Category: India

MIL-OSI Australia: Interview with James Glenday and Emma Rebellato, News Breakfast, ABC

Source: Australian Parliamentary Secretary to the Minister for Industry

James Glenday:

Welcome back to the show. On this Thursday morning, you’re watching News Breakfast. It is always lovely to have your company.

Emma Rebellato:

We’ll get an update on the latest with the global tsunami alerts in just a moment. But first, borrowers will be hoping the latest inflation data will be the confirmation the Reserve Bank needs to cut rates next month.

Treasurer, Jim Chalmers, joins us now from Canberra. Treasurer, thanks for joining us this morning.

Jim Chalmers:

Thanks for having me back on, Emma.

Rebellato:

So homeowners are hoping for a rate cut. Are you worried though that if there is a cut it will encourage more investors into the market, and that will price out people wanting to buy their own home?

Chalmers:

I’m not going to pre‑empt decisions that the Reserve Bank takes independently. I think rate relief is welcome, certainly when interest rates were cut twice already this year, that provided some very, very welcome rate relief for millions of Australians with a mortgage. That’s how we see it, but I don’t want to make predictions or pre‑empt the decisions that the Reserve Bank will take.

What yesterday’s numbers showed when it comes to those inflation numbers is really quite remarkable progress. The progress that Australians have made together over the course of the last 3 years on inflation has been outstanding because we’ve been able to get inflation down at the same time as we deep unemployment low, we’ve got real wages growing again – but it’s never mission accomplished, because the global environment’s uncertain, we’ve got some persistent structural issues in our economy, growth in our economy is soft and people are under pressure. And that’s why the primary goal, the main priority of the first 2 weeks of the parliament sitting has been to roll out more cost‑of‑living help.

Rebellato:

Treasurer, your productivity roundtable is on in just a few weeks. Will you be looking – and we know housing going’s to be on the agenda – will you be looking specifically at property investors. Do you want to change the capital gains tax discount?

Chalmers:

That’s not why we’ve put this Economic Reform Roundtable together. It’s all about making our economy more resilient and more productive, and our budget more sustainable.

I expect and I hope that building more homes is one of the central considerations of the Economic Reform Roundtable. I’ve been working very closely with Minister Clare O’Neil with a number of people who will be at the roundtable and with a whole range of people around the country.

We’ve all got an interest in building more homes sooner; that’s the government’s priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes. The Commonwealth government has come to the table with tens of billions of dollars in investment, our political opponents want to cut funding for housing, but overwhelmingly, people want to see where there’s common ground to build more homes, and that will be the focus.

Rebellato:

Treasurer, one of the stories we’re following today is the latest Productivity Commission report on closing the gap. Again, so many targets are showing so little progress, and some are worsening. How would you characterise this? Is this a failure by governments?

Chalmers:

We need to do much better. I think from memory, 10 of the 15 measures, we’ve seen a little bit of progress in the report released overnight, some have gone backwards in worrying ways.

I think every member of the government, and I think many Australians would acknowledge that we need to do better, and the reason why these reports are so important is because they make sure that we keep governments and the community more broadly up to the mark. We need to do better when it comes to closing the cap.

Minister Malarndirri McCarthy is working in her characteristically diligent way with all of the stakeholders, all of the communities to try and turn these numbers around. There has been progress in 10 of the 15, there has been some worrying outcomes in the rest, but overall, we need to do more and we need to do better.

Rebellato:

Treasurer, we know the issue in the Middle East is a big talking point in parliament and in the government at the moment. Is it now inevitable that Australia will recognise a Palestinian state; do you want to see that happen?

Chalmers:

I do, and I think it’s a matter of when, not if Australia recognises a Palestinian state for a long.

Rebellato:

So could we see it before September, before that UN meeting?

Rebellato:

I don’t want to put a timeframe for it, it’s been a long‑standing bipartisan policy that we see a two‑state solution in that part of the Middle East. From my point of view that progress that has been made, that momentum that we’re seeing in the international community is welcome, but it’s also conditional.

There are a number of obstacles still in the way to recognition of a Palestinian state, for example, the treatment, the release of the hostages, making sure that there’s absolutely no role for Hamas. These are the sorts of things that the international community is working through.

That statement that came out yesterday that we signed as Australians via our Foreign Minister Penny Wong is a really important one. It condemns the terrorist act on 7 October, it demands a ceasefire, the release of hostages and access for humanitarian aid; it encourages countries to work towards recognition as a really important part of that two‑state solution, and the reason we want to see a two‑state solution is because Israeli families and Palestinian families need and deserve to be able to raise their kids in peace, and that’s what this is all about.

Rebellato:

Treasurer, let’s stay with issues overseas, and the issue of tariffs. Now, Donald Trump has now said if he’s not negotiated with a country that they’re now looking at between a 15 and 20 per cent tariff. Is that what you’re working towards now; forget about 10 per cent, it’s now looking 15 to 20?

Chalmers:

We haven’t heard differently from the 10 per cent baseline that’s been levied on Australia; obviously we continue to engage with the Americans on this. It’s one of the main issues playing out in the global economy, it’s a major source of uncertainty in the economy, whether it’s what’s been said overnight about India, whether it’s the back and forth between the US and China or the tariffs levied directly on Australia. We’ve got the baseline rate as far as we are aware, and as we understand it, which is 10 per cent.

Rebellato:

So you don’t expect that to move?

Chalmers:

I think it would be a brave person to assume that there won’t be – whether it’s with other countries or – there will always be more announcements about this. These tariff announcements are a moving feast. But our understanding, our expectation is we get the baseline.

We think that the best outcome is zero because these tariffs are an act of economic self‑harm. We see inflation is going up in the US. Earlier in the year they had slowing growth, interest rates on hold again in the US overnight, they’ve got higher interest rates than we do in Australia.

We think these tariffs are bad for the American economy, certainly bad for the global economy. We’re better placed and better prepared than most countries to deal with that, but we won’t be immune. We’ll continue to engage with the Americans on it.

Rebellato:

Treasurer, just to change things up a little bit, this is possibly the hardest question you’ll be asked today, we’ve been talking about theme songs. Do you have a favourite theme song?

Chalmers:

It’s hard to go past the themes – the 2 theme songs in the Rocky movies, or the theme song to that great Eminem movie, 8 Mile. I’m a hip‑hop guy –

Rebellato:

Oh, yeah.

Chalmers:

– as James on the couch knows, but I think the best theme song, now that you put me on the spot, the best theme song I can remember is when Powderfinger, These Days kicks in during that wonderful Australian movie, Two Hands.

I think These Days by Powderfinger came in at number 14 on the week in the Triple J Hottest 100 Australian songs. Like everyone who loves Powderfinger, I think that should have been higher. But that’s an amazing theme song, and that’s an incredible, Two Hands, Heath Ledger, Bryan Brown, Rose, all the great Australian actors and a wonderful Australian theme song too by Powderfinger from Brisbane.

Rebellato:

Treasurer, thank you so much for joining us this morning, we appreciate it.

Chalmers:

Thanks very much.

MIL OSI News –

July 31, 2025
Gunman kills four, including police officer, in Manhattan skyscraper, then takes own life

Source: Government of India

Source: Government of India (4)

A gunman opened fire on Monday inside a Midtown Manhattan skyscraper housing NFL headquarters and offices of several financial firms, including Blackstone, killing four people before fatally shooting himself, New York City officials said.

One of the four victims slain in the gun violence was a 36-year-old New York Police Department officer who had been on the force for about 3 1/2 years. The three others killed by the suspect were civilians.

New York Police Commissioner Jessica Tisch said the gunman, who resided in Las Vegas and drove cross-country to New York in recent days, fatally shot himself in the chest at the end of his shooting spree.

Tisch said the gunman was believed to have acted alone, and investigators had yet to determine a possible motive for the shooting.

A photo of the suspect that CNN said was shared by police showing a gunman walking into the building carrying a rifle was published by a number of major news media outlets. Preliminary checks of the suspect’s background did not show a significant criminal history, the report added, citing officials.

The skyscraper at 345 Park Avenue houses offices of a number of financial institutions, including Blackstone and KPMG, along with the NFL headquarters.

A large police presence converged on the area around the tower, according to Reuters journalists near the scene.

“I just saw a lot of commotion and cops and people screaming,” said Russ McGee, a 31-year-old sports bettor who was working out in a gym adjacent to the skyscraper, told Reuters in an interview near the scene.

The FBI said agents from its New York field office were also responding to provide support at the scene.

(Reuters)

July 30, 2025

MIL-OSI: Amundi: First half and second quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Amundi: First half and second quarter 2025 results

Record inflows of +€52bn in the first half of the year

Inflows already at full year 2024 level		Assets under management¹at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect Net inflows +€52bn in H1, of which +€20bn in Q2 +€48bn in medium-to-long-term assets²(MLT) in H1 Record half-year net inflows for Institutionals: +€31bn

Growth in profit before tax		First half 2025: profit before tax³^,⁴€895m, up +4% H1/H1⁴: Driven by revenue growth (+5%) Cost control, with a cost-income ratio at 52.5%³

Continued success on strategic pillars		Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities: Third-party distribution +€13bn, of which 40% with digital players Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution ETFs +€19bn, with success in European strategies and innovation Responsible investment: wins of key institutional mandates Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved

Paris, 29 July 2025

Amundi’s Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.

Valérie Baudson, Chief Executive Officer, said: “With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients’ needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.

Amundi has continued to grow both in terms of activity and results, with first half revenues³up +5% and profit before tax³up +4% year-on-year⁴.

Amundi has also leveraged its position as Europe’s leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»

* * * * *

Highlights

Continued organic growth thanks to continued successes in the strategic pillars

2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group’s growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi’s growth momentum.

Amundi, the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 10⁵; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets⁶ in euro-denominated securities; this European expertise is a key differentiator for Amundi’s comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People’s Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile’s sovereign wealth fund thanks to the index and ESG expertise;
Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn⁷ was in the first half of 2025, mainly in MLT assets⁸, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets⁸, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;

Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP⁹ license in Third-Party Distribution¹⁰, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors’ renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital’s publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.

Activity

Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024

Assets under management¹as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.

These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.

In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,

Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.

Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT⁸ excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).

These MLT net inflows⁸ (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.

Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.

The three main client segments contributed to the net inflows of +€52bn:

the Retail segment, at +€7bn, thanks to Third-Party Distributors (+€13bn) and Amundi BOC WM (+€1.0bn), while risk aversion continues to affect net inflows from Partner networks;
the Institutional segment, at +€31bn, particularly in fixed income and equities thanks to the gain in the first quarter of The People’s Pension mandate (+€21bn, +22 in H1); all sub-segments contributed, to note the very high level of activity in Employee Savings & Retirement, at +€4bn, a record since the creation of Amundi, and the mandates of the insurers of Crédit Agricole and Société Générale, at +€9bn, which benefited from the renewed interest of French savers in life “euro” contracts;
and finally, JVs (+€13bn) posted a very positive performance over the half-year; despite market volatility in India, the SBI MF subsidiary gathered +€7bn thanks to a rebound in the second quarter, NH-Amundi (South Korea) +€5bn, and ABC-CA (China) +€2bn (excluding the discontinued Channel business), mainly driven by treasury products.
The net inflows from the US distribution of Victory Capital, recorded only over one quarter and only for the Group’s share of 26%, were at breakeven.

In the second quarter, net inflows reached +€20.4bn, divided between:

the MLT assets⁸ at +€11.1bn, driven by Third-Party Distributors (+€5bn) and the Institutional division (+€10.8bn); the activity was at a record level in Employee Savings & Retirement, even for a seasonally high quarter (+€4.1bn) and Crédit Agricole and Société Générale insurance mandates recorded a good performance (+4.6bn€), in the context already mentioned of the renewed interest in life “euro” contracts and the arbitrage of treasury products in favour of short-duration bonds; as regards asset classes, ETFs confirmed their success (+€8.2bn), but also positive net inflows in active management (+€2.9 billion), driven by fixed income;
JVs, for +€10.3bn, thanks in particular to the rebound in SBI MF’s activity in India (+€7.8bn) after two quarters of market volatility and withdrawals related to the end of the fiscal year in the first quarter; ABC-CA (China, +€1.2bn excluding Channel Business) also confirmed the recovery of its activity, particularly in fixed income, driven by a more favourable local market;
Treasury products posted outflows (-€1.0bn), with the continuation of seasonal withdrawals from Corporates (-€3.8bn), while all other segments posted net inflows or at least breakeven.

First half 2025 results

The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.

The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)

Profit before tax³+4% H1/H1⁴

Adjusted data³

The Group’s results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.

Victory Capital’s contribution is accounted for under the equity method for its 26% share with a one-quarter lag.

The profit before tax³reached €895m in up +4.2% compared to the first half of 2024 pro forma⁴. This growth comes mainly from revenue growth.

Adjusted net revenues³ reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:

Net Management Fees grew by +4.6% compared to the first half of 2024 pro forma⁴, at €1,542m, and reflect the increase in average assets under management² thanks to the good level of activity, despite the negative effect of the product mix on revenue margins;
Amundi Technology’s revenues, at €52m, grew strongly (+48.0% compared to the first half of 2024), amplified by the consolidation of aixigo (+€8m), organic growth was +25%;
Financial and other revenues³ amounted to €52m, +10.4% compared to the first half of 2024 on a pro forma basis⁴ thanks to capital gains on seed private equity investments and the portfolio’s positive mark-to-market in the first quarter, although the half-year remains characterised by the negative impact on voluntary investments of the fall in short-term rates in the euro zone, which halved in one year;
Performance fees (€58m), on the other hand, decreased by -13.2% compared to the first half of 2024 on a pro forma basis⁴, reflecting greater market volatility since the beginning of the year, particularly in the second quarter; however, the performance of Amundi′s management remains good, with more than 70% of assets under management ranked in the first or second quartiles according to Morningstar¹¹ over 1, 3 or 5 years, and 243 Amundi funds rated 4 or 5 stars by Morningstar as at 30 June.

