctions with respect to Iran or an Iranian terror proxy.
  
  The Secretary of State will also modify or rescind existing sanctions waivers and cooperate with the Secretary of Treasury to implement a campaign aimed at driving Iran’s oil exports to zero.
  
  The United States Permanent Representative to the United Nations will work with key allies to complete the snapback of international sanctions and restrictions on Iran.
PROTECTING THE HOMELAND FROM IRAN: The previous Administration’s tolerance of Iran’s threats to American citizens and companies ends now.
- The Attorney General will pursue all available legal steps to investigate, disrupt, and prosecute financial and logistical networks, operatives, or front groups inside the United States that are sponsored by Iran or an Iranian terror proxy.
  
  The Attorney General will prosecute leaders and members of Iranian-funded terrorist groups that have captured, harmed, or killed American citizens and seek their arrest and extradition to the United States.
TAKING IRAN’S NUCLEAR PROGRAM OFF THE TABLE: President Trump will not tolerate Iran possessing a nuclear weapons capability, nor will he stand for their sustained sponsorship of terrorism, especially against U.S. interests.
- In 2020, President Trump declared that “as long as [he is] President of the United States, Iran will never be allowed to have a nuclear weapon.”
- Today’s NSPM fulfills the President’s 2020 vow to contend with Iran’s pernicious influence across the globe:
  
  “For far too long — all the way back to 1979, to be exact — nations have tolerated Iran’s destructive and destabilizing behavior in the Middle East and beyond. Those days are over. Iran has been the leading sponsor of terrorism, and their pursuit of nuclear weapons threatens the civilized world. We will never let that happen.”
MIL OSI USA News –
February 5, 2025
MIL-OSI New Zealand: Explore the best summer spots at Auckland Regional Parks

Source: Auckland Council

We’re pretty lucky here in Tāmaki Makaurau, to have access to such epic scenery right in our own backyard. With a whopping 45,000 hectares, Auckland’s 28 regional parks have plenty on offer. They span bush, beach and farmland and can satisfy anyone from the picnic seekers and beach-goers to water sport junkies, adventurous hikers and campers alike.

Wherever you fall on the adventure spectrum – get inspired here for your next outing with friends and whānau, ready to enjoy the outdoors your way.

BEST REGIONAL PARKS FOR CAMPING:

Ātiu Creek

If you’re keen on horsing around (with a permit), check out Ātiu Creek Regional Park and campground – the only campsite in an Auckland regional park where you can stay overnight with your horse secure in a nearby paddock.

If you’re more keen on mountain biking or walking, you too can make the most of 843 hectares that make up Ātiu Creek, Auckland’s third-largest regional park, which sits right on the shores of Kaipara Harbour.

Safe to say there’s plenty of prime picnic spots and epic lookout points throughout as well.

Explore the serene environment of Āitu Creek Regional Park.

Āwhitu

Located on the southwest shores of Manukau Harbour, and only 90 minutes from Auckland, you’ll find Āwhitu Regional Park. With its two campgrounds, a golf course, historic homestead, picnic and barbecue areas, and safe swimming beaches, this is the prime spot for a weekend getaway.

Wenderholm

Head south towards the mouth of the Puhoi River, to find the region’s best example of mainland coastal forest in Wenderholm Regional Park. You can set up camp for the night at Schischka campground, before exploring the various walking tracks, viewing spots and historic house museum known as Couldrey House. Be sure to check out either the Pūhoi River, Hauraki Gulf and/or Mahurangi Harbour by boat or kayak!

Ōmana

Further southeast is Ōmana Regional Park where you’ll find breathtaking views of Tīkapa Moana/Hauraki Gulf. With accessible concrete paths that lead to shelly beaches decorated by pōhutukawa, the Clifftop campground makes for the perfect home away from home.

Waharau

For something unique, head out to Waharau Regional Park’s Tainui campground, which supplies power and hot showers – a luxury for remote campgrounds!

You’ll be surrounded by nature out at the Blackberry campground, which sits next to a calming river, mature native bush and delightful birdsong.

This location is also the start/finish point of the Te Ara Moana/Kayak Trail, which takes kayakers down the coast with camps at five different regional parks along the way.

