Source: Reserve Bank of India
|
I. Summary OMO Purchase Results
II. Details of OMO Purchase Issue
Ajit Prasad Press Release: 2025-2026/203 |
(In collaboration with UNDRR and CDRI)
Category: India
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MIL-OSI Economics: Detailed Result: OMO Purchase Auction held on April 29, 2025 and Settlement on April 30, 2025
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MIL-OSI Economics: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world
Source: European Central Bank
Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund
Frankfurt am Main, 29 April 2025
I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]
Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.
This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.
First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.
The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.
Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.
The emerging reality of fragmentation
Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.
Fragmentation of the real economy
Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]
The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]
However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.
The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.
Financial fragmentation
The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.
In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]
But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]
The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]
Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.
Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.
The looming consequences of fragmentation
Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.
Medium-term impacts
The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.
Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]
The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]
The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.
In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.
Long-term structural changes
The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.
The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]
However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.
But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]
The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]
Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.
The central bank’s role in a fragmented world
So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.
First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.
Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]
Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]
And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]
In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.
Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]
Conclusion
Let me conclude.
As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.
Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.
Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.
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MIL-OSI United Nations: Madagascar: Improving Infrastructure Resilience to Reduce Climate-Related Economic Losses
Source: UNISDR Disaster Risk Reduction
One of the world’s largest islands, located in the tropical south-west Indian Ocean, Madagascar needs new roads, schools, electricity networks, and more to lift large portions of its 30 million population out of poverty. But even as it builds this new infrastructure, its progress remains fragile. Tropical cyclones and other extreme hazard events can wipe out these development gains, and climate change multiplies that threat.
Four cyclones
in 2022 affected or displaced half a million people and flooded over 200 000 hectares of agricultural lands.
Nation-wide impact:
50,000 homes destroyed
10,000 classrooms wrecked
40 roads blockedThe damage
was equal to almost 5% of Madagascar’s GDP, increasing the poverty rate of affected households by 27%.
The challenge is significant. Madagascar is the world’s fourth largest island, and its relatively small population is spread out, much of it in rural hard-to-access areas. Most villages are isolated and they lack access to decent roads, drinking water or electricity, preventing sustainable development and poverty reduction too. Rapid population growth increases the pressure to build new infrastructure fast, but Madagascar must also find new ways to protect its transport networks, energy supplies, water supplies, and more from the growing threat of climate change.
Building resilience into infrastructure will bring significant benefits. Madagascar’s infrastructure currently suffers damage worth roughly USD 100 million each year. Cyclones account for 85 percent of this damage and are expected to increase with climate change.
With that in mind, Madagascar has become one of four countries – together with Bhutan, Chile, and Tonga – to pioneer the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritize strategies that will make their infrastructure more resilient through a five-step approach.
1
Stakeholder mapping
- Key ministries, regulators and operators in infrastructure development
- Cross-sector coordination mechanisms
Review of existing policies and regulations
- Policies and regulations shaping infrastructure resilience
- Integration of disaster risks in national plans and strategies
Identification of vulnerabilities (Stress Testing)
- Data collection on hazards and vulnerabilities
- Multi-hazard resilience testing of infrastructure systems
Principles for resilient infrastructure
- Infrastructure resilience assessment using the UNDRR Resilience Principles
- Identification of resilience-building interventions
Development of an Implementation plan
- Results validation and prioritization
- Implementation plan with assigned responsibilities
The roadmap for infrastructure resilience in Madagascar is a key strategic document, as it outlines a comprehensive action plan aimed at minimising disaster risks in the country,” he adds.
Advancing Infrastructure Resilience in Madagascar
- Developing the plan
-
Developing the plan
The methodology follows five steps: Map institutional governance and identify key stakeholders; Review existing policies and regulations; Detect vulnerabilities through a stress-testing analysis; Assess current resilience through the Principles of Resilient Infrastructure; then Develop an implementation plan and produce a final report.
As part of that process, Madagascar hosted multiple workshops, that were accompanied by an assessment of institutions and regulations, analysis of sector-specific risks, and an evaluation of current practices too.
Countries need access to forward-looking information and for infrastructure systems, this means assessing the risks of interconnected infrastructure systems. The final “Roadmap for Infrastructure Resilience in Madagascar” identified nearly 50 measures to enhance the country’s infrastructure resilience.
The process integrates and complements work by Madagascar’s Cellule de Prévention et d’appui à la Gestion des Urgences (CPGU) to improve construction standards against cyclones, floods, and other hazards. It also brought in a wider range of stakeholders from the disaster risk, climate change, construction and planning, and investment sectors.
“With this new way of looking by zooming out, we have more of an overall vision of everything that makes infrastructure vulnerable,” Randrianandrasana Lila Norolalaina, Head of Disaster Risk Reduction at the Ministry of Education, says.
Together, these stakeholders looked at six specific sectors – transport, energy, water, telecommunications, health and education – analyzing them against ten key hazards. Cyclones account for most of Madagascar’s recorded losses, but floods, rising sea levels, variations in rainfall patterns, and heatwaves also have an impact.
Cascading disasters were central to the analysis, since a failure in one infrastructure sector can spread to others. Electricity failure impacts communication, transportation, and water supply systems, for example. And pumping equipment loses power and is unable to keep floodwaters under control around the capital Antananarivo, then an electricity failure would lead to other disasters, for example. Understanding these interdependencies helps to prevent a chain of failures and thus much bigger crises.
The UNDRR stress testing tool simulated various scenarios and assessed the potential impact on different sectors. It helped decision-makers to understand their vulnerabilities and to analyse the possibilities for cascading disasters. Finally, it concluded that telecommunications and energy were the sectors most likely to trigger further failures, while wastewater management was the most vulnerable to disruptions from elsewhere.
Interdependencies of Functions and Cascading Effects
- Energy
-
Energy
Discussed within the context of resilient infrastructure, energy is also vital for Madagascar’s human development. It is, however, in short supply throughout the country and this shortage prevents the country from industrialising its key sectors, especially farming. Some 80 percent of the workforce is involved with subsistence farming, for example, while failure to industrialise prevents the creation of higher paying jobs. The lack of energy also slows the modernisation of Madagascar’s young mining sector, a major contributor to GDP, through exports of nickel, cobalt, chromium, titanium, and heavy metals.
Madagascar aims to connect 70 percent of its population to electricity by 2030, from just 15 percent at present. For those who are connected, however, power cuts and voltage fluctuations are frequent, causing serious disruptions to daily life and economic development alike. The issue is often acute in rural areas, where just 5 percent of the population is connected.
Stress-testing analysis, Energy
Inadequate maintenance is part of the problem, but cyclones, heavy rains, landslides, and strong winds all lead to widespread interruptions and power outages. Two of six power stations are vulnerable to rising water levels, while earthquakes and cyber-attacks can also damage production. Droughts and fires threaten serious impacts to water supplies. They can therefore limit the production of electricity from hydropower, which accounts for 31 percent of Madagascar’s energy.
Resilience is a vital priority. Part of Madagascar’s resilience plan is to move away from imported fossil fuels towards renewables. Oil and coal, for example, account for 49 and 19 percent respectively of the island’s energy production, but they depend heavily on Madagascar’s transport, which is also vulnerable to storms. Madagascar wants renewables to account for 80 percent of its energy production by 2030, up from 33 percent at present.
Even before the review of infrastructure resilience, Madagascar had already begun to improve its energy infrastructure, through its 2015-2030 New Energy Policy (NPE). One key element of NPE is to integrate disaster risk management into the energy sector. In case of emergency, Madagascar has also developed a contingency plan to ensure continuity of essential services. With support from the World Bank, Madagascar is enhancing its energy sector management and improving service quality.
Despite these initiatives, the infrastructure resilience review highlighted the continued need for Madagascar to strengthen the resilience of its energy infrastructure. While limited finances, insufficient institutional capacity, and lack of maintenance create significant barriers, which all compromise the energy sector’s ability to resist new shocks and crises, the Roadmap includes multiple opportunities to improve its resilience.
These opportunities mainly link to information and data. Stakeholders discussed the need to strengthen and update data for monitoring and evaluation, as well as to request information and disaster risk best practices from private operators in the sector. By mapping the state of energy infrastructure, including an assessment of vulnerability and resilience levels, Madagascar will be better placed to prioritise its interventions.
Following the Global Methodology for Infrastructure Resilience Review, therefore, Madagascar has already begun to work with other partners. The Global Risk Modelling Alliance (GRMA), for example, is working with Madagascar to improve their data through better hazard modelling.
“When we know the state of all our assets, then we will be better able to ensure proper maintenance, keep track of the hotspots, and manage all the gaps.”
- Transport
-
Transport
Made up of four sub-sectors – air, sea, road, and rail – Madagascar’s transport illustrates the country’s challenges effectively too. Even without the natural hazards, Madagascar’s transport networks are limited. To the south, for example, one single trainline connects a region of roughly 100,000 people to the rest of the country. Also in the South, covering 500km by road can take three days.
With limited internal roads and railways, Madagascar uses its air network to connect different parts of the vast country, especially in the rainy season or when humanitarian aid is needed urgently. Its ports are also vital for the country’s economy, exporting vanilla and other agricultural products, together with minerals and seafood products.
Much of this infrastructure is, however, vulnerable to disasters, such as cyclones, cyber-attacks, fire hazards, and even pandemics. Cyclones, landslides, and flooding routinely damage roads and – in the wake of Cyclone Gamane in March 2024 – reconstruction of road infrastructure was set to cost USD 76 million.
International financial institutions, such as the World Bank and European Investment Bank, support Madagascar to recover from cyclone damage and to make their transport infrastructure more resilient. The Japan International Cooperation Agency (JICA) is supporting the USD 640 million expansion of Toamasina port, the gateway for about 75 percent of Madagascar’s international freight, while the African Development Bank (AfDB) is also considering rehabilitation of the port at Manakara.
Policies on rigorous maintenance, disaster planning, and construction or rehabilitation of new infrastructure, such as Ivato International Airport, will also help Madagascar to strengthen its infrastructure resilience.
Stress-testing analysis, Transportation
However, the Infrastructure Resilience Review brought new insights, enabling Madagascar to prioritise its interventions. Data analysis identified:
5 airports
vulnerable to flooding of up to 3.5 metres
9 of 57
ports vulnerable
16,292 km
roads at risk of landslides
Stakeholders discussed the need to improve regulations and institutions alike, including by incorporating resilience principles. More work is needed on climate adaptation, while Madagascar would also benefit from better engagement with financial institutions and the insurance sector too. Better coordination would improve national adaptation plans and coastal area management.
Stakeholders also discussed the need for more data analysis, preventive maintenance, capacity building, and emergency planning, as well as the need to involve the private sector and facilitate more competition.
One key topic was the importance of resilience norms, especially in the transport sector. How does Madagascar develop these and then ensure compliance? These norms – and stakeholder compliance – are essential in reducing the amount of substandard construction, a major boost for resilience.
“Raising awareness about the importance of norms is an important moment,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar said. “Now there is just the question of creating and strengthening a monitoring authority.”
- Lessons for other countries
-
Lessons for other countries
The Infrastructure Resilience Review represents an important step forward by Madagascar towards infrastructure resilience. Stakeholders hope it will also benefit donors and provide key lessons for other countries.
“Given that donors tend to pay the costs of reconstruction following a disaster in Madagascar, they also benefit when Madagascar reduces the extent and cost of those disasters,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar says.
“When we can prevent storms from destroying our water supply infrastructure every year, then we can begin to build more sustainably,” she said. “That gives us hope, because we want to escape these endless cycles of recovery.”
Resilient infrastructure is important because it enables and protects sustainable development. All too often, ferocious storms have destroyed donor-financed infrastructure, which means – in other words – that insufficient resilience puts development progress at risk.
Download the full report:
Roadmap for Infrastructure Resilience in Madagascar -
MIL-OSI United Nations: Bhutan: Protecting hydropower and water from climate and other risks
Source: UNISDR Disaster Risk Reduction
Building energy resilience
Water also plays a vital role in Bhutan’s hydropower sector, which serves as the backbone of both its energy generation and exports.
Some 70%
of the energy generated is exported to India.
Hydropower revenues
account for about 25% of the total government revenue.
Offsetting Bhutan’s
balance of payments with India and accounting for roughly 7.5% of Bhutan’s GDP.
Indeed, Bhutan’s human and economic development is closely tied to the growth of its hydropower. Some 99.7 percent of households have access to electricity, which is also essential for hospitals, schools, and communication networks. Besides supporting domestic sectors, hydropower also enables industrial growth.
But Bhutan’s hydropower sector faces increasing risks linked to the growing challenges to its water supply. Climate change is expected to exacerbate challenges such as droughts, glacial lake outburst floods (GLOFs), heavy rainfall, and flash floods. Additionally, Bhutan’s seismic activity makes hydropower assets vulnerable to loss and damage.
The country’s electricity transmission and distribution network is also at risk from geological events like earthquakes and landslides, as well as from fires and flash floods. At the same time, this network itself is a potential fire hazard, which could endanger surrounding infrastructure, settlements and forests.
The Assessment identified several resilience measures, including some which are already well-advanced and which reflect a proactive approach to risk reduction. Bhutan is exploring investments into reservoirs and pumped storage projects, for example, to increase its water storage capacity.
However, the Assessment also highlighted several areas for improvement. It noted gaps in grid stability, real-time monitoring, and the ability to respond quickly to transmission and distribution outages. To address these challenges, the assessment recommended upgrades to safety standards and the introduction of mandatory risk reporting as a regulatory requirement for electricity transmission and distribution. Establishing feedback loops and mechanisms will also help to improve the network’s resilience. -
MIL-OSI Asia-Pac: Minority Affairs Secretary chairs internal review meeting on PMJVK projects
Source: Government of India
Posted On: 29 APR 2025 2:20PM by PIB Delhi
Dr. Chandra Shekhar Kumar, Secretary, Ministry of Minority Affairs chaired an internal review meeting on PMJVK projects to assess progress of the scheme and address challenges. The meeting focused on ensuring wider outreach and effective implementation of PMJVK across India. The Secretary directed the officials to enhance and improve the scheme further.
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MIL-OSI Asia-Pac: Minister for Minority Affairs ,Shri Kiren Rijiju wishes for safe, blessed and spiritually enriching Haj pilgrimage
Source: Government of India
Posted On: 29 APR 2025 2:18PM by PIB Delhi
Union Minister for Minority Affairs and Parliamentary Affairs Shri Kiren Rijiju extended his heartfelt wishes to all 1,22,518 pilgrims undertaking the sacred Haj journey . The first flights took off with 288 pilgrims from Lucknow and 262 pilgrims from Hyderabad. In his X post, the Union Minister tweeted that under the leadership of Prime Minister , Shri Narendra Modi, the Government of India remains committed to ensuring a smooth and seamless Haj pilgrimage. He also prayed for a safe, blessed and spiritually enriching pilgrimage.
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(Release ID: 2125117) Visitor Counter : 116
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MIL-OSI Asia-Pac: PM congratulates Mr. Mark Carney on being elected as Prime Minister of Canada
Source: Government of India
Posted On: 29 APR 2025 2:16PM by PIB Delhi
Prime Minister Shri Narendra Modi today extended his congratulations to Mr. Mark Carney on his election as the Prime Minister of Canada and to the Liberal Party on their victory. He highlighted the shared democratic values, unwavering commitment to the rule of law, and vibrant people-to-people ties that bind India and Canada together.
In a post on X, he wrote:
“Congratulations @MarkJCarney on your election as the Prime Minister of Canada and to the Liberal Party on their victory. India and Canada are bound by shared democratic values, a steadfast commitment to the rule of law, and vibrant people-to-people ties. I look forward to working with you to strengthen our partnership and unlock greater opportunities for our people.”
