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Category: Machine Learning

  • MIL-OSI Economics: Enhancing Teams video quality with Super Resolution, now in public preview

    Source: Microsoft

    Headline: Enhancing Teams video quality with Super Resolution, now in public preview

    Microsoft Teams continues to evolve to provide users with the best possible experience in virtual communication. One of the latest advancements is the introduction of Super Resolution (SR) support for Teams that we announced in Microsoft Ignite 2024. It is now available in public preview and will be general available in March. This feature, initially rolled out for Snapdragon X-based Copilot+ PCs, enhances video quality, especially under poor network conditions.

    Network conditions can pose a challenge during high-traffic Teams meetings. Limited network bandwidth can force the transmission of lower-resolution videos, leading to decreased video quality. Traditionally, Teams would upscale these videos using conventional methods, which can result in blurry visuals.

    Super Resolution for Teams leverages the power of Copilot+ PC AI to restore video resolution. Instead of relying on conventional upscaling methods, which fall short in delivering clearer images, Teams uses AI to enhance video resolution, producing notably improved video.

    The following video clip shows a 2-participant Teams call with low resolution (360p) incoming video and compares the call quality before and after Super Resolution is enabled.

    The following screen captures zoom into the video to highlight the differences and improvements between the two.

    Figure 2: Zoomed in comparison of with and without super resolution enabled.

    We conducted a subjective video quality assessment of a two-participant end-to-end Teams call. The call received several 360p resolution videos, which needed to be viewed at approximately 720p viewport size. The results indicated an average increase of +0.6 CMOS in quality (Comparative Mean Opinion Score), where users rated the quality difference on a scale from -3 (Much Worse) to +3 (Much Better). Additionally, 68% of users rated the super-resolution (SR) results as superior.

    Most video calls are stable and transmit the required resolutions without needing upscaling. Super Resolution remains disabled in those scenarios. However, if bandwidth is limited, Teams will automatically enable Super Resolution for videos that do not meet the receiver’s viewing sizes. The effectiveness of SR depends on the level of upscaling needed, being more noticeable in severely degraded videos (such as the example above) than those needing slight upscaling. Thus, the feature’s performance varies with bandwidth constraints.

    By default, the feature is enabled for devices connected to a power supply. This ensures that users benefit from the enhanced video quality without worrying about battery consumption. When devices are running on battery power, Super Resolution is switched off to conserve energy, allowing users to stay mobile without draining their battery. Users may also disable this feature manually via a toggle button in the “Video settings” dialog.

    The current release is exclusive to the Teams Windows app on Snapdragon X based Copilot+ PCs, and supported on all OEM Copilot+ PC platforms: Surface, Dell, HP, Asus, Acer, Samsung, Lenovo. Teams will continue improving the feature’s performance, as well as expand this capability to other devices sporting capable NPUs. This includes Intel and AMD Copilot+ PCs. The vision is to make Super Resolution a standard feature across various platforms, ensuring all users can experience superior video quality.

    The introduction of Super Resolution for Teams marks a significant milestone in enhancing virtual communication. By addressing the limitations of conventional upscaling methods and leveraging the power of AI, users can look forward to clearer, more detailed video streams, even in challenging network conditions. Stay tuned for further updates and experience the difference with Super Resolution in public preview.

    MIL OSI Economics –

  • MIL-OSI USA: Durbin, Duckworth Join Kaine In Raising Alarm Over Trump Administration Chaos At Critical National Security Agencies

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 05, 2025

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL), a member of the U.S. Senate Committee on Foreign Relations, joined U.S. Senator Tim Kaine (D-IL), along with 34 of their Senate colleagues, in sending a letter to Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID). 

    USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability.  Earlier this week, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do.  The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the so-called Department of Government Efficiency access to classified documents and systems.

    “We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID).  Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the Senators.

    The Senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy.  The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

    “Foreign assistance is critical to supporting U.S. strategic interests around the world.  Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research.  China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the Senators.

    They continued, “Every Administration has the right to review and adjust ongoing assistance programming.  However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

    The letter is signed by U.S. Senators Cory Booker (D-NJ), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), and Elissa Slotkin (D-MI).

    The full text of the letter is available here and below:

    February 4, 2025

    Dear Secretary Rubio:

    The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority. 

    As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

    The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

    Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

    Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

    We request immediate clarification on the following:

    Status of USAID:

    1. Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
    2. Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs. 
    3. The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
    4. Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security. 
    5. Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.

    Personnel:

    1. Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
    2. The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
    3. The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
    4. Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
    5. Clarification of which Administration official directed the implementation of this mass furlough.
    6. Clarification of whether these individuals were directed to be terminated without cause.
    7. Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
    8. Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
    9. Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
    10. Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
    11. Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
    12. Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
    13. Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.

    Resumption of Foreign Assistance:

    1. The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
    2. The mechanisms and metrics established for this waiver process.
    3. The timeline for full resumption of legally mandated foreign assistance activities.
    4. Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
    5. Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.

    We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

    Respectfully,

    -30-

    MIL OSI USA News –

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend Nepal on Increased Representation of Women in the Public Sector, Raise Questions on the “Chhaupadi” Practice and Women’s Right to Confer Citizenship

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the seventh periodic report of Nepal, with Committee Experts commending the State for increasing the representation of women in the public sector, while raising questions on the “Chhaupadi” practice affecting menstruating women and girls, and Nepalese women’s right to confer citizenship to their spouses and children.

    Hiroko Akizuki, Committee Expert and Country Rapporteur for Nepal, reading questions on behalf of another expert, commended Nepal for its recent increases in the representation of women in the public sector, increasing over the last decade from just 8 per cent to almost 30 per cent now, with targets to increase this to 35 per cent by 2030.

    Another Expert said the Chhaupadi practice forcibly exiled menstruating women and girls from their homes to menstruation huts. Although this practice had been criminalised, its practise continued, and this had resulted in the deaths of menstruating women and girls from animal attacks. What was being done in this area and in the area of period poverty? How could the engagement of men and boys be mobilised against Chhaupadi?

    A Committee Expert noted that despite recent amendments to the Constitution, many discriminatory provisions still caused immense hardship to women, girls and their families, particularly when it came to passing on citizenship. Did the State party plan to address this gross violation of women’s rights by repealing several articles in the Constitution, allowing Nepalese women to transfer their nationality to their spouses on equal terms? How would the State party enable stateless children to access social services? Were there plans to ensure universal birth registration in the State party, and to ratify the two United Nations conventions on statelessness?

    The delegation said the Government had conducted many programmes in the provinces where practices of Chhaupadi were practised. Ending traditional, harmful practices in society was not easy, and it took time to bring about change. The State had developed Chhaupadi guidelines in 2007 and was developing guidelines for the concept of dignified menstruation.

    The delegation said Nepal’s Constitution ensured that women had equal rights to confer citizenship to their children. In January 2025, the Government submitted the citizenship bill to address challenges for individuals and children whose mothers had passed away. If the father’s identity was unknown, citizenship could be granted based on the maternal line. This amendment aimed to confer citizenship to those born to a Nepalese mother outside Nepal’s borders. If the father of a child was not identified, the mother could register her family name at the birth of the child.

    Introducing the report, Nawal Kishor Sah Sudi, Minister for Women, Children and Senior Citizens of the Government of Nepal, said the State was proud to have four high-ranking women policymakers of the Government of Nepal in the delegation, as well as Ms. Bandana Rana, as a distinguished Committee Member of this Committee. Since the promulgation of the Constitution, the Federal Parliament had enacted 16 different laws related to fundamental rights, including the rights of women. The State had also made notable progress in women’s political representation and participation, with women holding 34 per cent of seats in the Federal Parliament. The Government also recently appointed its first woman Chief Secretary and the first woman Registrar in the Supreme Court of Nepal in history.

    In closing remarks, Ram Prasad Subedi, Permanent Representative of Nepal to the United Nations Office at Geneva, said the dialogue had been wonderful and constructive. The participation of all stakeholders was greatly appreciated. The Government was fully committed to upholding the Convention’s objectives.

    In her closing remarks, Nahla Haidar, Committee Chair, thanked the State party for its commitment and political will, and for the constructive dialogue.

    The delegation of Nepal was comprised of representatives of the Ministry of Women, Children and Senior Citizens; the Ministry of Law, Justice and Parliamentary Affairs; the Office of the Prime Minister and Council of Ministers; and the Permanent Mission of Nepal to the United Nations Office at Geneva.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage . Meeting summary releases can be found here . The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Thursday, 6 February to consider the ninth periodic report of Belarus (CEDAW/C/BLR/9).

    Report

    The Committee has before it the seventh periodic report of Nepal (CEDAW/C/NPL/7).

    Presentation of Report

    NAHLA HAIDAR, Committee Chair, said the Committee was proud to have Ms. Bandana Rana as a member of the Committee from Nepal.

    NAWAL KISHOR SAH SUDI, Minister for Women, Children and Senior Citizens of the Government of Nepal, said the State was proud to have four high-ranking women policymakers of the Government of Nepal in the delegation, as well as Ms. Bandana Rana, as a distinguished Committee Member of this Committee. Nepal remained fully committed to the implementation of the Convention and had made substantial progress in developing a robust legal and policy framework that supported the empowerment of women and girls.

    Since the promulgation of the Constitution, the Federal Parliament had enacted 16 different laws related to fundamental rights, including the rights of women. These laws comprehensively addressed women’s rights and reflected the State’s commitment to strengthening legal protections. The Government of Nepal had commenced its sixteenth Periodic Plan (2024/25–2028/29) in 2024, which recognised the critical importance of gender-sensitive policies and prioritised gender equality and women’s empowerment as fundamental pillars of its development agenda.

    The citizenship (amendment) bill had been registered in Parliament, aiming to address citizenship challenges for individuals whose mothers had died early or were out of contact. Provisions ensured that if a father’s identity was unknown, citizenship could be granted based on maternal descent. Nepal had ratified the United Nations Palermo Protocol in 2020, and in 2024, an act to amend some of Nepal’s laws had been amended by widening the definition of trafficking to include foreigners and immigrants, and also criminalising human smuggling.

    Nepal was the second country in Asia to recognise same-sex marriage. Other legal processes, including marriage and identity cards for sexual and gender minorities, were underway. The Nepal Law Commission, an autonomous research body of the Government, was currently conducting a comprehensive study on discriminatory laws against the rights of gender and sexual minorities to initiate necessary legal reform in this regard. The State had also made notable progress in women’s political representation and participation, with women holding 34 per cent of seats in the Federal Parliament. The Government also recently appointed its first woman Chief Secretary and the first woman Registrar in the Supreme Court of Nepal in history.

    Nepal remained committed to combatting gender-based violence and had established women, children, and senior citizen service centres in 1996 as part of a dedicated unit within the Nepal Police to investigate gender-based violence cases effectively. Today, 232 fully functioning centres operated across the country, strengthening Nepal’s law enforcement response to violence against women.

    The Government provided free physical and mental healthcare services and protective measures. Currently, 94 government health institutions functioned as one-stop crisis management centres, alongside 21 service centres that served as transit homes, and 276 additional support centres. The Government of Nepal had established long-term rehabilitation centres, one at the national level and another at the provincial level. There were also 10 dedicated rehabilitation centres for victims of human trafficking and 53 community-based safe shelters, operating in collaboration with provincial governments, civil society organizations, and other stakeholders. Over 6,000 community-based networks were actively engaged in the fight against gender-based violence, reflecting Nepal’s strong commitment to protecting vulnerable groups and ensuring justice to the survivors.

    Nepal recognised the link between climate change, natural disasters, and gender equality, and had strengthened disaster preparedness to support and protect women, especially in vulnerable communities. The September 2024 floods in Kathmandu and nearby areas saw effective disaster management, ensuring shelter, healthcare, and essential services for affected communities. Nepal continued to integrate gender considerations into national climate policies to build long-term resilience.

    Nepal remained committed to ensuring justice for victims of past human rights violations, particularly in cases affecting women. The third amendment to the enforced disappearances enquiry, truth, and reconciliation commission act 2014, approved in August 2024, now explicitly included serious human rights violations in its amendment such as rape and grave sexual violence, intentional or arbitrary killings, enforced disappearances, inhumane or cruel treatment, and torture. A Special Court had been designated to adjudicate these cases and a dedicated investigative unit for sexual violence cases had been established.

    Nepal remained steadfast in its commitment to gender equality, women’s empowerment, and social justice. The State aimed to expand access to quality education for girls, particular in rural areas, enhance women’s economic independence, strengthen maternal health and gender-based violence support services, develop gender-sensitive infrastructure, and promote women’s leadership. While challenges remained, the State’s resolve was stronger than ever, and the Committee’s guidance was welcomed.

    Statement by the National Human Rights Institution

    LILY HAJUR BASNYAT THAPA, National Human Rights Commission of Nepal, said it was crucial to acknowledge progress made by the State. The affirmative actions taken by the Government of Nepal were highly appreciated. Despite constitutional guarantees, Nepal’s legal framework still contained critical gaps. Nepalese laws lacked comprehensive definitions of discrimination, particularly around direct, indirect, and intersectional forms of discrimination affecting women. While some protective measures existed, implementation remained inconsistent. A distinct legal provision with a comprehensive definition of discrimination was essential to ensure justice for women facing severe discrimination. More action needed to be taken to strengthen the institutional mechanism, the National Women’s Commission.

    The legal prohibition of entrenched harmful practices such as child marriage, Chhaupadi, discrimination against widows, and dowry, continued to persist. The Government of Nepal had expedited its efforts to amend almost a dozen laws to make them compatible with the Palermo Protocol, but it was too late to make amendments to the laws related to human trafficking. Furthermore, women often faced significant barriers in employment and migration. In sectors like tea plantations, where women constituted 80 per cent of the workforce, they lacked adequate maternity protections and faced potential wage cuts during pregnancy. Migrant women workers were particularly vulnerable, experiencing exploitation in destination countries with insufficient pre-departure training and reintegration support. Similarly, critical challenges persisted in sexual and reproductive healthcare. Rural and Madhesi women faced limited access to family planning and safe abortion services. Moreover, a deeply entrenched son preference continued to drive sex-selective practices, with statistics showing 112 boys born for every 100 girls in 2021.

    Several critical areas demanded immediate attention. Women faced substantial restrictions in conferring citizenship to children and spouses, unlike their male counterparts. Rural women had limited access to sexual and reproductive health services, and comprehensive sexuality education remained restricted. Indoor pollution where 80 per cent of rural cooking happened without ventilation, caused around 7,500 annual deaths, disproportionately affecting women. The Commission proposed several critical interventions including to enact comprehensive anti-discrimination legislation, establish robust mechanisms for women’s protection, strengthen political representation through practical measures, improve migrant worker protections, enhance sexual and reproductive healthcare access, and address systemic gender stereotypes. The Committee was urged to strongly recommend the full and immediate implementation of women’s constitutional and legal rights in line with the Convention and the Committee’s previous recommendations.

    Questions by a Committee Expert

    HIROKO AKIZUKI, Committee Expert and Country Rapporteur for Nepal, said the Committee commended Nepal for its commitment to fulfilling its obligation and participation in the exchange despite repeated earthquakes and natural disasters. What efforts had been taken to adopt comprehensive anti-discrimination legislation, including a definition of discrimination against women, in both the public and private spheres? How did the State party address cross-cutting discrimination against women, including women with disabilities, lesbian, gay, bisexual, transgender and intersex women, indigenous women, and elderly women, among others? What measures had been taken to ensure the effective implementation of laws? What was the status and content of the special opportunity bill? Were women’s rights organizations participating in the drafting of the bill? What measures had been implemented to enhance women’s awareness of their rights, and the legal remedies available under the Convention? Were human rights being recognised as including the collective rights of indigenous women?

    Responses by the Delegation

    The delegation said Nepal was doing its best to implement legal reforms with a legal perspective. The State had a plan for an integrated gender-based violence act, which was underway and moving in a positive direction. Nepal’s Constitution provided the framework for fighting all acts of discrimination. The State was aware that there should not be any multiple and intersecting forms of discrimination. Nepal had several special laws which provided remedy for discrimination, including the human trafficking act, the domestic violence act, the sexual harassment at work act, the witchcraft accusation act, the labour act, and the victim crime act, among others, along with the Criminal Code, which provided no room for discrimination on any ground.

    At present, there were special opportunity provisions scattered in various laws. It was expected that the special opportunity bill would soon be enacted by the Parliament. There were paid lawyer systems in the court, and more than 41,000 people received these services last year. It was required that for any lawmaking, there should be consultation with stakeholders with all three tiers of Government, to ensure a participatory approach. This would be occurring with the legal aid bill in a few weeks. In 2024, 200 young lawyers were mobilised, with 121 being women, to provide legal aid. The State had begun to have a roster of pro-bono lawyers within the Nepal Bar Association, already this year they had provided 79 victims with pro-bono support, 79 of whom were women. There was no special law concerning the rights of indigenous women, but scattered laws covered these rights.

    Questions by Committee Experts 

    A Committee Expert asked what plans were in place to provide necessary resources to implement the national gender equality policy? Were there plans to establish provincial offices of the National Women’s Commission? What measures had been taken to address recommendations of the National sub-Committee, so it could fully comply with the Paris Principles? There were allegedly issues with financing for the resources assigned to the Ministry of Women; could more light be shed on this issue? How was the budget distributed and how were the issues dealt with? How effective were the decisions taken by the National Women’s Commission? Were their decisions binding? 

    Another Expert said temporary special measures were essential for ensuring equal opportunities for women in economic and social life. Could more information be provided about the State’s gender quotas? When would a gender equality principle be implemented directly into the Election Code of Conduct? How could temporary special measures be used to mitigate specific discrimination faced by minorities?

    Responses by the Delegation

    The delegation said the Government was actively implementing the gender equality policy, but faced challenges in this regard, including a lack of resources. Financial resources were being prioritised by the plan. After the federal election in 2017, 16 parliamentary panels were formed to monitor the Government’s work. A division was responsible for monitoring and implementing recommendations from the treaty bodies.

    Recently, Nepal had been taking many steps in the area of temporary special measures. In line with the Committee’s previous recommendations, the Government had enacted temporary special measures to accelerate women’s participation at all levels, particularly in the decision-making processes. One of the most notable achievements had been the gender balance in leadership at the highest level of the Government. It was mandated that the House of Representatives needed to include at least one woman. At the recent elections of the local level, it was mandated that at least one nominee for the position of Mayor or Deputy Mayor should be a woman. In the 2022 elections, over 40 per cent of women were elected as representatives, a notable improvement from the 2017 elections. In the Office of the Prime Minister, there was a committee to facilitate the recommendations of the National Human Rights Commission.

    Nepal had seven provinces and budgets were allocated at federal, provincial and local levels. The budget at the federal level was a bit low. The proposed civil services bill had proposed initiatives for indigenous women and other minorities. The provincial services act already sought to provide for minorities.

    Questions by Committee Experts

    A Committee Expert said Nepal had a new opportunity to address historical conflicts in ways which would set an example to other countries in the sub-continent. Despite the reconciliation commission and the commission on enforced disappearances, impunity for conflict-related violations persisted. There should be no amnesty or sentence reductions for rapists. Nepal’s long awaited transitional justice law was adopted in 2024, and the Committee congratulated the State on its many positive elements. But Nepal was encouraged to go further along the women, peace and security agenda. Was Nepal providing reparations for victims of conflict-related sexual violence? Had the law been changed? Nepal was the first Asian country to safeguard the rights of sexual and gender minorities which should be applauded. Nepal’s climate-related gender-based violence was correlated to climate crisis and this should be recognised and included in climate change action plans. How could the laws in Nepal be brought in line with the United Nations treaty on cybercrimes?

    The Chhaupadi practice forcibly exiled menstruating women and girls from their homes to menstruation huts. Although this practice had been criminalised, its practise continued, and this had resulted in the deaths of menstruating women and girls from animal attacks. What was being done in this area and in the area of period poverty? How could the engagement of men and boys be mobilised against Chhaupadi? How could the Kumari practices be modernised in line with modern sciences?

    A Committee Expert took note that the State party had ratified the Palermo Protocol in 2020. When was full compliance with the Protocol expected? Would the State party consider removing a provision which allowed the judiciary to fine victims if they failed to appear in court? Was the State party planning to change the provision which conflated trafficking with sex work? What steps were being taken to ensure trafficking cases were being dealt with in an acceptable time frame? The Committee noted with concern that the Government continued to impose restrictive age bans for women under 24 seeking domestic work, making them at a higher risk of becoming victims of trafficking. Would the State consider lifting these bans. How were migrant women’s needs addressed in bilateral labour agreements? Was pre-departure training provided for women migrants on labour rights or gender specific challenges?

    No progress seemed to have been made to secure the rights of adult sex workers. How and when would the State party formulate a comprehensive policy and legislative framework to ensure the protection of women in prostitution? How would Nepal punish law enforcement officers who targeted sex workers? How would the State support sex workers in leaving the profession and seeking new forms of work.

    Responses by the Delegation

    The delegation said the Government had conducted many programmes in the provinces where practices of Chhaupadi were practised. Ending traditional, harmful practices in society was not easy, and it took time to bring about change. The State had developed Chhaupadi guidelines in 2007 and was developing guidelines for the concept of dignified menstruation.

    Nepal had ratified the Palermo Protocol in 2020, and an act amended in 2024 widened the definition of trafficking. A draft policy and action plan aimed to address several elements of trafficking, including providing for reparations for victims and training for police and judges in human trafficking cases.

    The amended law had provided specialised scope to examine the issue of sexual violence, and had provided for a special court for cases of sexual violence. The amendment included the victim-centric approach, and aimed to ensure victims were satisfied with outcomes, including reparations.

    Nepalese law did not recognise prostitution. The Nepalese police were taking legal measures to criminalise the clients of prostitutes. The State was aware of the rights of sex workers, which needed to be protected. The 35 day statute of limitations had been abolished and extended to three months. Sex workers were equally entitled to enjoy their rights under the Nepalese Constitution.

    The State was in the process of amending the domestic violence act and would consider the aspect of technology-related gender-based violence. Legal reform was not the only means to intervene in harmful practices. For example, the Government, in cooperation with civil society organizations, was dedicated to controlling the exploitation of sex workers. Public awareness campaigns were being launched in the adult entertainment sector, and multiple efforts had been made to reduce the demand for prostitution through the distribution of leaflets and other media. Collaborative efforts were being made in border areas to monitor human trafficking issues.

    The Government, in support with partners, was working to implement programmes in the provinces with regard to child marriage, including through declaring “child marriage free areas”.

    Questions by Committee Experts

    HIROKO AKIZUKI, Committee Expert and Country Rapporteur for Nepal, reading questions on behalf of another expert, said last session the Committee adopted its latest general recommendation on parity in politics. The State party was commended for its implementation of electoral quotas; however, the low numbers of representation were concerning. What measures was the State party taking to address the low representation of women, particularly from minority groups? In the 2022 election, male voters greatly outnumbered female voters. Did the State party take any measures to ensure political literacy, and engagement among women and girls, to encourage their participation in democratic processes?

    Nepal was commended for its recent increases in the representation of women in its public sector, increasing over the last decade from just 8 per cent to almost 30 per cent now, with targets to increase this to 35 per cent by 2030. Could current data on the gender breakdown of management and decision-making positions in the public sector be provided, as well as any plans in place to increase these figures? Did the State party have any data on women in board and management positions in Nepal and what was being done to increase these figures? What was being done to protect women human rights defenders in the digital sphere?

    Another Expert said despite recent amendments to the Constitution, many discriminatory provisions still caused immense hardship to women, girls and their families, particularly when it came to passing on citizenship. Did the State party plan to address this gross violation of women’s rights, by repealing several articles in the Constitution, allowing Nepalese women to transfer their nationality to their spouses on equal terms. How would the State party enable stateless children to access social services? Were there plans to ensure universal birth registration in the State party, and to ratify the two United Nations conventions on statelessness? Was there a special arrangement in the new proposed bill which addressed Nepalese women married to refugees?

    Responses by the Delegation

    The delegation said the Government had introduced many special measures to accelerate gender equality. Recently, the Government had introduced issues of intersectional disparity, with bills drafted in this regard. Currently, the level of Nepalese female diplomats was low. The Government had taken steps last year to foster inclusivity in international representation, to encourage more diverse representation in foreign engagement. Nepal’s Constitution ensured that women had equal rights to confer citizenship to their children. in January 2025, the Government submitted the citizenship bill to address challenges for individuals and children whose mothers had passed away. If the father’s identity was unknown, citizenship could be granted based on the maternal line. This amendment aimed to confer citizenship to those born to a Nepali mother outside Nepal’s borders. If the father of a child was not identified, the mother could register her family name at the birth of the child.

    Nepal’s representation of women in the public sector had significantly improved, and the Government was making efforts to improve women’s participation in the private sector.

    Questions by a Committee Expert

    A Committee Expert said the Committee had noted with satisfaction significant progress made in the field of education, particularly the act approving compulsory, free education in 2018. The Committee also noted with satisfaction the adoption of the 10-year school education plan to 2032, prioritising female education and gender equality. What measures had been taken to strengthen the institutional capacities of local Governments, including dissemination in local languages? What measures were being taken to ensure access to education for all children, regardless of their caste or citizenship status, including girls of all ethnic or religious groups? The high prevalence of child marriage in certain provinces had resulted in a high dropout rate from schools. What measures were being taken to ensure pregnant and married girls could continue their education?

    Responses by the Delegation

    The delegation said every citizen had the right to access education. Persons with disabilities had the right to free education and every Nepalese community had the right to receive education in their mother tongue. Nepal had adopted the policy of no discrimination in education, whatever the status of citizens. There were some difficulties with children who did not have citizenship, but it was hoped the citizenship bill, currently under review by parliament, would rectify this issue. The Government had to provide free textbooks and other logistic support under the act on education for all. The central Government was providing around 11 per cent of the total budget to education, with around seven per cent being allocated to local levels. This allocation had been steadily increasing over recent years.

