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  • MIL-OSI Analysis: Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past

    Source: The Conversation – UK – By Ian Main, Professor of Seismology and Rock Physics, University of Edinburgh

    The earthquake in Russia’s Kamchatka peninsula on July 30 2025 may have been one of the most severe on record, with a magnitude of 8.8. But innovations in science and technology gave governments vital time to warn and evacuate their people from the resulting tsunami.

    Millions of people escaped to higher ground before the tsunami hit.

    The 2004 Boxing Day 9.3 magnitude earthquake and tsunami in Sumatra, which caused approximately 230,000 deaths, some as far away as Somalia on the other side of the Indian Ocean, shows how important these warnings are.

    Early warning systems were not in place for the Indian Ocean in time for the 2004 disaster. But there is now a system in place, with 27 countries participating in the group effort.

    The 2004 tsunami was particularly tragic because tsunami waves travel at a steady speed in the open ocean, about as fast as a jet plane. This means they can take several hours to reach shore across an ocean, with plenty of time for warning.

    An early warning system for the Pacific Ocean, based in Hawaii, was created in 1948 following a deadly tsunami two years before. On April 1 1946, the magnitude 8.6 Aleutian Islands earthquake in the northern Pacific Ocean generated a tsunami that devastated parts of Hawaii hours later, leading to 146 fatalities.

    The death toll was exacerbated by the leading wave being downwards. This happens in around 50% of tsunamis, and exposes the seashore in a similar way to when the tide goes out, but exposing a larger area than normal. People sometimes investigate out of curiosity, bringing them closer to the danger.

    The accuracy and response times of early tsunami warnings have significantly improved since 1948.

    How tsunamis happen

    To understand the work involved in protecting coastal communities, first you need to understand how tsunamis are generated.

    Tsunamis are caused by displacement of mass on the sea floor after an earthquake, landslide or volcanic eruption. This provides an energy source to set off a wave in the deep sea, not just near the surface like in the ocean waves we see whipped up by the wind and storms. Most are small. The Japanese word tsunami translates somewhat innocuously as “harbour wave”.

    Detailed global mapping of the sea floor, pioneered by US geologist Marie Tharpe between 1957 and 1978, helped establish the modern theory of plate tectonics. It also improved the physical models for how the tsunami will travel in the ocean.

    Wave height increases as it approaches the shore, and the topography of the sea floor can result in a complicated pattern of wave interference and concentration of the energy in stream-like patterns. The establishment of sea-floor observatories led to better data for the pressure at the sea floor (related to wave height) and satellite networks now directly monitor wave height globally using radar signals from space.

    One of the factors that has helped scientists predict the range of a tsunami includes the setting up of the worldwide standard station network of seismometers in 1963, which allowed better estimations of earthquake location and magnitude.

    These were superseded by the digital broadband global network of seismometers in 1978, which allowed more detail on the source to be calculated quickly. This includes a better estimate of earthquake size, the source rupture area and orientation in three dimensions.

    It also tells scientists about the slip, which controls the pattern of displacement on the sea floor. This data is used to forecast the time of landing, the amplitude of the wave on the shoreline, and its height in areas where the wave travels further inland.

    The Pacific Ocean warning system now has 46 countries contributing data. It also uses physical and statistical models for estimating tsunami height. The models developed as scientists learnt more about earthquake sources, mapped features on the sea floor and tested model forecasts against outcomes.

    Today’s technology

    The early warning systems we have today are due to a decades-long commitment to global research collaboration and open data. Scientists have also improved their forecast methods. Recently they started using trained AI algorithms which could improve the timeliness and accuracy.

    Pioneered by the US Geological Survey, rapid data sharing is now used routinely to estimate earthquake parameters and make them available to the public soon after the rupture stops. This can be within minutes for an initial estimate then updated over the next few hours as more data comes in.

    However, the forecast wave height is inherently uncertain, variable from place to place, and may turn out to be more or less than expected. Similarly, large earthquakes are rare, making it hard to estimate how likely they are on average, and therefore to design appropriate mitigation measures.

    The 2011 Tohoku earthquake and tsunami in Japan destroyed or overtopped the eight-metre high protective sea walls that had been put in place based on such hazard estimates. There were over 19,000 fatalities. As a consequence, their height has been increased to 12-15 metres in some areas.

    Early warning systems also rely on rapid communication to the public, including mass alerts communicated by mobile phone, coordination by the relevant authorities across borders, clear advice, and advance evacuation plans and occasional alarm tests or drills. Although tsunami waves slow down to the speed of a car as they approach the shore, it is impossible to outrun one, so it is better to act quickly and calmly.

    The effectiveness of warnings also means accepting a degree of inconvenience in false alarms where the tsunami height is less than that forecast, because this is inevitable with the uncertainties involved. For good reason, authorities issuing alerts will err on the side of caution.

    To give an example, nuclear power plants on Japan’s eastern seaboard were shut down on July 30.

    So far it looks like the Pacific early warning system – combined with effective levels of preparedness and action by service providers and decision makers – has worked well in reducing the number of casualties that might have happened without it.

    There will always be a level of uncertainty we will have to live with. On balance, it is a small price to pay for avoiding a catastrophe.

    Ian Main is professor of Seismology and Rock Physics at the University of Edinburgh. He receives funding from UK Research and Innovation Research Council, a member of the UK Office for Nuclear Regulation Expert panel on external hazards, and acts as an independent reviewer for the Energy Industry-funded SeIsmic hazard and Ground Motion Assessment research program SIGMA3.

    – ref. Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past – https://theconversation.com/pacific-tsunami-modern-early-warning-systems-prevent-the-catastrophic-death-tolls-of-the-past-262283

    MIL OSI Analysis –

  • MIL-OSI Analysis: Who is Odysseus, hero of Christopher Nolan’s new epic?

    Source: The Conversation – UK – By Stephan Blum, Research associate, Institute for Prehistory and Early History and Medieval Archaeology, University of Tübingen

    Somewhere between hero and hustler, family man and philanderer, king and con artist, Odysseus is one of ancient literature’s most complex figures. In the Iliad, he is the mastermind behind the Trojan horse.

    In Homer’s Odyssey, he is the protagonist of a ten-year journey home – one that sees him encounter gods, monsters, temptations and profound moral dilemmas. Next year, he will be the hero of a new Christopher Nolan epic, and played by Matt Damon.

    Odysseus’s journey from Troy to Ithaca in the Odyssey is anything but a straight line. It’s an epic zigzag through storms, temptations, divine grudges and existential threats. Instead of returning in weeks, he spends a decade adrift.

    He is stranded by nymphs, resists sirens and watches his crew perish one by one. Every stop tests not only his wit but his very sense of self.

    The Odyssey isn’t a tale of noble perseverance. It’s a study in survival. Odysseus deceives, disguises and entangles himself in morally grey romantic liaisons with a sorceress (Circe), nymph (Calypso) and princess (Nausicaa). He does so often as strategist and sometimes as willing participant.

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    In Homer’s world, infidelity is a tool of survival. Odysseus survives not through moral clarity, but through his moral agility. His loyalty to his wife Penelope (reportedly played by Anne Hathaway in the new adaptation) is longitudinal, not linear. His compass is always aimed at returning to Ithaca, if not always in a straight line.

    Would this flexibility pass modern ethical scrutiny? Probably not. But what made him successful wasn’t moral integrity – it was his ability to navigate each situation, even if that meant bending the rules.

    While Odysseus adapts, Penelope endures with strategic resilience. For 20 years, she fends off suitors with deft delay tactics. She avoids them by weaving and unweaving a funeral shroud for her husband’s father, Laertes. It’s a defiant, slow motion resistance campaign, waged with thread and silence.

    Penelope and the Suitors by John William Waterhouse (1912).
    Aberdeen Art Gallery

    If Odysseus navigates external monsters, Penelope masters the domestic battlefield. Her fidelity in her husband’s absence is deliberate, political and astute. In a patriarchal world, her power lies in pause. Her story is one of emotional labour and strategic survival.

    Narrative loops and non-linear journeys

    The Odyssey is an ancient masterpiece of non-linear storytelling. It begins in the middle of the action and uses nested narratives, flashbacks and shifting voices. Odysseus tells much of his own story, reframing events from his point of view and reshaping himself in hindsight. Memory becomes montage. Truth bends to necessity. Fact and fiction bleed into one another.

    Homer doesn’t just tell a story – he constructs a labyrinth. The Odyssey anticipates the fractured forms of modernist literature and cinema, where identity is unstable and time itself is malleable.

    Odysseus and Penelope by Johann Heinrich Wilhelm Tischbein (1802).
    Wiki Commons

    When Odysseus finally returns to Ithaca, disguised as a beggar and quietly assessing his ship’s wreckage, it’s no romantic climax. It’s a calculated risk. Penelope doesn’t swoon; she tests. Only when he passes her intimate knowledge test – he reacts with outrage when she suggests moving their bed, which he built around a living olive tree – does she relent. Their reunion is not a Hollywood embrace but a wary negotiation.

    It signals restoration, yes. But also mistrust, trauma and mutual testing. Homecoming, like survival, is complicated.

    Odysseus is not a flawless hero. He is a survivor who negotiates with monsters, debates with gods and crawls home disguised as a beggar. A man shaped as much by cunning as by consequence.

    Would Odysseus pass a modern ethics exam? Certainly not. Would he charm the professor, flip the question and still walk out with an A? Absolutely. Some stories endure not because they are true, but because they were told by survivors.

    This article features references to books that have been included for editorial reasons, and may contain links to bookshop.org. If you click on one of the links and go on to buy something from bookshop.org The Conversation UK may earn a commission.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. Who is Odysseus, hero of Christopher Nolan’s new epic? – https://theconversation.com/who-is-odysseus-hero-of-christopher-nolans-new-epic-261781

    MIL OSI Analysis –

  • MIL-OSI Analysis: English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging

    Source: The Conversation – UK – By Richard Bale, Director of Academic Development and Research, Associate Professor, The University of Law

    Cast Of Thousands/Shutterstock

    The Higher Education (Freedom of Speech) Act, which comes into force on August 1 2025, means universities in England now have a new duty to uphold “robust” strategies to ensure freedom of speech on campus.

    To support universities in navigating the boundaries of lawful and unlawful speech, universities regulator the Office for Students appointed its first director for freedom of speech and academic freedom in 2023. Arif Ahmed, who is also a professor of philosophy at the University of Cambridge, has reportedly said that coming across views students might find offensive is part of a university education.

    It’s possible, though, that feeling offended comes up against the important concept of “belonging” at university. In the context of higher education, belonging is often defined as feeling at home, included and valued. It is linked to more students staying in their courses, having enhanced wellbeing, and being able to learn well at university.

    But feeling offended and feeling you belong at university don’t have to be contradictory. Some of our research has found that belonging can also mean being able to challenge the dominant culture at a university, which may exclude students who don’t fit a particular mould.

    Being able to challenge opinions is important.
    Matej Kastelic/Shutterstock

    Some students explained that they proactively resist the prevalent image of the “typical” student. For example, in highly selective universities, students are often extremely competitive and industrious with a tendency to overwork. But this culture may not align with the work-life balance prioritised by some students.

    This form of “positive not-belonging” often takes the form of friendship groups and communities that cultivate an alternative kind of belonging. These groups may well enable greater freedom of self-expression, without fear of being judged or feeling pressured to conform to pre-existing academic cultures.

    While some students are able to carve out these collective and alternative communities for belonging, many others feel their presence and sense of belonging is conditional – especially minority ethnic students. Clearer advocacy for free speech might help these students feel more comfortable speaking up and building a stronger sense of belonging.

    We must not forget that the idea of belonging carries power dynamics, and often has implications for what is perceived as up for debate – and what is not.

    Existing free speech

    What’s more, the views of students suggest that free speech is already part of their experience at university. In 2023, the Office for Students added a question about freedom of expression to the annual National Student Survey, which gathers final-year undergraduates’ opinions on their higher education experience. The question, added for students at English universities only, asked how “free” students felt to express their ideas, opinions and beliefs.

    The results showed that 86% did feel they had this freedom. This has remained stable in the latest survey, with a slight increase to just over 88% in the 2025 results.

    The Office for Students also commissioned YouGov to poll research and teaching staff at English universities about their perceptions of free speech in higher education in 2024.

    Some positive results mirrored the student data. For example, 89% of academics reported that they are confident they understand what free speech means in higher education. But the polling also found that 21% did not feel free to discuss controversial topics in their teaching.

    This lack of perceived freedom of expression does not only have a negative impact on staff. It is widely understood that a key purpose of higher education is to nurture students’ independent thinking and self-awareness. A key step toward this goal is not to be afraid of engaging in difficult conversations, including asking questions.

    However, this does not happen automatically. Universities need to provide clear scaffolding, guidance and practical steps to protect freedom of speech. It is also important to normalise and promote conversations about topics such as cultural differences and intercultural competence, which refers to the ability to interact with people from different cultural backgrounds effectively and appropriately.

    If addressed, these discussions can help to foster inclusion, and promote diversity of thought and expression.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging – https://theconversation.com/english-universities-now-have-a-duty-to-uphold-freedom-of-speech-heres-how-it-might-affect-students-sense-of-belonging-260867

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Innovative programme to support children in Plymouth out of residential care

    Source: City of Plymouth

    A new programme is working to help move children in care in Plymouth from residential placements into family-based settings, including foster care and kinship care.

    Reconnect, a specialist organisation which supports local authorities to achieve successful transitions for children in care, will be working with Plymouth City Council to carry out this work following an executive decision signed on 30 July.

    The initiative comes in response to a growing number of children in care and a national shortage of foster carers, which has led to increased reliance on high-cost residential placements.

    The Council has identified a number of children who, with additional support, are ready to transition to family settings, with the aim of improving their wellbeing.

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care, said: “This programme is about giving children the opportunity to thrive in a supportive family environment.

    “While in a small number of cases, a residential setting may be appropriate for a child or young person, for most it would be much better for them to be living in a family home within Plymouth, close to their friends, families and schools.

    “We are committed to ensuring every child receives the care they need in the most nurturing setting possible and look forward to working with Reconnect to help make this a reality for more of our children in care.”

    Over a 14-month period, Reconnect will provide experienced practitioners to work alongside Plymouth’s social workers, delivering intensive, trauma-informed support to children and their prospective carers.

    Key elements of the programme include:

    • Assessment, planning and intervention: Therapeutic engagement with the identified children to prepare them for family-based care.
    • Foster carer recruitment: Targeted campaigns to recruit and support foster carers capable of meeting the complex needs of children and young people moving out of residential care.