Congratulations @MarkJCarney on your election as the Prime Minister of Canada and to the Liberal Party on their victory. India and Canada are bound by shared democratic values, a steadfast commitment to the rule of law, and vibrant people-to-people ties. I look forward to working…
— Narendra Modi (@narendramodi) April 29, 2025
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MJPS/SR
(Release ID: 2125115) Visitor Counter : 40
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MIL-OSI Asia-Pac: Union Minister Shri Manohar Lal and Chief Minister of Rajasthan Shri Bhajan Lal Sharma reviewed Centrally Funded urban development schemes in Jaipur today
Source: Government of India
Union Minister Shri Manohar Lal and Chief Minister of Rajasthan Shri Bhajan Lal Sharma reviewed Centrally Funded urban development schemes in Jaipur today
Proper assessment of expenditure and cost should be done in Metro Phase-2 project to provide better facilities can also be provided to the general public : Shri Bhajan LalPosted On: 29 APR 2025 1:55PM by PIB Delhi
Union Minister for Housing and Urban Affairs, GoI, Sh. Manohar Lal and Chief Minister of Rajasthan, Sh. Bhajan Lal Sharma held a review meeting of all the Centrally Funded Projects in Rajasthan related to urban development, at the Chief Minister’s residence in Jaipur today.
He reviewed the development, expansion and financial model of important projects related to the development of Rajasthan, funded by the Centre, such as Swachh Bharat Mission, PM e-Bus Service, Jaipur Metro Rail, Amrit Mission 2.0, and Pradhan Mantri Awas Yojana.
Sh. Sharma said that proper assessment of expenditure and cost should be done in Metro Phase-2 project and other important projects so that along with the proper utilization of financial resources, better facilities can also be provided to the general public.
He also said that Rajasthan is a historic and rapidly growing state where important works are being done for urban development with the support of the Centre. He gave guidelines for planning and their proper implementation keeping in mind the future needs and facilities of the common man.
Senior officials of the Government of India and Rajasthan Government were also present on this occasion. The officers gave a detailed presentation to the Hon’ble Union Minister and Hon’ble Chief Minister regarding all the important Urban Development Projects.
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SK
(Release ID: 2125110) Visitor Counter : 65
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MIL-OSI Asia-Pac: India and Egypt deliberate to strengthen ties through avenues of strategic collaboration in skill development
Source: Government of India
India and Egypt deliberate to strengthen ties through avenues of strategic collaboration in skill development
Both delegations expressed a shared commitment to creating a globally competitive, future-ready workforcePosted On: 29 APR 2025 1:15PM by PIB Delhi
The Ministry of Skill Development and Entrepreneurship (MSDE), Government of India, hosted a high-level Egyptian delegation led by H.E. Prof. Dr. Ayman Bahaa El Din, Deputy Minister of Technical Education, for a pivotal round of deliberations at Kaushal Bhawan, New Delhi on 28th April, 2025. This engagement marks another milestone in the ever-strengthening India-Egypt relationship, building on the momentum of the 2023 elevation of bilateral ties to a Strategic Partnership and the recent recognition of Prime Minister Shri Narendra Modi with Egypt’s highest civilian honour.
Shri Atul Kumar Tiwari, Secretary, MSDE, highlighted the enduring people-to-people and institutional linkages between the two nations. He emphasized India’s vision to become the “Skill Capital of the World” through the Skill India Mission, under which already close to 400,000 individuals have already been trained in advanced domains such as artificial intelligence, robotics, and big data, while nurturing over 1.3 million entrepreneurs.
India’s efforts to align its vocational education and training (TVET) ecosystem with global standards, and the establishment of world-class Skill India International Centres, were presented as models for international collaboration.
The Egyptian delegation shared insights into Egypt’s comprehensive TVET reforms, including the EU-supported TVET Egypt Reform Programme and the establishment of Sector Skill Councils, which resonate with India’s scalable and affordable skilling models. Both sides acknowledged the success of ongoing collaborations, such as the 2024 MoU between India’s NIELIT and Egypt’s Information Technology Institute, the El-Sewedy Group’s partnership with Amity University, and the Indian-supported Vocational Training Centre in Cairo.
Looking ahead, the two countries identified several promising avenues for future cooperation. These include joint certification programmes, faculty and student exchanges, digital skilling and entrepreneurship initiatives, and the establishment of Centres of Excellence in priority sectors like information technology, agriculture, tourism, and green skills. Both delegations expressed a shared commitment to creating a globally competitive, future-ready workforce and to using their partnership as a template for broader South-South cooperation.
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Beena Yadav/Shahbaz Hasibi
(Release ID: 2125101) Visitor Counter : 49
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MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave
Source: Government of India
Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave
Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub: PMWe are modernizing the country’s education system according to the needs of the 21st century: PM
A new National Education Policy has been introduced in the country, It has been prepared keeping in mind the global standards of education: PM
One Nation, One Subscription has given the youth the confidence that the government understands their needs, today students pursuing higher education have easy access to world class research journals: PM
India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations: PM
The trinity of Talent, Temperament and Technology will transform India’s future: PM
It is crucial that the journey from idea to prototype to product is completed in the shortest time possible: PM
We are working on the vision of Make AI in India, And our aim is- Make AI work for India: PM
Posted On: 29 APR 2025 12:44PM by PIB Delhi
Prime Minister Shri Narendra Modi addressed the YUGM Innovation Conclave at Bharat Mandapam in New Delhi today. Addressing the gathering on the occasion, he highlighted the significant gathering of government officials, academia, and science and research professionals, emphasizing the confluence of stakeholders as a “YUGM”—a collaboration aimed at advancing future technologies for a developed India. The Prime Minister expressed confidence that the efforts to enhance India’s innovation capacity and its role in deep-tech would gain momentum through this event. He remarked on the inauguration of super hubs at IIT Kanpur and IIT Bombay, focusing on AI, intelligent systems, and biosciences, biotechnology, health, and medicine. He also mentioned the launch of the Wadhwani Innovation Network, which reaffirms the commitment to advancing research in collaboration with the National Research Foundation. The Prime Minister congratulated the Wadhwani Foundation, IITs, and all stakeholders involved in these initiatives. He also extended a special appreciation to Shri Romesh Wadhwani for his dedication and active role in fostering positive changes in the country’s education system through collaboration between the private and public sectors.
Quoting the scriptures in Sanskrit meaning true life is lived in service and selflessness, Shri Modi remarked that science and technology should also serve as mediums for service. He expressed his satisfaction witnessing institutions like the Wadhwani Foundation, and the efforts of Shri Romesh Wadhwani and his team, steering science and technology in the right direction in India. He highlighted Mr. Wadhwani’s remarkable journey, marked by struggles, including the aftermath of partition, displacement from his birthplace, battling polio in childhood, and rising above these challenges to build a massive business empire. Shri Modi commended Shri Wadhwani for dedicating his success to India’s education and research sectors, calling it an exemplary act. He acknowledged the foundation’s contributions to school education, Anganwadi technologies, and Agri-Tech initiatives. He noted his earlier participation in events like the establishment of the Wadhwani Institute of Artificial Intelligence and expressed confidence that the foundation would continue achieving numerous milestones in the future and extended his best wishes to the Wadhwani Foundation for their endeavors.
Underlining that the future of any nation depends on its youth and marking the importance of preparing them for the future, the Prime Minister remarked that the education system plays a crucial role in this preparation and underscored efforts to modernize India’s education system to meet 21st-century needs. He highlighted the introduction of the New National Education Policy, designed with global education standards in mind, and noted the significant changes it has brought to the Indian education system. He remarked on the development of the National Curriculum Framework, Learning Teaching Material, and new textbooks for classes one to seven. He highlighted the creation of AI-based and scalable digital education infrastructure platform – ‘One Nation, One Digital Education Infrastructure’ under PM e-Vidya and DIKSHA platforms, enabling the preparation of textbooks in over 30 Indian languages and seven foreign languages. The Prime Minister remarked that the National Credit Framework has made it easier for students to study diverse subjects simultaneously, providing modern education and opening new career paths. He stressed the importance of strengthening India’s research ecosystem to achieve national goals, highlighting the doubling of gross expenditure on R&D from ₹60,000 crore in 2013-14 to over ₹1.25 lakh crore, the establishment of state-of-the-art research parks, and the creation of Research and Development Cells in nearly 6,000 higher education institutions. He remarked on the rapid development of an innovation culture in India, citing the increase in patent filings from around 40,000 in 2014 to over 80,000, reflecting the support provided by the intellectual property ecosystem to the youth. The Prime Minister further highlighted the establishment of the ₹50,000 crore National Research Foundation to promote research culture and the One Nation, One Subscription initiative, which has facilitated access to world-class research journals for higher education students. He emphasised on the Prime Minister’s Research Fellowship, which ensures that talented individuals face no obstacles in advancing their careers.
Shri Modi highlighted that the youth today excel not only in Research & Development but have become Ready and Disruptive themselves, emphasizing the transformative contributions of India’s young generation to research across various sectors. He cited milestones like the commissioning of the world’s longest hyperloop test track, a 422-meter hyperloop developed at IIT Madras in collaboration with Indian Railways. He remarked on groundbreaking achievements such as nanotechnology developed by scientists at IISc Bangalore to control light at the nano-scale and the ‘brain on a chip’ technology, capable of storing and processing data across 16,000+ conduction states in a molecular film. He further highlighted the development of India’s first indigenous MRI machine just weeks ago. “India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations”, said Shri Modi, showcasing India’s representation in Higher Education Impact Rankings, with over 90 universities listed among 2,000 institutions globally. He noted the growth in QS world rankings, where India moved from having nine institutions in 2014 to 46 in 2025, alongside the increasing representation of Indian institutions among the world’s top 500 higher education institutes over the past decade. He also remarked on Indian institutions establishing campuses abroad, such as IIT Delhi in Abu Dhabi, IIT Madras in Tanzania, and upcoming IIM Ahmedabad in Dubai. He underscored that leading global universities are also opening campuses in India, promoting academic exchange, research collaboration, and cross-cultural learning opportunities for Indian students.
“The trinity of Talent, Temperament and Technology will transform India’s future”, stressed the Prime Minister, highlighting initiatives such as Atal Tinkering Labs, with 10,000 labs already operational, and the announcement of 50,000 more in this year’s budget to provide early exposure to children. He noted the launch of the PM Vidya Lakshmi scheme to provide financial support to students and the establishment of internship cells in over 7,000 institutions to transform students’ learning into real-world experience. He remarked that every effort is being made to develop new skills among the youth, whose combined talent, temperament, and technological strength will lead India to the pinnacle of success.
Underscoring the importance of meeting the goal of a developed India within the next 25 years, the Prime Minister said, “it is crucial that the journey from idea to prototype to product is completed in the shortest time possible”. He stressed that reducing the distance from lab to market ensures faster delivery of research outcomes to the people, motivates researchers, and provides tangible incentives for their work. This accelerates the cycle of research, innovation, and value addition. The Prime Minister called for a robust research ecosystem, urging academic institutions, investors, and industry to support and guide researchers. He highlighted the potential role of industry leaders in mentoring youth, providing funding, and collaboratively developing new solutions. He reaffirmed the government’s commitment to simplifying regulations and fast-tracking approvals to further these efforts.
Emphasising the need to consistently promote AI, quantum computing, advanced analytics, space tech, health tech, and synthetic biology, Shri Modi highlighted India’s leading position in AI development and adoption. He mentioned the launch of the India-AI Mission to build world-class infrastructure, high-quality datasets, and research facilities. He remarked on the increasing number of AI Centres of Excellence being developed with the support of leading institutions, industries, and startups. He reiterated the commitment to the vision of “Make AI in India” and the goal to “Make AI work for India.” He further noted the budgetary decision to expand IIT seat capacities and introduce Meditech courses, combining medical and technology education, in collaboration with IITs and AIIMS. The Prime Minister urged the timely completion of these initiatives, with a focus on positioning India among the “best in the world” in future technologies. Concluding his address, the Prime Minister remarked that initiatives like YUGM, a collaboration between the Ministry of Education and Wadhwani Foundation, can revitalize India’s innovation landscape. He expressed gratitude to the Wadhwani Foundation for their continued efforts and highlighted the significant impact of today’s event in furthering these objectives.
Union Ministers Shri Dharmendra Pradhan, Dr. Jitendra Singh, Shri Jayant Chaudhary, Dr. Sukanta Majumdar were present among others at the event.
Background
YUGM (meaning “confluence” in Sanskrit) is a first-of-its-kind strategic conclave convening leaders from government, academia, industry, and the innovation ecosystem. It will contribute to India’s innovation journey, driven by a collaborative project of around Rs 1,400 crore with joint investment from the Wadhwani Foundation and Government Institutions.
In line with Prime Minister’s vision of a self-reliant and innovation-led India, various key projects will be initiated during the conclave. They include Superhubs at IIT Kanpur (AI & Intelligent Systems) and IIT Bombay (Biosciences, Biotechnology, Health & Medicine); Wadhwani Innovation Network (WIN) Centers at top research institutions to drive research commercialization; and partnership with Anusandhan National Research Foundation (ANRF) for jointly funding late-stage translation projects and promoting research and innovation.
The conclave will also include High-level Roundtables and Panel Discussions involving government officials, top industry and academic leaders; action-oriented dialogue on enabling fast-track translation of research into impact; a Deep Tech Startup Showcase featuring cutting-edge innovations from across India; and exclusive networking opportunities across sectors to spark collaborations and partnerships.
The Conclave aims to catalyze large-scale private investment in India’s innovation ecosystem; accelerate research-to-commercialization pipelines in frontier tech; strengthen academia-industry-government partnerships; advance national initiatives like ANRF and AICTE Innovation; democratize innovation access across institutions; and foster a national innovation alignment toward Viksit Bharat@2047.
Addressing the YUGM Conclave. Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub. https://t.co/J8kaoynOo9
— Narendra Modi (@narendramodi) April 29, 2025
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MJPS/SR
(Release ID: 2125090) Visitor Counter : 95
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MIL-OSI Asia-Pac: Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership
Source: Government of India
Commerce Secretary Shri Sunil Barthwal Visits Netherlands to Strengthen Bilateral Trade and Economic Partnership
Commerce Secretary Engages with Port of Rotterdam Authority, Explores Green and Digital Corridor Cooperation to Boost Maritime and Trade TiesPosted On: 29 APR 2025 11:17AM by PIB Delhi
Commerce Secretary, Ministry of Commerce and Industry, Government of India,Shri Sunil Barthwal, visited the Netherlands from 24–26 April 2025 to advance bilateral trade and economic cooperation between India and the Netherlands. The visit underlined India’s commitment to strengthening its economic engagement with the Netherlands, a key European partner. During his visit, Mr. Barthwal engaged in high-level discussions, industry interactions and toured places of economic importance.
The visit of the Commerce Secretary yielded several tangible outcomes. It reinforced the strategic importance of the India-Netherlands partnership in addressing global economic challenges and fostering innovation-driven growth. The discussions at the Ministry of Foreign Affairs and the Ministry of Economic Affairs laid the groundwork for enhanced collaboration through institutional mechanisms like the JTIC. The CEOs Roundtable fostered new business connections, with Dutch companies expressing keen interest in India’s growing market and investment opportunities. The engagements at the Port of Rotterdam and ASML opened new avenues for cooperation in maritime infrastructure and semiconductors, aligning with India’s economic priorities. Commerce Secretary Barthwal’s visit has injected fresh momentum into India Netherlands partnership, setting the stage for deeper economic collaboration.