    In 2016, the median marriage age of Nepalese women was 17.9; it had now risen to 18.3 years. There were some cases of early marriage, and the State acknowledged this. The legal age of marriage had now been raised to 20. Other measures to combat early marriage included night school, counselling programmes, and youth programmes, which contributed to raising awareness and mitigating this issue.

    Responses by the Delegation

    The delegation said the Education Act prioritised education for marginalised communities. The State strove to ensure that education was inclusive for children with disabilities. Many scholarships were provided at local levels and there were policies for providing special grants in 2025. A commitment had been adopted which aimed to eradicate discrimination in education.

    Questions by a Committee Expert

    A Committee Expert commended the State party for policies and legislation in the field of employment, including the labour act, the social security act and the five-year strategic national action plan to 2025 on moving workers in the informal sector to the formal sector. However, there were still discrepancies, including the much lower level of female employment rate, compared to males. What measures had been taken to address the low representation of women in the workforce? What was the timeline for ensuring full payment for women in all sectors? Were enhanced provisions for equal sharing of work for women being envisaged with the new national action plan?

    Women made up only around 10 per cent of migrant workers. What was the timeline to remove the ban and preconditions for women going abroad for domestic work? What protection measures were available for women from online harassment? When would the State party amend the law on sexual harassment and ensure justice for women victims and access to legal aid? How many cases of sexual harassment were prosecuted in the past two years and how many convictions were issued? What measures were envisaged to ensure equal opportunities for women and girls, including those with disabilities, in the digital economy?

    Responses by the Delegation

    The delegation said an employment service centre supported women’s participation in the workforce. Nepal had made substantial progress in reducing the wage gap and promoting equal opportunities, but challenges still persisted. Women were overrepresented in lower sectors and underrepresented in leadership positions. To address these challenges, Nepal was introducing gender responsive policies and conducting leadership training, among other measures. The Government conducted monitoring through regulatory oversight and audits, supported by trade unions and workers. Collaboration was also undertaken with partners, including the World Bank and the International Labour Organization.

    Nepal’s five-year national action plan sought to integrate vulnerable groups into the formal economy through skills training and offering opportunities for workers to formalise their employment. The social security scheme provided support to women in the informal sector and assisted them to transfer to formal employment.

    Nepal was committed to protecting all its citizens, including female migrant workers. Equal treatment policies were in place for both men and women, prioritising their security and health. Nepal was working closely with destination countries, such as the United Arab Emirates, to ensure the safety of its workers. Nepal was incorporating assistive technology to address the needs of persons with disabilities. Specific programmes were being developed to provide training and employment opportunities for persons with disabilities.

    Recently, Nepal had adopted an action plan on business and human rights, which provided a human rights friendly approach for all workers. The State was also implementing the fifth national human rights action plan, which covered employment as a major issue.

    The sexual harassment at workplace act allowed for cases of sexual harassment to be reported, and cases could also be reported to the police. However, it was hard for the Government to collect data on this topic. The safe motherhood and reproductive health act also provided paternity leave to fathers. This equally applied to the public and private sectors. The legal provisions were there but people were often not aware of their rights under these acts.

    Questions by a Committee Expert

    A Committee Expert said since the last review, Nepal had made significant progress in its health policy, particularly in sexual and reproductive health, with the adoption of the national strategy against discriminatory sex selection. However, the maternal mortality rate remained high and there were serious deficiencies in care and health centres. Some women refrained from using contraception unless they gave birth to a male child, putting them at risk of sexually transmitted diseases. The stigma around these diseases and HIV/AIDS prohibited women from seeking timely access to healthcare. What measures did the State intend to adopt to confront these challenges? What would be done to improve maternal mortality and prevent women from contracting venereal diseases and HIV/AIDS? How would it be ensured that women and girls had access to family planning and reproductive health services?

    Abortion services were not easy to obtain or affordable for many women. What would be done to ban selective abortions? What mental health and suicide prevention services were available for women in Nepal? Would the invasive treatment of intersex persons be criminalised? Would forced sterilisation be criminalised, including against women and children with disabilities? How would free, prior and informed consent for women be guaranteed, including with respect to abortion?

    Responses by the Delegation

    The delegation said Nepal had begun a vaccination programme against the human papilloma virus for all women and girls across the country. There were several programmes in place which focused on sexual and reproductive health, including the Safe Motherhood Programme and the Safe Abortion Programme. Any woman could undertake an abortion up to 12 weeks without issue. Safe abortions were available in all seven provinces of the country. The Government acknowledged the importance of mental health support for women. Healthcare providers were provided with training to offer support to women who were navigating fertility issues.

    There were inconsistencies between the sexual and reproductive health act and the Criminal Code. Because of this, the process of the amendment of the Criminal Code had been enacted, in line with the safe motherhood act. Dignified menstruation guidelines had been introduced, and work was being done to ensure the school curriculum covered sexual and reproductive health education.

    Nepal had no record of cases in regard to forced sterilisation of persons with disabilities. A social service unit programme provided access to free health services for specific groups, including women and girls with disabilities.

    Questions by a Committee Expert

    A Committee Expert said in December 2024, the National Planning Committee introduced a framework to increase access to social security programmes for those from marginalised groups. However, women in Nepal still faced significant financial challenges when it came to property ownership, obtaining bank loans, and accessing credit. Family benefits such as pensions and social security were often controlled by male family members, leaving women financially dependent. How did the Government monitor and evaluate the effectiveness of laws and policies aimed at eliminating discrimination in economic and social life? What steps were being taken to address the gaps between legal provisions and their implementation? How were women’s equal inheritance and property rights being enforced? How did the Government ensure women from marginalised communities had equal access to economic resources? What measures were in place to ensure single mothers received the social security benefits they were entitled to? How did the Government ensure pensions and other benefits reached the rightful female beneficiaries rather than be controlled by male relatives?

    Responses by the Delegation

    The delegation said Nepal had launched several programmes for economic empowerment in different areas, with different financial incentives. A programme had supported 90,000 entrepreneurs, with 70 per cent of them being women. The integrated subsidised loan scheme for women entrepreneur development aimed to enhance women’s economic empowerment.

    Questions by Committee Experts

    A Committee Expert said agriculture contributed to one third of Nepal’s gross domestic product. However, most elements within the sector remained male dominated. What measures had been implemented to ensure equal measures to credit and financial support for women? How was their financial literacy being enhanced? What was being done to introduce agricultural tools specifically for women? How was rural women’s access to information being improved? What steps were being taken to mitigate regional disparities? Indigenous women and girls, including those with disabilities, remained largely invisible. What measures had been taken to collect disaggregated data by sex, location and other factors to fully understand the challenges faced by indigenous women and girls? What was being done to recognise indigenous women as a distinct group in laws and policies, and to address their unique vulnerabilities and exclusion?

    Another Expert said Nepal was ranked among the countries most impacted by climate change. Significant rainfall had led to major challenges, including landslides and floods. Could more information be provided on the national action plan 2023? How did it address the negative impact of climate change on women? How did the plan ensure the full and effective participation of indigenous women and recognise their crucial role as caretakers and agents of change?

    Responses by the Delegation

    The delegation said different financial literacy programmes had been introduced for women in different provinces. In one programme, whenever a girl was born, a bank account was opened and the provincial government would contribute 500 Nepalese rupees a month for up to 20 years to support her education and wellbeing. A programme supported vegetable production and was making technology more accessible to women and girls. The Government of Nepal was committed to implementing the Convention. The national gender equality policy 2027 emphasised gender equality in all areas, including indigenous women. In the House of Representatives, the deputy speaker belonged to an indigenous group, and quotas were in place to ensure indigenous women’s representation in politics.

    Nepal was a victim of the climate crisis; the country protected the environment but felt the impact of climate change. Women and indigenous women were disproportionately affected.

    Questions by Committee Experts

    A Committee Expert asked who was eligible for legal aid and for what legal matters? Did legal aid include representation in court? How did women, particularly those from marginalised communities, learn about the right to legal aid? Was legal aid provided through a gender lens? What measures were in place to provide targeted support to marginalised women facing intersectional discrimination, such as sex workers, to access legal aid? Could non-citizens access legal aid in some circumstances?

    Only 52 cases of child marriage were handled by the Nepalese police in 2023. What explained the wide gap between the figures and enforcement? What was being done to protect child brides from being prosecuted? What was being done to eradicate the practice of dowry? Could the delegation clarify the status of gay marriages? How was the safety of inter-caste couples ensured? What legal measures were in place to protect the rights of women in unregistered marriages, such as polygamous marriages?

    Responses by the Delegation

    The delegation said the free legal aid act had been enacted in 1997. Under the act, low earners, victims of domestic violence, and senior citizens could receive free legal aid. The State was working to change the criteria to ensure more vulnerable groups of people could receive access to free legal aid. Legal aid services included the preparation of documents, pleading in front of the court, and different administrative services. There was no particular law to provide non-citizens with legal aid, but this was a fundamental right for everyone.

    Same sex marriage was valid but there was no legal instrument legalising these marriages yet. The State was assessing laws and how they could be reformed to better protect the rights of this community. All marriages had to be registered. There was no discrimination on the grounds of sex when it came to properties; men and women had equal rights. The dowry system had been criminalised by the National Criminal Code. Nepal was committed to having a collaborative approach with civil society and other partners to eliminate harmful practices and sensitise people at the grassroots level. This was a continuous effort.
    Closing Remarks

    RAM PRASAD SUBEDI, Permanent Representative of Nepal to the United Nations Office at Geneva, said the dialogue had been wonderful and constructive. The participation of all stakeholders was greatly appreciated. Nepal had made significant progress in certain areas, including on the Committee’s past recommendations. While there was a lack of data, there was not a lack of action. The Government was fully committed to upholding the Convention’s objectives.

    NAHLA HAIDAR, Committee Chair, thanked the State party for its commitment and political will, and for the constructive dialogue. The Committee would send specific recommendations through for immediate follow-up.

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently. 

    CEDAW25.003E

    MIL OSI United Nations News –

  • MIL-OSI USA: Oxygen Concentrator Recall: JIANGSU JUMAO X-CARE MEDICAL EQUIPMENT CO LTD Removes JMC5A Ni/TruAire-5 Oxygen Concentrator due to the devices spontaneously catching fire

    Source: US Food and Drug Administration

    This recall involves removing devices from where they are used or sold. The FDA has identified this recall as the most serious type. This device may cause serious injury or death if you continue to use it.

    Affected Product

    • Product Names: TRUAIRE-5 02 CONCENTRATOR
    • Model: O2C5L
    • Serial Numbers: All units within serial number range: JA2311000001-JA2312000740

    What to Do

    • All units from the specified serial number range MUST be immediately discontinued from use and removed from service and promptly returned to Compass Health Brands.

    On November 26, 2024, Jiangsu Jumao X-Care Medical Equipment Co., Ltd. sent all affected customers an Urgent Medical Device Recall letter recommending the following actions:

    • Notify customers that have received units within the affected serial number range of this recall and the requirement to replace their oxygen concentrator.
    • Complete and return the medical device recall return response acknowledgement and receipt form to Compass Health Brands within 15 calendar days of receipt.
      • Response form must be returned even if you have no stock or have no record of purchasing this device.

    Reason for Recall

    JIANGSU JUMAO X-CARE MEDICAL EQUIPMENT CO LTD is recalling certain devices due to incidents of device melting and fire during the use of oxygen concentrators. The cause of the fires and melting remains under investigation.

    The use of affected product may cause serious adverse health consequences, including exposure to excess heat and fire that could lead to burns and possibly death.

    There have been no reported injuries. There have been no reports of death.

    Device Use

    The TRUAIRE-5 O2 CONCENTRATOR (Model O2C5L) is intended to provide supplemental oxygen to patients with respiratory disorders by separating nitrogen from room air by way of a molecular sieve. It is not intended to sustain or support life.

    Contact Information

    Customers in the U.S. with questions about this recall should contact Compass Health Brands Corp at 1-800-376-7263 x444.

    Additional FDA Resources

    Additional Company Resources

    Unique Device Identifier (UDI)

    The unique device identifier (UDI) helps identify individual medical devices sold in the United States from manufacturing through distribution to patient use. The UDI allows for more accurate reporting, reviewing, and analyzing of adverse event reports so that devices can be identified, and problems potentially corrected more quickly.

    How do I report a problem?

    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program.

    MIL OSI USA News –

  • MIL-OSI Europe: Other events – Visit to Washington DC – 24-02-2025 – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

    The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

    The Members of the European Parliament traveling to Washington for the parliamentary visit are Anna Cavazzini (IMCO Chair, Greens/EFA), Andreas Schwab (EPP), Pablo Arias Echeverría (EPP), Christel Schaldemose (S&D), Klára Dostálová (PfE), Piotr Müller (ECR), and Sandro Gozi (Renew).

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Tackling old and new types of drugs in the EU – E-002176/2024(ASW)

    Source: European Parliament

    1. While the Commission recognises the growing concern among population and the sense of insecurity near schools and other community settings[1], the EU Drugs Strategy 2021-2025[2] and its related Action Plan clarify that a comprehensive approach is needed. In particular, the EU drugs action plan encourages Member States to develop effective intervention programmes for young people in multiple settings, including schools, families and community and recreational settings, including comprehensive evidence-based strategies in neighbourhoods that experience high levels of drug availability and drug-related crime while creating a protective environment for communities affected by the consumption and sale of drugs or drug-related crime.

    2. The EU Roadmap to fight against drug trafficking and organised crime[3] puts special emphasis on strengthening international cooperation to counter the borderless aspect of criminal networks operating in drug trafficking, which includes law enforcement and judicial cooperation. It further includes strengthened customs and law enforcement action in major logistical hubs, with the launch of an EU Ports Alliance.

    3. The EU seeks to complement Member States’ actions in all aspects of drugs policy. As part of its new mandate, the EU Drugs Agency promotes evidence-based interventions to raise awareness on the adverse effects of drugs[4]. The European Centre for Disease Prevention and Control provides guidance to Member States on prevention and control of infectious diseases, such as HIV/AIDS, among people who inject drugs[5].

    • [1] Flash Eurobarometer 552, Impact of drugs on local communities.
    • [2] EU Drugs Strategy 2021-2025, OJ C 102I, 24.3.2021, p. 1.
    • [3] COM(2023) 641 final.
    • [4] Regulation (EU) 2023/1322 of the European Parliament and of the Council of 27 June 2023 on the European Union Drugs Agency (EUDA) and repealing Regulation (EC) No 1920/2006, OJ L 166, 30.6.2023, Art.16.
    • [5] https://www.ecdc.europa.eu/en/publications-data/prevention-and-control-infectious-diseases-among-people-who-inject-drugs-2023, https://www.ecdc.europa.eu/en/publications-data/guidance-brief-prevention-and-control-infectious-diseases-among-people-who-inject
    Last updated: 5 February 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: English rendering of PM’s reply to the Motion of Thanks on the President’s Address in Lok Sabha

    Source: Government of India

    Posted On: 04 FEB 2025 8:57PM by PIB Delhi

    Respected Chairman,

    I am present here to express my gratitude to the address of the honourable President. Yesterday and today till late at night, all the honourable MPs enriched this motion of thanks with their views. Many honourable experienced MPs also expressed their views, and naturally, as is the tradition of democracy, where there was need, there was praise, where there was a problem, there were some negative things, but this is very natural! Mr. Speaker, it is a great fortune for me that the people of the country have given me the opportunity to sit at this place for the 14th time and express my gratitude to the address of the President, and therefore, today I want to express my gratitude to the people with great respect, and I also express my gratitude to all those who participated in the discussion in the House and enriched the discussion.

    Respected Chairman,

    We are in 2025, in a way 25% of the 21st century has already passed. Time will decide what happened in the 20th century after independence and in the first 25 years of the 21st century, and how it happened, but if we study this President’s address closely, it is clearly visible that the President has told the country about the next 25 years and a new confidence-building speech for a developed India. In a way, this speech of the respected President is going to strengthen the resolve for a developed India, create new confidence and inspire the general public.

    Respected Chairman,

    All the studies have repeatedly said that in the last 10 years, the people of the country have given us a chance to serve them. 25 crore countrymen have come out of poverty by defeating the poverty.

    Respected Chairman,

    For five decades you have heard slogans of eradicating poverty and now 25 crore poor people have come out after defeating poverty. It does not happen just like that. It happens when one spend one’s life for the poor in a planned manner with full sensitivity and dedication.

    Respected Chairman,

    When people connected to the land spend their lives on the land while knowing the truth about the land, then change on the land is certain.

    Respected Chairman,

    We have not given false slogans to the poor, we have given them true development. The pain of the poor, the suffering of the common man, the dreams of the middle class are not understood just like that. Respected Chairman, this requires passion and I have to say with sadness that some people do not have it.

    Respected Chairman,

    How difficult it is to live under a thatched roof with plastic sheets during the rainy season. There are moments when dreams are crushed every moment. Not everyone can understand this.

    Respected Chairman,

    Till now the poor have got 4 crore houses. Those who have lived that life do not understand what it means to get a house with a concrete roof.

    Respected Chairman,

    When a woman is forced to defecate in the open, she can either go out before sunrise or after sunset after facing a lot of difficulties to do this small daily ritual, such people cannot understand what trouble she has to go through, respected chairman.

    Respected Chairman,

    We have solved the problems of our sisters and daughters by building more than 12 crore toilets. Respected Chairman, these days there is a lot of discussion in the media. It is happening more on social media. Some leaders are focusing on Jacuzzi and stylish showers in homes, but our focus is on providing water to every home. After 75 years of independence, 70-75% of the country’s population, i.e. more than 16 crore households, did not have tap water connection. Our government has provided tap water to 12 crore families in 5 years and that work is progressing rapidly.

    Respected Chairman,

    We have done so much work for the poor and because of this, the honourable President has described it in detail in his speech. Those who keep themselves entertained by having photo sessions in the huts of the poor will find it boring to talk about the poor in the Parliament.

    Respected Chairman,

    I can understand their anger. Respected Chairman, identifying the problem is one thing but if there is a responsibility then you cannot leave it after identifying the problem, you have to make dedicated efforts to solve it. We have seen, and you must have seen our work of the last 10 years and also in the President’s address, our effort is to solve the problem and we make dedicated efforts.

    Respected Chairman,

    There used to be a Prime Minister in our country, it had become a fashion to call him Mr. Clean. It had become fashionable to call the Prime Minister Mr. Clean. He had identified a problem and he had said that if 1 rupee comes out from Delhi, then only 15 paise reaches the village. Now at that time, from the Panchayat to the Parliament, there was rule of one party, from the Panchayat to the Parliament, there was rule of one party and at that time he had publicly said that 1 rupee comes out and 15 paise reaches. It was an amazing kind of sleight of hand. Even a common man of the country can easily understand to whom the 15 paise used to go.

    Respected Chairman,

    The country gave us an opportunity, we tried to find solutions. Our model is savings as well as development, public money for the public. We created the Gem Trinity of Jan Dhan, Aadhar and Mobile and started giving direct benefit, direct benefit transfer through DBT.

    Respected Chairman,

    During our tenure, we deposited Rs 40 lakh crore directly into the accounts of the people.

    Respected Chairman,

    Look at the misfortune of this country, how the governments were run and for whom they were run.

    Respected Chairman,

    When the fever rises, people say anything, but when along with it, frustration and despair spreads, even then they say a lot.

    Respected Chairman,

    10 crore such fake people who were not born, who had not appeared on this land of India, were taking benefit of various schemes from the government treasury.

    Respected Chairman,

    So that the right does not face injustice, without worrying about political gain or loss, we removed these 10 crore fake names and launched a campaign to find the real beneficiaries and provide help to them.

    Respected Chairman,

    When these 10 crore fake people are removed and the accounts of various schemes are calculated, then almost 3 lakh crore rupees were saved from going into wrong hands. I am not saying whose hands were involved, it was from the wrong hands.

    Respected Chairman,

    We have also made full use of technology in government procurement, brought transparency and today even state governments are using the Gem portal. The purchases made through the Gem portal cost less than what is usually made and the government has saved Rs 1,15,000 crore.

    Respected Chairman,

    Our Swachh Bharat Abhiyan was ridiculed a lot, as if we had committed a sin, a mistake. I don’t know what all was said, but today I can say with satisfaction that due to this cleanliness drive, the government has earned 2300 crore rupees in recent years from the junk sold from government offices alone. Mahatma Gandhi used to talk about the principle of trusteeship. He used to say that we are trustees, this property belongs to the people and therefore we try to save every penny on the basis of this principle of trusteeship and use it at the right place and only then 2300 crore rupees are coming into the government treasury by selling junk from the Swachh Bharat Abhiyan.

    Respected Chairman,

    We made an important decision of ethanol blending. We know that we are not energy independent and we have to import it from outside. When ethanol blending was done and our income from petrol and diesel decreased, that one decision made a difference of Rs 100000 crore and this money of almost Rs 100000 crore has gone into the pockets of farmers.

    Respected Chairman,

    I am talking about saving, but earlier the headlines of newspapers used to be, scams worth so many lakhs. Scams worth so many lakhs, scams worth so many lakhs, it has been 10 years since these scams were not committed. By not having scams, lakhs and crores of rupees of the country have been saved, which are being used in the service of the people.

    Respected Chairman,

    The various steps we have taken have saved lakhs of crores of rupees, but we have not used that money to build a palace for mirrors. We have used it to build the country. The infrastructure budget was Rs 180000 crore 10 years ago, before we came. Respected Chairman, today the infrastructure budget is Rs 11 lakh crore and that is why the President has described how the foundation of India is getting stronger. Be it roads, highways, railways or village roads, a strong foundation of development has been laid for all these works.

    Respected Chairman,

    Savings in the government treasury is one thing and that should be done as I said about trusteeship, but we have also kept in mind that the general public should also get the benefit of these savings. The schemes should be such that the public also saves and you must have seen the expenses incurred by the common man due to illness under the Ayushman Bharat Yojana. On the basis of the people who have taken its benefit till now, I would say that due to taking benefit of Ayushman Yojana, the expenses that the countrymen would have to bear from their own pockets, like this, Rs 120000 crore has been saved for the public. It is necessary that now like Jan Aushadhi Kendra, today in the middle class families, all the gentlemen are of 60-70 years of age, so it is natural that some disease or the other comes, there is also the cost of medicines, medicines are also expensive, since we have opened Jan Aushadhi Kendras, there is 80% discount and because of that, the families who have taken medicines from these Jan Aushadhi Kendras have saved nearly Rs 30000 crore on the cost of medicines.

    Respected Mr Chairman,

    UNICEF also estimates that they have done a big survey of the families whose homes have sanitation and toilets, that family has saved about Rs. 70,000 in a year. Be it the Swachhata Abhiyan, the work of building toilets, the work of providing pure water, our common families are getting  huge benefits.

    Respected Mr Chairman,

    I mentioned tap water in the beginning. There is a report from WHO, WHO says that because of getting pure tap water, the average family has saved Rs. 40000 on expenses incurred on other diseases. I am not counting much, but there are many such schemes which have saved the expenses of the common man.

    Respected Chairman,

    Free food grains are given to crores of countrymen, and the family saves thousands of rupees. PM Surya Ghar Free Electricity Scheme: Wherever this scheme has been implemented, those families are saving on an average 25 to 30 thousand rupees on electricity every year, there is saving in expenses and if there is more electricity, then they are earning money by selling it. That is, there is also saving for the common man. We had run a campaign for LED bulbs. You know that before we came, LED bulbs were sold for Rs. 400 each. We ran such a campaign that its price came down to ₹40 and because of LED bulbs there was saving of electricity and more light was also available and about 20,000 crore rupees of the countrymen were saved in this.

    Respected Chairman,

    Farmers who have used Soil Health Cards scientifically have benefited greatly and such farmers have saved Rs 30,000 per acre.

    Respected Mr Chairman,

    In the last 10 years, by reducing the income tax, we have also worked to increase the savings of the middle class.

    Respected Mr Chairman,

    Before 2014, such bombs were hurled, such bullets were fired that the lives of the countrymen were shattered. We gradually moved ahead by filling up those wounds. 200000 rupees, in 2013-14, ₹200000, only ₹200000, there was income tax exemption on that and today 12 lakh rupees are completely exempted from income tax and in the intervening period also in 2014, in 2017, in 2019, in 2023, we have been doing this continuously, healing the wounds and today the bandage that was left has also been done. If we add 75000 standard deduction to it, then after 1st April, the salaried class of the country will not have to pay any income tax up to 12.75 lakh rupees.

    Respected Chairman,

    When you were working in Yuva Morcha, you must have heard and read about a Prime Minister who used to say 21st century, 21st century almost every day. In a way, it had become a memorized phrase, it had become a catchphrase. He used to say 21st century, 21st century. When it was said so often, R K Laxman had made a great cartoon in Times of India. That cartoon was very interesting. In that cartoon, there is an airplane and a pilot. I don’t know why he liked the pilot. Some passengers were sitting and the airplane was placed on a cart and workers were pushing the cart and 21st century was written on it. That cartoon seemed like a joke at that time, but later on it proved to be true.

    Respected Mr Chairman,

    This was a sarcasm; it was a cartoon that demonstrated how disconnected from ground reality the then Prime Minister was that he was engaged in baseless talk.

    Respected Mr Chairman,

    Those who then talked about the 21st century were not even able to fulfill the needs of the 20th century.

    Respected Mr Chairman,

    Today when I see that I have got the opportunity to look closely at all the things that happened in the last 10 years, I feel very sad. We are 40-50 years late, the work which should have been done 40-50 years ago, and hence this year when the people of the country gave us the opportunity to serve from 2014, we focused more and more on the youth. We emphasized on the aspirations of the youth, we created more opportunities for the youth, we opened many sectors and due to which we are seeing that the youth of the country are waving the flag of their capabilities. We opened the space sector in the country, opened the defense sector, brought the semiconductor mission, we gave shape to many new schemes to promote innovation, completely developed the Startup India ecosystem and in this budget also, respected Chairman ji, a very important decision has been taken. Income tax exemption on income of Rs 12 lakh, this news became so big that many important things have still not been noticed by some people. That important decision has been taken; we have opened up the nuclear energy sector and the country is going to see its far-reaching positive impacts and results.

