Category: Latin America

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.

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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 NGOs: Plastic Greenpeace report exposes petrochemical giants’ campaign to derail Global Plastics Treaty A report released today by Greenpeace UK reveals how the Global Plastics Treaty is under threat from some of the world’s largest petrochemical companies who have been systematically lobbying against… by Alexandra Sedgwick July 29, 2025

Source: Greenpeace Statement –

A report released today by Greenpeace UK reveals how the Global Plastics Treaty is under threat from some of the world’s largest petrochemical companies who have been systematically lobbying against cuts to plastic production while generating massive profits from their growing plastics business. The report reveals that since the treaty talks began in November 2022, seven companies alone have produced enough plastic to fill 6.3 million rubbish trucks – equivalent to five and a half trucks every minute.

The report – ‘Plastics, Profits and Power: How petrochemical companies are derailing the Global Plastics Treaty’ draws on data obtained from industry sources. It finds that that since the start of the treaty process, Dow, ExxonMobil, BASF, Chevron Phillips, Shell, SABIC and INEOS have ramped up their plastic production capacity by 1.4 million tonnes and sent a combined total of 70 lobbyists to negotiations, where they have also been represented by powerful industry front groups.

Dow alone has sent at least 21 lobbyists to negotiations whilst earning an estimated £3.4 billion from plastics. The report also states that INEOS, the UK’s largest plastics producer, has raised production capacity by more than 20% and is investing £3.5 billion in Project ONE, set to become Europe’s biggest plastics plant in Antwerp, Belgium.

The Greenpeace UK report comes just days before governments meet in Geneva, Switzerland, in the final round of treaty talks. The report reveals the tactics used by lobbyists to dominate negotiations, influence delegates, and block progress. It also highlights the lobbying by powerful trade associations at the talks, pushing industry-friendly positions while shielding corporate members from scrutiny.

Anna Diski, the report’s author and Senior Plastics Campaigner with Greenpeace UK, said:

“We all want to see a strong Global Plastics Treaty that turns the tide on plastic pollution. Our research shows that those with the most to lose from meaningful regulation are working hardest to obstruct it. We can’t allow the corporations who profit from plastic pollution to write the rules or we’ll end up with a toothless Treaty. It’s time to ban lobbyists from the Talks and for UN Member States to stand firm and support a strong Treaty.”

According to CIEL, 220 fossil fuels lobbyists attended the fifth round of treaty negotiations in 2024 held in Busan, South Korea which ended without agreement. This made lobbyists the single largest delegation at the talks – more than the EU and its member states combined, outnumbering the delegates from the Scientists’ Coalition for an Effective Plastics Treaty by three to one.

Greenpeace is calling for at least a 75% reduction in plastic production by 2040 and is demanding that a strong conflict of interest policy be embedded in the treaty to prevent undue influence; negotiations must also prioritise those most affected by the plastics crisis, with space guaranteed for independent scientists, Indigenous Peoples, frontline communities and civil society groups, all of whom should all be able to play a role in shaping and implementing the treaty.

Ends.

Contact:

Greenpeace UK Press Office – press.uk@greenpeace.org or +44 7377 730878 / +44 20 7865 8255

The report is available here

A photo gallery of images associated with the report is available in the Greenpeace Media Library

Notes:

The INC5.2 summit to agree a Global Plastics Treaty will run from 5-14 August 2025 in Geneva, Switzerland. Greenpeace will be present with an international delegation of 30 people representing Africa, Southeast and East Asia, Middle East and North Africa, Europe, Canada, Colombia and the US. The delegation will use its extensive policy and legal experience and government relationships to push for greater ambition in the treaty process, particularly on the critical issue of delivering legally binding cuts to plastic production.

Greenpeace UK’s analysis is based on estimated global production figures for polypropylene (PP) and polyethylene (PE) for November/December 2022, 2023 and 2024 financial years, for Dow, ExxonMobil, BASF, Chevron, Shell, SABIC and INEOS, produced by Market Research Future (data available on request). This estimate covers two of the world’s most widely-used polymers, commonly found in packaging and consumer goods. It excludes other major plastic types such as PET and polystyrene, and excludes 2025 production data even as treaty talks continue into this year. As such, the final figure is presented as an underestimate of total plastic production during this time. To calculate the plastic volume in rubbish truck equivalents, Greenpeace UK used the standard capacity of a UK refuse truck, which holds approximately 12 metric tonnes of plastic waste.

All of the companies mentioned in this report were given the opportunity to reply to the findings, none responded.

MIL OSI NGO –

July 30, 2025
MIL-OSI United Nations: 29 July 2025 Departmental update WHO urges urgent action ahead of COP30 at global climate and health conference in Brasília
Source: World Health Organisation

The World Health Organization (WHO), together with the Government of Brazil and the Pan American Health Organization (PAHO), will host the 2025 Global Conference on Climate and Health in Brasília, Brazil, from 29– 31 July 2025. This critical event is an official pre-COP30 meeting and comes at a pivotal time as climate change increasingly threatens global health. It offers a key platform for advancing bold and equitable climate-health solutions. The Conference is also the second meeting of the Alliance for Transformative Action on Climate and health (ATACH).

For over 25 years, WHO has warned that climate change poses a direct threat to human health,” said Dr Maria Neira, Director, Department of Environment, Climate Change and Health at WHO. “The danger is no longer theoretical – it is a lived reality. Climate change is fuelling a health crisis and threatens to undo decades of global health progress.

Conference goals

The Brasília Conference will help chart a clear course toward COP30 and beyond.

Main expected outcomes include:
- concrete inputs to the draft Belém Health Action Plan, a roadmap for embedding health into global climate policy;
- national commitments under ATACH to support the implementation of the Belém Health Action Plan;
- defined pathways for promoting health as a core pillar of climate action in the lead-up to COP30; and
- scientific deliverables to support health-informed climate policies and implementation.
“The impacts of climate change affect primarily the most vulnerable, who are an absolute priority for the Brazilian government. That’s why we are building concrete solutions, with social participation and a commitment to the planet’s future” said Alexandre Padilha, Minister of Health, Brazil. “This conference is a response to the call from the COP30 Presidency for a major global task force that brings together different sectors to formulate the health action plan that Brazil will present in Belém, proving that it is possible to integrate health and climate with real, innovative solutions that have a direct impact on people’s lives.”

WHO is working closely with the COP30 Presidency to ensure that health remains central to all climate negotiations. The Conference will spotlight strategies for building resilient health systems, promoting sustainable and low-carbon health systems, and reinforcing the link between climate, biodiversity, air quality, and public health.

After years of commitments, the moment for action is now. WHO is calling on all countries to dramatically scale up investments in climate-health mitigation, adaptation, and resilience.

Attendance at the event is by invitation only. More details can be found on the event page.

“To address the consequences of climate change and promote health and well-being for all, it is essential to place populations and territories in situations of vulnerability at the centre of our actions, since they bear the brunt of climate impacts but are the least responsible for it,” said Dr Gerry Eijkemans, Director of PAHO’s Department of Social and Environmental Determinants for Health Equity.

High-level participants from across the globe

The Conference will bring together ministers, scientists, civil society, and international organizations from around the world, and will also serve as the annual in-person meeting of the WHO-hosted Alliance for Transformative Action on Climate and Health (ATACH), the largest platform bringing together over 90 countries and partners aiming to advance climate change and health implementation at country level. It will be held in-person in Brasília, with main plenary sessions live-streamed for global participation.

WHO emphasizes that human health, the environment, and the climate are inseparably connected, and failure to act decisively on climate change could lead to widespread health catastrophes. Rising temperatures, extreme weather, and worsening air pollution already cause millions of deaths and undermine global health systems. But coordinated action can still reverse this trajectory.

The WHO will launch its 7th Global Evidence Review on Health and Migration (GEHM) report – focused on the health of migrants in the context of climate change – on Tuesday, 28 July.

Join the online launch event

MIL OSI United Nations News –
July 30, 2025
MIL-OSI United Nations: 29 July 2025 Departmental update Community innovation leads the way at 2025 Global Conference on Climate and Health through “Ideas Labs”
Source: World Health Organisation

As the world braces for increasingly complex climate and health challenges, local innovations, Indigenous knowledge, and community-rooted practices take centre stage at the 2025 Global Conference on Climate and Health, co-hosted by the Government of Brazil, WHO, and PAHO, from 29 to 31 July in Brasília.

A key feature of the Conference, the Ideas Lab, spotlights a bold new wave of thinking and doing, showcasing pioneering efforts that span from predictive malaria mapping and clean air advocacy to artificial intelligence and sustainable healthcare. Designed to complement the official programme, the Ideas Lab serves as a platform to amplify innovative local and Indigenous knowledge, youth-led and technological solutions, and cross-sector policy approaches that link climate action with better health outcomes.

Over three days, participants are presenting replicable solutions that will inform and bolster the forthcoming Belém Health Action Plan across three key tracks: 1) Health Surveillance and Monitoring, 2) Evidence-Based Policy and Capacity Building, and 3) Innovation and Production.

“The Ideas Lab is about more than showcasing innovations. It’s about equity, participation, and policy relevance,” said Dr Maria Neira, Director, Department of Environment, Climate Change and Health, World Health Organization. “These sessions create space for communities to speak for themselves, to be heard, and to input into the COP30 process to put health at the heart of climate decisions.”

Ideas Lab contributors span Community-Based Organizations to universities, specialist networks to NGOs, with representation from across the globe.

Sessions include, among others:
- Mapping Toxic Transfers in Uganda: A cross-disciplinary project using geospatial tools, water testing, and health data to trace the impacts of climate-induced flooding on community health, while informing safe water and infrastructure policy.
- Predictive Modelling for climate-driven malaria dynamics: A predictive malaria system combining climate and health data to trigger targeted community interventions, co-led by women’s groups and rooted in local knowledge for urbanizing African Regions.
- Innovative Financing for Health Resilience: From Brazil to Indonesia, examples of blended capital solutions offer a roadmap to close the climate-health financing gap, especially critical for countries facing dwindling development aid.
- Adapting Health Supply Chains: A dialogue on how to future-proof the multitrillion-dollar health supply chain for climate resilience, equity, and sustainability.
- The Right to Clean Air: From Brazil to Australia and the pacific, inviting solidarity between communities experiencing escalating threats to air quality, health and cultural survival.
- AI for Climate-Resilient Health Systems: Showcasing how the Global South is pioneering artificial intelligence to strengthen pandemic preparedness and deliver culturally relevant, sustainable health interventions across 20 countries.
- Intergenerational dialogue plays a key role in transforming One Health ideas into concrete, sustainable actions and real-time solutions, where mechanisms for youth engagement in One Health can be adjusted to the needs and wants of each setting and context.
Equity is at the heart of the Global Conference and equitable solutions are highlighted throughout the Ideas Lab, with sessions exploring how climate change disproportionately impacts women, migrants, Indigenous peoples, and youth, and how these groups are also leading in climate and health action. Examples include the Emerge Study which examines the relationship between climate extremes, forced migration, and health in Latin America, and how migration can be supported as an adaptive strategy, and Youth for One Health, a proposal that is grounded in intergenerational justice and builds on youth councils globally to advocate for biodiversity, planetary health, and green cities.