    The programme is designed to be cost-effective, operating on a payment-by-results model. Plymouth City Council will only pay for services once savings are achieved through successful transitions.

    Foster for Plymouth, the Council’s own fostering service, has developed a package of support for carers who can look after children leaving residential care, known as the ‘Step Forward’ scheme. This includes enhanced financial allowances, starting at £840 per week, and wraparound support from a dedicated team of professionals.

    Find out more about becoming a foster carer in Plymouth at fosterforplymouth.co.uk.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Innovative programme to support children in Plymouth out of residential care

    Source: City of Plymouth

    A new programme is working to help move children in care in Plymouth from residential placements into family-based settings, including foster care and kinship care.

    Reconnect, a specialist organisation which supports local authorities to achieve successful transitions for children in care, will be working with Plymouth City Council to carry out this work following an executive decision signed on 30 July.

    The initiative comes in response to a growing number of children in care and a national shortage of foster carers, which has led to increased reliance on high-cost residential placements.

    The Council has identified a number of children who, with additional support, are ready to transition to family settings, with the aim of improving their wellbeing.

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care, said: “This programme is about giving children the opportunity to thrive in a supportive family environment.

    “While in a small number of cases, a residential setting may be appropriate for a child or young person, for most it would be much better for them to be living in a family home within Plymouth, close to their friends, families and schools.

    “We are committed to ensuring every child receives the care they need in the most nurturing setting possible and look forward to working with Reconnect to help make this a reality for more of our children in care.”

    Over a 14-month period, Reconnect will provide experienced practitioners to work alongside Plymouth’s social workers, delivering intensive, trauma-informed support to children and their prospective carers.

    Key elements of the programme include:

    • Assessment, planning and intervention: Therapeutic engagement with the identified children to prepare them for family-based care.
    • Foster carer recruitment: Targeted campaigns to recruit and support foster carers capable of meeting the complex needs of children and young people moving out of residential care.

    The programme is designed to be cost-effective, operating on a payment-by-results model. Plymouth City Council will only pay for services once savings are achieved through successful transitions.

    Foster for Plymouth, the Council’s own fostering service, has developed a package of support for carers who can look after children leaving residential care, known as the ‘Step Forward’ scheme. This includes enhanced financial allowances, starting at £840 per week, and wraparound support from a dedicated team of professionals.

    Find out more about becoming a foster carer in Plymouth at fosterforplymouth.co.uk.

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Heritage NZ – Exhibition with a difference at Alberton

    Source: Heritage New Zealand Pouhere Taonga

    An exhibition with a difference will be unveiled at Alberton, the historic Mt Albert mansion cared for by Heritage New Zealand Pouhere Taonga, on August 10.
    Alberton – Impressions of an Art Group in Residence draws on the work of members of the Auckland Plein Art Group. The historic property – which earlier hosted the group of artists – is the focal point of the group’s creative expression, with interior and exterior scenes of the landmark heritage building serving as subject for the artists.
    The Auckland Plein Air Group is the brainchild of Nicki Heenan and Amanda Gleason who started the group in the summer of 2023.
    “En plein air is an ethos of painting that follows on in the traditions of the French Impressionists and such English artists from the 1800s as Constable and Turner, who took their inspiration from nature and looked for new ways to communicate their ideas,” says Nicki.
    “This was happening in the 1860s – much the same time as the construction of Alberton. There has been a huge revival in plein air painting in the past 10 years with festivals being held around the world.”
    The Auckland Plein Air Group provides a welcoming social environment where people share ideas and provide support and encouragement to each other with the possibility of presenting their artwork to a wider audience through exhibitions and tutorials.
    The exhibition in Alberton’s ballroom is an opportunity for people to come and appreciate the group’s work. The artworks are also available for sale.
    “What these artists have produced is remarkable,” says Alberton Property Lead Rendell McIntosh.
    “They have managed to create a range of images that capture Alberton’s many different moods and angles. The paintings help us see Alberton through fresh eyes – even those of us who are very familiar with the building.”
    – Alberton Impressions of an Art Group in Residence opens on August 10 and runs through to August 31. Entry to the exhibition in the Alberton Ballroom is free (donation appreciated). Standard entry fee applies to visit the rest of house.
    – Join us for a Quick Draw event on (Sunday August 31, 11am-1pm) where you can bring your own art materials and paint alongside the Auckland Plein Air Group members. The Quick Draw is a fundraising event with a suggested $5 koha. All ages, especially school age, welcome and there are special awards for young painters. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: PREPARED REMARKS: Sanders Forces Vote to Stop Arms Sales to Israel Amid Starvation in Gaza

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders

    WASHINGTON, July 30 – Sen. Bernie Sanders (I-Vt.) today rose to force a vote on two Joint Resolutions of Disapproval (JRDs) to block offensive arms sales to Israel in light of the daily civilian massacres and unfolding famine created by the Netanyahu government’s policies. The JRD is the only formal mechanism available to Congress to prevent an arms sale noticed by the administration from advancing.

    Sanders’ remarks introducing the vote today, as prepared for delivery, are below and can be watched live HERE:

    M. President, let me begin by stating what this debate is about, and what it is not about. It is not about whether anyone in the Senate disagrees that Hamas is a terrorist organization, which began this war with a brutal terrorist attack on October 7, 2023, that killed 1,200 innocent people and took 250 hostages. Everyone agrees with that.

    The International Criminal Court was right to indict the leaders of Hamas as war criminals for those atrocities. There is also, I believe, no disagreement as to whether or not Israel had a right to defend itself, like any other country suffering an attack like that. Clearly, it did.

    And, in a certain sense, this debate is not really about Israel. It is about the United States of America, and whether we will abide by U.S. and international law, or whether we will continue to contribute billions of dollars to an extremist government in Israel, which has caused an unprecedented humanitarian disaster in Gaza. This debate is over whether or not the United States of America will have any moral credibility on the international scene. Whether or not we will be able, with a straight face, to condemn other countries who commit barbaric acts if we don’t stand up tonight. That is what we are debating.

    M. President, the vast majority of the American people and the world community understand that the Netanyahu government in Israel has gone well beyond defending itself from Hamas. Over the last 21 months, it has waged an all-out, illegal, immoral and horrific war of annihilation against the Palestinian people. 

    This war has already killed some 60,000 Palestinians and wounded more than 143,000 — most of whom are women, children and the elderly. In a population of just over two million, more than 200,000 people have been killed or wounded since this war began. That, M. President, is 10% of the population of Gaza. 

    M. President, to put that into scale so we as Americans can understand the enormity of what is happening there, if that kind of destruction happened in the United States — if 10% of our population were killed or wounded in war, it would mean that 34 million of us would have been killed or wounded.

    The toll on Gaza’s children is unspeakable, and it is literally hard to imagine. The United Nations reports that more than 18,000 children have been killed since this war began. Just this morning, the Washington Post published a list of all these children’s names, and I ask that these names be entered into the Congressional Record.

    I should mention that more than 12,000 of these children were under the age of 12, and more than 3,000 children in Gaza have had one or more limbs amputated. That is how this war has impacted the children in Gaza. But it’s not just the horrific loss of life that we are seeing.

    New satellite imagery shows that Israel’s indiscriminate bombardment has destroyed 70% of all structures in Gaza. The UN estimates that 92% of the housing units have been damaged or destroyed. Most of the population is now living in tents or other makeshift structures.

    And let us not forget, over the last 21 months, these people, most of whom are poor, have been displaced time and time again — told to go here, told to go there, moved around with often no possessions other than the clothing on their backs.

    M. President, the health care system in Gaza has been destroyed. Most of the territory’s hospitals and primary health care facilities have been bombed. More than 1,500 health care workers have been killed, as well as 336 UN staff.

    Gaza’s civilian infrastructure has been totally devastated, including almost 90% of water and sanitation facilities. Raw sewage now runs all over Gaza. Most of the roads have been destroyed. Gaza’s educational system has been obliterated. Hundreds of schools have been bombed, as has every single one of Gaza’s 12 universities. And there has been no electricity in Gaza for 21 months. 

    M. President, all of this is a horror unto itself. But in recent months, the Netanyahu government’s extermination of Gaza has made an unspeakable and horrible situation even worse. 

    From March 2 to May 19, Israel did not allow a single shipment of humanitarian aid into Gaza — no food, no water, no fuel and no medical supplies for a distressed population of two million people over a period of 11 weeks. Since then, Israel has allowed a trickle of aid to get into Gaza, but nowhere near enough to meet the enormous needs of a population besieged for so long. 

    M. President, when you cut off all food to a population, what happens is not surprising. People starve to death. And that is exactly what Israeli policy has deliberately done — it is causing mass starvation and famine.

    Children and other vulnerable people are dying in increasing numbers. In the last two weeks, dozens of young children have died from starvation. Starving mothers cannot breastfeed their infants, and no formula is available, and certainly no clean water to make it, in any case. Hospitals have run out of nutritional treatments, and doctors and nurses who are already treating the desperate, they themselves are going hungry and are fainting from hunger. 

    The World Food Programme says that the food crisis has reached “new and astonishing levels of desperation, with a third of the population not eating for multiple days in a row.” 

    Just yesterday, the gold-standard UN-backed food monitoring group, the IPC, issued a new report saying: “The worst-case scenario of famine is currently playing out in the Gaza Strip.”  

    When mass death from starvation begins, it is difficult to reverse. Aid groups say it will soon be too late to stop a wave of preventable deaths in Gaza, all of which is the direct result of the Israeli government’s policies. 

    M. President, what I’m going to describe now is gruesome, but I think it is important for us to understand what is happening to the children in Gaza.

    Mark Brauner, an American doctor who spent in two weeks in Gaza in June described the situation: “a lot of the children have already passed the point of no return where their physiology has eroded to the point where even refeeding could potentially cause death itself. The gut lining has started to auto-digest and it will no longer have adequate absorptive capacity for water or for nutrition. Death is unfortunately imminent for probably thousands of children.”

    That’s an American physician who was in Gaza in June.

    M. President, what the extremist Netanyahu government is doing now is not an effort to win a war. There is no military purpose in starving thousands and thousands of children. Let us be clear: This is not an effort to win a war, this is an effort to destroy a people.

    Having already killed or wounded more than 200,000 Palestinians, mostly women and children, the extremist Israeli government is using mass starvation to engineer the ethnic cleansing of Gaza. They are trying to drive a desperate people out of their homeland, to God knows where. 

    This is not my speculation; this what Israeli ministers and officials are saying themselves.

    A few months ago, the Finance Minister vowed that “Gaza will be entirely destroyed.” Just last week, another current Israeli minister said: “All Gaza will be Jewish… the government is pushing for Gaza being wiped out. Thank God, we are wiping out this evil.” Another Likud member of the Knesset and former minister called for “Erasing all of Gaza from the face of the earth.”

    And in the West Bank, we see this agenda being carried out clearly and methodically, with more than 500,000 Israeli settlers now illegally occupying land integral to any future Palestinian state. Earlier this month, the Knesset even approved a non-binding motion in favor of formally annexing the West Bank.

    This slow-motion annexation is backed by violence: Israeli security forces and settler extremists have killed thousands of Palestinians in recent years. Israeli settlers brutally beat a young American to death earlier this month, the seventh American killed in the West Bank since 2022. Despite a demand from President Trump’s ambassador to Israel, Mike Huckabee, no one has been held accountable for these deaths.

    M. President, people around the world are outraged by what is going on in Gaza right now, and countries are increasingly demanding that Netanyahu’s government stop what they are doing.

    France and Canada have said they will recognize a Palestinian state. The United Kingdom has said it will do so, as well, if Israel does not immediately end this war and surge humanitarian aid. And at the UN last month, 149 countries voted for a ceasefire resolution condemning the use of starvation as a weapon of war and demanding an end to Israel’s blockade on humanitarian aid. But it is not just the international community. 

    Just yesterday, Gallup, one of the best polling organizations in our country, released a new poll that shows that just 32% of Americans support Israel’s military action in Gaza, while 60% oppose it. To my Democratic colleagues here in the Senate, I would point out that only 8% of Democrats support this war, and just 25% of independents. And to my Republican colleagues, I would point out that more and more Republicans are beginning to speak out against the atrocities of this war and the fact that billions of billions of taxpayer dollars are going to a government in Israel waging an illegal war. 

    Further, M. President, a recent Economist/YouGov poll shows that just 15% of the American people support increasing military aid to Israel, while 35% support decreasing military aid to Israel or stopping it entirely. Just 8% of Democrats support increasing military aid to Israel. 

    M. President, the American people are haunted by the images coming out of Gaza.

    These are desperate children with pots in their hands, crying, begging for food in order to stay alive. That’s what the American people are seeing every night on TV, on the internet and in the newspapers. These are emaciated children, their bodies, in some cases, barely more than skeletons. The American people are seeing miles and miles of rubble where cities and towns once stood. They are seeing innocent people shot down while they wait on line to get food while they are starving.

    M. President, despite these war crimes, carried out daily in plain view, the United States has provided more than $22 billion for Israel’s military operations since this war began. One estimate, based on Brown University research, calculates that the United States has paid for 70% of the Gaza war. In other words, American taxpayer dollars are being used to starve children, bomb schools, kill civilians and support the cruelty of Netanyahu and his criminal ministers. And that, M. President, is why I have brought these two resolutions of disapproval to block offensive arms sales to Israel. 

    S.J.Res.34 would prohibit the U.S.-taxpayer financed $675.7 million sale of thousands of 1,000-pound bombs and many thousands of JDAM guidance kits.

    And S.J.Res.41 would prohibit the sale of tens of thousands of fully automatic assault rifles.

    These arms sales clearly violate the Foreign Assistance Act and the Arms Export Control Act, which prohibit sending arms to countries that violate international law by killing civilians and blocking humanitarian aid — and very few people doubt that that is exactly what Israel is doing. If you want to obey the law, vote for these resolutions. 

    The rifles in question will go to arm a police force overseen by far-right, extremist minister Itamar Ben-Gvir, who has long advocated for the forcible expulsion of Palestinians from the region, who was convicted of support for terrorism by an Israeli court, and who has distributed weapons to violent settlers in the West Bank. Ben-Gvir has formed new police units comprised of extremist settlers and has boasted about how many weapons he has distributed to vigilante settlers in the West Bank. And you want to give him more rifles? That’s what one of these resolutions is about.

    These are rifles the Biden administration held back over fears they would be used by extremist Israeli settlers in the West Bank to terrorize Palestinians and push them from their homes and villages.