    Respected Mr Chairman,

    We are also among those who are making efforts to discuss AI, 3D printing, robotics, virtual reality and what is the significance of gaming. I have told the youth of the country that why should India not become the gaming capital of the world and the creativity capital of the world and I see that our people are working very fast. Some people use this word when it is in fashion, but for me there is no single AI, there is double AI, India has double strength, one AI is Artificial Intelligence and the other is AI Aspirational India. We started 10000 tinkering labs in schools and today the children coming out of those tinkering labs are surprising people by making robotics and in this budget, provision has been made for 50000 new tinkering labs. India is a country about whose India AI mission the whole world is very optimistic and India’s presence has gained an important place in the world’s AI platform.

    Respected Mr Chairman,

    In this year’s budget, we have talked about investment in the domain of deep tech and I believe that in order to move ahead at a fast pace in deep tech and the 21st century being a completely technology driven century, it is necessary for us that India moves ahead very fast in the field of deep tech.

    Respected Mr Chairman,

    We are constantly working keeping the youth’s future in mind, but there are some parties that are constantly cheating the youth. These parties will give this allowance or that allowance during elections, they make promises but do not fulfill them.

    Respected Mr Chairman,

    These parties have become a disaster for the future of the youth. 

    Respected Chairman,

    The country has just seen in Haryana how we work. We had promised jobs without any expenditure and without any slips. As soon as the government was formed, the youth got jobs. This is the result of what we say.

    Respected Mr Chairman,

    Grand victory for the third time in Haryana and victory for the third time in the history of Haryana, this is a historic event in itself.

    Respected Mr Chairman,

    Historical result in Maharashtra too, blessings of the people, for the first time in the history of Maharashtra the ruling party has so many seats, we have achieved this with the blessings of the people.

    Respected Mr Chairman,

    In his address, the Honourable President has also discussed in detail the completion of 75 years of our Constitution.

    Respected Mr Chairman,

    Apart from the clauses in the constitution, there is also a spirit of the constitution and to strengthen the constitution, the spirit of the constitution has to be lived and today I want to explain this with examples. We are the people who live the constitution.

    Respected Mr Chairman,

    It is true that in our country, when the President addresses the House, he gives details of the government’s tenure for that year. Similarly, in the state, when the Governor addresses the House, he gives details of the activities of that state. What is the spirit of the Constitution and democracy? When Gujarat completed 50 years, we were celebrating its Golden Jubilee Year and luckily I was serving as the Chief Minister at that time, we took an important decision. We decided that in this Golden Jubilee Year, all the speeches of the Governors in the House in the last 50 years, that is, the governments of that time are praised in it. We said that all the speeches of the Governors in those 50 years should be prepared in the form of a book, a treatise should be made and today that treatise is available in all the libraries. I was from BJP, in Gujarat, there were mostly Congress governments. There were speeches of the governors of those governments, but the job of making them famous was being done by the BJP, this Chief Minister from the BJP, why? We know how to live the Constitution. We are dedicated to the Constitution. We understand the spirit of the Constitution.

    Respected Mr Chairman,

    You know that when we came in 2014, there was no honourable opposition. There was no Recognised Opposition Party. No one had come with even that many marks. There were many laws in India that had complete freedom to work according to those laws, there were many committees in which it was written that the Leader of the Opposition would be in them. But there was no opposition, there was no Recognised Opposition. This was our nature of living the Constitution, this was the spirit of our Constitution, this was our intention to follow the limits of democracy, we decided that even though there would not be an honourable opposition, there would not be a Recognised Opposition, but the leader of the largest party would be called in the meetings. This is the spirit of democracy, it happens then. Committees of the Election Commission, respected Mr Chairman,earlier the Prime Minister used to file it and issue it, it is we who have included the Leader of Opposition in it and we have also made a law for it and today when the Election Commission will be formally formed, the Opposition Leader will also be a part of its decision making process, we do this work. And I have already done this, we do it because we live the Constitution.

    Respected Mr Chairman,

    You will find many places in Delhi where some families have built their own museums. The work is being done with the money of the people, what is the spirit of democracy, what is it called living the Constitution, we built the PM Museum and the life and work of all the Prime Ministers of the country from the first to my predecessors have been made in that PM Museum and I would like that the families of the great men who are in this PM Museum should take out time to see that museum and if they feel like adding something to it, then they should draw the attention of the government so that the museum is enriched and inspires the new children of the country, this is the spirit of the Constitution! Everyone does everything for themselves, the group of people who live for themselves is not very small, people who live for the Constitution are sitting here.

    Respected Mr Chairman,

    When power becomes service, nation building happens. When power is made a legacy, democracy ends.

    Respected Mr Chairman,

    We follow the spirit of the Constitution. We don’t do politics of poison. We give utmost importance to the unity of the country and that is why we build the world’s tallest statue of Sardar Vallabhbhai Patel and we remember the great man who worked to unite the country with the Statue of Unity and he was not from the BJP, he was not from the Jan Sangh. We live the Constitution, that is why we move forward with this thinking.

    Respected Mr Chairman,

    It is the misfortune of the country that these days some people are openly speaking the language of urban Naxals and the things that urban Naxals say, like taking on the Indian State, these people who speak the language of urban Naxals and declare war against the Indian State can neither understand the Constitution nor the unity of the country.

    Respected Mr Chairman,

    For seven decades, Jammu & Kashmir and Ladakh were deprived of the rights of the Constitution. This was injustice to the Constitution and also injustice to the people of Jammu & Kashmir and Ladakh. We broke the wall of Article 370, now the citizens of those states of Jammu & Kashmir and Ladakh are getting the rights that the countrymen have and we know the importance of the Constitution, we live by the spirit of the Constitution, that is why we take such strong decisions.

    Respected Mr Chairman,

    Our Constitution does not give us the right to discriminate. Those who live with the Constitution in their pockets do not know what kind of problems you forced Muslim women to live in. We have worked to give rights to Muslim daughters in accordance with the spirit of the Constitution by abolishing triple talaq, and have given them the right to equality. Whenever there has been an NDA government in the country, we have worked with a long vision. I don’t know what kind of language is being used to divide the country, I don’t know how far frustration and disappointment will take them, but what is our thinking, in which direction do the NDA partners think, for us, we pay more attention to what is behind, what is last and what Mahatma Gandhi had said and the result of that is that even if we create ministries, then which ministry do we create, we create a separate ministry for the North-East. We have been in the country for so many years, till Atal ji came, no one understood, he kept giving speeches, NDA created a separate ministry for the tribals.

    Respected Mr Chairman,

    Our southern states are connected to the sea coast. Many states in our east are connected to the sea coast. Fisheries work and fishermen are a very large part of the society there. They should also be taken care of and in the areas where there is a small amount of water inside the land, there are fishermen from the last section of the society too. It is our government which has created a separate ministry for fisheries.

    Respected Mr Chairman,

    The downtrodden and deprived people of the society have a potential within them, if emphasis is laid on skill development, new opportunities can be created for them. Their hopes and aspirations can create a new life and hence we created a separate Skill Ministry.

    Respected Mr Chairman,

    The first duty of democracy in the country is that we should give power to the common man and keeping this in mind, there is an opportunity to connect crores of people of the country to make the cooperative sector of India more prosperous and healthy. The cooperative movement can be increased in many areas and keeping this in mind, we have created a separate cooperative ministry. What is the vision is known here.

    Respected Mr Chairman,

    Talking about caste has become a fashion for some people. For the last 30 years, the MPs from the OBC community who have been coming to the House for the last 30 years, have been demanding for the last 30-35 years that the OBC Commission be given constitutional status by rising above party differences. Those who see profit in casteism today, did not remember the OBC community at that time, it is us who gave constitutional status to the OBC community. The Backward Classes Commission is included in the constitutional system today.

    Respected Mr Chairman,

    We have worked very strongly in the direction of providing maximum opportunities to SC, ST and OBC in every sector. Today, through this House, I want to put forth an important question before the countrymen and Mr. Speaker, the countrymen will surely ponder over this question of mine and will also discuss it at crossroads. Someone please tell me, has there ever been three SC MPs from the same family in the Parliament at the same time? Have there ever been three SC MPs from the same family? I want to ask another question, can someone please tell me whether there have ever been three ST MPs from the same family in the Parliament at the same time and in the same period?

    Respected Mr Chairman,

    I got the answer to one of my questions about the difference between the speech and behavior of some people. The difference is like the difference between the earth and the sky, the difference is like the difference between night and day.

    Respected Mr Chairman,

    How are we empowering SC ST society? Respected Chairman, I will give you an example of how the welfare of the deprived society is done while maintaining the spirit of unity without creating tension in the society. Before 2014, the number of medical colleges in our country was 387. Today there are 780 medical colleges. Now that the number of medical colleges has increased, the seats have also increased. This is a very important angle, Respected Chairman, and hence the colleges have increased and the seats have also increased. Before 2014, the MBBS seats for SC students in our country were 7700. Before we came, there was a possibility of 7700 youth from Dalit society becoming doctors. We worked for 10 years, today the number has increased and arrangements have been made for 17000 MBBS doctors of SC society. Where is 7700 and where is 17000, if there is any welfare of Dalit society and if there is no tension in the society while increasing the respect of each other.

    Respected Mr Chairman,

    Before 2014, there were 3800 MBBS seats for ST students. Today this number has increased to around 9000. Before 2014, there were less than 14000 MBBS seats for OBC students. Today their number has increased to around 32000. 32000 MBBS doctors will be made from OBC community.

    Respected Mr Chairman,

    In the last 10 years a new university has been established every week, a new ITI has been built every day, a new college has opened every 2 days, just imagine how much growth has taken place for our SC, ST, OBC young men and women.

    Respected Mr Chairman,

    We are behind every scheme- 100% saturation, implement it 100%, the beneficiaries should not be left out, we are working in that direction. First of all, we want that the one who is entitled to it should get it, if there is a scheme, then it should reach him, the game of 1 rupee 15 paise cannot work. But what some people did is that they made a model that gave to only a few people and torment others and did the politics of appeasement. To make the country a developed India, we will have to get rid of appeasement. We have chosen the path of satisfaction, not appeasement, and we are walking on that path. Every society, every class of people should get what is their right without any discrimination, this is satisfaction and according to me when I talk about 100% saturation, it means that it is actually social justice. This is actually secularism and in fact it is respect for the constitution.

    Respected Mr Chairman,

    The spirit of the Constitution is that everyone should get better health and today is also Cancer Day. Today, a lot of discussions are going on about health in the country and the world. But there are some people who are creating obstacles in providing health services to the poor and the elderly and that too due to their political interests. Today, 30,000 hospitals in the country and good specialized private hospitals are associated with Ayushman. Where Ayushman card holders get free treatment. But some political parties, due to their narrow mindset, due to bad policies, have kept the doors of these hospitals closed for the poor and cancer patients have suffered the loss. Recently, a study by the public health journal Lancet has come out, which says that cancer treatment is starting on time with the Ayushman scheme. The government is very serious about cancer detection. Because the sooner the detection is done, the sooner the treatment starts, we can save the cancer patient and Lancet has given credit to the Ayushman scheme and said that a lot of work has been done in this direction in India.

    Respected Mr Chairman,

    In this budget too, we have taken a very important step towards making cancer medicines cheaper. Not only this, an important decision has been taken in the coming days and since today is Cancer Day, I would definitely like to say that all the honourable MPs can take advantage of this for such patients in their area, and that is the patients, you know that due to lack of enough hospitals, patients coming from outside face a lot of problems, a decision has been taken in this budget to build 200 day care centers. These day care centers will provide great relief to the patient as well as his family.

    Respected Mr President,

    While discussing the speech of the President, foreign policy was also discussed and some people feel that unless they talk about foreign policy, they do not look mature, so they feel that foreign policy should be talked about even if it causes loss to the country. I want to tell such people, if they are really interested in foreign policy subject and want to understand foreign policy and want to do something in future, I am not saying this for Shashi ji, so I would tell such people to definitely read a book, maybe they will understand what to say where, the name of that book is JFK’s forgotten crisis. It is about JF Kennedy. It is a book named JFK’s forgotten crisis. This book has been written by a famous foreign policy scholar and important events are mentioned in it. This book also mentions the first Prime Minister of India and he also led the foreign policy. This book also describes in detail the discussions and decisions taken between Pandit Nehru and the then President of America, John F. Kane. When the country was facing a lot of challenges, what game was going on in the name of foreign policy then, is now coming to light through that book and so now I would say that please read this book.

    Respected Mr Chairman,

    After the President’s speech, it is your wish if a woman President, daughter of a poor family, could not be respected, but she is being insulted by all sorts of things being said. I can understand political frustration and disappointment, but what is the reason against a President, what is the reason.

    Respected Mr Chairman,

    Today India is moving ahead by leaving this kind of distorted mentality and thinking behind and following the mantra of women led development. If half of the population gets full opportunity, then India can progress at twice the speed and this is my belief, after working in this field for 25 years my belief has become stronger.

    Respected Mr Chairman,

    In the last 10 years, 10 crore new women have joined Self Help Groups (SHGs), and these women are from underprivileged families, from rural backgrounds. The strength of these women sitting at the bottom of the society has increased, their social status has also improved and the government has increased their assistance to Rs 20 lakh, so that they can take this work forward. We are making efforts in this direction to increase their work capacity, increase its scale and today it is having a very positive impact on the rural economy.

    Respected Mr Chairman,

    The President has discussed the Lakhpati Didi Abhiyan in his speech. According to the information registered so far after the formation of our new government for the third time, we have received information about more than 50 lakh Lakhpati Didis and since I have taken this scheme forward, till now about 1.25 crore women have become Lakhpati Didis and our target is to make three crore women Lakhpati Didis and for this, emphasis will be laid on economic programs.

    Respected Mr Chairman,

    Today, Drone Didi is being discussed in many villages of the country, a psychological change has come in the village, seeing a woman flying a drone in her hand, the villagers’ view of women is changing and today Namo Drone Didi has started earning lakhs of rupees by working in the fields. Mudra Yojana is also playing a very important role in the empowerment of women. Crores of women have stepped into the industry for the first time with the help of Mudra Yojana and have come into the role of industrialists.

    Respected Mr Chairman,

    Out of the houses given to 4 crore families, approximately 75 percent of the houses are owned by women.

    Respected Mr Chairman,

    This change is laying the foundation of a strong India of the 21st century. Respected Speaker, the goal of developed India is the rural economy, without strengthening it we cannot build a developed India and therefore we have tried to touch every sector of the rural economy and we know that agriculture is very important in the rural economy. Our farmers are a strong pillar among the four pillars of developed India. In the last decade, the budget for agriculture has been increased 10 times. Let me tell you about the period after 2014 and this is a very big jump.

    Respected Mr Chairman,

    Those who talk about farmers here today, before 2014, they used to be beaten up for asking for urea. They had to stand in queues all night and that was the time when fertilizers were issued in the name of farmers, but did not reach the fields, somewhere else in black millet and the game of sleight of hand of 1 rupee and 15 paise was going on. Today farmers are getting enough fertilizers. The great crisis of Covid came, the entire supply chain got disturbed, the prices in the world increased unreasonably and the result was that because we are dependent on urea, we have to import it from outside, today for the Indian government  a bag of urea costs ₹ 3000, the government has borne the burden and has given it to the farmer at a price less than 300, less than 300 rupees. We are continuously working to ensure that the farmer gets maximum benefit.

    Respected Mr Chairman,

    In the last 10 years, 12 lakh crore rupees have been spent to ensure that farmers get cheap fertilizers. Around 3.5 lakh crore rupees have been transferred directly to farmers’ accounts through PM Kisan Samman Nidhi. We have also increased the MSP on a record basis and have procured three times more in the last decade than before. Farmers should get loans, easy loans, cheap loans, and that too has increased three times. Earlier, farmers were left to fend for themselves during natural calamities. During our tenure, farmers have received 2 lakh crore rupees under PM Fasal Bima.

    Respected Mr Chairman,

    Unprecedented steps have been taken for irrigation in the last decade and it is unfortunate that those who talk about the Constitution do not have much knowledge. Very few people would know that in our country, Dr. Babasaheb Ambedkar’s vision regarding water schemes was so clear, so comprehensive and so inclusive that it inspires us even today. We launched a campaign to complete more than 100 irrigation projects that were pending for decades, so that water reaches the farmers’ fields. Babasaheb’s vision was to link rivers, Babasaheb Ambedkar advocated linking of rivers. But for years, decades passed, nothing happened. Today we have started work on the Ken-Betwa Link Project and the Parvati-Kalisindh-Chambal Link Project and I have also had a successful experience of working to revive extinct rivers by linking many rivers in Gujarat in this way.

    Respected Mr Chairman,

    This should be the dream of every citizen of the country. It should be the dream of all of us that there should be Made in India food packets on every dining table in the world. Today I feel happy when along with Indian tea, our coffee is also spreading its fragrance in the world. It is making a splash in the markets. Even our turmeric has seen the highest demand after Covid.

    Respected Mr Chairman,

    You will definitely see that in the coming times, our processed seafood and the Makhana of Bihar, which some people are worried about and don’t know when and why, is going to reach the world. Our coarse grain i.e. Shri Anna, will also increase the prestige of India in the world markets.

    Respected Mr Chairman,

    Future Ready cities are also very important for a developed India. Our country is rapidly moving towards urbanisation and this should not be considered a challenge or a crisis. It should be considered an opportunity and we should work in that direction. Expansion of infrastructure leads to expansion of opportunities. Where connectivity increases, possibilities also increase. The first Namo Rail connecting Delhi-UP was inaugurated and I also got the opportunity to travel in it. Such connectivity, such infrastructure should reach all the major cities of India, this is our need in the coming days and our direction.

    Respected Mr Chairman,

    Delhi’s network has doubled and today the metro network is reaching tier-2 and tier-3 cities as well. Today we can all be proud that India’s metro network has crossed 1000 km and not only this, work is currently underway on another 1000 km. That means we are progressing so fast.

    Respected Mr Chairman,

    The Government of India has taken many initiatives to reduce pollution. We have started running 12 thousand electric buses in the country and have also done a great service to Delhi. We have given this to Delhi as well.

    Respected Mr Chairman,

    A new economy has always been expanding from time to time in our country. Today, the Gig Economy is developing as an important area in big cities. Lakhs of youth are joining it. We have said in this budget that labour! Such Gig workers should register themselves on the e-Shram portal and after verification, how can we help them in this new age service economy and they should get an ID card after coming on the e-Shram portal and we have said that these Gig workers will also be given the benefit of Ayushman Yojana so that Gig workers will  move in the right direction and it is estimated that today there are about one crore Gig workers in the country and we are also working in that direction.

    Respected Mr Chairman,

    The MSME sector brings a huge number of job opportunities and this is a sector that has immense employment potential. These small industries are a symbol of self-reliant India. Our MSME sector is making a huge contribution to the country’s economy. Our policy is clear, simplicity, convenience and support to MSMEs is a sector that has employment potential and this time we have emphasized on Mission Manufacturing and in a Mission Mode, we are moving forward by giving emphasis to the entire ecosystem of manufacturing sector i.e. giving strength to MSMEs and giving employment to many youth through MSMEs and preparing youth for employment through skill development. We have started working on many aspects to improve the MSMEs sector. The criteria for MSMEs was made in 2006, it was not updated. In the last 10 years, we have tried to upgrade this criteria twice and this time we have taken a very big jump. For the first time in 2020, for the second time in this budget, we have tried to promote MSMEs. They are being given financial assistance everywhere.

    The challenge before MSMEs has been the lack of formal financial resources. During the Covid crisis, MSMEs were given a special emphasis. We have given special emphasis to the toy industry. We gave special emphasis to the textile industry, did not let them face cash-flow shortage and gave loans without any guarantee. Possibilities of lakhs of jobs were created in thousands of industries and jobs were also secured. 

    For small industries, we took steps in the direction of Customised Credit Card, Credit Guarantee Coverage, due to which their Ease of Doing Business also got a boost and by reducing unnecessary rules, their administrative burden, they had to pay one or two people for work, that too was stopped. You will be happy to know that we have made new policies to promote MSMEs, there was a time before 2014, we used to import things like toys, today I can proudly say that the small toy-making industries of my country are exporting toys to the world today and there has been a huge decline in imports. There has been an increase of about 239 percent in exports. There are many sectors run by MSMEs that are making their mark across the world. Made in India clothes, electronics, electrical scouts’ goods are today becoming a part of the lives of other countries.

    Respected Mr Chairman,

    The country is moving ahead to fulfill the dream of a developed India and is moving ahead with great confidence. The dream of a developed India is not a government dream. It is the dream of 140 crore countrymen and now everyone has to give as much energy as they can to this dream and there are examples in the world, in a period of 20-25 years many countries of the world have shown that they have become developed, so India has immense potential. We have demography, democracy, demand, why can’t we do it? We have to move ahead with this confidence and we are also moving ahead with the dream that by 2047, when the country will become independent, it will be 100 years of independence and by then we will become a developed India.

    And Honorable Chairman,

    I say with confidence that we have to achieve bigger goals and we will achieve them and Honorable Speaker, this is only our third term. As per the requirement of the country, we are going to remain dedicated for many years to come to build a modern India, a capable India and to realize the resolution of a developed India.

    Respected Mr Chairman,

    I appeal to all the parties, I appeal to all the leaders, I appeal to the countrymen, everyone has their own political ideologies, their own political programs, but nothing can be bigger than the country. The country is paramount for all of us and together we will fulfill the dream of a developed India, the dream of 140 crore countrymen is also our dream where every sitting MP is working to fulfill the dream of a developed India.

    Respected Mr Chairman,

    While expressing my gratitude for the President’s speech, I also express my gratitude to you and the House. Thank you!

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CFS urges public not to consume a batch of French raw milk cheese suspected to be contaminated with Shiga toxin-producing E. coli

    Source: Hong Kong Government special administrative region

    CFS urges public not to consume a batch of French raw milk cheese suspected to be contaminated with Shiga toxin-producing E. coli
    CFS urges public not to consume a batch of French raw milk cheese suspected to be contaminated with Shiga toxin-producing E. coli
    ******************************************************************************************

        The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (February 5) urged the public not to consume a batch of raw milk cheese imported from France due to possible contamination with Shiga toxin-producing Escherichia coli (STEC). The trade should stop using or selling the affected product immediately if they possess it.    Product details are as follows:Product name: MORBIER LAIT CRU DE SCEY AOP 7KG MEULEBrand: PERRIN VERMOTPlace of origin: FrancePack size: 6.56 kilogramsBest-before date: February 23, 2025Batch number: 34008Importer: Culina HK Limited    “The CFS received a notification from the Rapid Alert System for Food and Feed of the European Commission that the above-mentioned product is being recalled in France due to possible contamination with STEC. Upon learning of the incident, the CFS immediately contacted local importers for follow-up. A preliminary investigation found that the above-mentioned importer had imported into Hong Kong the affected batch of the product concerned,” a spokesman for the CFS said.    The importer concerned has stopped sale and removed the affected batch of the product from shelves and initiated a recall according to the CFS’s instructions. Enquiries about the recall can be made to the importer’s hotline at 2342 3221 during office hours.    “People will contract STEC-causing gastro-intestinal disease through consumption of contaminated water or undercooked and contaminated foods. Intestinal bleeding and serious complications such as hemolytic uraemic syndrome may also develop in some people,” the spokesman said.    The CFS will alert the trade to the incident, and will continue to follow up and take appropriate action. The investigation is ongoing.

     
    Ends/Wednesday, February 5, 2025Issued at HKT 19:55

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Chairman Aguilar: America will be less safe and more expensive because of Trump and Republican corruption

    Source: US House of Representatives – Democratic Caucus

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI – February 05, 2025

    WASHINGTON, D.C. — Today, House Democratic Caucus Chair Pete Aguilar and Vice Chair Ted Lieu held a press conference on House Republicans’ failure to lower the high cost of living while prioritizing stealing taxpayer dollars from vital programs to pay for tax giveaways to billionaires.

    CHAIRMAN AGUILAR: Good morning. House Democrats had a productive Caucus this morning. Leader Jeffries laid out our path forward as we push back against the chaos and the corruption that we’ve seen from Donald Trump’s White House. 

    One thing is clear: with Trump and Republicans in control, America will be less safe and more expensive. We are less safe because an unelected billionaire with controversial ties to China has access to personal information for every American, including potentially tax and Social Security information. We’re less safe because President Trump released violent criminals into our communities, some with records of domestic violence, rape and attacking police officers. We are less safe because hundreds of FBI agents are on the verge of being fired for not being sufficiently loyal to Donald Trump. Women who serve in the military are less safe today because of an executive order Donald Trump signed preventing them from traveling across state lines to seek abortion care. 

    America is more expensive because egg prices are at an all time high, and Republicans in Congress have not taken a single step to reduce the cost of living. The reckless Republican tariffs will increase costs for households by $1,200 each year. Everything from groceries to alcohol to lumber used to build homes will be more expensive. The Republican rip off will increase health care costs by stealing from Medicaid to pay for tax cuts for billionaires and corporations. 

    The American people voted for solutions to their economic challenges and instead got a corrupt White House in an America that is less safe and more expensive. Vice Chair Ted Lieu. 

    VICE CHAIR LIEU: Thank you, Chairman Aguilar. Leader Jeffries has laid out a 10-point plan to fight back against the lawless actions of the Trump Administration. That plan has three themes. There’s going to be a legislative strategy, a mobilization strategy and a litigation strategy. To that end, over 25 lawsuits have already been filed. We expect that a number of these actions by the Trump Administration will be reversed because all the courts have to do is follow the law. And in fact, if you look at what happened, a number of Trump’s actions have been stopped or the Administration has simply folded. 