Towards COP30: From dialogue to delivery

The Ideas Lab will feed directly into conference outcomes and COP30 preparations, helping generate actionable tools and knowledge products that can be adapted by countries, particularly through the Belém Health Action Plan. By fostering participation across regions and sectors, it aims to seed long-term collaboration across and between climate change action and human health.

MIL OSI United Nations News –
July 30, 2025
MIL-OSI United Kingdom: Insolvency Rules Committee: Reappointment of 2 solicitor members
Source: United Kingdom – Executive Government & Departments

News story

Insolvency Rules Committee: Reappointment of 2 solicitor members

The Lord Chancellor has approved the reappointments of Robert Paterson and Alexander Wood as solicitor members of the Insolvency Rules Committee.
The Lord Chancellor has approved the reappointments, for a second term of Robert Paterson and Alexander Wood as Solicitor Members of the Insolvency Rules Committee for four years. Robert Paterson second term will commence on 26 June 2026. Alexander Wood’s second term will commence on 30 September 2026.

Biographies

Robert Paterson is a partner at Wedlake Bell LLP and specialises in all aspects of restructuring and insolvency law. He acts for officeholders, lenders, directors and creditors. He has recently advised on several cross-border insolvencies. Robert spent six months on secondment to the Policy Unit of the Insolvency Service. He is also a licensed insolvency practitioner.

He has not declared any political activity.

Alexander Wood is a partner at McDermott Will & Emery. He has over 25 years’ experience working on some of the most complex insolvency and restructuring matters including Westinghouse, MF Global, the Lehman Bros cases and the sovereign debt restructures of Ukraine and Argentina. He is also an Honorary Professor of Practice at UCL where he teaches corporate restructuring and insolvency at post-graduate level.

He has not declared any political activity.

The reappointment of Solicitor members of the Insolvency Rules Committee are made, by the Lord Chancellor after consulting the Lady Chief Justice, under Section 413 of the Insolvency Act 1986.

The appointment of non-judicial members of the Insolvency Rules Committee are regulated by the Commissioner for Public Appointments and recruitment and reappointment processes comply with the Governance Code on Public Appointments.

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Published 29 July 2025
MIL OSI United Kingdom –
July 30, 2025
MIL-OSI Russia: At least seven people killed in road accident in central Peru

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

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

LIMA, July 29 (Xinhua) — At least seven people were killed and one child was seriously injured when a pickup truck fell off a cliff in central Peru’s Junin region, local media reported Monday.

The accident occurred on Sunday in the remote Carpapata region, located between the towns of Tarma and La Merced. The car left the road and fell about 300 meters into a ravine.

Emergency traffic police teams arrived at the scene. The child was rescued and is the only survivor of the plane crash.

According to the National Road Safety Observatory of the Ministry of Transport and Communications of Peru, 1,215 people died in road accidents in Peru between January and May of this year, and another 22,846 were injured. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: What business plans have RUDN economics students developed for Russian companies?

Translation. Region: Russian Federal

Source: Peoples’Friendship University of Russia –

An important disclaimer is at the bottom of this article.

Analysis of target markets, conclusion of a contract with a sanction clause, development of logistics for deliveries to Latin American countries. These are just some of the points from the business plans prepared for Russian companies by students of the Faculty of Economics and the Law Institute of RUDN. But first things first.

Through the sieve of selection

At RUDN, students have the opportunity to study in a project-based master’s program. This model of education assumes that students unite in teams and jointly develop a project (their final qualification work) for real customers – they can be both domestic and foreign companies. The projects that will be discussed were prepared by students of the Faculty of Economics and the Law Institute of RUDN. The Moscow Export Center helps the university find customer companies for them.

“After the selection, we introduce the students to each other and simultaneously send a request to colleagues at the Moscow Export Center asking them to involve Russian and foreign companies in the implementation of the projects. The MEC provides us with a list of interested enterprises with their brief description and the desired request: what product or service the company produces, where it wants to export them. We pass all this on to the students, after which teams are formed taking into account the students’ wishes. The master’s students begin working, and once a month we gather them to check what stage the projects are at. To help the students complete the assigned tasks, we conduct master classes from teachers and invited experts,” says Maria Maslova, a RUDN University graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

A fresh look at business

In the spring, teams have a pre-defense of their projects in front of company representatives, where they receive feedback and learn about problematic areas that need to be corrected. The final defense of the diploma work is held according to the schedule of the state final certification.

“Business is interested in a fresh look at promising markets for their products. Companies essentially order a “consulting study” from us. They want to enter certain markets where they are not yet represented. RUDN economics students analyze these markets, calculate the financial component, develop marketing strategies for entry and promotion, and draw a conclusion about the profitability of the project. And students of the Law Institute analyze the entire legal component of entering foreign markets, prepare a draft foreign trade contract, and analyze the specifics of the legal system of the selected country,” says Maria Maslova, a RUDN graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

Focus on Latin America

One of the projects that RUDN University master’s students worked on last academic year concerned the entry of the Leber company into the Latin American market. It produces children’s playgrounds.

“Our research revealed special features of the target markets, in particular, a high proportion of young people: children under 14 years old make up about 25-30% of the population. This indicates a huge potential for the company to enter the markets of these countries. In addition, an absolute plus for business development in the chosen direction is the established sea routes from the port of St. Petersburg to the ports of Latin American countries. However, there were obstacles here, because due to sanctions, there is a ban on the movement of Russian ships through the waters of unfriendly countries. To solve the problem, we suggested that Leber use the services of experienced forwarding companies based in the target markets,” Mekhriddin Nuraliyev, a graduate of the Faculty of Economics of RUDN University.

According to Mehriddin, the most difficult part to develop was the financial part of the business plan. After all, without launching sales in the markets of Mexico, Brazil and Argentina, it is very difficult to forecast the profitability of the activity and calculate the income and expense estimate for 3-5 years ahead.

“But we coped with this task and received high praise for our business plan from Leber representatives. The company praised the team’s professionalism and the depth of the research conducted,” says Mekhriddin Nuraliyev, a graduate of the RUDN University Faculty of Economics.

Sanctions and the Middle East

The second project was developed by RUDN students for the Mesoformula company, a Russian manufacturer of innovative products for aesthetic medicine and professional cosmetology. The company wants to enter the Saudi Arabian market.

“We proposed the “corridor-2030” strategy – a consistent entry into the Saudi Arabian market through halal certification, registration with the SFDA and cooperation with a distributor in Jeddah. Together with my colleagues, we also thought out a financial model and built a legal and logistical “framework” for the project so that every figure and every condition worked in the same rhythm. At the same time, I managed to apply my skills as a lawyer, political scientist and GR specialist. I developed a protective sanction clause, assessed geopolitical risks and, having organized a consultative meeting with Saudi experts through the Moscow Chamber of Commerce and Industry, received prompt feedback. Thus, we significantly accelerated the negotiations and opened the necessary doors to the Middle East,” – Rodion Lobanovsky, a graduate of the RUDN Law Institute.

Mesoformula has approved the students’ project, and its pilot launch is confirmed for 2026.

“I am very glad that it was possible to implement cooperation between Russian companies and my home university. We worked together for almost a year, and are very pleased with the result. The resulting projects really contain many points that the companies paid attention to, including in terms of the specifics of interaction between Russian business and the selected markets. We hope for further cooperation,” – Maria Maslova, Head of the Educational Programs Department of the Educational and Acceleration Programs Department of ANO “MEC”.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI NGOs: Deep sea talks end as govts. urged to act on moratorium

Source: Greenpeace Statement –

Kingston, Jamaica, 25 July 2025 – The 30th session of the International Seabed Authority (ISA) ends today with governments continuing to fall short in protecting the deep sea. While high-level representatives from Palau, France and Panama attended to rally the international community, greater efforts are needed from more governments to put a legal barrier between mining machines and the deep ocean. Upcoming ISA meetings must secure a moratorium and leave no room for rushed attempts to adopt a Mining Code. Recent developments have made it clear that outstanding political and scientific concerns cannot be hastily resolved under industry-driven pressure.

Louisa Casson, Campaigner, Greenpeace International who attended the meeting, said: “Governments have yet to rise to the moment. They remain disconnected from global concerns and the pressing need for courageous leadership to protect the deep ocean. We call on the international community to rise up and defend multilateralism against rogue actors like The Metals Company. Leaders must respond by establishing a moratorium and reaffirming that authority over the international seabed lies collectively with all States—for the benefit of humanity as a whole.”

While calls for a moratorium on deep sea mining have not yet gained global consensus, they continue to gain momentum, supported by compelling arguments from a diverse group of countries. Croatia became the 38th government calling for a precautionary pause, moratorium or ban on deep sea mining.

On Tuesday His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, addressed the Assembly, drawing attention to persistent efforts and intense pressure from the industry to rush the negotiations and finalise a Mining Code. He stated: “Exploiting the seabed is not a necessity – it is a choice. And it is reckless. It is gambling with the future of Pacific Island children, who will inherit the dire consequences of decisions made far from their shores.”

In the first meeting of the ISA since The Metals Company (TMC) submitted the world’s first-ever application to commercially mine the international seabed, governments at the ISA Council responded by launching an investigation into whether mining contractors, including TMC’s subsidiaries Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML), are complying with contractual obligations to act in accordance with the international legal framework.

— ENDS —

MIL OSI NGO –

July 28, 2025
MIL-OSI USA: ICE arrests over 200 illegal alien child sex offenders in Houston area in past 6 months
Source: US Immigration and Customs Enforcement

HOUSTON — U.S. Immigration and Customs Enforcement arrested 214 illegal aliens for immigration offenses in the Houston area in the past six months who have been charged or convicted of a sex offense involving a minor. The 214 arrests were more than the Houston field office arrested during the entire 2024 fiscal year, when officers there arrested 211 illegal aliens charged or convicted of child sex offenses.

The surge in arrests of illegal aliens charged with or convicted of child sex offenses is a direct result of a whole-of-government approach implemented under the current administration that led to the establishment of multiagency targeting teams in each area of responsibility. These teams conduct daily enhanced immigration enforcement operations targeting the “worst of the worst” criminal aliens for arrest and removal. In Southeast Texas, those efforts have resulted in an increase in arrests of all dangerous criminal aliens, leading to safer communities, stronger national security and enhanced border security.

“Bringing together the resources and expertise of the entire federal law enforcement community to confront the overwhelming surge of illegal immigration that we saw over the past four years has resulted in the arrest and removal of historic numbers of violent criminal aliens, transnational gang members and child sex offenders,” said ICE Enforcement and Removal Operations Houston acting Field Office Director Paul McBride. “While we still have a long way to go to truly get this crisis under control, the strides we have made in just six months to make our local communities safer are substantial, and our officers continue to work tirelessly every day to get the worst of the worst criminal aliens out of Southeast Texas to return our communities to places we can all enjoy.”