The increase in adjusted operating expenses³, €894m, is +5,3% compared to the first half of 2024 pro forma⁴ and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, 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 Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,5%, on an adjusted basis³, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).

The adjusted gross operating income³reached €808m, up +4,5% compared to the first half of 2024 pro forma⁴, reflecting growth in revenues and cost control.

The contribution of equity-accounted JVs¹², at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for under the equity method, which includes Victory Capital’s Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital’s first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.

The adjusted corporate tax expense³ of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated¹³ to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€205m and the adjusted effective tax rate³ would be equivalent to that of the first half of 2024.

Adjusted net income³ rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma⁴.

Adjusted³earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted³ earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma⁴.

Accounting data in the first half of 2025

Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.

As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.

As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.

Second quarter 2025 results

The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).

Q2/Q2 decline in profit before tax³due to performance fees and financial revenues

Adjusted data³

The results include aixigo, acquisition of which was finalised in early November 2024.

Adjusted net revenues³ totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma⁴, but business-related revenues, management fees and technology revenues, were up:

Net Management Fees grew by +1.2% compared to the second quarter of 2024 pro forma⁴, at €717m, thanks to the increase in average assets under management² over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of approximately 25% of invested assets²; compared to the first quarter of 2025 pro forma⁴, two-thirds of the decline in these fees are explained by the fall in the US dollar;
Amundi Technology’s revenues, at €26m, continued their sustained growth (+46.2% compared to the second quarter of 2024), amplified by the consolidation of aixigo (+€3m); excluding aixigo, these revenues were up +30% organically;
Performance fees were down due to market volatility (28.9% compared to the second quarter of 2024 pro forma⁴), but they are higher than in the first quarter on a pro forma basis⁴ (+53,5%);
Financial revenues (-47.2%) were down due to the fall in short-term rates in the euro zone over the period.

Adjusted operating expenses³ are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma⁴ and were stable excluding aixigo, reflecting the Group’s operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,7% on an adjusted data basis³ is in line with the Ambitions 2025 objective (<53%).

The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m¹⁴in the second half of the year.

The Adjusted gross operating income³(GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma⁴.

The contribution of JVs¹⁵, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital’s first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US’s contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.

Adjusted income before tax³reached €437m, down -1.8% compared to the second quarter of 2024 pro forma⁴.

The adjusted corporate tax expense³ of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁶ at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€95m and the adjusted³ effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma⁴.

Adjusted net income³ was €334m. Excluding the exceptional tax contribution, it would have been €343m.

Adjusted³earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.

Accounting data in the second quarter of 2025

Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.

As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.

A solid financial structure, €1.3bn in surplus capital

Tangible equity¹⁷ amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).

As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.

The capital surplus at the end of the first quarter stood at €1.3bn.

In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi’s A+ issuer rating¹⁸ with a stable outlook, the best in the sector.

* * * * *

APPENDICES

Adjusted income statement³of the first half of 2025

(M€)	H1 2025	H1 2024*	% ch. H1/H1*

Net revenue – adjusted	1,703	1,623,	+4.9%
Management fees	1,542	1,475	+4.6%
Performance fees	58	66	-13.2%
Technology	52	35	+48.0%
Financial income and other revenues	52	47	+10.4%
Operating expenses – adjusted	(894)	(849)	+5.3%
Cost/income ratio – adjusted (%)	52.5%	52.3%	+0.2pp
Gross operating income – adjusted	808,	773,	+4.5%
Cost of risk & others	(6)	(8)	-28.7%
Equity-accounted companies – JVs	66	61	+7.1%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%
Income before tax – adjusted	895	858,	+4.2%
Corporate tax – adjusted	(259)	(192)	+35.0%
Non-controlling interests	2	1	+88.1%
Net income group share – adjusted	638,	668,	-4.5%
Amortization of intangible assets after tax	(28)	(32)	-10.8%
Integration costs and amortisation of the PPA after tax	(7)	0	NS
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS
Victory Capital Capital Capital Gain, after tax	402	0	NS
Net income group share	998	636	+56.9%
Earnings per share (€)	4.86	3.11	+56.3%
Earnings per share – adjusted (€)	3.11	3.26	-4.8%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Adjusted income statement³of the second quarter

(M€)	Q2 2025	Q2 2024*	% var. T2/T2*	Q1 2025*	% ch. Q2/Q1*

Net revenue – adjusted	790	799	-1.0%	823	-3.9%
Management fees	717	709	+1.2%	737	-2.7%
Performance fees	35	49	-28.9%	23	+53.5%
Technology	26	17	+49.8%	26	+0.7%
Financial income & other revenues	12	23	-47.2%	37	-66.9%
Operating expenses – adjusted	(417)	(410)	+1.6%	(416)	+0.2%
Cost/income ratio – adjusted (%)	52,7%	51,4%	+1.4pp	50.6%	+2.2pp
gross operating income – adjusted	374	388	-3.8%	407	-8.1%
Cost of risk & others	(1)	(8)	-82.4%	(4)	-67.4%
Equity-accounted companies – JVs	38	33	+16.6%	28	+38.6%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%	22	+21.2%
Income before tax – adjusted	437	445	-1.8%	452	-3.3%
Corporate tax – adjusted	(104)	(95)	+9.0%	(149)	-30.6%
Non-controlling interests	1	0	NS	1	+32.6%
Net income group share – adjusted	334	350	-4.5%	303	+10.2%
Amortization of intangible assets after tax	(15)	(17)	-13.7%	(14)	+8.8%
Integration costs and amortisation of the PPA after tax	(1)	0	NS	(3)	-78.2%
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS	(4)	+62.2%
Victory Capital Capital Capital Gain, after tax	402	0	NS	0	NS
Net income group share	715	333	NS	283	NS
Earnings per share (€)	3.48	1.63	NS	1.38	NS
Earnings per share – adjusted (€)	1.63	1.71	-4.8%	1.48	+10.2%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Pro Forma Historical Series³Adjusted⁴– First semester

(m€)	H1 2025	H1 2024	-Contrib. Amundi US T2 2024	H1 2024 pro forma	% ch. 25/24	% ch. 25/24 pro forma

Net management fees	1,542	1,560	85	1,475	-1.2%	-1.4%
Performance fees	58	67	1	66	-14.1%	-13.6%
Net asset management revenues	1,599	1,627	86	1 541	-1.7%	-1.9%
Technology	52	35	0	35	+48.0%	+48.0%
financial income & other revenues	12	6	3	3	NS	NS
Financial income & other revenues – adjusted	52	50	3	47	+4.1%	+6.6%
Net revenue (a)	1,663	1 667	89	1,578	-0.3%	-0.3%
Net revenue – adjusted (b)	1,703	1 711	89	1,623	-0.5%	-0.6%
Operating expenses (c)	(905)	(900)	(51)	(849)	+0.6%	-1.4%
Operating expenses – adjusted (d)	(894)	(900)	(51)	(849)	-0.6%	-2.0%
Gross operating income (e)=(a)+(c)	758	767	38	729	-1.2%	+0.9%
Gross operating income – adjusted (f)=(b)+(d)	808	811	38	773	-0.4%	+0.9%
Cost/income ratio (%) -(c)/(a)	54.4%	54.0%	57.2%	53.8%	0.44pp	-0.56pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.5%	52.6%	57.2%	52.3%	-0.06pp	-0.72pp
Cost of risk & others (g)	397	(5)	3	(8)	NS	NS
Cost of risk & others – adjusted (h)	(6)	(5)	3	(8)	+16.4%	-29.7%
Equity-accounted companies – JV (i)	66	61		61	+7.1%	+7.1%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	+18.1%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	+51.8%
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	824	9	814	+50.6%	+51.8%
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	868	9	858	+3.1%	+3.5%
Corporate tax (n)	(245)	(189)	(9)	(179)	+29.6%	+33.8%
Corporate tax – adjusted (o)	(259)	(201)	(9)	(192)	+28.8%	+32.0%
Non-controlling interests (p)	2	1	0	1	+88.1%	+88.1%
Net income group share (q)=(l)+(n)+(p)	998	636	0	636	+56.9%	+56.9%
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	0	668	-4.5%	-4.5%

Earnings per share (€)	4.86	3.11		3.11	+56.3%	+56.3%
Earnings per share – adjusted (€)	3.11	3.26		3.26	-4.8%	-4.8%

Pro Forma Historical Series³Adjusted⁴– Quarters 2024-2025

(m€)	Q2 2025	Q2 2024	-Contrib. Amundi US Q2 2024	Q2 2024 pro forma	% ch. T2/T2	% var. Q2/Q2 pro forma	Q1 2025*	-Contrib. Amundi US T1 2025	Q1 2025 pro forma	% ch. T2/T1	% var. Q2/Q1 pro forma
Net management fees	717	794	85	709	-9.7%	+1.2%	824	88	737	-13.0%	-2.7%
Performance fees	35	50	1	49	-29.9%	-28.9%	23	0	23	+52.0%	+53.5%
Net asset management revenues	752	844	86	758	-10.9%	-0.8%	847	88	760	-11.2%	-1.0%
Technology	26	17	0	17	+49.8%	+49.8%	26	0	26	+0.7%	+0.7%
Financial income and other revenues	(7)	3	3	(0)	NS	NS	19	2	18	NS	NS
Financial income and other revenues – adjusted	12	26	3	22	-52.9%	-43.7%	39	2	37	-68.4%	-66.9%
Net income (a)	771	864	89	775	-10.8%	-0.6%	892	90	803	-13.7%	-4.0%
Net income – adjusted (b)	790	887	89	799	-10.9%	-1.0%	912	90	823	-13.4%	-3.9%
Operating expenses (c)	(418)	(461)	(51)	(410)	-9.2%	+2.0%	(486)	(67)	(419)	-14.0%	-0.2%
Operating expenses – adjusted (d)	(417)	(461)	(51)	(410)	-9.6%	+1.6%	(478)	(62)	(416)	-12.8%	+0.2%
Gross Operating Income (e)=(a)+(c)	352	403	38	365	-12.6%	-3.5%	406	22	384	-13.3%	-8.2%
Rross operating income – adjusted (f)=(b)+(d)	374	426	38	388	-12.4%	-3.8%	434	28	407	-14.0%	-8.1%
Cost/income ratio (%) -(c)/(a)	54.3%	53.4%	57.2%	52.9%	0.95pp	1.38pp	54.5%	75.0%	52.2%	-0.20pp	2.08pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.7%	51.9%	57.2%	51.4%	0.79pp	1.37pp	52.4%	69.0%	50.6%	0.35pp	2.16pp
Cost of risk & others (g)	401	(5)	3	(8)	NS	NS	(4)	(0)	(4)	NS	NS
Cost of Risk & Other – adjusted (h)	(1)	(5)	3	(8)	-71.0%	-82.4%	(4)	(0)	(4)	-67.9%	-67.4%
Equity-accounted companies – JV (i)	38	33	0	33	+16.6%	+16.6%	28	0	28	+38.6%	+38.6%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	-37.7%	0	(18)	18	NS	+11.7%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	-16.8%	0	(22)	22	NS	+21.2%
Profit before tax (l)=(e)+(g)+(i)+(j)	811	431	9	421	+88.3%	+92.5%	429	5	425	+89.0%	+91.0%
Profit before tax – adjusted (m)=(f)+(h)+(i)+(k)	437	454	9	445	-3.8%	-1.8%	458	10	452	-4.5%	-3.3%
Corporate tax (n)	(97)	(98)	(9)	(89)	-0.5%	+10.1%	(147)	(5)	(143)	-33.7%	-31.6%
Corporate tax – adjusted (o)	(104)	(105)	(9)	(95)	-0.8%	+9.0%	(155)	(6)	(149)	-33.2%	-30.6%
Non-controlling interests (p)	1	0	0	0	NS	NS	1	0	1	+32.6%	+32.6%
Net income group share (q)=(l)+(n)+(p)	715	333	0	333	NS	NS	283	0	283	NS	NS
Net income group share – adjusted (r)=(m)+(o)+(p)	334	350	0	350	-4.5%	-4.5%	303	0	303	+10.2%	+10.2%

Earnings per share (€)	3.48	1.63		1.63	NS	NS	1.38		1.38	NS	NS
Earnings per share – adjusted (€)	1.63	1.71		1.71	-4.8%	-4.8%	1.48		1.48	+10.2%	+10.2%

Definition of assets under management

Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV

Evolution of assets under management from the end of 2021 to the end of June 2025

(€bn)	*Assets under management*	*Collection* *Net*	*Market and exchange rate effect*	*Scope* *effect*			*Change in assets under management* *vs. prior quarter*
As of 31/12/2021	2,064					+14%¹⁹
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		+7.9
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31/12/2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31/03/2025	2,247					+0.3%
Q2 2025		+20.4	+10.1		-10.6
30/06/2025	2,267					+0.9%

Total over one year between 30 June 2024 and 30 June 2025: +5.2%

Net inflows +€74.9bn
Market effect +€108.8bn
Forex effect -€62.1bn
Scope effects -€10.6bn
(Q2 2025 effect of the exit of Amundi US assets under management from Amundi US and the acquisition of 26% of Victory Capital assets under management in the US, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Networks France	139	133	+4.3%	-0.7	-2.4	-0.5	-0.9
International networks	161	165	-2.5%	-2.9	-0.8	-5.6	-2.8
Of which Amundi BOC WM	3	3	-15.0%	+0.7	+0.4	+1.0	+0.1
Third-Party Distributors	350	359	-2.5%	+5.0	+5.4	+13.3	+12.4
Retail	650	658	-1.1%	+1.4	+2.2	+7.2	+8.7
Institutional & Sovereigns (*)	548	520	+5.4%	+1.7	+1.1	+31.8	+10.7
Corporates	107	108	-1.4%	-3.7	-3.9	-14.0	-8.1
Company savings	101	90	+12.8%	+4.9	+3.8	+4.0	+2.9
CA & SG Insurers	445	424	+4.8%	+5.9	+0.8	+9.4	+1.7
Institutional	1,201	1,142	+5.1%	+8.7	+1.7	+31.2	+7.3
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory- US distribution	58	0	NS	-0.0	0.0	-0.0	0.0
Total	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1