    M. President, U.S. taxpayers have spent many, many billions of dollars in support of the racist, extremist Netanyahu government. Enough is enough. 

    Americans want this to end. They do not want to be complicit in an unfolding famine and daily civilian massacres. And we here in Congress tonight have the power to act. No more talks, no more great speeches. But tonight, we have the power to act — the power to force Netanyahu and his extremist government to end this slaughter.

    The time is long overdue for Congress to use the leverage we have — tens of billions in arms and military aid — to demand that Israel end these atrocities.

    At a time when Israeli soldiers are shooting civilians trying to get food aid on a near-daily basis, when extremist settlers are pushing Palestinians from their homes in the West Bank, and when Gaza is witnessing mass starvation as a result of Israeli government policy, the United States should not and must not be providing more weapons to enable these atrocities. 

    M. President, whatever happens tonight, history will condemn those who fail to act in the face of these horrors.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen Helps Lead Effort Calling for Large‑Scale Expansion of Humanitarian Aid to Gaza, Return of Hostages, and Resumption of Negotiations to End the War

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – U.S. Senator Jacky Rosen (D‑NV) joined Senators Schiff, Schatz, and Schumer in leading a letter to Secretary of State Marco Rubio and Special Envoy to the Middle East Steve Witkoff raising alarm over the worsening humanitarian crisis and starvation in Gaza. The letter urges a large‑scale expansion of humanitarian aid, calls for immediately bringing all the hostages home, endorses  a return to the negotiating table to end the war, and supports a permanent end to Hamas rule in Gaza.
    “The acute humanitarian crisis in Gaza is also unsustainable and worsens by the day. Hunger and malnutrition are widespread, and, alarmingly, deaths due to starvation, especially among children, are increasing,” wrote the Senators. “The ‘Gaza Humanitarian Foundation’ has failed to address the deepening humanitarian crisis and contributed to an unacceptable and mounting civilian death toll around the organization’s sites. To prevent the situation from getting even worse, we urge you to advocate for a large-scale expansion of humanitarian assistance and services throughout the Gaza Strip, including through the use of experienced multilateral bodies and NGOs that can get life-saving aid directly to those in need and prevent diversion.” 
    “The Israeli hostages, held in Gaza by Hamas since their brutal attack on Israel on October 7th, have suffered far too long, as have their families. It is imperative that those still living be brought home as soon as possible, before more perish as the war drags on. And it is essential that the remains of those presumed killed – including Americans Omer Neutra and Itay Chen – be reunited with their loved ones. After many months of despair, it is long past time to bring all of the hostages home,” wrote the Senators. 
    The full text of the letter is available HERE.
    Senator Rosen has been leading the push for Hamas to release the remaining hostages and has been calling for increased humanitarian aid for innocent civilians in Gaza. As Ranking Member of the Senate Foreign Relations Committee’s Subcommittee on the Near East, Senator Rosen led a hearing focused on the Middle East, where she raised the importance of humanitarian access and a negotiated ceasefire that brings the hostages home. Earlier this year, she traveled to Israel, the West Bank, Jordan, and Iraq, discussing the war in Gaza and humanitarian aid in several of her diplomatic engagements. Senator Rosen also led a bipartisan, bicameral resolution demanding the safe release of hostages still held by Hamas. In January, she applauded the agreement between Israel and Hamas to pause fighting and secure hostage releases.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Veterans Legislation Passes Out of Committee, Heads to Senate Floor for Final Vote

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville’s (R-AL) legislation, the Veterans Homecare Choice Act—which aims to expand care options for veterans by allowing caregiver registries to qualify for the Community Care Network (CCN)—passed out of the Senate Committee on Veterans’ Affairs. The legislation would give veterans greater flexibility in choosing home health services—such as nursing care, health aides, or companion support—from independent professionals. The legislation effectively reverses limitations introduced by the 2018 VA MISSION Act, restoring access to homecare providers operating through caregiver registries and enabling reimbursement through the VA.

    “When our country’s heroes need medical care in their own homes, they should be able to decide what kind of service is best for them,” said Sen. Tuberville. “This bill fixes an obvious error that’s forcing veterans into one-size-fits-all homecare programs instead of giving them the options they deserve. Having care in the home is an important and personal decision. I’m glad to see this legislation pass out of committee and head to the floor for a vote.Veterans deserve the freedom to choose a homecare provider they trust, and they are one step closer to being able to make that decision.”

    In addition to the Veterans Homecare Choice Act, the Senate Committee on Veterans’ Affairs passed the Veterans ACCESS Act, which included elements of the Ensuring Continuity in Veterans Health Act, legislation Sen. Tuberville introduced earlier this year. The Ensuring Continuity in Veterans Health Actallows veterans to continue accessing community care for services they already receive, prevents disruptions for veterans receiving specialized treatments from community care providers, and provides veterans with the most convenient providers.

    MORE:

    Tuberville, Moran Introduce Legislation to Give Cost-of-Living Increase to Veterans

    Tuberville Introduces Legislation to Help Disabled Veterans

    Tuberville, VA Secretary Doug Collins Discuss Streamlining Processes to Improve Outcomes for Veterans

    Tuberville, Lee Introduce Legislation to Repurpose Woke USAID Funding to Improve Veterans’ Homes

    Tuberville, Boozman Introduce Legislation to Support Defrauded Veterans

    Tuberville Reintroduces Legislation to Expand Treatment Options for Veterans

    Tuberville Introduces Legislation to Ensure Community Care Access for Veterans

    Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: DelBene Underscores Risks to Medicare & Medicaid at Redmond Senior Care Facility

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Congresswoman Suzan DelBene (WA-01) visited Redmond Care and Rehabilitation Center and Redmond Heights Senior Living as part of a National Day of Action to raise awareness about harmful cuts to Medicare and Medicaid. DelBene met with facility staff to discuss how the recently passed Big Ugly Bill is already affecting care and creating uncertainty for providers and patients alike.

    The Big Ugly Bill slashed over $1 trillion from the U.S. health care system, putting more than 15 million Americans at risk of losing health coverage and triggering deep cuts to both Medicare and Medicaid. In Washington state, hospitals could lose an estimated $662 million annually. The bill also weakened Medicare through a half-trillion-dollar sequester and stricter eligibility rules for immigrants, while reducing Medicaid payments to providers and putting more than 500 nursing homes nationwide at risk of closure.

    “Medicare and Medicaid are lifelines for Washington seniors, working families, and people with disabilities. Congress should be strengthening, not dismantling, these vital programs,” said DelBene. “I heard directly from caregivers and residents today who are worried about what these cuts mean for their future. I’ll keep fighting to protect access to affordable, high-quality care for every Washingtonian.”

    “By slashing Medicaid, we aren’t just cutting a budget line- we are cutting off lifelines for seniors who depend on skilled nursing care to survive with dignity. These are not just numbers on a page- they are people, families, and futures,” said Sravanthi Dasari, DPT, Administrator for Redmond Care and Rehabilitation Center and Redmond Heights Senior Living.

    “If we can’t provide adequate therapy, that stroke patient may never walk again. If we can’t maintain proper staffing ratios, that confused resident might fall and break a hip,” said Victor, MDS Coordinator for Redmond Care and Rehabilitation Center and Redmond Heights Senior Living. “These aren’t just statistics in a budget – they’re real people whose highest level of functioning and quality of life depend on the assessments I complete and the funding those assessments generate. Medicare and Medicaid funding doesn’t just pay bills; it preserves hope and human dignity.”

    “The Big Beautiful Bill will be devastating for everyone, especially for nursing home residents which will end up having ramifications for every US citizen, because the quality of health care will be diminished and people will end up leaving the profession,” said Joe Pergamo DPT/DOR for Redmond Care and Rehabilitation Center and Redmond Heights Senior Living. “Thank you for being a voice for the unheard population. The time to act is now so we could prevent what will be devastating to people who rely on health care services. It would end up having ripple effects and long-lasting decline. People will end up going without much needed healthcare and as a result get weaker and sicker.”

    MIL OSI USA News –

  • MIL-OSI China: China’s high-level opening up is powering global growth

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

    An aerial drone photo taken on May 29, 2025 shows cargo ships berthing at a container dock of Qingdao Port in Qingdao, east China’s Shandong province. [Photo/Xinhua]

    China’s approach to substantive, high-quality opening up is proving to be a critical endeavour for a safe and mutually progressive future. This can clearly be seen in a series of high-profile exhibitions and trade fairs held in recent weeks, such as the 3rd China International Supply Chain Expo (CISCE) and the 9th China-South Asia Expo (CSAE). Both events attracted dozens of trade contracts, economic agreements and cutting-edge technology innovations that have produced significant potential for robust global engagement. 

    “China’s policy of attracting foreign investment will not change and the door to openness will only open wider,” said Chinese Commerce Minister Wang Wentao in a recent meeting with Nvidia CEO Jensen Huang. 

    Factor in visa-free entries and multisector offerings for investors, and it is clear that the path to embracing high-quality growth and modernization is promising. Here is how.

    First, the 3rd CISCE is proof that China is bringing proponents of global innovation together. After all, breakthrough innovations spanning industry-specific technologies, new robotics and clean energy applications send a powerful signal that China is willingly opening up more sectors for foreign investors and exhibitors alike. Innovative measures such as a “Debut Zone” at the CISCE provided a melting pot for over 100 internationally competitive products to feature in a market that has a track-record of easing market access – both within and beyond the region. 

    These measures reflect a conscious push from China to create an environment for trading partners conducive to weathering the tide of protectionism, and generating enduring business-to-business linkages. It shows in the rampant increase in investments from major enterprises in China’s cutting-edge technology sector, where the benefit of secure supply chains, firm and dependable government support, strong resilience against external shocks and deep R&D indigenization, affords vital strategic advantages. With heads of notable foreign enterprises making exactly this case this month, and new quality productive forces creating new inroads, it is clear that China is offering to share the dividends of long-term modernization.

    The Regional Comprehensive Economic Partnership (RCEP), long viewed as a fixture of future trade advancement and trade liberalization in the Asia-Pacific, also merits significant confidence. China’s own contribution to bringing together the motivations of RCEP partner countries makes that point clear: The 9th CSAE saw nearly 1.4 billion yuan in new economic agreements, a vital value addition on the back of China’s 4th RCEP Regional (Shandong) Import Commodity Expo. China’s ability to convene a broad range of stakeholders, including the heads of major multinationals, partner group governments, budding entrepreneurs and international suppliers, demonstrates a forward-looking approach to high-standard opening up, and one where the policies undergirding high quality opening – cross-border data governance, streamlined financial support for foreign firms, and robust multisector investments in domestic R&D sectors – are conducive to the future demands of developing and developed economies alike. 

    As China looks to further evolve new quality productive forces and elevate its reforms of management frameworks, these are powerful endorsements of an innovation-focused development model and evidence of China’s stronger global economic integration. 

    China’s visa-free entry measures have also played a meaningful role in propelling trade and travel connectivity when it matters most. The country’s visa-free access now spans dozens of countries, indicating a conscious investment in foreign exposure that has seen foreign entries soar beyond 13.6 million so far this year. Growing overseas receptivity to China creates fresh incentives for spending, in turn revitalizing core consumer industries at home, and enabling domestic and foreign firms to exercise healthy competition for cost-effective and high-quality product offerings. 

    The move also helps bring down transaction costs and generates pathways to setting up new small and medium-sized enterprises through easier market access. It has also helped business participation soar in major trade expos, from the Canton Fair to the CSAE and CISCE. The China-Malaysia mutual visa free agreement, and new pacts spanning Latin American states, further demonstrate China’s deepening collaboration with the Global South – a vital indication to bring down trade barriers and prepare the ground for more inclusive, and growth-receptive economic architecture. 

    Glimmers of that architecture can be seen in China and Latin America’s regular convenings on a shared future, including ministerial level convenings of the China-Community of Latin American and Caribbean States (CELAC) Forum. This is important because major sectors such as renewable energy and digital technology are fast altering the productivity and manufacturing heft of many Latin American states, helping to empower local industries from the ground up. As China deepens its opening up with an eye on bolstering people-to-people exchanges, prospects of future business integration, public-private partnerships and deeper unity within the Global South merit considerable optimism. 

    China plans to enhance its pilot free trade zones by promoting innovative reforms and integrated development, aiming to elevate them into advanced platforms for higher-level openness and stronger reform momentum. Such efforts underline a commitment to bolstering mechanisms for high-quality cooperation under the Belt and Road Initiative, a consolidating factor for many countries taking part in major Chinese expos and trade fairs this year. 

    The China-South Asia Expo – which traces its origins back to 2013, the year of the launch of the Belt and Road Initiative (BRI) – is a case in point. Participating exhibitors can view trade exhibitions as major avenues to promote BRI-linked market access, as the initiative provides a framework for infrastructure financing and allows partner states to promote specialty products, and consider deeper integration into regional supply chains. China’s active promotion of key BRI corridors, including the China-Pakistan Economic Corridor, sends a powerful message that the path to high-standard opening up is driven by a desire to extend modernization benefits to BRI partners overseas. 

    China’s large and open market provides shared opportunities worldwide, and will keep fueling global economic expansion and dynamism. Using new productive forces to inject further resilience, vitality and international outreach in this market is therefore a critical indicator that China is supportive of mutual collaborations and an equitable, growth-friendly future for all.

    Hannan Hussain is co-founder and senior expert at Initiate Futures, an Islamabad-based policy think tank.

    Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.

    MIL OSI China News –

  • MIL-OSI USA: Senator Murray, Health Insurance Marketplace Experts Lay Out How Republicans’ Refusal to Extend Health Care Tax Credits Will Spike Premiums & Health Care Costs for Millions

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    KFF: Individual market insurers are requesting the largest premium increases in more than 5 years; Out-of-pocket premium payments will go up by 75 percent if the tax credits expire

    In Washington state, expiration of health care tax credits will kick 80,000 people off health coverage

    Senator Murray has been fighting for months to extend tax credits that help working families afford health care and has introduced legislation to make them permanent

    ***Watch full press conference HERE; download HERE***

    Washington, D.C. —Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, held a virtual press conference with Jeanne Lambrew, Director of Health Care Reform at The Century Foundation and a former senior official in the Obama administration official who worked on the passage and implementation of the Affordable Care Act (ACA), and Washington Health Benefit Exchange CEO Ingrid Ulrey, to discuss—and sound the alarm on—how Republicans’ refusal to extend critical ACA tax credits that help families and small businesses who purchase their own health insurance on the marketplace will spike premiums and raise health care costs for people in Washington state and across the country.