    The Administration wants you to think that they are invincible, that they are just rolling right along and doing all these things. That is simply not true. A number of times they have been stopped, and they have had to back down. So, for example, on the birthright citizenship order, a Reagan-appointed federal judge declared it unconstitutional, put an injunction on it. And then with the OMB freeze memo, there was pushback from Democrats, from the American people, and they had to rescind that memo, and a judge also declared that memo to be illegal. And then most recently, you saw Trump’s signature issue, the tariffs. He backed out because of the reaction from the stock market and the reaction from the American people. Basically, Canada and Mexico are doing what they said they were already going to do. So essentially, Donald Trump simply folded on that issue. So, I want people to understand their power to shape public sentiment. 

    And not only are the Trump Administration’s actions ludicrous, they are harming people. So, I’ll end on this example: In California, Donald Trump ordered the Army Corps of Engineers to release a whole bunch of water from these dams when no one needed it. So, over 2 billion gallons of water has now been wasted in California. This water from Northern California isn’t even going down to Southern California. It’s largely going to evaporate when farmers don’t need it, and so Republican Congressman David Valadao is going to have to answer to his farmers when in the summer months, they need water and they don’t have enough. 

    Those are the harmful actions of this Administration, and I want people to understand that pushing back against this Administration gets them to fold. 

    Video of the full press conference and Q&A can be viewed here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Bowman, Bank Regulation in 2025 and Beyond

    Source: US State of New York Federal Reserve

    Thank you for the invitation to speak to you today.1 It is a pleasure to be with you. I always enjoy the opportunity to meet bankers from across the country to learn about the issues that are important to you. Recently, I have observed a shift in tone when I talk to bankers about the bank regulatory environment. Bankers are cautiously optimistic that we will see meaningful reform that right-sizes regulation and supervisory approach, reforms that—if executed appropriately—should help the banking system promote economic growth in a safe and sound manner. Today, I will share my views on a number of issues related to banking regulation and supervision, including the importance of tailoring, having a problem-focused approach to bank regulation and supervision, and the imperative of innovation in the banking system.
    One of the unique characteristics of the U.S. banking system is the broad scope of institutions it includes and the wide range of customers and communities it serves. Given this wide variety of institutions, regulators must strive to foster a financial system that enables each and every bank, no matter its size, to thrive, supporting a vibrant economy and financial system. We must also be sensitive to emerging issues and trends that require attention, whether that be unintended consequences from capital requirements, the incentives created by our approach to regulatory applications, and to ensure legal compliance.
    TailoringThe approach to regulation and supervision should promote a healthy and vibrant banking system. One key element of a regulatory approach that does so, and one that I often highlight, is the use of “tailoring” in the regulatory framework. For those familiar with my philosophy on bank regulation and supervision, my interest and focus on tailoring will come as no surprise.2 In its most basic form, it is difficult to disagree with the virtue of regulatory and supervisory tailoring—calibrating the requirements and expectations imposed on a firm based on its size, business model, risk profile, and complexity—as a reasonable, appropriate, and responsible approach for bank regulation and supervision. In fact, tailoring is embedded in the statutory fabric of the Federal Reserve’s bank regulatory responsibilities.3
    The bank regulatory framework inherently includes significant costs—both the cost of operating the banking agencies and the cost to the banking industry of complying with regulations, the examination process, and supplying information to regulators both through formal information collections and through one-off requests. In the aggregate, these costs can ultimately affect the price and availability of credit, geographic access to banking services, and the broader economy. The cost of this framework—both to regulators and to the industry—reflects layers of policy decisions over many years. But this framework could be more effective in balancing the mandate to promote safety and soundness with the need to have a banking system that promotes economic growth.
    Let’s consider costs. As regulatory and supervisory demands grow, there is often parallel growth in the staff and budgets of the banking agencies. We should not only be cognizant of these costs, but we should act in a way that requires efficiency while ensuring safety and soundness. Some degree of elasticity in regulator capacity is necessary to respond to evolving economic and banking conditions, as well as emerging risks, but there must be reasonable constraints on banking agency growth. Expansion of the regulatory framework is not a cost-free endeavor. These costs are shouldered by taxpayers, banks, and, ultimately, bank customers.
    The bank regulatory framework has great potential to provide significant benefits, including supporting an innovative banking system that enhances trust and confidence in our institutions and promotes safety and soundness. When we consider the benefits and the costs, we can institute greater efficiencies in both banking regulation and in the banking industry itself. The framework is complex, and the various elements of this framework are intended to work in a complementary way. As banks evolve—by growing larger or by engaging in new activities—tailoring can help us to quickly recalibrate requirements in light of the new risks posed by the firm.
    But the regulatory framework, especially how supervisors prioritize its application to the banking industry, can pose a serious threat to a bank’s viability. For example, imposing the same regulatory requirements on banks with assets of $2 billion to $2 trillion under the new rules implementing the Community Reinvestment Act demonstrated a missed opportunity to promote greater effectiveness and efficiency.4 I question the wisdom of applying the same evaluation standards to banks within such a broad range.
    Likewise, supervisory guidance can provide fertile ground to differentiate supervisory expectations under a more tailored approach. While supervisory guidance is not binding on banks as a legal matter, it can signal how regulators think about particular risks and activities, and often drives community banks to reallocate resources in a way that may not be necessary or appropriate. The Fed’s guidance on third-party risk management is an example of this. Originally, this guidance was published in a way that applied to all banks, including community banks. Yet it was acknowledged even at the time of publication that it had known shortcomings, particularly in terms of its administration and lack of clarity for community banks.5
    Tailoring is important for all banks, but it is particularly important for community banks. There are real costs not only to banks, but to communities, when the framework is insufficiently tailored, as community banks faced with excessive regulatory burdens may be forced to raise prices or seek to merge or be acquired. These banks often reach unbanked or underbanked corners of the U.S. economy, not only in terms of the customers they serve but also in terms of their geographic footprint. We are all familiar with banking deserts and the challenges many legitimate and law-abiding businesses and consumers have in accessing basic banking services and credit. It is difficult to imagine that a system with far fewer banks would as effectively serve U.S. banking and credit needs and sufficiently support economic growth.
    It is imperative that we keep the benefits of tailoring in focus as the bank regulatory framework evolves. A tailored regulatory and supervisory approach can help inform our policies on a wide range of industry issues that are likely to emerge in the coming years.
    Problem-Based SolutionsOne of the most difficult challenges on the regulatory front is prioritization, both for banks managing their businesses and for regulators deciding how to fulfill their responsibilities. At a basic level, the role of regulators is dictated by statute. Congress granted the Federal Reserve and other banking agencies broad statutory powers but has constrained how those powers may be directed through the use of statutory mandates, including to promote a safe and sound banking system, and broader U.S. financial stability. In the execution of these responsibilities, the Federal Reserve must also balance the need to act in a way that enables the banking system to serve the U.S. economy and promote economic growth. While these objectives are not incompatible, they do require us to consider tradeoffs when establishing policy.
    How can regulators best meet these responsibilities? As many of you may already know, I strongly believe in a pragmatic approach to policymaking.6 This requires us to identify the problem we are trying to solve, determine whether we are the appropriate regulator to address the problem based on our statutory mandates and authorities, and explore options for addressing the identified issue.
    This approach of pragmatic problem-solving also applies to supervision, where process improvements could improve functioning. The Federal Reserve exercises its supervisory responsibilities by supervisory portfolio, with each portfolio relying on a combination of Board and Reserve Bank staff.7 It is important that responsibility for supervisory decisions be paired with accountability for such decisions, which can be complicated depending on the different roles played by Board and Reserve Bank staffs, and as institutions change supervisory portfolios. The misalignment of responsibility and accountability detracts from effective supervision.
    Our supervisory program should require strong examiner training, rely on examiner expertise in the conduct of examinations, and work in partnership with state bank supervisors. Doing so will allow us to leverage the practical experience and judgment of examination staff—characteristics that are necessary for effective supervision—while preserving the role of the Board to delegate and provide Reserve Bank oversight. Examinations cannot be just a box-checking exercise. We must rely on well-trained and experienced examiners empowered to exercise independent judgment and ask questions, which leads to stronger and more effective supervision.
    As we look at the banking system, including the regulatory framework, we must focus on those issues that are most important to advancing statutory priorities. There is always the risk of misidentification and mis-prioritization, and that we fail to take appropriately robust action on key issues or focus on issues that are less material to a bank’s safety and soundness. Our goal should be to develop a better filter to promote appropriate and effective prioritization.
    Treasury market functioningWhere regulation may create or exacerbate financial stability risks, we need to take a close look at whether those risks are justified by the safety and soundness benefits of the regulation. The erosion of liquidity in U.S. Treasury markets provides a good example of unintended consequences and the need to evaluate tradeoffs in regulation. This issue is a byproduct of several important dynamics: (1) the role of large banks in the intermediation of U.S. Treasury markets, (2) the growth of “safe” assets in the banking system, and (3) the increase in leverage-based capital requirements becoming the binding capital constraint on some large banks. While regulators may not have tools to address all of these dynamics, clearly the adverse impact of leverage-based capital requirements falls within the banking regulators’ scope of responsibility.
    Issues with Treasury market functioning have been known for quite some time. We have seen a persistent trend of low liquidity in U.S. Treasury markets for several years, which has been noted in the Board’s semiannual Financial Stability Report.8 Low liquidity can create more volatility in prices, exacerbate the effects of market shocks, and can threaten market functioning. Treasury market functioning and liquidity will likely be affected by the Securities and Exchange Commission’s central clearing requirement for U.S. Treasuries, which may improve market functioning. In addition, the Federal Reserve’s Standing Repo Facility may also help to promote smooth functioning in the Treasury market. But there is uncertainty regarding how the volume of Treasury securities issued and outstanding, and changes to the Fed’s balance sheet over time, may affect this.
    We have seen Treasury markets experience stress events as recently as the September 2019 repo market stress, and the so-called “dash for cash” in March of 2020. Both of these events raised concerns about the resiliency of U.S. Treasury markets. Therefore, we should continue to actively monitor indicators of market function, particularly whether Treasury market functioning improves over time, thereby enabling it to withstand future shocks.
    The banking regulators are uniquely positioned to not only analyze but also remediate components of the bank regulatory framework that may exacerbate Treasury market illiquidity. Large bank-affiliated primary dealers play an important role in the intermediation of U.S. Treasury markets. These dealers are not immune or insulated from the effect of banking regulation. While many factors can affect market liquidity, including interest rate volatility and Treasury market saturation, we must consider whether some of the pressure is a byproduct of bank regulation.
    The Federal Reserve has previously intervened to address market stress and support Treasury market functioning, for example, by temporarily excluding Fed reserves and Treasuries from the denominator of the supplemental leverage ratio (SLR).9 Treasury markets play a critical role in the U.S. and global financial systems, and we should take action to address the unintended consequences of bank regulation, while ensuring the framework continues to promote safety, soundness, and financial stability.10
    Leverage ratios do not differentiate between the risk of certain asset classes or exposures, and therefore appropriately operate as a backstop to risk-based capital requirements. However, in periods of banks’ balance sheet expansion—as during COVID-19 when we saw significant deposit inflows—leverage ratios can become the binding constraint on banks and their affiliates, increasing the amount of required capital based on increased balance sheet size regardless of risk. When constrained in this way, bank-affiliated primary dealers may pull back on market intermediation activities.
    Where we can take proactive regulatory measures to ensure that primary dealers have adequate balance sheet capacity to intermediate Treasury markets, we should do so. This could include amending the leverage ratio and G-SIB surcharge regulations for the largest U.S. banks. Adopting regulatory changes to mitigate these concerns may not be sufficient to ensure market liquidity, but it would be an important step toward building resiliency in advance of future stress events. In my view, it would be better to fix the roof now, while the sun is shining, by addressing over-calibrated leverage ratio requirements, and considering the unintended consequences of any future capital reforms.
    Stress testingI will now turn to another area that the Board has already identified as a priority for review—stress testing. Stress testing can be an important supervisory tool, but its implementation, outcomes and process have raised significant questions and concerns about whether it is useful in identifying systemic weaknesses. In its current structure, it is an opaque test hidden from public scrutiny that is used to establish variable binding capital requirements on large banks. Our review should consider whether it is transparent and fair, and whether there are technical improvements that could enhance the reliability and credibility of the test and its results.11
    In its current form, stress testing is likely deficient on each of these fronts. Transparency promotes fairness, as regulated entities and the public can better understand why and how our actions further our goals. When we identify areas that suffer from a lack of transparency, we should act promptly to address those concerns. On December 23 of last year, the Fed announced that it would soon seek public comment on “significant changes” to the stress testing process designed to improve transparency of the tests and reduce volatility of the resulting stress capital buffers that apply to large financial institutions.12 Given my longstanding support for revisiting the stress testing framework to promote transparency and reduce volatility, I am pleased with this development.13
    FraudFinally, I would like to address the problem of fraud, particularly check fraud, which has grown in frequency and impact over the past several years. Fraud continues to harm banks, damaging the perceived safety of the banking system, and importantly hurting consumers who are the victims of fraudulent activity. Sometimes fraudsters target vulnerable populations, like the elderly, who are particularly susceptible to certain forms of fraud.
    As I have noted in the past, efforts by regulators have been frustratingly slow to advance, and seem to have done little to address the underlying root causes of this increase in fraud. Why has this important issue failed to garner greater attention from all of the appropriate regulatory and law enforcement bodies? Different governmental agencies may share an important role in addressing this problem, but the need for a joint and coordinated solution does not excuse collective inaction.
    Fraud is perhaps the most consistent issue raised when I speak with bankers. Often the concerns note frustrations with the tools available to fight fraud and frictions dealing with counterparties in investigating and addressing fraud. The costs of prevention, detection, and remediation can also be substantial, but so can the costs of navigating these issues dealing with affected bank customers. We are overdue for more assertive action to protect bank customers and the financial system.
    The Innovation ImperativeInnovation has always been a priority for banks of all sizes and business models. Banks in the U.S. have a long history of developing and implementing new technologies, and innovation has the potential to make the banking and payment systems faster and more efficient, to bring new products and services to customers, and even to enhance safety and soundness.
    Regulators must be open to innovation in the banking system. Our goal should be to build and support a clear and sensible regulatory framework that anticipates ongoing and evolving innovation—one that allows the private sector to innovate while also maintaining appropriate safeguards. We must promote innovation through transparency and open communication, including demonstrating a willingness to engage during the development process. Financial institutions should know what activities are permitted, and the supervisory and regulatory expectations that will accompany their activities. By providing clarity and consistency, we can encourage long-term business investment, while also continuing to support today’s products and services. A clear regulatory framework would also empower supervisors to focus on safety and soundness, ensuring a safe and efficient banking and payment system.
    Absent clearer rules of the road, we run the risk of reducing the availability of banking services. Bank regulatory policy should address the needs of the unbanked and expand the availability of banking services. It should not be used to limit or exclude access to banking services for legitimate customers and businesses in a way that is meant to further unrelated policy goals, sometimes referred to as “de-banking” or bank “de-risking.” Credit decisions should not be dictated by banking regulations or supervisory messages. Ultimately, bankers are and should be responsible for their own credit allocation decisions.
    Regulators must change approaches that have resulted in credit allocation decisions, research how banks are making decisions related to which customers they serve, and promote an environment that allows legitimate bank customers to obtain banking services.
    New technologies and services often require novel regulatory and supervisory approaches, and we recognize that past approaches will likely not be effective. Often regulators take a “more is better” approach to regulation and guidance. Over the past several years, the banking industry has faced an onslaught of proposed and final regulations and guidance, materials that require a significant time commitment to review, to comment on, and to implement. Many times, these require changes to policies and procedures or risk-management practices.
    Fundamentally though, this “more is better” approach fails to address the core criticisms, including both an overall lack of transparency, and the perception (and perhaps reality?) that regulators have been overly hostile to innovation, including banks’ involvement in any capacity with digital assets, the use of artificial intelligence, and the availability of new technologies and providers to access the payment system.
    As a banker, state bank commissioner, and as a Board member, I have made the case for a more open-minded approach to innovation, including by co-hosting an informational event for bankers together with three other bank commissioners on distributed ledger technology and banking innovation just prior to joining the Board.14 We must prioritize understanding the risks and benefits of new technologies before developing a supervisory posture, especially when applying rules and using the “soft” power of supervision to discourage its use. Instead, we must create a supervisory and regulatory environment that facilitates reasonable and supportive approaches. The natural posture of a regulator may be to emphasize safety and soundness above all other objectives, but doing so will ultimately stifle innovation and threaten the long-term health and utility of the banking system.
    Closing ThoughtsThank you for the opportunity to speak with you today. The financial system is constantly evolving, and our regulatory approach must anticipate this evolution. We must return to a regulatory approach that emphasizes appropriate tailoring of regulatory requirements and supervisory expectations and take a pragmatic approach in identifying and remediating the most pressing issues. And we must encourage ongoing innovation in the banking and financial systems.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See, e.g., Michelle W. Bowman, “Tailoring, Fidelity to the Rule of Law, and Unintended Consequences (PDF)” (speech at the Harvard Law School Faculty Club, Cambridge, MA, March 5, 2024). Return to text
    3. See, Economic Growth, Regulatory Relief, and Consumer Protection Act, Pub. L. No. 115-174, § 401(a)(1) (amending 12 U.S.C. § 5365), 132 Stat. 1296 (2018). Return to text
    4. See dissenting statement, “Statement on the Community Reinvestment Act Final Rule by Governor Michelle W. Bowman,” news release, October 24, 2023. Return to text
    5. See “Statement on Third Party Risk Management Guidance by Governor Michelle W. Bowman,” news release, June 6, 2023. Return to text
    6. Michelle W. Bowman, “Approaching Policymaking Pragmatically (PDF)” (remarks to the Forum Club of the Palm Beaches, West Palm Beach, FL, November 20, 2024). Return to text
    7. Board of Governors of the Federal Reserve System, “Understanding Federal Reserve Supervision” (“What is the difference between what examiners do at Reserve Banks and staff do at the Board? Supervision is a function of the Board, with Reserve Banks conducting supervision under the Board’s delegated authority. The Board and Reserve Bank staff both play a critical role in carrying out the function of supervision, but the role varies by the supervisory group in which a bank is designated. LISCC supervision is run by the Board, with examiners employed by the Board and the Reserve Banks. For all other programs, examinations are conducted by Reserve Bank staff, with involvement of Board staff on horizontal exercises and key decisions. For banks in supervisory groups other than LISCC, Board staff set expectations for how Reserve Bank staff conduct examinations and, in turn, conduct oversight of Reserve Bank supervision to determine how well supervision is executed.”). Return to text
    8. See Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington, DC, November 2024), 10-11. Return to text
    9. See, e.g., Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio (PDF), 85 Fed. Reg. 20,578, 20,579 (April 14, 2020). Return to text
    10. See Financial Stability Report, 10–11. Board of Governors of the Federal Reserve System, “Federal Reserve Board Announces that the Temporary Change to Its Supplementary Leverage Ratio (SLR) for Bank Holding Companies Will Expire as Scheduled on March 31,” news release, March 19, 2021, (noting that the Board would seek comment on changes to the SLR). Return to text
    11. Michelle W. Bowman, “The Future of Stress Testing and the Stress Capital Buffer Framework (PDF)” (speech at the Executive Council of the Banking Law Section of the Federal Bar Association, Washington, DC, September 10, 2024). Return to text
    12. Board of Governors of the Federal Reserve System, “Due to Evolving Legal Landscape & Changes in the Framework of Administrative Law, Federal Reserve Board Will Soon Seek Public Comment on Significant Changes to Improve Transparency of Bank Stress Tests & Reduce Volatility of Resulting Capital Requirements,” news release, December 23, 2024. Return to text
    13. Bowman, “The Future of Stress Testing.” Return to text
    14. See, e.g., Michelle W. Bowman, “Innovation and the Evolving Financial Landscape (PDF)” (remarks at the Digital Chamber DC Blockchain Summit 2024, Washington, DC, May 15, 2024). Return to text

    MIL OSI USA News –

  • MIL-OSI United Nations: Expand Educational, Workplace Opportunities for Women and Girls to Build Careers in Science, Secretary-General Urges in Observance Message

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message for the International Day of Women and Girls in Science, observed on 11 February:

    Ten years ago, the first International Day of Women and Girls in Science recognized a fundamental truth:  women’s participation is essential for building a better world through science and technology.  I saw that enormous potential firsthand when I was teaching engineering, and I saw the remarkable talent, creativity, and determination of countless women scientists.

    Yet today, women still represent just one third of the global scientific community.  Deprived of adequate funding, publishing opportunities and leadership positions in universities, women and girls continue to face an uphill battle in building careers in science, technology, engineering and math (STEM).

    Look no further than the development of new digital technologies.  Men dominate the field at every level — including in artificial intelligence.  The result is a surge of biased algorithms and embedded inequality, risking a new era of digital chauvinism.

    The more that women are excluded from STEM, the more we limit our collective power to address urgent global challenges, from climate change and food security to public health and technological transformation. 

    We can and must do more to level the playing field.  By expanding scholarships, internships and mentorship opportunities to open doors for women and girls in STEM; creating workplaces that attract, retain and advance women in science; encouraging girls’ engagement in STEM from an early age; championing women leaders in science through the media; and dismantling gender stereotypes.

    The Pact for the Future, agreed last September by Member States, gives renewed momentum to these goals by committing to address barriers preventing the full, equal and meaningful access for women and girls in scientific fields.

    On the tenth anniversary of this important day, and as we reflect on 30 years since the Beijing Declaration, let’s help pave a path to STEM careers that women and girls deserve — and our world needs.

    MIL OSI United Nations News –

  • MIL-OSI: Blockmate subsidiary Hivello enters strategic partnership with Neova to advance decentralised storage

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its subsidiary, Hivello Holdings Ltd has partnered with Neova, a decentralised storage platform, to expand Hivello’s decentralised storage capability, making storage more accessible and profitable for all.

    Below is the press release from Hivello:

    Hivello + Neova: a Strategic Partnership to Advance Decentralized Infrastructure

    LONDON and AMSTERDAM, Feb. 03, 2025 (GLOBE NEWSWIRE) — Hivello, the all-in-one decentralized infrastructure manager, and Neova, a leader in decentralized data storage protocols, are excited to announce a strategic partnership to accelerate the adoption and innovation of decentralized physical infrastructure networks (DePIN).

    Hivello and Neova are coming together to explore how their unique strengths can advance decentralized infrastructure and expand the adoption of Web3 technologies. Hivello simplifies running decentralized nodes by aggregating and managing them across multiple protocols, making it easy for non-technical users to contribute to DePIN networks. Neova, on the other hand, is a decentralized storage protocol built on IPFS, offering secure and privacy-first data storage & management through a network of peer-to-peer and master nodes.

    Hivello and Neova are exploring several areas of collaboration. These include the possibility of Hivello becoming a node distributor for Neova’s decentralized storage network, as well as integrating Neova’s protocol into Hivello’s platform to enhance user accessibility. Hivello also plans to test Neova’s nodes on its testnet in preparation for the mainnet launch. Additionally, both companies collaborate on co-marketing efforts to promote decentralized infrastructure solutions.

    “Neova is pioneering decentralized storage solutions that align with our mission to simplify decentralized infrastructure for everyone,” said Domenic Carosa, Co-Founder & Chairman of Hivello. “Together, we can bridge the gap between innovative protocols and everyday users, opening up new opportunities for collaboration, scalability, and growth in the Web3 space.”

    Quentin Clement, CEO of Neova, added: “Hivello’s user-centric approach to decentralized node management is the kind of innovation needed to grow the DePIN ecosystem. This partnership allows us to explore new ways to expand our decentralized storage network while bringing greater accessibility and efficiency to our users. The possibilities here are exciting.”

    About Neova

    Neova is a decentralized storage protocol that prioritizes privacy, security, and scalability. By leveraging Avail’s Data Availability (DA) Layer, Neova ensures robust on-chain verification and seamless data integrity. Unlike conventional storage solutions, Neova enhances data persistence and censorship resistance with a custom IPFS through a hybrid architecture of peer-to-peer networks and master nodes. Its ecosystem includes solutions such as Neova Drive and electronic signature tools, designed to empower users with true data ownership and frictionless accessibility.

    About Hivello

    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required.

    About Blockmate Ventures Inc.

    Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Neofin Secures $7M Seed Round to Revolutionize Accounts Receivable in Brazil with AI-Powered Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAO PAULO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Cash is king and no business can survive without it. Quoting Warren Buffet: “Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent”. With this principle in mind, Neofin’s mission is to transform the embarrassing process of Accounts Receivable (getting paid) into an efficient flow through technology and Artificial Intelligence.

    The company announced a US$7MM seed round, led by Quona and Upload Ventures. Founded in 2023 by Laura Camargo, Arthur Cunha, and Leandro Sarmento, the funding marks one of the largest seed investments directed toward a female-led startup in Brazil. Other Neofin backers include 17-Sigma (led by Bianca Sassoon), 1616, Far Out Ventures, BFF, Norte, and Canaan, alongside the notable angel investors Cesar Carvalho (Wellhub/Gympass) and Patrick Sigrist (iFood and Nomad).

    Neofin is currently in the first chapter of its existence (and forecasts at least 2 more going forward), which is focused on the Accounts Receivable and Collection cycles. The main feature today is a cutting-edge, customizable, and automated Accounts Receivable Workflow, integrated to the clients’ ERP and bank, that enables tailored segmentation of debtors, ensuring each receives the most appropriate communication and action based on their profile. For example, a faithful client does not need to be bothered with several messages, while an unfaithful client with no intent to pay should be subject to more drastic measures such as credit bureau reporting or legal actions, besides a different voice tone.

    “Technology has the power to transform a very awkward process into an efficient workflow, that understands the uniqueness of each debtor and negotiates accordingly” Laura said, adding that the workflow actually starts before an AR is late. “Our workflow actually begins before bills are overdue by including preventive measures to ensure proper communication before accounts are due.”