(*) Including funds of funds

Details of assets under management and net inflows by asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Actions	556	515	+8.0%	+6.9	+3.2	+33.3	+0.7
Diversified	270	282	-4.3%	+0.1	+0.7	-0.9	-6.9
Obligations	737	706	+4.3%	+6.6	+10.1	+20.9	+24.0
Real, alternative, and structured	108	112	-4.0%	-2.5	+1.0	-5.2	+0.7
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory-distribution US	58	0	NS	-0.0	0.0	-0.0	0.0
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by type of management and asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Active management	1,118	1,122	-0.4%	+2.9	+8.0	+9.1	+9.3
Equities	196	207	-5.4%	-0.8	-0.4	-4.8	-3.1
Multi-assets	261	272	-3.8%	+0.0	+0.3	-0.9	-7.7
Bonds	661	643	+2.7%	+3.7	+8.1	+14.9	+20.2
Structured products	41	42	-0.3%	-1.4	+1.3	-3.5	+1.9
Passive management	446	382	+16.7%	+10.7	+6.0	+44.2	+8.5
ETFs & ETC	288	237	+21.2%	+8.2	+4.5	+18.6	+9.5
Index & Smart beta	158	144	+9.2%	+2.5	+1.5	+25.6	-1.0
Real & Alternative Assets	67	71	-6.2%	-1.0	-0.3	-1.8	-1.2
Real assets	63	67	-5.4%	-0.6	-0.1	-1.2	-0.3
Alternative	4	4	-18.4%	-0.4	-0.2	-0.5	-1.0
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+19.8%	+11.6	-0.9	+16.1	-1.7
Victory-US Distribution	58	0,	NS	-0.0	0.0,	-0.0	0.0,
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by geographic area²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
France	1,028	971	+5.9%	+8.7	+0.0	+9.3	+10.0
Italy	199	207	-3.9%	-1.4	-1.8	-3.4	-2.9
Europe excluding France & Italy	461	406	+13.6%	-1.0	+0.1	+22.8	+4.1
Asia	460	451	+2.0%	+13.8	+15.4	+21.6	+22.3
Rest of the world	119	121	-1.5%	+0.3	+1.7	+1.3	-1.3
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*TOTAL outside France*	1,239	1,185	+4.6%	+11.7	+15.5	+42.3	+22.1

Methodological Annex – Alternative Performance Indicators (APIs)

Accounting and adjusted data

Accounting data – These include

the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments 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 amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 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
H1 2024: -€44m before tax and -€28m after tax
Q4 2024: -€38m before tax and -€28m after tax
Q1 2025: -€29m before tax and -€20m after tax
Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization 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 expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

Partnership with Victory Capital

Victory Capital adjusts its US GAAP accounts to better reflect the Group’s economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi’s financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.

Alternative Performance Indicators²¹

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€)	H1 2025	H1 2024*	Q2 2025	Q2 2024	Q2 2024*	Q1 2025	Q1 2025*


Net revenue (a)	1,663	1,578	771	864	775	892	803
– Amortisation of intangible assets (bef. Tax)	(37)	(43)	(18)	(22)	(22)	(18)	(18)
– Other non-cash charges related to Alpha Associates	(3)	(1)	(1)	(1)	(1)	(1)	(1)
Net revenue – adjusted (b)	1,703	1, 623	790	887	799	912	823

Operating expenses (c)	(905)	(849)	(418)	(461)	(410)	(486)	(419)
– Integration costs (bef. tax)	(7)	0	0	0	0	(7)	(2)
– Amortisation related to aixigo PPA (bef. Tax)	(4)	0	(2)	0	0	(2)	(2)
Operating expenses – adjusted (d)	(894)	(849)	(417)	(461)	(410)	(478)	(416)

Gross operating income (e)=(a)+(c)	758	729	352	403	365	406	384
Gross operating income – adjusted (f)=(b)+(d)	808	773	374	426	388	434	407
Cost / Income ratio (%) -(c)/(a)	54.4%	53.8%	54.3%	53.4%	52.9%	54.5%	52.2%
Cost / Income ratio, adjusted (%) -(d)/(b)	52.5%	52.3%	52.7%	51.9%	51.4%	52.4%	50.6%
Cost of risk & others (g)	397	(8)	401	(5)	(8)	(4)	(4)
Cost of risk & others – Adjusted (h)	(6)	(8)	(1)	(5)	(8)	(4)	(4)
Share of net income from JVs (i)	66	61	38	33	33	28	28
Share of net income from Victory Capital (j)	20	32	20	0	32	0	18
Share of net income from Victory Capital – Adjusted (k)	26	32	26	0	32	0	22
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	814	811	431	421	429	425
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	858	437	454	445	458	452
Corporate tax (m)	(245)	(179)	(97)	(98)	(89)	(147)	(143)
Corporate tax – adjusted (n)	(259)	(192)	(104)	(105)	(95)	(155)	(149)
Non-controlling interests (o)	2	1	1	0	0	1	1
Net income group share (q)=(l)+(n)+(p)	998	636	715	333	333	283	283
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	334	350	350	303	303

Earnings per share (€)	4.86	3.11	3.48	1.63	1.63	1.38	1.38
Earnings per share – adjusted (€)	3.11	3.26	1.63	1.71	1.71	1.48	1.48

Shareholding

	30 June 2025		31 March 2025		31 December 2024		30 June 2024
(units)	Number of shares	% of capital	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	68.67%	141,057,399	68.93%
Employees	4,398,054	2.14%	4,128,079	2.01%	4,272,132	2.08%	2,879,073	1.41%
Self	1,625,258	0.79%	1,961,141	0.95%	1,992,485	0.97%	963,625	0.47%
Floating	58,338,551	28.40%	58,272,643	28.37%	58,097,246	28.28%	59,747,537	29.20%

Number of equities at the end of the period	205,419,262	100.0%	205,419,262	100.0%	205,419,262	100.0%	204,647,634	100.0%
Average number of equities since the beginning of the year	205,419,262	–	205,419,262	–	204,776,239	–	204,647,634	–
Average number of equities quarter-to-date	205,419,262	–	205,419,262	–	205,159,257	–	204,647,634	–

Average number of shares prorata temporis.

The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 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 program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.

Financial communication calendar

Tuesday 28 October 2025: Q3 and 9-month 2025 results
Fourth quarter 2025: new medium-term strategic plan

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²², 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 close to €2.3 trillion of assets²³.

With its six international investment hubs²⁴, 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 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

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 have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.

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        See definition of assets under management p.14
²        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
³        Adjusted data: see p. 16
⁴        For explanations of pro forma variations, see p. 12 and 13
⁵        Source: IPE “Top 500 Asset Managers” published in June 2025
⁶        Including JV and Victory Capital – US Distribution
⁷        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.
⁸        Medium to Long-Term Assets, excluding JVs
⁹        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
¹⁰        See Third-Party Distribution Investor Workshop of 19 June 2025
¹¹        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 open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
¹²        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), accounted for by the equity method after tax
¹³        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁴        Currently being estimated
¹⁵        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), accounted for by the equity method after tax
¹⁶        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁷        Net equity minus goodwill and intangible assets
¹⁸        Long-Term Issuer Default Rating (IDR)
¹⁹        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
²⁰        See definition of assets under management, p.14
²¹        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
²²Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
²³Amundi data as at 30/06/2025
²⁴Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Amundi PR Results Q2 2025_EN

The MIL Network –

July 30, 2025

MIL-OSI Economics: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on July 29, 2025

Source: Reserve Bank of India

Tenor	3-day
Notified Amount (in ₹ crore)	50,000
Total amount of offers received (in ₹ crore)	46,058
Amount accepted (in ₹ crore)	46,058
Cut off Rate (%)	5.49
Weighted Average Rate (%)	5.48
Partial Acceptance Percentage of offers received at cut off rate	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/800

MIL OSI Economics –

July 30, 2025

Thailand-Cambodia border calm as military-level talks postponed

Source: Government of India

Source: Government of India (4)

The Thailand–Cambodia border, where fighting has raged since last week, was calm on Tuesday following a ceasefire deal and military commanders from both sides are set to meet for talks later in the day, acting Thai Prime Minister Phumtham Wechayachai said.

Phumtham and Cambodian Prime Minister Hun Manet met in Malaysia on Monday and agreed to halt their deadliest conflict in more than a decade following five days of intense fighting that killed at least 38 people, mostly civilians, and displaced over 300,000.

The Thai army said in a statement there had been attacks by Cambodian troops in at least five locations early on Tuesday, violating the ceasefire that had come into effect from midnight, and Thailand‘s military had retaliated proportionately.

Phumtham played down the clashes, and said he had spoken with Cambodia‘s defence minister ahead of the talks between military commanders.

“There is no escalation,” Phumtham told reporters. “Right now things are calm.”

Thai military officials in two areas had met with their Cambodian counterparts, but commanders along the stretch of the frontier that has seen the heaviest fighting during the conflict were yet to hold talks, Thai army spokesman Major Gen. Winthai Suvaree said in a statement.

The parley had been scheduled for 10 a.m. local time (0300 GMT), but it was postponed and no new time had yet been set, he added.

Maly Socheata, a spokesperson for the Cambodian Defence Ministry, said at a briefing on Tuesday that there had been no new fighting along the border.

Vehicular traffic and daily activity resumed in the Kantharalak district of Thailand‘s Sisaket province on Tuesday, about 30 km (20 miles) from the frontlines, where Thai and Cambodian troops remain amassed.

Cars and motorbikes returned to the streets, which had been largely empty since the border clashes began on Thursday, with military vehicles among civilian traffic.

Chaiya Phumjaroen, 51, said he returned to town to reopen his shop early on Tuesday, after hearing of the ceasefire deal on the news.

“I am very happy that a ceasefire happened,” he said. “If they continue to fight, we have no opportunity to make money.”

TALKS AND TRADE

The Southeast Asian neighbours have wrangled for decades over their disputed frontier and have been on a conflict footing since the killing of a Cambodian soldier in a skirmish late in May, which led to a troop buildup on both sides and a full-blown diplomatic crisis.

Monday’s peace talks came after a sustained push by Malaysian Premier Anwar Ibrahim and U.S. President Donald Trump, with the latter warning Thai and Cambodian leaders that trade negotiations would not progress if fighting continued.

Thailand and Cambodia face a tariff of 36% on their goods in the U.S., their biggest export market, unless a reduction can be negotiated. After the ceasefire deal was reached, Trump said he had spoken to both leaders and had instructed his trade team to restart tariff talks.

Pichai Chunhavajira, Thailand‘s finance minister, said on Tuesday that trade talks with Washington are expected to be concluded before August 1, and that U.S. tariffs on the country are not expected to be as high as 36%.

(Reuters)

July 30, 2025
Trump says he is not seeking summit with Xi, but may visit China

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Tuesday that he was not seeking a summit with Chinese President Xi Jinping, but added that he may visit China at Xi’s invitation, which Trump said had been extended.

“I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!,” Trump said on Truth Social.

Aides to Trump and Xi have discussed a potential meeting between the leaders during a trip by the U.S. president to Asia later this year, sources previously told Reuters.

A trip would be the first face-to-face encounter between the men since Trump’s second term in office, at a time when trade and security tensions between the two superpower rivals remain elevated.

While plans for a meeting have not been finalized, discussions on both sides of the Pacific have included a possible Trump stopover around the time of the Asia-Pacific Economic Cooperation summit in South Korea or talks on the sidelines of the October 30-November 1 event, the people said.

The third round of U.S.-China trade talks taking place in Stockholm this week may lay the groundwork ahead of a leaders’ summit in the autumn, analysts say.

A new flare-up of tariffs and export controls would likely impact any plans for a meeting with Xi.

(Reuters)

July 30, 2025
Rain batters Delhi, Air India cautions flyers; IMD flags intense rainfall across the country

Source: Government of India

Source: Government of India (4)

As heavy rain lashed the national capital on Tuesday morning, Air India issued a travel advisory cautioning passengers that flight operations to and from Delhi may be affected due to adverse weather conditions.

The airline advised travelers to check their flight status on its official website before leaving for the airport and to allow extra time for their journey.

“Gusty winds and rain may impact flight operations to and from Delhi this morning. Please check your flight status… before heading to the airport and allow extra time for your journey,” said Air India on X.

The downpour, accompanied by thunderstorms, brought much-needed relief from the humid weather in several parts of Delhi.

Meanwhile, the India Meteorological Department (IMD) has forecasted heavy to very heavy rainfall across large parts of the country until August 4. On July 29, extremely heavy rain is expected over eastern Rajasthan and Himachal Pradesh, while Uttarakhand, Punjab, and Haryana may witness heavy showers.

In western India, Konkan and Gujarat are likely to experience isolated heavy rainfall on July 29, with light to moderate showers predicted over the next 6–7 days.

Northeast India, including Assam and Arunachal Pradesh, is expected to see heavy to very heavy rainfall. Eastern and central states like Bihar and Madhya Pradesh may face isolated heavy rain and thunderstorms.

In southern India, heavy rainfall is likely over Kerala and coastal Karnataka on July 29 and 30, accompanied by strong winds ranging between 40–50 kmph. Light to moderate rain with thunderstorms is expected in most southern states throughout the week.