BEST COASTAL WALKS

If a multi-day adventure isn’t on the cards, how about heading southeast to the quiet and scenic coastal parks Auckland has to offer. Consider your next day trip sorted!

Duder and Waitawa

For farm and coastal walks, check out Duder Regional Park which consists of a number of trails varying from 30-minute walks to 3hr loop trails and is located on the scenic pōhutukawa-fringed Wahakakaiwhara Peninsula. Dogs aren’t allowed at Duder, but they’re welcome at the nearby Waitawa Regional Park where you can walk, mountain bike, ride your horse, fish and even play disc golf.

Tawhitokino

Tawhitokino Regional Park is praised by having what some call the most beautiful beach in Auckland, the catch is that it’s only accessible at low tide. This means a trip to this small coastal park – at the end of Kawakawa Bay Coast Road – needs careful planning. The walk through the low tide section will take up to 30 minutes. Dogs are allowed off leash (including the adjoining beach) but prohibited near the campgrounds.

The seaside views from Tawhitokino Regional Park are a must-see!

Motukorea/Browns Island

Another regional park that needs careful planning beforehand is Motukorea / Browns Island. One of two island regional parks in Tāmaki Makaurau (the other is Whakanewha Regional Park on Waiheke), Motukorea is only accessible via boat or kayak, so keeping a close watch on the weather is recommended. Some places offer guided kayak tours to the island too.

Orere Point and Tāpapakanga

Spend some time at Auckland’s smallest regional park, Orere Point Regional Park, before heading 10 minutes down the road to Tāpapakanga Regional Park. Marvel at the stunning coastal and farm walks available.

One of these tracks takes you to the highest point in the park, where you can get gorgeous views across to Coromandel Peninsula.

Further along the Firth of Thames is the dog friendly Waharau Regional Park where you can pick from the vast farmland, riverbanks and forest for camping, picnics and walking.

The coastline of Tāpapakanga Regional Park is one of the most gorgeous in the Auckland region.

HIDDEN TREASURES

Te Rau Pūriri

Hidden treasures abound in Tāmaki Makaurau! Did you know the largest and deepest of the sand-dune lakes is found along Auckland’s west coast? Check out Lake Ototoa located in Te Rau Pūriri Regional Park, South Head, which spans 340 hectares and conveniently also offers a beach to its visitors.

Take in the majestic views from the hilltops of Te Rau Pūriri Regional Park.

Mutukāroa/Hamlins Hill

How about a spot where you can see both the East and West coasts from the same point? Check out Mutukāroa/Hamlins Hill Regional Park for this hidden gem of a spot, and a historic strategic location for Iwi, and part of the portage route when moving waka from the Waitematā to the Manukau and vice versa. This epic park, located between Penrose and Mount Wellington, is visible from the southern motorway and holds great importance to mana whenua. Archaeological features include pits, middens and terraces where crops once grew.

Scandrett

For the history buffs, visit Scandrett Regional Park, home to two headland pā sites, on the Mahurangi Peninsula. Shipbuilding took place here in the 1850s, and from the 1860s it was a farm noted for its concrete, rather than kauri, buildings. Restored farm buildings remain and have become features of the park that was still used as farmland until 1998.

Shakespear

Make the most of Auckland’s most accessible open sanctuary! Located on the tip of Whangapāraoa Peninsula, you’ll find a stunner of a place in Shakespear Regional Park where conservation, recreation and farming come together to provide a unique experience. Keep an eye out for glow-worms and kiwi or set up camp behind the sand dunes at the eastern end of Te Haruhi Bay.

BEHOLD THE RANGES!

Waitākere Ranges

Adventure waits out in Auckland’s West side. The Waitākere Ranges Regional Park are a treasure and certainly a sight to behold. Check out the various walking tracks and all it’s got to offer at the Arataki Visitor Centre where you can also learn more about the ecology and cultural significance of the land.