Among the illegal aliens charged or convicted of a child sex offense who were arrested by the ICE ERO Houston Field Office in the past six months were:
1. Jesus Gutierrez Mireles, a 67-year-old, three-time deported criminal alien from Mexico, who was arrested March 28 and has been convicted of aggravated sexual assault of a child and driving while intoxicated. ICE removed Gutierrez Mireles to Mexico April 4.
2. Jorge Zebra, a 48-year-old criminal alien from Mexico, who was arrested March 21 and has been convicted of two counts of aggravated sexual assault of a minor and sexual indecency with a minor. ICE removed Zebra to Mexico March 24.
3. Manuel Antonio Castro-Juarez, a 37-year-old, twice-deported criminal alien from El Salvador who was arrested July 18 and has been convicted of sexual assault of a minor and twice for illegal reentry. Castro-Juarez remains in ICE custody pending his third removal to El Salvador.
4. Jose Guadalupe Meza, a 40-year-old, four-time deported criminal alien from Mexico who was arrested June 24 and has been convicted of theft and sexual assault of a child. ICE removed Guadalupe Meza to Mexico June 25.
5. Sergio Rolando Galvan Guerrero, a 45-year-old, three-time deported criminal alien from Mexico who was arrested July 12 and has been convicted of DWI and aggravated sexual assault of a child. ICE removed Galvan Guerrero to Mexico July 14.
Federal law enforcement agencies that have contributed to the multiagency targeting teams include the Houston offices of the FBI, the ATF, the DEA, U.S. Customs and Border Protection, the Diplomatic Security Service and the U.S. Marshals Service. State and local law enforcement agencies have also assisted ICE.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

ICE’s Houston field office is responsible for conducting immigration enforcement in 57 counties in Southeast Texas, stretching down the Texas Gulf Coast from Beaumont to Corpus Christi and from Houston/Galveston out to Waco, Texas. To learn more about ICE’s immigration enforcement mission in Southeast Texas, follow us on X at @EROHouston.

MIL OSI USA News –
July 28, 2025
MIL-OSI Security: ICE Lodges Arrest Detainer for Illegal Alien Who Killed Two Teens While Intoxicated in Sanctuary Jurisdiction of Wisconsin

Source: US Department of Homeland Security

Criminal illegal alien from Honduras driving while intoxicated killed 18-year-old girl and 19-year-old boy in car wreck in Dane County, WI

WASHINGTON – The U.S. Department of Homeland Security (DHS) today announced U.S. Immigration and Customs Enforcement (ICE) lodged an arrest detainer against a criminal illegal alien responsible for driving while intoxicated and causing a fatal car wreck that killed two American teens, an 18-year-old girl and 19-year-old boy in Dane County, Wisconsin.

According to local reports, on July 20, 2025, Noelia Saray Martinez-Avila—a criminal illegal alien from Honduras—struck a vehicle while driving the wrong direction on a highway, killing 18-year-old Hallie Helgeson at the scene. Martinez-Avila also gravely injured 19-year-old Brady Heiling who died from his injuries on July 25, 2025.

Noelia Saray Martinez-Avila has been charged with two counts of felony vehicular homicide and impaired driving by Wisconsin law enforcement. ICE lodged an arrest detainer for this illegal alien’s arrest and removal from the country.

Dane County, where the crash took place, has historically not honored ICE detainers due to sanctuary jurisdiction policies.

“Hallie Helgeson and Brady Heiling had their whole lives ahead of them—and they would still be alive today if it weren’t for Noelia Saray Martinez-Avila—a criminal illegal alien from Honduras. Martinez-Avila recklessly drove the wrong way on a highway while intoxicated and killed these two teens,” said Assistant Secretary Tricia McLaughlin. “ICE has lodged an arrest detainer to remove this public safety threat from the U.S. Unfortunately, this sanctuary jurisdiction has a history of not honoring ICE arrest detainers often leading to the release of murderers and other heinous criminals. Under Secretary Noem, these precious victims will not be forgotten, and we will fight for justice.”

DHS law enforcement is protecting American communities every day from another senseless tragedy like this taking place in another town, to another family. Victims of illegal alien crime may receive support from the Victims of Immigration Crime Engagement (VOICE) Office by contacting 1-855-488-6423.

MIL Security OSI –

July 28, 2025
MIL-OSI China: Xizang Internet Photography & Video Festival wraps up with awards ceremony in Lhasa

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

The 5th China Xizang Internet Photography & Video Festival awards ceremony was held on Friday in Lhasa, southwest China’s Xizang Autonomous Region.

The festival, which was launched in September 2024, was guided by the Bureau of Cyber Communications of the CAC and the Publicity Department of the CPC Xizang Autonomous Regional Committee. It was hosted by the Xizang Regional Cyberspace Administration and organized by CIIC.

Since its launch, the event has attracted more than 140,000 submissions from around the world, showcasing Xizang’s social development, cultural heritage, natural landscapes and everyday life. It has become a vital platform for showcasing the region’s new face in the new era, generating more than 3 billion online views and interactions nationwide, with overseas dissemination exceeding 800 million views.

After four rounds of expert review, a total of 108 entries were selected across four categories: photos, short videos (including animation), songs, and micro-movies. Each category awarded one first prize, two second prizes, and three third prizes, along with several most popular and participation awards. These winning works offered diverse and compelling perspectives on Xizang’s transformation, highlighting its cultural appeal and development momentum, and drawing widespread interest both domestically and internationally.

This year’s festival notably featured international contributions. Foreign vloggers such as Raz Galor from Israel, Hannah Wilson from the U.K., and Gonzales Brian Alejendro from Argentina, shared their experiences in Xizang, showing viewers a true taste of life on the plateau by visiting local homes, sampling cuisine, learning instruments, and wearing Tibetan traditional clothing. Their perspectives highlighted local people’s love for life and the harmonious blend of tradition and modernity, earning them a third prize in the micro-film category and an honorable mention in the photography category. Additionally, Japanese artist Masaaki Honda’s song “Bright Days of Xizang,” which beautifully captured the tranquility and grounded feeling of the region, won the most popular award in the song category.

A concurrent photography exhibition was also held, offering audiences a visual gateway into Xizang’s diverse and dynamic appeal. With contributions from photography enthusiasts around the globe, the exhibition featured everything from sacred mountains and serene lakes to bustling towns, traditional rituals, and modern innovations. Each image told a unique story, collectively composing a compelling visual narrative of Xizang’s ongoing transformation.

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MIL OSI China News –

July 27, 2025
MIL-OSI China: Xizang Internet Photography & Video Festival wraps up with awards ceremony in Lhasa

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

The 5th China Xizang Internet Photography & Video Festival awards ceremony was held on Friday in Lhasa, southwest China’s Xizang Autonomous Region.

The festival, which was launched in September 2024, was guided by the Bureau of Cyber Communications of the CAC and the Publicity Department of the CPC Xizang Autonomous Regional Committee. It was hosted by the Xizang Regional Cyberspace Administration and organized by CIIC.

Since its launch, the event has attracted more than 140,000 submissions from around the world, showcasing Xizang’s social development, cultural heritage, natural landscapes and everyday life. It has become a vital platform for showcasing the region’s new face in the new era, generating more than 3 billion online views and interactions nationwide, with overseas dissemination exceeding 800 million views.

After four rounds of expert review, a total of 108 entries were selected across four categories: photos, short videos (including animation), songs, and micro-movies. Each category awarded one first prize, two second prizes, and three third prizes, along with several most popular and participation awards. These winning works offered diverse and compelling perspectives on Xizang’s transformation, highlighting its cultural appeal and development momentum, and drawing widespread interest both domestically and internationally.

This year’s festival notably featured international contributions. Foreign vloggers such as Raz Galor from Israel, Hannah Wilson from the U.K., and Gonzales Brian Alejendro from Argentina, shared their experiences in Xizang, showing viewers a true taste of life on the plateau by visiting local homes, sampling cuisine, learning instruments, and wearing Tibetan traditional clothing. Their perspectives highlighted local people’s love for life and the harmonious blend of tradition and modernity, earning them a third prize in the micro-film category and an honorable mention in the photography category. Additionally, Japanese artist Masaaki Honda’s song “Bright Days of Xizang,” which beautifully captured the tranquility and grounded feeling of the region, won the most popular award in the song category.

A concurrent photography exhibition was also held, offering audiences a visual gateway into Xizang’s diverse and dynamic appeal. With contributions from photography enthusiasts around the globe, the exhibition featured everything from sacred mountains and serene lakes to bustling towns, traditional rituals, and modern innovations. Each image told a unique story, collectively composing a compelling visual narrative of Xizang’s ongoing transformation.

1 2 3 >

MIL OSI China News –

July 27, 2025
MIL-OSI China: Xizang Internet Photography & Video Festival wraps up with awards ceremony in Lhasa

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

The 5th China Xizang Internet Photography & Video Festival awards ceremony was held on Friday in Lhasa, southwest China’s Xizang Autonomous Region.

The festival, which was launched in September 2024, was guided by the Bureau of Cyber Communications of the CAC and the Publicity Department of the CPC Xizang Autonomous Regional Committee. It was hosted by the Xizang Regional Cyberspace Administration and organized by CIIC.

Since its launch, the event has attracted more than 140,000 submissions from around the world, showcasing Xizang’s social development, cultural heritage, natural landscapes and everyday life. It has become a vital platform for showcasing the region’s new face in the new era, generating more than 3 billion online views and interactions nationwide, with overseas dissemination exceeding 800 million views.

After four rounds of expert review, a total of 108 entries were selected across four categories: photos, short videos (including animation), songs, and micro-movies. Each category awarded one first prize, two second prizes, and three third prizes, along with several most popular and participation awards. These winning works offered diverse and compelling perspectives on Xizang’s transformation, highlighting its cultural appeal and development momentum, and drawing widespread interest both domestically and internationally.

This year’s festival notably featured international contributions. Foreign vloggers such as Raz Galor from Israel, Hannah Wilson from the U.K., and Gonzales Brian Alejendro from Argentina, shared their experiences in Xizang, showing viewers a true taste of life on the plateau by visiting local homes, sampling cuisine, learning instruments, and wearing Tibetan traditional clothing. Their perspectives highlighted local people’s love for life and the harmonious blend of tradition and modernity, earning them a third prize in the micro-film category and an honorable mention in the photography category. Additionally, Japanese artist Masaaki Honda’s song “Bright Days of Xizang,” which beautifully captured the tranquility and grounded feeling of the region, won the most popular award in the song category.

A concurrent photography exhibition was also held, offering audiences a visual gateway into Xizang’s diverse and dynamic appeal. With contributions from photography enthusiasts around the globe, the exhibition featured everything from sacred mountains and serene lakes to bustling towns, traditional rituals, and modern innovations. Each image told a unique story, collectively composing a compelling visual narrative of Xizang’s ongoing transformation.

1 2 3 >

MIL OSI China News –

July 27, 2025
MIL-OSI China: Floods can’t stop the fun — China’s ‘Village Super League’ roars back

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

China’s renowned “Village Super League,” also known as Cun Chao, has made a triumphant return with a gratitude-themed restart ceremony staged in Rongjiang County, Guizhou Province, on late Saturday, drawing tens of thousands of spectators. The celebration comes after devastating floods weeks ago, when the stadium and much of the county were submerged in floodwaters.

Four matches, including three friendship matches, were held on Saturday, of which many players from all walks of life contributed to the flood fighting in late June.

International stars, Roberto Baggio from Italy and Roberto Carlos from Brazil, also showed up during the halftime. “Although China is half a globe away from Europe, here I can feel that the passion for football is exactly the same,” said Baggio on the scene.

Li Sha, head of the county cultural center and a member of the event’s organizing committee, said that in just one month, Cun Chao is back in full swing. “This would not have been possible without nationwide support.”