The IMD further stated that fairly widespread to widespread rainfall is expected over northwest, northeast, and eastern regions of the country in the coming days, while central and peninsular India may witness scattered to fairly widespread rain.

For Wednesday, the IMD has issued a warning for heavy to very heavy rainfall at isolated places in eastern Rajasthan. Heavy rainfall is also expected at isolated locations in Arunachal Pradesh, Assam, Meghalaya, Bihar, Chhattisgarh, Himachal Pradesh, Jammu and Kashmir, Ladakh, Gilgit-Baltistan, Muzaffarabad, Jharkhand, Kerala, Mahe, Madhya Pradesh, Uttar Pradesh, Uttarakhand, West Bengal, Sikkim, and western Rajasthan.

Thunderstorms accompanied by lightning and gusty winds (30–40 kmph) are likely at isolated places in Bihar, Gangetic West Bengal, Jammu and Kashmir, Ladakh, Gilgit-Baltistan, Muzaffarabad, Jharkhand, parts of Arunachal Pradesh, Assam, Meghalaya, Chhattisgarh, Gujarat, Madhya Pradesh, Nagaland, Manipur, Mizoram, Tripura, Rajasthan, Uttar Pradesh, Uttarakhand, and Vidarbha.

(With inputs from ANI)

July 30, 2025
Parliament to resume debate on Operation Sindoor today

Source: Government of India

Source: Government of India (4)

The Rajya Sabha is scheduled to begin its discussion on Operation Sindoor on Tuesday. The operation, launched by the Indian Armed Forces, was conducted in retaliation to the Pahalgam terror attack that resulted in the deaths of 26 people, most of them tourists.

Meanwhile, the Lok Sabha will continue the debate on Operation Sindoor for the second consecutive day. On Monday, the House opened the discussion with Defence Minister Rajnath Singh initiating the debate. He described India’s cross-border strikes as accurate, precise, and non-escalatory, and said that the operation served a specific objective.

“Operation Sindoor’s main purpose was to destroy and decimate terror factories operating from Pakistani soil. It was stopped because the goal of dismantling terror bases and nurseries was achieved,” the Defence Minister told the House.

He also said that it was the Indian government which decided to call off Operation Sindoor and there was no pressure from any entity or nation, as claimed by the Opposition and their claims are “blatantly false” and “misleading”.

Singh further criticised the Opposition for focusing on issues that he termed as relatively minor, stating that such distractions could compromise national security. “When the aim is to go higher, we should not pay attention to small issues because focusing on issues that remain comparatively small can divert attention from national security,” he said.

External Affairs Minister S. Jaishankar, who also addressed the House during the debate, said India’s response to cross-border terrorism has undergone a strategic shift, which he described as the “new normal.” He said the country had moved past an era of strategic restraint and was now defining its own terms.

He elaborated on this evolving doctrine: Terrorists will not be treated as proxies, cross-border attacks will be met with direct and appropriate response, there will be no dialogue except on terrorism – talks and terror cannot go hand-in-hand, India will not bow to nuclear intimidation, and good neighbourly ties are incompatible with terrorism – blood and water cannot flow together.

Participating in the debate, Deputy Leader of the Lok Sabha Gaurav Gogoi criticised the government for its handling of the April 22 attack. He said that more than 100 days had passed since the incident, but the five perpetrators had not been apprehended. Gogoi also questioned the rationale behind stopping Operation Sindoor after Pakistan capitulated, asking why the government did not proceed to reclaim areas under illegal occupation by the neighbouring country.

Congress, the principal opposition party, has been allotted around two hours to present its views in the Upper House, with party president Mallikarjun Kharge expected to lead the debate.

July 30, 2025
Heavy rains lash Delhi; IMD warns of more intense showers

Source: Government of India

Source: Government of India (4)

Delhi witnessed an intense spell of rain on Tuesday morning, bringing much-needed relief from the prevailing humid conditions.

However, the India Meteorological Department (IMD) has issued warnings of continued heavy rainfall across Delhi-NCR, raising concerns over flooding and traffic disruptions.

According to the IMD, the downpour may lead to waterlogging in low-lying areas, road flooding, closure of underpasses, traffic congestion, reduced visibility, and potential damage to plantations, standing crops, and weak structures, including kutcha houses.

In response to the inclement weather, Air India issued a travel advisory alerting passengers to possible disruptions in flight operations to and from Delhi. The airline urged travellers to check their flight status and allow extra time while heading to the airport.

Similarly, IndiGo and SpiceJet also issued travel advisories, warning passengers of potential disruptions to flight operations on Tuesday morning.

The IMD has forecast heavy to very heavy rainfall across large parts of the country until August 4. On Tuesday, extremely heavy rainfall is expected in Northwest India, particularly East Rajasthan and Himachal Pradesh, while Uttarakhand, Punjab, and Haryana will continue to receive heavy showers.

In West India, regions such as Konkan and Gujarat are expected to experience isolated heavy rain on July 29, with light to moderate rainfall forecast for the next six to seven days.

Northeast India, including Assam and Arunachal Pradesh, is also likely to witness heavy to very heavy rainfall, while East and Central India, including Bihar and Madhya Pradesh, may see isolated heavy rain and thunderstorms.

In South Peninsular India, states like Kerala and Coastal Karnataka are expected to receive heavy rain and strong winds (40–50 kmph) on July 29–30, along with light to moderate rainfall across most areas through the coming week.

(With ANI inputs)

July 30, 2025
Sensex, Nifty trade flat after early losses; realty stocks lead gains

Source: Government of India

Source: Government of India (4)

The Indian stock market opened lower on Tuesday but recovered mildly to trade flat by mid-morning amid mixed global cues and cautious investor sentiment.

At 9:29 AM, the BSE Sensex was nearly unchanged, edging up just 1.69 points to trade at 80,892, while the NSE Nifty rose 16 points or 0.06% to 24,696. The indices had opened in the red, with Nifty briefly dipping to around 24,600 at the bell.

According to Hardik Matalia, equity strategist at Choice Equity Broking, the Nifty may find support at 24,600, followed by 24,500 and 24,300, while facing immediate resistance at 24,800, and further barriers at 24,900 and 25,000.

“A sustained move above the 25,000 mark is critical to easing the current selling pressure,” Matalia noted. “As long as the index remains below that level, the short-term trend remains weak. Traders should follow a sell-on-rise approach,” he added.

In early trade, realty stocks outperformed, with the Nifty Realty index leading sectoral gains. However, IT stocks slipped, with the Nifty IT index declining 0.32%. The Nifty Bank index remained largely flat, down 0.01%.

Among the top gainers in the Nifty pack were JSW Steel, Jio Financial, IndusInd Bank, Reliance Industries, and Shriram Finance. On the other hand, Eternal led the laggards with a 1.64% drop, followed by Infosys, SBI Life Insurance, Wipro, and Bharat Electronics.

Market sentiment was dampened by the lack of progress on a much-anticipated India–US trade deal, with expectations dimming for an agreement before the August 1 deadline.

In global markets, Wall Street presented mixed signals. The Dow Jones Industrial Average declined 0.14%, while the Nasdaq Composite rose 0.33%. The S&P 500 closed nearly flat, up by just 0.02%.

Across Asia, trading sentiment remained cautious. Japan’s Nikkei 225 dropped 0.91%, and Hong Kong’s Hang Seng Index fell 0.93%. However, South Korea’s Kospi gained 0.59%, while Chinese markets remained largely flat during morning hours.

On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the sixth consecutive session, offloading equities worth ₹6,082 crore on Monday. In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing shares worth ₹6,764 crore, offering some support to the market.

– IANS

July 30, 2025
Trump says many are starving in Gaza, vows to set up food centres

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Monday many people were starving in Gaza and suggested Israel could do more on humanitarian access, as Palestinians struggled to feed their children a day after Israel declared steps to improve supplies.

As the death toll from two years of war in Gaza nears 60,000, a growing number of people are dying from starvation and malnutrition, Gaza health authorities say, with images of starving children shocking the world and fuelling international criticism of Israel over sharply worsening conditions.

Describing starvation in Gaza as real, Trump’s assessment put him at odds with Israeli Prime Minister Benjamin Netanyahu, who said on Sunday “there is no starvation in Gaza” and vowed to fight on against the Palestinian militant group Hamas – a statement he reposted on X on Monday.

However, Netanyahu later on Monday described the situation in Gaza as “difficult”, saying his country was working to ensure aid delivery to the besieged strip.

“Israel will continue to work with international agencies as well as the U.S. and European nations to ensure that large amounts of humanitarian aid flows into the Gaza Strip,” Netanyahu said, according to a statement from his office.

Trump, speaking during a visit to Scotland, said Israel has a lot of responsibility for aid flows, and that a lot of people could be saved. “You have a lot of starving people,” he said.

“We’re going to set up food centres,” with no fences or boundaries to ease access, Trump said. The U.S. would work with other countries to provide more humanitarian assistance to the people of Gaza, including food and sanitation, he said.

A White House spokesperson said additional details on the food centres would be “forthcoming.”

‘WHEN YOU GO TO BED HUNGRY, YOU WAKE UP HUNGRY’

On Monday, the Gaza health ministry said at least 14 people had died in the past 24 hours of starvation and malnutrition, bringing the war’s death toll from hunger to 147, including 88 children, most in just the last few weeks.

Israel announced several measures over the weekend, including daily humanitarian pauses to fighting in three areas of Gaza, new safe corridors for aid convoys, and airdrops. The decision followed the collapse of ceasefire talks on Friday.

Wessal Nabil from Beit Lahiya in northern Gaza described the struggle of trying to feed her three children. “When you go to bed hungry, you wake up hungry. We distract them with anything … to make them calm down,” she told Reuters.

“I call on the world, on those with merciful hearts, the compassionate, to look at us with compassion, to be kind to us, to stand with us until aid comes in and ensure it reaches us.”

Two Israeli defence officials said the international pressure prompted the new Israeli measures, as did the worsening conditions on the ground.

U.N. agencies said a long-term and steady supply of aid was needed. The World Food Programme said 60 trucks of aid had been dispatched – short of target. Almost 470,000 people in Gaza are enduring famine-like conditions, with 90,000 women and children in need of specialist nutrition treatments, it said.

“Our target at the moment, every day is to get 100 trucks into Gaza,” WFP Regional Director for the Middle East, North Africa and Eastern Europe, Samer AbdelJaber, told Reuters.

Jan Egeland, head of the Norwegian Refugee Council, told Reuters the situation is catastrophic.

“At this time, children are dying every single day from starvation, from preventable disease. So time has run out.”

Netanyahu has denied any policy of starvation towards Gaza, saying aid supplies would be kept up whether Israel was negotiating a ceasefire or fighting.

A spokesperson for COGAT, the Israeli military aid coordination agency, said Israel had not placed a time limit on the humanitarian pauses in its military operation, a day after U.N. aid chief Tom Fletcher said Israel had decided “to support a one-week scale-up of aid”.

“We hope this pause will last much longer than a week, ultimately turning into a permanent ceasefire,” Fletcher’s spokesperson, Eri Kaneko, said on Monday.

Netanyahu’s office did not immediately respond to a request for comment.

Compared to last week, U.N. spokesperson Farhan Haq said, there had only been a “small uptick” in the amount of aid being transported into Gaza since Israel started the humanitarian pauses.

TRUMP SAYS HAMAS DIFFICULT TO DEAL WITH

In his statement on Sunday, Netanyahu said Israel would continue to fight until it achieved the release of remaining hostages held by Hamas and the destruction of its military and governing capabilities.

Trump said Hamas had become difficult to deal with in recent days, but he was talking with Netanyahu about “various plans” to free hostages still held in the enclave.

The war began on October 7, 2023, when Hamas militants attacked communities across the border in southern Israel, killing some 1,200 people and taking another 251 hostage, according to Israeli tallies.

The Gaza health ministry said that 98 Palestinians have been killed by Israeli fire in the past 24 hours.

Some of the trucks that made it into Gaza were seized by desperate Palestinians, and some by armed looters, witnesses said.

The Hamas-run Gaza government said only 87 aid trucks entered the Gaza Strip on Monday, with the majority of trucks looted due to what it described as “direct and systematic Israeli complicity”.

“Currently aid comes for the strong who can race ahead, who can push others and grab a box or a sack of flour. That chaos must be stopped and protection for those trucks must be allowed,” said Emad, 58, who used to own a factory in Gaza City.

The WFP said it has 170,000 metric tons of food in the region, outside Gaza, which would be enough to feed the whole population for the next three months if it gets the clearance to bring into the enclave.

COGAT said more than 120 truckloads of aid were distributed in Gaza on Sunday by the U.N. and international organizations.

More aid was expected on Monday. Qatar said it had sent 49 trucks that arrived in Egypt en route for Gaza. Jordan and the United Arab Emirates airdropped supplies.

Israel cut off aid to Gaza from the start of March in what it said was a means to pressure Hamas into giving up dozens of hostages it still holds, and reopened aid with new restrictions in May. Hamas accuses Israel of using hunger as a weapon.

Israel says it abides by international law but must prevent aid from being diverted by militants, and blames Hamas for the suffering of Gaza’s people.

(Reuters)

July 30, 2025
MIL-OSI Submissions: Africa – African Women in Business unveils Association to Boost Intra‑African Trade

Source: Media Fast

The network facilitated by the International Trade Centre (ITC) in partnership with the African Union Commission, brings together over 102 women business associations from six regions across Africa

Johannesburg, South Africa: July 29, 2025 -The Continental Network for Women’s Business Associations in Africa (CONWOBAA) aimed at promoting intra-African trade, was officially unveiled at the inaugural Global SME Ministerial Meeting held in Johannesburg, South Africa last week.

The game-changing initiative – facilitated by the International Trade Centre (ITC) in partnership with the African Union Commission and supported by the AWIP Pavilion under the framework of ITC’s SheTrades and One Trade Africa strategies, has brought together 102 women’s business associations from West Africa, North Africa, Indian Ocean, Central Africa, East Africa, and Southern Africa.