Hunua Ranges

At 25,000 hectares, Hunua Ranges Regional Park features numerous tramping and mountain biking tracks, as well as opportunities to fish, swim and visit waterfalls (but note that swimming at Hunua Falls can be dangerous). Surrounded by stunning scenery, it might also be tempting to explore the interior of the Hunua Ranges, but this kind of remote tramping is only recommended to those with back-country experience armed with a detailed track map and the right provisions and equipment.

Did you know Kauri Dieback, (Phytophthora taxon Agathis), is a disease that is threatening the survival of kauri trees? Hunua Ranges Regional Park is particularly special as it remains the largest Kauri Forest known to be free of this disease.

Regardless of which park you visit, be sure keep to the defined tracks, use the hygiene stations when provided and clean your footwear before and after your visit.

Immerse yourself in the forest and waterfall scenery through the Hunua Bush Walk.

Stay safe out there

You can also check out the Mountain Safety Council’s Plan My Walk app for helpful tips to plan your trip!

And before you take the plunge this summer, check out the Safeswim website for up-to-date information on water quality, wind, waves and tides, as well as jellyfish swarms and other hazards. Safeswim is a fantastic tool to help keep you and your whānau safe.

To ensure an enjoyable time outdoors, remember these helpful tips:

Dogs and track notices: Check the rules before you go. All parks have a designated webpage which outline unique specifications and updates on potential hazards and closures due to maintenance or Kauri Dieback.

Amplified sound: Be courteous of others and the wildlife. Keep amplified noise to a minimum.

Rubbish free parks: Plan your visit, minimise what you bring to the park and ensure you take you all your rubbish home with you.

Fire & solid fuel BBQs: Check for any restrictions at https://www.checkitsalright.nz

Parking: Be patient, park with care and avoid blocking access ways and other people.

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI USA: On Senate Floor, Shaheen Condemns Proposed Trump Tariffs that Would Increase Costs on Granite Staters
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) delivered remarks on the Senate floor condemning President Trump’s proposed tariffs on Mexico and Canada, New Hampshire’s largest trading partner, that could cause prices on everything from gas to cars to groceries to skyrocket, hurting Granite Staters and Granite State businesses. Click here to watch the full speech.

Key Quotes from Senator Shaheen:
- “Even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.”
- “President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.”
- “For Elon Musk and his billionaire friends, and the billionaire friends of the President, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold.”
- “I’m glad for the delay. I don’t want people to misunderstand that. But how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?”
Remarks as delivered can be found below:

We’re here today to talk about a very serious issue, and that is the tariffs that President Trump is talking about imposing on goods from Canada and Mexico, and the impact that will have on Americans.

On Saturday, President Trump announced a 25% tariff, which would be a tax on imported goods from Canada and Mexico, and a 10% tariff, which would amount to a tax on imported energy from Canada, and on all goods from China.

So, 10% on all goods from China and then 10% on energy from Canada.

He’s also threatened universal tariffs on all countries.

Now, thankfully, the tariffs that he announced on Canada and Mexico appear to have been delayed for a month, but the tariff taxes on China are now in effect.

And even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.

Now, I want to point out in the beginning very clearly that it’s not foreign countries who pay these taxes, these tariff taxes, it’s Americans who pay these tariff taxes.

These are tariff taxes on imported goods, meaning that the person or company who is importing the good will be footing the bill – and these costs will be passed on to American consumers and businesses.

And you don’t have to take my word for it: Best Buy’s CEO said, and I quote, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.”

And Walmart’s CFO said, “there will probably be cases where prices will go up for consumers.”

Columbia Sportswear’s CEO said about tariffs “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.”

Now, if we look at the cost of just the tariff taxes that were originally announced on Saturday, those would raise costs for the average American household by more than $1,200 a year.

And if we get into a trade war with increasingly high tariffs on both sides—and that’s what it appears could be happening with China—those costs would go up even more.

Now, President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.

I’m glad the administration and the President listened to reason.

He delayed the start of these tariffs, but I hope we don’t have to be back here in a few weeks making this case again.

And I want to make sure that people understand what these tariff taxes would do and highlight some of the areas where Americans would be directly affected.

First is energy.

America imports more oil and gas from Canada than any other product.

In New Hampshire, more than half of the gas in people’s cars comes from Canada.