    At the end of this year, enhanced premium tax credits Congress enacted to lower the cost of health care for working people who buy health insurance on their own are set to expire. For months, Republicans have refused to extend them, including recently as part of their partisan reconciliation bill, the One Big Beautiful Bill Act—which was explicitly designed to extend expiring tax credits, and included trillions of dollars in tax breaks for billionaires.

    If Republicans continue to refuse to extend the health care tax credits, 22 million Americans across the country—including more than 216,000 people in Washington state—will see their health care costs and premiums skyrocket in January. The expiration of these tax credits is estimated to drive up out-of-pocket premium payments by an average of over 75 percent for Americans who rely on ACA health plans for coverage, and these higher costs will push 4.2 million people off their health coverage over the next decade—including an estimated 80,000 people in Washington state. Right now, health insurers and state regulators are finalizing premium rates for next year, and marketplace insurers are requesting the largest premium increases in more than 5 years. In Washington state, health insurers have already requested to hike their rates by one fifth—people who purchase health insurance through the marketplace may see their premiums rise between 4.7 percent and 23.6 percent, depending on the plan. A fact sheet from the Washington Health Benefit Exchange on the enhanced premium tax credits and what their expiration would mean for people in Washington state is HERE.

    “While the health care tax credits Republicans refused to extend may not expire until the end of the year, insurers are setting their rates right now, and when credits expire—rates go higher. Marketplace insurers are right now requesting the largest premium increases in more than 5 years. In Washington state, health insurers have already requested to hike their rates by over 20 percent, in no small part because of what Republicans have done—or rather, refused to do,” said Senator Murray. “When premiums spike next year, I am going to make sure everyone knows it’s because Republicans chose to make health care more expensive. Not on accident. Not for reasons unknown. But because Republicans decided to do nothing and let costs skyrocket. Because Republicans decided we can afford to shovel trillions of dollars towards tax breaks for billionaires, but we can’t afford to help working families get health care.”

    Senator Murray played a critical role in passing the enhanced premium tax credits in the American Rescue Plan in 2021 and extending them in the Inflation Reduction Act in 2022, and she has been fighting for months to make sure these important health care tax credits don’t expire, including cosponsoring legislation—the Health Care Affordability Act—that would make them permanent.

    “The expiring ACA Marketplace tax credits are critical to keeping meaningful coverage within reach for millions of Americans,” said Jeanne Lambrew, Director of Health Care Reform at The Century Foundation and a former senior official in the Obama administration official who worked on the passage and implementation of the Affordable Care Act (ACA). “Unless Republicans come to the table to lower costs for families by extending these tax credits, Americans across the country are going to see their premiums skyrocket—especially in rural areas and places where access to health care is already challenging.”

    “Enhanced premium tax credits help more than 216,000 Washingtonians afford health coverage and are especially important for older and rural residents, small business owners and self-employed people in our state. If Congress allows them to expire, people will be angry and upset by steep premium increases starting in January 2026. Many will drop coverage and everyone in our state will feel the pain of ripple effects across our health care system and economy,” said Ingrid Ulrey, Chief Executive Officer for Washington Health Benefit Exchange. “These tax credits work. They help make coverage more affordable for working people, families and small businesses all over the state.”

    Senator Murray’s remarks, as delivered, are below:

    “Thank you all for joining me today. You know, Republicans have been trying to tell some big fat lies about their big, awful bill, especially when it comes to health care.

    “So, we are here to set the record straight, and to give America a stark warning. When Republicans lined up behind Trump, and jammed through a bill they hardly liked, and hardly even read—they didn’t just vote to throw trillions of dollars in tax cuts at some of the richest people in the world, they also voted to throw working families to the wolves and throw America’s health care into chaos.

    “From cutting Medicaid, something they first said they weren’t doing and now are pretending they want to undo. To shuttering hospitals, something they first said would not happen and then said they could cover with a Band-Aid.

    “To approving Trump’s sabotage of the ACA marketplace something that will kick millions of families off their coverage.

    “To refusing to extend health care tax credits, something that will send premiums skyrocketing, and push another 4.2 million people off their insurance.

    “Let’s be clear about just how big of a deal that is. Right now, these tax credits—passed entirely by Democrats—are saving millions of people across the country hundreds of dollars a month!

    “In Washington state, we have over 200,000 people—who are saving around $1,300 a year on average.

    “But instead of extending that support for working class families, instead of putting health care first, Republicans put billionaires first.

    “And now families are going to be the one stuck footing the cost for Republicans’ big, ugly bill. And unfortunately, the consequences of Republican actions—which they keep trying to deny—are coming sooner than Republicans might think.

    “Because, while the health care tax credits they refused to extend may not expire until the end of this year, insurers are setting their rates right now, and when credits expire—rates go higher.

    “Marketplace insurers are right now requesting the largest premium increases in more than 5 years.

    “In Washington state, health insurers have already requested to hike their rates by over 20 percent, in no small part because of what Republicans have done—or rather, refused to do.

    “Combined with Republican ACA sabotage? That could push as many as 150,000 people off their health care coverage across our state. To say nothing of the people who will get pushed off Medicaid in 2027 and beyond.

    “This is going to be catastrophic—which is why it’s so important we sound the alarm for families about what is coming down the pike.

    “And I want to sound the alarm for Republicans too—if you don’t come to the table ASAP to fix this, you are not going to be able to spin your way out of this reality.  

    “When over 15 million people lose their health care due to Republican health care cuts and sabotage, you are not going to convince them everything is A-Okay.

    “When hospitals shutter because Republicans gutted their funding, you can’t just pretend everything is sunshine and nothing is wrong.

    “When insurance companies jack up premiums across the country and millions of families lose the health care tax credits that saved them thousands of dollars because Republicans refused to lift a finger, you’re not going to get by, by sticking your heads in the sand.

    “You are the ones who put American health care on this collision course. You may try to ignore the warnings, you may try to ignore the voices back home speaking out, but you’re not going to be able to avoid the responsibility.

    “When premiums spike next year, I am going to make sure everyone knows it’s because Republicans chose to make health care more expensive.

    “Not on accident. Not for reasons unknown. But because Republicans decided to do nothing and let costs skyrocket.

    “Because Republicans decided we can afford to shovel trillions of dollars towards tax breaks for billionaires, but we can’t afford to help working families get their health care.

    “They couldn’t be more wrong.

    “So, I’m really glad to be joined today by two speakers who are experts on the ACA tax credits and they can lay out what their expiration will mean for families in Washington state and across the country.”

    MIL OSI USA News –

  • MIL-OSI China: Study tour boom fuels China’s countryside revival

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

    Children draw pictures beside the fields at Yuxin Town of Nanhu District in Jiaxing City, east China’s Zhejiang Province, April 27, 2024. (Xinhua/Lan Hongguang)

    “Traveling thousands of miles is better than reading thousands of books” is a proverb many Chinese parents have faith in, and its sentiment is fueling the rise of study tours, particularly during the ongoing summer vacation in China.

    Integrating educational content with holiday vibes, these tours typically involve visits to prestigious universities, museums and cultural heritage sites.

    And now a shift is underway — parents, schools and travel agencies are turning away from bustling cities and opting for the tranquil countryside when making holiday arrangements for children and teens, aiming to help them broaden their horizons and get close to nature.

    In northeast China, where cornfields stretch far and wide, Ma Zhihai demonstrated how to use stone axes and iron sickles, both traditional farming tools that are unfamiliar to many urbanites, to an attentive study tour group.

    The 62-year-old farmer from Changchun, Jilin Province, works as a part-time guide at a corn museum in his village. With a collection of nearly 10,000 items, the museum often caters to groups of local students.

    “The oldest exhibits date back to dynasties 1,000 years ago,” Ma said, viewing the collections as a living textbook preserving China’s farming culture.

    Ma’s village is among China’s many rural areas that are tapping into the potential of educational tours and opening a new gateway to rural revitalization. Data shows that this booming market neared a scale of 147 billion yuan (20.6 billion U.S. dollars) in 2023 and is projected to hit 242 billion yuan by 2026.

    Featuring wild landscapes, rich histories and folk cultures, China’s rural areas have natural advantages for study field trips.

    “Look, I caught a crab!” a girl exclaimed in a paddy field that is also used for crab breeding. Mud spots on her face marked her triumph and also her study results.

    The field in Zhoujiazhuang, a village in north China’s Hebei Province, allows rice and crabs to coexist, while also serving as a dedicated base for educational tours. Students on the tour were seen planting rice seedlings and taking notes on the ideal water temperature for crab cultivation.

    “It’s so fun. I’m even thinking about raising a crab myself now,” one boy said.

    Attracted by such niche experiences, many of the tourists visiting Zhoujiazhuang are now willing to remain there longer, with overnight stays increasing notably. Ranging from brief snapshot visits to deeper immersion in a slow-paced way of life, rural tourism is gaining new vitality.

    This positive trend is also a result of the progress China’s rural areas have made in their development of infrastructure and living environments. Today, over 90 percent of administrative villages across the country are covered by the 5G network, and more than 300,000 village-level logistics facilities have been put into use.

    Thanks to a government push to stimulate consumption and the country’s efforts to promote comprehensive rural revitalization, a multitude of study tour campsites have sprouted across rural China. By giving full play to local tourism resources, they are emerging as a new form and key driver of rural revitalization.

    In southwest China’s Yunnan Province, a popular tourist destination, travelers are attracted by the opportunity to learn about ceramics, bamboo weaving and ethnic-minority embroidery handicrafts. Meanwhile, in Yudong Village in east China’s Zhejiang Province, which is known for its folk arts, the likes of travelers, artists and farmers sit down together to paint picturesque scenery.

    Rural residents are deeply involved in this wave — and their incomes have increased markedly via sales of specialty foods and the running of guesthouses.

    In a village of Zhongyi Township, southwest China’s Chongqing Municipality, workshops on local dances, tea and desserts have created more than 200 jobs and spawned over 20 derivative products, like noodles and honey beverages, achieving a remarkable 43-percent repurchase rate on multiple e-commerce platforms.

    Zhongyi was once among the poorest towns in Chongqing — its local average annual income was less than 10,000 yuan in 2019.

    Capitalizing on the “tourism-plus-educational-tour” model, Zhongyi recorded 189,000 tourist trips in 2024, generating 9.88 million yuan in revenue — with the average income of locals increasing by 32 percent compared with 2020.

    “We have designed 10 tours involving different routes, transforming Zhongyi into a live-scenario classroom that teaches about bees while representing traditional farming and folk customs,” said Liu Chengyong, an educational tour guide.

    Liu is a native of Zhongyi. In 2020, he returned to his hometown and joined a collective that organizes study tours. He led other young entrepreneurs to tap into the market and design compelling educational programs. Now, the company can handle 1,300 visits each day.

    The transformation of Zhongyi has convinced more young people like Liu to return home and pitch in. Over the past three years, the town has attracted over 100 young entrepreneurs, giving rise to new jobs like “countryside CEO” and study tour guide.

    Young returnees in rural areas also help address the lack of guides and breathe new life into rural revitalization with fresh eyes and business philosophies.

    Ni Shuna, who was born in the 1990s, operates an ecological agricultural company based in a town under the administration of Hangzhou, the capital of Zhejiang. Seeing the potential of educational tours, Ni’s team designed activities such as fruit picking, orchard tours and starry-night camping, making her company a multi-functional leisure business that integrates catering, entertainment and education.

    “Kids come here to increase their knowledge and broaden their horizons. It’s worthwhile to see their eyes gleam with curiosity and gratification,” Ni said.  

    MIL OSI China News –

  • MIL-OSI USA: Governor Hochul is a Guest on ‘inside City Hall’

    Source: US State of New York

    arlier today, Governor Kathy Hochul was a guest on NY1’s “Inside City Hall” with Errol Louis. The Governor discussed Monday night’s tragic shooting in Midtown Manhattan, the need to implement stronger gun safety legislation nationwide, federal cuts to medicaid and provided a response to redistricting.

    AUDIO: The Governor’s interview is available in audio form here.

    A rush transcript of the Governor’s interview is available below:

    Errol Louis, NY1: Governor Hochul is here. She joins us to talk more about that. Welcome back to the program — good to see you.

    Governor Hochul: Good to see again as well, Errol.

    Errol Louis, NY1: Governor, were State Police or investigators part of the response to the shooting?

    Governor Hochul: We always offer our assistance. We call immediately and certainly NYPD had it under control. But we are there on the periphery.

    Errol Louis, NY1: Your New York City office is really a short walk from 345 Park Ave. Does your building and the neighborhood as a whole feel safe?

    Governor Hochul: Yes, but it’s very much on everyone’s minds since this horrific massacre of four innocent people in New York. Even I walked into my office the day after, and I look at the security guards and I think about what must be going through their minds right now to know that this happened so incredibly, brazenly beyond anything anyone could have ever imagined.

    So, I feel safe where I am. I mean, this is an event the likes of which we’ve never seen here. The last mass shooting in New York City was 25 years ago, so I don’t want people to think this is a regular occurrence. I mean, no one would ever possibly think that, but it does shake that sense of security that everybody should have getting off the subway, walking into their office building, walking past the guards, and you should have the confidence to know you’re going to make it safely.

    I think there’s a lot of people right now who are just feeling really anxious about it. I can feel the — not just the sadness throughout the city, but also the, “Am I going to be okay?”

    I was speaking to one of the victim’s spouses and his advice to me was, “Go home and hug your husband because you don’t know how long you have each other,” and I think that’s a reminder as New Yorkers of never taking for granted the fact that we have people in our lives we cherish, and when they’re gone, there’s nothing more devastating.

    Errol Louis, NY1: Absolutely. You are calling for reinstituting the assault weapons ban that America had for about a decade or so. You are also — I think I heard you talking about how New York laws, if applied nationally or in other states, would really cut down on a lot of these kinds of tragedies.

    Governor Hochul: Absolutely. We have the toughest gun laws in the nation. I have added to them, especially after something we spoke about a number of times, which is the massacre of 10 individuals in my hometown of Buffalo. I went back and toughened our laws and raised the age for acquisition of guns and furthered the red flag laws, expanding them. We now have 4,300 guns that have been taken out of the hands of people who could have used them to harm themselves or others — that’s how you prevent these tragedies.

    So other states could do this — we’ve banned assault weapons, there’s no high capacity magazines — but as long as other states do it and someone can cross our state lines by simply getting into a vehicle, we are not safe. And if every state on their own followed what we’re doing, they can also claim to be safe states.