    That is strongly related to Laura’s background, she added. “After working for more than 14 years in the finance universe, I witnessed many finance teams having to perform miracles to get paid, and wasting a huge amount of time doing useless tasks. This round is an important milestone for Neofin, allowing us to accelerate growth and invest in the foundational AI to take our product to the next level.”

    For some more context, Laura has a strong private equity and finance background: she worked for more than 8 years in PE firms such as Pátria (Blackstone partner) and General Atlantic, was Global VP of Finance for Wellhub (Gympass) in NY and was a cofounder and CFO at Inventa, a B2B marketplace that raised more than $80 million since 2021. Neofin cofounders Arthur Cunha and Leandro Sarmento share extensive and complementary backgrounds in Finance and Technology.

    The resources will be used in the development of new features of the platform, especially the renegotiation portal 100% touchless, the advanced CRM for Accounts Receivable and the integration of an AI-based LLM with whatsapp for communication with debtors (both companies and people). On top of that, the funds will also be directed to expand the data, machine learning and AI departments to take the customization of each communication to the next level, as well as the segmentation of client profile.

    “More than 40% of invoices issued in the U.S. are paid late, and this trend is mirrored in Brazil and globally,” said Jonathan Whittle, Co-Founder and Partner at Quona Capital “We are pleased to back the team at Neofin. We were compelled by the strength of the team and by their vision to build a next-gen platform to address a massive pain point for SMEs in Brazil, who spend an inordinate time managing their payments and cash flows. We believe the potential in this space is enormous, and we’re excited about the market validation Neofin has achieved in a short time frame.”

    Neofin is a pioneering AI-powered SaaS platform for accounts receivable workflows, transforming the AR process into a data-driven, efficient workflow. With integrations across major ERPs and banks in Brazil, Neofin delivers a flawless experience for clients, enabling finance teams to save time and recover cash effectively.

    Neofin has also partnered with Serasa, offering seamless access to critical credit analysis data and bureau reporting within the platform.

    Contact:

    Laura Camargo
    +5511993295555
    laura@neofin.com.br

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4effd8ec-5a54-4bcd-9062-58ec59438721

    The MIL Network –

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum: Galaxy AI: Redefining the Mobile Experience Paradigm

    Source: Samsung

    Samsung Electronics unveiled the Galaxy S25 series at Galaxy Unpacked 2025, marking the beginning of the next era of mobile AI to explore the latest flagship smartphones and the transformative potential of AI agents, Samsung Newsroom joined the third Galaxy Tech Forum session, titled “True AI Companion: Impact on Life and What’s Next.” 
     
    (From left to right) Bob O’Donnell, Sameer Samat, Jay Kim, Christopher Patrick and Dr. Chris Brauer
     
    More Natural, Intuitive and User-Friendly Mobile AI 
    The session kicked off with welcome remarks from Jay Kim, Executive Vice President and Head of Customer Experience Office, Mobile eXperience Business at Samsung Electronics.  “Yesterday was a very exciting day for us as we launched the Galaxy S25. It’s another big step forward in the AI era,” Kim said. “We’re very excited to be here with our partners today, especially (excited) to talk about everything we did together to launch the Galaxy S25 series.” 
     
    Jay Kim from Samsung Electronics
     
    Moderator Bob O’Donnell, President and Founder of TECHnalysis Research, posed questions to the panelists about the benefits the Galaxy S25 series will bring to users, as well as the barriers blocking certain consumers from using mobile AI.  “AI should make users’ lives better. We study consumer habits, constantly trying to gain a better understanding of our customers,” Kim said. “Ultimately, what we’re trying to do is minimise how much effort it takes to input while maximising the output. To do that, we look at what consumers do on their phones, define the potential use cases alongside our partners, and put it all together in our devices for the best possible consumer experience.” 
     
    The Galaxy Tech Forum discussion on Galaxy AI
     
    “Multimodality can help people become more efficient while AI agents can help people become more productive,” Kim continued. He also highlighted Samsung’s commitment to openly collaborating with its partners to drive progress forward and expressed his excitement for the possibilities AI innovations will bring as part of a new chapter in mobile technology.  
     
    Expanding the Galaxy AI Ecosystem Through Open Collaboration 
    During the session, Samsung offered an inside look at the work done in partnership with Google and Qualcomm to perfect the Galaxy S25 series’ AI innovations.  “Even though the benefit value of mobile AI is really high, it’s of no use if you can’t access it. We had to look at what was already part of the consumer experience and contemplate how we could enhance those experiences in a way that would bring real benefits, but still be easy enough to access,” Kim explained. He noted that close collaboration was essential, particularly in integrating Google’s Gemini intelligence and Qualcomm’s on-device processing capabilities. 
     
    Sameer Samat from Google
     
    “Truly helpful AI must fit naturally into our daily lives. AI is a tool and not an end in itself, and what matters to consumers the most is how helpful AI can be for them,” said Sameer Samat, President of Android Ecosystem at Google. “LLMs represent a massive leap in how computers understand human language. Now, you can speak in completely natural language, removing any friction from the overall experience.” “With Galaxy S25, I’m optimistic that people will quickly adapt to using an AI agent to help them get things done in very natural ways.” 
     
    Christopher Patrick from Qualcomm
     
    Key drivers of multimodal AI capabilities, like Qualcomm’s Snapdragon 8 Elite chipset, were also highlighted, showcasing technology that simultaneously processes multiple forms of information, including voice, images and text.  “The Galaxy S25 series is going to be a completely new experience. You’ll be able to engage with your personalised AI assistant like never before; it doesn’t just feel like interacting with a real person, it perceives your environment and can interact with content shown on your camera,” said Christopher Patrick, Senior Vice President and General Manager for Mobile Handsets at Qualcomm. “Our collaboration with Samsung to customise the chipset to make these new capabilities feel seamless is something I’m really proud of.” 
     
    Breaking Barriers: Mobile AI’s Role in Enhancing Quality of Life 
    During the session, Samsung also presented the findings of a global study conducted in partnership with London-based research firm, Symmetry, that examined the link between mobile AI use and quality of life. The speakers delved into the study’s key implications and offered valuable insights. 
     
    Dr. Chris Brauer from Goldsmiths, University of London, and Symmetry
     
    “The rate of AI innovation is astounding, but what struck me about the research we did with Samsung was that the rate of mobile AI adoption is also rising at a rapid rate,” said Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies at Goldsmiths, University of London, and Chief Innovation Officer at Symmetry. “Frequent consumer use of mobile AI globally has nearly doubled in just six months, jumping from 16% in July to 27% in January.” Dr. Brauer also outlined key findings concerning certain barriers to entry the research found around mobile AI. “We found a really interesting theme among those less willing to adopt the technology: doubt,” Dr. Brauer said.
    “Doubt in AI’s ability to bring meaningful benefits to everyday life (56%), doubt and a lack of high confidence to use AI to its full potential (85%) and doubt around privacy and whether AI can be trusted (90%). There’s immense potential with this technology, but what’s also clear are the very real barriers that must be addressed responsibly for wider adoption to take place.” 
     
    The Galaxy AI discussion session at the Galaxy Tech Forums
     
    The Galaxy AI session concluded with the panelists agreeing that mobile AI innovation is set to revolutionise every aspect of modern life. As representatives of the fast-moving industry, they also vowed to develop related technologies in a responsible manner beneficial to all of humanity.  
     
    
     
     
     

    MIL OSI Economics –

  • MIL-OSI Global: Companion review: this sleek but violent film asks interesting ethical questions about our relationship with AI

    Source: The Conversation – UK – By Sarah Artt, Lecturer in English and Film, Edinburgh Napier University

    Science fiction film and television has long been fascinated by robots. But stories that show us uncannily human cyborgs have often tended to veer towards either comedy or horror. Fritz Lang’s Metropolis (1927) and Ridley Scott’s Blade Runner (1982) both imagine a world where beautiful female cyborgs threaten to overstep their original programming. Rarer are stories that suggest it might be possible to love a cyborg, such as Susan Seidelman’s underseen romantic comedy, Making Mr. Right (1987).

    Companion picks up where Alex Garland’s Ex Machina (2014) leaves off. Ex Machina was about a young man tasked with testing the artificial intelligence (AI) of a female robot. Companion, however, posits a world where synthetic humans have become common.

    Companion’s plot also owes much to the themes of rivalry and revenge present in Karyn Kusama’s horror films Jennifer’s Body (2009) and The Invitation (2022), as well as the TV show Battlestar Galactica’s (2004 to 2009) imagining of full cyborg autonomy.

    Companion is a particularly post-Black Mirror (2011) example of science fiction. With its glossy aesthetics, and ubiquitously friction-less technology, it’s a vision of a future where AI and advanced robotics have made our lives easier. But, in typical Black Mirror fashion, this parable offers a warning.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    We meet Iris (Sophie Thatcher) and Josh (Jack Quaid) as they head to a chic, modern lake house for a weekend with friends. At this point, our only real indication that this is science fiction is the fact that the GPS in Josh’s car is a bit better than usual.

    At first, Iris seems like yet another incarnation of the Manic Pixie Dream Girl – quirky and kittenish, but too bland to really be a protagonist. It is only Thatcher’s subtle physical performance that lets us question whether Iris is entirely human. Besotted with Josh and anxious to please, Iris seems like just another girl who has wished for her prince to come and been rewarded with a supermarket meet cute.

    What makes Companion unsettling is not so much its depiction of cyborgs but rather its portrayal of misogyny.

    Survivors of intimate partner violence will recognise Josh. Particularly his ironclad belief that he is a “a nice guy” who is entitled to an attractive partner who places his needs above all else.

    For some audiences, Companion may not feel firmly rooted enough in either science fiction or horror. But then, it’s really only a horror film if you too are kept awake at night by the thought that some people really want a sex robot with customisable intelligence levels (Josh keeps Iris’s at 40%).

    Thatcher’s performance as Iris is fascinatingly glitchy. There is something about her walk – a precision that isn’t quite human. She stands with a stillness that reminds us she is more object than woman. There is a grimace she makes that conveys how she finds it troubling to process veiled commands from a man who isn’t her partner. It represents a feeling female viewers may have had before, when the social programming that tells women to be nice smacks up against their fight or flight response.

    Iris is a sex robot designed with charming slightly buck teeth – a flaw to offset her pore-less skin. The goal is to prevent her from falling into to the uncanny valley (that discomfited feeling when you encounter an object that is a little too life-like) and make her seem more real.

    Some people argue that you should only have sex with a robot if you think that robot would want to have sex with you. But most science fiction doesn’t really go that way – from Bride of Frankenstein (1935) to Black Mirror, most cyborg figures are programmed to consent without question.

    Companion shows us Iris’s point of view as Josh looms over her during sex. Afterwards, her romance-trope laden chatter is shut down by his command that she go to sleep.

    Companion contains aspects of both comedy and horror. But like the best science fiction, it’s central warning is against those who believe that technology can offer them absolute control.

    Sarah Artt does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Companion review: this sleek but violent film asks interesting ethical questions about our relationship with AI – https://theconversation.com/companion-review-this-sleek-but-violent-film-asks-interesting-ethical-questions-about-our-relationship-with-ai-249062

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Prime Minister to travel to Paris and Brussels to strengthen transatlantic co-operation and advance global progress on AI

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced that he will travel to Paris, France, and to Brussels, Belgium, from February 8 to 12, 2025, to strengthen transatlantic co-operation and advance global progress on artificial intelligence (AI).

    In Paris, the Prime Minister will participate in the AI Action Summit hosted by the President of France, Emmanuel Macron. He will engage with leaders across business and public policy about how we can power the next generation of AI to unlock good-paying jobs and opportunities. Canada is at the centre of this shift, accelerating the innovation and economic potential of AI, while being thoughtful about navigating trust and safety. Seizing this moment is important for the future of Canadian innovation, economic productivity, and our economic security. At the Summit, the Prime Minister will deliver a keynote speech underscoring Canada’s role as a global leader in AI and highlight the importance of working in partnership to develop these technologies responsibly and safely.

    As this year’s G7 President, Canada is committed to working alongside international partners in the face of geopolitical instability and threats against the rules-based international order – challenges that have been accelerated by technology, disinformation, and climate change. On the margins of the Summit, Prime Minister Trudeau will meet with other world leaders to tackle these challenges and renew progress on shared priorities, including international trade, peace and security, and global economic stability.

    Prime Minister Trudeau will then travel to Brussels for a Canada-European Union (EU) Leaders’ Meeting, where he will join his EU counterparts to help secure a strong, prosperous future for people on both sides of the Atlantic. The leaders will discuss ways to advance our collective efforts to strengthen transatlantic security, protect the rules-based international order, continue supporting Ukraine, and create opportunities for our peoples, building on the success of the Canada-EU Comprehensive Economic and Trade Agreement (CETA). While in Brussels, the Prime Minister will also meet with the Secretary General of the North Atlantic Treaty Organization (NATO), Mark Rutte, and reaffirm Canada’s commitment to working with the Alliance to uphold democracy, peace, and security.

    Throughout the trip, Prime Minister Trudeau will strengthen and deepen transatlantic co-operation, advance efforts to solve the world’s most pressing challenges, and deliver on the priorities of Canadians.

    Quote

    “Transatlantic collaboration – in defence and security, in innovation and energy, in business and trade – are essential to Canada’s success. In Paris and Brussels, we will strengthen Canada’s alliances and partnerships, and put Canadians at the forefront of every opportunity, including artificial intelligence.”

    Quick Facts

    • This will be Prime Minister Justin Trudeau’s 11th official visit to France.
    • France is a key ally for Canada on the international stage. France is a member of the North Atlantic Treaty Organization (NATO), the G7, and the G20, as well as a permanent member of the United Nations (UN) Security Council, a founding member of the European Union (EU), and a leading partner in La Francophonie.
    • In 2023, France was Canada’s third-largest merchandise export market in the EU and its 12th-largest trading partner globally, with two-way merchandise trade totalling $12.9 billion.
    • The Artificial Intelligence (AI) Action Summit in Paris is the third global summit of its kind. It follows the AI Seoul Summit, which Prime Minister Trudeau attended virtually last year, and the AI Safety Summit that was hosted by the UK in 2023.
    • Representatives from Canada’s federal research granting agencies will be participating in the AI Action Summit.
    • In Budget 2024, the Government of Canada announced a $2.4 billion package of measures to secure Canada’s AI advantage. These investments will accelerate job growth in Canada’s AI sector and beyond, boost productivity by helping researchers and businesses develop and adopt AI, and ensure this is done responsibly.
    • This will be Prime Minister Justin Trudeau’s sixth official visit to Belgium.
    • Canada and the EU share a strong partnership and a long history of close people-to-people ties, commercial relations, and institutional co-operation. We work together on trade, international peace and security, digital innovation, the fight against climate change, and migration, among other priorities.
    • With its 27 Member States, the EU as a group is Canada’s second-largest destination for goods and services exports, after the United States of America. In 2023, trade between Canada and the EU reached a total of $157.3 billion in combined goods and services.
    • The Canada-EU Comprehensive Economic and Trade Agreement (CETA) was signed in 2016 and has been provisionally applied since 2017. Since then, bilateral merchandise trade between Canada and the EU has grown by more than 60 per cent.
    • Canada is a founding member of NATO. The Alliance is a cornerstone of Canadian security and defence policy and an important platform for Canada’s contributions to international peace and security.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI: c/side Achieves SOC 2 Type II Compliance

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 05, 2025 (GLOBE NEWSWIRE) — c/side, a cybersecurity company with tools for monitoring, optimizing, and securing vulnerable browser-side third-party scripts, today announced that the company has successfully completed its Service Organization Control (SOC) Type II audit, earning SOC 2 Type II certification.

    To learn more about c/side’s security controls and processes, visit: https://trust.cside.dev/.

    SOC 2 Type II certification demonstrates c/side’s adherence to rigorous security standards and validates its enterprise-ready infrastructure for protecting customer data. Developed by the American Institute of Certified Public Accountants (AICPA), the certification confirms that c/side’s systems meet comprehensive requirements for security, availability, processing integrity, and data confidentiality through an extensive audit of security controls and their operational effectiveness.

    To achieve SOC 2 Type II certification, c/side demonstrated thorough security governance built upon foundational principles that include least privilege access (limiting users to only the access they require), defense-in-depth (layering security controls), consistency (applying security controls consistently across all areas), and continuous improvement. c/side protects all datastores containing customer data using encryption at rest, and uses TLS 1.2 or higher and HSTS (HTTP Strict Transport Security) to secure data in transit over potentially insecure networks. c/side’s success in earning SOC 2 Type II certification validates these robust data protections.

    “We’re proud to have earned SOC 2 Type II certification, and to provide customers with complete assurance that their data is handled with the level of privacy and confidentiality they should expect,” said Simon Wijckmans, CEO and founder, c/side. “Our customers can be fully confident that c/side will not only optimize detection and prevention of targeted browser-side script-based attacks on their sites, but will also secure their data with that same depth of expertise.”

    About c/side

    c/side is a forward-thinking cybersecurity startup focused on browser-side detection and protection. Led by industry expert Simon Wijckmans, c/side is pioneering technologies to shield against sophisticated cyber threats, ensuring unparalleled security standards for users across the web.

    Contact
    Kyle Peterson
    kyle@clementpeterson.com

    The MIL Network –

  • MIL-OSI Economics: SPE DSATS/IADC ART Symposium to Convene on 3 March

    Source: International Association of Drilling Contractors – IADC

    Headline: SPE DSATS/IADC ART Symposium to Convene on 3 March

    About the Symposium

    Each year DSATS and ART together hold a half-day symposium addressing a theme relating to the automation of drilling rigs and well construction. This symposium precedes the 2025 SPE/IADC International Drilling Conference & Exhibition with stand-alone registration. Seating is limited to 100.

    DSATS is the Drilling Systems Automation Technical Section of the Society of Petroleum Engineers (SPE). Their purpose is to accelerate the development and implementation of systems automation in the well drilling industry by supporting initiatives that communicate the technology, recommend best practices, standardize nomenclature and help define the value of drilling systems automation. ​

    ART is the Advanced Rig Technology Committee of the International Association of Drilling Contractors. Their mission is to improve safety and efficiency through sound operating procedures, design of automated systems and standardizing automation.​

    Drilling systems automation (DSA) is a unique technology that has been successfully applied in multiple well construction operations. The primary drivers for DSA are efficiency improvement, process safety, environmental protection, and further optimization opportunities.

    In the past years, new disruptive technologies such as AI and ML have entered the market (and our lives). They demonstrate significant benefits and promise transformative changes, especially for automation, yet they may also introduce new risks along with new opportunities.

    Within the context of DSA, how can we leverage these and other technologies? How, if at all, does their emergence change our perspective and approach? Can we afford to ignore them, or should we plan to embrace them to reap the benefits? How and where should we integrate them, considering the known concerns for safety and reliability?

    In Norway there has been significant adoption of automation and AI and ML in fields outside of well construction, which provide different views on the application and benefits of these technologies to industrial challenges. In “Automation, data and robotics in other industries” we invite experts from these external fields to describe their successes and challenges, and the benefits realized, in applying advanced automation technologies.

    Committee

    This event is brought to you by a special committee led by Serafima Schaefer, DSATS Program Chair Europe and Eric Cayeux, DSATS Deputy Program Chair Europe:

    • John de Wardt, DSATS Director Emeritus
    • John Macpherson, DSATS Director Emeritus
    • Michael Affleck, BP Digital and Automation
    • Karma Slusarchuk, DSATS Board Member
    • Sarah Kern, ART Co-Chair
    • Blaine Dow, ART Co-Chair

    For more information or questions regarding the 2025 SPE DSATS/IADC ART Symposium, feel free to contact committee member John de Wardt via LinkedIn.

    MIL OSI Economics –

  • MIL-OSI USA: Duckworth Votes Against Doug Collins’ Nomination to Serve as Secretary of Veterans Affairs

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    February 04, 2025

    [WASHINGTON, D.C.] – Today, combat Veteran and U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Veterans’ Affairs Committee (SVAC) who still receives her own health care services through the U.S. Department of Veterans Affairs (VA)—released the following statement after voting against Doug Collins’ nomination to serve as VA Secretary. The U.S. Senate confirmed Rep. Collins by a vote of 77-23.

    “Before Donald Trump initiated a series of illegal power grabs, I was prepared to vote to confirm Rep. Collins. I remain hopeful that we can find common ground to improve the lives of our Veterans and am glad he agreed with me that we must oppose any dangerous efforts to privatize the VA—which I still plan to hold him to. However, in light of Donald Trump and Elon Musk’s illegal attack on USAID and their efforts to freeze funding that would support Veterans, I cannot vote to confirm this Administration’s nominee to lead our VA. So long as this Administration continues this rampant lawlessness, I’ll keep using my power as a U.S. Senator to push back and prevent Trump and Musk from destroying our democracy as we know it.”

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.05.25

    Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    In speech on Senate floor, Cantwell advocates for new U.S. trade agreements with Southeast Asia, the Middle East, & the Americas to strengthen ties with allies & grow the economy at home; Cantwell slams proposed Trump tariffs: “The payers in this dispute are never the government leaders … it’s the workers who lose their job.”

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), the ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor calling for the United States to establish new trade agreements with Southeast Asia, the Middle East, and Latin America – and to repudiate the trade philosophy of President Donald Trump, whose proposed tariffs on goods from Canada, Mexico, and China would spark a trade war, drive up costs for American consumers, harm domestic businesses across hundreds of industries, and compromise the United States’ global leadership in the free trade ecosystem.

    “It’s better to have a job than be attracted to join a terrorist organization. It’s better to create economic stability than fueling poverty and migration […] Last week, I spoke about additional investments the United States needs to make in Panama, Latin America, and others, to link and modernize bilateral agreements that help us counter China,” Sen. Cantwell said. “Free trade agreements are a way for us — not tariffs — to gain the leverage we want. South Asia could play an important role in this coalition building, particularly in the Indo-Pacific region. But I want us to go further. I want us to understand that U.S.-led negotiations in a Middle East free trade agreement to build on the momentum of a ceasefire in Gaza could further stabilize that region.”

    In her speech, Sen. Cantwell railed against President Donald Trump’s tariff’s proposal, likening his isolationist trade policies to an attempt to make time stand still – a futile goal at any point, but especially during the modern information age, when countries are more interconnected than ever and the United States is locked in an innovation race in artificial intelligence and quantum technology. She also called on the United States to invest in its workforce, research & development, science, and capital investment to modernize its manufacturing and stay competitive.

    “To outcompete our adversaries, we need coalitions, not go-it-alone strategies. Why do we fear this if we think our principles are correct? But somehow the current administration thinks that we’ve been hurt more than we’ve been helped in this global equation, and they want us to believe that somehow there is a win-win situation on tariffs that they can deliver on,” Sen. Cantwell said.

    “Tariffs are a distortion of markets. Tariffs mean we disagree. It very rarely means the disagreement will be resolved quickly. It usually means people will retaliate, and the escalation of that retaliation will hurt consumers so much so that eventually someone will blink,” she continued. “The payers in this dispute, though, are never the government leaders. No, it’s the workers who lose their job. It’s the family that pays higher cost. It’s the community that loses their economic activity and tax revenue.”

    In Washington state: Two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which devastated Washington state’s apple exports.  India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted.  The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, India ended its retaliatory tariffs on apples and pulse crops following several years of Sen. Cantwell’s advocacy, which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    Video of today’s speech is available HERE; and a transcript of Sen. Cantwell’s remarks is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Fischer, King Reintroduce Legislation to Help America’s Working Families

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Today, U.S. Senators Deb Fischer (R-Neb.) and Angus King (I-Maine) reintroduced the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This bipartisan, bicameral legislation will make the Paid Family and Medical Leave (PFML) Employer Tax Credit permanent, helping companies of all sizes offer PFML plans to their employees. 

    Senators Fischer and King established the country’s first-ever nationwide PFML policy, which wasincluded in the 2017 Tax Cuts and Jobs Act and implemented in 2018. The Senators’ legislationbuilds on the 2017 law to better serve working families and hourly workers. It also provides additional ways for businesses to qualify for the paid leave tax credit, such as paying for PFML insurance products, and requires greater outreach efforts to raise awareness about the credit. 

    U.S. Representatives Randy Feenstra (IA-04), Stephanie Bice (OK-05), and Marie Gluesenkamp Perez (WA-03) will introduce identical companion legislation in the House.

    “America’s working families drive our economy forward and strengthen our communities. They shouldn’t have to choose between earning a paycheck and caring for their loved ones. That’s why Senator King and I passed the first-ever nationwide paid family leave law. Now, we need to make our legislation permanent and expand access to ensure that even more businesses can provide paid family leave to the workers who keep them running. I’m determined to get this key legislation included in whatever tax package Congress considers this year,” said Senator Fischer.

    “I have often said that Maine is one big town with long roads and when a member of our community is hurting, we drop everything to take care of our own. However, no one should have to choose between caring for our families or receiving the next paycheck to put food on the table,” said Senator King. “That’s why I’ve been working with my Republican colleague, Deb Fischer of Nebraska, to introduce the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act which makes the PFML tax credit permanent. When families have access to care, they are able to succeed both at home and in their professional careers. Child care is more than a household priority; child care means business!”

    “Paid family and medical leave (PFML) is a lifeline for workers when facing a medical condition or welcoming a newborn into the world. The Tax Cuts and Jobs Act recognized the importance of PFML by helping American small businesses offer these benefits to their employees through the creation of a targeted tax credit specifically for small businesses. However, along with many other policies, this provision expires at the end of the year without action from Congress,” said Congressman Feenstra. “That’s why I introduced legislation to extend and improve this tax credit for our small businesses so that they can provide their workers with up to 12 weeks of PFML without missing a paycheck. As a member of the House Ways and Means Committee, I believe that, by making this policy permanent, we can deliver certainty for our small businesses, keep our workers healthy and employed, and grow our economy and rural communities.”

    “The 45S tax credit, first implemented under the Trump administration, has been instrumental in helping many employers expand paid family leave benefits for their workers. However, awareness and uptake of this credit have been lower than we’d like. This legislation, which I’m pleased to introduce alongside my colleagues, will improve the credit, make it more flexible, increase employer awareness, and make the tax credit permanent,” said Congresswoman Bice.  