These tariff taxes would make gas prices go up, and they could even lead to supply shortages because refinery and delivery infrastructure just doesn’t turn on a dime.

President Trump’s new 10% tariff tax on energy from Canada would also directly raise the cost of keeping warm for Granite Staters during the coldest months of this year.

In New Hampshire, our number one import from Canada is heating oil, and nearly a quarter of a million households in New Hampshire—that’s about 40% of our households—more than Vermont, I think
Senator Welch, rely on fuel oil to heat their homes.

We’re the second highest state in the nation, next to Maine who relies on number two heating oil, to heat our homes.

Another hundred thousand Granite Staters rely on propane and about 30,000 homes use wood.

So that’s about 60% of New Hampshire that relies on delivered fuel to stay warm. Much of that is coming from Canada.

The average home in New Hampshire on heating oil, uses about 600 gallons in the winter and for older, draftier homes, and sadly we have a lot of those in New Hampshire, or those who are further up north, families may be using upwards of a thousand gallons a winter.

And with temperatures dipping as low as 20 below zero in the state in recent weeks, heating oil is a real necessity.

And my constituents are already getting notices, and I don’t know, Senator Welch, if the same is true of your constituents, but I bet it is. But they’re saying that those notices tell them their costs are going to go up if these tariffs go into effect.

On Sunday, I heard from Derek in Sandwich, New Hampshire, who received a letter from his heating supplier, Irving Oil, that informed him that his bill for heating oil would be going up.

The letter stated, “As you may be aware, the U.S. government has announced a new tariff on imports from Canada, including the heating oil or propane that Irving Energy delivers to you.”

And the letter went on to describe that the tariff costs will be added to the price that he pays, even though he already has a contract.

As Derek wrote to me, “I will now have less to spend locally. My local businesses will suffer through lost business and increased costs. And then their suppliers and employees will suffer. It’s a real hardship.”

On inauguration day, this year, heating oil cost an average of $3.93 a gallon in New Hampshire.

Tacking an ill-advised 10% tariff tax on heating oil from Canada could mean about $150 to $250 more for many in New Hampshire just to keep warm through the winter.

And while for Elon Musk and his billionaire friends, and the billionaire friends of the president, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold in the winter.

So let me also be clear: We don’t use gas and heating oil from Canada because we don’t produce it here in the United States. We do it because it makes logistical and economic sense because in New England, we are at the end of the pipelines that are coming from Texas and the south.

Now, the United States produces more oil than any other country in the history of the world.

That was true during the last three years of the first Trump Administration. It was true for the last four years of the Biden Administration.

But for New Hampshire, the Saint John Refinery in Canada simply provides us the closest, lowest-cost supply.

And by the way, that refinery sources as much as half of its crude oil from the United States.

So, it’s helping oil producers in the United States send their oil the refinery, and we get it back in New Hampshire and New England.

President Trump campaigned on cutting energy prices in half. Reckless tariffs on Canada and Mexico will make those prices higher, not lower.

New Hampshire families shouldn’t be punished for what The Wall Street journal has just called, “The Dumbest Trade War in History”.

And that’s not all. These tariff taxes will affect groceries because the U.S. imports 38% of our fresh vegetables, 60% of our fresh fruit and more than 99% of the coffee that we drink.

If we take all these together, Americans could be seeing an extra $200 a year on their grocery bills because of the trump tariff taxes.

That doesn’t include the longer term impact of taxes on farm equipment or fertilizer. America imports about 85% of the potash fertilizer we use and much of that comes from Canada.

Now, we already have record-high prices on coffee and eggs, if you can find eggs, some grocery stores are sold out. And one of the things that just happened in the last week is that because of the stop-work order that President Trump put on our services that we provide overseas to track bird flu, we’re no longer tracking the bird flu that has helped to drive up the cost of eggs.

So, it could get worse and we’re not even going to know about it until we see those prices reflected at the grocery store.

Any new 25% tariff tax on these imports would make our food more expensive when families are already stretching and straining their household budgets.

Tariffs sometimes get talked about as a way to support American manufacturers, but that also misses the mark.