    We also have the lowest homicide rate using guns of anywhere in the nation of the large states — it’s extraordinary. The laws are working. The data proves there are more people walking our streets that are alive today because our gun laws have protected them.

    Now, every state could manage the way we have, but also with respect to the assault weapons, there needs to be a national ban. It is within the realm of possibility. We had it for an entire decade, and Bill Clinton put it in motion in 1994 and George Bush let it lapse in 2004. And at that moment, we knew that we were more vulnerable to mass casualty events in our schools and at concerts, grocery stores or even in office buildings because of that action. Let’s restore it once again.

    Errol Louis, NY1: Okay. There’s been a lot of political development since 2004 and there’s a large constituency out there, so we’ll see where that goes. Let me switch to a different topic.

    The Republican-controlled Legislature in Texas is proposing a mid-decade redistricting. Normally you wait 10 years and then you do it after the census, but they’re proposing new lines — they were really released today — that would make five Democratic seats majority Republican. Basically, they’re trying to sort of really improve the politics and change, possibly, the control of the House or secure control of the House of Representatives. You’ve suggested that New York might do something similar.

    Governor Hochul: What they’re doing is outlandish. They’re not playing by the rules, but a state like New York who has played by the rules should not be at disadvantage when another state and Donald Trump, at his direction, is basically disenfranchising communities of color represented by Democrats and putting them under Republican control, who, as we know, will never represent their interests. They won’t fight for health care, they won’t fight for nutrition programs, they won’t save them from the Big Ugly Bill which is hurting our country.

    So New York, I’m looking at all of our options — we do have options. I’ve had many conversations at high levels and I’ll be announcing what our plans are going forward. But we’re not going to sit down and just take this, that’s not who we are. We have to fight back, we have to fight back hard, and, as I’ve said, all is fair in love and war. You want to play by new rules, then we’ll get new rules.

    Errol Louis, NY1: Okay, fair enough. Speaking of new rules, there’s a question on the ballot this fall for New York City voters asking whether or not we should change our municipal elections to coincide with the presidential election. I was wondering if you have an opinion about that.

    Governor Hochul: We did this at the state level because there’s not usually a lot of interest in the local election for supervisors and mayors and councilmembers — that’s the world I come out of. I was 14 years as a local official and they used to call it the “off-years,” and the “on-years” were presidential or when the governor runs, which always has a higher turnout.

    It is so important to me that we get more people participating in this process, and I do believe that if all the elections were shifted to the presidential year, there would be a lot of interest. People can process multiple elections at the same time, they can think about who they want for their local officials as well as the President, and it gives an opportunity for a party like the Democrats to have one coherent, strong message to help carry our candidates from the bottom on to the top.

    Errol Louis, NY1: Let me ask you about that, though. Let’s take you back to Kathy Hochul as Mayor of Hamburg, right? I mean if you are dealing with where to put the municipal waste water treatment center and there’s also conversations going on about war and peace and tariffs and everything else, isn’t there a concern — or a likelihood, frankly — that local issues will just get tossed?

    Governor Hochul: No. One of the reasons I think that there’s not the voter participation that we should have in a country like the United States of America — it is a privilege to vote, people shed blood for this right, it was denied to people of color for so many decades — for a hundred years — and people won that right. I want more people to exercise it. And what happens is in a non-presidential election, non-governor’s election year, there’s not as much attention. New York is a little bit different, but there’s not as much attention on this and I do believe that more people will turn out and participate.

    More people vote for president than any election out of this cycle. Why wouldn’t we want those people to also be able to select who their leaders are at the local level? We wish everybody would participate all four years but they don’t, so let’s acknowledge human nature.

    And I also think there’s something that goes on — it’s election fatigue. People need a break, otherwise it’s nonstop campaigning all-year-round for four straight years. And I think when you sometimes have special elections, and vacancies, and the mayor — we have school board races at different times — it’s very confusing to people. So let’s just simplify it and have one big election.

    Errol Louis, NY1: Okay. And you’re comfortable being part of that as Governor?

    Governor Hochul: Absolutely.

    Errol Louis, NY1: Okay, very interesting. We’ll see how that works out. While we’re talking about national issues, one result of the bill that President Trump just signed into law, the Essential Medicaid Plan that covers 1.6 million New Yorkers is being cut back. My understanding is that on January 1, an estimated 700,000 people are going to get kicked off that plan and they’ll have to go to the state-only Medicaid program, which will cost the State almost $3 billion. Is there a contingency in place for that, or is this going to be part of the next Budget?

    Governor Hochul: No, well, we have the time because the number of people who will be affected will be actually more 2027. So it’ll be — in our ‘26 function when we do our ‘27 Budget, we’ll be able to address it then. But, look at what we’re being asked to do.

    The Republicans can make all the cuts they want, save money for themselves and push it out onto the State — something that has always been a shared responsibility and expecting our residents to pay for something that they never had to before. So it’s hard to put this on the State. We receive about $93 billion in assistance from the federal government every year — we can’t make all that up. What we can do is be strategic about this.

    We don’t want people to go hungry in our state — that’s not going to happen. We want people to have health care, it’s critically important, so we’re going to have to prioritize our spending, but we can do that. There’s no urgency right now. I’m not sure for sure that we won’t come back in a special session, but I want people to understand it would not make a difference because what we would do this fall can be done in January or during the Budget process, because these cuts are not going to take place until later

    I want people to understand why there’s not the urgency to go have a special session today. for example.

    Errol Louis, NY1: Let me switch topics. We’ve been reporting that the State Office of Cannabis Management has notified over 150 dispensaries — including 88 here in the city — that they’re out of compliance, that there are laws that require them to be at least 500 feet from schools, and churches and so forth.

    The source of the problem seems to be that it was calculated wrong — the measurements were calculated wrong. What’s the fix that’s needed?

    Governor Hochul: The Legislature, when they wrote the legislation, decided to have 500 feet away from the property line. Some campuses of schools are quite large, so it does push out the opportunity for these businesses quite a bit further out.

    The State Liquor Authority, for example, has it be 500 feet from the front door, which is how it was applied by, interestingly, the previous individuals running Office of Cannabis Management who are no longer there. We went in and did an audit to see what was not working there and this was uncovered that they had applied the law incorrectly.

    But I don’t think it should be born on the backs of these people — so many of them, their life savings, they’re going to these businesses. They’ve worked hard to go through the lengthy process to be licensed and then to have a location. So I have said we are going to stand up for them. These are entrepreneurs, they’re small business owners — many from communities of color — and this is their shot to have a chance to be successful. So, we’re not going to let anything happen to them. We’ll make them whole, and I have got to go back to the Legislature and get them persuaded to change the law to be consistent with what we do for liquor stores, for example.

    Errol Louis, NY1: Got it. And would a solution also possibly include grandfathering in the ones that are already opening up.

    Governor Hochul: I’d like to do that, yes. Yeah, no, absolutely. I don’t want them hurt. They’re part of our community already, they’re working hard, they waited a long time for this, and, basically, I don’t want them screwed.

    Errol Louis, NY1: Okay. Look, we’ve got a lot more to think about as we get closer to the elections. Have you settled on a candidate? I think during the primary when I asked you about it, you said, “We’ll let New York City Democrats figure out who their nominee is and then we’ll figure it out.”

    Governor Hochul: That’s right.

    Errol Louis, NY1: So now that there is a nominee —

    Governor Hochul: I’m having very interesting conversations right now. So, there’s no urgency. The election is in November; it is the last day of July, almost August. We’ll be deciding our path forward, but it’s important to me to have a working relationship, whomever the Mayor is.

    I have said to individuals, “I can be your best friend or your worst enemy, you pick.” I can be a strong supporter — with Mayor Adams, I have been; $1 billion for City of Yes so we can build more housing. I’m paying overtime, the state is paying overtime so our subways are safer at night for the NYPD to be there.

    So, I’ve always been a strong partner. I also represent the 8.3 million people who call New York home. I have an apartment here, I’m here all the time. I’m walking the streets. I have the same complaints — like, why isn’t the garbage picked up here?

    Errol Louis, NY1: Sure.

    Governor Hochul: Why is there a scaffold building, scaffolding everywhere — it’s maddening. So I understand, but relationships are important and I think it’s important for me to have those talks in advance, any decisions I make.

    Errol Louis, NY1: Okay. Be sure to let us know when you have decided.

    Governor Hochul: We will.

    Errol Louis, NY1: Thanks so much for coming by. Great to see you.

    Governor Hochul: Good to see you, Errol.

    MIL OSI USA News –

  • MIL-OSI Australia: UPDATE: Operation Home Safe

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force, in partnership with the Department of Housing, Larrakia Nation and the City of Darwin are continuing with Operation Home Safe following the 2025 Royal Darwin Show.

    Over the first three days, the multi-agency operation has engaged with 222 individuals and achieved the following outcomes:

    • 63 x high-visibility foot patrols conducted
    • 174 x referrals to Return to Country Program
    • 2 x referral to Territory Families
    • 7 x council related issues identified
    • 8 x referrals to the Department of Education
    • 3 x cautions issued
    • 15 x Litres of Liquor Tipped Out
    • 4 x arrests

    The operation is supporting community members in safely returning home and reconnecting with vital services and promoting wellbeing following the event.

    Our combined message was to enjoy the show but make plans to return home. Sleeping rough, or in over-crowded conditions, is not safe for anyone. 

    NT Police Force thanks our partner agencies for their ongoing support and commitment to community safety.

    MIL OSI News –

  • MIL-OSI USA: Duckworth Joins Durbin and Entire Senate Democratic Caucus in Reintroducing John R. Lewis Voting Rights Advancement Act

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    July 30, 2025

    [WASHINGTON, D.C.] – Ahead of the 60th anniversary of the Voting Rights Act, U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Reverand Raphael Warnock (D-GA), along with the rest of her Senate Democratic colleagues, in reintroducing the John R. Lewis Voting Rights Advancement Act, legislation that would update and restore critical safeguards of the original Voting Rights Act of 1965 that have been eroded in recent years by federal court rulings. The legislation would strengthen our democracy by re-establishing preclearance for jurisdictions with a pattern of voting rights violations, protecting minority communities subject to discriminatory voting practices and defending election workers from threats and intimidation. It is named in honor of voting rights champion and former Congressman John Lewis.

    “The right to vote is a fundamental pillar of our democracy,” said Duckworth. “Our democracy is stronger when every voice is heard, yet Trump and Republicans are continuing to build unnecessary barriers to prevent people from voting—especially in communities of color—and undermining the protections that civil rights leaders like John Lewis fought for. Congress must pass the John R. Lewis Voting Rights Advancement Act to help safeguard this pillar of democracy and protect the freedom to vote.”

    This legislation is especially relevant in Texas where, following historic disapproval of Congressional Republicans’ tax bill, Texas state lawmakers are looking to add five additional Republicans. The move comes in direct response to President Trump’s fears that voters may flip the House in the 2026 midterms.

    In the wake of the Supreme Court’s damaging Shelby County decision in 2013—which gutted the federal government’s ability under the Voting Rights Act of 1965 to prevent discriminatory changes to voting laws and procedures—states across the country have unleashed a torrent of voter suppression schemes that have systematically disenfranchised tens of thousands of American voters. The Supreme Court’s decision in Brnovich delivered yet another blow to the Voting Rights Act, by making it significantly harder for plaintiffs to win lawsuits under the landmark law against discriminatory voting laws or procedures.

    Along with Duckworth, Durbin and Warnock, the legislation is cosponsored by U.S. Senators Chuck Schumer (D-NY), Cory Booker (D-NJ), Richard Blumenthal (D-CT), Jeanne Shaheen (D-NH), Sheldon Whitehouse (D-RI), Ed Markey (D-MA), John Hickenlooper (D-CO), Jacky Rosen (D-NV), John Fetterman (D-PA), Alex Padilla (D-CA), Chris Van Hollen (D-MD), Michael Bennet (D-CO), Adam Schiff (D-CA), Bernie Sanders (I-VT), Martin Heinrich (D-NM), Jack Reed (D-RI), Andy Kim (D-NJ), Peter Welch (D-VT), Ron Wyden (D-OR), Chris Coons (D-CT), Mazie Hirono (D-HI), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Maggie Hassan (D-NH), Ruben Gallego (D-AZ), Catherine Cortez Masto (D-NV), Tim Kaine (D-VA), Elissa Slotkin (D-MI), Mark Warner (D-VA), Patty Murray (D-WA), Jon Ossoff (D-GA), Mark Kelly (D-AZ), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Amy Klobuchar (D-MN), Gary Peters (D-MI), Chris Murphy (D-CT), Ben Ray Luján (D-NM), Tina Smith (D-MN), Angus King (I-VT), Jeff Merkley (D-OR), Brian Schatz (D-HI) and Angela Alsobrooks (D-MD).

    A copy of the bill text is available on Senator Duckworth’s website.

    -30-

    MIL OSI USA News –

  • MIL-OSI Europe: Sweden Joins the Sustainable Critical Minerals Alliance, Committing to the Sustainable Development and Sourcing of Critical Minerals

    Source: Government of Sweden

    Critical minerals are essential to meet our climate goals and transition to a prosperous net-zero economy. As countries around the world work to secure access to these critical mineral resources, it is equally important that the path to reducing greenhouse gas emissions to net zero is built with a human rights–based approach and a commitment to sustainability.

    MIL OSI Europe News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 31, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 31, 2025.