    “Taking care of your health, newborn, or family when they’re most in need shouldn’t come at the cost of paying the bills. Strong families mean strong communities and local economies,” said Congresswoman Gluesenkamp Perez. “With the paid family and medical leave tax credit due to expire, our bipartisan legislation will make this successful credit permanent and expand access for Washington-based businesses and newer employees, so more families can feel the benefits.”

    Nebraska Stakeholder Support: 

    “The Nebraska Chamber is committed to making Nebraska the best place to own, operate and grow a business, and this bill brings us one step closer to achieving that. The Paid Family and Medical Leave Tax Credit represents Nebraska business owners’ desire to strengthen the state’s overall workforce. The NE Chamber and businesses across the state appreciate Senator Fischer’s continued leadership on this issue,” said President of the Nebraska Chamber of Commerce Bryan Sloane. 

    “The Lincoln Chamber of Commerce appreciates Senator Fischer’s leadership in her efforts to empower small businesses to provide paid family and medical leave. Senator Fischer’s continued efforts by way of introducing her Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is a continuation of her commitment to employers, employees, families, and communities. We view this crucial policy initiative as something that should be included in any larger pro-growth tax policy package that might be considered,” said Lincoln Chamber of Commerce President Jason Ball.

    “The Greater Omaha Chamber is grateful to Senators Fischer and King for introducing this important legislation. While a broad representation of our membership offers various types of paid leave, incentives will matter to companies and businesses who have greater barriers to offering paid leave, especially our smallest members. This proposed legislation allows us greater opportunities to care holistically for employees the way we strive to, and aligns with the Chamber’s mission,” said Greater Omaha Chamber President and CEO Heath Mello. 

    “The Nebraska Grocers and all our affiliates thank Senator Fischer for her commitment to businesses, families, and communities. By embracing incentives, rather than imposing burdensome and impractical mandates, this Act recognizes that business owners want to provide flexibility to their most valuable resource – their dedicated employees. The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is genuinely helpful, responsible policymaking which empowers both employers and employees,” said Nebraska Grocery Industry Association Executive Director Ansley Fellers. 

    Full List of Nebraska Endorsements:

    Nebraska Chamber of Commerce, Lincoln Chamber of Commerce, Greater Omaha Chamber of Commerce, Mutual of Omaha, Nebraska Grocery Industry Association, Nebraska Hospitality Association, and Nebraska Retail Federation.

    National Stakeholder Support:

    “AARP, which advocates for the more than 100 million Americans age 50 and older, is pleased to endorse the bipartisan Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This legislation will provide consistency and certainty to businesses by making tax credit 45S permanent. In addition, the proposed enhancements to the credit will encourage more employers to provide this important benefit to support working family caregivers with low to moderate incomes,” said AARP Senior Vice President of Government Affairs Bill Sweeney.

    “Too many people today face the difficult choice between earning a paycheck and caring for themselves or family member. Senators Fischer and King are offering a bipartisan solution that will go a long way toward helping working families facing this dilemma. The enhanced tax credit will enable more employers—especially small employers— to offer their workers a paid family and medical leave benefit. It also will help more people access this benefit by making it easier for employers to qualify for the credit. Most important, the legislation gives people peace of mind knowing they’ll be protected from economic loss when taking time off from work to care for themselves or a loved one. We applaud Senators Fischer and King for advancing this legislation that offers working Americans the help they want and need,” said American Council of Life Insurers President & CEO David Chavern.

    “Over the last year, the AICPA has worked closely with staff from both Senator Fischer and Senator King‘s offices on important legislation that would help families and middle income households by allowing more employers to offer the benefit of paid family and medical leave to their employees by making the tax credit permanent. We applaud Senators Fischer and King for their thoughtful and consistent leadership on this bill and offer our strong support,” said American Institute of Certified Public Accountants Vice President of Tax Policy & Advocacy Melanie Lauridsen.

    “Benefits like paid family leave help restaurant operators recruit skilled hospitality professionals. Making the Paid Family, Medical Leave tax credit program pilot permanent would support the growth of the small business operators who are considering or offering PFML. In the current economy, we appreciate Sens. Fisher and King’s efforts to support small business restaurant owners and their employees by continuing this program,” said National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy. 

    “NFIB thanks Senator Fischer and Senator King for introducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Incentivizing small business owners to offer paid family and medical leave rather than penalizing them for failing to provide a benefit that they cannot afford is a wise policy for the small business owners,” said National Federation of Independent Businesses Vice President Federal Government Relations Jeff Brabant.

    “BPC Action is proud to endorse the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act to make permanent and expand the employer tax credit for paid family and medical leave, known as 45S, and applauds Sens. Deb Fischer (R-NE) and Angus King (I-ME) for their bipartisan leadership on this bill. As BPC has found, ‘In an ever-changing economy and tight labor market, paid family and medical leave can importantly encourage workers to stay in the labor force, support household finances, and help businesses compete for workers.’ This bill is critical to helping businesses provide paid leave benefits to more hardworking American families. We urge Congress to take up this proposal, originally enacted as part of the 2017 Tax Cuts and Jobs Act,” said Bipartisan Policy Center President Michele Stockwell. 

    “We the People send Americans into the halls of government with the opportunity to do the Will of the People, to do good. As such, it is perpetually our hope that our elected officials will execute such Will and enact laws that will serve the People, especially in cases where it is feasible in order to ease the burdens that life sometimes thrusts upon us where loved ones, families and businesses are most affected. The PFML Tax Credit Bill provides a judicious antidote for a malaise that has existed for far too long for so many Americans and businesses. More specifically, the PFML Bill effectively eliminates the decision of having to choose between family and a paycheck. In short, it gives individuals, families and employers the relief and peace of mind that they desperately need. On behalf of the American Caregiver Association, I encourage all those who are willing, to support U.S. Senators Deb Fischer and Senator Angus King and their continuing efforts to make the PFML Tax Credit Bill permanent,” said American Caregiver Association President Vincent S. Pettis. 

    “At SHRM, we are committed to advancing smart, practical policies that strengthen workplaces, empower HR professionals, and maximize human potential. As employers innovate to provide leave options that support well-being and family care, public policy must keep pace—offering incentives that encourage organizations to expand access to leave while maintaining the flexibility needed to design and sustain these programs. A balanced approach ensures that more workers can benefit from this critical support. At SHRM, we prioritize policy over politics and view this effort as a strong example of bipartisan collaboration and constructive policymaking in Congress,” said Society for Human Resource Management Chief of Staff and Head of Government Affairs Emily M. Dickens, J.D.

    “On behalf of our nation’s 2.95 million Asian American Pacific Islander (AAPI) business owners and entrepreneurs, National ACE applauds Senators Fischer and King for their leadership in reintroducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Access to paid family and medical leave is vital for small business owners and their employees, particularly within the AAPI community, where caregiving responsibilities often extend across generations. This bipartisan effort provides much-needed support for entrepreneurs striving to balance business success with the well-being of their workforce. We are proud to support this legislation and look forward to working together to ensure small businesses have the resources they need to thrive,” said National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship President and CEO Chiling Tong.

    “The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is essential to help ensure that more small business owners can offer paid family medical leave to their employees. Policies that include support for business owners and working families through programs like paid family leave help address the economic needs of our small businesses and workforce while at the same time making sure small business owners can compete against their larger counterparts. We thank Senators Fischer and King for their bipartisan leadership in introducing this important legislation and applaud the efforts to both expand access to this credit and ensure that the tax credit is permanent,” said National Association of Women Business Owners Board Chair Dr. Janis Shinkawa.

    “We are pleased to see the reintroduction of this legislation by Senators Fischer and King and thank them for their leadership on this critical issue. This legislation will encourage employers around the country to offer paid leave to their employees, increasing the number of Americans with paid leave coverage. Paid leave strengthens families and the economy by enabling workers to keep their jobs when they need to care for themselves or a loved one, while helping businesses retain valued employees,” said Sun Life U.S. President Dan Fishbein, M.D. 

    Full List of National Endorsements:

    AARP, Alzheimer’s Impact Movement (AIM), American Council of Life Insurers, American Institute of Certified Public Accountants (AICPA), National Restaurant Association, National Federation of Independent Businesses (NFIB), Bipartisan Policy Center (BPC), American Caregiver Association, Society for Human Resource Management (SHRM), National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship, National Association of Women Business Owners, and Sun Life U.S.

    Background: 

    The Tax Cuts and Jobs Act (TCJA) created a two-year general business tax credit for employers that voluntarily offer up to 12 weeks of PFML to employees. Congress has extended the credit through 2025. The credit also includes an income cap for eligible employees to ensure that it remains targeted to those who need it the most. 

    Under current law, an employer must meet the following criteria to claim the credit: offer all qualifying employees at least two weeks of PFML, have a written PFML policy in effect, and pay at least 50 percent of an employee’s normal wages while the employee is on PFML. According to the Bureau of Labor Statistics (BLS), only 19 percent of those working for employers with less than 50 employees have access to PFML.

    Senators Fischer and King’s legislation builds on the existing credit by making the following changes:

    Making the Credit Permanent:

    • Provides certainty to businesses taking the leap to offer paid family and medical leave.

    Updating the Treatment of Paid Leave Required by State or Local Mandates:

    • Allows eligible employers to receive the credit for leave provided in states without PFML mandates or for leave offered in excess of any state or local mandate. 
      • Currently, employers providing PFML under state or local government mandates are ineligible for the credit, meaning that some employers with operations in both non-mandate and mandate states are ineligible for the credit.

    Supporting Coverage of PFL Insurance Premiums:

    • Allows employers to claim the credit for premiums paid for PFML insurance products that cover qualifying employees. The structure mirrors the current credit, enabling employers to receive up to a 25 percent credit towards yearly premiums, depending on the percentage of wages the insurance plan replaces.

    Reducing the Minimum Employment Period Requirement:

    • Provides employers the option to offer PFML to employees at six months and better target the credit towards younger workers.

    Requiring Greater Outreach and Awareness:

    • Requires the Small Business Administration and Internal Revenue Service to conduct targeted outreach, education, and technical assistance to assist in increasing awareness of the credit.

    Click here to read a summary of the bill.
     

    Click here to read the text of the bill.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Innovating to detect deepfakes and protect the public

    Source: United Kingdom – Executive Government & Departments

    Case study

    Innovating to detect deepfakes and protect the public

    Collaborating to find ways to mitigate the growing threat from AI-generated deepfakes is an urgent national priority. 

    The rise in deepfakes generated by artificial intelligence (AI) has been scarily rapid – a projected eight million will be shared in 2025, up from 500,000 in 2023. This sheer scale combined with greater sophistication and convincingness means finding ways to quickly detect and mitigate this ever-growing threat is an increasingly urgent priority. 

    Concerns over criminal manipulation of digital text, images and video are not new, but the proliferation in recent months of generative AI tools that enable anyone, anywhere to quickly, easily and cheaply create deepfake images has significantly changed the game.

    As deepfakes threaten to hit the mainstream across a range of harmful activity, from online child sexual exploitation and abuse (CSEA) to fraud and election interference, there is a corresponding drive to develop the tools and methods needed to tackle them at the required scale and pace. 

    In its role as an innovative enabler connecting frontline government and law enforcement with cutting-edge technology from industry, the Accelerated Capability Environment (ACE) is at the heart of this ramp-up in activity designed to find practical solutions to arguably the greatest challenge of the online age. And 2024 was a year where the marriage of cutting-edge technology, collaboration and fresh thinking enabled significant strides forward. 

    Circular collaboration 

    Clear results that accelerate crucial deepfake detection in a range of domains have been made across a series of focused commissions carried out by ACE. And just as importantly, learnings and practical experiences developed in one commission have been shared with others to pass on deeper knowledge and skills.  

    The biggest event in this space was the Deepfake Detection Challenge. Initiated by the Home Office, the Department for Science, Innovation and Technology, ACE and the renowned Alan Turing Institute, this visionary idea brought together academic, industry and government experts to develop innovative and practical solutions focused on detecting fake media.

    More than 150 people attended the initial briefing where five challenge statements pushing the boundaries of current capabilities were launched. The critical importance of collaboration and sharing of skills and knowledge was a recurring theme, and major tech companies including Microsoft and Amazon Web Services (AWS) provided practical support.  

    Eight weeks were spent developing innovative ideas and solutions on a specially created platform, which hosted approximately two million assets made up of both real and synthetic data for training and testing. Following this, 17 submissions were received, and six teams from our community – Frazer-Nash Consulting, IBM, Oxford Wave Research, Open Origins, Safe and Sound from the University of Southampton, and Naimuri – were selected to demonstrate their ideas in front of more than 200 stakeholders. 

    Solutions from Frazer-Nash, Oxford Wave, the University of Southampton and Naimuri, a combination of existing products that have been identified as potentially showing operational value as well as early-stage proof of concepts being developed against specific use cases including CSEA, disinformation and audio, are now going through benchmark testing and user trials. 

    Key insights from the initial challenge work, alongside the clear success in accelerating the state-of-the art in deepfake detection possibilities, included that curated data was critical to be able to make as much progress as possible in the time and conditions available, and that creating a dataset that was more representative of real-world operational scenarios would have been helpful.  

    Using better data to detect child abuse deepfakes 

    When another significant commission to further deepfake detection was brought to ACE by the government’s Defence Science and Technology Laboratory (DSTL) and the Office of the Chief Scientific Adviser (OCSA), data development was a top priority.  

    To mature the EVITA (Evaluating video, text and audio) AI content detection tool the focus shifted away from volume.  

    As part of developing next-step recommendations, ACE leveraged its expertise from the Deepfake Detection Challenge to create a reusable ‘gold standard’ dataset. This dataset was designed to effectively test detection models, including those targeting child sexual abuse material (CSAM).

    By combining this ‘gold standard’ dataset with ACE’s extensive domain and community expertise – drawing on insights from Naimuri and Bays Consulting – ACE delivered rapid insights into the maturation of EVITA through comprehensive and diverse testing. 

    This work not only enabled ACE to deliver the requested next-step recommendations for the EVITA programme but also led to the development of a repeatable testing and evaluation approach for deepfake detection. This approach enhances the ability to interpret and understand the results generated by detection tools. 

    Alongside this, another piece of work was taking place exploring how AI can be used to detect deepfakes in policing. The biggest challenge is in digital forensics where, the ACE team heard, officers can be faced with up to a million child abuse images on a single seized phone.  

    This commission, working with community members Blueprint, Camera Forensics and TRMG, seeks to understand where deepfake detection tooling fits into the investigation stage to add most value. Next steps in this particular project are ‘making this real’ – working towards commissioning a proof of concept or trial of an existing capability.  

    And so the learning is becoming circular once more as the next stage of the Deepfake Detection Challenge progresses. This will push further than any work in this field so far, focusing on making the initial solutions presented more user-centric and deeply relevant to practitioners in the field. 

    Deepfakes are both a growing menace and an evolving threat, but bridging the gap between models and reality will be critical to tackling them at scale and at pace. ACE, its customers and suppliers remain laser focused on this evolution from the theoretical to the practical. The potential of innovation combined with collaboration has already proved to be a potent force in this area, the challenge – in all ways – is maximising the potential of what comes next.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Radix, Gold Sponsor at ARC Industry Leadership Forum 2025, Revolutionizes Asset Performance & Operations

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation is proud to showcase a groundbreaking AI-powered solution designed to revolutionize operations in asset-intensive industries.

    As a Gold Sponsor at the ARC Leadership Forum 2025, taking place in Orlando, Florida, from February 10-13, 2025, Radix takes center stage for adding tangible, adoptable and scalable AI capabilities that deliver best-in-class asset performance and sustainability.

    What makes Radix AI solutions unique is the tailored effectiveness of their custom-built applications paired with the in-house, industry expertise and personalized customer focus and attention, resulting in immediate, beneficial impacts to both production and profits for any industrial company. At ARC, these capabilities will reflect the Radix theme of “On the Ground: Accelerate. Optimize. Scale.”

    Alex Clausbruch, CEO of North America at Radix, expressed his enthusiasm for the company’s continued participation with a large executive team attending alongside partners, such as Cognite and clients, like Devon Energy. “We pride ourselves on being “on the ground,” working side by side with our customers and partners. We are happy to share the innovative approaches to Asset performance management, energy transition, digitalization and sustainability to empower our customers to achieve transformational business performance and excellence,” Clausbruch commented

    Heavy hitters from Radix’s executive team and industry experts, along with its long-standing partners and customers, will be showcasing solutions during the ARC event and plan to focus on industries like Oil and Gas, Chemical, Manufacturing, and Power in both workshops and in scheduled sessions.

    “We are quickly growing and expanding our footprint in North America, and ARC is a fantastic platform to showcase what are doing to create a sustainable impact with our clients,” said, Natalia Klafke, Executive Vice President of Energy and Sustainability at Radix. “From energy management to more ways on how digital next-gen solutions are empowering customers to reach decarbonization targets, Radix is proud to showcase these and other capabilities at ARC 2025.”

    Radix’s delegation will participate in various sessions, including an interactive lunch workshop on asset-intensive solutions, a risk-reduction via smart infrastructure sustainability session, and an AI Industrial Co-pilot session focusing on cutting edge technology and successful transformation initiatives.

    For more information visit RADIX | ARC Industry Leadership Forum 2025.

    About Radix

    Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions.

    Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

    For more information:
    Citalouise Geiggar, Ph.D.
    citalouise.geiggar@radixeng.com   
    Radix

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb0b2847-918b-4b84-bce7-0f69e507e71f

    The MIL Network –

  • MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, February 5, 2025

    STRONG PERFORMANCES IN 2024

    • Excellent performance in Q4-24 •
    • Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
    • VISION 2030: dynamic implementation of the strategic project •

    Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
    2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income2of €3.5bn, up by 26% YoY

    Very high levels of solvency and liquidity with a CET1 ratio of 15.6%3 and a LCR of 142%4 at end-2024

    RETAIL BANKING & INSURANCE    Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients6in 2024

    • Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
    • Deposits & savings7up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
    • Insurance: gross inflows8 of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate9for P&C and Personal Protection insurance stood at ~35% at end-December 2024
    • Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
    • Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

    GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

    • Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
    • Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

    Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

    Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

    Financial strength: CET1 ratio of 15.6%3at end-December 2024; liquidity reserves of €302bn

    VISION 2030 strategic project: fast-paced and dynamic implementation  

    • April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
    • June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
    • June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
    • January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
    • Plans to create a shared technology platform for retail banking activities

    1 See the notes on methodology annexed to this press release 2Group share 3 Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions 4Average end-of month LCRs in Q4-24 5 Estimated at end-December 2024 6 196,100 new active clients over the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8 Excluding reinsurance treaty with CNP Assurance 9 Scope of the individual clients in the BP and CE retail banking networks

    Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

    Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

    These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

    These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

    The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

    In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

    Groupe BPCE

    €m1 Q4-24 Q4-23 % Change 2024 2023 % Change
    Net banking income 6,046 5,462 11% 23,317 22,198 5%
    Operating expenses (4,184) (4,129) 1% (16,384) (16,328) 0%
    Gross operating income 1,862 1,332 40% 6,933 5,870 18%
    Cost of risk (596) (744) (20)% (2,061) (1,731) 19%
    Income before tax 1,262 537 135% 4,956 4,182 19%
    Income tax (326) (159) 106% (1,357) (1,340) 1%
    Net income – Group share 913 381 140% 3,520 2,804 26%
    Exceptional items (64) (100) (35)% (155) (122) 28%
    Underlying2net income – Group share  977 481 103% 3,675 2,925 26%
    Underlying cost to income ratio3 67.8% 74.6% (6.8)pp 69.4% 72.9% (3.5)pp

    1 Reported figures as far as “Net income (Group share)” 2 “Underlying” means exclusive of exceptional items 3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.  

    1.     Groupe BPCE

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

    Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients1 across all markets since the beginning of the year.

    Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows2 of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

    Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

    The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

    In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

    The underlying cost/income ratio3 improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

    Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

    Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

    Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

    1    196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

    For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

    • For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
    • For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

    Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

    • For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
    • For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

    In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
    In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
    The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

    In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
    The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
    The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

    The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

    Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

    The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

    Underlying net income (Group share)1 rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

    1 “Underlying” means exclusive of exceptional items

    2.   A Group mobilized to decarbonize the economy and committed to making impact accessible to all

    Strong commitments in 2024

    • Climate commitments:

    The Group has published new decarbonization ambitions for the 111 most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

    • Environmental commitments:

    Groupe BPCE has strengthened its commitment by joining act4nature international.

    • Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

    Innovative and concrete actions for our clients

    • The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
    • The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
    • Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

    Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

    1 Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

    3.   Capital, loss-absorbing capacity, liquidity, and funding

    3.1        CET11ratio

    Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

    • Retained earnings: +21bps,
    • Net issuance of cooperative shares: +3bps,
    • Change in risk-weighted assets: – 33bps,
    • Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

    The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

    At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

    3.2         TLAC ratio1

    The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%2 at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

    3.3        MREL ratio1

    Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%2 and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%3 and 27.3%3 respectively.

    3.4        Leverage ratio1

    At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

    3.5        Liquidity reserves at a high level

    The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4th quarter 2024.
    Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

    3.6        MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

    The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

    • 10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
    • 3 billion euros senior preferred debt,
    • 10 billion euros in covered bonds.

    The target for ABS is 8 billion euros.

    At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

    • 5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
    • 1.7 billion euros in covered bonds (17% of requirements).

    At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

    Capital adequacy, Total loss-absorbing capacity – see the note on methodology
    1 Estimated at December 31, 2024 2 Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. 3 Following reception of MREL’s annual letter for 2024

    4.   Results of the business lines

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    4.1        Retail Banking & Insurance

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 4,064 14% 15,397 4%
    Operating expenses (2,497) (0)% (9,902) 1%
    Gross operating income 1,567 45% 5,495 10%
    Cost of risk (556) (13)% (1,751) 16%
    Income before tax 998 142% 3,807 8%
    Exceptional items (45) (60)% (115) 3%
    Underlying2income before tax 1,044 98% 3,922 8%
    Underlying cost/income ratio3 60.4% (8.5)pp 63.6% (2.2)pp

    At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

    At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

    Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

    The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums4 rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

    Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

    The underlying cost/income ratio3 improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

    The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
    1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

    The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

    For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

    Underlying income before tax2 amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4Excluding reinsurance treaty with CNP Assurance

    4.1.1         Banque Populaire network
    The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
    with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
    Guarantee Companies.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,614 17% 6,098 4%
    Operating expenses (980) 1% (4,047) 2%
    Gross operating income 634 56% 2,051 8%
    Cost of risk (266) (6)% (814) 25%
    Income before tax 352 137% 1,285 (2)%
    Exceptional items (17) 77% (51) ns
    Underlying2income before tax 369 133% 1,336 2%
    Underlying cost/income ratio3 59.7% (10.2)pp 65.5% (1.9)pp

    Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

    Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin4,5 up 5% year-on-year, and 2.9 billion euros in commissions5 (up 3% year-on-year).
    In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

    Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
    The underlying cost/income ratio3 consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

    Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

    The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

    Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

    Underlying income before tax2 amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
    (+2%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.2        Caisse d’Epargne network
    The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,616 14% 6,054 3%
    Operating expenses (1,084) 0% (4,216) 1%
    Gross operating income 531 55% 1,838 10%
    Cost of risk (205) (6)% (640) 16%
    Income before tax 328 161% 1,200 7%
    Exceptional items (27) 171% (60) ns
    Underlying2income before tax 355 162% 1,260 13%
    Underlying cost/income ratio3 65.4% (9.8)pp 68.7% (2.7)pp

    Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

    Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

    • 2.6 billion euros in net interest margin4,5, down 3% year-on-year,
    • 3.4 billion euros in commissions5 up 7% year-on-year.

    Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

    Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

    The underlying cost/income ratio3 improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

    Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

    The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

    Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
    (+7%).

    Underlying income before tax2 amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
    (+13%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.3        Financial Solutions & Expertise

    €m1 Q4-24 %

    Change

    		 2024 %

    Change
    Net banking income 334 (0)% 1,303 2%
    Operating expenses (169) 1% (636) 1%
    Gross operating income 165 (2)% 667 3%
    Cost of risk (38) (30)% (108) 11%
    Income before tax 125 11% 555 2%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 125 11% 555 1%
    Underlying cost/income ratio3 50.7% 1.0pp 48.8% (0.3)pp

    Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

    The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

    Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

    Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

    Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

    The underlying cost/income ratio3 increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

    Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

    The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

    Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

    Underlying income before tax2 rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.1.4        Insurance1
    The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

    €m2 Q4-24 % Change 2024 % Change
    Net banking income 171 17% 694 10%
    Operating expenses3 (36) (10)%4 (143) (12)%4
    Gross operating income 135 28% 550 17%
    Income before tax 141 32% 566 19%
    Exceptional items 0 ns 0 ns
    Underlying5income before tax 141 30% 566 17%
    Underlying cost/income ratio6 21.3% (5.3)pp 20.7% (4.1)pp

    In Q4-24, premiums7 reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums7 rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

    Life insurance assets under management7 reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows7 in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows7 at the end of December 2024.

    In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%8 at the end of December 2024, up 0.5pp since the end of December 2023.

    Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

    Operating expenses3 fell by 10%4 year-on-year in Q4-24 to 36 million euros, and by 12%4 in full-year 2024 to 143 million euros.