Mr. Barthwal commenced his visit with a productive discussion with Mr. Michiel Sweers, Director General for Foreign Economic Relations, Dutch Ministry of Foreign Affairs, in The Hague. The discussions focused on strengthening bilateral trade and economic ties, inter alia, through setting up of the Joint Trade and Investment Committee (JTIC) mechanism. Further, the meeting covered diverse issues of bilateral trade and economic relationship, advancing strategic economic cooperation, fostering policy alignment, and addressing trade barriers to facilitate smoother market access for Indian and Dutch businesses. The dialogue reaffirmed the shared commitment to creating a conducive environment for trade and investment, leveraging the complementary strengths of both economies.
A highlight of the visit was the CEOs Round-table Conference organized by the Embassy of India. Attended by approximately 40 representatives from leading Dutch and Indian companies, as well as business chambers and trade organizations, the round-table facilitated discussions on trade opportunities, challenges and actionable solutions. Participants offered valuable suggestions, with the Government of India and the Embassy pledging to address concerns. The Conference provided a platform for industry leaders to share insights, explore synergies, and identify opportunities for collaboration in sectors such as renewable energy, agriculture, healthcare, logistics, waste management and urban development. Mr. Barthwal emphasized India’s ambitious economic reforms, including initiatives to boost manufacturing, exports and ease of doing business, which resonated strongly with Dutch stakeholders. The Roundtable also featured the showcasing of One District One Product (ODOP) handicrafts by the Embassy, celebrating India’s rich artisanal heritage. The subsequent networking session acted as a platform for corporate leaders and trade bodies to forge meaningful connections, with Commerce Secretary Barthwal and Ambassador Tuhin actively engaging the participants.
Mr. Barthwal visited the Port of Rotterdam, Europe’s largest and one of the world’s most advanced ports. Received by Mr. Boudewijn Siemons, CEO of the Port of Rotterdam Authority, at the World Port Center, Mr. Barthwal held in-depth discussions on enhancing cooperation between the Indian ports and Rotterdam. The talks explored opportunities for knowledge sharing, technology transfer, and sustainable port management practices. A tour of the port facilities, including the fully automated APM Terminals at Maasvlakte II, provided insights into Rotterdam’s state-of-the-art infrastructure and operational efficiencies. Mr. Barthwal highlighted the potential for collaboration in modernizing Indian ports, aligning with India’s Maritime Vision 2030, which aims to enhance port capacity and logistics efficiency. Both sides expressed interest in deepening ties through joint initiatives in port digitalization, green shipping, and logistics optimization, which are critical to boosting bilateral trade flows. The visit laid the groundwork for setting up of a Green and Digital Corridor between the Port of Rotterdam and Indian ports like the Deendayal Port Authority Kandla, and export of Green Hydrogen and carriers like Ammonia and Methanol from India to Europe, with the Port of Rotterdam acting as a gateway to Europe.
Later, Mr. Barthwal traveled to Veldhoven to visit the headquarters of ASML, a global leader in photolithography systems for the semiconductor industry. In a productive meeting with ASML’s CEO, Mr. Christophe Fouquet, Mr. Barthwal discussed deepening India-Netherlands cooperation in the semiconductor sector. The discussions focused on leveraging ASML’s expertise to support India’s ambitions to become a global semiconductor manufacturing hub, as outlined in the India Semiconductor Mission. Mr. Barthwal emphasized India’s robust policy framework to attract investments in semiconductors, including production-linked incentives and infrastructure development. The engagement with ASML highlighted India’s interest in fostering innovation and building a resilient semiconductor ecosystem, with the Netherlands as a key partner.
Joint Secretary, Ministry of Commerce and Industry, Government of India, Shri Saket Kumar, who accompanied Commerce Secretary, met Mr. Tjerk Opmeer, Deputy Director General for Enterprise and Innovation, at the Dutch Ministry of Economic Affairs in The Hague. The discussions centered on fostering innovation-driven partnerships, particularly in technology and startup ecosystems. Both sides committed to deepening collaboration in the startups and innovation ecosystem through mutual efforts under the Indo-Dutch Startup Link. The meeting also explored collaboration in entrepreneurship, tech exchange and space cooperation. These engagements highlighted India’s growing role as a hub for innovation and the Netherlands’ expertise in cutting-edge technologies, paving the way for enhanced bilateral cooperation.
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Abhishek Dayal/Abhijith Narayanan
(Release ID: 2125060) Visitor Counter : 35
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MIL-OSI Asia-Pac: Commerce Secretary Shri Sunil Barthwal Engages with Croatian Counterparts to Strengthen Bilateral Economic Cooperation
Source: Government of India
Commerce Secretary Shri Sunil Barthwal Engages with Croatian Counterparts to Strengthen Bilateral Economic Cooperation
India and Croatia Discuss Collaboration in Railways, EVs, Defence, Healthcare, Renewable Energy, and Food Processing SectorsPosted On: 29 APR 2025 11:16AM by PIB Delhi
Commerce Secretary, Government of India, Shri Sunil Barthwal, visited the Republic of Croatia from 22–23 April 2025, where he held bilateral discussions with Mr. Zdenko Lucić, State Secretary for Foreign Trade and Development, Ministry of Foreign and European Affairs, and Mr. Ivo Milatić, State Secretary, Ministry of Economy. The meetings focused on advancing India-Croatia trade and investment relations, promoting sectoral collaboration, and reinforcing India’s engagement with the Central European region.
During the meeting with Mr. Zdenko Lucić, State Secretary for Foreign Trade and Development,discussions centered around taking forward the EU-India Free Trade Agreement (FTA) and enhancing bilateral trade cooperation.The discussions focused on taking forward the EU-India FTA and strengthening bilateral trade relations. The Commerce Secretary mentioned the visit of EU President and 27 Commissioners to India as the first visit of the College of Commissioners outside the European continent since the start of their new mandate and also the first such visit in the history of India-EU bilateral ties. Commerce Secretary mentioned about the areas of collaboration between the two countries like Railways, Global Capability Centers, Electric Vehicles, IT etc. Croatian side apprised about their interest of investment in Defence sector (about flagship products of India), solar cells production, food processing technology, Automobiles, knowledge sharing amongst other sectors.
In the meeting of Commerce Secretary with Mr. Ivo Milatić, State Secretary, Ministry of Economy, discussion was focused on promoting investment flows, and enhancing cooperation across key sectors including Healthcare, Education, Tourism, Entertainment (mentioned about WAVES summit), Supply-Chain integration, Logistics, Transports, Pharmaceuticals, Digital Technology, Renewable Energy and Manufacturing. For the 3rdSession of Joint Commission on Economic Cooperation which is due, both sides exchanged their views on improving the work of the commission with more frequent meetings and directly connecting the entrepreneurs of both the countries for a stronger and faster progress.
The Commerce Secretary also participated in a business interaction event “Exploring Economic Cooperation Opportunities between India and Croatia” organized by the Croatian Chamber of Economy (CCE), where he met with the heads of various industry associations and leading Croatian business representatives. A presentation on the Croatian Economy, the trade and investment relations between India and Croatia and Industries potential on key sectors of mutual interest was shown. The event provided a platform to explore opportunities for collaboration, address trade facilitation measures, and promote mutual business interests. Successful business cases of Croatian Companies in the Indian Market were also presented.
The visit reaffirmed India’s commitment to strengthening engagement with the Central European region and underscored the shared interest in expanding commercial partnerships between Indian and Croatian enterprises.
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Abhishek Dayal/Abhijith Narayanan
(Release ID: 2125059) Visitor Counter : 32
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MIL-OSI Asia-Pac: Central Consumer Protection Authority (CCPA) takes suo moto cognizance against 5 Delhi Restaurants for non-refund of Service Charge
Source: Government of India
Central Consumer Protection Authority (CCPA) takes suo moto cognizance against 5 Delhi Restaurants for non-refund of Service Charge
National Consumer Helpline (NCH) receives complaints against the Restaurants regarding mandatory levy of Service Charge and non-refund of Service Charge AmountPosted On: 29 APR 2025 9:53AM by PIB Delhi
The Central Consumer Protection Authority (CCPA) has taken suo moto action against five restaurants — Makhna Deli, Xero Courtyard, Castle Barbeque, Chaayos, and Fiesta by Barbeque Nation for failing to refund mandatory service charges despite judgment held by Hon’ble High Court of Delhi. Notices have been issued under the Consumer Protection Act, 2019, directing the restaurants to refund the service charge amounts.
This measure is aimed at reducing the undue pressure on Consumers to pay additional amount at the time of availing services at any Restaurant as no Hotel or Restaurant shall force a consumer to pay Service Charge or Service Charge shall not be collected from consumers by any other name.
The Central Consumer Protection Authority (CCPA) issued guidelines on 04.07.2022 to curb unfair trade practices and protect consumer interests regarding service charges in hotels and restaurants. The guidelines stipulate that:
- No hotels or restaurant shall add service charge automatically or by default in the food bill.
- No collection of service charge shall be done by any other name.
- No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that service charge is voluntary, optional and at consumer’s discretion.
- No restriction on entry or provision of services based on collection of service charge shall be imposed on consumers.
- Service charge shall not be collected by adding it along with the food bill and levying GST on the total amount.
On 28.03.2025, the Delhi High Court upheld the CCPA guidelines on service charges. Subsequently, it came to the notice of the Central Consumer Protection Authority (CCPA), through complaints received on the National Consumer Helpline (1915), that grievances had been registered alleging that certain restaurants continued to impose a mandatory service charge without obtaining prior consent from consumers, thereby disregarding consumer rights and indulged in unfair trade practices as per the Consumer Protection Act, 2019.
Central Consumer Protection Authority (CCPA) was established under Section 10 of the Consumer Protection Act, 2019. Its primary mandate is to regulate matters related to the violation of consumer rights, unfair trade practices, and false or misleading advertisements that are detrimental to the interests of the public and consumers at large.
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Abhishek Dayal/Nihi Sharma
(Release ID: 2125045) Visitor Counter : 120
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MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on April 29, 2025: Cut-Offs
Source: Reserve Bank of India
Security 7.04% GS 2029 6.10% GS 2031 7.26% GS 2032 6.19% GS 2034 8.33% GS 2036 Total amount notified Aggregate amount of ₹20,000 crore
(no security-wise notified amount)Total amount (face value) accepted by RBI (₹ in crore) 1,605 9,869 2,656 1,610 4,260 Cut off yield (%) 6.0975 6.2238 6.2570 6.3476 6.5005 Cut off price (₹) 103.36 99.36 105.80 98.89 114.30 Detailed results will be issued shortly. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/202
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MIL-OSI China: Wang Yi holds phone talks with Pakistani deputy PM
Source: People’s Republic of China – State Council News
MADRID, April 27 — Chinese Foreign Minister Wang Yi on Sunday held phone talks with Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar.
Dar briefed Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, on the latest tensions between Pakistan and India following a terrorist attack in the Kashmir region.
Dar emphasized that Pakistan has consistently and firmly fought against terrorism and is against any actions that could lead to an escalation of the situation. Pakistan is committed to managing the situation in a mature manner and will maintain communication with China and the international community, Dar added.
For his part, Wang said China is closely following the developments, stressing that combating terrorism is a shared responsibility of the whole world while reaffirming China’s consistent support for Pakistan’s firm counterterrorism efforts.
As an ironclad friend and an all-weather strategic cooperative partner, China fully understands Pakistan’s legitimate security concerns and supports Pakistan in safeguarding its sovereignty and security interests, Wang said.
China advocates for a swift and fair investigation and believes that conflict does not serve the fundamental interests of either India or Pakistan, nor does it benefit regional peace and stability, Wand noted.
China hopes both sides will remain restrained, move toward each other, and work together to de-escalate the situation, he added.
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MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world
Source: European Central Bank
Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund
Frankfurt am Main, 29 April 2025
I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]
Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.
This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.
First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.
The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.
Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.
The emerging reality of fragmentation
Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.
Fragmentation of the real economy
Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]
The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]
However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.
The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.
Financial fragmentation
The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.
In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]
But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]
The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]
Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.
Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.
The looming consequences of fragmentation
Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.
Medium-term impacts
The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.
Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]
The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]
The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.
In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.
Long-term structural changes
The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.
The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]
However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.
But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]
The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]
Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.
The central bank’s role in a fragmented world
So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.
First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.
Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]
Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]
And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]
In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.
Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]
Conclusion
Let me conclude.
As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.
Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.
Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.
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MIL-Evening Report: India and Pakistan are on war footing. Can they be brought back from the brink?
Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University
India and Pakistan are once again at a standoff over Kashmir. A terror attack last week in the disputed region that killed 26 tourists – mostly Indian – has brought the two nuclear-armed South Asian rivals close to a devastating conflict.
India claims the incident was an act of cross-border terrorism supported by Pakistan and has vowed to hunt down and punish the perpetrators. In retaliation, it has suspended the Indus Waters Treaty to deprive Pakistan of water from the Indus River, which runs through the Indian-controlled region of Jammu and Kashmir.
Pakistan has condemned India’s action as an “act of war”.
Both sides have put their forces on alert as low-level clashes have broken out along the “Line of Control”, the de facto border established in the region following the first Indo-Pakistan war in 1947–48.
Pakistan’s defence minister now says a “military incursion” by India is imminent. Can all-out war between the two sides be averted?
A long-simmering dispute
At the time of the painful partition of British India in the 1940s, the country’s Muslim minority were given the option of joining the newly created state of Pakistan. Kashmir’s Hindu ruler initially wanted independence for the region, but in fear of invaders from Pakistan, decided to join India.
This laid the foundations for an enduring, bitter dispute over control of the Muslim-majority region. Attempts at a resolution have been hard to come by.
The dispute has also become intrinsically linked to the political and strategic postures of the two protagonists.
New Delhi has vehemently opposed any nationalist demands for independence in Jammu and Kashmir. It fears this would set a precedent for many other minorities who want autonomy in multi-ethnic India.
Initially, the region was given a special autonomous status under Article 370 of the Indian constitution. But since 2014, the ruling Hindu nationalist Bharatiya Janata Party (BJP) under Prime Minister Narendra Modi has forcefully sought to bring Jammu and Kashmir under New Delhi’s control.
In 2019, it revoked Article 370 and isolated the region from the rest of India and the outside world.
Modi’s government argued this was necessary to bring progress and prosperity to the people of Jammu and Kashmir. In reality, it was aimed at squashing separatist movements and easing the way for more Hindus to move to the territory.
Pakistan condemned the scrapping of Article 370, exacerbating the tensions between the two regional powers.
New Delhi has also accused Pakistan of involvement in cross-border terrorist acts over the years. Islamabad has refuted New Delhi’s claims and castigated it for human rights violations in Jammu and Kashmir and for denying the people their right to self-determination.
Nuclear deterrence has been effective
India and Pakistan fought two wars in 1965 and 1971, the latter resulting in the dismemberment of Pakistan and creation of the state of Bangladesh.
In 1999, the two rivals came very close to a nuclear exchange in the limited Kargil War in Kashmir, but pulled back from the brink. As I wrote at the time, the consequences of a nuclear war played a crucial role in both sides eventually backing down.
This is also the main reason the protagonists have not fought another all-out war in five decades, notwithstanding periodic clashes along the Line of Control and the Kargil conflict. And nuclear deterrence may once more prove effective in preventing the two sides from escalating the current conflict.
Pakistan is also going through a very politically, economically and socially fragile period in its history.
The country has been in political turmoil since the ousting and arrest of popular Prime Minister Imran Khan in 2023. The economy is in the doldrums. And the government faces a renewed threat from the Pakistani Taliban, amid growing tensions between Pakistan and Afghanistan.