An aerial drone photo taken on July 26 shows the restart ceremony of the “Village Super League,” also known as Cun Chao, staged in Rongjiang County, Guizhou Province in southwest China. (Xinhua/Liu Xu)

Launched in May 2023, Cun Chao has become one of China’s most prominent grassroots football events. Boosted by the sports event, Rongjiang County, home to a population of 385,000, attracted 7.6 million tourists in 2023 and over 9.4 million in 2024.

The third season kicked off in early January this year, with over 3,000 players from 108 village teams competing for the champion.

On June 24 and 28, rain-triggered floods hit the county hard, leading to the suspension of the league. The floods impacted 145,000 people and prompted 92,000 evacuations. Six people were killed.

This combined photo shows the newly re-constructed football field of the “Village Super League” in Rongjiang County, southwest China’s Guizhou Province, July 25, 2025 (Top, aerial drone photo) and the field under the impact of severe flooding on June 25, 2025 (Bottom, aerial drone photo). (Xinhua/Yang Wenbin)

GRATEFUL RETURN

At the ceremony in the newly renovated stadium with donated turf, repaired lighting and rebuilt corridors, a performance titled “Rebirth” reenacted scenes of firefighters, armed police, electricians and medical workers from nationwide joining in the rescue.

“When floods raged, seeing rescuers from across China made us feel assured,” said 55-year-old Yang Changrong, a performer from the Changba residential community, one of the worst-hit areas.

Yang recalled that the rescuers worked in extreme heat, carrying supplies by hand where vehicles could not reach. “When exhausted, they simply rested by the roadside. It was heart-wrenching yet inspiring.”

Figures show that over 30,000 rescuers rushed to aid the county and donations — nearly 80 million yuan (about 11 million U.S. dollars) in funds and 2.2 million relief items — poured in for the disaster relief work.

Liang Xiaolei attended the ceremony as part of the parade team that participated in the relief efforts.

The veteran rescuer called Rongjiang’s flood fight an experience that moved him the most. “From elderly folks to schoolchildren, everyone pitched in — cooking meals and clearing rubble,” he said. “Every time we opened the boxed meals and saw the tightly packed food, we felt their care.”

Cheerleading squad in ethnic costumes attend the restart ceremony of the “Village Super League,” also known as Cun Chao, staged in Rongjiang County, Guizhou Province in southwest China, July 26, 2025. (Photo by Long Jianrui/Xinhua)

REBUILDING HOPE

The restart of the league, a major sign of Rongjiang’s post-disaster recovery, has brought strong hope to people in their efforts to restore normal life.

As the football matches are back on schedule, hotels are fully booked, and schools have been made available to temporarily accommodate about 6,000 visitors.

Wearing the iconic yellow costume of the Brazilian national team, He Yufeng from Chongqing Municipality headed to Rongjiang with his family to see Roberto Carlos and watch the matches.

Also an amateur player, the 37-year-old plays football every weekend in Chongqing. “The atmosphere here is great. I’ll come back to play with my team if I get the chance,” he said.

Roberto Baggio (R) and Roberto Carlos (L) attend the “Village Super League,” also known as Cun Chao, staged in Rongjiang County, Guizhou Province in southwest China, July 26, 2025. (Photo by Long Jianrui/Xinhua)

Fruit vendor Yan Jiafu, who suffered much economic loss in the floods, reopened his shop after obtaining a 500,000 yuan government-subsidized loan in mid-July. “Cun Chao has brought back our confidence,” he said.

The county has coordinated with banks to provide financial support and state-owned properties to waive six-month rentals to related businesses. As of Friday, more than 90 percent of some 6,800 affected businesses had reopened.

After the gratitude-themed restart, Rongjiang will resume the league with full force and host all the delayed matches, said Xu Bo, the county’s Party chief.

“Bearing gratitude in mind, we will move on, bringing Cun Chao’s passion, vitality and joy to people across the country again,” Xu said.

MIL OSI China News –

July 27, 2025
MIL-OSI China: 2nd China-Latin America human rights roundtable highlights cooperation for global governance

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

Cesar Martins, executive vice president of Sao Paulo State University, speaks at the second China-Latin American and Caribbean States Roundtable on Human Rights in Sao Paulo, Brazil, July 25, 2025. Experts from China and countries in Latin America and the Caribbean (LAC) exchanged their views on human rights development cooperation and the China-Latin America contribution to global governance at a meeting held here Friday. The second China-Latin American and Caribbean States Roundtable on Human Rights, themed China-Latin American and Caribbean States Community with a Shared Future and the Development of Human Rights, brought together over 130 officials, experts, and representatives from social organizations, think tanks and media in the field of human rights. (Photo by Paulo Lopes/Xinhua)

Experts from China and countries in Latin America and the Caribbean (LAC) exchanged their views on human rights development cooperation and the China-Latin America contribution to global governance at a meeting held here Friday.

The second China-Latin American and Caribbean States Roundtable on Human Rights, themed China-Latin American and Caribbean States Community with a Shared Future and the Development of Human Rights, brought together over 130 officials, experts, and representatives from social organizations, think tanks and media in the field of human rights.

Wang Yanwen, deputy secretary-general of the China Society for Human Rights Studies, urged more China-LAC cooperation in human rights research, advocating ethical digital technology use, green development, and more equitable global human rights governance.

Zhang Donggang, chairman of the University Council of Renmin University of China, called for China-LAC collaboration in human rights through cultural exchange, experience-sharing, and joint governance, contributing to global solutions.

Cesar Martins, executive vice president of Sao Paulo State University, said that the event showcases how China and LAC nations, despite cultural differences, can cooperate for people’s welfare while setting a global example through civilizational exchange.

Chinese Consul General in Sao Paulo Yu Peng noted that China and LAC countries, as rising global forces, should build a shared future and enhance human rights cooperation to jointly tackle challenges and advance global human rights progress.

Shaira Downs, member of the National Assembly of Nicaragua, pledged to collaborate with China and LAC partners to defend sovereignty, peace, and human dignity.

Arley Gill, chairman of Grenada’s National Reparations Committee, linked developing nations’ progress to human rights protection, praised China’s poverty alleviation and healthcare advances, and sought stronger bilateral cooperation on human rights safeguards.

The roundtable was co-organized by the China Society for Human Rights Studies, Renmin University of China, and Sao Paulo State University, with the collaboration of the Chongyang Institute for Financial Studies at Renmin University of China and the Institute of Public Policy and International Relations at Sao Paulo State University.

The forum published the Sao Paulo Consensus on China-Latin American and the Caribbean States Human Rights Communication and Cooperation, and launched the China-Latin American and Caribbean States Human Rights Research and Cooperation Network.

MIL OSI China News –

July 27, 2025
MIL-OSI Security: Cindy Rodriguez Singh Added to FBI’s Ten Most Wanted Fugitives List

Source: US FBI

Noel has a history of health and developmental issues, including chronic lung disease, pulmonary edema, and esotropia. He required regular medical appointments and medications, including ophthalmologist and speech therapy appointments, as well as albuterol inhaler medication.

“Cindy, as the primary adult responsible for Noel’s safety and well-being, failed numerous times to meet his health and developmental needs,” said Kecev.

Rodriguez Singh has a history of drug and alcohol abuse, which previously prompted the Texas Department of Family and Protective Services to place her children into foster care at one point.

On March 20, 2023, at the request of the Texas Department of Family and Protective Services, officers from the Everman Police Department conducted a welfare check on Noel. Rodriguez Singh claimed Noel was not at the residence and that he had been living with his biological father in Mexico since November 2022.

But when the Texas Department of Family and Protective Services contacted Noel’s biological father in Mexico, he said he did not have custody of Noel or any type of relationship with him.

Then, on March 22, 2023—two days after the welfare check—Cindy Rodriguez Singh, along with her husband, Arshdeep Singh, and six children, flew from the Dallas Fort Worth International Airport to Indira Gandhi International Airport in Delhi, India. This is the last confirmed sighting of Rodriguez Singh.

“All airline tickets were purchased within 24 hours of flight departure, and Cindy Rodriguez Singh had unenrolled Noel and his siblings from school,” said Kecev.

Along with the capital murder charge, a federal arrest warrant was issued for Rodriguez Singh on November 2, 2023, for unlawful flight to avoid prosecution. Kecev said it is a team effort among local, state, and federal law enforcement agencies who have been diligently working to locate Noel.

“None of us will ever forget Noel, and we will continue to put forth all our effort to one day find justice for him,” said Kecev. “That will include Cindy Rodriguez Singh being apprehended and returned to the United States so she can answer for her alleged crimes. I believe—and I can speak for the investigative team including the state, local, and federal investigators as a unit—that her arrest will play a significant part in locating Noel’s whereabouts.”

Rodriguez Singh is 40 years old. She was born in Dallas, Texas, and is believed to have ties to India and Mexico. She is between 5’1″ and 5’3″ tall and 120 to 140 pounds, and she has a medium complexion with tattoos on her back, both legs, right arm, right hand, and right calf. She has brown eyes and brown hair. Rodriguez Singh also goes by Cecilia Rodriguez, Cindy Rodriguez, Cindy C. Rodriguez, and Cindy Cecilia Rodriguez.

If you have any information about Rodriguez Singh, please contact your local FBI office, local law enforcement agency, or the nearest U.S. embassy or consulate. You can call the FBI at 1-800-CALL-FBI (1-800-225-5324) or the FBI’s Dallas Field Office at 972-559-5000. Tips can also be submitted digitally at tips.fbi.gov. All information can remain anonymous, and confidentiality is guaranteed.

MIL Security OSI –

July 27, 2025
MIL-OSI United Nations: Pollution, melting microbes, undamming rivers, risks for elders: 4 key climate issues

Source: United Nations MIL OSI b

From ancient microbes awakening in melting glaciers to toxic pollutants unleashed by floods, the dangers are no longer distant or theoretical. They are here, and they are growing.

The Frontiers Report 2025, released by the UN Environment Programme (UNEP), highlights four critical areas where environmental degradation intersects with human vulnerability: legacy pollution, melting glacier microbes, undamming rivers and climate risks for an ageing population that is growing.

The report paints a vivid picture of how climate change is not only altering ecosystems but also exposing communities – especially the most vulnerable – to new and intensifying dangers. Some issues may be local or relatively small-scale issues today, but have the potential to become issues of regional or global concern if not addressed early, the report warned.

UNEP Executive Director Inger Andersen said action must be taken “to protect people, nature and economies from threats that will only grow with each passing year”.

Here’s what’s at stake and why it matters to all of us:

UN Nepal/Narendra Shrestha

UN Secretary-General António Guterres visits the Annapurna base camp in Nepal in 2023. (file)

Melting glacier microbes

Climate scientists are saying many glaciers will not survive this century unless action is taking to slow the melting rate caused by climate change. That means those living downstream will face a tide of floods alongside threats posed by reactivated microbes in a warming cryosphere or frozen parts of the Earth.

Frozen in ice sheets, glaciers and permafrost are bacteria, fungi and viruses. While most are dead, some are dormant and some are active. As global temperatures hit record highs, these microorganisms will become more active in many ecosystems. Even if the melting can be slowed down by mitigating greenhouse gas emissions, efforts must assess and prepare for possible threats from potential pathogens.