Half of the products the U.S. imports are either raw materials or intermediate components, and that means the parts we make into cars or electronics.

All of these inputs would get more expensive for American manufacturers, which is only going to make it harder for them to compete internationally.

One of the messages I hear regularly from businesses is that uncertainty is one of the hardest things for them to deal with.

One example of this is a call I got two weeks ago from a small business owner in New Hampshire who sells specialized agricultural equipment both in the U.S. and overseas.

This is a family business with five employees. His father founded it 50 years ago, and he reached out specifically because he’s worried about what tariffs on the components he buys from Canada could do to his business.

For the specialized equipment that he needs, there aren’t a lot of manufacturers out there.

So, he reached out to my office asking if he was going to have to pay $5,000 more in costs for each of the machines he sells.

He took over this business just a couple of years ago and he’s been working to invest to modernize it and expand.

Now he has to worry about whether he can try to grow the business, whether he might face new foreign competition or even if he can pay out bonuses or give raises to his employees.

He can’t even be certain what kind of pricing schedule he should send out for the year because his costs could go up $5,000 next month.

And last week, I heard from another small business, Granite State Packing. It’s a start-up meat-processing company that’s only two years old.

They started just two years ago, and they already have ten employees.

Last year, they actually got $1.6 million in a grant from USDA to expand their operations. That’s going to allow them to double their workforce.

In order to expand, they placed an order for $500,000 in new equipment because the specialized equipment that they use isn’t made in the United States.

Now, depending on how and when these tariffs go into effect, and when their equipment might get delivered, they could be looking at an increased bill for $125,000.

That’s going to affect whether they can follow through on the expansion, whether they can actually add the staff they want to add, and they don’t have any way of knowing if they’re going to face an unexpected $125,000 bill because President Trump and this administration hasn’t made up their mind about what they’re going do with these tariffs.

Over the weekend, I had another business owner from C&J bus lines, they run a great bus line from the seacoast of New Hampshire to Boston.

The owner told me that they’ve ordered seven new buses from Quebec—new buses because they’re made in Quebec—these tariffs would add $150,000 to the cost of each bus.

Now, between that and the higher fuel costs that they would pay, they could be looking at $1.3 million more in added costs this year because of the Trump tariff tax.

No small business can easily just absorb a 25% price increase, nor can they plan on how to grow their business and keep providing good-paying jobs with this kind of uncertainty.

Make no mistake, I’m glad the administration delayed these tariffs. I hope they understand how this action could affect America’s small businesses and the impact this would have on the economy.

And let me finally just talk about housing impacts, because New Hampshire has an affordable housing crisis.

These tariffs would make that worse.

Lumber makes up about 15% of building a house, and a lot of building materials, in addition to lumber, are imported.

The National Association of Homebuilders wrote in part, and I quote, “imposing additional tariffs on these imports will ultimately be passed on to home buyers in the form of increased housing prices.”

That means that this 25% tariff tax would directly add to the cost of building a home at a time when too many Granite Staters and too many Americans across the country already can’t afford housing.

And we shouldn’t pretend that American tariffs are going to go unanswered. Other countries are going to retaliate, and getting into a tit for tat trade war is not going to help working Americans pay their bills.

Families across New Hampshire and America are worried about the high cost of housing, about the cost of groceries, about what it costs to heat their homes.

Business owners are similarly worried about costs or unexpected expenses. I’m hearing regularly from them about the impact of the uncertainty on their ability to grow their businesses because of these tariffs.

President Trump promised during his campaign, and I’m quoting here, “to lower the price of everything,” but instead of doing something to lower costs, what he’s doing now, what his administration is doing, is planning to add a 25% tariff tax to countless imports from Canada and Mexico.

And they’ve already added a 10% tariff tax on goods coming in from China.

And again, while this was delayed at the last minute, this would raise costs for everything from groceries to housing to energy.

It would proportionately hit lower-income families.

I’m glad for the delay. I don’t want people to misunderstand that, but how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?

I want to finish by reading a quote here.

The quote says, “Tariffs are inflationary, and would strengthen the dollar—hardly a good starting point for U.S. Industrial renaissance.”