The Association also unveiled its leadership with South Africa’s Dimakatso Malwela, President of Women of Value South Africa (WOVSA) being elected the first Association’s chairperson. She will be deputized by Ms. Fanja Razakaboana, who is the President of the Madagascar Women Entrepreneurs Association (GFEM).

Kenya’s Laura Akunga Mwenje, who is the Founder and CEO of Benchmark Solutions Limited and the Chairperson of African Women Entrepreneurship Program (AWEP) Kenya and Secretariat, has been elected the treasurer of the Association, while Ms. Mabel Ibidun Quarshie – the Chief Executive Officer of Acquatic Foods Limited Ghana, will serve as the Association’s Secretary.

Other regional representatives on the Association’s Board include Ms. Sitti Abdallah Mshangama (Comoros), Ms. Brbara Banda (Malawi), Ms. Yomita El Sheridy (Egypt), Ms. Leila Belkhira Jaber (Tunisia), Dr. Blessing Irabor-Oza (Nigeria), Ms. Nicole Gakou Gomis (Senegal), Ms. Betty Mulanga Kadima (the Democratic Republic of Congo), Ms. Esther Omam (Cameroon), and Dr. Nigest Haile (Ethiopia).

“We are delighted to bring together women’s business associations from across Africa to advance intra‑African trade. This Network underpins ITC’s broader efforts through SheTrades and One Trade Africa to create real market access for women-led enterprises,” ITC Deputy Executive Director Dorothy Tembo said while unveiling the association’s leadership.

Addressing important challenges

In her acceptance remark, Ms. Malwela said the Association has the capacity to address important challenges facing women entrepreneurs across Africa.

“Women entrepreneurs face a multitude of challenges, primarily revolving around access to funding and financial resources, gender bias and discrimination, work-life balance, and establishing strong support networks and confidence. Oftentimes, these hurdles impede their ability to launch, grow, and sustain their businesses. As the Association looks to the future, we will seize opportunities to advance policies that address these challenges,” Ms. Malwela said.

CONWOBAA has been designed to facilitate trade for women entrepreneurs through the African Continental Free Trade Area (AfCFTA), helping members of the WBAs access cross-border trade opportunities and build sustainable businesses.

“This powerful network is led by women in leadership who are successfully running businesses and advocating for the growth of women-led enterprises across Africa. We look forward to the continued growth of this network and the opportunities it will create for women entrepreneurs across Africa to leverage AfCFTA and elevate their businesses to new heights,” Ms. Tembo said.

MIL OSI – Submitted News –

July 30, 2025
Russian strikes on penal colony in Zaporizhzhia kill 16, Ukraine says

Source: Government of India

Source: Government of India (4)

Russian strikes on a penal colony in the frontline region of Zaporizhzhia in southwestern Ukraine overnight killed 16 people and injured at least 35, regional Ukrainian military and Zaporizhzhia’s governor said on Tuesday

Zaporizhzhia governor Ivan Fedorov, writing on the Telegram messaging app, said that the correctional facility’s buildings were destroyed, and nearby private homes were also damaged.

Ukrainian President Volodymyr Zelenskiy’s chief of staff, Andriy Yermak, condemned the strikes as “another war crime” committed by Russia.

“(Russian President Vladimir) Putin’s regime, which also issues threats against the United States through some of its mouthpieces, must face economic and military blows that strip it of the capacity to wage war,” Yermak said on X.

Moscow forces have regularly attacked Zaporizhzhia, using drones, missiles and aerial bombs, since the start of the war that Russia started with a full-scale invasion of Ukraine in 2022.

Russia unilaterally declared early in the war its annexation of parts of Zaporizhzhia and areas in and around three other Ukrainian regions. Kyiv and its Western allies called the move an illegal land grab.

Fedorov said that Russian forces launched eight strikes on the Zaporizhzhia district, reportedly using high-explosive aerial bombs.

Reuters could not independently verify Fedorov’s report. There was no immediate comment from Russia.

Both sides deny targeting civilians in their strikes, but thousands of civilians have been killed in the conflict, the vast majority of them Ukrainian.

(Reuters)

July 30, 2025
Australia sweep T20 series against West Indies

Source: Government of India

Source: Government of India (4)

Australia completed a 5-0 sweep of the West Indies in their Twenty20 international series with Ben Dwarshuis’s bowling paving the way for a three-wicket victory in Basseterre, Saint Kitts on Monday.

Mitchell Owen top-scored for Australia with 37 off 17 balls, while Cameron Green (32), Tim David (30) and Aaron Hardie (28 nout out) all made valuable contributions as the visitors reached their target of 171 with 18 balls to spare.

The win sealed the first T20 series sweep by an Australian men’s team in the West Indies, and saw them end the tour with a perfect 8-0 record after a similar sweep in the three-test series.

“I didn’t expect 5-0 at the start of the series,” Australia captain Mitchell Marsh said. “But we played some great cricket. It was something we spoke about after the fourth game.

“We knew no Australian team had completed a clean sweep. We’ve had guys come in and played different roles for us.”

The match featured 15 sixes, which Marsh attributed to the size of the venue.

“I think it’s a small ground, so there’s always going to be more sixes than normal,” he said.

“But I think if you look down our batting order in all the five games, we had a lot of power and I guess the messaging was just to play their natural game.”

Marsh also lauded the performance of his relatively inexperienced bowlers in the death overs.

“I’m pretty sure in the last four overs, we didn’t go for more than 40 or 50 across the five games,” he said.

“It’s really hard to do. So I think all of them executed. Nathan Ellis was outstanding, Sean Abbott was brilliant. Ben Dwarshuis hasn’t played a lot, did a really good role, and even Xavier Bartlett has grown and grown as a bowler.”

West Indies fans must have feared the worst when Australia won a fifth straight toss and bowled the hosts out for 170, a total they reached thanks in large part to Shimron Hetmyer’s knock of 52 off 31 balls.

Dwarshuis picked up Hetmyer’s wicket as well as those of openers Brandon King (11) and Shai Hope (9).

“It was a little bit of a slower wicket so we tried to hit the wicket hard and use the slower balls as well,” said Dwarshuis, who was named player of the match.

Australia return home for a limited-overs series against South Africa, while the West Indies play Pakistan in three T20Is and three one-day internationals.

(Reuters)

July 30, 2025
Rajya Sabha adjourned till 2 PM amid ongoing Monsoon Session

Source: Government of India

Source: Government of India (4)

On the seventh day of the Monsoon Session, the Rajya Sabha was adjourned until 2 PM shortly after it convened at 11:00 AM on Tuesday.

The adjournment came as the Upper House prepared for a 16-hour-long discussion on Operation Sindoor, India’s response to the recent terrorist attack in Pahalgam.

Meanwhile, the Lok Sabha proceeded with its scheduled business in the morning and is set to continue the debate on Operation Sindoor for the second straight day. The discussion began on Monday, with Defence Minister Rajnath Singh opening the debate, describing India’s cross-border strikes as precise, measured, and non-escalatory, aimed at achieving a clearly defined objective.

July 30, 2025
PM Modi expresses grief over death of Kanwariyas in Deoghar road accident

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi on Tuesday condoled the loss of lives in a tragic road accident in Jharkhand’s Deoghar district that claimed the lives of five Kanwariyas and left several others injured. The Prime Minister extended his condolences to the bereaved families and prayed for the speedy recovery of the injured.

The Prime Minister’s Office (PMO) expressed grief over the tragedy. In a post on X, the PMO said, “The road accident that occurred in Deoghar, Jharkhand, is extremely tragic. I express my deepest condolences to the families of the devotees who lost their lives in this incident. May God grant them the strength to bear this pain. Along with this, I pray for the speedy recovery of all the injured.”

The accident took place early Tuesday near Jamuniya village under the Mohanpur block of Deoghar. A private bus carrying around 35 pilgrims collided head-on with a truck transporting gas cylinders. The vehicle was en route from Deoghar to the Basukinath temple during the ongoing Shravani Mela, when it lost control and hit a stack of bricks after the initial impact.

According to Sub-Divisional Officer (SDO) Sadar Ravi Kumar, “The information about the accident was received around 4 to 5 am. A private bus, carrying pilgrims from Deoghar to Basukinath, lost control and collided with a truck. The bus then crashed into a pile of bricks. The driver died on the spot. Four more deaths have been confirmed. The injured have been admitted to Deoghar Sadar Hospital.”

Inspector General of Dumka Zone, Shailendra Kumar Sinha, confirmed that the bus was carrying Kanwariyas from Mohanpur and that the collision involved a truck loaded with gas cylinders. “Five Kanwariyas have died in the incident. All the injured have been shifted to the district hospital for treatment,” he said.

Santhal Pargana Zonal IG S K Sinha also confirmed the incident. “Five Kanwariyas have died in a road accident as their bus collided with a truck. Several others are injured. More details are awaited,” he told ANI.

Jharkhand Chief Minister Hemant Soren expressed grief over the incident and directed the district administration to provide all necessary medical aid and assistance. In a post on X, he said, “Extremely sad news was received this morning about the death of devotees in a bus accident near Jamuniya Chowk. May Baba Baidyanath grant peace to the departed souls and strength to the grieving families.”

The site of the crash is located along the banks of the north-flowing Jamuniya River, near a prominent Shiva-Parvati temple. Eyewitnesses said the impact of the collision was severe, leaving the bus mangled and several passengers trapped. Emergency teams, including the police, medical personnel, and the National Disaster Response Force (NDRF), responded promptly to carry out rescue and relief operations.

Further investigation is in progress to determine the exact sequence of events that led to the crash.

(With inputs from ANI)

July 30, 2025
MIL-OSI Africa: Global hunger declines, but rises in Africa and western Asia: United Nation (UN) report
Source: APO

.

An estimated 8.2 percent of the global population, or about 673 million people, experienced hunger in 2024, down from 8.5 percent in 2023 and 8.7 percent in 2022. However, progress was not consistent across the globe, as hunger continued to rise in most subregions of Africa and western Asia, according to this year’s The State of Food Security and Nutrition in the World (SOFI 2025) report published today by five specialized agencies of the United Nations.

Launched during the Second UN Food Systems Summit Stocktake (UNFSS+4) in Addis Ababa, SOFI 2025 indicates that between 638 and 720 million people faced hunger in 2024. Based on the point estimate* of 673 million, this represents a decrease of 15 million people from 2023 and of 22 million from 2022.

While the decline is welcome, the latest estimates remain above pre-pandemic levels, with the high food inflation of recent years contributing to the slow recovery in food security.

Notable improvements are seen in southern Asia and Latin America. The prevalence of undernourishment (PoU) in Asia fell from 7.9 percent in 2022 to 6.7 percent, or 323 million people, in 2024. Additionally, Latin America and the Caribbean as a region saw the PoU fall to 5.1 percent, or 34 million people, in 2024, down from a peak of 6.1 percent in 2020.

Unfortunately, this positive trend contrasts sharply with the steady rise in hunger across Africa and western Asia, including in many countries affected by prolonged food crises. The proportion of the population facing hunger in Africa surpassed 20 percent in 2024, affecting 307 million people, while in western Asia an estimated 12.7 percent of the population, or more than 39 million people, may have faced hunger in 2024.

It is projected that 512 million people could be chronically undernourished by 2030. Almost 60 percent of those will be in Africa. This highlights the immense challenge of achieving SDG 2 (Zero Hunger), warned the Food and Agriculture Organization of the United Nations (FAO), the International Fund for Agricultural Development (IFAD), the United Nations agency for children (UNICEF), the UN World Food Programme (WFP), and the World Health Organization (WHO).

Tracking nutrition targets
- From 2023 to 2024, the global prevalence of moderate or severe food insecurity – an assessment registering the experience of constraints on access to adequate food during part of the year – decreased slightly, from 28.4 to 28.0 percent, accounting for 2.3 billion people. This is 335 million more than in 2019, before the COVID-19 pandemic, and 683 million more than in 2015, when the Sustainable Development Agenda was adopted.
- Among the indicators of child nutrition, the prevalence of stunting in children under five declined from 26.4 percent in 2012 to 23.2 percent in 2024, reflecting global progress.
- The prevalence of child overweight (5.3 percent in 2012 and 5.5 percent in 2024), and in child wasting (7.4 percent in 2012 and 6.6 percent in 2024) remains largely unchanged.
- The percentage of infants under six months exclusively breastfed increased significantly, from 37.0 percent in 2012 to 47.8 percent in 2023, reflecting growing recognition of its health benefits.
- The prevalence of adult obesity rose from 12.1 percent in 2012 to 15.8 percent in 2022.
- New data show an increase in the global prevalence of anaemia among women aged 15 to 49, from 27.6 percent in 2012 to 30.7 percent in 2023.
- Estimates for a new SDG indicator introduced in the report reveal that about one-third of children aged 6 to 23 months and two-thirds of women aged 15 to 49 years met minimum dietary diversity.
Food inflation

SOFI 2025 also examines the causes and consequences of the 2021–2023 food price surge and its impact on food security and nutrition.

The report highlights that the global policy response to the COVID-19 pandemic – characterized by extensive fiscal and monetary interventions – combined with the impacts of the war in Ukraine and extreme weather events, contributed to recent inflationary pressures.

This food price inflation has hindered the post-pandemic recovery in food security and nutrition. Since 2020, global food price inflation has consistently outpaced headline inflation. The gap peaked in January 2023, with food inflation reaching 13.6 percent, 5.1 percentage points above the headline rate of 8.5 percent.

Low-income countries have been particularly hit hard by rising food prices. While median global food price inflation increased from 2.3 percent in December 2020 to 13.6 percent in early 2023, it climbed even higher in low-income countries, peaking at 30 percent in May 2023.