Also crucial is documenting and preserving cryospheric microorganisms, which can shed light on the history of climate and evolution, help in finding therapies for diseases and develop innovative biotechnologies.

© UNICEF/Felipe Chic Jiménez

Indigenous communities in the Amazonía region in southern Colombia. (file)

Dismantling dams

In the Colombian Amazon, river water levels have dropped by up to 80 per cent, restricting access to drinking water and food supplies, leading to shuttering 130 schools, increasing children’s risk of recruitment, use and exploitation by non-State armed groups and resulting in increased respiratory infections, diarrhoeal diseases, malaria and acute malnutrition among youngsters under age five.

Part of what is making the problem worse in Colombia and other hot spots around the world are the plethora of dams operating at a time when climate change is triggering droughts around the world. Drought is keeping more than 420,000 children out of school in Brazil, Colombia and Peru alone, according to a report by the UN Children’s Fund (UNICEF).

As such, there is a growing need to remove dams and other barriers to rehabilitate river ecosystems, a process increasingly initiated by local communities, Indigenous Peoples, women and youth. Rivers and streams can recover remarkably once barriers are gone, but other stressors, from pollution to climate change, need to be addressed in parallel. Understanding the restoration outcomes of barrier removal is necessary not only to guide future removals, but also to inform decisions about existing and future barriers.

© ADB/Samir Jung Thapa

Elderly people suffer disproportionately from climate change consequences.

Climate risks for the elderly

Older people face increased risks during extreme weather and suffer more from ongoing environmental degradation. As the World Meteorological Organization (WMO) predicts ever more hot weather, the elderly are suffering disproportionately, as seen in rising numbers of deaths and illnesses amid recent heat waves around the world.

At the same time, the world’s ageing population is growing: the global share of people over 65 years old will rise from 10 per cent in 2024 to 16 per cent by 2050. Most of them will live in cities, where they will be exposed to extreme heat and air pollution and experience more frequent disasters.

Older people are already more at risk, so effective adaptation strategies will need to evolve to protect these older populations.

© UNOCHA/Pierre Peron

A family outside their flood damaged home in N’Djamena, Chad. (file)

Legacy pollutants

Flooding has crippled communities in all regions of the world as the number of extreme weather events climb. Among the hidden dangers are legacy pollutants that have been secreted into the ground over time and released as extreme rainfall and floods wash away sediments and debris.

The Pakistan floods of 2010, flooding in the Niger Delta in 2012 and Hurricane Harvey off the coast of Texas in 2017 are all examples when floodwaters stirred up sediments, releasing heavy metals and persistent organic pollutants.

Evaluating sediments to understand hazards, rethinking flood protection to lean on nature-based solutions and investments in natural remediation of contaminated sediments are all options to deal with this problem.

Read the full Frontiers Report here.

MIL OSI United Nations News –

July 27, 2025
MIL-OSI United Kingdom: Revolutionary city-scanning satellite from UK-France partnership set to transform climate monitoring
Source: United Kingdom – Executive Government & Departments

Press release

Revolutionary city-scanning satellite from UK-France partnership set to transform climate monitoring

Millions of people worldwide are set to benefit from more accurate climate data as the groundbreaking MicroCarb satellite begins its journey to space.
MicroCarb launched from Europe’s Spaceport in French Guiana. Launch photo: ESA-CNES-ARIANESPACE/Optique vidéo du CSG–P. Piron

The MicroCarb mission, developed in partnership with France’s space agency CNES, will become Europe’s first dedicated carbon dioxide monitoring satellite, marking a major milestone in the global fight against climate change.

Successfully launched aboard a Vega-C rocket from Kourou, French Guiana this morning, MicroCarb will join the international greenhouse gas (GHG) virtual constellation of satellites, significantly enhancing global climate monitoring capabilities.

Backed by a £15 million investment from the UK Space Agency, the mission strengthens Britain’s position as a global leader in both climate science and space technology. MicroCarb will orbit 650km above Earth, using revolutionary city-scanning technology to map CO₂ emissions across urban areas at an unprecedented 2km x 2km resolution—a level of detail never before achieved from space. This capability is vital for understanding emissions from cities, which are responsible for over 70% of global CO₂ output.

UK Minister for Space, Sir Chris Bryant, said:

This groundbreaking mission is proof of what can be achieved when we harness the strength of Britain’s burgeoning space industry, together with our deep scientific expertise. Bolstered with £15 million UK Government backing, the MicroCarb satellite will overhaul our ability to track carbon emissions – supporting the clean energy mission that’s key to this Government’s Plan for Change.

It’s also further evidence of the value of our deep and unique relationship with France: a partnership which the Prime Minister reinforced, with President Macron, at the UK-France Summit earlier this month.

Artist’s impression of MicroCarb in orbit. © CNES/ill./SATTLER Oliver, 2021

The satellite’s precise measurements will help verify climate targets and guide net zero strategies, providing governments with the data needed to track progress toward the Paris Agreement and develop effective carbon reduction policies.

Dr Paul Bate, Chief Executive of the UK Space Agency, said:

Satellites like MicroCarb are our eyes in the sky. Over half of the critical data we use to understand climate change comes from space, and MicroCarb’s successful launch is a major leap forward in our ability to track carbon emissions and absorption with unprecedented accuracy, from the world’s cities to its forests and oceans.

Backed by UK and French investment and expertise, it’s a proud moment for both our space sectors and a powerful example of international collaboration in action.

In addition to urban emissions, MicroCarb will monitor natural carbon sinks such as forests and oceans, enhancing scientific understanding of how much carbon is absorbed by the planet and where. This data will be essential for improving national carbon inventories and identifying new opportunities for carbon capture and storage (CCS).

MicroCarb will measure Solar Induced Fluorescence (SIF), a faint glow plants give off during photosynthesis. This helps scientists track how much carbon plants absorb, offering valuable insights into the carbon cycle, and supporting direct measurements of CO₂ in the atmosphere by helping to differentiate plant from anthropogenic CO₂ emissions.

UK scientists and industry have played a central role in the development and delivery of the MicroCarb mission. The National Physical Laboratory (NPL) provided the SI-traceable ground calibration facility to test the satellite’s performance before launch. NPL’s Paul Green is also working with the MicroCarb team to develop algorithms and quality metrics to ensure the accuracy of the data.

Thales Alenia Space in the UK were responsible for preparing Microcarb for launch and completed the satellite’s assembly, integration, and test activities at the Science and Technology Facilities Council’s RAL Space in Harwell. RAL Space also developed the pointing and calibration system that enables MicroCarb to take precise measurements at specific locations.

GMV UK, in collaboration with France’s Capgemini, is designing, implementing, and quality-assuring algorithms and operational processors for several of MicroCarb’s CO₂ data products, ensuring robust and reliable data delivery.

Working on the fairing for Vega-C flight VV27. Credit: ESA-CNES-ARIANESPACE/Optique vidéo du CSG–S. Martin

Professor Paul Palmer, from The National Centre for Earth Observation (NCEO) and the University of Edinburgh, is the UK lead for MicroCarb. He will translate the satellite’s CO₂ observations into detailed maps showing carbon absorption and emissions. Dr Rob Parker, also part of the NCEO team, is delivering the mission’s SIF retrieval algorithm, drawing on expertise from the University of Leicester.

Paul Palmer, UK lead for Microcarb said:

Currently, we are witnessing rapid and unprecedented changes in the global carbon cycle. MicroCarb will deliver SIF and atmospheric CO₂ data that are crucial for understanding those changes. It will also reinvigorate an aging virtual satellite constellation, providing high quality data to inform the next Global Stocktake of the Paris Agreement.

More broadly, MicroCarb exemplifies the world-class capabilities of UK science and engineering, working closely with our French colleagues.

UK scientists have worked closely with their French counterparts as key members of the Mission Advisory Group (MAG), playing a vital role in preparing for the mission and continuing their involvement during the Calibration-Validation phases after launch.

MicroCarb is part of a bilateral agreement signed in 2014, and renewed in 2021, between France and the UK, showcasing a strong collaboration in space programmes. The UK and France recently deepened their strategic partnership across space and security technologies, including with specific announcements in satellite communications and PNT.

As the world races to limit global warming to 1.5°C, MicroCarb represents a critical step forward in delivering the transparent, verifiable data needed to hold nations accountable and accelerate the transition to a low-carbon future. The first MicroCarb data products are expected to be released in roughly 1 year, offering insights into major urban emitters and the performance of natural carbon sinks. These findings will feed into international climate assessments and future satellite missions under the UK’s Earth observation roadmap.

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Published 26 July 2025
MIL OSI United Kingdom –
July 26, 2025
MIL-OSI Security: Honduran National Sentenced to 24 Months for Illegal Re-Entry of Removed Alien; Sentence Enhanced Due to Prior Felony Conviction

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – CESAR A. LOBO-RAMOS (“,LOBO-RAMOS”) age 38, a native of Honduras, was sentenced on July 22, 2025, for illegal re-entry of a removed alien, in violation of Title 8, United States Code, Section 1326(a), announced Acting U.S. Attorney Michael M. Simpson. U.S. District Judge Brandon S. Long sentenced him to 24 months in federal prison.

According to court documents, LOBO-RAMOS re-entered the United States after being previously deported on April 10, 2018. LOBO-RAMOS came to the attention of Immigration and Customs Enforcement after he was arrested by the Kenner Police Department on November 2, 2023 for resisting arrest and obstruction of police. He faced an enhanced statutory maximum sentence of 20 years due to a Sexual Battery conviction in Jefferson Parish in 2010.

Acting U.S. Attorney Simpson praised the work of the United States Immigration and Customs Enforcement Agency and the Kenner Police Department in investigating this matter. Assistant United States Attorney Carter K.D. Guice, Jr. of the General Crimes Unit is in charge of the prosecution.

MIL Security OSI –

July 26, 2025
MIL-OSI China: Xi: Nation to expand opening-up

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

Chinese President Xi Jinping delivers a speech after receiving the credentials of 16 new ambassadors to China at the Great Hall of the People in Beijing, capital of China, July 25, 2025. (Xinhua/Li Xiang)

President Xi Jinping, who received the credentials of 16 new ambassadors to China on Friday, welcomed the envoys to their new posts in Beijing and sent a clear signal that China will resolutely expand its high-level opening-up.

During a group meeting with the ambassadors, Xi also voiced optimism about China’s economic prospects, saying that the nation will share “the dividends of its supersized market”.

Currently, China is advancing the building of a strong nation and the great cause of national rejuvenation on all fronts through the Chinese path to modernization, while its economy “continues its upward momentum amid steadfastness”, Xi said.

The nation will turn its new development into new opportunities for various countries, and “inject more certainty into global economic growth”, he added.

On Friday morning, as welcoming bugles sounded and honor guards of the People’s Liberation Army stood solemnly in formation outside the north gate of the Great Hall of the People, the new ambassadors of Vietnam, Panama, the Dominican Republic, Albania, New Zealand, Papua New Guinea, Angola, Egypt, Nicaragua, Iran, Chile, Ukraine, Benin, the United States, Israel and South Sudan arrived one by one to meet the president.

Xi accepted the credentials presented by the envoys and also posed for photos with each of them. He also met with Nurlan Yermekbayev, secretary-general of the Shanghai Cooperation Organization.

After the ceremony, Xi delivered a speech welcoming the envoys and asked them to convey his best wishes to the leaders and the people of their respective countries.