    5 reasons why wind farms are costing more in Australia – and what to do about it
    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor and Director, Centre for Applied Energy Economics and Policy Research, Griffith University Saeed Khan/Getty Building a solar farm in Australia is getting about 8% cheaper each year as panel prices fall and technology improves, according to an official new report. Battery storage costs are

    Sporty spice: how romance fiction is adding a new dynamic to sports fandom
    Source: The Conversation (Au and NZ) – By Kasey Symons, Lecturer of Communication, Sports Media, Deakin University Sports fans might love their teams, cheer or curse each game’s result and admire their favourite athletes, but we rarely associate sports with romance. However, that may be slowly changing thanks to the recent spike in the popularity

    Just as NZ began collecting meaningful data on rainbow communities, census changes threaten their visibility
    Source: The Conversation (Au and NZ) – By Lori Leigh, Research Fellow in Public Health, University of Otago Getty Images New Zealand’s 2023 census was the first to collect data on gender identity and sexual orientation, showing one in 20 adults identify as LGBTQIA+. But just as reports from this more inclusive census are being

    Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up?
    Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney Imaginima / Getty Images AI is on the agenda in Canberra. In August, the Productivity Commission will release an interim report on harnessing data and digital technology such as AI “to boost productivity growth, accelerate innovation and

    Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it
    Source: The Conversation (Au and NZ) – By Madeleine Pugin, Research Fellow, School of Government and International Relations, Griffith University The Productivity Commission’s latest data on Closing the Gap progress represents an unsurprisingly grim overview of the socioeconomic inequalities experienced by Aboriginal and Torres Strait Islander peoples. Closing the Gap is the plan federal and

    More than 2 in 5 young Australians are lonely, our new report shows. This is what could help
    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney Oliver Rossi/Getty Images Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work

    How migrant business owners turn their identity into an asset, despite some bumps along the way
    Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University Odua Images/Shutterstock Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship. Starting a business is difficult

    The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic
    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney LMPC via Getty Images A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger. From

    Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research
    Source: The Conversation (Au and NZ) – By Martien Lubberink, Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington Andrew MacDonald/Getty Images The recent International Court of Justice (ICJ) decision on climate action marked a significant step forward in formalising an idea many already accept: climate inaction is not merely

    Climate justice victory at the ICJ – the student journey from USP lectures to The Hague
    By Vahefonua Tupola in Suva The University of the South Pacific (USP) is at the heart of a global legal victory with the International Court of Justice (ICJ) delivering a historic opinion last week affirming that states have binding legal obligations to protect the environment from human-induced greenhouse gas emissions. The case, hailed as a

    Climate justice victory at the ICJ – the student journey from USP lectures to The Hague
    By Vahefonua Tupola in Suva The University of the South Pacific (USP) is at the heart of a global legal victory with the International Court of Justice (ICJ) delivering a historic opinion last week affirming that states have binding legal obligations to protect the environment from human-induced greenhouse gas emissions. The case, hailed as a

    Kamchatka earthquake is among top 10 strongest ever recorded. Here’s what they have in common
    Source: The Conversation (Au and NZ) – By Dee Ninis, Earthquake Scientist, Monash University Today at about 11:30am local time, a magnitude 8.8 earthquake struck off the coast of Russia’s Kamchatka Peninsula in the country’s far east. Originating at a depth of roughly 20 kilometres, today’s powerful earthquake – among the ten strongest in recorded

    Kamchatka earthquake is among top 10 strongest ever recorded. Here’s what they have in common
    Source: The Conversation (Au and NZ) – By Dee Ninis, Earthquake Scientist, Monash University Today at about 11:30am local time, a magnitude 8.8 earthquake struck off the coast of Russia’s Kamchatka Peninsula in the country’s far east. Originating at a depth of roughly 20 kilometres, today’s powerful earthquake – among the ten strongest in recorded

    Tsunami warnings are triggering mass evacuations across the Pacific – even though the waves look small. Here’s why
    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor and Principal Fellow in Urban Risk and Resilience, The University of Melbourne Last night, one of the ten largest earthquakes ever recorded struck Kamchatka, the sparsely populated Russian peninsula facing the Pacific. The magnitude 8.8 quake had its epicentre in the sea just

    NAPLAN is just one test. Here’s what to do if your child’s results were in the bottom bands
    Source: The Conversation (Au and NZ) – By Sally Larsen, Senior Lecturer in Education, University of New England Rawpixel/ Getty Images The latest round of NAPLAN results are out, along with a string of news reports about “students falling behind” and “failing”, and experts sounding the “alarm” about school progress. In March, all Australian students

    Inflation slows again — but is it enough for the Reserve Bank to cut interest rates?
    Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate Professor, School of Economics, University of Sydney Doublelee/Shutterstock Inflation is moving in the right direction, but new figures released today may not be soft enough to trigger a cut in official interest rates in August. The Australian Bureau of Statistics released the June quarter

    With the UK and France moving toward recognising Palestine, will Australia now follow suit?
    Source: The Conversation (Au and NZ) – By Donald Rothwell, Professor of International Law, Australian National University One of the smallest and most exclusive clubs in the world belongs to states. The US Department of State puts the number of independent recognised states at 197, while others count 200. The United Nations, meanwhile, has 193

    With the UK and France moving toward recognising Palestine, will Australia follow suit?
    Source: The Conversation (Au and NZ) – By Donald Rothwell, Professor of International Law, Australian National University One of the smallest and most exclusive clubs in the world belongs to states. The US Department of State puts the number of independent recognised states at 197, while others count 200. The United Nations, meanwhile, has 193

    An underwater observatory keeping the pulse of the Southern Ocean for nearly 30 years yields fresh results
    Source: The Conversation (Au and NZ) – By Christopher Traill, PhD Candidate Southern Ocean biogeochemistry, University of Tasmania Elizabeth Shadwick In a world affected by climate change, the Southern Ocean plays an outsized role. It absorbs up to 40% of the human-caused emissions taken up by the oceans while also being home to some of

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Politics with Michelle Grattan: independent MP Allegra Spender on making tax fairer for younger Australians

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    With parliament now finished its first fortnight’s session, attention will soon be on the government’s August 19-21 economic reform roundtable, bringing together business, unions, experts and community representatives to pursue consensus on ways to lift Australia’s flagging productivity.

    Independent member for Wentworth Allegra Spender is one of the 25 participants invited to the roundtable. She’s particularly focused on tax reform and last week held a tax roundtable of her own.

    Spender joined the podcast to talk about making tax fairer, the need for greater economic reform, climate policy, the social media ban for under 16s, a ceasefire in Gaza, and more.

    On her ambitions on tax policy, Spender says income tax indexation is something that would benefit younger, working Australians:

    Myself and actually another number of crossbenchers […] wrote to both the government and the opposition last term, really pushing for tax indexation. And really the heart of this is startling statistics from last term. The [Reserve Bank of Australia] put out some information that showed that bracket creep was a bigger impost on average households’ budgets than the RBA increases in the interest rate.

    […] Just to give you two statistics about young working people: households over the age of 65, in the last 10 odd years, have grown their wealth by around 50%. Households under the age of 35 have not grown their worth at all, pretty much. So they are going backwards relative to the rest of the country. A household, two households, both on a $100,000, sitting next to each other. If [one] household is retired, they have to pay on average half the tax of a working age household.

    Spender says the system is stacked against young people, who “are really struggling economically compared to previous generations”.

    It’s in your early and midlife that you need money for housing, to raise kids and everything else. So we don’t have a tax system that works for younger people. We have a tax system that burdens younger people strongly and then actually gives people more tax breaks when they’re older, and normally wealthier.

    On climate targets, Spender says while she’ll be guided by the yet-to-be-provided Climate Change Authority’s advice, she wants to see Australia “try and lead other countries” – pointing to the United Kingdom, which has set a target to cut emissions by at least 81% by 2035.

    The Climate Change Authority put out their interim guidance to say that a target within 65 to 75% [emissions reduction on 2005 levels] was both achievable from an economic point of view and also appropriate towards a scientific point of view.

    My view is that we should be at the very top end of that. Now, if the Climate Change Authority significantly reviews, you know, revises down their targets, I will reconsider. But I think really what we should be doing is to say how can we be as ambitious as possible. And the reason I think that is important is actually, you know, from a business point of view, ambition and certainty is what they need to make the big investments that will actually achieve it.

    Ambition is needed from a scientific point of view, because if we took, say, less than 75% [emissions reduction], and the rest of the world did too, we would be looking at outcomes that are catastrophic for Australia. Regular days in Sydney and Melbourne that are above 50 degrees. A huge loss of coral reef. Continued adverse weather events.

    On the news that the government will include YouTube in its social media ban for under 16s, Spender says it’s now up to social media companies to make their websites safer to lift the bans.

    My eldest daughter [who’s 12] has a strong view on this. And she’s actually a big fan of the ban. She was like, ‘I just don’t understand how it makes sense to leave YouTube in and TikTok out’. […] She’s not on social media, but other people are, and she finds it sometimes frustrating.

    But I think the challenge on this is always going to be the implementation. I think it’s fiendishly complicated to implement. I think genuinely the most valuable part of this ban is actually the signal to families and parents about what is expected and what isn’t.

    […] I think the ball’s in the social media companies’ courts. If they want to move to a life beyond the ban, they need to show how they can make their platforms safe for younger Australians, because I don’t think they have delivered that to date. So I’d be open if they can provide the evidence of how they can change things. I’m always open minded to reversing or changing those bans. But at the moment, [social media] isn’t safe.

    Michelle Grattan 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. Politics with Michelle Grattan: independent MP Allegra Spender on making tax fairer for younger Australians – https://theconversation.com/politics-with-michelle-grattan-independent-mp-allegra-spender-on-making-tax-fairer-for-younger-australians-262225

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: UAE trade agreement one step closer

    Source: Australian Attorney General’s Agencies

    Today, the Albanese Labor Government took the next major step towards implementation of our landmark trade agreement with the United Arab Emirates.

    The passing of necessary legislation today will incorporate the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) into law.

    Marking Australia’s first trade agreement in the Middle East region, this deal delivers on the Albanese Government’s commitment to open new export opportunities and create more well-paying local jobs through trade.

    The UAE is Australia’s largest trade and investment partner in the Middle East with total trade between Australia and the UAE worth $12.3 billion in 2024.

    When fully implemented, over 99 per cent of Australian products will enter the UAE tariff free, including meat, dairy, grains and minerals. The agreement will also deliver cheaper prices at the checkout, with Australian households and businesses saving around $40 million a year.

    Details on the full CEPA package, including independent modelling and key benefits to agricultural businesses and Australia more broadly are published on the DFAT website.

    Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:

    “We are a trading nation. More trade means more higher-paying jobs, more opportunities for businesses, greater investment and cheaper bills for Australian households.”

    “As Australia’s first trade agreement in the Middle East, this unlocks significant potential in the region.”

    “Passing this legislation is an important step in locking in the gains we’ve made which will deliver for Australian businesses, local jobs and Australian consumers.”

    “We will continue working closely with the UAE to bring it into force as soon as possible.”

    MIL OSI News –

  • MIL-OSI Asia-Pac: Property owner fined over $60,000 for not complying with removal order

    Source: Hong Kong Government special administrative region

    ​An owner was convicted and fined $66,830 in total, of which $46,830 was the fine for the number of days that the offence continued at the Kowloon City Magistrates’ Courts yesterday (July 30) for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap 123). 

    The case involved unauthorised building works (UBWs) in a unit of a residential building at Tai Kok Tsui Road, including the erection of a structure of about 90 square metres on the flat roof, and the installation of three metal gates obstructing the means of escape. As the UBWs were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the owner under section 24(1) of the BO. Failure to comply with the removal order, the owner was prosecuted by the BD.

    A spokesman for the BD said today (July 31), “Unauthorised building works may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement action against owners who fail to comply with removal orders, including instigation of prosecution, to ensure building and public safety.”

    Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Caliber Sets Date for Second Quarter 2025 Earnings Announcement & Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., July 30, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced that it will release its second quarter 2025 financial results after the close of the stock market on Wednesday, August 13, 2025. Management invites all interested parties to its webcast/conference call the same day at 5:00 pm ET to discuss the results.

    Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 7312901.

    To listen to the call online, investors can visit the investor relations page of Caliber’s website at https://ir.caliberco.com/. The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

    Additional details:
    The news release and presentation materials will also be available on the Investor Relations site under “Financial Results”.

    About Caliber (CaliberCos Inc.)
    With over $2.9 billion in Managed Assets, Caliber’s 16-year track record of managing and developing real estate is built on a singular goal: to make money in all market conditions, specializing in hospitality, multi-family residential, and multi-tenant industrial. Our growth is fueled by performance and a key competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions often overlook. Integral to this advantage is our in-house shared services group, which gives Caliber greater control over our real estate and enhanced visibility into future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

    Forward-Looking Statements
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    CONTACTS:
    Caliber Investor Relations:
    Ilya Grozovsky
    +1 480-214-1915
    Ilya@CaliberCo.com

    The MIL Network –

  • MIL-OSI USA: On the 60th Anniversary of Medicaid and Medicare, Cortez Masto Blasts Republicans for Gutting the Essential Health Care Programs

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    FTP for TV stations of her remarks is available here.

    Cortez Masto told the story of a constituent named Hannah whose Type 1 diabetes makes her dependent on Medicaid coverage she may now lose

    Washington, D.C. – To mark the 60th anniversary of Medicaid and Medicare, U.S. Senator Cortez Masto (D-Nev.) took to the Senate floor to call out President Trump and Congressional Republicans for gutting Medicaid in order to pay for a tax giveaway for billionaires.

    Below are her remarks as prepared for delivery:

    Mr. President, as my colleagues have mentioned, today marks 60 years since Medicare and Medicaid were signed into law.

    Democrats and Republicans alike should be celebrating the lives that have been saved as a result of these critical programs. Members of both parties should be sharing stories about Americans who have benefitted from the health care they’ve received thanks to Medicare and Medicaid.

    Unfortunately, today, my Democratic colleagues and I are not celebrating.

    We are angry.

    We’re angry that President Trump lied when he said he would “cherish Medicaid” and that his allies in Congress wouldn’t touch this essential program.

    We’re angry that President Trump and Congressional Republicans slashed nearly $1 trillion from Medicaid so they could hand billionaires a tax cut – and add $4 trillion to our national deficit.

    And, we’re angry that their new law is about to kick 17 million Americans off their health insurance.

    In my home state of Nevada, that means up to 120,000 people will lose their health care.

    100,000 of those Nevadans will lose their access to Medicaid. And another 20,000 Nevadans will lose their affordable health coverage if Republicans continue to refuse to work with Democrats to extend the Affordable Care Act tax credits.

    There are a million reasons why this new law gutting Medicaid is terrible for Nevadans and for our country as a whole. But today, I just want to focus on one: Hannah.

    Hannah is a young girl who lives in Nevada, and her parents shared her story with me. Now, I want to share it with you.

    Hannah was diagnosed with a congenital kidney disease while still in utero. The first few years of her life were full of hospital rooms, doctors, and machines trying to keep her alive.

    At just two and a half years old, Hannah underwent a major surgery that finally gave her the opportunity to live like a normal kid. And she did, for a few years.

    But then, at age nine, Hannah fell into a coma. Imagine being her parents, watching completely helpless as your daughter fights something you can’t protect her from.

    Hannah did eventually wake up, but with a new diagnosis: diabetes, a condition nearly 270,000 Nevadans manage every day – not just the disease itself, but the crushing weight of the costs associated with it.

    Over the next two years, Hannah’s parents spent more than $5,000 out-of-pocket because their insurance refused to cover all the costs. Hannah and her family sacrificed so much just to be able to afford medication that would allow Hannah to lead a normal life.