Despite rising global food prices, the number of people unable to afford a healthy diet fell from 2.76 billion in 2019 to 2.60 billion in 2024. However, the improvement was uneven. In low-income countries, where the cost of a healthy diet rose more sharply than in higher-income countries, the number of people unable to afford a healthy diet increased from 464 million in 2019 to 545 million in 2024. In lower-middle-income countries (excluding India), the number rose from 79 million in 2019 to 869 million over the same period.

The report recommends a combination of policy responses to food price inflation. They include targeted and time-bound fiscal measures, such as social protection programs, to safeguard vulnerable households; credible and transparent monetary policies to contain inflationary pressures; and strategic investments in agrifood R&D, transport and production infrastructure, and market information systems to improve productivity and resilience.

What they said

FAO Director-General, QU Dongyu: “While it is encouraging to see a decrease in the global hunger rate, we must recognize that progress is uneven. SOFI 2025 serves as a critical reminder that we need to intensify efforts to ensure that everyone has access to sufficient, safe, and nutritious food. To achieve this, we must work collaboratively and innovatively with governments, organizations, and communities to address the specific challenges faced by vulnerable populations, especially in regions where hunger remains persistent.”

IFAD President, Alvaro Lario: “In times of rising food prices and disrupted global value chains, we must step up our investments in rural and agricultural transformation. These investments are not only essential for ensuring food and nutrition security – they are also critical for global stability.”

UNICEF Executive Director, Catherine Russell: “Every child deserves the chance to grow and thrive. Yet over 190 million children under the age of 5 are affected by undernutrition, which can have negative consequences for their physical and mental development. This robs them of the chance to live to their fullest potential. The State of Food Security and Nutrition in the World report for 2025 underscores the need to act urgently for the world’s youngest and most vulnerable children, as rising food prices could deepen nutrition insecurity for millions of families. We must work in collaboration with governments, the private sector and communities themselves to ensure that vulnerable families have access to food that is affordable and with adequate nutrition for children to develop. That includes strengthening social protection programs and teaching parents about locally produced nutritious food for children, including the importance of breastfeeding, which provides the best start to a baby’s life.

WFP Executive Director, Cindy McCain: “Hunger remains at alarming levels, yet the funding needed to tackle it is falling. Last year, WFP reached 124 million people with lifesaving food assistance. This year, funding cuts of up to 40 percent mean that tens of millions of people will lose the vital lifeline we provide. While the small reduction in overall rates of food insecurity is welcome, the continued failure to provide critical aid to people in desperate need will soon wipe out these hard-won gains, sparking further instability in volatile regions of the world.”

WHO Director-General, Dr Tedros Adhanom Ghebreyesus: “In recent years, the world has made good progress in reducing stunting and supporting exclusive breastfeeding, but there is still much to be done to relieve millions of people from the burdens of food insecurity and malnutrition. This report provides encouraging news, but also shows where the gaps are and who is being left behind, and where we must direct our efforts to ensure that everyone has access to a healthy and nutritious diet.”

Distributed by APO Group on behalf of World Health Organization (WHO).

MIL OSI Africa –
July 30, 2025
MIL-OSI United Nations: 29 July 2025 Departmental update WHO and Noora Health begin collaboration to strengthen support for family caregivers

Source: World Health Organisation

The World Health Organization (WHO) and Noora Health have signed a three-year Memorandum of Understanding (MoU) to enhance global support for family caregivers – an often overlooked but vital component of health systems.

This strategic collaboration, formalized during the 78th World Health Assembly in Geneva in May 2025, underscores the growing recognition of the essential role families play in delivering care across the life course. Representing the partners at the MoU signing were Dr Bruce Aylward, Assistant Director-General for Universal Health Coverage – Life Course at WHO, and Dr Shahed Alam, Co-CEO and Co-Founder of Noora Health.

The partnership aligns with key global health priorities, including the Global Strategy for Women’s, Children’s, and Adolescents’ Health, the UN Decade of Healthy Ageing (2021–2030), and the Rehabilitation 2030 initiative.

Through this MoU, WHO and Noora Health will focus on three core areas:

1) creating training materials to improve caregiver knowledge and self-care practices for mothers, children, adolescents, and older adults;
2) building a strong evidence base to inform policies and training and strengthen family caregiver-inclusive health systems globally; and
3) conducting research and analysis to better understand and support the needs of family caregivers globally.

Noora Health, a non-profit organization, has trained over 30 million caregivers across South Asia and South-East Asia, equipping families with the skills and knowledge to care for loved ones at home. Its work is rooted in the belief that families play a critical, although frequently undervalued and neglected, role in care delivery systems.

This partnership marks a critical step forward in embedding family caregiving into mainstream health policy and practice, with the shared goal of improving outcomes and strengthening health systems worldwide.

Note for editors

WHO Department of Maternal, Newborn, Child and Adolescent Health and Ageing (MCA)
MCA leads global efforts to promote health and well-being across all stages of life – from pregnancy and childbirth to adolescence and ageing. Its vision is to ensure that every pregnant woman, mother, newborn, child, adolescent, and older person not only survives but thrives, enjoying the highest attainable standard of health and development.

To achieve this, MCA provides strategic leadership, advocates for equity, and coordinates global partnerships. It works to reduce health risks through multisectoral action, generates and synthesizes evidence, and develops normative guidelines and human rights-based policies. The Department also supports countries in implementing these strategies and monitors progress to ensure lasting impact on health, growth, and well-being across the life course.

Noora Health
Since 2014, Noora Health has empowered over 30 million family caregivers and patients across Bangladesh, India, Indonesia, and Nepal through its innovative training programmes. At the heart of Noora Health’s approach is the recognition of family members as essential caregivers. By equipping them with critical health knowledge and skills – both in hospitals and at home through a robust digital platform – Noora Health strengthens the broader care ecosystem, eases the burden on health workers, and improves community-wide understanding of health care, recovery, and prevention.

MIL OSI United Nations News –

July 30, 2025
Classrooms of change: How National Education Policy 2020 is transforming learning

Source: Government of India

Source: Government of India (4)

Five years ago, on July 29, India embarked on a journey to overhaul its education system with the launch of the National Education Policy 2020. Today, its impact is increasingly visible in classrooms across the country – reshaping how children learn, how teachers teach, and how schools function.

NEP 2020 marked a paradigm shift from rigid, exam-centric education to a more flexible, inclusive, and learner-focused model. Anchored in India’s cultural heritage and aligned with global goals like Sustainable Development Goal 4 (SDG-4), the policy laid out a vision for an education system that fosters curiosity, critical thinking, and lifelong learning – from the foundational stage to secondary levels.

One of NEP’s major successes has been the prioritisation of early childhood education and foundational learning. With the launch of the NIPUN Bharat Mission in 2021, the government aimed to ensure that every child achieves Foundational Literacy and Numeracy (FLN) by Grade 3. Initiatives such as Vidya Pravesh, Balvatikas, and Jadui Pitara have introduced millions of children to joyful, play-based learning. The results have been promising: Annual Status of Education Report (ASER) 2024 reported a significant rise in foundational reading and arithmetic levels among Class III children in government schools. 23.4% children could read Grade II-level text in 2024, up from 16.3% in 2022 and 20.9% in 2018. Arithmetic proficiency has also improved, with 27.6% of Class III students now able to perform basic subtraction, compared to 20.2% in 2022 and 20.9% in 2018.

A restructured school framework under the 5+3+3+4 model is supported by two new national curriculum frameworks – National Curriculum Framework for the Foundational Stage (NCF-FS) and National Curriculum Framework for School Education (NCF-SE). These have replaced rote learning with competency-based, multidisciplinary education. New textbooks like Mridang, Sarangi, and Joyful Mathematics reflect India’s linguistic and cultural diversity while encouraging deeper engagement and creativity. Vocational education now begins as early as Grade 6, and career pathways are supported through the National Credit Framework.

Samagra Shiksha, the flagship school reform scheme, has helped boost enrolment and reduce dropouts. Infrastructure has improved substantially – with nearly all schools having access to drinking water, electricity, and gender-inclusive toilets. Hostels under schemes like Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) and Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA), along with 5,269 Kasturba Gandhi Balika Vidyalayas, have provided critical support to girls and children from marginalised communities.

The digital push has also been transformative. Platforms like Digital Infrastructure for Knowledge Sharing (DIKSHA) and PM eVIDYA have enabled access to quality learning content in over 130 languages, even during the pandemic. The Rashtriya Vidya Samiksha Kendra (RVSK) now provides real-time education data, improving governance and accountability.

Teachers remain central to NEP’s success. Over 14 lakh educators have undergone training through National Initiative for School Heads’ and Teachers’ Holistic Advancement (NISHTHA), with continuous support through digital platforms. Assessment reforms are underway through Performance Assessment, Review and Analysis of Knowledge for Holistic Development (PARAKH), which has championed competency-based evaluations and holistic progress cards that assess not only academics but creativity, socio-emotional development, and well-being.

NEP 2020 also places strong emphasis on inclusion. The Pre Assessment Holistic Screening Tool (PRASHAST) tool helps schools support children with disabilities, while Indian Sign Language has been introduced as a secondary subject. The National Institute of Open Schooling (NIOS) has developed flexible pathways for out-of-school children and even for Agniveers to complete their education.

July 30, 2025
Three terrorists killed in Op Mahadev were involved in Pahalgam terror attack: HM Shah

Source: Government of India

Source: Government of India (4)

Union Home Minister Amit Shah on Tuesday said that the three terrorists killed during Operation Mahadev on Monday were directly involved in the April 22 Pahalgam terror attack, which claimed 26 lives.

Speaking in the Lok Sabha during the ongoing debate on Operation Sindoor, Shah said, “Yesterday, the Indian Army, CRPF, and Jammu & Kashmir Police neutralised three terrorists — Suleiman, Afghan, and Jibran. Suleiman was a top commander of Lashkar-e-Taiba, responsible for the Pahalgam and Gagangir terror attacks. Multiple pieces of evidence support his involvement.”

He added that Afghan and Jibran were also senior Lashkar-e-Taiba operatives.

“I want to inform the House that the terrorists who killed our citizens in Baisaran Valley have now been eliminated,” Shah said.

“The people who used to supply food to them were detained earlier. Once the bodies of these terrorists were brought to Srinagar, they were identified by those who were kept detained by our agencies,” Shah added

The anti-terror operation took place in the Lidwas area, as confirmed by the Chinar Corps of the Indian Army on Monday.

July 30, 2025
NISAR set to transform earth science with ISRO-NASA collaboration

Source: Government of India

Source: Government of India (4)

The first images of Earth were captured in 1946 through a motion camera picture. The world stood still from far above while its floor held the chaos on its surface and beneath all the land. Almost eight decades from then, the world will now see what is on and under Earth in remarkable detail, all thanks to the collaborative project between ISRO and NASA called “NISAR.” Slated to be launched on July 30 from India’s Satish Dhawan Space Center,the mission is set to change the course of how we see this planet.

What exactly is NISAR?

NISAR (NASA-ISRO Synthetic Aperture Radar) aims to monitor Earth’s surface using advanced radar imaging. A three-dimensional view of Earth will be generated through the two radars of NISARthat will be able to track changes in the surface with accuracy of a fraction of an inch. This project, which cost around $1.4 billion, is more than just a testament of collaboration between NASA and ISRO but a scientific marvel in itself. NISAR is the most advanced radar system that will generate around 80 terabytes of data per day. That is equivalent to one hundred and fifty hard drives that can store 512 GB. This is the maximum amount of data that will be generated per day by any Earth satellite that has ever been launched by NASA or ISRO. TheS-Band Radar of NISAR was developed by ISRO’s center in Ahmedabad, and the L-Band Radar was produced by NASA in Southern California. The labelling “L and S Band” is attributed to the microwave bandwidth regions from which the radar will collect the data.

How will this data from NISAR change things for scientists?

NISAR will map changes on the surface of Earth.Broadly, the applications can be seen in natural hazard monitoring, assessment of sea, ice, and glaciers, and also in crop management. The satellite will be able to see through clouds, rain, and in both day and night. The data will be able to provide insights into the time of glacial melting and provide unprecedented coverage ofAntarctica. Moreover, through NISAR, it will be possible to identify the parts of fault lines that move slowly and detect land movement essential for understanding and detecting earthquakes. Earthquakes have damaged large dams, like Koyna in 1967 and Shih-Gang in 1999, due to shaking or fault movement. NISAR satellite data can help prevent such failures by mapping ground shifts and fault risks with high precision.

The satellite will be used for ecosystem monitoring for land and ice-covered surfaces twice every twelve days and will also include parts of Earth that were not monitored so rigorously and with such frequency in the past. From forest canopies to croplands and from ice melts to land movements, NISAR will cover everything. Such detailed monitoring with advanced radar systems will thus paint a fresh picture of the planet in front of scientists. The data collected by NISAR is open access and is expected to unravel details of land movement and of ecosystems that may provide novel insights.From scientists to policymakers, this data will revolutionize our understanding of the planet.

Space Diplomacy and India’s new chapter in space

The NISAR project is critical to the US and India’s pioneering year of civil space cooperation. It was only in February 2025 when PM Modi visited the US and met President Donald Trump; the leaders hailed 2025 as a pioneering year for the U.S.-India civil space cooperation. The cooperation saw a bright beginning with the AXIOM Mission where Indian astronaut Shubhanshu Shukla traveled to space in a collaborative mission with NASA, making him only the second after Rakesh Sharma after a gap of almost four decades. It is clear that India is scripting a new chapter in space diplomacy, and it is not restricted only to the USA. ISRO has ongoing collaborative missions with other countries like France,Japan, Australia, Russia, Italy, and Europe. Given the success rate of ISRO, it has also become a key player in foreign launches with 433 foreign satellite launches from 34 countries. ISRO is pioneering space diplomacy through strategic international collaborations, fostering global cooperation and scientific advancement. By sharing expertise, resources, and satellite data, ISRO enhances global space research, promotes peaceful exploration, and positions India as a leader in space diplomacy.