The main force holding Pakistan together is the military and the powerful Inter-Services Intelligence (ISI) agency.
India is facing its own challenges, despite being in a more stable position. The Modi government’s Hindu nationalism has marginalised minority groups, in particular the country’s Muslim population. And income inequality is growing, with the richest 1% of the country holding 58% of the wealth.
Neither country can afford a war right now – particularly one with potentially catastrophic consequences.
Amin Saikal 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. India and Pakistan are on war footing. Can they be brought back from the brink? – https://theconversation.com/india-and-pakistan-are-on-war-footing-can-they-be-brought-back-from-the-brink-255504
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MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 29, 2025
Source: Reserve Bank of India
Tenor 1-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 5,901 Amount allotted (in ₹ crore) 5,901 Cut off Rate (%) 6.01 Weighted Average Rate (%) 6.01 Partial Allotment Percentage of bids received at cut off rate (%) NA Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/200
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MIL-OSI: Amundi: Results for the First quarter of 2025 – Record inflows at +€31bn
Source: GlobeNewswire (MIL-OSI)
Amundi: Results for the First quarter of 2025
Record inflows at +€31bn
Record
inflowsAssets under management1at an all-time high of €2.25tn at end of March 2025, +6% year-on-year Highest quarterly net inflows since 2021, at +€31bn in Q1
- +€37bn in medium- to long-term assets excluding JVs, new quarterly record
- Positive inflows in active management (+€6bn)
- Strong ETF net inflows and gain of a big ESG equity index mandate with The People’s Pension (UK): +€21bn
Strong growth in profit before tax Profit before tax2of €458m, up +11% Q1/Q1, driven by: - revenue growth (+11%)
- positive jaws effect
- improved cost-income ratio to 52.4%2
Adjusted net income2,3 close to €350m excluding impact of exceptional tax surcharge4 in France (-€46m)
Confirmed strategic pillars
successStrong inflows in growth areas: - Third-party distribution +€8bn
- Asia +€8bn
- ETF +€10bn
Amundi Technology: strong organic growth, integration of aixigo and revenues up +46% Q1/Q1
Paris, 29 April 2025
Amundi’s Board of Directors met on 28 April 2025 chaired by Philippe Brassac, and approved the financial statements for the first quarter of 2025.
Valérie Baudson, Chief Executive Officer, said: “After a record year in 2024, Amundi continued this momentum in the first quarter of 2025. Quarterly net inflows are at their highest since 2021: our clients, whether they are individuals or institutions, have entrusted us with +€31bn more to manage. In particular, we won a major mandate from one of the UK’s largest pension funds in the fast-growing market for Defined Contribution pension plans.
The business continues to reflect the relevance of our main growth pillars: net inflows were dynamic with Third-Party Distributors, in Asia and on ETFs, and Amundi Technology continues its sustained growth.
The three transactions signed in 2024 reinforce this solid organic growth: Alpha Associates and aixigo have already contributed positively to the quarter’s results, the partnership with Victory Capital, closed on 1 April, now allows us to offer more US strategies while creating value for our shareholders.
Amundi’s diversified model and agility allow us to effectively support our clients in all market environments and provide them with long-term growth opportunities. We continue to invest, redeploy our resources and optimise our cost base to adapt our platform, meet the changing needs of clients and develop new services for them. »
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Highlights
Continued organic growth thanks to confirmed successes in the strategic pillars
2025 is the last year of implementation of the 2025 Ambitions plan, which sets a number of strategic pillars to accelerate the diversification of the Group’s growth drivers and exploit development opportunities. After a year 2024 during which several objectives were achieved a year ahead of schedule, the first quarter confirmed the momentum:
- Third-Party Distribution recorded assets under management up over +15% year-on-year and net inflows over 12 months of +€33bn, of which +€8bn5 in the first quarter of 2025, mainly in MLT assets6, (+€7.6bn); net inflows this quarter were driven by ETFs and active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets6, particularly in Asia (+€1.7bn); it is also diversified by types of client, with a confirmed commercial momentum with digital platforms, which account for c.25% of net inflows; it should be noted that a Workshop presenting the Third-Party Distribution business line will be held on Thursday 19 June in London, with the entire division’s management team;
- Asia: assets under management were up +9% year-on-year despite the fall in the US dollar and the Indian rupee, to reach €462bn; net inflows for the quarter reached +€8bn, mainly from direct distribution (+€5bn compared to +€3bn for JVs), and is balanced between major client segments in direct distribution and JVs; it is also diversified by countries: Korea (+€3bn) thanks to the JV, China with the two JVs and institutional clients, Hong Kong (+€1.6bn) and Singapore (+€1.4bn) thanks to institutional and third-party distributors;
- ETFs raised +€10bn this quarter, thanks to the success of US equity underlying strategies at the beginning of the quarter, and then in March with the success of the Stoxx Europe 600 ETF, which collected +€1.3bn in one month and exceeded €10bn in assets under management; innovative products were launched, with the ETF invested in short-duration eurozone sovereign green bonds, capitalising on the success of its long-duration big brother, which reached €3bn in assets under management;
- Amundi Technology continues to grow: its revenues increased by +46% Q1/Q1, driven in equal parts by the integration of aixigo and strong organic growth; the business line has signed a partnership with Murex to offer in ALTO the functionalities of this company’s integrated OTC derivatives management and valuation platform, MX.3, which has more than 60,000 users in 65 countries; the partnership includes cross-selling and joint business development agreements.
After the end of the first quarter
- On 1 April, the partnership with Victory Capital, was closed and Amundi received 17.6 million shares, i.e. 21.2%7 of Victory Capital’s capital. In accordance with the Contribution Agreement and the completion of the remaining adjustments, we expect Amundi’s stake in Victory Capital to reach 26.1%7 in the next few months. This investment will be consolidated using the equity method and will start contributing to the Group’s results from the second quarter.
- It should be noted that as of 8 April, after the drop in the equities and bond markets and at the trough of European equity markets since the end of the first quarter (Stoxx 600 -9%), the Group’s assets under management excluding JVs8 were down by just below -3% compared to 31 March 2025; as of 25 March, they had recovered to less than -2% vs. end March.
- After the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.
Focus on operations in the UK
The winning of a large mandate with a pension fund illustrates the strong development of Amundi’s operations in the United Kingdom. Amundi has management and marketing/sales teams there and is experiencing strong growth in its business:
- London is one of Amundi’s 6 global investment hubs, with €49bn under management for the entire Group, in charge of all emerging markets strategies as well as global and GBP fixed income strategies;
- The distribution platform for local clients represents €66bn under management, balanced between institutional and third-party distribution; the commercial platform is complemented by Amundi Technology sales teams to serve British clients.
The €21bn equity index mandate for The People’s Pension, one of the leading Master Trusts (multi-employer pension funds) in the Defined Contribution pension plan market, was won thanks to the depth and consistency of Amundi’s responsible investment methodology, applied in this case to an index management solution. It amplifies the strong commercial momentum in this Master Trust market segment, as Amundi is now a close partner of the two largest players.
Activity
Capital markets still up Q1/Q1, decline in the dollar and Indian rupee
In the first quarter of 2025, both equities9and bond10markets continued to rise. Year-on-year, they gained +13% and +3% respectively in average. The market effect is therefore positive on the Group’s assets under management and revenues compared to the first quarter of 2024.
The Indian rupee and the US dollar were both down -4% quarter-on-quarter, and -3% year-on-year for the Indian rupee while the US dollar is stable over the same period. The foreign exchange effect, which was neutral year-on-year, was therefore negative by around -1% on Amundi’s end-of-period assets under management in the first quarter.
European fund management market in slow recovery
Investor risk aversion persists in the European fund management market. In the first quarter of 2025, net inflows in open-ended funds11 continued their slow recovery compared to the beginning of 2024, at +€221bn in the first quarter, down slightly compared to the fourth quarter of 2024 (+€232bn) due to lower net inflows from money market funds (+€60bn). Active management continued its recovery, with +€70bn net inflows, and its rebalancing compared to passive management (+€91bn, of which +€82bn in ETFs). As in previous quarters, net flows were positive thanks to fixed income, and grew only as a result of lower outflows in equities and multi-assets.
Highest quarterly net inflows for MLT assets6in Q1
Assets under management1as at 31 March 2025 increased by +6.2% year-on-year, to reach the new record of €2,247bn. Over 12 months, in addition to market appreciation, they benefited from a high level of net inflows, at +€70bn, higher than the market & forex effect of +€53bn. The increase in assets under management also benefited from the integration of Alpha Associates since the beginning of April 2024 (+€7.9bn).
In the first quarter of 2025, the forex effect was negative by -€26bn due to the fall of the US dollar and the Indian rupee against the euro. It was very slightly offset by a small positive market effect (+€2bn). The strong net inflows in the quarter were much higher than this negative forex effect.
The first quarter net inflows totalled +€31bn, the highest level for a quarter since 2021, of which +€37bn in MLT assets6 excluding JVs, an all-time record.
These net inflows benefited from the gain of the mandate of The People’s Pension (+€21bn). The rest of the MLT net inflows6 (+€16bn) comes from passive management, in particular ETFs (+€10bn) and active management (+€6bn). As in previous quarters, the latter was driven by fixed income strategies (+€11bn), in all client segments.
The three main client segments contributed to net inflows of +€31bn:- the Retail segment, at +€6bn, thanks to Third-Party Distributors (+€8bn); net inflows were slightly positive at Amundi BOC WM while risk aversion continued to affect net inflows from Partner Networks: slightly positive in France (+€0.2bn) and negative in International business (-€3bn), due in particular to multi-asset strategies: -€2bn;
- The Institutional segment, at +€22bn, of which +€33bn in MLT assets6, benefited from The People’s Pension mandate and a good level of net inflows, particularly bonds, in all sub-segments except the seasonal effect for Corporates and Employee Savings;
- Finally JVs (+€3bn) benefited from dynamic net inflows in NH-Amundi (South Korea, +€3bn), while SBI FM (India, -€1bn) recorded outflows linked to end-of-fiscal-year operations and client caution after the correction in local equities markets since October 2024, even though net flows remained positive in the retail segment; ABC-CA (China) net inflows confirmed the stabilisation of the local market, and were positive by +€1bn excluding discontinued Channel Business operations, mainly driven by treasury products.
Treasury products posted outflows of -€8.7bn, mainly due to particularly strong seasonal outflows from Corporates in the first quarter of this year (-€11.6bn) and to a lesser extent from arbitrages by CA & SG insurers (-€1.6bn) in favour of products with longer durations. All other client segments posted slightly positive net inflows in treasury products, reflecting the wait-and-see attitude in the face of volatility in risky assets markets.
First quarter 2025 results
Sharp increase in profit before tax2+11% Q1/Q1 thanks to top line growth
Adjusted data2
Profit before tax2reached €458m, up +10.7% compared to the first quarter of 2024.
It includes contributions from Alpha Associates as well as aixigo, acquisitions of which were finalised in early April and early November 2024 respectively, and were therefore not included in the first quarter 2024. Their cumulative contribution to the profit before tax2 in the first quarter reached +€4m, i.e. +1pp of Q1/Q1 growth.
The growth in profit before tax2 was mainly due to the increase in revenues.
Adjusted net revenue2 amounted to €912m, up +10.7% compared to the first quarter of 2024, +9% at constant scope, driven by all sources of revenues:
- net management fees increased by +7.7% compared to the first quarter of 2024, to €824m, which reflects the good level of activity, the increase in average assets under management excluding JVs (+8.8% over the same period), but also the negative product mix effect on revenue margins;
- performance fees (€23m), which are traditionally more moderate in the first quarter due to the lower number of fund anniversaries during this period, nevertheless rose by +30.7% compared to the first quarter of 2024; they reflect the good performance of Amundi’s investment management, with c.70% of assets under management ranked in the first or second quartiles according to Morningstar12 over 1, 3 or 5 years, and 244 Amundi funds rated 4 or 5 stars by Morningstar12 as at 31 March;
- Amundi Technology’s revenues, at €26m, continued to grow steadily (+46.2% compared to the first quarter of 2024), amplified this quarter by the consolidation of aixigo (+€4m); excluding aixigo, these revenues were up +21.2% organically;
- finally, the Financial and other revenues2 amounted to €39m, up sharply compared to the first quarter of 2024 thanks to capital gains on the private equity portfolio in seed money and a positive mark-to-market from equity holdings, despite the impact of the fall in short-term rates in the euro zone.
The increase in adjusted2operating expenses, €478m, is +8.8% compared to the first quarter of 2024, +6% at constant scope. It remains lower than that of revenues, thus generating a positive jaws effect of nearly 3 percentage points excluding the scope effect related to the acquisition of Alpha Associates and aixigo, reflecting the Group’s operational efficiency.
In addition to the scope effect, this increase is mainly due to:
- investments in the development initiatives of the 2025 Ambitions plan, including technology, third-party distribution and Asia;
- provisioning for individual variable remuneration, in line with the growth in results.
The cost-income ratio at 52.4% on an adjusted data basis2, improved compared to the same quarter last year and is in line with the Ambitions 2025 target (<53%).
The adjusted2gross operating income (GOI) amounted to €434m, up +12.9% compared to the first quarter of 2024, +11.8% at constant scope, reflecting revenue growth.
Share of net income of equity-accounted companies13, at €28m, down slightly compared to the first quarter of 2024, reflects the decline in net financial income of the main contributing entity, the Indian JV SBI FM. The decline in the Indian equities markets resulted in negative mark-to-market in the JV’s financial income, which nevertheless continues to benefit from strong growth in its activity with management fees up of over +20% Q1/Q1.
The adjusted2corporate tax expense for the first quarter of 2025 reached -€155m, a very strong increase – +60.8% – compared to the first quarter of 2024.
In France, in accordance with the Finance law for 2025, an exceptional tax contribution must be booked in fiscal year 2025. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated14 to -€72m for the year as a whole, but it will not be accounted for on a straight-line basis over the quarters. It amounted to -€46m in the first quarter of 2025, with the rest spread over the next three quarters. Excluding this exceptional contribution, the adjusted2 tax expense would have been -€109m and the adjusted2 effective tax rate would be equivalent to that of the first quarter of 2024.
Adjusted2net income amounts to €303m. Excluding the exceptional tax contribution, it would have been close to €350m, up +10% compared to the first quarter of 2024.
The adjusted2net earnings per share in the first quarter of 2025 was €1.48, including -€0.22 related to the exceptional tax contribution in France. Excluding this exceptional tax contribution, adjusted2 earnings per share would therefore have been €1.70, up +9.6% compared to the first quarter of 2024.
Accounting data in the first quarter of 2025
Accounting net income, Group share amounted to €283m. It includes the exceptional tax contribution in France of -€46m.
As in other quarters, accounting net income includes non-cash charges related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution agreements and client contracts (including the corresponding new charges related to Alpha Associates), for a total of -€14m after tax. Integration costs related to the partnership with Victory Capital, closed on 1 April 2025, were also recorded in the first quarter, for a total of -€5m after tax. Furthermore, amortisation of intangible fixed assets adjustments after the integration of aixigo was also recognised in operating expenses -€1m after tax (See the details of all these elements in p. 11).
Accounting net earnings per share in the first quarter of 2025 was €1.38, including the exceptional tax contribution in France.
A solid financial structure, €1.2bn in surplus capital
Tangible net assets15 amounted to €4.8bn as at 31 March 2025, up +€0.3bn or +7% compared to the end of 2024, in line with the quarter’s net income.
The CET1 solvency ratio stood at 15.5%16 as at 31 March 2025.