    The underlying cost/income ratio6 improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

    Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

    Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

    Underlying5income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

    1 BPCE Assurances 2 Reported figures until “Income before tax” 3 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts 4 At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY 5 “Underlying” means exclusive of exceptional items 6 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 7 Excluding reinsurance treaty with CNP Assurance
    8 Scope: combined individual clients of the BP and CE networks

    4.1.5         Digital & Payments

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 227 14% 873 7%
    o/w Payments 128 10% 491 6%
    o/w Oney 99 19% 382 8%
    Operating expenses (173) 1% (646) (1)%
    o/w Payments (108) 9% (394) 3%
    o/w Oney (65) (10)% (252) (7)%
    Gross operating income 54 96% 227 39%
    Cost of risk (33) (52)% (126) (26)%
    Income before tax 20 ns 97 ns
    Exceptional items (1) (99)% (5) (96)%
    Underlying2income before tax 21 ns 102 125%
    Underlying cost/income ratio3 76.2% (3.5)pp 73.9% (2.1)pp

    Digital & AI

    At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

    The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

    Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

    Payments

    Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

    The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

    In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

    Oney Bank

    Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL4 segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

    Management expenses remained well under control, falling by 7% in full-year 2024.

    The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
    Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

    The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

    This led to a 3.5pp improvement in the underlying cost/income ratio3 to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

    Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

    The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

    Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

    Underlying2income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Buy Now Pay Later

    4.2 Global Financial Services
    The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
    Natixis.

    €m1   Q4-24 % Change Constant Fx % change 2024 % Change Constant Fx % change
    Net banking income   2,055 8% 7% 7,947 8% 8%
    o/w CIB   1,087 5% 5% 4,440 7% 7%
    o/w AWM   968 11% 10% 3,507 10% 10%
    Operating expenses   (1,501) 8% 7% (5,651) 7% 7%
    o/w CIB   (738) 5% 5% (2,889) 8% 8%
    o/w AWM   (763) 11% 10% (2,763) 6% 6%
    Gross operating income   553 8% 7% 2,296 10% 10%
    Cost of risk   (86) 18%   (268) 73%  
    Income before tax   479 14%   2,051 4%  
    Exceptional items   0 ns   0 ns  
    Underlying2income before tax   479 10%   2,051 3%  
    Underlying cost/income ratio3   73.1% 0.7pp   71.1% (0.1)pp  

    GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

    In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

    In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

    GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

    In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

    The underlying cost/income ratio3 was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

    Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

    The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

    Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

    Underlying2income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.1        Corporate & Investment Banking
    The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
    M&A activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,087 5% 4,440 7%
    Operating expenses (738) 5% (2,889) 8%
    Gross operating income 349 5% 1,551 3%
    Cost of risk (98) 60% (282) 78%
    Income before tax 262 3% 1,293 (3)%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 262 1% 1,293 (4)%
    Underlying cost/income ratio3 67.9% 0.2pp 65.1% 1.2pp

    Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

    Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

    Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
    The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
    Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

    Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

    Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

    The underlying cost/income ratio3 increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

    Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

    The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

    Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

    Underlying2income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.2        Asset & Wealth Management
    The business unit includes the Asset & Wealth Management activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 968 11% 3,507 10%
    Operating expenses (763) 11% (2,763) 6%
    Gross operating income 205 12% 744 27%
    Income before tax 217 32% 759 21%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 217 24% 759 16%
    Underlying cost/income ratio3 78.8% 1.0pp 78.8% (2.0)pp

    In Asset Management, assets under management4 reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

    Net inflows into Asset Management4 reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

    ESG assets accounted for 40.3% of assets under management at the end of December 2024.

    Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

    In Asset Management4 in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

    Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

    Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

    The underlying cost/income ratio3increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

    Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

    Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

    Underlying2income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.
            

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

    ANNEXES

    Notes on methodology

    Presentation on the pro-forma quarterly results

    The 2023 quarterly series are presented pro forma with changes in standards and organization:
    The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
    The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
    The main evolutions impact RB&I, GFS and the Corporate center.
    The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
    The quarterly series of Groupe BPCE remain unchanged.
    The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

    Exceptional items

    Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

    Net banking income

    Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

    Operating expenses

    Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

    Cost/income ratio

    Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
    Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

    Cost of risk

    The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

    Loan oustandings and deposits & savings

    Restatements regarding transitions from book outstandings to outstandings under management are as follows:
    Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
    Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

    Capital Adequacy

    Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
    Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
    The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

    Total loss-absorbing capacity

    The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
    This amount is consequently comprised of the 4 following items:

    • Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
    • Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
    • Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
    • Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
      • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
      • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
      • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

    Liquidity

    Total liquidity reserves comprise the following:

    • Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
    • LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
    • Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

    Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
    Customer deposits are subject to the following adjustments:

    • Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
    • Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

    Business line indicators – BP & CE networks

    Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

    Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

    Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

    Digital indicators

    The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
    The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

    Impact indicators

    Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

    – Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
    – ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
    – ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

    Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

    Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

    Within the scope of CIB activities, Green revenues are comprised of:

    • Sustainable Finance (GSH scope)
    • Renewable & new energies franchises
    • Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

    (restated for scope reconciliations).

    Reconciliation of 2023 data to pro forma data

    Retail banking and Insurance Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,891 (2,496) 1,107 (269) 840
    Sectoral reallocation 12 (1) 11 0 11
    Pro forma figures 3,903 (2,497) 1,118 (269) 851
    Global Financial Services Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,822 (1,303) 590 (146) 432
    Sectoral reallocation 0 0 0 0 0
    New rules 32 (2) 30 (4) 26
    Pro forma figures 1,854 (1,305) 621 (151) 458
    Corporate center Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 102 (788) (729) (10) (739)
    Sectoral reallocation (12) 1 (11) 0 (11)
    New rules (32) 2 (30) 4 (26)
    Pro forma figures 57 (785) (771) (5) (776)
    Retail banking and Insurance Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,655 (2,459) 952 (224) 729
    Sectoral reallocation (15) (1) (15) (0) (15)
    Pro forma figures 3,640 (2,460) 936 (224) 713
    Global Financial Services Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,798 (1,282) 429 (115) 300
    Sectoral reallocation (0) (0) (0) (0) (0)
    New rules 31 (5) 26 (3) 22
    Pro forma figures 1,829 (1,287) 455 (118) 322
    Corporate center Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 13 (58) (44) (14) (56)
    Sectoral reallocation 15 1 16 0 16
    New rules (31) 5 (26) 3 (22)
    Pro forma figures (3) (52) (54) (10) (63)
    Retail banking and Insurance Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,721 (2,358) 1,072 (268) 799
    Sectoral reallocation (13) (1) (14) 0 (14)
    Pro forma figures 3,709 (2,359) 1,058 (268) 785
    Global Financial Services Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,736 (1,279) 444 (114) 319
    Sectoral reallocation (0) (0) (0) 0 (0)
    New rules 31 (4) 27 (4) 23
    Pro forma figures 1,767 (1,283) 470 (118) 341
    Corporate center Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures (3) (175) (176) (23) (200)
    Sectoral reallocation 13 1 14 0 14
    New rules (31) 4 (27) 4 (23)
    Pro forma figures (21) (170) (189) (19) (210)
    Retail banking and Insurance Q4-23      
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income    		      
    Reported figures 3,557 (2,497) 395 (122) 294      
    Sectoral reallocation 19 (1) 18 (0) 18      
    Pro forma figures 3,576 (2,499) 413 (122) 312      
                 
    Global Financial Services Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,874 (1,389) 391 (118) 255
    Sectoral reallocation 0 (1) (0) (0) (0)
    New rules 33 (4) 29 (3) 26
    Pro forma figures 1,908 (1,394) 420 (121) 280
    Corporate center Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 31 (243) (249) 81 (168)
    Sectoral reallocation (20) 2 (18) 0 (18)
    New rules (33) 4 (29) 3 (26)
    Pro forma figures (22) (237) (296) 84 (211)

    Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported Q4-24 results   6,046 (4,184) (596) (35) 1,262 913
    Transformation and reorganization costs Business lines/Corporate center 0 (86)   (1) (87) (64)
    Disposals Corporate center       (1) (1) (1)
    Q4-24 results excluding exceptional items   6,045 (4,098) (596) (34) 1,349 977
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported Q4-23 results   5,462 (4,129) (744) (43) 537 381
    Transformation and reorganization costs Business lines/Corporate center (5) (54) (34)   (93) (57)
    Disposals Corporate center       (43) (43) (43)
    Pro forma Q4-23 results excluding exceptional items   5,467 (4,076) (710) (0) 672 481

    2024 & 2023 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported 2024 results   23,317 (16,384) (2,061) 28 4,956 3,520
    Transformation and reorganization costs Business lines/Corporate center 3 (208)   (1) (206) (153)
    Disposals Corporate center 0     (3) (3) (3)
    2024 results excluding exceptional items   23,314 (16,176) (2,061) 32 5,165 3,675
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported 2023 results   22,198 (16,328) (1,731) 8 4,182 2,804
    Transformation and reorganization costs Business lines/Corporate center 2 (213) (32)   (242) (164)
    Disposals  Corporate center       (45) (45) (44)
    Litigations Business lines/Corporate center 87       87 87
    Pro forma 2023 results excluding exceptional items   22,108 (16,115) (1,699) 53 4,381 2,925

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-24 reported figures 6,046 (4,184)  
    Impact of exceptional items 0 (86)  
    Q4-24 underlying figures 6,045 (4,098) 67.8%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-23 Pro forma reported figures 5,462 (4,129)  
    Impact of exceptional items (5) (54)  
    Q4-23 Pro forma underlying figures 5,467 (4,076) 74.6%

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    2024 reported figures 23,317 (16,384)  
    Impact of exceptional items 3 (208)  
    2024 underlying figures 23,314 (16,176) 69.4%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    2023 Pro forma reported figures 22,198 (16,328)  
    Impact of exceptional items 89 (213)  
    2023 Pro forma underlying figures 22,108 (16,115) 72.9%

    Groupe BPCE : quarterly income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 4,064 3,576 2,055 1,908 (73) (22) 6,046 5,462 11%
    Operating expenses (2,497) (2,499) (1,501) (1,394) (186) (237) (4,184) (4,129) 1%
    Gross operating income 1,567 1,077 553 514 (259) (259) 1,862 1,332 40%
    Cost of risk (556) (643) (86) (73) 46 (28) (596) (744) (20)%
    Income before tax 998 413 479 420 (215) (296) 1,262 537 x 2
    Income tax (222) (122) (124) (121) 19 84 (326) (159) x 2
    Non-controlling interests (5) 21 (18) (19) 0 1 (23) 3 ns
    Net income – Group share 772 312 337 280 (196) (211) 913 381 x 2

    Groupe BPCE : 2024 income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m 2024 2023 2024 2023 2024 2023 2024 2023 %
    Net banking income 15,397 14,828 7,947 7,358 (27) 12 23,317 22,198 5%
    Operating expenses (9,902) (9,815) (5,651) (5,269) (831) (1,244) (16,384) (16,328) 0%
    Gross operating income 5,495 5,013 2,296 2,088 (858) (1,232) 6,933 5,870 18%
    Cost of risk (1,751) (1,505) (268) (154) (43) (72) (2,061) (1,731) 19%
    Income before tax 3,807 3,526 2,051 1,966 (902) (1,310) 4,956 4,182 19%
    Income tax (891) (882) (534) (507) 67 49 (1,357) (1,340) 1%
    Non-controlling interests (14) 18 (66) (56) 1 1 (79) (38) x 2
    Net income – Group share 2,902 2,661 1,452 1,402 (834) (1,260) 3,520 2,804 26%

    Groupe BPCE : quarterly series

    GROUPE BPCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 5,815 5,467 5,455 5,462 5,753 5,626 5,892 6,046
    Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) (4,008) (4,041) (4,184)
    Gross operating income 1,228 1,667 1,642 1,332 1,602 1,618 1,851 1,862
    Cost of risk (326) (342) (319) (744) (382) (560) (523) (596)
    Income before tax 968 1,337 1,339 537 1,233 1,124 1,336 1,262
    Net income – Group share 533 973 917 381 875 806 925 913

    Groupe BPCE : Consolidated balance sheet

    ASSETS
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Cash and amounts due from central banks 133,186 152,669
    Financial assets at fair value through profit or loss 230,521 214,582
    Hedging derivatives 7,624 8,855
    Financial assets at fair value through other comprehensive income 57,166 48,073
    Securities at amortized cost 27,021 26,373
    Loans and advances to banks and similar at amortized cost 115,862 108,631
    Loans and receivables due from customers at amortized cost 851,843 839,457
    Revaluation difference on interest rate risk-hedged portfolios (856) (2,626)
    Financial investments of insurance activities 115,631 103,615
    Insurance contracts issued – Assets 1,134 1,124
    Reinsurance contracts held – Assets 9,320 9,564
    Current tax assets 640 829
    Deferred tax assets 4,160 4,575
    Accrued income and other assets 16,444 14,611
    Non-current assets held for sale 438 –
    Investments in accounted for using equity method 2,146 1,616
    Investment property 733 717
    Property, plant and equipment 6,085 6,023
    Intangible assets 1,147 1,110
    Goodwill 4,312 4,224
    TOTAL ASSETS 1,584,558 1,544,022
    LIABILITIES
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Amounts due to central banks 1 2
    Financial liabilities at fair value through profit or loss 218,963 204,023
    Hedging derivatives 14,260 14,973
    Debt securities 304,957 292,598
    Amounts due to banks and similar 69,953 79,634
    Amounts due to customers 723,090 711,658
    Revaluation difference on interest rate risk-hedged portfolios, liabilities 14 159
    Insurance contracts issued – Liabilities 117,551 106,137
    Reinsurance contracts held – Liabilities 119 149
    Current tax liabilities 2,206 2,026
    Deferred tax liabilities 1,323 1,640
    Accrued expenses and other liabilities 20,892 22,492
    Liabilities associated with non-current assets held for sale 312 –
    Provisions 4,748 4,825
    Subordinated debt 18,401 18,801
    Shareholders’ equity 87,768 84,905
    Equity attributable to equity holders of the parent 87,137 84,351
    Non-controlling interests 630 553
    TOTAL LIABILITIES 1,584,558 1,544,022

    Groupe BPCE : Goodwill

    €m Dec. 31, 2023 Acquisitions IRFS5 reclassifications Translation adjustments Dec. 31, 2024
    Retail Banking & Insurance 822 58     879
    Asset & Wealth Management 3,257 1 (72) 95 3,280
    Corporate & Investment Banking 144     7 151
    Total 4,224 58 (72) 102 4,312

    Groupe BPCE: Statement of changes in shareholders’ equity

    €m Equity attributable to shareholders’ equity
    December 31, 2023 84,407
    Restatements1 (56)
    December 31, 2023 restated 84,351
    Distributions (833)
    Change in capital (cooperative shares) 90
    Impact of acquisitions and disposals on non-controlling interests (minority interests) (48)
    Income 3,520
    Changes in gains & losses directly recognized in equity 144
    Capital gains and losses reclassified as reserves (31)
    Others (56)
    December 31, 2024 87,137

    1 Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

    Retail Banking & Insurance: quarterly income statement

      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 %  
    Net banking income 1,614 1,382 17% 1,616 1,423 14% 334 335 (0)% 171 146 17% 227 199 14% 101 91 12% 4,064 3,576 14%  
    Operating expenses (980) (975) 1% (1,084) (1,081) 0% (169) (167) 1% (36) (41) (10)% (173) (171) 1% (53) (63) (16)% (2,497) (2,499) (0)%  
    Gross operating income 634 407 56% 531 343 55% 165 168 (2)% 135 105 28% 54 27 96% 48 28 75% 1,567 1,077 45%  
    Cost of risk (266) (282) (6)% (205) (218) (6)% (38) (54) (31)%       (33) (69) (52)% (15) (19) (23)% (556) (643) (13)%  
    Income before tax 352 149 x2 328 126 x3 125 112 12% 141 107 32% 20 (89) ns 33 9 x4 998 413 x2  
    Income tax (73) (45) 62% (78) (20) x4 (33) (27) 22% (29) (25) 16% 0 (2) ns (8) (2) x4 (222) (122) 82%  
    Non-controlling interests (0) (6) (94)% (1) (3) (66)% 0 (0) ns 0 (1) ns (3) 30 ns       (5) 21 ns  
    Net income – Group share 278 98 x3 248 103 x2 92 85 8% 112 81 39% 16 (61) ns 25 7 x4 772 312 x2  
      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 %  
    Net banking income 6,098 5,862 4% 6,054 5,858 3% 1,303 1,274 2% 694 633 10% 873 816 7% 375 384 (2)% 15,397 14,828 4,%  
    Operating expenses (4,047) (3,970) 2% (4,216) (4,181) 1% (636) (630) 1% (143) (163) (12)% (646) (652) (1)% (213) (218) (2)% (9,902) (9,815) 1%  
    Gross operating income 2,051 1,892 8% 1,838 1,677 10% 667 644 3% 550 470 17% 227 164 39% 162 166 (2)% 5,495 5,013 10%  
    Cost of risk (814) (651) 25% (640) (553) 16% (108) (98) 11%       (126) (171) (26)% (62) (33) 89% (1,751) (1,505) 16%  
    Income before tax 1,285 1,308 (2)% 1,200 1,125 7% 555 545 2% 566 475 19% 97 (68) ns 103 140 (26)% 3,807 3,526 8%  
    Income tax (307) (329) (7)% (264) (254) 4% (146) (140) 4% (123) (99) 24% (27) (25) 9% (24) (35) (30)% (891) (882) 1%  
    Non-controlling interests (9) (24) (64)% (5) (7) (24)% 0 (0) ns 0 (0) ns (0) 49 ns       (14) 18 ns  
    Net income – Group share 970 954 2% 931 864 8% 409 405 1% 443 376 18% 70 (43) ns 79 106 (25)% 2,902 2,661 9%  

    Retail Banking & Insurance: 2024 income statement

    Retail banking & insurance: quarterly series

    RETAIL BANKING & INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 3,903 3,640 3,709 3,576 3,763 3,701 3,869 4,064
    Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) (2,456) (2,403) (2,497)
    Gross operating income 1,406 1,180 1,350 1,077 1,217 1,245 1,467 1,567
    Cost of risk (308) (252) (302) (643) (296) (475) (423) (556)
    Income before tax 1,118 936 1,058 413 934 831 1,044 998
    Net income – Group share 851 713 785 312 709 637 785 772

    Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

    BANQUE POPULAIRE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,569 1,442 1,469 1,382 1,489 1,489 1,506 1,614
    Operating expenses (1,018) (1,015) (961) (975) (1,043) (1,025) (999) (980)
    Gross operating income 551 427 508 407 445 464 508 634
    Cost of risk (132) (110) (127) (282) (125) (228) (195) (266)
    Income before tax 434 328 398 149 329 290 315 352
    Net income – Group share 332 240 284 98 252 210 230 278
                     
    CAISSE D’EPARGNE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,537 1,465 1,432 1,423 1,454 1,467 1,517 1,616
    Operating expenses (1,066) (1,041) (993) (1,081) (1,085) (1,038) (1,008) (1,084)
    Gross operating income 470 424 440 343 368 429 509 531
    Cost of risk (136) (84) (115) (218) (100) (176) (159) (205)
    Income before tax 334 340 325 126 270 252 350 328
    Net income – Group share 253 256 253 103 208 194 281 248

    Retail Banking & Insurance: FSE quarterly series

    FINANCIAL SOLUTIONS & EXPERTISE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 315 306 318 335 327 320 322 334
    Operating expenses (157) (151) (154) (167) (162) (154) (151) (169)
    Gross operating income 158 155 164 168 166 166 171 165
    Cost of risk (6) (19) (18) (54) (24) (22) (24) (38)
    Income before tax 151 136 146 112 141 143 146 125
    Net income – Group share 112 102 107 85 104 106 108 92

    Retail Banking & Insurance: Insurance quarterly series

    INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 180 126 181 146 188 118 217 171
    Operating expenses (43) (37) (42) (41) (42) (25) (40) (36)
    Gross operating income 137 89 139 105 146 93 177 135
    Income before tax 139 93 137 107 149 99 177 141
    Net income – Group share 109 83 103 81 113 92 126 112

    Retail Banking & Insurance: Digital & Payments quarterly series

    DIGITAL & PAYMENTS
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 205 203 209 199 215 214 218 227
    Operating expenses (161) (163) (157) (171) (160) (159) (154) (173)
    Gross operating income 44 40 52 27 55 55 64 54
    Cost of risk (32) (41) (29) (69) (31) (32) (30) (33)
    Income before tax 8 (6) 19 (89) 24 22 32 20
    Net income – Group share 7 (3) 13 (61) 17 16 21 16

    Retail Banking & Insurance: Other network quarterly series

    OTHER NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 97 97 99 91 91 93 90 101
    Operating expenses (51) (52) (52) (63) (55) (55) (51) (53)
    Gross operating income 46 45 47 28 37 38 39 48
    Cost of risk (2) 2 (14) (19) (16) (17) (14) (15)
    Income before tax 52 47 33 9 20 25 25 33
    Net income – Group share 39 36 25 7 16 19 20 25

    Global Financial Services: quarterly income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 968 874 1,087 1,034 2,055 1,908 8%
    Operating expenses (763) (691) (738) (703) (1,501) (1,394) 8%
    Gross operating income 205 183 349 331 553 514 8%
    Cost of risk 12 (12) (98) (62) (86) (73) 18%
    Share in net income of associates 0 0 12 4 12 4 x3
    Gains or losses on other assets 0 (7) 0 (17) 0 (24) ns
    Income before tax 217 165 262 255 479 420 14%
    Net income – Group share 143 105 194 176 337 280 20%

    Global Financial Services: 2024 income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m 2024 2023 2024 2023 2024 2023 %
    Net banking income 3,507 3,192 4,440 4,166 7,947 7,358 8%
    Operating expenses (2,763) (2,604) (2,889) (2,666) (5,651) (5,269) 7%
    Gross operating income 744 588 1,551 1,500 2,296 2,088 10%
    Cost of risk 14 4 (282) (158) (268) (154) 73%
    Share in net income of associates 0 0 23 13 23 14 67%
    Gains or losses on other assets 0 35 0 (17) 0 18 ns
    Income before tax 759 627 1,293 1,338 2,051 1,966 4%
    Net income – Group share 500 425 952 977 1,452 1,402 4%

    Global Financial Services: quarterly series

    GLOBAL FINANCIAL SERVICES
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,854 1,829 1,767 1,908 1,933 1,983 1,976 2,055  
    Operating expenses (1,305) (1,287) (1,283) (1,394) (1,368) (1,366) (1,415) (1,501)  
    Gross operating income 549 542 483 514 564 617 561 553  
    Cost of risk 27 (91) (17) (73) (58) (82) (41) (86)  
    Income before tax 621 455 470 420 510 539 525 479  
    Net income – Group share 458 322 341 280 364 384 366 337  

    Corporate & Investment Banking: quarterly series

    CORPORATE & INVESTMENT BANKING
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,074 1,056 1,002 1,034 1,102 1,133 1,118 1,087  
    Operating expenses (661) (651) (650) (703) (706) (694) (751) (738)  
    Gross operating income 412 405 352 331 396 439 367 349  
    Cost of risk 21 (90) (28) (62) (54) (91) (39) (98)  
    Income before tax 437 318 328 255 346 352 333 262  
    Net income – Group share 321 233 247 176 255 261 242 194  

    Asset & Wealth Management: quarterly series

    ASSET & WEALTH MANAGEMENT
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 781 773 764 874 830 850 858 968  
    Operating expenses (644) (636) (633) (691) (662) (673) (664) (763)  
    Gross operating income 137 137 131 183 168 178 194 205  
    Cost of risk 6 (1) 11 (12) (5) 9 (2) 12  
    Income before tax 184 136 143 165 163 187 192 217  
    Net income – Group share 137 89 94 105 109 123 124 143  

    Corporate center: quarterly series

    CORPORATE CENTER
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 57 (3) (21) (22) 57 (58) 46 (73)
    Operating expenses (785) (52) (170) (237) (236) (186) (223) (186)
    Gross operating income (728) (55) (191) (259) (179) (244) (176) (259)
    Cost of risk (46) 1 0 (28) (28) (2) (59) 46
    Share in income of associates 2 0 1 (9) 3 0 1 5
    Gains or losses on other assets (0) 0 (0) (0) (6) 1 3 (8)
    Income before tax (771) (54) (189) (296) (210) (245) (232) (215)
    Net income – Group share (776) (63) (210) (211) (198) (215) (226) (196)

    DISCLAIMER

    This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

    No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

    Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

    The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
    This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

    Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

    These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
    With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

    Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

    Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

    The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

    The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

    About Groupe BPCE
    Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
    The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

             groupebpce.com

    Attachment

    The MIL Network –

  • MIL-OSI: TrendPulse Quantitative Think Tank Center Leads Innovation in FinTech Under Johnathan Walker

    Source: GlobeNewswire (MIL-OSI)

    Denver, CO, Feb. 05, 2025 (GLOBE NEWSWIRE) — TrendPulse Quantitative Think Tank Center continues to lead innovation in the financial technology (FinTech) space, under the guidance of Johnathan Walker. The center’s commitment to integrating advanced technologies into financial strategies has created groundbreaking tools for investors looking to stay ahead of market trends, manage risk more effectively, and streamline investment processes.

    Pioneering Financial Technology

    In an era where the financial landscape is rapidly evolving, TrendPulse has positioned itself at the forefront of FinTech innovation. The center has developed cutting-edge solutions that integrate powerful data analytics, machine learning, and automation to reshape investment strategies. By combining quantitative investment models with state-of-the-art technology, TrendPulse provides investors with the tools they need to make better decisions and drive growth in an increasingly competitive market.

    Empowering Investors with Data and Automation

    A key pillar of TrendPulse’s success has been its ability to harness the power of data and automation. Under Johnathan Walker’s leadership, the center has introduced machine learning algorithms that analyze vast amounts of market data, enabling real-time predictions and automated trading. These tools allow investors to react quickly to market changes, optimize their portfolios, and execute strategies with minimal manual intervention. As a result, investors can capitalize on opportunities faster and more efficiently, significantly improving their potential for returns.

    The center’s use of automated systems also reduces human error, enhances accuracy, and provides a scalable solution that adapts to changing market conditions. Whether institutional investors or individual clients, TrendPulse’s automated solutions make it easier for users to optimize their investments while minimizing risks.