Radar, Real-Time, and Responsibility

The NISAR mission marks a monumental leap in Earth observation, uniting ISRO and NASA in a shared vision to unravel our planet’s dynamic processes. By delivering unprecedented radar data, NISAR will empower scientists and policymakers to tackle climate change, natural disasters, and sustainable resource management with newfound precision. Beyond its scientific impact, the mission underscores India’s growing stature in space diplomacy, forging global partnerships that advance peaceful exploration and collective knowledge. As ISRO continues to collaborate with nations like the U.S., France, and Japan, NISAR stands as a beacon of innovation, cooperation, and India’s leadership in shaping the future of space exploration.

(Pooja Mishra is a Content Researcher at DD India)

July 30, 2025
EU proposes curbs on Israel research funding over Gaza crisis

Source: Government of India

Source: Government of India (4)

The European Union’s executive body recommended on Monday curbing Israeli access to its flagship research funding programme after calls from EU countries to increase pressure on Israel to alleviate the humanitarian crisis in Gaza.

Multiple EU countries said last week that Israel was not living up to its commitments under an agreement with the European Union on increasing aid supplies to Gaza and asked the European Commission to put concrete options on the table.

The proposal to partially suspend Israel’s participation in the Horizon Europe programme needs approval from a qualified majority of EU countries to take effect – at least 15 of the EU’s 27 members, representing at least 65% of its population.

The European Commission said in a statement that the proposal comes as a reaction to a review of Israel’s compliance with the human rights clause of an agreement governing its relations with the EU.

The bloc’s diplomatic service said in June that there were indications that Israel had breached its obligations under the terms of the pact.

“While Israel has announced a daily humanitarian pause in Gaza fighting and has met some of its commitments under the common understanding on humanitarian aid and access, the situation remains severe,” the Commission said on Monday.

The U.N.’s World Food Programme has said that almost 470,000 people in Gaza are enduring famine-like conditions, with 90,000 women and children in need of specialist nutrition treatments.

The Israeli government has rejected international criticism of its policies in the enclave.

Israel’s foreign ministry said in a post on social media platform X on Monday that the Commission’s move was “mistaken, regrettable, and unjustified” and that it hoped EU member countries would not adopt the proposal.

Israel has been participating in the EU’s research programs since 1996, taking part in thousands of joint projects over the past decades.

The Commission said the proposal would impact the participation of Israeli entities in the bloc’s European Innovation Council Accelerator “which targets start-ups and small businesses with disruptive innovations and emerging technologies that have potential dual-use applications, such as in cybersecurity, drones, and artificial intelligence”.

It did not say how much funding would be affected by the proposed freeze.

(Reuters)

July 30, 2025
Global hunger falls but conflict and climate threaten progress, UN says

Source: Government of India

Source: Government of India (4)

The number of hungry people around the world fell for a third straight year in 2024, retreating from a COVID-era spike, even as conflict and climate shocks deepened malnutrition across much of Africa and western Asia, a U.N. report said on Monday.

Around 673 million people, or 8.2% of the world’s population, experienced hunger in 2024, down from 8.5% in 2023, according to the State of Food Security and Nutrition in the World report, jointly prepared by five U.N. agencies.

They said the report focussed on chronic, long-term problems and did not fully reflect the impact of acute crises brought on by specific events and wars, including Gaza.

Maximo Torero, the chief economist for the U.N. Food and Agricultural Organization, said improved access to food in South America and India had driven the overall decline but cautioned that conflict and other factors in places such as Africa and the Middle East risked undoing those gains.

“If conflict continues to grow, of course, if vulnerabilities continue to grow, and the debt stress continues to increase, the numbers will increase again,” he told Reuters on the sidelines of a U.N. food summit in Ethiopia.

“Conflict continues to drive hunger from Gaza to Sudan and beyond,” U.N. Secretary-General Antonio Guterres said in remarks delivered by video link to the summit. “Hunger further feeds future instability and undermines peace.”

In 2024, the most significant progress was registered in South America and Southern Asia, the U.N. report said.

In South America, the hunger rate fell to 3.8% in 2024 from 4.2% in 2023. In Southern Asia, it fell to 11% from 12.2%.

Progress in South America was underpinned by better agricultural productivity and social programmes like school meals, Torero said. In Southern Asia, it was mostly due to new data from India showing more people with access to healthy diets.

The overall 2024 hunger numbers were still higher than the 7.5% recorded in 2019 before the COVID pandemic.

The picture is very different in Africa, where productivity gains are not keeping up with high population growth and the impacts of conflict, extreme weather and inflation.

In 2024, more than one in five people on the continent, 307 million, were chronically undernourished, meaning hunger is more prevalent than it was 20 years ago.

Africa is projected to account for nearly 60% of the world’s hungry people by 2030, the report said.

The gap between global food price inflation and overall inflation peaked in January 2023, driving up the cost of diets and hitting low-income nations hardest, the report said.

Overall adult obesity rose to nearly 16% in 2022, from 12% in 2012, it added.

The number of people unable to afford a healthy diet dropped globally in the past five years to 2.6 billion in 2024 from 2.76 billion in 2019, the report said.

(Reuters)

July 30, 2025
DRDO successfully conducts range validation tests of ‘Pralay’ missile system

Source: Government of India

Source: Government of India (4)

The Defence Research and Development Organisation (DRDO) has successfully tested the range capabilities of the indigenous quasi-ballistic missile system ‘Pralay’ over two consecutive days from Dr APJ Abdul Kalam Island off the Odisha coast. The trials were conducted as part of the User Evaluation Trials in collaboration with the Indian Armed Forces.

According to a statement from the Ministry of Defence, both minimum and maximum range capabilities of the missile were validated during the flight tests held on Monday and Tuesday. The missile followed the predetermined trajectory and precisely hit the designated targets, fulfilling all mission objectives.

All onboard subsystems functioned as expected, and data from the tests were recorded using a network of tracking sensors and instruments, including those mounted on a ship stationed near the impact zone.

The ‘Pralay’ missile, developed by DRDO, is a solid propellant-driven, surface-to-surface weapon system designed to carry various types of warheads and engage multiple target profiles. The development involved several DRDO laboratories, including the Research Centre Imarat, Defence Research and Development Laboratory, Advanced Systems Laboratory, and other key institutions, in collaboration with industry partners such as Bharat Dynamics Limited, Bharat Electronics Limited, and several MSMEs.

The trials were observed by senior DRDO scientists, representatives from the Indian Air Force and Indian Army, as well as industry stakeholders.

Defence Minister Rajnath Singh lauded DRDO, the Armed Forces, and industry partners for the successful trials. He said that the missile system, equipped with advanced technologies, will enhance the nation’s defence capabilities.

Dr Samir V. Kamat, Secretary, Department of Defence R&D and Chairman DRDO, congratulated the teams involved and said the successful completion of these phase-1 flight tests marks a crucial step toward the missile’s eventual induction into the Armed Forces.

-IANS

July 30, 2025
MIL-OSI China: Xinjiang audiences’ discerning appreciation ignites ballet exchanges

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

Feng Ying, director of the National Ballet of China, during an interview at the Urumqi Grand Theatre, Xinjiang, July 28, 2025. [Photo by Yang Chuanli/China.org.cn]

During an interview at the 7th China Xinjiang International Dance Festival on July 28, Feng Ying, director of the National Ballet of China (NBC), stated: “The Xinjiang International Dance Festival is a platform we are familiar with and feel close to. Every time we come here, we can feel the audience’s enthusiasm for art.”

As an old friend of the dance festival, this is the third time that the NBC has appeared on this stage. This time, the NBC not only brought the original ballet “A Dream of Red Mansions,” which showcases the charm of the classic Chinese novel, but also performed “La Bayadère,” known as the touchstone of classical ballet. In the form of dialogue between Eastern and Western arts, it presented the diverse styles of ballet art to audiences in Xinjiang.

Performers from the National Ballet of China on stage in “A Dream of Red Mansions.” [Photo provided to China.org.cn]

Feng Ying admitted that the enthusiastic response to the performance exceeded their expectations: “The popularity of ‘A Dream of Red Mansions’ in Xinjiang is touching. The audience’s applause always falls precisely on the key plot points. This deep understanding and love have greatly encouraged us.”

Since first setting foot in Xinjiang in the 1970s, the NBC’s artistic connection with the region has lasted more than half a century. The performers not only feel the strong passion for singing and dancing among Xinjiang audiences, but also draw inspiration from exchanges with local art troupes. “The interaction with the Muqam Art Troupe of Xinjiang Art Theater has brought new inspiration to our creation, and cultural and art collision is of great value,” she said.

Performers from the National Ballet of China on stage in “La Bayadère.” [Photo provided to China.org.cn]

The ballet “La Bayadère” brought this time is a sincere work by the NBC to pay tribute to the world’s ballet tradition. This classic work, created by Marius Petipa, the “father of classical ballet,” is set in ancient India and tells the tragic story of love, honesty and freedom between the temple dancer (bayadère) Nikia and the warrior Solor. Feng Ying explained: “The charm of ‘La Bayadère’ lies in its concise narrative carrying profound themes, while demonstrating the overall level of the troupe with exquisite dancing skills.”

It is worth noting that while respecting the essence of the original, the NBC has breathed new vitality into classics. “Every generation interprets the roles with their own traits — even in the same court ball scene, different performers bring distinct artistic styles,” Feng noted.

The NBC’s performances in Xinjiang will run through the closing night of July 29, and Feng specifically highlighted that the troupe will feature its youngest dancer, Liu Yuanjin. This rising star, she added, will embody the NBC’s well-established artistic inheritance on the closing night — further proof of how the company nurtures new talent to keep classics alive with fresh energy.

With the opening of modern theaters such as the Urumqi Grand Theatre, more high-level artistic works can be presented here. Feng Ying said: “The fact that works like ‘La Bayadère,’ which have extremely high requirements in terms of the theater conditions, can be staged in Xinjiang confirms the leapfrog development of cultural facilities here.”

In her view, the Xinjiang International Dance Festival has become an important hub for cultural exchanges between China and foreign countries. “We hope that through classics like ‘La Bayadère,’ the audiences can feel the charm of world ballet, and at the same time, convey the profound heritage of Chinese culture through ‘A Dream of Red Mansions,’ and achieve cross-border artistic dialogue on the stage.”

Founded in 1959, the NBC has always placed a strong focus on innovation. While staging world classics such as “Swan Lake” and “La Bayadère,” it has also created original works such as “The Red Detachment of Women” and “A Dream of Red Mansions,” establishing a unique Chinese ballet aesthetic system.

MIL OSI China News –

July 30, 2025
IMD predicts heavy rainfall in Rajasthan, MP and northeast; AQI improves in Delhi after downpour

Source: Government of India

Source: Government of India (4)

Several parts of India are expected to receive heavy to very heavy rainfall over the next few days. The India Meteorological Department (IMD) has forecast continued intense precipitation over eastern Rajasthan and Madhya Pradesh between July 29 and 31, with isolated locations in western MP likely to experience extremely heavy rain on Tuesday.

States in the northeast, including Arunachal Pradesh, Assam, and Meghalaya, are also expected to witness heavy rainfall over the next seven days, with activity likely to intensify from August 1 onwards. Meanwhile, rainfall is expected to reduce gradually over the southern peninsula over the next six to seven days, and over central India starting August 1.

In the past 24 hours, extremely heavy rainfall (exceeding 21 cm) was recorded in isolated areas of western Madhya Pradesh and Himachal Pradesh. Heavy to very heavy showers were also observed in parts of eastern Rajasthan, Punjab, eastern Madhya Pradesh, Bihar, Jharkhand, sub-Himalayan West Bengal & Sikkim, and Mizoram. Isolated places in the ghat areas of central Maharashtra, Uttarakhand, Uttar Pradesh, Haryana, Gujarat, Gangetic West Bengal, Assam, and Arunachal Pradesh also received heavy rain.

Weather forecast for Delhi-NCR

In Delhi-NCR, the weather is expected to remain generally cloudy from July 29 to August 1, with light to moderate rain and occasional thunderstorms and lightning.

On Tuesday, Delhi-NCR received heavy rain in the morning which led to improvement in the air quality index (AQI).

In its weather report for Delhi-NCR, IMD predicted at isolated places on Tuesday, with maximum temperatures expected to range between 29°C and 31°C. The following days will see similar weather, with maximum temperatures staying below normal by 2 to 5 degrees Celsius and minimum temperatures hovering between 23°C and 26°C.

By August 1, the capital may experience only very light to light rainfall, with skies turning partly cloudy. Temperatures are projected to rise slightly, with maximums between 33°C and 35°C, though still remaining below the seasonal average. Winds will predominantly be from the southeast, shifting gradually to southwest and northwest directions through the day.

July 30, 2025
India’s tiger reserves rise from 46 to 58 since 2014: Bhupender Yadav

Source: Government of India

Source: Government of India (4)

Union Minister for Environment, Forest and Climate Change, Bhupender Yadav, on Tuesday announced that the number of tiger reserves in India has grown from 46 in 2014 to 58 as of 2025. The statement was made during the Global Tiger Day 2025 celebrations held at the National Zoological Park in New Delhi.

Presiding over the event, the Minister emphasized the importance of maintaining ecological balance, fostering conservation awareness among children, and cultivating gratitude towards nature. He praised the role of schools and teachers in educating the younger generation about wildlife conservation and biodiversity preservation.

Yadav highlighted that this expansion in tiger reserves is a reflection of the unwavering commitment of Prime Minister Narendra Modi to protecting India’s national animal. He noted that the government continues to prioritize environmental sustainability as part of its broader development agenda.