As indicated at the time of signing in July 2024, the partnership with Victory Capital will have no material effect on the ratio.
The capital surplus at the end of the first quarter amounted to €1.2bn, taking into account the dividend to be paid for 2024, the net income for the first quarter and the related dividend provision.
Future investments and operational efficiency
This quarter, Amundi demonstrated its ability to:
- Be agile and accompany its clients in different market contexts, thanks to its wide range of high-performing investment management expertise and product innovation;
- Develop services to offer technological or investment management solutions to players in the entire savings value chain;
- Offer a full range of Responsible Investment solutions, in order to adapt to all client demands;
- Develop in Europe including in the United Kingdom;
- Invest and accelerate on the growth pillars of its strategic plan: Asia, third-party distribution, ETFs, technology, services.
To finance future investments and accelerate the reallocation of our resources towards our growth drivers, we set ourselves a cost optimisation target of €30 to €40m, to be achieved as from 2026.
* * * * *
APPENDICES
Adjusted income statement2of the first quarter of 2025
(M€) Q1 2025 Q1 2024 % var.
Q1/Q1Net revenue – Adjusted 912 824 +10.7% Net management fees 824 766 +7.7% Performance fees 23 18 +30.7% Technology 26 18 +46.2% Financial income and other income – Adjusted 39 23 +68.5% Operating expenses – Adjusted (478) (439) +8.8% Cost/income ratio – Adjusted (%) 52.4% 53,3% -0.9pp Gross operating income – Adjusted 434 385 +12.9% Cost of risk & others (4) (0) NS Share of net income of equity-accounted companies 28 29 -3.7% Income before tax – Adjusted 458 413 +10.7% Corporate tax – Adjusted (155) (97) +60.8% Of which exceptional tax contribution in France (46) – NS Non-controlling interests 1 1 +14.3% Net income Group share – Adjusted 303 318 -4.5% Amortisation of intangible assets, after tax (14) (15) -7.4% Amortisation of aixigo PPA, after tax (1) – – Integration costs, after tax (5) – – Net income Group share 283 303 -6.6% Earnings per share (€) 1.38 1.48 -7.0% Earnings per share – Adjusted (€) 1.48 1.55 -4.9% Change in assets under management from the end of 2021 to the end of March 202517
(€bn) Assets under management Net
inflows
Market and forex effect Scope
EffectChange in AuM
vs. prior quarterAs of 31/12/2021 2,064 +14%18 Q1 2022 +3.2 -46.4 – As of 31/03/2022 2,021 -2.1% Q2 2022 +1.8 -97.7 – As of 30/06/2022 1,925 -4.8% Q3 2022 -12.9 -16.3 – As of 30/09/2022 1,895 -1.6% Q4 2022 +15.0 -6.2 – As of 31/12/2022 1,904 +0.5% Q1 2023 -11.1 +40.9 – As of 31/03/2023 1,934 +1.6% Q2 2023 +3.7 +23.8 – As of 31/06/2023 1,961 +1.4% Q3 2023 +13.7 -1.7 – As of 30/09/2023 1,973 +0.6% Q4 2023 +19.5 +63.8 -20 As of 31/12/2023 2,037 +3.2% Q1 2024 +16.6 +62.9 – As of 31/03/2024 2,116 +3.9% Q2 2024 +15.5 +16.6 +8 30/06/2024 2,156 +1.9% Q3 2024 +2.9 +32.5 – 30/09/2024 2,192 +1.6% Q4 2024 +20.5 +28.2 – 31/12/2024 2,240 +2.2% Q1 2025 +31.1 -24.0 – 31/03/2025 2,247 +0.3% Total year-on-year between 31 March 2024 and 31 March 2025: +6.2%
- Net inflows +€70.0bn
- Market effect +€63.8bn
- Forex effect -€10.5bn
- Scope effects +€7.9bn
(Alpha Associates’ first consolidation in Q2 2024, the acquisition of aixigo has no effect on assets under management)
Details of assets under management and net inflows by client segments19
(€bn) AuM
31.03.2025AuM
31.03.2024% change /31.03.2024 Inflows
Q1 2025Inflows
Q1 2024French Networks 139 137 +1.3% +0.2 +1.5 International networks 162 165 -1.6% -2.7 -2.0 Of which Amundi BOC WM 2 3 -21.2% +0.3 -0.2 Third-Party Distributors 398 345 +15.6% +8.3 +7.0 Retail 700 647 +8.2% +5.8 +6.5 Institutional & Sovereigns (*) 550 511 +7.5% +30.1 +9.7 Corporates 111 108 +2.1% -10.3 -4.2 Employee savings plans 95 90 +6.0% -0.9 -0.9 CA & SG Insurers 430 427 +0.7% +3.6 +1.0 Institutional 1,186 1,137 +4.3% +22.4 +5.6 JVs 362 332 +8.9% +2.9 +4.5 Total 2,247 2,116 +6.2% +31.1 +16.6 (*) Including funds of funds
Details of assets under management and net inflows by asset classes19
(€bn) AuM
31.03.2025AuM
31.03.2024% change /31.03.2024 Inflows
Q1 2025Inflows
Q1 2024Equities 564 505 +11.7% +26.4 -2.6 Multi-assets 271 280 -3.1% -1.0 -7.6 Bonds 759 700 +8.4% +14.3 +13.9 Real, alternative, and structured products 111 107 +4.2% -2.8 -0.3 MLT ASSETS excl. JVs 1,705 1,591 +7.2% +36.9 +3.4 Treasury products excl. JVs 180 193 -6.5% -8.7 +8.7 TOTAL excluding JVs 1,885 1,784 +5.7% +28.2 +12.1 JVs 362 332 +8.9% +2.9 +4.5 TOTAL 2,247 2,116 +6.2% +31.1 +16.6 Of which MLT assets 2,034 1,892 +7.5% +39.7 +7.7 Of which Treasury products 213 224 -5.1% -8.6 +8.9 Details of assets under management and net inflows by type of management and asset classes19
(€bn) AuM
31.03.2025AuM
31.03.2024% change /31.03.2024 Inflows
Q1 2025Inflows
Q1 2024Active management 1,149 1,117 +2.9% +6.3 +1.3 Equities 204 209 -2.1% -3.9 -2.8 Multi-assets 260 270 -3.6% -1.0 -8.0 Bonds 685 639 +7.3% +11.2 +12.0 Structured products 42 41 +3.7% -2.0 +0.6 Passive management 445 368 +21.0% +33.4 +2.5 ETFs & ETC 272 227 +19.8% +10.4 +5.0 Index & Smart beta 173 140 +23.0% +23.0 -2.5 Real and Alternative Assets 69 66 +4.5% -0.7 -0.9 Real assets 65 61 +5.8% -0.6 -0.2 Alternative 4 4 -12.8% -0.1 -0.7 TOTAL MLT assets excluding JVs 1,705 1,591 +7.2% +36.9 +3.4 Treasury products excl. JVs 180 193 -6.5% -8.7 +8.7 TOTAL excluding JVs 1,885 1,784 +5.7% +28.2 +12.1 JVs 362 332 +8.9% +2.9 +4.5 TOTAL 2,247 2,116 +6.2% +31.1 +16.6 Details of assets under management and net inflows by geographic area19
(€bn) AuM
31.03.2025AuM
31.03.2024% change /31.03.2024 Inflows
Q1 2025Inflows
Q1 2024France 1,001 978 +2.3% +0.5 +10.0 Italy 198 208 -4.6% -1.9 -1.1 Europe excluding France & Italy 456 391 +16.6% +23.7 +4.0 Asia 462 423 +9.3% +7.8 +6.8 Rest of the world 130 116 +11.7% +1.0 -3.0 TOTAL 2,247 2,116 +6.2% +31.1 +16.6 TOTAL outside France 1,246 1,138 +9.5% +30.6 +6.6 Methodological appendix – APM
Accounting and adjusted data
Accounting data – They include
- amortisation of intangible assets, recorded as other revenues, and from Q2 2024, other non-cash charges spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
- integration costs related to the transaction with Victory Capital and PPA amortisation related to the acquisition of aixigo recorded in the fourth quarter as operating expenses. No such costs were recorded in the first nine months of 2024.
The aggregate amounts of these items are as follows for the different periods under review:
- Q1 2024: -€20m before tax and -€15m after tax
- Q4 2024: -€38m before tax and -€28m after tax
- Q1 2025: -€29m pre-tax and -€20m after tax
Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortisation of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; these amortisations and non-cash expenses are recognised as a deduction from net revenues; restatement of the amortisation of a technology asset related to the acquisition of aixigo recognised in operating expenses. The integration costs for the transaction with Victory Capital are also restated.
Acquisition of Alpha Associates
In accordance with IFRS 3, recognition on Amundi’s balance sheet as at 01/04/2024 of:
- a goodwill of €288m;
- an intangible asset of €50m, representing client contracts, amortised on a straight-line basis until the end of 2030;
- a liability representing the conditional price adjustment not yet paid, for €160m before tax, including an actuarial discount of -€30m, which will be amortized over 6 years.
In the Group’s income statement, the following is recorded:
- amortisation of intangible assets for a full-year charge of -€7.6m (-€6.1m after tax);
- other non-cash expenses spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
In Q1 2025, amortisation of intangible assets was -€1.9m before tax and non-cash expenses were -€1.5m before tax (i.e. -€2.5m after tax).
Acquisition of aixigo
In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition of:
- goodwill of €121m;
- a technological asset of €36m representative of the goodwill attributed to aixigo’s software solutions, amortised on a straight-line basis over 5 years;
The full-year amortisation expense of the technology asset was -€7.2m (-€4.8m after tax); in Q1 2025 the amortisation expense was -€1.8m (-€1.2m after tax); it is recognised in operating expenses.
Alternative Performance Measures20
In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.
The adjusted data can be reconciled with the accounting data as follows:
= accounting data = adjusted data (M€) Q1 2025 Q1 2024 Q4 2024 Net revenue (a) 892 804 901 – Amortisation of intangible assets before tax (18) (20) (22) – Other non-cash expenses related to Alpha Associates (1) 0 (1) Net revenue – Adjusted (b) 912 824 924 Operating expenses (c) (486) (439) (496) – Integration costs before tax (7) 0 (13) – Amortisation of aixigo-related PPA before tax (2) 0 (1) Operating expenses – Adjusted (d) (478) (439) (482) Gross Operating Income (e)=(a)+(c) 406 364 405 Gross operating income – Adjusted (f)=(b)+(d) 434 385 443 Cost/income ratio (%) -(c)/(a) 54.5% 54.6% 55.1% Cost/income ratio – Adjusted (%) -(d)/(b) 52.4% 53.3% 52.1% Cost of risk & other (g) (4) (0) (3) Share of net income of equity-accounted companies (h) 28 29 29 Profit before tax (i)=(e)+(g)+(h) 429 393 431 Profit before tax – Adjusted (j)=(f)+(g)+(h) 458 413 469 Corporate tax (k) (147) (91) (83) Corporate tax – Adjusted (l) (155) (97) (93) Non-controlling interests (m) 1 1 1 Net income Group share (n)=(i)+(k)+(m) 283 303 349 Net income Group share – Adjusted (o)=(j)+(l)+(m) 303 318 377 Earnings per share (€) 1.38 1.48 1.70 Earnings per share – Adjusted (€) 1.48 1.55 1.84 Shareholding
31 March 2025 31 December 2024 31 March 2024 (units) Number
of shares% of capital Number
of shares% of capital Number
of shares% of capital Crédit Agricole Group 141,057,399 68.67% 141,057,399 68.67% 141,057,399 68.93% Employees 4,128,079 2.01% 4,272,132 2.08% 2,869,026 1.40% Treasury shares 1,961,141 0.95% 1,992,485 0.97% 1,259,079 0.62% Free float 58,272,643 28.37% 58,097,246 28.28% 59,462,130 29.06% Number of shares at the end of the period 205,419,262 100.0% 205,419,262 100.0% 204,647,634 100.0% Average number of shares since the beginning of the year 205,419,262 – 204,776,239 – 204,647,634 – Average number of shares quarter-to-date 205,419,262 – 205,159,257 – 204,647,634 – Average number of shares pro rata temporis.
- The average number of shares increased by +0.1% between Q4 2024 and Q1 2025, and by +0.4% between Q1 2024 and Q1 2025.
- A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
- Amundi announced on 7 October 2024 a buyback programme of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans. It was finalised on November 27, 2024.
Financial communication calendar
- Workshop to presenting the Third-Party Distribution business line – Thursday 19 June in London
- General Shareholders’ Meeting – Tuesday 27 May 2025
- Q2 and H1 2025 earnings release – Tuesday 29 July 2025
- Q3 and 9-month 2025 earnings release – Tuesday 28 October 2025
- New strategic three-year plan – in the fourth quarter 2025
2024 dividend schedule: €4.25 per share
- Ex dividend date: Monday 10 June 2025
- Payment: from Wednesday 12 June 2025
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets22.
With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.
Amundi, a trusted partner, working every day in the interest of its clients and society.
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.comCorentin Henry
Tel. +33 1 76 32 26 96
corentin.henry@amundi.comInvestor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.comThomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.comAnnabelle Wiriath
Tel. + 33 1 76 32 43 92
DISCLAIMER
This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.
This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.
These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.
Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.
The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.
The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.
1 Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
2 Adjusted data: see p. 11
3 Net income Group share
4 Total tax expense in Q1 2025 of -€155m, of which the exceptional tax contribution (surcharge) in France booked in Q1 for -€46m; the total amount of the exceptional contribution estimated to be paid in fiscal year 2025 is estimated at -€72m; Q1 2025 adjusted net income including this surcharge was €303m.
5 The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
6 Medium to Long-Term Assets, excluding JVs
7 4.9% voting rights
8 Adjusted for the deconsolidation of Amundi US assets distributed to US clients
9 Composite Index for equities: 50% MSCI World + 50% Eurostoxx 600
10 Bloomberg Euro Aggregate for Fixed Income Markets
11 Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end–March 2024.
12 Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi’s open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
13 Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
14 Under the assumption that FY 2025 taxable profit in France will be equivalent to that of 2024, before adjusting the average for actual FY 2025 results
15 Shareholder’s equity excluding goodwill and other intangible assets
16 According to the new definition of the ratio resulting from the CRR3 regulation (Capital Requirements Regulation 3) of the European Union; ratio calculated excluding Q1 accounting net income
17 Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
18 Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4-23
19 Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30bn of assets under management) as Bonds ; previously classified as Treasury products until that date; assets under management up to this date have not been reclassified in this table
20 See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on 16 April 2025 under number D25-0272
21Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
22Amundi data as at 31/03/2025
23Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)Attachment
-
MIL-OSI Economics: Money Market Operations as on April 28, 2025
Source: Reserve Bank of India
(Amount in ₹ crore, Rate in Per cent)
Volume
(One Leg)Weighted
Average RateRange A. Overnight Segment (I+II+III+IV) 6,09,110.25 5.77 0.01-6.30 I. Call Money 15,719.99 5.87 4.95-5.95 II. Triparty Repo 4,01,754.30 5.75 5.70-5.85 III. Market Repo 1,89,873.96 5.82 0.01-6.30 IV. Repo in Corporate Bond 1,762.00 5.99 5.95-6.00 B. Term Segment I. Notice Money** 788.85 5.93 5.25-6.05 II. Term Money@@ 1,120.00 – 6.15-6.50 III. Triparty Repo 9,188.00 5.90 5.80-6.00 IV. Market Repo 195.04 6.25 6.25-6.25 V. Repo in Corporate Bond 0.00 – – Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off RateC. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo Mon, 28/04/2025 1 Tue, 29/04/2025 4,998.00 6.01 (b) Reverse Repo (III) Long Term Operations^ (a) Repo (b) Reverse Repo 3. MSF# Mon, 28/04/2025 1 Tue, 29/04/2025 3,190.00 6.25 4. SDFΔ# Mon, 28/04/2025 1 Tue, 29/04/2025 1,32,959.00 5.75 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]* -1,24,771.00 II. Outstanding Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo (b) Reverse Repo (III) Long Term Operations^ (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01 (b) Reverse Repo 3. MSF# 4. SDFΔ# D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,701.02 E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* 34,432.02 F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -90,338.98 G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on April 28, 2025 9,36,260.05 (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 28, 2025 4,998.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00 @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. # As per the Press Release No. 2023-2024/1548 dated December 27, 2023. ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/199 -
MIL-OSI China: SCO health officials push for deeper coordination toward better future
Source: People’s Republic of China – State Council News
XI’AN, April 28 — Senior health officials from Shanghai Cooperation Organization (SCO) countries on Monday called for deepening public health collaboration, aiming to build a healthier future for all.