    Transforming Investment Strategy with Predictive Analytics

    One of the standout features of TrendPulse’s offerings is its use of predictive analytics to forecast market trends and guide decision-making. By leveraging advanced algorithms and big data, the center helps investors identify emerging opportunities, detect potential risks, and allocate assets more strategically. This approach enables investors to stay ahead of the curve, making data-driven decisions that have a higher probability of success.

    TrendPulse’s predictive tools have proven particularly valuable for identifying undervalued assets, recognizing short-term trading opportunities, and optimizing long-term investment strategies. The integration of these data-driven insights ensures that investors are not just reacting to market movements, but proactively shaping their portfolios for better outcomes.

    A Vision for the Future of FinTech

    Looking forward, TrendPulse Quantitative Think Tank Center aims to further expand its FinTech capabilities. The center plans to incorporate even more advanced technologies such as artificial intelligence and blockchain into its offerings, providing an even greater level of sophistication in its investment tools. Johnathan Walker’s vision for the future is clear: to provide users with next-generation technology that empowers them to navigate the complexities of modern financial markets with confidence.

    The goal is not just to keep up with market changes, but to stay ahead of them. By continuously refining its investment tools and integrating the latest technological advancements, TrendPulse remains at the cutting edge of the FinTech industry.

    Building a Stronger Investment Ecosystem

    TrendPulse is not just creating innovative tools for individual investors; it is also fostering a broader investment ecosystem. The center has built a collaborative platform where investors can share knowledge, engage in discussions, and learn from each other. By promoting a community-driven environment, TrendPulse ensures that users not only have access to advanced technologies but also a network of like-minded individuals who are committed to shared financial success.

    Conclusion

    TrendPulse Quantitative Think Tank Center’s commitment to innovation in financial technology is reshaping the way investors approach the markets. Through advanced data analytics, machine learning, and automation, the center has empowered users to make smarter, data-driven decisions. As Johnathan Walker continues to lead the charge, TrendPulse will undoubtedly remain at the forefront of the FinTech revolution, providing investors with the tools, insights, and community needed to succeed in a rapidly evolving financial landscape.

    The MIL Network –

  • MIL-OSI Submissions: Tech – Ivo raises $16M Series A to deliver reliable AI contract review at scale, as it launches Ivo Search Agent

    Source: Ivo

    AI-powered legal assistant cuts contract review time by 75%, as demand surges for intelligent automation in corporate legal departments.

    San Francisco, California – February 6, 2024; Contract negotiation remains the most challenging bottleneck in the contract lifecycle, with legal teams spending hours on manual redlining and revisions while ensuring perfect accuracy. As contract volumes surge, in-house lawyers face mounting pressure to review more agreements than ever before – yet traditional automation tools prioritize speed over accuracy, forcing legal teams to choose between efficiency and reliability. Today, Ivo announces a $16 million Series A funding round to scale its AI-powered contract review solution that has already helped over 150 corporate legal teams negotiate their agreements. Ivo’s customers include companies like Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, Blue Cross Blue Shield Kansas City, and several Fortune 500’s.

    The Series A funding round is led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. It brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.

    Ivo has developed a breakthrough approach to contract review that sets new standards for accuracy. The platform automatically checks agreements against company requirements, generates specific suggestions for resolving discrepancies, and creates compromise language between conflicting clauses. Unlike competitors that treat legal review as a simple automation problem, Ivo’s sophisticated AI produces naturalistic redlines that mirror the work of experienced attorneys, maintaining consistent terminology and making minimal necessary changes.

    “When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” says Min-Kyu Jung, CEO and Co-founder of Ivo. Determined to solve this problem himself, Jung left his legal career, taught himself to code, and began building what would become Ivo. After speaking with hundreds of legal professionals and iterating through multiple versions of the product, his team developed a solution that lawyers could use in confidence.

    The impact on legal teams has been immediate and significant. “Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to 5 minutes,” says Adrie Christiansen, Legal Operations Lead at Quora. Similarly, Geotab’s legal team reports an average savings of 45 minutes per contract review – a 75% efficiency gain that allows their lawyers to focus on strategic work. This improvement comes without sacrificing accuracy, as Ivo’s transparency allows lawyers to understand and validate every suggestion. The platform has proven particularly valuable for high-volume contract review, where maintaining consistency across thousands of agreements is critical. Through extensive customization options and playbook features, legal teams can establish clear guardrails that enable business users to handle initial contract reviews while ensuring proper escalation protocols.

    The timing of Ivo’s expansion is critical. As artificial intelligence emerges as potentially the most transformative technology since the internet, legal teams face mounting pressure to adopt solutions that can scale their capabilities. Yet most AI tools lack the sophistication to handle complex legal analysis, creating more work for lawyers who must double-check every output. With its team of in-house lawyers continually refining and enhancing the platform, Ivo has developed an approach that augments rather than replaces legal judgment – acting as a “powerful force multiplier” for teams handling increasingly large volumes of contracts.

    Today’s launch of Ivo Search Agent marks another milestone in the company’s mission to transform how legal teams work. This new capability revolutionizes contract search and analysis by eliminating the need for manual metadata tagging — a significant pain point in traditional contract lifecycle management systems. Legal teams can now search and generate reports across their entire contract portfolio regardless of where documents are stored, whether in cloud storage solutions like Box and SharePoint or local computers. The system works seamlessly across various data sources, including CLM integrations, requiring minimal implementation while delivering comprehensive insights.

    “Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo gives legal teams tools designed by lawyers to work faster with greater accuracy. In a world where legal organizations are constantly under pressure to meet business demands and improve efficiency, the launch of Ivo’s new search tool will allow legal teams to search and generate reports across their entire contract portfolio, significantly reducing their workload and increasing efficiency.”

    “The legal profession is in the early stages of an AI-driven transformation,” adds Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining the highest standards of accuracy and control.”

    About Ivo

    Ivo is on a mission to reduce the time, effort and cost spent on contracts. Ivo was founded out of a belief that contracts are foundational to commerce. The founders saw first-hand how contract review was slowing down mission-critical projects, and decided to do something about it.

    Founded in New Zealand and now headquartered in San Francisco, Ivo powers the world’s most comprehensive and accurate AI Contract Review platform, designed to help legal and business teams accelerate time-to-close and unblock contracts from key business processes.

    By using AI to reduce the time, effort, and cost of negotiating contracts, Ivo makes it easier for businesses to work together. For more information please visit https://www.ivo.ai/ or follow via LinkedIn

    About Costanoa Ventures

    Founded in 2012, Costanoa Ventures partners with technical and product founders as early as company formation, with a focus on apps and infrastructure in data, dev and fintech. Costanoa is a long-term partner to entrepreneurs who want hands-on help in their earliest company stages on all things go-to-market and talent. For more information, please visit https://costanoa.vc/

    MIL OSI – Submitted News –

  • MIL-OSI: PawnTrust celebrates the start of Black History Month and launches its weekly “CEO Corner”

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, GA, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) a fintech company operating as PawnTrust Inc., providing solutions to the pawn shop industry celebrates the start of Black History Month and launches its weekly “CEO Corner” on its You Tube Channel.

    As America commemorates Black History Month, PawnTrust honors the invaluable contributions of African American pioneers who have shaped this nation and upon whose shoulders we stand today. The company recognizes the sacrifices and resilience of its forebears and remains committed to preserving their legacy. “When I was young, I was fortunate to accompany my father to meetings with African American disruptors of change. At the time, I didn’t understand the significance of those gatherings, but now realize I am a direct beneficiary of their efforts,” Michael Farr, CEO.

    As previously announced in shareholder updates, Dinewise, Inc. will officially change its name to PawnTrust, Inc. in Q1 2025. Along with this rebranding, the company will undergo a ticker symbol change and file a new registration statement. Additionally, the final agreement for the acquisition of TitlePal, a fintech title loan company, is progressing ahead of schedule. The transaction is expected to close within the same timeframe as the registration statement, further strengthening PawnTrust’s strategic growth initiatives. Furthermore, PawnTrust is in talks regarding a major acquisition and expects to announce it in early Q2 2025.

    PawnTrust’s commitment to perseverance and integrity is ingrained in its corporate culture. The company stands on three fundamental pillars: transparency, timeliness, and trust. The upcoming name change to PawnTrust amplifies the critical pillar of trust. To reinforce these values and foster direct engagement with shareholders and the investment community, CEO Michael Farr will host a weekly “CEO Corner” on YouTube. This series will provide an in-depth look into the business, its strategies, and its leadership vision. The first episode of “CEO Corner” will premiere on Friday, February 7, 2025, at 2 PM Eastern Time. Tune in on http://www.youtube.com/@pawntrust

    About PawnTrust

    PawnTrust is an exclusively tailored marketplace for the estimated 11,000 pawn shops nationwide. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.” 

    Forward-Looking Information

    This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

    Investor Relations:
    Resources Unlimited
    718-269-3366
    mike@resourcesunlimitedllc.com

    The MIL Network –

  • MIL-OSI: SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    Source: GlobeNewswire (MIL-OSI)

    SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    • Reaching €226m, Q3’25 revenue was almost stable vs. Q2’25 and down 10% at constant exchange rates and perimeter compared with Q3’24
    • 9M’25 revenue reached €564m, down 12% on a reported basis and decreased by 13% at constant exchange rates and perimeter vs. 9M’24
    • FY’25 guidance revised: revenue expected to decrease by high single digit year-on-year at constant exchange rates and perimeter (compared to flat previously), and EBITDA1margin2expected between 32% and 34% (compared to around 35% previously)
    • Given the current lack of visibility on end markets, Soitec expects at this stage quite limited growth for FY’26

    Bernin (Grenoble), France, February 5th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 226 million Euros for the third quarter of FY’25 (ended December 29th, 2024), down 6% on a reported basis compared to the third quarter of FY’24. This reflects a 10% decline at constant exchange rates and perimeter, a positive currency impact of 5% and a negative scope effect3 of 1%.

    Pierre Barnabé, Soitec’s CEO, commented: “After a very strong sequential rebound in the second quarter, we maintained the third-quarter revenue at a fairly similar level. The good performance of the Mobile Communications division was driven by sustained momentum in POI, and a seasonal tailwind in RF-SOI sales. Despite seasonal restocking in the second half of the fiscal year, the customers continue to optimize RF-SOI inventory levels based on seasonality and market conditions, which will keep driving fluctuations over the next few quarters. At the same time, we are strengthening our position as a leader, notably with the introduction of new innovative 300mm products. The Automotive and Industrial division continues to be impacted by a weak automotive market. In Edge & Cloud AI, the momentum remains strong, supported by significant investments in cloud infrastructure across the industry to accelerate AI computing power, as well as increasing demand at the edge for lower energy consumption and processing costs.

    Due to worsening conditions in the Automotive and Consumer markets, a couple of customers have requested to put some delivery requests on hold. As a consequence, we are adjusting our guidance for fiscal year 2025, with annual revenue expected to decrease by high single digit year-on-year. We are managing our EBITDA margin to be between 32% and 34%.

    With the lack of visibility on our end markets for now, it is also too early to provide specific guidance for fiscal year 2026. Given current market conditions, we expect at this stage quite limited growth for fiscal year 2026.

    Our fundamentals remain solid and will allow us to accelerate as end markets recover. We continue to enhance our technology leadership, to strengthen our SOI positioning with both existing and new customers, and to deploy our expansion into compound semiconductors with the acceleration of POI volumes and a fifth customer in qualification on SmartSiCTM.”

    Third quarter FY’25 consolidated revenue (unaudited)

      Q3’25 Q3’24 Q3’25/Q3’24
             
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 154 130 +18% +11%
    Automotive & Industrial 25 44 -43% -47%
    Edge & Cloud AI 47 65 -28% -30%
             
    Revenue 226 240 -6% -10%

    Q3’25 revenue reached 226 million Euros. After the sharp sequential increase achieved in Q2’25, it was up 4% versus Q2’25 on a reported basis (down 2% at constant exchange rates and perimeter). Compared to Q3’24, it was down 10% at constant exchange rates and perimeter.

    Q3’25 revenue reflected an improved performance in Mobile Communications and a weaker performance in Automotive & Industrial as well as in Edge & Cloud AI which was due to a different phasing in Imager-SOI wafer sales.

    Mobile Communications

    Mobile Communications revenue reached 154 million Euros in Q3’25, up 11% at constant exchange rates and perimeter compared to Q3’24. In the context of a healthier smartphone market and inventory situation, Mobile Communications revenue continued to recover in Q3’25 after the sharp rebound already experienced in Q2’25.

    As expected, growth in RF-SOI wafer sales has resumed. Q3’25 sales were significantly higher than in Q2’25, and also higher than in Q3’24. While reflecting different situations, inventories in the overall supply chain now seem to progressively normalize. Soitec is confident that growth in RF-SOI wafer sales will continue in Q4’25. Soitec continues to reinforce its strong customer intimacy, leveraging state-of-the-art Innovation capabilities to develop leading-edge products, as evidenced by the announcement of its commitment to provide GlobalFoundries with its latest generation of RF-SOI 300mm wafers to support GF’s most advanced 9SW platform.

    Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continue to grow quarter after quarter, as the adoption of Surface Acoustic Wave (SAW) filters on POI is accelerating with ten active customers in production, and more than ten in qualification. Q3’25 POI wafer sales were significantly higher than in Q2’25 and Q3’24. Soitec is engaged with all leading US fabless companies.

    Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have made further progress in Q3’25, showing an increase from Q2’25 as well as growth compared to Q3’24.

    Automotive & Industrial

    Automotive & Industrial revenue reached 25 million Euros in Q3’25, lower than in Q2’25 and down 47% at constant exchange rates and perimeter compared Q3’24, reflecting the ongoing difficulties of the automotive market.

    Power-SOI wafer sales reached a particularly low level in Q3’25, as the ongoing weakness of the automotive market is leading to some inventory adjustments at customer level. Power-SOI remains a key component for gate drivers, in vehicle networking and in Battery Management ICs.

    Conversely, FD-SOI wafers recorded a better level of sales in Q3’25 than in Q3’24. Automotive FD-SOI continue to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering on superior performance and power efficiency.

    Further SmartSiCTM samples and prototypes were delivered during Q3’25, paving the way for new qualifications. Soitec has engaged with a fifth customer in a qualification process. The current weakness of the automotive market and the longer than initially anticipated customers’ qualification cycles confirm a delay in the expected wafer production ramp-up, as stated earlier this year.

    Edge & Cloud AI

    Edge & Cloud AI revenue reached 47 million Euros in Q3’25, down 30% at constant exchange rates and perimeter compared to Q3’24. Performance was however contrasted from one product to another.

    Demand in Photonics-SOI wafers continue to benefit from a very positive momentum driven by high investments in Cloud infrastructure. Sales of Photonics-SOI were much stronger in Q3’25 than in Q2’25, and significantly higher than in Q3’24. This reflects the need for more powerful and more energy-efficient data centers to support the exponential growth of AI-related computing power capabilities. Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers, adopted in pluggable optical transceivers, and used for the development of Co-Packaged Optics.

    Sales of FD-SOI wafers remained as strong as in Q2’25 but were lower than in Q3’24. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

    Sales of Imager-SOI wafers for 3D imaging applications are down year-on-year, reflecting the phase out of this product.

    First nine months FY’25 consolidated revenue (unaudited)

      9M’25 9M’24 9M’25/9M’24
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 326 388 -16% -18%
    Automotive & Industrial 84 119 -29% -31%
    Edge & Cloud AI 154 133 +15% +16%
             
    Revenue 564 641 -12% -13%

    Consolidated revenue reached 564 million Euros in 9M’25, down 13% at constant exchange rates and perimeter compared to 641 million Euros in 9M’24.

    Overall, the decrease in Soitec’s 9M’25 revenue essentially reflects lower volumes in both RF-SOI and Power-SOI wafers, partly offset by strong performances in POI, Photonics-SOI and Imager-SOI wafers.

    Mobile Communications revenue reached 326 million Euros in 9M’25 (58% of total revenue), down 18% at constant exchange rates and perimeter compared to 9M’24, with significant improvement quarter after quarter over FY’25.

    Automotive & Industrial revenue amounted to 84 million Euros in 9M’25 (15% of total revenue), down 31% at constant exchange rates and perimeter compared to 9M’24, reflecting the current weakness of the automotive market.

    Edge & Cloud AI revenue reached 154 million Euros in 9M’25 (27% of total revenue), up 16% at constant exchange rates and perimeter compared to 9M’24, supported by strong growth of photonics SOI products.

    FY’25 outlook

    Soitec expects FY’25 revenue to be down high single digit year on year, at constant exchange rates and perimeter (compared to flat revenue previously) as a couple of customers requested to put some deliveries on hold on the back of worsening conditions in the Automotive and Consumer markets. This implies strong sequential growth in Q4’25, primarily driven by the continued recovery in RF-SOI wafer sales supported by some seasonal restocking. Additionally, Soitec will continue to benefit from strong demand for Photonics-SOI products and the growing adoption of POI.

    Soitec is managing FY’25 EBITDA1margin2 to be between 32% and 34%.

    FY’26 outlook

    With the lack of visibility on our end markets for now, it is too early to provide specific guidance for fiscal year 2026. Given current market conditions, Soitec expects at this stage quite limited growth for fiscal year 2026.

    Q3’25 key events

    Divestment of Dolphin Design’s main businesses

    Dolphin Design’s mixed-signal IP activities have been acquired on November 5th, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30th, 2024.

    Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs.The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

    Following these operations, Dolphin Design revenue will no longer be reported from Q4’25 onwards, and will have no impact on Soitec financial statements from FY’26.

    Appointment of Frédéric Lissalde as Chairman of the Board

    During the meeting of the Board of Directors held on November 20th, 2024, upon recommendation of the Compensation and Nominations Committee, Frédéric Lissalde, who has been Director since the Annual General Meeting held on July 23rd, 2024, was appointed as Chairman of the Board of Directors as of March 1st, 2025, for the remainder of his term of office as Director.

    Soitec to collaborate with GlobalFoundries in the production of high-performance RF-SOI semiconductors

    On December 4th, 2024, Soitec announced its commitment to deliver 300mm RF-SOI substrates to GlobalFoundries (GF) for the production of GF’s leading RF-SOI technology platforms, including the company’s most advanced RF solution, 9SW. Building on the longstanding relationship between the two companies, this commitment will ensure the supply of advanced RF-SOI engineered substrates required for 5G, 5G-Advanced, Wi-Fi, and other smart mobile device Radio Frequency Front-End (RFFE) modules. To support advanced connectivity, GF’s 9SW RF-SOI platform with its superior switching, low-noise amplifiers (LNA) and logic processing capabilities offers significant advantages and value for premium smartphones by delivering enhanced RF performance, improved power efficiency and scalability. These features are critical for ensuring a superior user experience in high-end devices.

    Soitec continues its collaboration with MIT’s Microsystems Technology Laboratories, thereby strengthening its presence in the United States

    On December 12th, 2024, Soitec announced the continuation of its research collaboration with the Microsystems Technology Laboratories (MTL) of the Massachusetts Institute of Technology (MIT). This agreement covers research in innovative semiconductor materials for diverse applications, including mobile communications, power devices, sensors and quantum computing. Soitec is thereby further solidifying its presence in the North American semiconductor sector, intensifying its efforts amidst favorable industrial and regulatory dynamics supporting semiconductor development.

    # # #

    Analysts conference call to be held in English on Thursday 6thFebruary at 8:00 am CET.

    To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250206_1

    # # #

    Agenda

    FY’25 results are due to be published on May 27th, 2025, after market close.

    # # #

    Disclaimer

    This document is provided by Soitec (the “Company”) for information purposes only.

    The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

    Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

    This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

    This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

    The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

    The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

    This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

    Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

    # # #

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

    # # #

    # # #

    Appendix

    Consolidated revenue per quarter (Q3’25 unaudited)

    Quarterly revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25   9M’24 9M’25
     

    (Euros millions)

    		                    
                         
    Mobile Communications 89    169    130    222 48    124    154      388 326   
    Automotive & Industrial 37 38 44 44 26 33 25   119 84
    Edge & Cloud AI 31 37 65 70 46 61 47   133 154
                         
    Revenue 157    245    240    337 121    217    226      641    564   
    Change in quarterly revenue Q1’25/Q1’24 Q2’25/Q2’24 Q3’25/Q3’24   9M’25/9M’24
      Reported
    change    		 Organic change1 Reported
    change    		 Organic change1 Reported
    change    		 Organic change1   Reported
    change    		 Organic change1
    (vs. previous year)                  
                       
    Mobile Communications -45% -46% -27% -25% +18% +11%   -16% -18%
    Automotive & Industrial -29% -31% -13% -11% -43% -47%   -29% -31%
    Edge & Cloud AI +49% +47% +62% +66% -28% -30%   +15% +16%
                       
    Revenue -23% -24% -11% -9% -6% -10%   -12% -13%
    1. At constant exchange rates and comparable scope of consolidation (there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24 – in Q3’25 Soitec sold Dolphin Design’s mixed signal IP activities on November 5th, 2024)

    # # #

    1 The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

    2 EBITDA margin = EBITDA from continuing operations / Revenue

    3 The scope effect is related to the divestment of Dolphin Design’s mixed signal IP activities which was completed on November 5th, 2024

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Samsung and Cielo Partner to Redefine Retail Advertising with AI-Powered Digital Signage Technology

    Source: Samsung

    Samsung has partnered with Cielo, a leader in AI-powered franchise solutions, to transform retail advertising and franchise operations. This collaboration combines Samsung’s VXT display technology and Cielo’s AI-driven platform, introducing game-changing tools for digital marketing and operational efficiency.
    As part of this strategic alliance, Cielo is introducing SmartSigns , a Digital Signage as a Service (DaaS) solution that leverages Samsung’s VXT technology to deliver ‘the right message to the right audience at the right time.’ By integrating CieloVision’s KYAI (Know Your Audience Intelligence) for real-time analytics and AI-driven advertising, businesses gain powerful insights into consumer engagement.
    “We’re thrilled to bring our SmartSigns vision to life with Samsung,” said Imre Szenttornyay, CEO of Cielo. “By combining Samsung’s leading-edge VXT platform with Cielo’s proprietary AI and analytics, we’re delivering a fully integrated solution that helps businesses meet modern consumer demands. Our mission is to make AI-driven insights accessible to every franchise operator, fueling growth and innovation across retail sectors.”

    At the heart of this partnership is Cielo SmartSigns Pro, starting at $199/month per display, which includes an AI camera, VXT Pro license, AI task, marketing credit and CieloEssentials remote support. This plug-and-play solution simplifies deployment, management and support for digital signage ecosystems, requiring no upfront expenses.
    The CieloVision platform, featuring KYAI , will use computer vision and AI to analyze consumer sentiment, dwell time and behavior patterns, enabling hyper-targeted advertising campaigns with measurable ROI. These tools are also designed to mitigate risks and ensure compliance in franchise operations.

    MIL OSI Economics –

  • MIL-OSI: RapidCents Enhances Merchant Payment Processing and Chargeback Protection with DeepSeek AI

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) —

    RapidCents, the payment processing platform, that specializes in secure transactions and automated billing, has announced an expansion to better serve merchants across North America. The investment aims to cover the development of the application and the investment of USD 500,000 in advanced AI infrastructure and specialized hardware + GPUs, according to the organization, which was led by Founder and CEO Mani Rahnama.

    As a result, Rahnama says this major investment in machine learning is expected to lead to major advances in fraud protection, chatbot assistance, security, and marketing. These developments — which Rahnama said condensed projected timelines — explained that “There’s a growth roadmap that could have taken two to three years is now deliverable in less than six months with our AI platform. And we are doubling down on our company to accelerate progress and better serve our merchants.”

    Virtual Terminals: Process Payments on-the-go
    The RapidCents platform today includes an intuitive virtual terminal that allows merchants to take payments from anywhere. This function is advantageous for businesses with orders from the phone or email and those with no point-of-sale system. The solution seeks to empower companies of all sizes with fast and transparent payment experiences, by enabling merchants to securely accept credit cards regardless of location.

    Subscription Payments: Automated Billing
    Recurring billing is important for many subscription-based businesses, fitness facilities, and SaaS providers. RapidCents automates these recurring payment cycles with the least human participation. Its service is designed to allow businesses to automate billing and minimize mistakes, better manage cash flow, and keep customers in the longer term.

    Introduction to Chargeback Protection
    “Chargebacks can have a serious impact on a business operation, and erode trust,” Rahnama said. “RapidCents significantly reduces this risk by including in its low-fee payment processor over 70 machine-learning-based fraud-detection parameters. Such an approach helps maintain compliance, limit financial losses, and protect merchants’ revenue streams.”

    Integrated Engineering Capabilities and customized Solutions
    RapidCents enables integration with popular platforms such as WooCommerce and Microsoft 365 via simple plug-ins or sophisticated API connections. Key features of the platform include multi-currency support, subscription management, and detailed analytics. This payment plugin empowers businesses to tailor payment flows to meet their specific requirements while also maintaining a regulatory balance via a built-in chargeback prevention system.

    Investing in AI infrastructure in a smart way
    The recent Investment in AI hardware and GPUs by RapidCents supports the machine learning program through DeepSeek V3, 671B. The technology, already in immersive heavy training, boosts chatbot functions or security protocols, fraud detection even marketing. According to Rahnama, the initiative allows for more rapid and resilient growth across various aspects of the company, noting that future iterations of RapidCents will now be able to deploy “in a month” which would take years without AI.

    About RapidCents
    RapidCents is a payment processing solution that includes secure virtual terminals, automated recurring billing, and powerful chargeback protection. Through AI-guided attributes and advanced crypto security protocols, RapidCents is built to help merchants from all verticals who need fast, scalable, and secure payment options. Users can learn more, by visiting https://rapidcents.com.

    Contact

    Carlo
    John
    RapidCents Inc
    ea@rapidcents.com
    +1 (844) 957-2743

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d3bc921d-f303-4d8e-ae74-5f4e51820cec

    https://www.globenewswire.com/NewsRoom/AttachmentNg/339b627d-b63c-4372-8d93-9bca6721b383

    The MIL Network –