That’s a quote from Scott Bessent, the new Treasury Secretary who just got confirmed, when he wrote to his investors just a year ago.

I happen to agree with what he said then, but unfortunately the administration he just joined seems to be willing to risk more inflation.

These sweeping tariff tax increases would hurt American families, businesses and workers.

I’m glad the taxes on goods from Canada and Mexico were delayed.

I hope this administration can provide everyone with certainty that they won’t go into effect next month.

Thank you, Mr. President. I yield to my colleague from Vermont.

Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada which are expected to cost the average Granite Stater $1,100 per year.

Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.

After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Attorney General Bonta: Governor Newsom’s Latest Executive Order Provides Critical Protections for LA Fire Victims

Source: US State of California Department of Justice

Tuesday, February 4, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

OAKLAND — California Attorney General Rob Bonta today issued the following statement on Executive Order N-17-25 by Governor Gavin Newsom. Among other things, the executive order expands rental price gouging protections to leases of any length, adds three new ZIP codes to prior executive orders prohibiting real estate speculation, and exempts housing in zip codes with high fair market values, which has not previously been on the rental market, from statutory rent caps.

“Governor Newsom’s executive order will make an important difference in the lives of Californians who have been affected by the wildfires. With today’s executive order, California’s price gouging protections now apply to leases of any length. Unsolicited property offers by predatory buyers are now prohibited in three new zip codes in Southern California: 91024, 91103, and 91367. And, with the suspension of the statutory rent caps for certain homes that were not previously on the rental market, additional housing options can come on market. I applaud today’s move by Governor Newsom — my office remains committed to working with our local, state, and federal partners to protect the communities affected by these disasters.”

# # #

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: February 4th, 2025 Heinrich Raises Alarm Over Trump-Caused Chaos at Critical National Security Agencies

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and 36 Senate colleagues sent a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” Heinrich and colleagues wrote.

The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

The letter is led by U.S. Senator Tim Kaine (D-Va.). Alongside Heinrich, the letter was signed by U.S. Senators Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), Ruben Gallego (D-Ariz.), Lisa Blunt Rochester (D-Del.), Michael Bennet (D-Colo.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Edward J. Markey (D-Mass.), Kirsten Gillibrand (D-N.Y.), Bernie Sanders (I-Vt.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Ron Wyden (D-Ore.), Amy Klobuchar (D-Minn.), Tammy Duckworth (D-Ill.), Andy Kim (D-N.J.), Adam Schiff (D-Calif.), Angus S. King (I-Maine), Sheldon Whitehouse (D-R.I.), John Hickenlooper (D-Colo.), Mazie K. Hirono (D-Hawaii), Alex Padilla (D-Calif.), Tina Smith (D-Minn.), Catherine Cortez Masto (D-Nev.), Jack Reed (D-R.I.), Chris Murphy (D-Conn.), Jacky Rosen (D-Nev.), Mark Kelly (D-Ariz.), Brian Schatz (D-Hawaii), Mark R. Warner (D-Va.), Chris Van Hollen (D-Md.), Chris Coons (D-Del.), and Elissa Slotkin (D-Mich.).

The full text of the letter is available here.

MIL OSI USA News –

February 5, 2025

Category: housing

How trees keep us cool (and no, it’s not just about shade)

Watering your trees

Not all trees

Trees keep us cool

First, focus on safety

What risks are involved with flood clean ups?

How can you reduce these risks?

Don’t overlook your mental health

What’s happened so far?

A more unequal and unstable world

A power that’s no longer super

Australia needs to help fill the gap

Background

Share this page

Updates to this page

Household chemicals and products

BEST REGIONAL PARKS FOR CAMPING:

Ātiu Creek

Āwhitu

Wenderholm

Ōmana

Waharau

BEST COASTAL WALKS

Duder and Waitawa

Tawhitokino

Motukorea/Browns Island

Orere Point and Tāpapakanga

HIDDEN TREASURES

Te Rau Pūriri

Mutukāroa/Hamlins Hill

Scandrett

Shakespear

BEHOLD THE RANGES!

Waitākere Ranges

Hunua Ranges

Stay safe out there