Gathering in Xi’an, the capital of northwest China’s Shaanxi Province, health leaders from SCO member states and dialogue partners, and representatives of the SCO and the World Health Organization (WHO) attended the eighth SCO Health Ministers’ Meeting.
Under the theme “Promoting Sustainable Health Development and Sharing a Healthy Future,” they discussed strategies for tackling shared global health challenges.
Central to the discussions was the collective need to strengthen emergency response systems, expand access to primary healthcare, harness digital technologies, and promote the development of traditional medicine across the SCO countries.
Presiding over the meeting, Lei Haichao, head of China’s National Health Commission, highlighted the role of dialogue and cooperation in pioneering reforms in regional and global health governance systems amid an evolving international landscape with overlapping crises.
In his address, Lei outlined China’s domestic achievements in improving public health and healthcare reforms, and reaffirmed China’s commitment to advancing policy coordination and technological cooperation with SCO partners.
He also called for greater use of existing platforms — including the China-SCO Emergency Medical Center, the SCO Hospital Cooperation Alliance, and the SCO Forum on Traditional Medicine — to enhance joint capacity-building efforts in emergency response, primary care, digital healthcare, and traditional medicine across the SCO countries.
Senior health officials from Belarus, India, Iran, Pakistan, Russia, Kazakhstan and other SCO countries shared updates on their national health initiatives and echoed the need to strengthen cooperation within the SCO framework.
As the rotating president of the SCO for 2024-2025, China has introduced the theme “SCO Year of Sustainable Development” to guide cooperation efforts across multiple sectors, with public health identified as a key priority.
Speaking at the opening ceremony, SCO Secretary-General Nurlan Yermekbayev emphasized that building resilient and inclusive healthcare systems is essential to securing a sustainable future.
“It is also the key to addressing the public health challenges faced by SCO countries, which together represent nearly half of humanity,” he added.
Hans Henri P. Kluge, WHO Regional Director for Europe, praised China’s leadership in global health and its vision for building a global community of health for all.
“I am glad to see the SCO evolving into a model of constructive multilateralism, rooted in mutual trust and dialogue,” Kluge said. “The WHO looks forward to deepening its cooperation with the SCO to tackle pressing health challenges together.”
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MIL-OSI USA: Durbin Reflects On The Life And Legacy Of The Late Pope Francis
US Senate News:
Source: United States Senator for Illinois Dick Durbin
April 28, 2025
Durbin: In a world of hate and fear, the Pope’s message of peace and understanding is needed now more than ever
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today delivered a speech on the Senate floor commemorating and honoring the late Pope Francis. This weekend, Durbin attended the late Pope’s funeral in the Vatican along with U.S. Senators Susan Collins (R-ME), Ed Markey (D-MA), Mike Rounds (R-SD), and Eric Schmitt (R-MO).
“Today I join people across the world and mourn the passing of Pope Francis. He was forgiving, hopeful, and committed to the notion of peace. Francis taught us that there is no one ‘right’ way to be a Catholic. That the Church can shape you, and you can shape the Church. And in the process, he made the Church stronger,” said Durbin.
During his speech, Durbin also noted he attended the Pope’s Joint Address to Congress in 2015—the first Pope to ever do so. Durbin then praised Pope Francis for using his platform to highlight the plight of immigrants and refugees, to ask compassion for those in the LGBTQ+ community whom the Church has historically shunned, and to advocate for peace in distant wars and to protect our environment.
“Like myself, Pope Francis was the child of immigrants, and he often reminded us of our responsibility to welcome the stranger. In a recent letter to American Catholic bishops, Pope Francis affirmed our nation’s right to ‘defend itself and keep communities safe.’ But he raised serious concerns about mass deportation, which ‘damages the dignity of many men and women, and of entire families, and places them in a state of particular vulnerability and defenselessness.’ His message is so timely as our government ignores due process and through an ‘administrative error,’ sends individuals to a hell-hole prison in El Salvador and deports a two-year-old to Honduras,” said Durbin.
Durbin praised Pope Francis for the speech he prepared for Easter Sunday—one day before he passed away. The Pope was so ill that he was unable to deliver the speech himself, so it was read by one of his aides.
Durbin continued, “It was a speech of peace. It was a speech of hope. It was the speech of a truly good man. In it, he pled, ‘On this day, I would like all of us to hope anew and to revive our trust in others, including those who are different than ourselves, or who come from distant lands, bringing unfamiliar customs, ways of life and ideas.’”
Durbin concluded by reflecting on the Pope’s funeral—where hundreds of thousands of people gathered in St. Peter’s Square in the Vatican City to mourn the death of Pope Francis.
“The crowd was overwhelming. Estimated in the hundreds of thousands, they represented every corner of the Earth. Just in our small section was a delegation in business suits from Lesotho in Africa, Buddhists in bright orange robes, members of the Italian Parliament, a turbaned Sikh delegation from India, and our bipartisan House delegation led by Nancy Pelosi and Republican Leader Steve Scalise. Thousands of Catholic clergy on the altar and in the audience wore vestments presenting every shade of scarlet and red. But the vast crowds of mourners and celebrants were simply admirers of Francis who, in his humble way, touched so many lives. At the front of the altar was his simple wooden casket,” Durbin continued.
“The funeral ceremony was in Latin, the language of the Catholic Church when I was a young altar boy at St. Elizabeth’s Church in East St. Louis, Illinois, in the 1950’s. As I witnessed this solemn mass and read from the text, I could hear in my mind the rusty hinges of an opening door taking me back to the Latin mass and Gregorian chant of my childhood. It is all still there, ‘deo gratias,’” said Durbin.
“How did this Mass differ from the Funeral of John Paul II decades ago? I remember the crowds of Polish mourners with their red and white flags for John Paul II,” Durbin continued. “But with Francis, what struck me were the many waves of spontaneous cheering from the vast crowd when reference was made to his simple message for immigrants, peace, understanding. Who can forget his five words: ‘Who am I to judge?’ defined his humility and humanity for so many of us. After the ceremony, I went back to my hotel room and turned on my TV. There was a recurring segment every few minutes. It showed a simple photograph of Francis and the Italian words: ‘Grazie Francesco, il Papa della gente.’ Translated to English: ‘Thank you, Francis. The Pope of the people.’ We must continue to hold fast to the message of Pope Francis to love and respect one another. In a world of hate and fear, his message of peace and understanding is needed now more than ever,”Durbin concluded.
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
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MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results
Source: GlobeNewswire (MIL-OSI)
ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.
2025 First Quarter Financial and Operating Highlights
(at March 31, 2025 and on a year-over-year basis unless noted)- 88 consecutive quarters of profitability
- Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
- Total loans increased by $40.5 million, or 1.6% to $2.58 billion
- Total assets increased by $101.2 million, or 3.1% to $3.39 billion
- Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
- Efficiency ratio improved to 66.79%, compared to 74.08%
- Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
- Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
- Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
- Tier 1 leverage ratio was 8.44%
Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.”
Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.”
Income Statement
Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.Deposits
At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.”
Loan Portfolio and Asset Quality
“Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller.Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.
F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.
F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company’s total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.
F&M’s CRE portfolio included the following categories at March 31, 2025:
CRE Category
Dollar
BalancePercent of
CRE
Portfolio(*)Percent of
Total Loan
Portfolio(*)Industrial $ 281,484 21.2% 10.9% Multi-family 217,903 16.4% 8.4% Retail 213,281 16.1% 8.3% Hotels 157,139 11.8% 6.1% Office 139,069 10.5% 5.4% Gas Stations 70,983 5.3% 2.7% Food Service 52,827 4.0% 2.0% Senior Living 31,400 2.4% 1.2% Development 29,907 2.3% 1.2% Auto Dealers 27,294 2.1% 1.1% Other 104,411 7.9% 4.0% Total CRE $ 1,325,698 100.0% 51.3% * Numbers have been rounded
At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.
Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.”
Stockholders’ Equity and Dividends
Total stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024.Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.
For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.
About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data) Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Interest Income Loans, including fees $ 37,072 $ 36,663 $ 36,873 $ 36,593 $ 35,200 Debt securities: U.S. Treasury and government agencies 2,097 1,882 1,467 1,148 1,045 Municipalities 382 384 387 389 394 Dividends 338 367 334 327 333 Federal funds sold – 24 7 7 7 Other 1,113 2,531 2,833 2,702 1,675 Total interest income 41,002 41,851 41,901 41,166 38,654 Interest Expense Deposits 13,988 15,749 16,947 16,488 15,279 Federal funds purchased and securities sold under agreements to repurchase 271 274 277 276 284 Borrowed funds 2,550 2,713 2,804 2,742 2,689 Subordinated notes 284 285 284 285 284 Total interest expense 17,093 19,021 20,312 19,791 18,536 Net Interest Income – Before Provision for Credit Losses 23,909 22,830 21,589 21,375 20,118 Provision for (Recovery of) Credit Losses – Loans 811 346 282 605 (289 ) Recovery of Credit Losses – Off Balance Sheet Exposures (260 ) (120 ) (267 ) (18 ) (266 ) Net Interest Income After Provision for Credit Losses 23,358 22,604 21,574 20,788 20,673 Noninterest Income Customer service fees 381 237 300 189 598 Other service charges and fees 1,124 1,176 1,155 1,085 1,057 Interchange income 1,421 1,322 1,315 1,330 1,429 Loan servicing income 762 771 710 513 539 Net gain on sale of loans 284 223 215 314 107 Increase in cash surrender value of bank owned life insurance 244 248 265 236 216 Net gain (loss) on sale of other assets owned (54 ) 22 – 49 – Total noninterest income 4,162 3,999 3,960 3,716 3,946 Noninterest Expense Salaries and wages 7,878 7,020 7,713 7,589 7,846 Employee benefits 2,404 2,148 2,112 2,112 2,171 Net occupancy expense 1,199 1,072 1,054 999 1,027 Furniture and equipment 1,278 1,032 1,472 1,407 1,353 Data processing 557 160 339 448 500 Franchise taxes 397 312 410 265 555 ATM expense 491 328 472 397 473 Advertising 503 498 597 519 530 FDIC assessment 465 505 516 507 580 Servicing rights amortization – net 127 244 219 187 168 Loan expense 228 236 244 251 229 Consulting fees 745 242 251 198 186 Professional fees 559 368 453 527 445 Intangible asset amortization 445 446 445 444 445 Other general and administrative 1,484 1,465 1,128 1,495 1,333 Total noninterest expense 18,760 16,076 17,425 17,345 17,841 Income Before Income Taxes 8,760 10,527 8,109 7,159 6,778 Income Taxes 1,808 2,146 1,593 1,477 1,419 Net Income 6,952 8,381 6,516 5,682 5,359 Other Comprehensive Income (Loss) (Net of Tax): Net unrealized gain (loss) on available-for-sale securities 6,464 (7,403 ) 11,664 2,531 (1,995 ) Reclassification adjustment for realized loss on sale of available-for-sale securities – – – – – Net unrealized gain (loss) on available-for-sale securities 6,464 (7,403 ) 11,664 2,531 (1,995 ) Tax expense (benefit) 1,358 (1,554 ) 2,449 531 (418 ) Other comprehensive income (loss) 5,106 (5,849 ) 9,215 2,000 (1,577 ) Comprehensive Income $ 12,058 $ 2,532 $ 15,731 $ 7,682 $ 3,782 Basic Earnings Per Share $ 0.51 $ 0.61 $ 0.48 $ 0.42 $ 0.39 Diluted Earnings Per Share $ 0.51 $ 0.61 $ 0.48 $ 0.42 $ 0.39 Dividends Declared $ 0.22125 $ 0.22125 $ 0.22125 $ 0.22 $ 0.22 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Assets Cash and due from banks $ 172,612 $ 174,855 $ 244,572 $ 191,785 $ 186,541 Federal funds sold 425 1,496 932 1,283 1,241 Total cash and cash equivalents 173,037 176,351 245,504 193,068 187,782 Interest-bearing time deposits 1,992 2,482 2,727 3,221 2,735 Securities – available-for-sale 438,568 426,556 404,881 365,209 347,516 Other securities, at cost 14,062 14,400 15,028 14,721 14,744 Loans held for sale 2,331 2,996 1,706 1,628 2,410 Loans, net of allowance for credit losses 2,555,552 2,536,043 2,512,852 2,534,468 2,516,687 Premises and equipment 33,163 33,828 33,779 34,507 35,007 Construction in progress – – 35 38 9 Goodwill 86,358 86,358 86,358 86,358 86,358 Loan servicing rights 5,805 5,656 5,644 5,504 5,555 Bank owned life insurance 35,116 34,872 34,624 34,359 34,123 Other assets 42,802 45,181 46,047 49,552 54,628 Total Assets $ 3,388,786 $ 3,364,723 $ 3,389,185 $ 3,322,633 $ 3,287,554 Liabilities and Stockholders’ Equity Liabilities Deposits Noninterest-bearing $ 502,318 $ 516,904 $ 481,444 $ 479,069 $ 510,731 Interest-bearing NOW accounts 874,881 850,462 865,617 821,145 829,236 Savings 696,635 671,818 661,565 673,284 635,430 Time 626,450 647,581 676,187 667,592 645,985 Total deposits 2,700,284 2,686,765 2,684,813 2,641,090 2,621,382 Federal funds purchased and securities sold under agreements to repurchase 27,258 27,218 27,292 27,218 28,218 Federal Home Loan Bank (FHLB) advances 245,474 246,056 263,081 266,102 256,628 Subordinated notes, net of unamortized issuance costs 34,846 34,818 34,789 34,759 34,731 Dividend payable 2,997 2,996 2,998 2,975 2,975 Accrued expenses and other liabilities 33,326 31,659 40,832 27,825 25,930 Total liabilities 3,044,185 3,029,512 3,053,805 2,999,969 2,969,864 Commitments and Contingencies Stockholders’ Equity Common stock – No par value 20,000,000 shares authorized; issued 14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24 135,407 135,565 135,193 135,829 135,482 Treasury stock – 846,089 shares 3/31/25 and 864,889 shares 12/31/24 (10,768 ) (10,985 ) (10,904 ) (11,006 ) (10,851 ) Retained earnings 240,079 235,854 230,465 226,430 223,648 Accumulated