Xi expressed his hope that the envoys will gain a comprehensive and in-depth understanding of China, and make earnest contributions to deepening China’s friendship with various countries and enhancing its exchanges with the rest of the world.

This year marks the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression (1931-45) and the World Anti-Fascist War, as well as the 80th anniversary of the founding of the United Nations.

China stands ready to work with all countries to firmly safeguard the international system with the UN at its core and the international order underpinned by international law, Xi said.

China is willing to work with all countries to practice friendly cooperation, promote mutual learning among civilizations, build a community with a shared future for humanity, and “join hands to create a better future for this planet”, he added.

Xi emphasized that amid accelerating global changes and a turbulent international landscape, countries around the world need to enhance solidarity and cooperation more than ever before. They should embrace a broad vision to rise above divisions and conflicts, and bear in mind the future of all humanity, he said.

China always cherishes its friendship with people across the globe, and stands ready to strengthen all-around cooperation and exchanges with other countries on the basis of mutual respect, equality, mutual benefit and win-win cooperation, Xi said.

MIL OSI China News –

July 26, 2025
MIL-OSI China: 170 overseas companies have participated in all 8 editions of CIIE

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

SHANGHAI, July 25 — A total of 170 overseas companies and 27 institutions have participated in all eight editions of the China International Import Expo (CIIE), according to a Friday press conference held by the expo’s organizer.

More than 50 countries and international organizations have confirmed their presence in the comprehensive national exhibition area of this year’s expo, with Sweden and the United Arab Emirates serving as guest countries of honor, and with Kyrgyzstan participating for the first time, the expo’s organizer has said.

This year, the contracted exhibition area for corporate businesses exceeds 330,000 square meters, the organizer noted.

Notably, the scale of participating enterprises from Canada, Malaysia, New Zealand, Norway, Peru and other countries has reached a record high, fully reflecting the confidence of all parties in China’s economy and their enthusiasm for the CIIE, Wu Zhengping, deputy director general of the CIIE Bureau, said at the press conference.

Wu added that this year’s CIIE will for the first time include a special area for products from the least-developed participating countries. It will also include an expanded and upgraded area showcasing African products, as well as a cross-border e-commerce selection platform to help small and medium-sized foreign enterprises enter the Chinese market smoothly.

MIL OSI China News –

July 26, 2025
MIL-OSI USA: July 25th, 2025 After Republicans’ Cuts Threaten Rural Healthcare, Heinrich & Luján Demand Transparency on Trump Administration’s Inadequate Rural Health Slush Fund & Backroom Deals
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

Washington, D.C. – Today, U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), a member of the Senate Finance Committee, joined Leader Chuck Schumer (D-N.Y.) and Ranking Member of the Senate Finance Committee, Ron Wyden (D-OR), along with 12 of their Democratic colleagues, to demand accountability from the Centers for Medicare & Medicaid Services (CMS) on how the rural health slush fund will be distributed to states and what guidance will be considered in this decision:

In a letter to Mehmet Oz, the Administrator for the Centers for Medicare & Medicaid Services, the Senators demanded clarity on how the rural health slush fund will be distributed across the country. Earlier this month, Senate Republicans passed their “Big, Ugly Betrayal,” which delivered devastating cuts to the U.S. health care system – slashing funding by over $1 trillion dollars, the largest cut to healthcare in history. To try and cover up the damage of these cuts, they included a $50 billion rural health slush fund. However, this temporary fund only accounts for 5 percent of the cuts, which will have devastating, irreversible impacts. Perhaps even more alarming is the potentially blatant political distribution of this fund, underscoring the importance of accountability as to how CMS plans to award this money to states.

“We are alarmed by reports suggesting these taxpayer funds are already promised to Republican members of Congress in exchange for their votes in support of the Big, Ugly Betrayal. In addition, the vague legislative language creating this fund will seemingly function as your personal fund to be distributed according to your political whims. As states, patients, hospitals, nursing homes and other health care providers brace for devastating cuts, we urge you to provide straightforward, detailed answers on how you plan to administer these funds,” the Senators wrote. “Republicans in Congress hastily developed the rural health slush fund to buy their members’ votes and give their caucus political cover for voting for the Big, Ugly Betrayal. Several Members of Congress have already touted your promises about the funding their states and districts will receive from the rural health slush fund.”

Moreover, there are many questions about how the funds will be distributed. Shortly after the passage of the “Big, Ugly Betrayal,” Republican Senators took to “X” (formerly known as Twitter) to celebrate specific money for their states to support rural hospitals. Senator Britt (R-AL) tweeted: “the Senate just amended the Big Beautiful Bill to invest over $500M in Alabama’s rural hospitals.” Senator Husted (R-OH) said: “I’m proud to have secured $1.3 billion in funding for rural hospitals across Ohio—because every Ohioan deserves access to quality care close to home.” Senator Cassidy (R-LA) even noted an inequity, tweeting: “We secured a $50 billion fund to support rural hospitals. Louisiana is set to receive about 2% of that money, despite having only 1% of the U.S. population—a double share.” Since CMS has yet to release the criteria for how the funding will be awarded, there are questions about if this slush fund constituted a political pay-off.

Additionally, the Senators noted the hasty and ill-conceived wording of the fund, which leaves it open to abuse, fraud, and re-appropriation.

“Not only does the Republican rural health slush fund provide a meager amount of funding that fails to plug the $1 trillion hole caused by the Big, Ugly Betrayal, the fund is drafted in such a vague and open-ended manner that it is not even guaranteed to support rural health care. States are not required to use this funding to support rural hospitals or other rural health care providers. In fact, states can use funds to pay any health care providers, support technology-driven efforts like wearable devices, or fund unproven models of care that have nothing to do with rural health,” the Senators continued. “Further, there are no parameters outlined in the legislative language for how CMS should award, distribute, or rescind funding from the rural health slush fund, making it even more susceptible to abuse.”

To combat this apparent political giveaway, the Senators demanded answers on several questions, including:
- When will CMS provide guidance to states on criteria for an application?
- Will they commit to clear defined criteria before distributing these funds, and an appeals process related to funding award decisions?
- Will CMS prioritize rural providers receiving these funding awards?
- How will CMS define proper vs improper use of funds and accountability for how CMS will hold states accountable for improper use?
- What states/districts has the Trump administration already promised funding to?
In addition to Heinrich, Luján, Schumer, and Wyden, other Senators who signed on to the letter include Senators Alsobrooks (D-Md.), Blumenthal (D-Conn.), Durbin (D-Ill.), Gillibrand (D-N.Y.), Kim (D-N.J.), Markey (D-Mass.), Merkley (D-Ore.), Padilla (D-Calif.), Sanders (I-Vt.), Smith (D-Minn.), Van Hollen (D-Md.), and Warren (D-Mass.).

The full text of the letter can be seen here and below.

Dear Administrator Oz:

As you know, the Republican reconciliation bill cuts funding to the U.S. health care system by over $1 trillion, and will devastate communities nationwide, with disproportionate, negative impacts on health care access in rural America. To cover up the harms of these catastrophic cuts, Trump and Republicans stood up a temporary $50 billion rural health slush fund. This meager investment amounts to just five percent of the Big, Ugly Betrayal’s largest health care cuts in history.

We are alarmed by reports suggesting these taxpayer funds are already promised to Republican members of Congress in exchange for their votes in support of the Big, Ugly Betrayal. In addition, the vague legislative language creating this fund will seemingly function as your personal fund to be distributed according to your political whims. As states, patients, hospitals, nursing homes and other health care providers brace for devastating cuts, we urge you to provide straightforward, detailed answers on how you plan to administer these funds.

Republicans in Congress hastily developed the rural health slush fund to buy their members’ votes and give their caucus political cover for voting for the reconciliation bill. Several Members of Congress have already touted your promises about the funding their states and districts will receive from the rural health slush fund. Before the Big, Ugly Betrayal was even signed into law, Senator Husted celebrated the $1.3 billion he claims is promised to rural hospitals in Ohio, and Senator Hawley said the bill will give $1 billion to rural hospitals in Missouri.

Other reports suggest you promised to send funding from the rural health slush fund to districts in Pennsylvania that are not even rural. The Trump Administration’s explanation that this fund can and will be used for more than rural areas was a key fact that swayed Republicans to vote for the bill. The rural health slush fund appears to be nothing more than a political parachute to pay off members of Congress for their unpopular votes.

Rural communities will suffer greatly because of the health care cuts enacted in the Republican reconciliation bill. One-third of all rural hospitals are already at risk of closing, and the bill will force over 330 rural hospitals to reduce service lines, convert to other types of hospitals with fewer services, or close altogether. The Big, Ugly Betrayal makes no meaningful investments in rural hospitals, rural health centers, and other rural health care providers, which have some of the most fragile operating margins in the nation, and often are the largest employers and economic engines of their communities.

Not only does the Republican rural health slush fund provide a meager amount of funding that fails to plug the $1 trillion hole caused by the reconciliation bill, the fund is drafted in such a vague and open-ended manner that it is not even guaranteed to support rural health care. States are not required to use this funding to support rural hospitals or other rural health care providers. In fact, states can use funds to pay any health care providers, support technology-driven efforts like wearable devices, or fund unproven models of care that have nothing to do with rural health.

Further, there are no parameters outlined in the legislative language for how CMS should award, distribute, or rescind funding from the rural health slush fund, making it even more susceptible to abuse. There is no clear definition of an appropriate state application for the rural health slush fund, CMS is not required to follow a clear formula for distribution of funds, and there are no guardrails on how CMS should claw back funding from states in cases of inappropriate use. Without more clarity, this rural health slush fund is vulnerable to the very abuse of taxpayer spending that Republicans purport to care about.

To provide states, rural hospitals, and other health care providers clarity on the available use of funding from the rural health slush fund in advance of the December 31, 2025 deadline for CMS to approve or deny state applications, we request that you provide a staff-level briefing on the parameters of this fund as well as detailed, written responses to the following questions by August 15, 2025:

1. When will CMS provide states with guidance on the components that should be included in an appropriate state application for funding from the fund?

a) Will CMS provide guidance to states on applications for use of funds that are required to be distributed equally among states with an approved application?

b) Will CMS provide guidance to states on applications for use of funds that are not required to be distributed equally among states?

2. What percentage of program funding will CMS allocate to rural health care providers?

a) How will CMS ensure that states use this federal funding to benefit rural hospitals and other health care facilities, providers, and patients?

b) What is the breakdown of funding that CMS anticipates allocating across the different categories of eligible providers?

c) How will CMS make sure that states use the funds for purposes that support the financial viability of rural hospitals and other health care providers, including by providing funding to address high fixed costs and low volumes, improve health care workforce retention and recruitment in rural areas, and replace aging infrastructure?

3. The Big, Ugly Betrayal outlines several metrics that CMS may consider when distributing funding to states. How will CMS apply these metrics—the number of people who live in rural communities, the number of rural health facilities in a state, and the number of Medicaid Disproportionate Share Hospitals (DSH) in a state—when distributing funding to states?

4. Will CMS commit to make the formula for awarding and distributing funds to states public before making any commitments to states and before formally distributing funding?

5. Will CMS commit to creating a public website outlining state applicants for funding, the funding formula and criteria for distributing funds, and approved state applications?