    But just when they thought they would never be able to financially recover, they were able to enroll in Medicaid and receive the support they need to care for Hannah at home.

    Now, Hannah is able to live the life she wants to lead, without the fear of medical debt pulling her family back underwater. I want to read to you what Hannah’s parents wrote me next:

    “But without Medicaid, her insulin would cost more than our mortgage. Let that sink in. The price of the medication keeping my child alive is higher than the roof over her head – even after insurance. How does that make sense? America should be about neighbors caring for neighbors. But instead, we are pushing people with disabilities to the back of the line, treating their lives as less valuable, their futures as an afterthought. I beg you – I beg you – to save Medicaid. Not just for my Hannah, but for every child like her.”

    My Democratic colleagues and I worked hard to save Medicaid. And we tried to reach across the aisle to protect the 17 million Americans just like Hannah who could lose their health insurance because of this bill.

    But President Trump insisted Congressional Republicans pass his tax cut for billionaires, and they did what they were told.

    So now, Hannah and her family, and millions more like them, may be forced back into medical debt.

    And to the proponents of this new law who insist kids like Hannah aren’t the ones they’re targeting to kick off coverage, I’d say they’re either being dishonest, or they simply don’t understand how Medicaid actually works.

    These cuts shrink the entire pot of money states rely on to fund Medicaid. Nevada, and every state in the country, will be forced to stretch fewer dollars to cover everyone. That almost always means tightening eligibility or cutting services, so kids like Hannah end up losing coverage – even if they weren’t the “type” of person Republicans singled out for cuts.

    This is shameful. It’s un-American. We are better than this as a country.

    My Democratic colleagues and I will do everything in our power to restore the health care funding Republicans have gutted.

    And we won’t let them forget what they did.

    MIL OSI USA News –

  • MIL-OSI China: Renewables capacity doubles in first half

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

    A farmer works amid photovoltaic panels at a solar power station in the Yi-Hui-Miao Autonomous County of Weining, southwest China’s Guizhou Province, July 3, 2025. [Photo/Xinhua]

    China’s newly installed wind and solar power capacity nearly doubled year-on-year during the first half of this year, as the country ramps up its transition to cleaner energy sources, data from the China Electricity Council showed.

    Newly added power generation capacity during the first six months reached 290 million kilowatts, with new solar installations rising 107.1 percent year-on-year to 210 million kilowatts, and new wind power installations up 98.9 percent to 50 million kilowatts, it said.

    China’s renewable energy sector is expected to maintain rapid growth, with average annual new installed capacity reaching 200-300 million kilowatts during the 15th Five-Year Plan period (2026-30), said Zhang Lin, head of the council’s planning and development department, during a news conference in Beijing on Wednesday.

    The near doubling of China’s wind and solar capacity in the first half is a clear signal of the country’s accelerating commitment to its energy transition goals, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.

    “These installation figures demonstrate China’s ability to rapidly deploy renewable energy technologies at scale, positioning it as a global leader in clean energy investment and deployment.”

    According to the council, China’s power generation capacity is projected to hit a record high in 2025, fueled by a rapid expansion of renewable energy sources.

    New power generation capacity is expected to exceed 500 gigawatts in 2025, with new renewable energy capacity reaching approximately 400 GW, a result of China’s accelerated green energy transition and increasing investment in grid construction, the CEC said.

    Total installed power generation capacity is forecast to reach around 3.9 terawatts by the end of 2025, a year-on-year increase of approximately 16.5 percent. Nonfossil fuel sources are expected to account for 2.4 TW, or about 61 percent of total capacity, said Jiang Debin, deputy director of the council’s statistics and data center.

    The CEC also anticipates steady growth in China’s electricity demand in 2025, with total consumption expected to increase by 5-6 percent. Electricity demand is projected to grow faster in the second half of the year compared to the first, it said.

    China’s maximum power load once again set a new historical record on July 16, surpassing 1.5 billion kilowatts for the first time and reaching a peak of 1.506 billion kilowatts, according to the National Energy Administration.

    This represents an increase of 55 million kilowatts compared to last year’s peak load, the third time a historical record has been broken in July, it said.

    According to Chen Yaning, head of the council’s power supply and demand analysis department, the record reflects steady expansion in China’s electricity consumption, a key barometer of economic activity.

    Fueled by robust and sustained economic activity, power demand surged across the nation in the first half of this year, with industrial output, commercial operations and residential consumption all contributing to the heightened electricity needs, she said.

    “Equipment manufacturing and consumer goods manufacturing related to new quality productive forces have maintained strong resilience,” said Chen.

    The internet and related services sector saw a 27.4 percent year-on-year increase in electricity consumption, driven by the rapid development of mobile internet, big data and cloud computing.

    The charging and battery swapping services sector for electric vehicles saw a 42.4 percent increase in electricity consumption in the first half of the year, fueled by the rapid growth of the EV market.

    MIL OSI China News –

  • MIL-OSI USA: Warnock Statement on Joint Resolutions of Disapproval

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) issued the following statement on his intentions to vote “YES” on two joint resolutions of disapproval amid mass starvation in Gaza.

    “It is wrong to starve children and other innocent civilians to death.  Yet, whether through gross incompetence, woeful indifference, or some combination thereof, that is exactly what is happening right now in Gaza under the leadership of Benjamin Netanyahu and his government. It is a moral atrocity that cannot abide the conscience of those who believe in human dignity, freedom, and human thriving. That is why I will vote to support the Joint Resolution of Disapproval put before the Senate tonight. 

    “I’ve made clear I support the state of Israel and its right to defend itself. Today, I urge the state of Israel, the United States, and the world to move as quickly as possible to get the people of Gaza the same nourishment and care that we would want for our own children. 

    “I pray for a ceasefire and the return of the hostages home to their families, and look forward to resuming the work of securing peace and safety for all those in the region.”

    MIL OSI USA News –

  • MIL-OSI Security: Federal Jury Convicts Texas Man of Cocaine Trafficking

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – Jorge Luis Guerrero, of Socorro, Texas, was found guilty by a federal jury in Pittsburgh of possessing with intent to distribute 500 grams or more of cocaine, Acting United States Attorney Troy Rivetti announced today. The jury returned its verdict on July 29, 2025, after deliberating for five-and-a-half hours following a six-day trial.

    Guerrero, 39, was tried before Senior United States District Judge Joy Flowers Conti.

    The evidence presented at trial established that Guerrero transported five kilograms of cocaine to the Western District of Pennsylvania hidden in a secret compartment in the bumper of a vehicle registered to his wife. Accessing the cocaine required removing the bumper cover and bumper of the vehicle and then additional metal plates that concealed the compartment housing the cocaine.

    Judge Conti scheduled sentencing for December 10, 2025. The law provides for a maximum total sentence of not less than five years and up to 40 years in prison, a fine of up to $5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based on the seriousness of the offense and the prior criminal history, if any, of the defendant.

    Assistant United States Attorneys Robert C. Schupansky and V. Joseph Sonson prosecuted this case on behalf of the United States.

    Agents and task force officers from the Federal Bureau of Investigation, as well as personnel from the Socorro Police Department, United States Customs and Border Protection, and the United States Drug Enforcement Administration, assisted in the trial.

    This prosecution is a result of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles high-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten communities throughout the United States. OCDETF uses a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI Europe: International cooperation to triple global capacity of nuclear energy

    Source: Government of Sweden

    On Saturday 2 December at the UN Climate Change Conference (COP28), Prime Minister Ulf Kristersson, French President Emmanuel Macron and the United States Special Presidential Envoy for Climate John Kerry – together with heads of state and government, ministers and industrial leaders from some 20 countries – launched a declaration for strengthened cooperation in the area of civil nuclear energy.

    MIL OSI Europe News –

  • MIL-OSI Europe: Protecting and helping children a new step in Sweden’s support to Ukraine

    Source: Government of Sweden

    Over seven million people in Ukraine have been forced to leave their homes and seek temporary protection from Russia’s aggression, both within Ukraine and in other European countries. The overwhelming majority are women and children. Children are often among the most vulnerable in war and conflict. Sweden and Ukraine have now entered into a cooperation agreement to continue supporting and protecting children.

    MIL OSI Europe News –

  • MIL-OSI: ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

    Source: GlobeNewswire (MIL-OSI)

    ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

     
    2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3%
    • Well on track to reach our targets, one year into our ‘Growing the difference’ strategy
    • Continued strong increase in mobile primary customers of over 300,000 to 14.9 million
    • Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio
    • Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year
    • ING will pay an interim cash dividend of €0.35 per ordinary share
     

    CEO statement
    “During the second quarter of 2025, we have continued to successfully execute our strategy, which we set out one year ago, by accelerating growth, increasing impact and delivering value,” said Steven van Rijswijk, CEO of ING. “The quarter started with heightened market volatility, as well as macroeconomic and geopolitical uncertainty, which still continue to this day. In that context, we are pleased that our customer base has shown significant growth and that our volumes have increased as we further diversified our income streams, with fees now making up almost 20% of our total income. We are well on track to reach our financial targets for 2027.

    “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable.

    “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity.

    “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management.

    “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking.

    “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%.

    “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes.

    “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.”
     
    Further information
    All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com.
    For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube.
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and our executives are available for download at Flickr.
     
    Investor conference call and webcast
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries
    T: +31 20 576 5000
    E: media.relations@ing.com
     
     

    ING PROFILE 
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. 

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). 

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). 

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. 

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. 

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. 

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. 

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. 

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. 

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

    Source: GlobeNewswire (MIL-OSI)

    THE GROUP IS ACCELERATING ITS DEVELOPMENT  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
    €m Q2 2025 Change Q2/Q2 Q2 2025 Change Q2/Q2  
    Revenues 7,006 +3.1% 9,808 +3.2%  
    Expenses -3,700 +2.2% -5,872 +3.2%  
    Gross Operating Income 3,306 +4.1% 3,936 +3.1%  
    Cost of risk -441 +4.2% -840 -3.7%  
    Net income group share 2,390 +30.7% 2,638 +30.1%  
    C/I ratio 52.8% -0.5 pp 59.9% +0.0 pp  
    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level
    • Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities
    • CIB: record half year and strong quarter

    CONTINUOUS FLOW OF STRATEGIC OPERATIONS

    • Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium
    • Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS1
    • New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco

    HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST

    • High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings)
    • Results especially benefiting from the capital gain related to the deconsolidation of Amundi US

    HIGH SOLVENCY RATIOS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6%

    CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and corporates
    • Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025

    PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025
     

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

    “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍
     
     

    Olivier Gavalda,
    Chief Executive Officer of Crédit Agricole S.A.

    “With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate (2) rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

    In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

    Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% (3) of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

    Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group (4) has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy (5) increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition (6) amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

    In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. 

    In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025. 

    Group results

    In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

    In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

    The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings (7)reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis (8).

    Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

    Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

    Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

    Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

    Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

    Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

    Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

    Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Credit Agricole Group, Income statement Q2 and H1 2025

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 9,808 9,507 +3.2%   19,856 19,031 +4.3%
    Operating expenses (5,872) (5,687) +3.2%   (11,864) (11,276) +5.2%
    Gross operating income 3,936 3,819 +3.1%   7,992 7,755 +3.0%
    Cost of risk (840) (872) (3.7%)   (1,575) (1,523) +3.4%
    Equity-accounted entities 56 74 (24.0%)   131 142 (7.9%)
    Net income on other assets 452 (7) n.m.   456 (14) n.m.
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,604 3,014 +19.6%   7,004 6,361 +10.1%
    Tax (615) (762) (19.3%)   (1,656) (1,517) +9.1%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,990 2,252 +32.8%   5,348 4,843 +10.4%
    Non controlling interests (352) (224) +57.0%   (545) (432) +26.1%
    Net income Group Share 2,638 2,028 +30.1%   4,803 4,412 +8.9%
    Cost/Income ratio (%) 59.9% 59.8% +0.0 pp   59.8% 59.2% +0.5 pp

    Regional banks

    Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% (9), -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance (10) was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

    In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million (11). Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

    In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

    In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

    Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

    Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

    The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio (12) was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

    The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period (13) and 32 basis points on an annualised quarterly basis (14).

    The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

    The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

    Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

    Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

    The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

    Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

    RoTE (15), which is calculated on the basis of an annualised net income Group share (16) and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

    Crédit Agricole S.A. – Income statement, Q2 and H1-25

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 7,006 6,796 +3.1%   14,263 13,602 +4.9%
    Operating expenses (3,700) (3,621) +2.2%   (7,691) (7,289) +5.5%
    Gross operating income 3,306 3,175 +4.1%   6,571 6,312 +4.1%
    Cost of risk (441) (424) +4.2%   (855) (824) +3.8%
    Equity-accounted entities 30 47 (35.2%)   77 90 (14.1%)
    Net income on other assets 455 15 x 29.4   456 9 x 50.7
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,350 2,814 +19.0%   6,250 5,587 +11.9%
    Tax (541) (704) (23.2%)   (1,368) (1,315) +4.0%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,809 2,110 +33.1%   4,882 4,273 +14.3%
    Non-controlling interests (420) (282) +48.7%   (669) (542) +23.5%
    Net income Group Share 2,390 1,828 +30.7%   4,213 3,731 +12.9%
    Earnings per share (€) 0.74 0.58 +29.1%   1.30 1.08 +20.3%
    Cost/Income ratio (%) 52.8% 53.3% -0.5 pp   53.9% 53.6% +0.3 pp

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

    Activity of the Asset Gathering division

    At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

    In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows(17) is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

    In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million (18) policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% (19), stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

    In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

    For Indosuez Wealth Management assets under management at the end of June stood at €214 billion (20), up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

    Results of the Asset Gathering division

    In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

    In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

    In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

    Insurance results

    In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance (21), €89 million from personal protection (22) and €114 million from property and casualty insurance (23).