other comprehensive loss (20,117 ) (25,223 ) (19,374 ) (28,589 ) (30,589 ) Total stockholders’ equity 344,601 335,211 335,380 322,664 317,690 Total Liabilities and Stockholders’ Equity $ 3,388,786 $ 3,364,723 $ 3,389,185 $ 3,322,633 $ 3,287,554 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA For the Three Months Ended Selected financial data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Return on average assets 0.85 % 0.99 % 0.78 % 0.69 % 0.66 % Return on average equity 8.31 % 10.00 % 7.93 % 7.13 % 6.76 % Yield on earning assets 5.19 % 5.20 % 5.27 % 5.22 % 5.00 % Cost of interest bearing liabilities 2.76 % 3.01 % 3.21 % 3.18 % 3.06 % Net interest spread 2.43 % 2.19 % 2.06 % 2.04 % 1.94 % Net interest margin 3.03 % 2.84 % 2.71 % 2.71 % 2.60 % Efficiency ratio 66.79 % 59.82 % 67.98 % 69.03 % 74.08 % Dividend payout ratio 43.10 % 35.75 % 45.99 % 52.35 % 55.52 % Tangible book value per share $ 17.71 $ 17.74 $ 17.72 $ 16.79 $ 16.51 Tier 1 leverage ratio 8.44 % 8.12 % 8.04 % 8.02 % 8.40 % Average shares outstanding 13,706,003 13,699,869 13,687,119 13,681,501 13,671,166 Loans March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (Dollar amounts in thousands) Commercial real estate $ 1,325,698 $ 1,310,811 $ 1,301,160 $ 1,303,598 $ 1,304,400 Agricultural real estate 215,898 216,401 220,328 222,558 227,455 Consumer real estate 523,383 520,114 524,055 525,902 525,178 Commercial and industrial 278,254 275,152 260,732 268,426 256,051 Agricultural 153,607 152,080 137,252 142,909 127,670 Consumer 60,115 63,009 67,394 70,918 74,819 Other 24,985 24,978 25,916 26,449 26,776 Less: Net deferred loan fees, costs and other (1) (36 ) (676 ) 1,499 (1,022 ) (982 ) Total loans, net $ 2,581,904 $ 2,561,869 $ 2,538,336 $ 2,559,738 $ 2,541,367 Asset quality data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (Dollar amounts in thousands) Nonaccrual loans $ 4,494 $ 3,124 $ 2,898 $ 2,487 $ 19,391 90 day past due and accruing $ – $ – $ – $ – $ – Nonperforming loans $ 4,494 $ 3,124 $ 2,898 $ 2,487 $ 19,391 Other real estate owned $ – $ – $ – $ – $ – Nonperforming assets $ 4,494 $ 3,124 $ 2,898 $ 2,487 $ 19,391 Allowance for credit losses – loans $ 26,352 $ 25,826 $ 25,484 $ 25,270 $ 24,680 Allowance for credit losses – off balance sheet credit exposures 1,281 1,541 1,661 1,928 1,946 Total allowance for credit losses $ 27,633 $ 27,367 $ 27,145 $ 27,198 $ 26,626 Total allowance for credit losses/total loans 1.07 % 1.07 % 1.07 % 1.06 % 1.05 % Adjusted credit losses with accretable yield/total loans 1.08 % 1.08 % 1.10 % 1.10 % 1.11 % Net charge-offs: Quarter-to-date $ 285 $ 4 $ 68 $ 15 $ 55 Year-to-date $ 285 $ 142 $ 138 $ 70 $ 55 Net charge-offs to average loans Quarter-to-date 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % Year-to-date 0.01 % 0.01 % 0.01 % 0.00 % 0.00 % Nonperforming loans/total loans 0.17 % 0.12 % 0.11 % 0.10 % 0.76 % Allowance for credit losses/nonperforming loans 586.38 % 826.70 % 879.37 % 1016.08 % 127.28 % NPA coverage ratio 586.38 % 826.70 % 879.37 % 1016.08 % 127.28 % (1) Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) For the Three Months Ended For the Three Months Ended March 31, 2025 March 31, 2024 Interest Earning Assets: Average Balance Interest/Dividends Annualized
Yield/RateAverage Balance Interest/Dividends Annualized
Yield/RateLoans $ 2,578,531 $ 37,072 5.75% $ 2,577,114 $ 35,200 5.46% Taxable investment securities 458,519 2,739 2.39% 384,928 1,686 1.75% Tax-exempt investment securities 18,310 78 2.16% 21,109 86 2.06% Fed funds sold & other 105,770 1,113 4.21% 110,388 1,682 6.09% Total Interest Earning Assets 3,161,130 $ 41,002 5.19% 3,093,539 $ 38,654 5.00% Nonearning Assets 166,630 159,240 Total Assets $ 3,327,760 $ 3,252,779 Interest Bearing Liabilities: Savings deposits $ 1,543,665 $ 8,564 2.22% $ 1,443,530 $ 9,407 2.61% Other time deposits 627,498 5,424 3.46% 650,580 5,872 3.61% Other borrowed money 245,734 2,550 4.15% 263,280 2,689 4.09% Fed funds purchased & securities sold under agreement to repurchase 27,480 271 3.94% 28,458 284 3.99% Subordinated notes 34,828 284 3.26% 34,712 284 3.27% Total Interest Bearing Liabilities $ 2,479,205 $ 17,093 2.76% $ 2,420,560 $ 18,536 3.06% Noninterest Bearing Liabilities 509,190 514,986 Stockholders’ Equity $ 339,365 $ 317,233 Net Interest Income and Interest Rate Spread $ 23,909 2.43% $ 20,118 1.94% Net Interest Margin 3.03% 2.60% Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) For the Three Months Ended March 31, 2025 For the Three Months Ended March 31, 2024 As Reported Excluding Acc/Amort Difference As Reported Excluding Acc/Amort Difference $ Yield $ Yield $ Yield $ Yield $ Yield $ Yield Interest Earning Assets: Loans $ 37,072 5.75 % $ 36,468 5.66 % $ 604 0.09 % $ 35,200 5.46 % $ 34,525 5.36 % $ 675 0.10 % Taxable investment securities 2,739 2.39 % 2,739 2.39 % – 0.00 % 1,686 1.75 % 1,686 1.75 % – 0.00 % Tax-exempt investment securities 78 2.16 % 78 2.16 % – 0.00 % 86 2.06 % 86 2.06 % – 0.00 % Fed funds sold & other 1,113 4.21 % 1,113 4.21 % – 0.00 % 1,682 6.09 % 1,682 6.09 % – 0.00 % Total Interest Earning Assets 41,002 5.19 % 40,398 5.11 % 604 0.08 % 38,654 5.00 % 37,979 4.92 % 675 0.08 % Interest Bearing Liabilities: Savings deposits $ 8,564 2.22 % $ 8,564 2.22 % $ – 0.00 % $ 9,407 2.61 % $ 9,407 2.61 % $ – 0.00 % Other time deposits 5,424 3.46 % 5,424 3.46 % – 0.00 % 5,872 3.61 % 5,872 3.61 % – 0.00 % Other borrowed money 2,550 4.15 % 2,547 4.15 % 3 0.00 % 2,689 4.09 % 2,707 4.11 % (18 ) -0.02 % Federal funds purchased and securities sold under agreement to repurchase 271 3.94 % 271 3.94 % – 0.00 % 284 3.99 % 284 3.99 % – 0.00 % Subordinated notes 284 3.26 % 284 3.26 % – 0.00 % 284 3.27 % 284 3.27 % – 0.00 % Total Interest Bearing Liabilities 17,093 2.76 % 17,090 2.76 % 3 -0.00 % 18,536 3.06 % 18,554 3.07 % (18 ) -0.01 % Interest/Dividend income/yield 41,002 5.19 % 40,398 5.11 % 604 0.08 % 38,654 5.00 % 37,979 4.92 % 675 0.08 % Interest Expense / yield 17,093 2.76 % 17,090 2.76 % 3 -0.00 % 18,536 3.06 % 18,554 3.07 % (18 ) -0.01 % Net Interest Spread 23,909 2.43 % 23,308 2.35 % 601 0.08 % 20,118 1.94 % 19,425 1.85 % 693 0.09 % Net Interest Margin 3.03 % 2.95 % 0.08 % 2.60 % 2.52 % 0.08 % Company Contact: Investor and Media Contact: Lars B. Eller
President and Chief Executive Officer
Farmers & Merchants Bancorp, Inc.
(419) 446-2501
leller@fm.bankAndrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com -
MIL-OSI Global: Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt
Source: The Conversation – Canada – By Ronald W. Pruessen, Emeritus Professor of History, University of Toronto
Watching United States President Donald Trump weave and chainsaw his way through the first 100 days of his second term in office, I’ve been reminded of what Anthony Eden, the United Kingdom’s foreign secretary in the 1930s and later its prime minister, once said about Franklin D. Roosevelt.
FDR, Eden recalled in his memoirs, was “too like a conjurer, skilfully juggling balls of dynamite, whose nature he failed to understand.”
The image fits the 47th president much better than the 32nd.
The dynamite-wielding Trump
Dynamite has certainly been exploding regularly since Trump took office in January. His actions include:
- The firings (and sometimes re-hirings) of thousands of government employees.
- The attack on government agencies doing work delegated by Congress.
- Pardons for Jan. 6 rioters but deportations of asylum seekers and green card holders with no semblance of due process.
- Campaigns against universities for their supposed dereliction in terms of antisemitism or extravagance in adhering to diversity, equity and inclusion principles, and towards law firms linked to earlier prosecutions of the now-resurrected president.
- Cannonades of tariffs, tariff pauses and threats of re-imposition.
Read more:
How Project 2025 became the blueprint for Donald Trump’s second term
For non-MAGA enthusiasts, it is easy to surmise — similar to Eden’s remarks on FDR — that Trump does not understand the potential damage of the dynamite he is not just juggling, but hurling.
A case might be made that some lobs align with Trump’s personal penchant for retribution, or that the chainsaw is being wielded to make room in the federal budget for new tax cuts for the one per cent.
But such calculations disregard deeply rooted American values like respect for the rule of law and the separation of powers.
Trump’s actions could suggest a lust for mayhem apparently aimed at dismantling a century of efforts to shape a government that serves global security while also meeting the economic, social and health care needs of American citizens, including safety net provisions for senior citizens, children, farmers, veterans and others.
Threats today, damage tomorrow
His apparent fondness for dynamite is already having negative consequences, with seemingly little grasp of the likelihood of worse to come: today, he’s upending the lives of civil servants; tomorrow’s disruptions will likely include an attack on the services provided by agencies like the Social Security Administration and disruption of the flow of funds to many poor school districts.
Today, the U.S. is struggling with a measles outbreak. But the personal beliefs of Health and Human Services Director Robert F. Kennedy, Jr., a notorious vaccination and public health skeptic, doesn’t bode well for a fight against a rapidly evolving avian flu threat on the near horizon.
Today’s stock and bond market volatility creates the possibility of a trade war catastrophe and damage to economic stability as the U.S. appears poised to disregard its longtime status as the world economy’s “safe haven.”
The current tensions in what were once ironclad partnerships with allies that include Canada, the European Union and Ukraine — along with the whiplash reversal of American-Russian dynamics — are reminiscent of the global disruption in the 1930s that featured the Great Depression and the eruption of the Second World War.
How FDR coped with explosions around him
If Eden’s image of FDR as a dangerous juggler of dynamite might also apply to Trump, it fails to capture the essential attributes of the 32nd president’s White House career. Eden’s ego seems to have undercut his appraisal of FDR — compounded by his own failure to understand the historical developments that profoundly weakened the British Empire and brought his own career to an end.
There’s no question dynamite was exploding in 1933, the start of FDR’s 12 years in the White House. But the Depression and its evolving consequences, not FDR’s personal impulses and misconceptions, created a tinderbox decade.
One of Roosevelt’s great strengths, in fact, was his ability to recognize the acute dangers emanating from a fearful cortege of flaming fuses. Another was his success in turning insights into meaningful actions.
Roosevelt knew — far better than his predecessor, Herbert Hoover — that the onset of the Depression would require dramatic actions and fundamental reforms.
His New Deal expanded the government’s role in stimulating the economy (for example, the Public Works Administration), regulation (the Securities Exchange Commission), social welfare initiatives (the Social Security program) and infrastructure development (for example, the Tennessee Valley Authority).
The Depression wasn’t fully eradicated — that didn’t happen until after war broke out — but the lives of millions of Americans still improved significantly.
Of equal importance, FDR’s creative thinking and government transformations created building blocks for further post-war reforms, including Lyndon Johnson’s Great Society efforts three decades later.
Read more:
The Great Society: the forgotten reform movement
Roosevelt also knew that the devastation of the Depression and the unparalleled destruction of the Second World War required a transformation of the global arena. He believed technology — air power especially — had created an integrated world. In his January 1943 State of the Union address, he said:
“Wars grow in size, in death and destruction, and in the inevitability of engulfing all nations, in inverse ratio to the shrinking size of the world as a result of the conquest of the air.”
Sharing responsibilities
FDR believed the world he worked to create would be safer and more prosperous because multilateral organizations would encourage greater emphasis on shared resources and responsibilities. The United Nations, the International Monetary Fund and the World Bank took shape during FDR’s presidency — as did long-term plans for decolonization and human rights initiatives.
Roosevelt knew too — better than many of his White House successors — that the U.S. needed to share leadership responsibilities. He believed emphatically in multilateralism, recognizing the limits of American resources and power, and the pragmatism of compromising with the priorities of others, whether they were powerful states or colonial peoples.
His “Four Policemen” approach to maintaining peace — comprising the U.S., the U.K., the Soviet Union and China — would sometimes create unpalatable situations. He was criticized harshly, for example, for naively opening the door to Soviet domination of eastern Europe via the Yalta agreement. Nonetheless, FDR focused on efforts he believed would avert another destructive cataclysm.
FDR was an imperfect leader in various ways — in not appreciating, for example, how global leadership could result in arrogance. He did, however, understand the explosive domestic and international developments of the 20th century and sought constructive solutions to grave challenges.
Trump, on the contrary, is seemingly prioritizing destruction over construction. Propelled by a “move fast and break things” mantra, there’s little evidence that he understands its pain nor the damaging consequences of his impulses.
Ronald W. Pruessen has received funding from the Social Sciences and Humanities Research Council of Canada.
– ref. Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt – https://theconversation.com/juggling-dynamite-at-100-days-in-office-donald-trump-is-no-franklin-d-roosevelt-254773
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MIL-OSI USA: PROMISES MADE, PROMISES KEPT: Border Security Achieved in Fewer Than 100 Days
US Senate News:
Source: The White House
Since President Donald J. Trump took office, he and his administration have ushered in the most secure border in modern American history — and he didn’t need legislation to do it. President Trump has made good on the promises he made on the campaign trail to usher in an unprecedented era of homeland security.
Here are a few of those promises:
PROMISE MADE: “We will close the border. We will stop the invasion of illegals into our country.” (10/12/24, Aurora, CO)
PROMISE KEPT:
Illegal border encounters are down by 95%.
Illegal immigrant “gotaways” — the top threat to public safety — are down by 99%.
Fox News correspondent Bill Melugin: “If Fox were to send me down there right now, I would have trouble finding a single migrant on camera.”
CBS immigration reporter Camilo Montoya-Galvez: “Typically, when we go to the U.S./Mexico border, we at least see one group of people who are trying to cross into the U.S. illegally. We did not see a single migrant.”