6. How will CMS define and determine improper uses of funding? How will CMS monitor funds to ensure appropriate spending and use?

7. Will CMS commit to establishing an appeals process for states to provide an opportunity to contest decisions made on award, distribution and/or clawback of funding?

8. Given the ongoing hiring freeze at CMS, it appears that the agency cannot hire more people to distribute this funding. How will CMS use the $200 million in implementation funding tied to the rural health slush fund?

a)Will CMS hire a third party to administer this fund?

b) If yes, has CMS already committed to a hire a specific third party to administer this fund and, if so, which vendor?

9. What other states or districts have Trump Administration officials already promised funding from the rural health slush fund to? Which states and districts have received this promised funding?

While this taxpayer-supported rural health slush fund is wholly insufficient to plug the massive hole created by the Big, Ugly Betrayal including the 15 million people expected to lose insurance coverage, it is critical that CMS move with urgency to provide clarity to rural communities, states, hospitals, and other health care providers about the fund. We look forward to your prompt response.
MIL OSI USA News –
July 26, 2025
MIL-OSI USA: July 25th, 2025 After Republicans’ Cuts Threaten Rural Healthcare, Heinrich & Luján Demand Transparency on Trump Administration’s Inadequate Rural Health Slush Fund & Backroom Deals

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
Washington, D.C. – Today, U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), a member of the Senate Finance Committee, joined Leader Chuck Schumer (D-N.Y.) and Ranking Member of the Senate Finance Committee, Ron Wyden (D-OR), along with 12 of their Democratic colleagues, to demand accountability from the Centers for Medicare & Medicaid Services (CMS) on how the rural health slush fund will be distributed to states and what guidance will be considered in this decision:
In a letter to Mehmet Oz, the Administrator for the Centers for Medicare & Medicaid Services, the Senators demanded clarity on how the rural health slush fund will be distributed across the country. Earlier this month, Senate Republicans passed their “Big, Ugly Betrayal,” which delivered devastating cuts to the U.S. health care system – slashing funding by over $1 trillion dollars, the largest cut to healthcare in history. To try and cover up the damage of these cuts, they included a $50 billion rural health slush fund. However, this temporary fund only accounts for 5 percent of the cuts, which will have devastating, irreversible impacts. Perhaps even more alarming is the potentially blatant political distribution of this fund, underscoring the importance of accountability as to how CMS plans to award this money to states.
“We are alarmed by reports suggesting these taxpayer funds are already promised to Republican members of Congress in exchange for their votes in support of the Big, Ugly Betrayal. In addition, the vague legislative language creating this fund will seemingly function as your personal fund to be distributed according to your political whims. As states, patients, hospitals, nursing homes and other health care providers brace for devastating cuts, we urge you to provide straightforward, detailed answers on how you plan to administer these funds,” the Senators wrote. “Republicans in Congress hastily developed the rural health slush fund to buy their members’ votes and give their caucus political cover for voting for the Big, Ugly Betrayal. Several Members of Congress have already touted your promises about the funding their states and districts will receive from the rural health slush fund.”
Moreover, there are many questions about how the funds will be distributed. Shortly after the passage of the “Big, Ugly Betrayal,” Republican Senators took to “X” (formerly known as Twitter) to celebrate specific money for their states to support rural hospitals. Senator Britt (R-AL) tweeted: “the Senate just amended the Big Beautiful Bill to invest over $500M in Alabama’s rural hospitals.” Senator Husted (R-OH) said: “I’m proud to have secured $1.3 billion in funding for rural hospitals across Ohio—because every Ohioan deserves access to quality care close to home.” Senator Cassidy (R-LA) even noted an inequity, tweeting: “We secured a $50 billion fund to support rural hospitals. Louisiana is set to receive about 2% of that money, despite having only 1% of the U.S. population—a double share.” Since CMS has yet to release the criteria for how the funding will be awarded, there are questions about if this slush fund constituted a political pay-off.
Additionally, the Senators noted the hasty and ill-conceived wording of the fund, which leaves it open to abuse, fraud, and re-appropriation.
“Not only does the Republican rural health slush fund provide a meager amount of funding that fails to plug the $1 trillion hole caused by the Big, Ugly Betrayal, the fund is drafted in such a vague and open-ended manner that it is not even guaranteed to support rural health care. States are not required to use this funding to support rural hospitals or other rural health care providers. In fact, states can use funds to pay any health care providers, support technology-driven efforts like wearable devices, or fund unproven models of care that have nothing to do with rural health,” the Senators continued. “Further, there are no parameters outlined in the legislative language for how CMS should award, distribute, or rescind funding from the rural health slush fund, making it even more susceptible to abuse.”
To combat this apparent political giveaway, the Senators demanded answers on several questions, including:
When will CMS provide guidance to states on criteria for an application?
Will they commit to clear defined criteria before distributing these funds, and an appeals process related to funding award decisions?
Will CMS prioritize rural providers receiving these funding awards?
How will CMS define proper vs improper use of funds and accountability for how CMS will hold states accountable for improper use?
What states/districts has the Trump administration already promised funding to?
In addition to Heinrich, Luján, Schumer, and Wyden, other Senators who signed on to the letter include Senators Alsobrooks (D-Md.), Blumenthal (D-Conn.), Durbin (D-Ill.), Gillibrand (D-N.Y.), Kim (D-N.J.), Markey (D-Mass.), Merkley (D-Ore.), Padilla (D-Calif.), Sanders (I-Vt.), Smith (D-Minn.), Van Hollen (D-Md.), and Warren (D-Mass.).
The full text of the letter can be seen here and below.
Dear Administrator Oz:
As you know, the Republican reconciliation bill cuts funding to the U.S. health care system by over $1 trillion, and will devastate communities nationwide, with disproportionate, negative impacts on health care access in rural America. To cover up the harms of these catastrophic cuts, Trump and Republicans stood up a temporary $50 billion rural health slush fund. This meager investment amounts to just five percent of the Big, Ugly Betrayal’s largest health care cuts in history.
We are alarmed by reports suggesting these taxpayer funds are already promised to Republican members of Congress in exchange for their votes in support of the Big, Ugly Betrayal. In addition, the vague legislative language creating this fund will seemingly function as your personal fund to be distributed according to your political whims. As states, patients, hospitals, nursing homes and other health care providers brace for devastating cuts, we urge you to provide straightforward, detailed answers on how you plan to administer these funds.
Republicans in Congress hastily developed the rural health slush fund to buy their members’ votes and give their caucus political cover for voting for the reconciliation bill. Several Members of Congress have already touted your promises about the funding their states and districts will receive from the rural health slush fund. Before the Big, Ugly Betrayal was even signed into law, Senator Husted celebrated the $1.3 billion he claims is promised to rural hospitals in Ohio, and Senator Hawley said the bill will give $1 billion to rural hospitals in Missouri.
Other reports suggest you promised to send funding from the rural health slush fund to districts in Pennsylvania that are not even rural. The Trump Administration’s explanation that this fund can and will be used for more than rural areas was a key fact that swayed Republicans to vote for the bill. The rural health slush fund appears to be nothing more than a political parachute to pay off members of Congress for their unpopular votes.
Rural communities will suffer greatly because of the health care cuts enacted in the Republican reconciliation bill. One-third of all rural hospitals are already at risk of closing, and the bill will force over 330 rural hospitals to reduce service lines, convert to other types of hospitals with fewer services, or close altogether. The Big, Ugly Betrayal makes no meaningful investments in rural hospitals, rural health centers, and other rural health care providers, which have some of the most fragile operating margins in the nation, and often are the largest employers and economic engines of their communities.
Not only does the Republican rural health slush fund provide a meager amount of funding that fails to plug the $1 trillion hole caused by the reconciliation bill, the fund is drafted in such a vague and open-ended manner that it is not even guaranteed to support rural health care. States are not required to use this funding to support rural hospitals or other rural health care providers. In fact, states can use funds to pay any health care providers, support technology-driven efforts like wearable devices, or fund unproven models of care that have nothing to do with rural health.
Further, there are no parameters outlined in the legislative language for how CMS should award, distribute, or rescind funding from the rural health slush fund, making it even more susceptible to abuse. There is no clear definition of an appropriate state application for the rural health slush fund, CMS is not required to follow a clear formula for distribution of funds, and there are no guardrails on how CMS should claw back funding from states in cases of inappropriate use. Without more clarity, this rural health slush fund is vulnerable to the very abuse of taxpayer spending that Republicans purport to care about.
To provide states, rural hospitals, and other health care providers clarity on the available use of funding from the rural health slush fund in advance of the December 31, 2025 deadline for CMS to approve or deny state applications, we request that you provide a staff-level briefing on the parameters of this fund as well as detailed, written responses to the following questions by August 15, 2025:
1. When will CMS provide states with guidance on the components that should be included in an appropriate state application for funding from the fund?
a) Will CMS provide guidance to states on applications for use of funds that are required to be distributed equally among states with an approved application?
b) Will CMS provide guidance to states on applications for use of funds that are not required to be distributed equally among states?
2. What percentage of program funding will CMS allocate to rural health care providers?
a) How will CMS ensure that states use this federal funding to benefit rural hospitals and other health care facilities, providers, and patients?
b) What is the breakdown of funding that CMS anticipates allocating across the different categories of eligible providers?
c) How will CMS make sure that states use the funds for purposes that support the financial viability of rural hospitals and other health care providers, including by providing funding to address high fixed costs and low volumes, improve health care workforce retention and recruitment in rural areas, and replace aging infrastructure?
3. The Big, Ugly Betrayal outlines several metrics that CMS may consider when distributing funding to states. How will CMS apply these metrics—the number of people who live in rural communities, the number of rural health facilities in a state, and the number of Medicaid Disproportionate Share Hospitals (DSH) in a state—when distributing funding to states?
4. Will CMS commit to make the formula for awarding and distributing funds to states public before making any commitments to states and before formally distributing funding?
5. Will CMS commit to creating a public website outlining state applicants for funding, the funding formula and criteria for distributing funds, and approved state applications?
6. How will CMS define and determine improper uses of funding? How will CMS monitor funds to ensure appropriate spending and use?
7. Will CMS commit to establishing an appeals process for states to provide an opportunity to contest decisions made on award, distribution and/or clawback of funding?
8. Given the ongoing hiring freeze at CMS, it appears that the agency cannot hire more people to distribute this funding. How will CMS use the $200 million in implementation funding tied to the rural health slush fund?
a)Will CMS hire a third party to administer this fund?
b) If yes, has CMS already committed to a hire a specific third party to administer this fund and, if so, which vendor?
9. What other states or districts have Trump Administration officials already promised funding from the rural health slush fund to? Which states and districts have received this promised funding?
While this taxpayer-supported rural health slush fund is wholly insufficient to plug the massive hole created by the Big, Ugly Betrayal including the 15 million people expected to lose insurance coverage, it is critical that CMS move with urgency to provide clarity to rural communities, states, hospitals, and other health care providers about the fund. We look forward to your prompt response.

MIL OSI USA News –

July 26, 2025
MIL-OSI USA: July 25th, 2025 Heinrich, Sheehy Introduce Legislation to Study Cost of Wildfires on Homeowners
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Tim Sheehy (R-Mont.) introduced the Wildfire Insurance Coverage Study Act, legislation to better understand the cost of increasingly destructive wildfires on homeowners’ insurance coverage and identify possible measures to alleviate the financial risk of wildfires.