Marking one of the most ambitious conservation efforts in the world, the Minister announced the launch of a massive nationwide tree plantation drive. Under this initiative, more than one lakh saplings will be planted across all 58 tiger reserves, with each reserve planting approximately 2,000 indigenous trees in degraded forest areas to support habitat restoration and ecological health.

In a move to inspire public participation, the Minister encouraged citizens, especially children, to plant a tree in their mother’s name under the ‘Ek Ped Maa Ke Naam’ campaign. Describing the symbolic connection between motherhood and nature, Yadav said that just as a mother nurtures her child, Mother Earth offers shelter, food, and oxygen selflessly. He urged everyone to plant a tree in honor of their mothers and for the sake of the planet.

Yadav also spotlighted India’s leadership in global big cat conservation through the International Big Cat Alliance (IBCA), an initiative launched by India to protect all seven big cat species worldwide. He informed that 24 countries have already joined the alliance, and its headquarters will be established in India, further positioning the country at the forefront of international wildlife conservation.

Addressing the youth, the Minister urged them to lead lives marked by humility, patience, and determination. He called on them to actively contribute to sustainable living and conservation efforts under the government’s Mission LiFE (Lifestyle for Environment), which promotes environmentally conscious behavior.

The Global Tiger Day celebrations also included the virtual inauguration of plantation drives across all tiger reserves, as well as the opening of forest nurseries in three locations across the Aravalli landscape. These nurseries will serve as a sustainable source of native plant species for afforestation and ecological restoration. Another key initiative launched during the event was the ‘Plastic-Free Tiger Reserves’ campaign, aimed at phasing out single-use plastics within all tiger reserves across India.

The event featured the release of four important publications under the National Tiger Conservation Authority (NTCA). These included a report on the “Status of Small Cats in the Tiger Landscape of India”, the Global Tiger Day special edition of STRIPES Magazine, and two books titled Waterfalls of Tiger Reserves in India and Water Bodies Inside Tiger Reserves of India, authored by Bharat Lal and Dr. S.P. Yadav.

As part of recognizing contributions to wildlife protection, Yadav presented NTCA awards across seven categories. These included awards for individuals and groups who demonstrated excellence in wildlife crime investigation, habitat management, anti-poaching efforts, public engagement, voluntary relocation, and posthumous recognition for those who lost their lives in the line of duty.

(with ANI inputs)

July 30, 2025
India’s digital payments index rises sharply to 493.22, says RBI

Source: Government of India

Source: Government of India (4)

Signalling India’s accelerating digital payments revolution, the Reserve Bank of India (RBI) on Monday announced that its Digital Payments Index (RBI-DPI) surged to 493.22 in March 2025, up from 465.33 in September 2024.

The RBI-DPI, introduced in January 2021 with March 2018 as the base period set at 100, is designed to track the extent of digitalisation in payments across the country. The consistent upward trend reflects India’s rapid adoption of digital payment systems, spanning both urban and rural areas.

According to the RBI, the latest increase is primarily driven by improvements in Payment Infrastructure – Supply-side factors – and Payment Performance. These include an expanded merchant acceptance network, wider adoption of QR code-based payments, robust growth in Unified Payments Interface (UPI) transactions, and improved availability of digital banking services nationwide.

This upward momentum highlights a broader transformation in the country’s payments ecosystem, supported by government initiatives such as Digital India, growing smartphone penetration, and active fintech innovation.

The RBI-DPI has shown steady growth since its inception. In March 2019, it stood at 153.47, rising to 207.84 by March 2020. By March 2022, the index had reached 349.30 – a more than threefold increase from the base year.

It continued to rise, recording 445.50 in March 2024 and 465.33 by September 2024. The current level of 493.22 in March 2025 marks a more than fourfold increase in digital payment activity since 2018.

As India moves closer to becoming a digital economy, the RBI-DPI is expected to play a crucial role in policy formulation and benchmarking progress. The latest surge also comes as a positive sign amid global concerns about digital inequality and access to financial services.

(ANI)

July 30, 2025
Kremlin says it ‘noted’ Trump’s statement on shorter deadline for a ceasefire in Ukraine

Source: Government of India

Source: Government of India (4)

The Kremlin said on Tuesday that it had “taken note” of a statement by U.S. President Donald Trump that he was shortening his deadline for Moscow to sign up to a ceasefire in Ukraine or face sanctions.

Trump set a new deadline on Monday of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with President Vladimir Putin over the 3-1/2-year-old conflict.

Asked about Trump’s statement on Tuesday during a conference call with reporters, the Kremlin kept its remarks short.

“We have taken note of President Trump’s statement yesterday. The special military operation continues,” said Kremlin spokesman Dmitry Peskov, employing the term that Moscow uses for its war effort in Ukraine.

“We remain committed to a peace process to resolve the conflict around Ukraine and to ensure our interests in the course of this settlement.”

Trump threatened on July 14 to impose new sanctions on Russia and buyers of its exports within 50 days, a deadline which would have expired in early September.

But on Monday, during a visit to Britain, he shortened that deadline and said:

“There’s no reason in waiting… We just don’t see any progress being made.”

Trump, who has held half a dozen calls with the Kremlin leader since returning to the White House in January, also said he was “not so interested in talking any more”.

Peskov declined to comment on that remark.

(Reuters)

July 30, 2025
MIL-OSI: Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy
Source: GlobeNewswire (MIL-OSI)
- Significant step high-grades the portfolio and adds value accretive customer offerings, transforms Baker Hughes’ Industrial & Energy Technology segment
- Chart Industries brings differentiated capabilities across a diverse set of end markets advantaged by secular growth drivers such as natural gas, data centers and decarbonization
- Highly complementary capabilities enable enhanced value-creation solutions for customers across the lifecycle of projects and accelerate aftermarket growth through increased service penetration of combined installed base
- $325 million in annualized cost synergies expected to be realized at end of third year
- Compelling financial impact, as it is accretive to growth, margins, EPS and cash flow
- Baker Hughes to host conference call today to discuss the transaction at 8:30 a.m. ET / 7:30 a.m. CT
HOUSTON and LONDON and ATLANTA, July 29, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR) and Chart Industries (NYSE: GTLS) (“Chart”) announced Tuesday they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion.

Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets. Chart’s highly differentiated products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair and service, as well as ongoing digital monitoring. A technology leader in its markets, Chart generated $4.2 billion in revenue and $1.0 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with over 50 service centers globally.

“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “We know Chart well, having worked alongside them on many critical energy infrastructure projects. Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications. The combination positions Baker Hughes to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy and industrial solutions across attractive growth markets such as LNG, data centers and New Energy.

“The acquisition also delivers compelling financial returns for our shareholders. Adding this high-growth, high-margin business to our Industrial & Energy Technology segment will deliver strong earnings accretion and returns, contributing to an improved growth and margin profile,” Simonelli said. “We look forward to welcoming Chart into the Baker Hughes organization and, together, achieving even greater success and driving long-term value for shareholders.”

“This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders,” said Chart President and CEO Jill Evanko. “Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services. The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence. Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs. Our Board is proud to deliver this outcome to our shareholders.”

Compelling Strategic and Financial Benefits
- Advances Baker Hughes’ Strategic Vision to be an Energy & Industrial Technology Leader: Chart and Baker Hughes together bring a highly differentiated set of capabilities to solve complex energy challenges and support customers’ sustainability goals – positioning the combined company as a leader in a lower-carbon, more resource-efficient future.
- Expands Baker Hughes’ Offerings in Attractive Growth Markets: Chart’s offering is well positioned to deepen Baker Hughes’ exposure to attractive high-growth markets, including data centers, space and New Energy. The acquisition also broadens Baker Hughes’ exposure to more durable industrial sectors including industrial gas, metals and mining, and food and beverage, significantly increasing Baker Hughes’ addressable market and through-cycle growth potential.
- Complementary Product Capabilities: Each company has distinctive products and solutions that together improve customer value proposition. Baker Hughes’ core competencies in rotating equipment, flow control and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies.
- Strengthens Baker Hughes’ Lifecycle Revenue Mix: The combined company will have a large and structurally growing installed base creating opportunities to drive growth in high-value aftermarket products and services, as well as digital services using Chart’s Uptime digital platform. Baker Hughes’ expansive service footprint is expected to increase service rates for Chart’s installed base driving more profitable, recurring revenue across the combined portfolio.
- Delivers Substantial Synergies: Baker Hughes has identified $325 million of annualized cost synergy opportunities by the end of year three. Baker Hughes intends to drive productivity improvements by leveraging Baker Hughes’ scale in manufacturing and consolidating the companies’ supply chains, as well as optimizing costs across the SG&A and R&D functions. Baker Hughes’ confidence in realizing these synergies is supported by the continued success of its business system, a key driver of IET margin expansion over the past three years.
- Attractive Financial Profile and Returns for Shareholders: The transaction is expected to be immediately accretive to growth, margins and cash flow, with double-digit EPS accretion in the first full year after the transaction closes. Chart’s differentiated position in attractive and growing markets is expected to deliver sustainable underlying growth that will be accretive to Baker Hughes’ through-cycle growth profile. The combination of strong growth, attractive margins and the synergy potential to expand operating margins meet all of Baker Hughes’ return criteria, including double-digit ROIC.
Transaction Details & Approvals
Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash. The purchase price represents an enterprise value of $13.6 billion, and a multiple of ~9x Chart Consensus 2025 EBITDA on a fully synergized basis.

Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc., which is expected to be replaced with permanent debt financing prior to close. Baker Hughes remains committed to maintaining its A credit rating and will use its strong free cash flow and expected divestiture proceeds to support debt reduction while maintaining, and growing over time, its strong dividend. Baker Hughes projects net leverage at close will be 2.25x and will de-lever to 1.0-1.5x net leverage within 24 months after close. Flexibility will be maintained on share repurchases until leverage reaches the 1.0-1.5x target, after which Baker Hughes intends to return 60-80% of FCF to shareholders.

The Boards of Directors of Baker Hughes and Chart have each unanimously approved the transaction, and the Chart Board of Directors has unanimously recommended that Chart shareholders approve the transaction. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals. The transaction is expected to be completed by mid-year 2026.

Advisers
Goldman Sachs & Co. LLC, Centerview Partners LLC, and Morgan Stanley & Co. LLC are serving as financial advisers to Baker Hughes, and Cleary Gottlieb Steen & Hamilton LLP, and WilmerHale are serving as legal advisers. Wells Fargo is serving as financial adviser to Chart, and Winston & Strawn is serving as legal adviser.

Investor Conference Call and Presentation
Baker Hughes will host a conference call to discuss the transaction on July 29 at 8:30 a.m. ET, 7:30 a.m. CT. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the company’s website at: investors.bakerhughes.com. Those who wish to dial in may call 1-800-343-1703 (U.S.) or 1-785-424-1226 (international) and enter passcode 52472. An archived version of the webcast will be available on the website for one month following the webcast.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

About Chart Industries, Inc.
Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ – clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

For more information, please contact:

Media Relations

Baker Hughes
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

Chart Industries
Jim Golden / Jude Gorman / Jack Kelleher
Collected Strategies
Chart-CS@collectedstrategies.com

Investor Relations

Baker Hughes
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Chart Industries
John Walsh
1-770-721-8899
john.walsh@chartindustries.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (each a “forward-looking statement”). All statements, other than historical facts, including statements regarding the presentation of Baker Hughes’ operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ include, but are not limited to: Baker Hughes’ ability to consummate the proposed transaction with Chart (the “Proposed Transaction”); Baker Hughes and Chart obtaining the regulatory approvals required for the Proposed Transaction on the terms expected or on the anticipated schedule or at all; the failure to satisfy other conditions to the completion of the Proposed Transaction, including the receipt of Chart stockholder approval; Baker Hughes’ ability to finance the Proposed Transaction; Baker Hughes’ indebtedness, including the substantial indebtedness Baker Hughes expects to incur in connection with the Proposed Transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility that Baker Hughes may be unable to achieve expected synergies and operating efficiencies from the Proposed Transaction within the expected time-frames or at all and to successfully integrate Chart’s operations with those of Baker Hughes; such integration may be more difficult, time-consuming or costly than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties in retaining or maintaining relationships with employees, customers or suppliers) may be greater than expected following the Proposed Transaction or the public announcement of the Proposed Transaction; Baker Hughes and Chart being subject to competition and increased competition is expected in the future; general economic conditions that are less favorable than expected; the potential for litigation related to the Proposed Transaction. Other important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the risk factors identified in the “Risk Factors” section of Part 1 of Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 4, 2025, and those set forth from time-to-time in other filings by Baker Hughes with the SEC. Additional risks that may affect Chart’s results of operations are identified in the “Risk Factors” section of Part 1 of Item 1A of Chart’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025, and those set forth from time-to-time in other filings by Chart with the SEC. These documents are available through our website or through the SEC’s Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.

Any forward-looking statements speak only as of the date of this press release. Neither Baker Hughes nor Chart undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Additional Information

This communication may be deemed to be solicitation material in respect of the proposed merger transaction between Chart and Baker Hughes. In connection therewith, Chart intends to file relevant materials with the SEC, including a proxy statement of Chart (the “proxy statement”) that will be mailed to Chart stockholders seeking their approval of its transaction-related proposals. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the proxy statement and other documents containing important information about each of Chart and Baker Hughes, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Chart will be available free of charge on Chart’s website at ir.chartindustries.com.

Participants in the Solicitation

Chart and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Chart’s stockholders in respect of the proposed transaction. Information regarding Chart’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Chart’s Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and its proxy statement filed with the SEC on April 8, 2025. To the extent holdings of Chart’s securities by its directors or executive officers have changed since the amounts set forth in Chart’s 2025 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the proposed merger transaction will be included in the proxy statement and other relevant materials to be filed with the SEC when they become available. These documents (when available) can be obtained free of charge from the sources indicated above.

The MIL Network –
July 30, 2025