The Wall Street Journal: Border Crossings Grind to Halt as Trump’s Tough Policies Take Hold
The New York Times: How Trump’s Hard-Line Tactics Are Driving Down Migration
CBS News: Amid Trump crackdown, illegal border crossings plunge to levels not seen in decades
Axios: Border crossings plunge to lowest levels in decades: New data
New York Post: Northern border sector previously overrun by illegal migrants sees dramatic drop in crossings: ‘We haven’t seen anyone since November’
The Times: This city was a border flashpoint. Now the only migrants are quail
Reuters: Migrant arrests at US-Mexico border in March lowest ever recorded
Bloomberg: US-Bound Migration Plunges 99% Along Panama Jungle Route
The Washington Times: Under Trump, border catch-and-release has dropped 99.99% from worst Biden month
Los Angeles Times: California-Mexico border, once overwhelmed, now nearly empty
PROMISE MADE: “We will expel every single illegal alien gang member and migrant criminal operating on American soil and remove the savage gang, Tren de Aragua, from the United States.” (1/19/25, Washington, D.C.)
PROMISE KEPT:
President Trump designated Tren de Aragua, MS-13, and other vicious gangs and cartels as Foreign Terrorist Organizations.
Department of Justice: 27 Members or Associates of Tren de Aragua Charged with Racketeering, Narcotics, Sex Trafficking, Robbery and Firearms offenses
Homeland Security Secretary Kristi Noem: “Under President Trump, we have arrested over 150,000 aliens — including more than 600 members of the vicious Tren de Aragua gang.”
The Trump Administration directed the successful apprehension of a key MS-13 gang leader — an illegal immigrant living in Virginia and operating as one of the top three MS-13 leaders in the U.S.
The Trump Administration directed the successful arrests of three illegal immigrant MS-13 gang members in Florida, wanted on first-degree murder charges, and another high-ranking MS-13 member in New York, linked to 11 murders.
ICE arrested 370+ illegal immigrants as part of a major operation in Massachusetts — many of whom have serious criminal convictions and charges, including murder, child rape, fentanyl trafficking, and armed robbery.
PROMISE MADE: “On Day One … We will begin the largest deportation operation in the history of our country.” (10/21/24, Concord, NC)
PROMISE KEPT:
New York Post: Trump’s mass deportation raids result in 655% spike in arrests of terrorists roaming US — including one of India’s ‘most wanted’
Since President Trump took office, there have been 139,000 deportations.
In President Trump’s first 50 days, ICE arrested 32,809 illegal immigrants — nearly 75% of whom were accused or convicted criminals — virtually the same number of arrests over the entirety of Biden’s final year in office.NBC News: Immigration enforcement operations ramp up in cities across the U.S.
PROMISE MADE: “I will immediately end the Biden border nightmare that traffickers are using to exploit vulnerable women and children.” (7/21/23)
PROMISE KEPT:
The number of unaccompanied illegal immigrant children reached a record low.
At its peak under Biden, 4.6% of illegal border crossings were unaccompanied minors — many of whom were victims of trafficking. In the first two weeks of March under President Trump, just 0.4% of illegal crossings were unaccompanied minors.PROMISE MADE: “Under my leadership, we will seal it up and expand that wall until we have total control.” (3/4/23, National Harbor, MD)
PROMISE KEPT:
PROMISE MADE: “You have the gotaways. You know what the gotaways are? It’s the people that don’t want to be looked at at all. So, they’re worse than the people we’re seeing that’s why they don’t want to be looked at.” (11/3/24, Macon, GA)
PROMISE KEPT:
Border Czar Tom Homan: “Known gotaways — people we knew crossed the border … weren’t apprehended, weren’t fingerprinted, weren’t vetted. Average day under Joe Biden? More than 1,800 gotaways. Yesterday? 38 — 38 too many, but we’ll get that to zero. We went from 1,800 [per day] to 38.”
Fox News’s Bill Melugin: “Border Patrol’s nationwide recorded gotaways have plummeted to a stunningly low daily average of just 77 over the last 21 days, according to internal CBP data we’ve reviewed. President Biden averaged 1,837 gotaways per day in fiscal year 2023 at the height of the crisis, totaling 670,674 for the year.”
PROMISE MADE: “I will ban all welfare and federal benefits for illegals, and then they won’t come.” (10/29/24, Allentown, PA)
PROMISE KEPT:
President Trump signed an executive order to ensure taxpayer resources are not used to incentivize or support illegal immigration.
The Trump Administration ended food stamps for illegal immigrants.
The Trump Administration “clawed back” tens of millions paid to house illegal aliens in luxury NYC hotels and ended a $40 million contract to “improve … inclusion of sedentary migrants.”
The Department of Education revoked waivers that allowed certain colleges to divert federal funds intended for low-income students and students with disabilities to illegal immigrants.
PROMISE MADE: “I will end catch-and-release.” (10/12/24, Aurora, CO)
PROMISE KEPT:
Since taking office, the Trump Administration has arrested 150,000+ illegal immigrants, deported 139,000+ illegal immigrants, and released just nine illegal immigrants into the U.S. — a staggering 99.99% decrease over the same period last year under Biden.
New York Post: Trump orders Border Patrol to immediately stop setting illegal migrants free in the US: ‘Catch and release is ended’
The Washington Times: Under Trump, border catch-and-release has dropped 99.99% from worst Biden month
PROMISE MADE: “My administration will deliver justice for every family whose loved one has been stolen from them by migrant crime, including Laken Riley, Rachel Morin, Jocelyn Nungaray, Kayla Hamilton, and every other precious American soul that we have lost to these animals. Their memories will live in their hearts forever and our hearts forever, and we will never, ever forget them.” (1/19/25, Washington, D.C.)
PROMISE KEPT:
Fox News: Trump signs Laken Riley Act into law as first legislative victory in new administration
Newsweek: Laken Riley’s Mom Says Trump Didn’t Forget Her Daughter as Bill is Signed
The Hill: Trump signs Laken Riley Act, marking first legislative win of second term
PROMISE MADE: “I will invoke the Alien Enemies Act of 1798. Think of that. 1798, this was put there. 1798 — that’s a long time ago, right? To target and dismantle every migrant criminal network operating on American soil.” (10/12/24, Aurora, CO)
PROMISE KEPT:
The White House: Invocation of the Alien Enemies Act Regarding the Invasion of The United States by Tren De Aragua
The New York Times: Trump Invoked the Alien Enemies Act to Speed Up Deportations
PROMISE MADE: “Kamala’s app for illegals will be shut down immediately — within 24 hours.” (10/12/24, Aurora, CO)
PROMISE KEPT:
NBC News: Trump shuts down immigration app, dashing migrants’ hopes of entering U.S.
The New York Times: Trump Shuts Down Migrant Entry App, Signaling the Start of His Crackdown
Fox News: Up to 1M migrants who used Biden’s CBP One app ordered to deport by Trump admin
PROMISE MADE: “Today, I am announcing a new plan to end all sanctuary cities in North Carolina and all across our country… and we will bring down the full weight of the federal government on any jurisdiction that refuses to cooperate.” (9/21/24, Wilmington, NC)
PROMISE KEPT:
Politico: Fresh executive order targets sanctuary cities, federal aid for undocumented migrants
Reuters: Trump steps up immigration crackdown, warns city, state officials against interference
The Wall Street Journal: Trump Plans to Withhold All Federal Funding From Sanctuary Cities
Politico: Trump administration sues New York over sanctuary policies for undocumented immigrants
AP: Trump administration sues Chicago in latest crackdown on ‘sanctuary’ cities -
MIL-OSI Asia-Pac: IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative
Source: Government of India
IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative
“Niveshak Shivir” is an Initiative with dedicated Company Kiosks to help Investors Claim Unclaimed DividendsPilot Phase of ‘Niveshak Shivir’ Will be Launched in Mumbai and Ahmedabad in May 2025, with One-Stop Helpdesks for KYC Updates and Claims Assistance
Posted On: 28 APR 2025 8:21PM by PIB Delhi
In a step forward to enhance investor services and streamline the claims process, the Investor Education and Protection Fund Authority (IEPFA), under the aegis of the Ministry of Corporate Affairs, Government of India, convened a preparatory meeting with Nodal Officers of stakeholder companies through video conference on April 28, 2025 chaired by Smt. Anita Shah Akella, Chief Executive Officer, IEPFA. This meeting was aimed at finalizing operational details for “Niveshak Shivir” – a collaborative initiative of IEPFA and the Securities and Exchange Board of India (SEBI). It was decided that Niveshak Shivir will be organised in the cities having large number of investors whose dividends are lying unclaimed with Companies for a period of six to seven years. As part of this initiative, selected companies with highest number of investors in unclaimed dividend account will be invited to set up dedicated kiosks at these events to assist investors directly.
“Niveshak Shivir” has been conceived to simplify procedures for claiming unclaimed dividends and shares, improve financial literacy among investors, and ensure direct and transparent access to investor services. By facilitating direct interaction with companies and Registrars and Transfer Agents (RTAs), and by offering immediate grievance redressal support, this initiative is set to significantly reduce investors’ dependency on intermediaries and mitigate risks of fraud and misinformation.
The strategic meeting outlined the pilot phase of the initiative, which will be launched in Mumbai and Ahmedabad in May 2025. These camps will serve as one stop comprehensive helpdesks where investors can update their KYC and nomination details, check the status of their unclaimed assets and receive guided assistance for reclaiming their investments – whether assets are still with companies or have been transferred to IEPFA.
Officials from IEPFA, SEBI, companies, and RTAs will be present on ground to assist investors, ensuring a robust and supportive framework. Pre-registration for the camps will be enabled through a QR code-linked Google Form, with additional logistic support extended by regional offices of ICAI and SEBI.
About IEPFA
The Investor Education and Protection Fund Authority (IEPFA) is committed to promoting investor awareness and protection in India through various educational initiatives and strategic collaborations, ensuring an informed and secure investing populace.
Find out more at: https://www.iepf.gov.in/content/iepf/global/master/Home/Home.html
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NB/AD
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MIL-OSI Asia-Pac: Aadhaar authentication surges past 2,707 crore in 2024-25; UIDAI’s face authentication gains momentum
Source: Government of India
Aadhaar authentication surges past 2,707 crore in 2024-25; UIDAI’s face authentication gains momentum
UIDAI wins Prime Minister’s Award for innovation as Aadhaar face authentication sees record adoptionAadhaar e-KYC transactions cross 44.63 crore in March 2025, boosting ease of business across sectors
Posted On: 28 APR 2025 5:51PM by PIB Delhi
In a clear sign of its growing adoption and utility, Aadhaar number holders carried out more than 2,707 crore authentication transactions in 2024-25 including 247 crore such transactions in March alone.
Aadhaar has been an enabler of digital economy and the increasing adoption shows its growing role across sector including banking, finance, telecom, and for the smooth delivery of benefits under various government schemes and services.
The total number of authentication transactions in March 2025 (246.75 Cr) is higher than the transactions clocked during the same period last year as well as in February 2025. Since inception, the cumulative number of authentication transactions have crossed over 14,800 crore.
The AI/ML based Aadhaar Face Authentication solutions developed in house by UIDAI has been witnessing significant growth. In March more than 15 crore such transactions took place, indicative of the growing usage, adoption of this authentication modality and how it is benefiting Aadhaar number holders seamlessly. More than 100 entities both in government and private sector are using face authentication for smooth delivery of benefits and services.
On 21 April, UIDAI received the prestigious Prime Minister’s Award for Excellence in Public Administration. This was presented under the Innovation category for UIDAI’s Face Authentication modality.
Aadhaar e-KYC service continues to play a crucial role in improving customer experience and adding ease of doing business in sectors including banking and non-banking financial services.
The total number of eKYC transactions (44.63 Cr) carried out during March 2025 is over 6% more than the numbers during the same period last year. The cumulative number of e-KYC transactions has touched 2356 crore as on 31 March 2025.
Similarly, 20 lakh new Aadhaar numbers were generated in March 2025 and over 1.91 crore Aadhaars were updated successfully following submissions from Aadhaar number holders.
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Dharmendra Tewari/ Navin sreejith
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MIL-OSI Asia-Pac: Union Public Service Commission announced the result of the written part of the National Defence Academy And Naval Academy Examination (I), 2025
Source: Government of India
Posted On: 28 APR 2025 8:15PM by PIB Delhi
On the basis of the result of the written part of the National Defence Academy and Naval Academy Examination, (I) 2025 held by the Union Public Service Commission on 13th April, 2025, candidates with the under mentioned Roll Nos. have qualified for interview by the Services Selection Board (SSB) of the Ministry of Defence for Admission to Army, Navy and Air Force Wings of the National Defence Academy for the 155th Course and for the 117th Indian Naval Academy Course (INAC) commencing from 2nd January, 2026. The result is also available at Commission’s website www.upsc.gov.in.
2 The candidature of all the candidates, whose Roll Nos. are shown in the list is provisional. In accordance with the conditions of their admission to the examination, “candidates are requested to register themselves online on the Indian Army Recruiting website joinindianarmy.nic.in within two weeks of announcement of written result. The successful candidates would then be allotted Selection Centers and dates, of SSB interview which shall be communicated on registered e-mail ID. Any candidate who has already registered earlier on the site will not be required to do so. In case of any query/ Login problem, e-mail be forwarded to dir-recruiting6-mod[at]nic[dot]in.”
“Candidates are also requested to submit original certificates of Age and Educational Qualification to respective Service Selection Boards (SSBs) during the SSB interview.” The candidates must not send the Original Certificates to the Union Public Service Commission. For any further information, the candidates may contact Facilitation Counter near Gate ‘C’ of the Commission, either in person or on telephone Nos. 011-23385271/011-23381125/011-23098543 between 10:00 hours and 17:00 hours on any working day. In addition for SSB/Interview related matter the candidates may contact over telephone no. 011-26175473 or joinindianarmy.nic.in for Army as first choice, 011-23010097/ Email: officer-navy[at]nic[dot]in or joinindiannavy.gov.in for Navy/ Naval Academy as first choice and 011-23010231 Extn. 7645/7646/7610 or www.careerindianairforce.cdac.in for Air Force as first choice.
3 The mark-sheets of the candidates will be put on the Commission’s website within fifteen (15) days from the date of publication of final result. (After concluding SSB Interviews) and will remain available on the website for a period of thirty (30) days.
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NKR/PSM
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MIL-OSI Asia-Pac: Promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society, says Dr. Jitendra Singh
Source: Government of India
Promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society, says Dr. Jitendra Singh
Over the last decade under Prime Minister Narendra Modi’s leadership, the government’s commitment to promoting Hindi had helped bridge many longstanding gaps;Sustained efforts from all stakeholders essential to achieve the broader vision
Posted On: 28 APR 2025 5:25PM by PIB Delhi
In a strong call for collective responsibility, Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh today emphasized that the promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society.
Speaking at the “Hindi Salahkar Samiti” meeting organized by the Ministry of Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that while notable progress has been made in expanding the use of Hindi, sustained efforts from all stakeholders are essential to achieve the broader vision.
Reflecting on the progress made over the last decade under Prime Minister Narendra Modi’s leadership, Dr. Jitendra Singh noted that the government’s commitment to promoting Hindi had helped bridge many longstanding gaps. He pointed out that historically, despite being the mother tongue for many, Hindi did not enjoy the formal acceptance in official communication it deserved. “Earlier, receiving or sending letters
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MIL-OSI Asia-Pac: PRESIDENT OF INDIA PRESENTS PADMA AWARDS 2025 AT THE CIVIL INVESTITURE CEREMONY-I
Source: Government of India
Posted On: 28 APR 2025 8:11PM by PIB Delhi
The President of India, Smt Droupadi Murmu presented Padma Vibhushan, Padma Bhushan and Padma Shri Awards for the year 2025 at the Civil Investiture Ceremony-I held at Rashtrapati Bhavan this evening (April 28, 2025). Among the dignitaries present on the occasion were Vice President of India, Prime Minister of India and Union Minister for Home Affairs.
List of Awardees of the ceremony can be viewed here
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MJPS/SR
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