“I’m hearing from more and more New Mexicans who’ve seen their insurance premiums skyrocket, lost coverage entirely, or been priced out of protecting their homes. That is completely unacceptable,” said Heinrich. “Families deserve fair, transparent coverage they can count on. We need a clearer picture of how worsening wildfires and climate risks are impacting insurance companies’ decisions to raise insurance premiums. Without better data, we can’t push back when insurers jack up rates or pull the rug out from under homeowners altogether.”

“In addition to destroying livelihoods, wildfires that burn down communities threaten homeowners’ access to insurance coverage, lead to more costly premiums, and make the American Dream of homeownership less attainable. One-third of America lives in wildfire-prone areas, and we must get our arms around this crisis, because if you can’t get or afford homeowners’ insurance, you can’t finance your home, which means hardworking families can’t achieve homeownership. As we overhaul the federal wildfire apparatus to reduce catastrophic wildfire risk, which will help ease pressure on insurance markets, I’m also proud to lead the charge on this bill to ensure American families’ homes, financial futures, and communities are protected from wildfires,” said Sheehy.

According to a 2023 report released by Heinrich as the former Chairman of the U.S. Congress Joint Economic Committee (JEC), the financial risks of wildfires are difficult to predict because fires can start for a number of reasons and because their risk to peoples’ homes at any given time is based on a complicated combination of topography, drought conditions, wind patterns, fuel amounts, and the location of houses among many other factors. This has led many insurers to either raise premium costs substantially across the board in Western and forested communities or pull out of markets entirely — with several major insurance companies declining to provide any form of coverage.

The Wildfire Insurance Coverage Study Act will help gain a clearer understanding of the cost associated with living in areas with increasingly intense and longer fire seasons, regardless of the fire damages that occur over a year.

Specifically, the Wildfire Insurance Coverage Study Act will require a federal study to assess the:
- Extent and nature of growing wildfire risks in the United States;
- The existing state of homeowners insurance coverage and commercial property insurance coverage for damage from wildfires in the United States;
- Extent to which private insurers have refused to renew new policies because of geographical location;
- Responses of states’ insurance regulatory agencies to increased premiums and exclusion of coverage; and
- Need for a national wildfire risk map.
The Wildfire Insurance Coverage Study Act is endorsed by Public Citizen and the National Association of Counties (NACo).

Full text of the bill is here.
MIL OSI USA News –
July 26, 2025
MIL-OSI USA: July 25th, 2025 Heinrich, Sheehy Introduce Legislation to Study Cost of Wildfires on Homeowners
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.) and Tim Sheehy (R-Mont.) introduced the Wildfire Insurance Coverage Study Act, legislation to better understand the cost of increasingly destructive wildfires on homeowners’ insurance coverage and identify possible measures to alleviate the financial risk of wildfires.

“I’m hearing from more and more New Mexicans who’ve seen their insurance premiums skyrocket, lost coverage entirely, or been priced out of protecting their homes. That is completely unacceptable,” said Heinrich. “Families deserve fair, transparent coverage they can count on. We need a clearer picture of how worsening wildfires and climate risks are impacting insurance companies’ decisions to raise insurance premiums. Without better data, we can’t push back when insurers jack up rates or pull the rug out from under homeowners altogether.”

“In addition to destroying livelihoods, wildfires that burn down communities threaten homeowners’ access to insurance coverage, lead to more costly premiums, and make the American Dream of homeownership less attainable. One-third of America lives in wildfire-prone areas, and we must get our arms around this crisis, because if you can’t get or afford homeowners’ insurance, you can’t finance your home, which means hardworking families can’t achieve homeownership. As we overhaul the federal wildfire apparatus to reduce catastrophic wildfire risk, which will help ease pressure on insurance markets, I’m also proud to lead the charge on this bill to ensure American families’ homes, financial futures, and communities are protected from wildfires,” said Sheehy.

According to a 2023 report released by Heinrich as the former Chairman of the U.S. Congress Joint Economic Committee (JEC), the financial risks of wildfires are difficult to predict because fires can start for a number of reasons and because their risk to peoples’ homes at any given time is based on a complicated combination of topography, drought conditions, wind patterns, fuel amounts, and the location of houses among many other factors. This has led many insurers to either raise premium costs substantially across the board in Western and forested communities or pull out of markets entirely — with several major insurance companies declining to provide any form of coverage.

The Wildfire Insurance Coverage Study Act will help gain a clearer understanding of the cost associated with living in areas with increasingly intense and longer fire seasons, regardless of the fire damages that occur over a year.

Specifically, the Wildfire Insurance Coverage Study Act will require a federal study to assess the:
- Extent and nature of growing wildfire risks in the United States;
- The existing state of homeowners insurance coverage and commercial property insurance coverage for damage from wildfires in the United States;
- Extent to which private insurers have refused to renew new policies because of geographical location;
- Responses of states’ insurance regulatory agencies to increased premiums and exclusion of coverage; and
- Need for a national wildfire risk map.
The Wildfire Insurance Coverage Study Act is endorsed by Public Citizen and the National Association of Counties (NACo).

Full text of the bill is here.
MIL OSI USA News –
July 26, 2025
MIL-OSI United Nations: China-European Union Commitment to Strengthen Cooperation Critical to Ensure Upcoming Climate Change Conference Represents ‘Major Turning Point’, Secretary-General Says

Source: United Nations 4

SG/SM/22739

The following statement was issued today by the Spokesman for UN Secretary-General António Guterres:

The Secretary-General welcomes the commitment of China and the European Union to strengthen cooperation on climate change and drive the global just transition. As two of the world’s largest economies, the Secretary-General believes it is critical that China and the European Union continue to work together to ensure that the Thirtieth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil represents a major turning point in the global effort to address the climate crisis.

The Secretary-General reiterates his call to all Group of Twenty (G20) countries to present 2035 NDCs that are economy-wide, cover all emissions, align with the 1.5-degree goal and define a credible pathway to transition away from fossil fuels as agreed at the First Global Stocktake.

For information media. Not an official record.

MIL OSI United Nations News –

July 26, 2025
MIL-OSI China: 9th CIIE launches exhibitor recruitment drive

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

SHANGHAI, July 25 — With just over 100 days to go until the eighth China International Import Expo (CIIE), recruitment for the ninth CIIE was officially launched in Shanghai on Friday, and over 40 foreign companies have already signed up to exhibit, according to the event organizer.

The ninth CIIE has already secured a contracted exhibition space of 30,000 square meters. Over 20 companies, including L’Oréal, GE Healthcare, Honeywell, Jaguar Land Rover and Lesaffre, were among the first to commit to a ninth consecutive year of participation.

Vincent Boinay, president of L’Oréal North Asia Zone and chief executive officer (CEO) of L’Oréal China, said during a recruitment launch ceremony on Friday that thanks to the growing “spillover effect” of the CIIE, the company has launched more than 10 new brands, dozens of beauty tech products and hundreds of new items in China over the past seven years, accelerating the entry of international products into the Chinese market.

The expo has not only witnessed but also boosted the development of companies, said Sheng Wenhao, CEO of Theland Asia Pacific Region. Through the CIIE, Theland has signed deals with dozens of professional buyers, covering more than 5,000 offline stores across 25 provincial-level regions in China.

“Participating in the CIIE means embracing opportunities for us. Over the past seven years, we have signed more than 10 strategic cooperation agreements for fruit imports, with a contract value of up to 200 million U.S. dollars secured at the seventh CIIE last year,” said Guo Min, Joy Wing Mau Chile Spa’s deputy marketing director in China.

MIL OSI China News –

July 26, 2025
MIL-OSI Security: DHS Statement on Arrest of Man Charged with Assaulting ICE Law Enforcement Officers

Source: US Department of Homeland Security

The second person charged, Danielle Nadine Davila, is still at large

WASHINGTON – Today, the U.S. Department of Homeland Security (DHS) released the following statement regarding two medical staffers in southern California who are facing charges for assaulting and obstructing U.S. Immigration and Customs Enforcement (ICE) officers.

The U.S. Attorney’s Office for the Central District of California today announced federal charges against Jose de Jesus Ortega and Danielle Nadine Davila. DHS law enforcement arrested Ortega today and is seeking the arrest of Davila following charges for assaulting a federal officer and conspiracy to prevent by force and intimidation a federal officer from discharging his duties.

“The media attempted to demonize ICE agents by saying that our agents were arresting individuals inside a medical center—but that is completely FALSE. On July 8, ICE officers conducted a targeted enforcement operation where one of the illegal aliens fled on foot to evade law enforcement and ended up near the Ontario Advanced Surgery Center in San Bernadino County. Surgical Center staff members Jose de Jesus Ortega and Danielle Nadine Davila obstructed and assaulted ICE agents,” said Assistant Secretary Tricia McLaughlin. “Today, these individuals are being charged for their crime. Anyone who actively obstructs or assaults law enforcement, including U.S. citizens, will face consequences which include arrest.”

On July 8, 2025, ICE officers conducted a targeted enforcement operation to arrest two illegal aliens. Officers in clearly marked ICE bullet proof vests approached the illegal alien targets as they exited a vehicle. One of the illegal aliens, Denis Guillen-Solis who is from Honduras, fled on foot to evade law enforcement. He ended up near the Ontario Advanced Surgical Center where hospital staff assaulted law enforcement and dragged the officer and illegal alien into the facility.

The two staff members attempted to obstruct law enforcement’s arrest by locking the door, blocking law enforcement vehicles from moving and calling police claiming there was a “kidnapping.”

ICE encourages the public to report crimes or suspicious activity by contacting the ICE tip line at 1-866-DHS-2-ICE or visiting www.ice.gov.

MIL Security OSI –

July 26, 2025
MIL-OSI USA: Governor signs emergency order for Doña Ana County flooding

Source: US State of New Mexico

SANTA FE – Gov. Michelle Lujan Grisham has issued an emergency order to make $750,000 in state funding available to support state agencies responding to the flooding in Doña Ana County.

“Vado is facing devastating flooding, and this crisis demands immediate action,” said Gov. Lujan Grisham. “New Mexico is mobilizing resources to support this resilient community through recovery.”

Executive Order 2025-333 directs the New Mexico Department of Finance Administration to allocate $750,000 to the Department of Homeland Security and Emergency Management (DHSEM) for emergency response efforts.

The state of New Mexico has also requested team from FEMA to assist with preliminary damage assessments next week to determine whether the county meets the requirements for federal assistance.

The State Disaster Helpline is available to residents looking for resources from 7 a.m. to 7 p.m. at 1-833-663-4736. Information can also be found on the DHSEM’s website.

MIL OSI USA News –

July 26, 2025
MIL-OSI Russia: 1 Dead in US University Shooting, Gunman at Large

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

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

HOUSTON, July 25 (Xinhua) — The gunman who shot and killed one person and wounded another at a dormitory at the University of New Mexico (UNM) in the U.S. city of Albuquerque early Friday is still at large, authorities said.

Police warned that the shooter may still be on campus.

It is currently unclear whether the victims were students at the university.

Following the shooting, UNM said on social media that its main campus was closed “out of an abundance of caution,” urging students to remain indoors.

UNM, which is a state educational institution, has about 22 thousand students. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 26, 2025

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