    The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

    Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

    Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,(24), revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% (25) compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%25 from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership24, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

    Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

    Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

    At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

    Wealth Management results (26)

    In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, (27) revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect27 and -€22.5 million in integration costs in the second quarter of 2025 (28). Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

    In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam(29) in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam29 in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

    Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

    Activity of the Large Customers division

    The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

    Financing activities consolidated its leading position in syndicated loans (#1 in France (30) and #2 in EMEA30). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide30) and was ranked #1 in Green, Social & Sustainable bonds in EUR (31). Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

    Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
    -3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

    On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

    Results of the Large Customers division

    In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

    In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

    The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

    Corporate and Investment Banking results

    In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

    Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

    In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

    Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

    Asset servicing results

    In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 (32). Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

    Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
    The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target (33)of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

    Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

    Specialised financial services activity

    Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing (34) in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% (35), LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

    The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context (36). In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

    Specialised financial services’ results

    In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

    In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

    The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

    Personal Finance and Mobility results

    In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt (37). Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points(38), a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

    In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt37. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

    Leasing & Factoring results

    In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points38, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

    In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

    Crédit Agricole S.A. Retail Banking activity

    In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

    Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

    Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

    Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion (39), up +1.6% compared with end-June 2024, in an Italian market up slightly (40), driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

    Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

    French retail banking results

    In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

    Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

    The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

    Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

    In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

    In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

    International Retail Banking results (41)

    In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

    In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

    At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

    Results in Italy

    In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

    The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings (42) is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

    In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

    Results for Crédit Agricole Group in Italy (43)

    In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

    International Retail Banking results – excluding Italy

    In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

    In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

    At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

    At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
    The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€287 million in the second quarter of 2025, up +€45 million.
    • The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
    • Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

    The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

    The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
    The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
    • Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
    • The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

    The contribution of “other items” was down -€15 million compared to first half 2024.

    At 30 June 2025, risk weighted assets stood at €38.3 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

    Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other44. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

    The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of:  +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and  +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

    For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        30/06/25 31/03/25 Exigences 30/06/25   30/06/25 31/03/25 Exigences 30/06/25
    Phased-in CET1 ratio45   17.6% 17.6% 9.88%   11.9% 12.1% 8.71%
    Tier1 ratio45   18.9% 19.0% 11.72%   14.0% 14.3% 10.52%
    Total capital ratio45   21.4% 21.8% 14.17%   17.8% 18.4% 12.94%
    Risk-weighted assets (€bn)   649 641     406 405  
    Leverage ratio   5.6% 5.6% 3.5%   3.9% 4.0% 3.0%
    Leverage exposure (€bn)   2,191 2,173     1,445 1,434  
    TLAC ratio (% RWA)45,46   27.6% 28.5% 22.4%        
    TLAC ratio (% LRE)46   8.2% 8.4% 6.75%        
    Subordinated MREL ratio (% RWA)45   27.6% 28.5% 21.6%        
    Subordinated MREL ratio (% LRE)   8.2% 8.4% 6.25%        
    Total MREL ratio (% RWA)45   32.7% 34.0% 26.2%        
    Total MREL ratio (% LRE)   9.7% 10.0% 6.25%        
    Distance to the distribution restriction trigger (€bn)47   46 46     13 14  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger48, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements49. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

    The Group’s liquidity reserves, at market value and after haircuts50, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

    Liquidity reserves covered more than twice the short-term debt net of treasury assets.

    This change in liquidity reserves is notably explained by:

    • The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
    • The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
    • The increase in central bank deposits for +€4 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €131 billion.

    Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

    • Senior secured debt of €93 billion, up +€4 billion;
    • Senior preferred debt of €162 billion;
    • Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €23 billion, down -€1 billion.

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

    At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

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

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

    At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion51in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.

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

    • Crédit Agricole Assurances issued €750 million in RT1 perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51,52.

    The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

    • €2.75 billion 52,53 ;
    • 5.4 billion US dollars (€5.1 billion equivalent);
    • 1.6 billion pounds sterling (€1.9 billion equivalent);
    • 179.3 billion Japanese yen (€1.1 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent);
    • 0.3 billion Swiss francs (€0.3 billion equivalent).

    At end-June, Crédit Agricole S.A. had issued 77%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

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

    The programme was 82% completed at 30 June 2025, with:

    • €4.7 billion in senior secured debt;
    • €1.7 billion equivalent in senior preferred debt;
    • €7.3 billion equivalent in senior non-preferred debt;
    • €2.8 billion equivalent in Tier 2 debt.

    Economic and financial environment

    Review of the first half of 2025

    An even more conflict-ridden and unpredictable environment, causing a slowdown

    The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

    Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

    The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

    The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

    In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

    In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

    In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

    In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
    The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

    Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields (54) on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

    On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

    2025–2026 Outlook

    An anxiety-inducing context, some unprecedented resistance

    The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

    Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

    Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

    In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

    We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(55), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

    In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

    The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

    Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

    In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

    As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

    On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

    Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

    Appendix 1 – Crédit Agricole Group: income statement by business line

    Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,364 976 1,031 1,967 881 2,224 (635) 9,808
    Operating expenses (2,690) (597) (540) (864) (438) (1,257) 514 (5,872)
    Gross operating income 674 380 491 1,104 442 967 (121) 3,936
    Cost of risk (397) (95) (61) (7) (235) (20) (26) (840)
    Equity-accounted entities 1 – – 58 (13) 10 – 56
    Net income on other assets 1 1 0 449 1 0 0 452
    Income before tax 278 286 430 1,604 194 958 (147) 3,604
    Tax (96) (69) (130) (249) (58) (149) 136 (615)
    Net income from discontinued or held-for-sale ope. – – 0 – – – 0 0
    Net income 182 218 300 1,356 136 810 (11) 2,990
    Non-controlling interests (0) (0) (40) (247) (22) (43) 1 (352)
    Net income Group Share 182 217 260 1,108 114 767 (10) 2,638
      Q2-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,255 979 1,051 1,946 889 2,223 (837) 9,507
    Operating expenses (2,560) (591) (573) (813) (443) (1,204) 497 (5,687)
    Gross operating income 694 389 477 1,133 447 1,019 (340) 3,819
    Cost of risk (444) (95) (75) (2) (211) (39) (6) (872)
    Equity-accounted entities 2 – – 33 29 10 – 74
    Net income on other assets 1 2 0 (12) (1) 2 (0) (7)
    Income before tax 253 296 402 1,152 265 993 (347) 3,014
    Tax (44) (65) (117) (282) (54) (248) 48 (762)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 209 231 285 870 210 745 (299) 2,252
    Non-controlling interests (1) (0) (38) (124) (23) (36) (2) (224)
    Net income Group Share 208 231 247 746 187 710 (300) 2,028

    Credit Agricole Group – Results par by business line, H1-25 and H1-24

      H1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,716 1,939 2,079 4,016 1,749 4,632 (1,275) 19,856
    Operating expenses (5,220) (1,222) (1,075) (1,799) (912) (2,617) 982 (11,864)
    Gross operating income 1,496 717 1,003 2,217 837 2,015 (293) 7,992
    Cost of risk (717) (186) (128) (17) (484) 5 (48) (1,575)
    Equity-accounted entities 7 – – 86 23 16 – 131
    Net income on other assets 3 2 0 449 1 0 0 456
    Income before tax 790 533 875 2,734 376 2,036 (341) 7,004
    Tax (267) (181) (267) (599) (71) (453) 182 (1,656)
    Net income from discontinued or held-for-sale ope. – – 0 – – – – 0
    Net income 523 352 608 2,135 305 1,583 (159) 5,348
    Non-controlling interests (0) (0) (82) (348) (43) (78) 7 (545)
    Net income Group Share 523 352 526 1,787 263 1,504 (151) 4,803
      H1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,568 1,933 2,131 3,739 1,736 4,489 (1,565) 19,031
    Operating expenses (5,044) (1,193) (1,098) (1,567) (897) (2,501) 1,024 (11,276)
    Gross operating income 1,524 740 1,033 2,172 839 1,988 (541) 7,755
    Cost of risk (691) (214) (159) (5) (429) (5) (20) (1,523)
    Equity-accounted entities 7 – – 61 59 14 – 142
    Net income on other assets 3 4 (0) (20) (1) 2 (2) (14)
    Income before tax 842 530 875 2,208 468 1,999 (563) 6,361
    Tax (191) (119) (260) (501) (97) (482) 133 (1,517)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 651 412 615 1,707 372 1,517 (430) 4,843
    Non-controlling interests (1) (0) (89) (236) (42) (69) 6 (432)
    Net income Group Share 650 412 525 1,471 330 1,448 (424) 4,412

    Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

    Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,970 2,224 881 976 1,007 (51) 7,006
    Operating expenses (864) (1,257) (438) (597) (520) (25) (3,700)
    Gross operating income 1,106 967 442 380 487 (76) 3,306
    Cost of risk (7) (20) (235) (95) (61) (24) (441)
    Equity-accounted entities 58 10 (13) – – (24) 30
    Net income on other assets 453 0 1 1 0 0 455
    Income before tax 1,610 958 194 286 426 (125) 3,350
    Tax (249) (149) (58) (69) (129) 113 (541)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 1,361 810 136 218 297 (12) 2,809
    Non-controlling interests (261) (58) (22) (10) (59) (10) (420)
    Net income Group Share 1,100 752 114 208 238 (22) 2,390
      Q2-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,944 2,223 889 979 1,027 (267) 6,796
    Operating expenses (813) (1,204) (443) (591) (555) (15) (3,621)
    Gross operating income 1,131 1,019 447 389 472 (283) 3,175
    Cost of risk (2) (39) (211) (95) (72) (5) (424)
    Equity-accounted entities 33 10 29 – – (25) 47
    Net income on other assets (12) 2 (1) 2 0 24 15
    Income before tax 1,150 993 265 296 400 (289) 2,814
    Tax (283) (248) (54) (65) (117) 63 (704)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 867 745 210 231 283 (226) 2,110
    Non-controlling interests (131) (51) (23) (10) (55) (12) (282)
    Net income Group Share 736 694 187 220 228 (238) 1,828

    Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

      H1-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 4,028 4,632 1,749 1,939 2,033 (118) 14,263
    Operating expenses (1,799) (2,617) (912) (1,222) (1,035) (106) (7,691)
    Gross operating income 2,229 2,015 837 717 998 (224) 6,571
    Cost of risk (17) 5 (484) (186) (128) (45) (855)
    Equity-accounted entities 86 16 23 – – (47) 77
    Net income on other assets 453 0 1 2 0 0 456
    Income before tax 2,749 2,037 376 533 870 (316) 6,250
    Tax (601) (454) (71) (181) (266) 205 (1,368)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 2,148 1,583 305 352 604 (111) 4,882
    Non-controlling interests (368) (108) (43) (16) (121) (13) (669)
    Net income Group Share 1,780 1,475 263 337 483 (124) 4,213
      H1-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 3,733 4,489 1,736 1,933 2,085 (374) 13,602
    Operating expenses (1,567) (2,501) (897) (1,193) (1,060) (71) (7,289)
    Gross operating income 2,166 1,988 839 740 1,024 (445) 6,312
    Cost of risk (5) (5) (429) (214) (154) (16) (824)
    Equity-accounted entities 61 14 59 – – (46) 90
    Net income on other assets (20) 2 (1) 4 (0) 24 9
    Income before tax 2,203 1,999 468 530 870 (483) 5,587
    Tax (502) (482) (97) (119) (259) 144 (1,315)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 1,701 1,517 372 412 610 (339) 4,273
    Non-controlling interests (248) (101) (42) (18) (126) (7) (542)
    Net income Group Share 1,453 1,416 330 393 485 (345) 3,731

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE
                   
    €m   Q2-25 Q2-24   H1-25 H1-24  
    Net income Group share   2,390 1,828   4,213 3,731  
    – Interests on AT1, including issuance costs, before tax   (141) (83)   (270) (221)  
    – Foreign exchange impact on reimbursed AT1   4 –   4 (247)  
    NIGS attributable to ordinary shares [A] 2,252 1,745   3,947 3,263  
    Average number shares in issue, excluding treasury shares (m) [B] 3,025 3,025   3,025 3,008  
    Net earnings per share [A]/[B] 0.74 € 0.58 €   1.30 € 1.08 €  
                   
    €m         30/06/25 30/06/24  
    Shareholder’s equity Group share         75,528 70,396  
    – AT1 issuances         (8,612) (7,164)  
    – Unrealised gains and losses on OCI – Group share         872 1,305  
    Net book value (NBV), not revaluated, attributable to ordin. sh. [D]       67,787 64,537  
    – Goodwill & intangibles** – Group share         (18,969) (17,775)  
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E]       48,818 46,763  
    Total shares in issue, excluding treasury shares (period end, m) [F]       3,025 3,025  
    NBV per share, after deduction of dividend to pay (€) [D]/[F]       22.4 € 21.3 €  
    TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F]       16.1 € 15.5 €  
    ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle             
    €m         H1-25 H1-24  
    Net income Group share       4,213 3,731  
    Added value Amundi US         304 0  
    Additionnal corporate tax         -129 0  
    IFRIC         -173 -110  
    NIGS annualised (1) [N]       8,382 7,572  
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised [O]       -536 -689  
    Result adjusted [P] = [N]+[O]       7,846 6,884    
    Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) [J]       47,211 44,710    
    ROTE adjusted (%) = [P] / [J]       16.6% 15.4%  
    *** including assumption of dividend for the current exercise         0,0%    
                 

    (1)ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
    (2)Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators56

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

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

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

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

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

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

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

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

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

    • 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.

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

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

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

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

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

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

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

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

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

    Applicable standards and comparability

    The figures presented for the six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    Financial Agenda

    30 October 2025                Publication of the 2025 third quarter and first nine months results
    18 November 2025        Presentation of the Medium-Term Plan
    4 February 2026                Publication of the 2025 fourth quarter and full year results
    30 April 2026                Publication of the 2026 first quarter results
    20 May 2026                2026 General Meeting
    31 July 2026                Publication of the 2026 second quarter and the first half-year results
    30 October 2026                Publication of the 2026 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         
         

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

             

    1 Closing at 4thof July
    (2)Car, home, health, legal, all mobile phones or personal accident insurance.
    (3)CA Auto Bank, automotive JVs and automotive activities of other entities        
    (4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
    (5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    (6)Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
    (7)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    (8)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    (9)Average rate of loans to monthly production for April to May 2025
    (10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    (11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

    (12)Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    (13)The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    (14)The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    (15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    (16)The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
    (17)In local standards
    (18)Scope: property and casualty in France and abroad
    (19)Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
    (20)Excluding assets under custody for institutional clients
    (21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    (22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    (23)Net of reinsurance cost, including financial results
    (24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
    (25)Excluding scope effect
    (26)Indosuez Wealth Management scope
    (27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
    (28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
    (29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
    (30)Refinitiv LSEG
    (31)Bloomberg in EUR
    (32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
    (33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
    (34)CA Auto Bank, automotive JVs and auto activities of other entities
    (35)CA Auto Bank and automotive JVs
    (36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
    (37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
    (38)Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    (39)Net of POCI outstandings
    (40)Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
    (41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    (42) Over a rolling four quarter period.
    (43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
    (44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

    (48)
    (49)

    (54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
    (55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
    (56)APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –