NewzIntel.com

Category: Middle East

  • MIL-OSI United Kingdom: Safety bulletin 1/2025 published

    Source: United Kingdom – Executive Government & Departments

    This bulletin urges prospective customers intending to stay on liveaboard vessels to book through reputable vendors only.

    Image courtesy of Ali Aref – Dive Pro Liveaboard

    Today, we have issued a safety bulletin to prospective customers following the loss of life on Egyptian liveaboard dive boats operating in the Red Sea.

    Chief Inspector of Marine Accidents, Andrew Moll OBE, said:

    The MAIB is aware of 16 accidents that have occurred over the last 5 years involving liveaboard dive vessels operating in the Red Sea. It is deeply regrettable that a number of these accidents have resulted in the loss of life and our thoughts are with all those affected.

    While MAIB does not have the jurisdiction to investigate accidents involving non-UK flagged vessels operating within the territorial waters of another coastal state, we have made the appropriate authorities aware of our national interest and offered every assistance with any safety investigation they conduct.

    Our safety bulletin provides important guidance to those intending to stay on liveaboard vessels. It is important to remember that such vessels are unlikely to be built, maintained, equipped, and operated to the standard of similar vessels in the UK and we urge the exercise of extreme caution when choosing a boat.

    The bulletin, available via this link, contains details of what happened, initial findings, safety lessons and a recommendation.

    In line with the principles of the International Maritime Organization (IMO) Casualty Investigation Code, the UK has been registered as a substantially interested state in the Egyptian safety investigations into these accidents.

    Media enquiries (telephone only)

    Media enquiries during office hours 01932 440015

    Media enquiries out of hours 0300 7777878

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Female genital mutilation is a leading cause of death for girls where it’s practised – new study

    Source: The Conversation – Africa – By Heather D. Flowe, Professor of Psychology, University of Birmingham

    Female genital mutilation or cutting (FGM/C) is a deeply entrenched cultural practice that affects around 200 million women and girls. It’s practised in at least 25 African countries, as well as parts of the Middle East and Asia and among immigrant populations globally.

    It is a harmful traditional practice that involves removing or damaging female genital tissue. Often it’s “justified” by cultural beliefs about controlling female sexuality and marriageability. FGM/C causes immediate and lifelong physical and psychological harm to girls and women, including severe pain, complications during childbirth, infections and trauma.

    We brought together our expertise in economics and gender based violence to examine excess mortality (avoidable deaths) due to FGM/C. Our new research now reveals a devastating reality: FGM/C is one of the leading causes of death for girls and young women in countries where it’s practised. FGM/C can result in death from severe bleeding, infection, shock, or obstructed labour.

    Our study estimates that it causes approximately 44,000 deaths each year across the 15 countries we examined. That is equivalent to a young woman or girl every 12 minutes.

    This makes it a more significant cause of death in the countries studied than any other excluding infection, malaria and respiratory infections or tuberculosis. Put differently, it is a bigger cause of death than HIV/Aids, measles, meningitis and many other well-known health threats for young women and girls in these countries.

    Prior research has shown that FGM/C leads to severe pain, bleeding and infection. But tracking deaths directly caused by the practice has been nearly impossible. This is partly because FGM/C is illegal in many countries where it occurs, and it typically takes place in non-clinical settings without medical supervision.

    Where the crisis is most severe

    The practice is particularly prevalent in several African nations. In Guinea, our data show 97% of women and girls have undergone FGM/C, while in Mali the figure stands at 83%, and in Sierra Leone, 90%. The high prevalence rates in Egypt, with 87% of women and girls affected, are a reminder that FGM/C is not confined to sub-Saharan Africa.

    For our study, we analysed data from the 15 African countries for which comprehensive “gold standard” FGM/C incidence information is available. Meaning, the data is comprehensive, reliable and widely accepted for research, policymaking and advocacy efforts to combat FGM/C.

    We developed a new approach to help overcome previous gaps in data. We matched data on the proportion of girls subjected to FGM/C at different ages with age-specific mortality rates across 15 countries between 1990 and 2020. The age at which FGM occurs varies significantly by country. In Nigeria, 93% of procedures are performed on girls younger than five years old. In contrast, in Sierra Leone, most girls undergo the procedure between the ages of 10 and 14.

    Since health conditions vary from place to place and over time, and vary in the same place from one year to the next, we made sure to consider these differences. This helped us figure out if more girls were dying at the ages when FGM/C usually happens in each country.

    For example, in Chad, 11.2% of girls undergo FGM/C aged 0-4, 57.2% at 5-9 and 30% at 10-14. We could see how mortality rates changed between these age groups compared to countries with different FGM patterns.

    This careful statistical approach helped us identify the excess deaths associated with the practice while accounting for other factors that might affect child mortality.

    Striking findings

    Our analysis revealed that when the proportion of girls subjected to FGM in a particular age group increases by 50 percentage points, their mortality rate rises by 0.1 percentage points. While this may sound small, when applied across the population of affected countries, it translates to tens of thousands of preventable deaths annually.

    The scale is staggering: while armed conflicts in Africa caused approximately 48,000 combat deaths per year between 1995 and 2015, our research suggests FGM/C leads to about 44,000 deaths annually. This places FGM among the most serious public health challenges facing these nations.

    Beyond the numbers

    These statistics represent real lives cut short. Most FGM/C procedures are performed without anaesthesia, proper medical supervision, or sterile equipment. The resulting complications can include severe bleeding, infection and shock. Even when not immediately fatal, the practice can lead to long-term health problems and increased risks during childbirth.

    The impact extends beyond physical health. Survivors often face psychological trauma and social challenges. In many communities, FGM/C is deeply embedded in cultural practices and tied to marriage prospects, making it difficult for families to resist the pressure to continue the tradition.

    Urgent crisis

    FGM/C is not just a human rights violation – it’s a public health crisis demanding urgent attention. While progress has been made in some areas, with some communities abandoning the practice, our research suggests that current efforts to combat FGM/C need to be dramatically scaled up.

    The COVID-19 pandemic has potentially worsened the situation, owing to broader impacts of the pandemic on societies, economies and healthcare systems. The UN estimates that the pandemic may have led to 2 million additional cases of FGM/C that could have been prevented. Based on our mortality estimates, this could result in approximately 4,000 additional deaths in the 15 countries we studied.

    The way forward

    Ending FGM/C requires a multi-faceted approach. Legal reforms are crucial – the practice remains legal in five of the 28 countries where it’s most commonly practised. However, laws alone aren’t enough. Community engagement, education, and support for grassroots organisations are essential for changing deeply held cultural beliefs and practices.

    Previous research has shown that information campaigns and community-led initiatives can be effective. For instance, studies have documented reductions in FGM/C rates following increased social media reach in Egypt and the use of educational films showing different views on FGM/C.

    Most importantly, any solution must involve the communities where FGM/C is practised. Our research underscores that this isn’t just about changing traditions – it’s about saving lives. Every year of delay means tens of thousands more preventable deaths.

    Our findings suggest that ending FGM/C should be considered as urgent a priority as combating major infectious diseases. The lives of millions of girls and young women depend on it.

    – Female genital mutilation is a leading cause of death for girls where it’s practised – new study
    – https://theconversation.com/female-genital-mutilation-is-a-leading-cause-of-death-for-girls-where-its-practised-new-study-249171

    MIL OSI Africa –

  • MIL-OSI Global: Female genital mutilation is a leading cause of death for girls where it’s practised – new study

    Source: The Conversation – Africa – By Heather D. Flowe, Professor of Psychology, University of Birmingham

    Female genital mutilation or cutting (FGM/C) is a deeply entrenched cultural practice that affects around 200 million women and girls. It’s practised in at least 25 African countries, as well as parts of the Middle East and Asia and among immigrant populations globally.

    It is a harmful traditional practice that involves removing or damaging female genital tissue. Often it’s “justified” by cultural beliefs about controlling female sexuality and marriageability. FGM/C causes immediate and lifelong physical and psychological harm to girls and women, including severe pain, complications during childbirth, infections and trauma.

    We brought together our expertise in economics and gender based violence to examine excess mortality (avoidable deaths) due to FGM/C. Our new research now reveals a devastating reality: FGM/C is one of the leading causes of death for girls and young women in countries where it’s practised. FGM/C can result in death from severe bleeding, infection, shock, or obstructed labour.

    Our study estimates that it causes approximately 44,000 deaths each year across the 15 countries we examined. That is equivalent to a young woman or girl every 12 minutes.

    This makes it a more significant cause of death in the countries studied than any other excluding infection, malaria and respiratory infections or tuberculosis. Put differently, it is a bigger cause of death than HIV/Aids, measles, meningitis and many other well-known health threats for young women and girls in these countries.

    Prior research has shown that FGM/C leads to severe pain, bleeding and infection. But tracking deaths directly caused by the practice has been nearly impossible. This is partly because FGM/C is illegal in many countries where it occurs, and it typically takes place in non-clinical settings without medical supervision.

    Where the crisis is most severe

    The practice is particularly prevalent in several African nations.
    In Guinea, our data show 97% of women and girls have undergone FGM/C, while in Mali the figure stands at 83%, and in Sierra Leone, 90%. The high prevalence rates in Egypt, with 87% of women and girls affected, are a reminder that FGM/C is not confined to sub-Saharan Africa.

    For our study, we analysed data from the 15 African countries for which comprehensive “gold standard” FGM/C incidence information is available. Meaning, the data is comprehensive, reliable and widely accepted for research, policymaking and advocacy efforts to combat FGM/C.

    We developed a new approach to help overcome previous gaps in data. We matched data on the proportion of girls subjected to FGM/C at different ages with age-specific mortality rates across 15 countries between 1990 and 2020. The age at which FGM occurs varies significantly by country. In Nigeria, 93% of procedures are performed on girls younger than five years old. In contrast, in Sierra Leone, most girls undergo the procedure between the ages of 10 and 14.

    Since health conditions vary from place to place and over time, and vary in the same place from one year to the next, we made sure to consider these differences. This helped us figure out if more girls were dying at the ages when FGM/C usually happens in each country.

    For example, in Chad, 11.2% of girls undergo FGM/C aged 0-4, 57.2% at 5-9 and 30% at 10-14. We could see how mortality rates changed between these age groups compared to countries with different FGM patterns.

    This careful statistical approach helped us identify the excess deaths associated with the practice while accounting for other factors that might affect child mortality.

    Striking findings

    Our analysis revealed that when the proportion of girls subjected to FGM in a particular age group increases by 50 percentage points, their mortality rate rises by 0.1 percentage points. While this may sound small, when applied across the population of affected countries, it translates to tens of thousands of preventable deaths annually.

    The scale is staggering: while armed conflicts in Africa caused approximately 48,000 combat deaths per year between 1995 and 2015, our research suggests FGM/C leads to about 44,000 deaths annually. This places FGM among the most serious public health challenges facing these nations.

    Beyond the numbers

    These statistics represent real lives cut short. Most FGM/C procedures are performed without anaesthesia, proper medical supervision, or sterile equipment. The resulting complications can include severe bleeding, infection and shock. Even when not immediately fatal, the practice can lead to long-term health problems and increased risks during childbirth.

    The impact extends beyond physical health. Survivors often face psychological trauma and social challenges. In many communities, FGM/C is deeply embedded in cultural practices and tied to marriage prospects, making it difficult for families to resist the pressure to continue the tradition.

    Urgent crisis

    FGM/C is not just a human rights violation – it’s a public health crisis demanding urgent attention. While progress has been made in some areas, with some communities abandoning the practice, our research suggests that current efforts to combat FGM/C need to be dramatically scaled up.

    The COVID-19 pandemic has potentially worsened the situation, owing to broader impacts of the pandemic on societies, economies and healthcare systems. The UN estimates that the pandemic may have led to 2 million additional cases of FGM/C that could have been prevented. Based on our mortality estimates, this could result in approximately 4,000 additional deaths in the 15 countries we studied.

    The way forward

    Ending FGM/C requires a multi-faceted approach. Legal reforms are crucial – the practice remains legal in five of the 28 countries where it’s most commonly practised. However, laws alone aren’t enough. Community engagement, education, and support for grassroots organisations are essential for changing deeply held cultural beliefs and practices.

    Previous research has shown that information campaigns and community-led initiatives can be effective. For instance, studies have documented reductions in FGM/C rates following increased social media reach in Egypt and the use of educational films showing different views on FGM/C.

    Most importantly, any solution must involve the communities where FGM/C is practised. Our research underscores that this isn’t just about changing traditions – it’s about saving lives. Every year of delay means tens of thousands more preventable deaths.

    Our findings suggest that ending FGM/C should be considered as urgent a priority as combating major infectious diseases. The lives of millions of girls and young women depend on it.

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

    – ref. Female genital mutilation is a leading cause of death for girls where it’s practised – new study – https://theconversation.com/female-genital-mutilation-is-a-leading-cause-of-death-for-girls-where-its-practised-new-study-249171

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Government opens record industry conference to kickstart SME exports

    Source: United Kingdom – Executive Government & Departments

    UK Export Finance welcomes industry to its largest ever national conference, promoting SME growth.

    • Minister for Exports calls on SME audience to make use of government support at UK Export Finance’s annual conference.

    • Around 1,000 business leaders – including directors from CBI and British Chambers of Commerce – gather to help UK businesses access international opportunities.

    • With a £60 billion remit, UKEF enabled exports to 45 global territories in 2024, unlocking export opportunities for British suppliers.

    The UK government is hosting one of its largest ever export conferences, with around 1,000 business leaders attending today’s UK Trade and Export Finance Forum to discuss ways of reducing financial barriers to exporting.

    Hosted in London by UK Export Finance (UKEF), the event welcomes speakers from the CBI, British Chambers of Commerce and Invest in Women Taskforce. Workshops will discuss overseas opportunities and how government and private sector can collaborate to help a wider range of businesses to export.   

    UKEF is a government department which helps businesses to export by offering financing guarantees and insurance – support which helps companies to fill their order-books, invest in growth and create wealth. The event comes a week after the Chancellor pledged to kick-start economic growth across the country as part of this government’s Plan for Change.  

    In the 2023-24 financial year, UKEF backing for businesses contributed £3.3 billion to the UK economy and supported up to 41,000 jobs across the country.

    UKEF can also now reveal that in 2024, its work secured export deals to 45 territories, increasing the availability of overseas contract opportunities for British businesses.

    A majority of businesses seeking UKEF support and attending the conference are small and medium-sized enterprises (SMEs). Export finance support complements other actions which the government is taking to support SMEs, like measures tackling the scourge of late payments, the launch of a Business Growth Service, and trade agreements generating new opportunities.

    Gareth Thomas, Minister for Exports, said:

    UKEF plays a key part in this government’s central mission to go further and faster to deliver economic growth across the country. Their support has led to projects in dozens of countries around the world, supporting jobs, boosting wages and increased investment into the UK.

    Supporting small firms and supercharging exports are at the very core of that growth mission, because we know that when more SMEs trade around the world, it boosts the whole economy.

    The conference falls ahead of the government’s Industrial Strategy, a plan for supporting investment into high-growth sectors which is expected to launch in spring 2025. This will be supported by UKEF’s own vision for supporting more SMEs and facilitating £10 billion in financing for clean-growth exports by 2029 – a vision furthered by the Chancellor’s recent launch of export finance support for projects supplying critical minerals to UK industry.

    Shevaun Haviland, Director General of the British Chambers of Commerce, said:

    If the UK wants to grow its economy, then we need to export more. The maths on this is really very simple. If we export more than we import, then trade contributes to economic growth, productivity rises, and wages and investment are pushed up – creating a virtuous circle. 

    Our experience has also taught us that firms that export are more resilient, innovative and grow faster. Support for our SME exporters and encouragement to help them start selling overseas is vital to making this happen and UKEF has a key role to play.

    Jordan Cummins, Director (UK Competitiveness), CBI, said:

    To be a key player in the global race for growth, the UK needs a bold and ambitious Trade Strategy.

    As business continues to navigate changing global dynamics, persistent economic headwinds, and geopolitical uncertainty, intervention is needed from government to enable firms to capture the growth prizes on offer. Doing so will ensure the UK is positioned as one of the world’s best locations for investment and trade.

    Record interest in the government event follows growth in the range of businesses seeking UKEF support. Since launching the event in 2018, UKEF has seen a significant rise in the number of retail and wholesale exporters supported, particularly in food & drink, beauty & healthcare, furniture, homeware and interior design.

    Contact

    Media enquiries:

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Capgemini and Peugeot Sport renew their partnership to tackle technological and sustainable challenges in sports performance

    Source: GlobeNewswire (MIL-OSI)

    Capgemini and Peugeot Sport renew their partnership to tackle technological and sustainable challenges in sports performance

    Paris, February 6, 2025 – Capgemini has renewed its partnership with Peugeot Sport to continue developing the 9X8 Hypercar that is competing in the FIA World Endurance Championship (FIA WEC). While enhancing the Hypercar’s performance through data with artificial intelligence (AI) at the heart of the partnership, the two companies also aim to strengthen their collaboration on reducing Peugeot Sport’s carbon footprint.

    Over the past two years, Capgemini teams have built a powerful data engineering platform to analyze information from both real and simulated races, as well as the associated parameters (driver, circuit, race conditions, etc.). The AI model powering the virtual sensors is tailored, compiled, and embedded in the PEUGEOT 9X8’s onboard computer to enhance decision-making and adjust the Hypercar’s behavior in real-time. Racing engineers have also significantly reduced the time required for processing and analysis—tasks that previously took a full day can now be completed in just ten minutes.

    Enhancing Hypercar 9×8 performance with generative AI
    The next step involves leveraging generative AI to analyze temporal sensor data to identify anomalies during the extended durations of tests or races. Generative AI will also be used to capture and structure the exchanges and interactions between drivers and race engineers, which, in the endurance championship context, can last several hours. These new insights will then be correlated with race data to extract valuable information aimed at optimizing the Hypercar’s performance.

    Decarbonizing motorsport
    Since 2022, Capgemini has been supporting Peugeot Sport, and more broadly Stellantis Motorsport, in its comprehensive decarbonization initiative, offering a proven methodology at every step of this journey. The first stage involved calculating the carbon footprint of the entire motorsport ecosystem: from vehicles on the track to parts and team logistics, as well as the organization of sporting events. Subsequently, around 30 concrete actions were identified to reduce greenhouse gas emissions by 2030, with annual assessments and adjustments as needed. After several theoretical phases, practical implementation is now underway, with all action plans deployed. Key performance indicators are closely monitored to measure progress, and goals are on track to be achieved, with emissions calculations updated annually.

    Examples of initiatives implemented in addition to FIA WEC’s measures include:

    • R&D teams adopting an eco-design approach for vehicles, incorporating environmental considerations during parts development processes and using alternative materials without compromising performance.
    • Supplier engagement as a key element of the roadmap. Primary suppliers are supported in their decarbonization efforts through discussions, calculation tools, and idea exchanges with the design office to optimize the entire supply chain.
    • Climate awareness workshops (“Climate Fresco”) held for employees to highlight the impact of daily actions.
    • Optimized travel arrangements, with a preference for maritime freight.
    • Deployment of renewable biofuel tanks (HVO-100) for the entire fleet of trucks and diesel utility vehicles, reducing greenhouse gas emissions by more than 85% compared to fossil fuels.

    “The WEC Championship is an essential discipline for Team Peugeot TotalEnergies. The visibility and prestige of the 24 Hours of Le Mans make it a key event to showcase the advancements and improvements made by all actors in motorsport. Beyond the sporting event, we play a pioneering role in sustainability by developing tomorrow’s technologies. Today, AI has become a key element of our racing strategy, confirmed by improved results at the end of the 2024 season, particularly at Fuji and Bahrain,” said Jean-Marc Finot, Senior VP of Stellantis Motorsport. “Thanks to our partnership with Capgemini, we are able to closely monitor the key decarbonization indicators to ensure we stay on track with the ambitious goals we have set for 2030. Together, we are tackling a dual challenge: sports and sustainable performance.”

    “We are delighted to continue our collaboration to enhance Peugeot Sport’s performance, both in terms of sporting results and the environmental impact of motorsport, by providing the latest AI technologies and our expertise in decarbonization,” said Andrea Falleni, CEO of Capgemini in Southern Europe and Member of the Group Executive Board.

    The partnership between Peugeot Sport and Capgemini is part of Capgemini’s global sports sponsorship strategy, addressing two key objectives: firstly, partnering with major brands or sporting events worldwide (such as the Rugby World Cups for men and women or the Ryder Cup) to celebrate teamwork and boldness; and secondly, leveraging its expertise to provide cutting-edge technological tools to enhance performance and fan experiences, as seen during the 37th America’s Cup in 2024.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the Future You Want | www.capgemini.com

    About Peugeot Sport
    Since its inception, Peugeot Sport has pushed the limits of performance and innovation in motorsport. Combining technological expertise, boldness, and passion, Peugeot Sport takes on the most demanding challenges in international competitions while adopting a sustainable and responsible approach.
    Whether through its FIA World Endurance Championship (WEC) program with the PEUGEOT 9X8, its involvement in cutting-edge technology development, or its heritage marked by iconic victories, Peugeot Sport embodies French excellence in competition.

    With a constant spirit of innovation, Peugeot Sport is also a key player in the energy transition, developing mobility solutions that are more environmentally friendly.

    For more information, visit www.peugeot-sport.com
    Stay up to date with all Peugeot Sport news

    Attachment

    The MIL Network –

  • MIL-OSI: Teniz Capital to Lead Second Phase of Black Sea Trade and Development Bank Bond Placement on the Astana International Exchange

    Source: GlobeNewswire (MIL-OSI)

    Almaty, Kazakhstan, 6 February 2025 – Teniz Capital Investment Banking, a leading investment bank in Central Asia and the Middle East, will lead the second phase of bond placement for multilateral financial institution Black Sea Trade and Development Bank (BSTDB) on the Astana International Exchange (AIX).

    This follows a first tranche of 100 million USD, completed in 2024, in which Teniz Capital facilitated the transaction. 

    The second tranche will be directed to supporting BSTDB’s funding capacity and enhance investor participation in Central Asian markets.
     
    “Our objective is to open financial opportunities in the Caspian and Central Asia to Western investors. This second placement, which we expect will be closed quite soon, is a clear indicator of market interest in the region, and in its future economic growth,” the management committee of the entity said. 
     
    Founded in 1999, the BSTDB is an international financial institution based in Thessaloniki, Greece. The institution was created to accelerate regional development through financial instruments such as bond issuances. It has 11 member states, including Greece, Russia, Turkey, and Ukraine.
     
    Teniz Capital employs 50 professionals, with its main headquarters in Almaty and additional offices in Astana’s International Finance Centre and Abu Dhabi.
     
    In 2023, Teniz Capital completed 13 bond transactions across in AIX as well the Kazakhstan Stock Exchange. These transactions included JSC AIFN Retam, Capitalleasing Group Ltd., Jet Group Ltd., Kisamos Shipping DMCC, several placements of Kazakhstan’s sovereign bonds, and underwriting complex, high-value transactions.
     
    Last year, on 29 August, the company announced the expansion of its operations with the launch of a sister company, Teniz Capital Brokerage Ltd.

    For further information, members of the media can contact teniz@definition.city

    This press release contains statements regarding the future of the company and its innovations. Statements regarding the future may be accompanied by words such as “anticipate”, “believe”, “estimate”, “will”, “anticipate”, “pretend”, “power”, “plan”, “potential”, the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company’s commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise.

    The MIL Network –

  • MIL-OSI: Key Information Relating to Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 6 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 6 June 2024, the Board of Directors has approved a dividend payment of NOK 0.3125 per share to be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025. DNO shares will be traded ex-dividend as of 13 February 2025.

    Dividend amount: NOK 0.3125 per share
       
    Declared currency: NOK
       
    Last day including right: 12 February 2025
       
    Ex-date: 13 February 2025
       
    Record date: 14 February 2025
       
    Payment date: 21 February 2025 (on or about)
       
    Date of approval: 5 February 2025, based on authorization granted 6 June 2024

    —

    For further information, please contact:

    Media: media@dno.no
    Investors: investor.relations@dno.no

    —

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.4 of Euronext Oslo Rulebook II.

    The MIL Network –

  • MIL-OSI: DNO Results Reflect Robust Kurdistan Production, North Sea Expansion

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 6 February 2025 – DNO ASA, the Norwegian oil and gas operator, today reported 2024 revenues of USD 667 million on the back of stellar production in the Kurdistan region of Iraq in a year marked by continuing North Sea expansion.

    Cash from operations increased nearly 50 percent to USD 433 million year-on-year. Operating profit dropped to USD 6 million reflecting the Company’s decision to take non-cash impairments of USD 146 million in its accounts, part of which was previously reported.

    Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North Sea 15,200 boepd and West Africa 3,100 boepd.

    At Kurdistan’s Tawke license (75 percent and operator), DNO increased gross production from the Tawke and Peshkabir fields by 70 percent year-on-year to 78,600 boepd in 2024, with oil sold at its Fish Khabur terminal as the Iraq-Türkiye export pipeline remained shut in. Sales prices averaged USD 35 per barrel with payments deposited into DNO’s international bank accounts ahead of deliveries. At these prices, Tawke license sales generate around USD 10 million per month of free cash flow to DNO.

    Maintaining strict capital spending discipline, DNO drilled no new wells on the Tawke license in 2024. Notwithstanding, output was increased by bringing three previously drilled wells onstream and by workovers and interventions on more than 20 other wells across the license.

    “Our Kurdistan team is doing a terrific job. Maintaining, never mind increasing, production from mature carbonate reservoirs without new drilling is rare, even exceptional,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “In Norway, we are applying a similar ‘can-do’ spirit to get our barrels from a string of recent discoveries out of the ground and into the market and do so faster than is the norm here,” he added.

    In 2024, DNO took steps to expand its North Sea business by acquiring a 25 percent interest in the producing Arran field in the United Kingdom and interests in four producing fields and one development asset in the Norne area offshore Norway. Driven by contribution from these acquisitions, recovery of production in some fields following maintenance and Trym field restart, net North Sea production climbed to 19,000 boepd in the fourth quarter.

    Meanwhile, DNO is taking part in four ongoing North Sea field development projects expected to come online between 2025 and 2028 that represent proven and probable reserves of some 30 million barrels of oil equivalent net to the Company. Two other discoveries, namely Ofelia/Kyrre (10 percent) and Cuvette (20 percent) are nearing development decisions.

    Among the 2024 exploration highlights was the play-opening Othello light oil discovery (50 percent and operator), Norway’s second largest find last year. Prior to the discovery, DNO had already taken a strong acreage position in this area in close collaboration with Aker BP, host operator of nearby Valhall hub.

    Overall, the Company plans to drill between four (firm) and six North Sea exploration wells in 2025. Meanwhile, complementing its ongoing exploration activities, last month DNO was awarded 13 new licenses in Norway’s 2024 Awards in Predefined Areas (APA) licensing round, including four operatorships, by the Norwegian Ministry of Energy.

    Planned 2025 operational spend is ramped up to USD 750 million driven by increased North Sea activity.

    DNO’s robust balance sheet supports growth and distributions to shareholders. The Board of Directors yesterday authorized a dividend of NOK 0.3125 per share in February, maintaining the quarterly distribution at the same level as last quarter.

    A videoconference call with executive management will follow today at 14:00 (CET). Please visit www.dno.no to access the call.

    Key figures

      Full-Year 2024 Q4 2024 Q3 2024
    Gross operated production (boepd) 80,280 80,765 84,212
    Net production (boepd) 77,269 77,646 77,238
    Revenues (USD million) 667 177 171
    Operating profit/-loss (USD million) 6 -82 31
    Net profit/-loss (USD million) -27 -98 20
    Free cash flow (USD million) 59 -5 35
    Net cash/-debt (USD million) 99 99 134

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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    The MIL Network –

  • MIL-OSI: Societe Generale: Fourth quarter & 2024 full year results

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 31 DECEMBER 2024

    Press release                                                        
    Paris, 6 February 2025

    2024 RESULTS ABOVE ALL GROUP TARGETS
    GROUP NET INCOME OF EUR 4.2 BILLION, +69% vs. 2023

    Annual revenues of EUR 26.8 billion, up by +6.7% vs. 2023, above the ≥+5% target set for 2024, driven in particular by the strong rebound in net interest income in France and by an excellent performance in Global Banking and Investor Solutions with revenues above EUR 10 billion

    Cost-to-income ratio of 69.0%, below the target of <71% set for 2024, thanks to tight control of costs, which are stable vs. 2023

    Cost of risk at 26 basis points, at the lower end of the 2024 guidance range

    Profitability (ROTE) of 6.9%, above the target of >6% expected for 2024

    CET1 ratio of 13.3% at end-2024, around 310 basis points above regulatory requirement

    +75% INCREASE IN DISTRIBUTION TO SHAREHOLDERS VS. 2023

    Proposed distribution of EUR 1,740 million1, equivalent to EUR 2.18 per share1, composed of:

    • a cash dividend of EUR 1.09 per share to be proposed to the General Meeting
    • a share buyback programme of EUR 872 million, equivalent to EUR 1.09 per share1. ECB approval has been obtained to launch the programme, due to start on 10 February 2025
    • Increase of the payout ratio to 50% of net income2

    2025 FINANCIAL TARGETS, STRONG CAPITAL, EXECUTION DISCIPLINE

    Revenue growth of more than +3%3 vs. 2024

    Decrease in costs above -1%3 vs. 2024

    Improvement of the cost-to-income ratio, less than 66% in 2025

    Cost of risk between 25 and 30 basis points in 2025

    Increase of the ROTE, more than 8% in 2025

    CET1 ratio above 13% post Basel IV throughout the year 2025

    With a solid CET1 ratio ahead of the capital trajectory, we are proposing to improve the distribution policy with:

    • an overall distribution payout ratio of 50% of net income2
    • a balanced distribution between cash dividends and share buybacks

    Slawomir Krupa, the Group’s Chief Executive Officer, commented:
    “In 2024, our performance improves materially. All our targets are exceeded and ahead of plan. Strong capital build-up, strong and sustainable business growth, strong cost control and risk management, and a material progress in our integration projects led to the doubling of the earnings per share. Against this strong backdrop, we are improving both the 2024 distribution and our distribution policy. I would like to thank the entire Societe Generale team for their dedication and remarkable commitment, every single day, to serving our clients and our Bank.
    We will continue to focus in 2025 on the relentless execution of our strategy, improving our performance even further.”

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    Net banking income 6,621 5,957 +11.1% +12.5%* 26,788 25,104 +6.7% +5.7%*
    Operating expenses (4,595) (4,666) -1.5% -0.7%* (18,472) (18,524) -0.3% -1.6%*
    Gross operating income 2,026 1,291 +57.0% +61.3%* 8,316 6,580 +26.4% +26.6%*
    Net cost of risk (338) (361) -6.4% -4.9%* (1,530) (1,025) +49.3% +48.6%*
    Operating income 1,688 930 +81.6% +87.4%* 6,786 5,555 +22.2% +22.5%*
    Net income/expense from other assets (11) (21) +48.9% +45.2%* (77) (113) +31.4% +26.3%*
    Income tax (413) (302) +36.6% +40.5%* (1,601) (1,679) -4.7% -4.9%*
    Net income 1,273 612 x 2.1 x 2.1* 5,129 3,449 +48.7% +49.6%*
    O.w. non-controlling interests 233 183 +27.0% +33.6%* 929 957 -3.0% -9.3%*
    Group net income 1,041 429 x 2.4 x 2.5* 4,200 2,492 +68.6% +73.2%*
    ROE 5.8% 1.5%     6.1% 3.1% +0.0% +0.0%*
    ROTE 6.6% 1.7%     6.9% 4.2% +0.0% +0.0%*
    Cost to income 69.4% 78.3%     69.0% 73.8% +0.0% +0.0%*

    Asterisks* in the document refer to data at constant perimeter and exchange rates

    The Board of Directors of Societe Generale, which met on 5 February 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for Q4 24 and endorsed the 2024 financial statements.

    Net banking income 

    Net banking income stood at EUR 6.6 billion, up by +11.1% vs. Q4 23.

    Revenues of French Retail, Private Banking and Insurance were up by +15.5% vs. Q4 23 and totalled EUR 2.3 billion in Q4 24. Net interest income increased in Q4 24 (+36% vs. Q4 23), in line with the latest estimates. Assets under management in Private Banking and Insurance increased by +7% each in Q4 24 vs. Q4 23. Lastly, BoursoBank showed strong growth momentum with more than 460,000 new clients in the quarter, allowing to reach a client base of 7.2 million clients at end-December 2024, above the target of 7 million clients set for end-2024. In addition, BoursoBank posted a positive contribution to Group net income in 2024 for the second year in a row.

    Global Banking and Investor Solutions registered a +12.4% increase in revenues relative to Q4 23. Revenues amounted to EUR 2.5 billion for the quarter, driven by strong momentum across all businesses. Global Markets grew by 9.8% in Q4 24 vs. Q4 23. Revenues from the Equities business were up by +10%, reaching a record level for a fourth quarter. They were driven by favourable market conditions, particularly after the result of the presidential elections in the United States. Fixed Income and Currencies were up by +9% owing to solid commercial activity in financing and intermediation across all asset classes. In Financing and Advisory, solid commercial momentum was recorded in structured finance and the performance of M&A and advisory continued to rebound. Likewise, Global Transaction & Payment Services posted a +26% increase in revenues vs. Q4 23, driven by a sustained commercial development across all businesses, particularly in correspondent banking.

    Mobility, International Retail Banking and Financial Services’ revenues were up by +2.0% vs. Q4 23, mainly due to an increase in margins at Ayvens. International Retail Banking recorded a -3.6% fall in revenues vs. Q4 23 at EUR 1.0 billion, due to a scope effect related to the asset disposals finalised in Africa (Morocco, Chad, Congo, Madagascar). Revenues were up +3.4% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up by +8.3% vs. Q4 23 mainly due to non-recuring items in Q4 23 and improved margins at Ayvens.

    The Corporate Centre recorded revenues of EUR -159 million in Q4 24.

    Over 2024, net banking income increased by +6.7% vs. 2023.

    Operating expenses 

    Operating expenses came out to EUR 4,595 million in Q4 24, down by -1.5% vs. Q4 23.
    They include a scope effect of around EUR 46 million related to the integration of Bernstein’s cash equity operations and a decrease in transformation costs of EUR 26 million. Excluding these items, operating expenses were down by nearly -2% in Q4 24 vs. Q4-23 owing to the effect of the cost saving measures implemented across all business lines.

    The cost-to-income ratio stood at 69.4% in Q4 24, significantly lower than in Q4 23 (78.3%).

    Over 2024, operating expenses remained relatively stable (-0.3% vs. 2023), thanks from rigorous cost management. The cost-to-income ratio stood at 69.0% (vs. 73.8% in 2023), a level below the target of 71% for 2024.

    Cost of risk

    The cost of risk fell to 23 basis points over the quarter (or EUR 338 million). This includes a EUR 386 million provision for non-performing loans (around 26 basis points) and a reversal of a provision on performing loans for EUR -48 million.

    At end-December, the Group’s provisions on performing loans amounted to EUR 3,119 million, stable relative to 30 September 2024. The EUR -453 million contraction relative to 31 December 2023 is mainly owing to the application of IFRS 5.

    The gross non-performing loan ratio stood at 2.81%4,5 at 31 December 2024, significantly down vs. end of September 2024 (2.95%). The net coverage ratio on the Group’s non-performing loans stood at 81%6 at 31 December 2024 (after taking into account guarantees and collateral).

    Net profits from other assets

    The Group recorded a net loss of EUR -11 million in Q4 24, mainly related to the accounting impacts of finalised asset sales, such as the disposals of our activities in Morocco and Madagascar.

    Group net income

    Group net income stood at EUR 1,041 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 6.6%.

    Over the year, Group net income stood at EUR 4,200 million, equating to a Return on Tangible Equity (ROTE) of 6.9%.

    Shareholder distribution

    The Board of Directors approved the distribution policy for the 2024 fiscal year, aiming to distribute EUR 2.18 per share, equivalent to EUR 1,740 million, of which EUR 872 million in share buyback7. A cash dividend of EUR 1.09 per share will be proposed at the General Meeting of Shareholders on 20 May 2025. The dividend will be detached on 26 May 2025 and paid out on 28 May 2025.

    1. AN ESTABLISHED ESG STRATEGY FROM WHICH TO STEP FORWARD

    In 2024, Societe Generale accelerated the execution of its ESG roadmap, particularly with respect to the contribution to the environmental transition:

    • The Group now covers ~70% of companies’8 financed emissions, with 10 alignment targets for the carbon-intensive sectors. It has already reduced its oil and gas upstream exposure by more than 50% since the end of 20199
    • In Q2 24 and ahead of schedule, the Group reached its target of EUR 300 billion for sustainable finance planned for the period 2022-2025. A new target of EUR 500 billion, complementing the work carried out as part of the portfolio alignment, was announced for the period 2024-2030. This will help increase the orientation of financial flows towards decarbonization activities.

    The Group has broadened the scope of actions to prepare for a sustainable future by supporting new players and new technologies:

    • The EUR 1 billion investment for the transition, announced during the Capital Markets Day, has entered its operationalization phase
    • A new partnership with the EIB to unlock up to EUR 8 billion in the wind industry supply chain in Europe was signed in Q4 24.

    At the same time, ESG risk management continues to be strengthened, enhancing forward-looking assessments of environmental risk materiality and further integrating environmental, social and governance risks into the risk framework.
    Lastly, the Group is moving forward with its ambitions as a responsible employer: at the end of 2024, the “Group Leaders Circle” (Top 250) had ~30% women executives10 and ~30% international members. As announced during the Capital Markets Day, the EUR 100 million envelope commitment to reduce the gender pay gap was launched in 2023.

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 31 December 2024, the Group’s Common Equity Tier 1 ratio stood at 13.3%11, around 310 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 156% at end-December 2024 (145% on average for the quarter), and the Net Stable Funding Ratio (NSFR) stood at 117% at end-December 2024.

    All liquidity and solvency ratios are well above the regulatory requirements.

      31/12/2024 31/12/2023 Requirements
    CET1(1) 13.3% 13.1% 10.24%
    Fully-loaded CET1 13.3% 13.1% 10.24%
    Tier 1 ratio (1) 16.1% 15.6% 12.17%
    Total Capital(1) 18.9% 18.2% 14.73%
    Leverage ratio(1) 4.34% 4.25% 3.60%
    TLAC (% RWA)(1) 29.7% 31.9% 22.31%
    TLAC (% leverage)(1) 8.0% 8.7% 6.75%
    MREL (% RWA)(1) 34.2% 33.7% 27.58%
    MREL (% leverage)(1) 9.2% 9.2% 6.23%
    End of period LCR 156% 160% >100%
    Period average LCR 145% 155% >100%
    NSFR 117% 119% >100%
    In EURbn 31/12/2024 31/12/2023
    Total consolidated balance sheet 1,574 1,554
    Shareholders’ equity (IFRS), Group share 70 66
    Risk-weighted assets 390 389
    O.w. credit risk 327 326
    Total funded balance sheet 952 970
    Customer loans 463 497
    Customer deposits 614 618

    At 31 December 2024, the parent company had issued EUR 43.2 billion in medium/long-term debt under its 2024 funding program. The subsidiaries had issued EUR 4.7 billion. In all, the Group has issued a total of EUR 47.9 billion.

    At 10 January 2025, the parent company 2025 funding program was executed at 47% for vanilla notes.

    The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    Net banking income 2,267 1,963 +15.5% 8,657 8,053 +7.5%
    Of which net interest income 1,091 801 +36.2% 3,868 3,199 +20.9%
    Of which fees 1,028 948 +8.5% 4,108 3,975 +3.3%
    Operating expenses (1,672) (1,683) -0.7% (6,634) (6,756) -1.8%
    Gross operating income 596 280 x 2.1 2,024 1,297 +56.0%
    Net cost of risk (115) (163) -29.6% (712) (505) +41.0%
    Operating income 481 118 x 4.1 1,312 792 +65.6%
    Net profits or losses from other assets (2) 5 n/s 6 9 -35.1%
    Group net income 360 90 x 4.0 991 596 +66.2%
    RONE 9.1% 2.3%   6.3% 3.9%  
    Cost to income 73.7% 85.7%   76.6% 83.9%  

    Commercial activity

    SG Network, Private Banking and Insurance 

    The SG Network’s average outstanding deposits amounted to EUR 232 billion in Q4 24, down by -1% on Q4 23, with strong shift of inflows into investment products and savings life insurance.

    The SG Network’s average loan outstandings contracted by -4% vs. Q4 23 to EUR 194 billion, but -2.5% excluding PGE (state guaranteed loans). Outstanding loans to corporate and professional clients grew vs. Q3 24 excluding state guaranteed PGE loans, and individual clients lending experienced an increased commercial momentum.

    The average loan to deposit ratio came to 83.6% in Q4 24, down by 2.6 percentage points relative to Q4 23.

    Private Banking activities saw their assets under management12 maintain a record level of EUR 154 billion in Q4 24, up by +7% vs. Q4 23. Net gathering stood at EUR 6.3 billion in 2024, the annual net asset gathering pace (net new money divided by AuM) being at +4% in 2024. Net banking income came to EUR 348 million over the quarter, a decrease of -2% vs. Q4 23. It stands at EUR 1,469 million for 2024, unchanged from 2023.

    Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +7% vs. Q4 23 to reach a record EUR 146 billion at                end-December 2024. The share of unit-linked products remained high at 40%. Savings Life insurance gross inflows amounted to EUR 3.4 billion in Q4 24, and EUR 18.3 billion for 2024, up by +42% vs. 2023.

    Personal protection and P&C premia were up by +3% vs. Q4 23 (+5% at constant perimeter).

    BoursoBank 

    BoursoBank’s growth momentum continued with more than 460K new clients in the fourth quarter of 2024. BoursoBank reached almost 7.2 million clients in December 2024, above 2024 target.

    Thanks notably to its comprehensive banking offer and recognized among the “Digital Leaders”13, the Bank has a low attrition rate (~3% in 2024), still down vs. 2023.

    BoursoBank continued its profitable growth trajectory in 2024 with a cost per client down by -17.0% vs. 2023 with an expanding client base, more than 1.3 million net clients over 12 months (+22.4% vs. 2023).

    Loans outstanding improved by +5.4% relative to Q4 23, at EUR 16 billion in Q4 24.

    Average outstanding in savings including deposits and financial savings were +15.5% higher vs. Q4 23 at EUR 64 billion. Deposits outstanding totalled EUR 39 billion in Q4 24, posting another strong increase of +15.4% vs. Q4 23, driven by interest-bearing savings. Average life insurance outstandings, at EUR 13 billion in Q4 24, rose by +10.2% vs. Q4 23 (o/w 48% in unit-lined products, +3.8 percentage points vs. Q4 23). The activity continued to register strong gross inflows over the quarter (+50.4% vs. Q4 23, 65% unit-linked products).

    For the second year in a row, BoursoBank recorded a positive contribution to Group net income in 2024.

    At end of 2025, BoursoBank aims to exceed 8 million clients.

    Net banking income

    Over the quarter, revenues amounted to EUR 2,267 million (including PEL/CEL provision), up by +15% compared with Q4 23 and up by +1% compared with Q3 24. Net interest income grew by +36% vs. Q4 23 and +3% vs. Q3 24. Fee income rose by +9% relative to Q4 23.

    Over the year, revenues reached EUR 8,657 million, up by +8% compared with 2023 (including PEL/CEL provision). Net interest income was up by +21% vs. 2023. Fees increased by +3% relative to 2023.

    Operating expenses

    Over the quarter, operating expenses came to EUR 1,672 million, down -1% compared to Q4 23. The cost-to-income ratio reached 73.7% in Q4 24 and improved by 12 percentage points vs. Q4 23.

    Over the year, operating expenses totalled EUR 6,634 million, decreasing by -2% vs. 2023.                                         The cost-to-income ratio stood at 76.6% and improved by 7.3 percentage points compared with 2023.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 115 million, or 20 basis points, down compared with Q3 24 (30 basis points).

    Over the year, the cost of risk totalled EUR 712 million, or 30 basis points.

    Group net income

    Over the quarter, Group net income totalled EUR 360 million. RONE stood at 9.1% in Q4 24.

    Over the year, Group net income totalled EUR 991 million. RONE stood at 6.3% for the year.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    Net banking income 2,457 2,185 +12.4% +11.6%* 10,122 9,642 +5.0% +4.8%*
    Operating expenses (1,644) (1,601) +2.7% +2.0%* (6,542) (6,788) -3.6% -3.7%*
    Gross operating income 812 584 +39.0% +37.9%* 3,580 2,854 +25.4% +25.0%*
    Net cost of risk (97) (38) x 2.5 x 2.5* (126) (30) x 4.2 x 4.3*
    Operating income 715 546 +31.0% +30.1%* 3,455 2,824 +22.3% +21.9%*
    Group net income 627 467 +34.4% +33.0%* 2,788 2,280 +22.2% +21.7%*
    RONE 16.6% 12.2% +0.0% +0.0%* 18.4% 14.8% +0.0% +0.0%*
    Cost to income 66.9% 73.3% +0.0% +0.0%* 64.6% 70.4% +0.0% +0.0%*

    Net banking income

    Global Banking & Investor Solutions delivered an excellent fourth quarter, with revenues up by +12.4% compared with Q4 23, at EUR 2,457 million.

    Over 2024, revenues reached a record14 level of EUR 10,122 million, up by +5.0% vs. FY23, owing to excellent momentum across all business lines.

    Global Markets and Investor Services recorded a sharp rise in revenues over the quarter vs Q4 23 of +9.8% to EUR 1,493 million. Over 2024, they totalled EUR 6,557 million, up by +4.5% vs. FY 2023. This growth is the result of solid performance across all activities.

    Global Markets posted both a record fourth quarter and a record1 year with revenues, respectively, of EUR 1,332 million, up +9.5% vs. Q4 23, and EUR 5,884 million, up +5.6% vs. 2023, in a market environment that remains conducive.

    The Equities business delivered an excellent performance, with both a record year and fourth quarter. In Q4 24, revenues amounted to EUR 831 million, a steady increase of +10.0% vs. Q4 23, benefiting from a strong commercial dynamic post US elections especially in flow, listed products and financing activities. Over 2024, revenues increased sharply by +12.2% versus 2023 to EUR 3,569 million.

    Fixed Income and Currencies grew by +8.8% to EUR 501 million in Q4 24, thanks to a solid performance across all products, with an increased client engagement across Corporates and Financial Institutions following the impact of the US elections on rates and currencies. In addition, European rates and currencies franchise outperformed, together with solid secured financing opportunities in the Americas. Over 2024, revenues decreased slightly by -3.2% to EUR 2,315 million.

    Securities Services’ revenues were sharply up by +12.4% versus Q4 23 at EUR 162 million but increased by +4.8% excluding the impact of equity participations. The business continued to reap the benefit of a positive fee generation trend and robust momentum in fund distribution, especially in France and Italy. Over 2024, revenues were down by -4.0%, but up by +2.8% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 4,921 billion and EUR 623 billion, respectively.

    The Financing and Advisory business posted revenues of EUR 964 million, up by +16.7% vs. Q4 23. Over 2024, revenues totalled EUR 3,566 million, up by +5.8% vs. 2023.

    The Global Banking & Advisory business grew steadily by +13.7% compared with Q4 23 with a double digit increase in fees vs. Q4 23 driven by strong origination and distribution volumes in Fund Financing and Structured Finance. The rebound in M&A and Advisory continued in the fourth quarter with a strong increase in revenues. This is the second best quarter ever in terms of revenues, close to record Q4 22. Over 2024, revenues grew by +3.2% vs. 2023.

    The Global Transaction & Payment Services business once again delivered an excellent performance compared with Q4 23. The sharp increase in revenues of +26.1% was driven by solid commercial momentum in all activities, as well as a high level of fee generation, led by a strong performance in correspondent banking. Over 2024, revenues saw a steady increase of +13.9%. This represents a record year and fourth quarter.

    Operating expenses

    Operating expenses came out to EUR 1,644 million for the quarter, including around EUR 32 million in transformation costs. They are up by +2.7% relative to Q4 23. The cost-to-income ratio came to 66.9% in Q4 24.

    Over 2024, operating expenses decreased by -3.6% compared with 2023 and the cost-to-income ratio came to 64.6%.

    Cost of risk

    Over the quarter, the cost of risk was EUR 97 million, or 24 basis points vs. 9 basis points in Q4 23.

    Over 2024, the cost of risk was EUR 126 million, or 8 basis points.

    Group net income

    Group net income recorded strong growth, up by +34.4% vs. Q4 23 to EUR 627 million. Over 2024, Group net income rose sharply by +22.2% to EUR 2,788 million.

    Global Banking and Investor Solutions reported significant RONE of 16.6% over the quarter and 18.4% over 2024.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    Net banking income 2,056 2,016 +2.0% +6.7%* 8,458 8,507 -0.6% -3.8%*
    Operating expenses (1,240) (1,281) -3.2% +0.8%* (5,072) (4,760) +6.6% +1.7%*
    Gross operating income 816 734 +11.1% +17.0%* 3,386 3,747 -9.6% -10.9%*
    Net cost of risk (133) (137) -2.5% +2.2%* (705) (486) +45.1% +43.5%*
    Operating income 682 598 +14.2% +20.4%* 2,681 3,261 -17.8% -19.1%*
    Net income/expense from other assets (2) (12) +86.1% +84.3%* 96 (11) n/s n/s
    Non-controlling interests 203 152 +33.1% +39.6%* 826 826 -0.1% -7.1%*
    Group net income 314 284 +10.5% +16.1%* 1,270 1,609 -21.1% -20.0%*
    RONE 12.0% 11.0%     12.2% 16.6%    
    Cost to income 60.3% 63.6%     60.0% 56.0%    

    (2)()

    Commercial activity

    International Retail Banking

    International Retail Banking15 activity remained strong in Q4 24 with outstanding loans at EUR 59 billion, up by +3.4%* vs. Q4 23 and deposits at EUR 74 billion, up by +3.9%* vs. Q4 23.

    Europe continues to post good commercial performance for both entities in individual and corporate client segments. With EUR 43 billion in Q4 24, outstanding loans increased by 4.9%* vs. Q4 23, across segments in Romania and more particularly in home loans in the Czech Republic. Outstanding deposits totalled EUR 55 billion in Q4 24, up by +3.8%* vs. Q4 23, mostly driven by Romania.

    In the Africa, Mediterranean Basin and Overseas France network, outstanding loans were stable* vs. Q4 23, with EUR 16 billion in Q4 24, on the back of the good performance in retail. Outstanding deposits of EUR 20 billion in Q4 24 increased by 4.0%* vs. Q4 23, mainly driven by sight deposits in retail.

    Mobility and Financial Services

    Overall, Mobility and Financial Services maintained a good commercial performance.

    Ayvens’ earning assets totalled EUR 53.6 billion at end-December 2024, a +2.9% increase vs. end-December 2023.

    Consumer Finance posted outstandings of EUR 23 billion in Q4 24, still down by -4.0% vs. Q4 23.

    With EUR 15 billion in Q4 24, Equipment Finance outstandings slightly decreased by -1.4% vs. Q4 23.

    Net banking income

    Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues rose by +2.0% vs. Q4 23 to EUR 2,056 million in Q4 24.

    Over the year, revenues were stable compared with 2023 at EUR 8,458 million.

    International Retail Banking revenues reached EUR 1,029 million, up by +3.4%* vs. Q4 23. Over 2024, revenues amounted to EUR 4,161 million, up by 3.8%* vs. 2023.

    Revenues in Europe, which amounted to EUR 539 million in Q4 24, rose by +6.4%* vs. Q4 23, driven by the +3.5%* increase in net interest income for both KB in Czech Republic and BRD in Romania. Fee income increased strongly over the quarter in the Czech Republic, up by +29.5%* vs. Q4 23. Over 2024, revenues improved by +2.8%* vs. 2023 at EUR 2,028 million.

    The Africa, Mediterranean Basin and French Overseas network maintained a sustained level of revenues in Q4 24 of EUR 490 million, stable* vs. Q4 23, mainly driven by fee growth. Over 2024, revenues improved by +4.8%* vs. 2023 at EUR 2,133 million.

    Overall, revenues from Mobility and Financial Services were up by 8.3% vs. Q4 23 at EUR 1,026 million. They remained stable vs. 2023, at EUR 4,298 million in 2024.

    At Ayvens, net banking income stood at EUR 707 million in Q4 24, a sharp increase of +16,3% vs. Q4 23 as reported, and of +2.0% adjusted for non-recurring items16. The amount of margins stood at 541 basis points, generating revenues up +12%1 vs. T4-23. The used car sales markets are gradually normalising, as expected, with an average Used Car Sale (UCS) result per unit of EUR 1,2671 per unit this quarter, vs. EUR 1,4201 in Q3 24 and EUR 1,7061 in Q4 23. In 2024, Ayvens posted an increase in revenues of +1.2% vs. 2023 (at EUR 3,015 million), with an increase in underlying margins.

    The Consumer Finance entities posted revenues of EUR 216 million in Q4 24, still down by -4.2% vs. Q4 23. These are stabilizing from Q3 24, with an improvement in the margin for new production. Revenues from the Equipment Finance business was down this quarter by -9.3% vs. Q4 23, with EUR 103 million in Q4 24. In 2024, overall revenues for both businesses decreased by -4.0% vs. 2023.

    Operating expenses

    Over the quarter, operating expenses remained contained at EUR 1,240 million (-3.2% vs. Q4 23, stable* at constant perimeter and exchange rates). The cost-to-income ratio stood at 60.3% in Q4 24 vs. 63.6% in Q4 23.

    Over the year, operating expenses came to EUR 5,072 million, up by +6.6% vs. 2023. They include transformation costs of around EUR 200 million.

    International Retail Banking recorded an increase in costs of +4.8%* vs. Q4 23 (down by -2.1% at current perimeter and exchange rates, to EUR 577 million in Q4 24), still including the new bank tax in Romania, implemented since January 2024.

    Mobility and Financial Services costs reached EUR 663 million in Q4 24, down by -4.2% vs. Q4 23.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 133 million or 32 basis points, which was considerably lower than in Q3 24 (48 basis points).

    Over the year, the cost of risk normalised to a level of 42 basis points, compared with 32 basis points in 2023.

    Group net income

    Over the quarter, Group net income came out to EUR 314 million, up by +10.5% vs. Q4 23. RONE stood at 12.0% in Q4 24. RONE was 16.3% in International Retail Banking, and 9.1% in Mobility and Financial Services in Q4 24.

    Over 2024, Group net income came out to EUR 1,270 million, down by -21.1% vs. 2023. RONE stood at 12.2% in 2024. RONE was 16.4% in International Retail Banking, and 9.4% in Mobility and Financial Services in 2024.

    1. CORPORATE CENTRE
    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    Net banking income (159) (207) +23.4% +24.4%* (450) (1,098) +59.0% +59.6%*
    Operating expenses (39) (101) -61.8% -61.8%* (224) (220) +1.6% +1.4%*
    Gross operating income (197) (308) +36.0% +36.5%* (674) (1,318) +48.9% +49.5%*
    Net cost of risk 7 (23) n/s n/s 12 (4) n/s n/s
    Net income/expense from other assets (7) (15) +51.3% +51.3%* (179) (111) -61.3% -61.4%*
    Income tax (37) (45) -17.9% -16.6%* 81 (130) n/s n/s
    Group net income (261) (412) +36.7% +37.0%* (848) (1,994) +57.5% +57.8%*

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    Over the quarter, the Corporate Centre’s net banking income totalled EUR -159 million, vs. EUR  – 207 million in Q4 23.

    Over the year, the Corporate Centre’s net banking income totalled EUR -450 million, vs. EUR – 1,098 million in 2023. It includes the booking in Q3 24 of exceptional proceeds received of approximately EUR 0.3 billion17.

    Operating expenses

    Over the quarter, operating expenses totalled EUR -39 million, vs. EUR -101 million in Q4 23.

    Over the year, operating expenses totalled EUR -224 million, vs. EUR -220 million in 2023.

    Net losses from other assets

    Pursuant notably to the application of IFRS 5, the Group booked in Q4 24 various impacts from ongoing disposals of assets.

    Group net income

    Over the quarter, the Corporate Centre’s Group net income totalled EUR -261 million, vs. EUR -412 million in Q4 23.

    Over the year, the Corporate Centre’s Group net income totalled EUR -848 million, vs. EUR -1,994 million in 2023.

    To be noted that starting from 2025, normative return to businesses will be based on a 13% capital allocation.

          8.   2024 AND 2025 FINANCIAL CALENDAR

    2025 Financial communication calendar
    April 30, 2025 First quarter 2025 results
    May 20, 2025 2024 Combined General Meeting
    May 26, 2025 Dividend detachment
    May 28, 2025 Dividend payment
    July 31, 2025 Second quarter and first half 2025 results
    October 30, 2025          Third quarter and nine months 2025 results
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

          9.   APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q4 24 Q4 23 Variation 2024 2023 Variation
    French Retail, Private Banking and Insurance 360 90 x 4.0 991 596 +66.2%
    Global Banking and Investor Solutions 627 467 +34.4% 2,788 2,280 +22.2%
    Mobility, International Retail Banking & Financial Services 314 284 +10.5% 1,270 1,609 -21.1%
    Core Businesses 1,301 841 +54.7% 5,048 4,486 +12.5%
    Corporate Centre (261) (412) +36.7% (848) (1,994) +57.5%
    Group 1,041 429 x 2.4 4,200 2,492 +68.6%

    MAIN EXCEPTIONAL ITEMS

    In EURm Q4 24 Q4 23 12M24 12M23
    Net Banking Income – Total exceptional items 0 41 287 (199)
    One-off legacy items – Corporate Centre 0 41 0 (199)
    Exceptional proceeds received – Corporate Centre 0 0 287 0
             
    Operating expenses – Total one-off items and transformation charges (76) (102) (613) (765)
    Transformation charges (76) (102) (613) (730)
    Of which French Retail, Private Banking and Insurance 7 18 (132) (312)
    Of which Global Banking & Investor Solutions (32) (64) (236) (167)
    Of which Mobility, International Retail Banking & Financial Services (51) (56) (199) (251)
    Of which Corporate Centre 0 0 (47) 0
    One-off items 0 0 0 (35)
    Of which French Retail, Private Banking and Insurance 0 0 0 60
    Of which Global Banking & Investor Solutions 0 0 0 (95)
             
    Other one-off items – Total (7) (115) (74) (820)
    Net profits or losses from other assets (7) (15) (74) (112)
    Of which Mobility, International Retail Banking and Financial Services 0 0 86 0
    Of which Corporate Centre (7) (15) (160) (112)
    Goodwill impairment – Corporate Centre 0 0 0 (338)
    Provision of Deferred Tax Assets – Corporate Centre 0 (100) 0 (370)

    CONSOLIDATED BALANCE SHEET

    In EUR m   31/12/2024 31/12/2023
    Cash, due from central banks   201,680 223,048
    Financial assets at fair value through profit or loss   526,048 495,882
    Hedging derivatives   9,233 10,585
    Financial assets at fair value through other comprehensive income   96,024 90,894
    Securities at amortised cost   32,655 28,147
    Due from banks at amortised cost   84,051 77,879
    Customer loans at amortised cost   454,622 485,449
    Revaluation differences on portfolios hedged against interest rate risk   (292) (433)
    Insurance and reinsurance contracts assets   615 459
    Tax assets   4,687 4,717
    Other assets   70,903 69,765
    Non-current assets held for sale   26,426 1,763
    Investments accounted for using the equity method   398 227
    Tangible and intangible fixed assets   61,409 60,714
    Goodwill   5,086 4,949
    Total   1,573,545 1,554,045
    In EUR m   31/12/2024 31/12/2023
    Due to central banks   11,364 9,718
    Financial liabilities at fair value through profit or loss   396,614 375,584
    Hedging derivatives   15,750 18,708
    Debt securities issued   162,200 160,506
    Due to banks   99,744 117,847
    Customer deposits   531,675 541,677
    Revaluation differences on portfolios hedged

    against interest rate risk

    		   (5,277) (5,857)
    Tax liabilities   2,237 2,402
    Other liabilities   90,786 93,658
    Non-current liabilities held for sale   17,079 1,703
    Insurance and reinsurance contracts liabilities   150,691 141,723
    Provisions   4,085 4,235
    Subordinated debts   17,009 15,894
    Total liabilities   1,493,957 1,477,798
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   21,281 21,186
    Other equity instruments   9,873 8,924
    Retained earnings   33,863 32,891
    Net income   4,200 2,493
    Sub-total   69,217 65,494
    Unrealised or deferred capital gains and losses   1,039 481
    Sub-total equity, Group share   70,256 65,975
    Non-controlling interests   9,332 10,272
    Total equity   79,588 76,247
    Total   1,573,545 1,554,045

          10.    APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the fourth quarter and full year 2024 was examined by the Board of Directors on February 5th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The audit procedures carried out by the Statutory Auditors on the consolidated financial statements are in progress.

    2 – Net banking income

    The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2023. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for non-performing loan outstandings

    The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q4 24 Q4 23 2024 2023
    French Retail, Private Banking and Insurance Net Cost Of Risk 115 163 712 505
    Gross loan Outstandings 233,298 240,533 235,539 246,701
    Cost of Risk in bp 20 27 30 20
    Global Banking and Investor Solutions Net Cost Of Risk 97 38 126 30
    Gross loan Outstandings 160,551 168,799 162,749 169,823
    Cost of Risk in bp 24 9 8 2
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 133 137 705 486
    Gross loan Outstandings 167,911 164,965 167,738 150,161
    Cost of Risk in bp 32 33 42 32
    Corporate Centre Net Cost Of Risk (7) 23 (12) 4
    Gross loan Outstandings 25,730 23,075 24,700 20,291
    Cost of Risk in bp (11) 40 (5) 2
    Societe Generale Group Net Cost Of Risk 338 361 1,530 1,025
    Gross loan Outstandings 587,490 597,371 590,725 586,977
    Cost of Risk in bp 23 24 26 17

    The gross coverage ratio for non-performing loan outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“non-performing loans”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 43 and 44 of Societe Generale’s 2024 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2024 Universal Registration Document.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders if deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q4 24 Q4 23 2024 2023
    Shareholders’ equity Group share 70,256 65,975 70,256 65,975
    Deeply subordinated and undated subordinated notes (10,526) (9,095) (10,526) (9,095)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (25) (21) (25) (21)
    OCI excluding conversion reserves 757 636 757 636
    Distribution provision(2) (1,740) (995) (1,740) (995)
    Distribution N-1 to be paid – – – –
    Equity end-of-period for ROE 58,722 56,500 58,722 56,500
    Average equity for ROE 58,204 56,607 57,223 56,396
    Average Goodwill(3) (4,192) (4,068) (4,108) (4,011)
    Average Intangible Assets (2,883) (3,188) (2,921) (3,143)
    Average equity for ROTE 51,129 49,351 50,194 49,242
             
    Group net Income 1,041 430 4,200 2,493
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (199) (215) (720) (759)
    Cancellation of goodwill impairment – – – 338
    Adjusted Group net Income 842 215 3,480 2,073
    ROTE 6.6% 1.7% 6.9% 4.2%

    181920

    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q4 24 Q4 23 Change 2024 2023 Change
    French Retail , Private Banking and Insurance 15,731 15,445 +1.9% 15,634 15,454 +1.2%
    Global Banking and Investor Solutions 15,129 15,247 -0.8% 15,147 15,426 -1.8%
    Mobility, International Retail Banking & Financial Services 10,460 10,313 +1.4% 10,433 9,707 +7.5%
    Core Businesses 41,320 41,006 +0.8% 41,214 40,587 +1.5%
    Corporate Center 16,884 15,601 +8.2% 16,009 15,809 +1.3%
    Group 58,204 56,607 +2.8% 57,223 56,396 +1.5%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal Registration Document. The items used to calculate them are presented below:
    2122

    End of period (in EURm) 2024 2023 2022
    Shareholders’ equity Group share 70,256 65,975 66,970
    Deeply subordinated and undated subordinated notes (10,526) (9,095) (10,017)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) (25) (21) (24)
    Book value of own shares in trading portfolio 8 36 67
    Net Asset Value 59,713 56,895 56,996
    Goodwill(2) (4,207) (4,008) (3,652)
    Intangible Assets (2,871) (2,954) (2,875)
    Net Tangible Asset Value 52,635 49,933 50,469
           
    Number of shares used to calculate NAPS(3) 796,498 796,244 801,147
    Net Asset Value per Share 75.0 71.5 71.1
    Net Tangible Asset Value per Share 66.1 62.7 63.0

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of Societe Generale’s 2024 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) 2024 2023 2022
    Existing shares 801,915 818,008 845,478
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 4,402 6,802 6,252
    Other own shares and treasury shares 2,344 11,891 16,788
    Number of shares used to calculate EPS(4) 795,169 799,315 822,437
    Group net Income (in EUR m) 4,200 2,493 1,825
    Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (720) (759) (596)
    Adjusted Group net income (in EUR m) 3,480 1,735 1,230
    EPS (in EUR) 4.38 2.17 1.50

    2324
    8 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency ratios.

    9 – Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website:
    www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    1 Based on the number of shares in circulation at 31 December 2024 excluding own shares, subject to usual approvals from the General Meeting
    2 Reported Group net income, after deduction of interest on deeply subordinated notes and undated subordinated notes, restated from non-cash items that have no impact on CET1 ratio
    3 Excluding assets sold
    4 Ratio calculated according to EBA methodology published on 16 July 2019
    5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5 (in particular Société Générale Equipment Finance, SG Marocaine de Banques and La Marocaine Vie)
    6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    7 The share buyback programme and the subsequent capital reduction, aim also, and in priority, at fully offsetting the dilutive impact of the future capital increase as part of the next Group Employee Share Ownership Plan, the principle of which was adopted by the Board of Directors on February 5, 2025
    8 Scopes 1 & 2 of corporate clients’ financed emissions
    9Target: -80% upstream exposure reduction by 2030 vs. 2019, with an intermediary step in 2025 at -50% vs. 2019
    10 The target is to have at least 35% of women executives by 2026
    11Including IFRS 9 phasing
    12France and International (including Switzerland and the United Kingdom)
    13 Banking App #1 in France and #2 worldwide based on Sia Partners International Mobile Banking Benchmark in October 2024
    14 At comparable business model in the post Global Financial Crisis (GFC) regulatory regime

    15 Including entities reported under IFRS 5, excluding entities sold in Morocco and Madagascar in December 2024
    16 Excluding non-recurring items on either margins or UCS (mainly linked to fleet revaluation at EUR 107m in Q4 23 vs. EUR 0m in Q4 24, prospective depreciation at EUR -191m in Q4 23 vs. EUR -87m in Q4 24, hyperinflation in Turkey at EUR -27m in Q4 23 vs. EUR -40m in Q4 24 and MtM of derivatives at EUR -137m in Q4 23 vs. EUR -2m in Q4 24)

    17 As stated in Q2 24 results press release
    18 Interest net of tax
    19 Based on the 2024 proposed distribution, subject to usual approvals of the General Meeting
    20 Excluding goodwill arising from non-controlling interests
    21 Interest net of tax
    22 Excluding goodwill arising from non-controlling interests
    23 The number of shares considered is the number of ordinary shares outstanding at the end of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares)
    24 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group

    Attachment

    The MIL Network –

  • MIL-OSI NGOs: Inflicting harm and denying care in the West Bank report

    Source: Médecins Sans Frontières –

    Israeli forces and settlers have increased the use of extreme physical violence against Palestinians in the occupied West Bank since the all-out war on Gaza began in October 2023, according to a new report by Medecins Sans Frontieres (MSF). In total, at least 870 Palestinians have been killed and over 7,100 injured between October 2023 and January 2025.

    According to our new report, “Inflicting harm and denying care”, the escalation of violence in the West Bank has severely hindered access to healthcare and is part of a pattern of systemic oppression by Israel which has been described by the International Court of Justice (ICJ) as amounting to racial segregation and apartheid.

    “Inflicting harm and denying care” in the West Bank pdf — 13.7 MB Download

    MIL OSI NGO –

  • MIL-OSI NGOs: “Inflicting harm and denying care” in the West Bank: MSF report on escalation of attacks and obstructions of healthcare

    Source: Médecins Sans Frontières –

    Jerusalem – Israeli forces and settlers have increased the use of extreme physical violence against Palestinians in the occupied West Bank since the all-out war on Gaza began in October 2023, according to a new report by Medecins Sans Frontieres (MSF). In total, at least 870 Palestinians have been killed and over 7,100 injured between October 2023 and January 2025. 

    According to the MSF report, “Inflicting harm and denying care”, the escalation of violence in the West Bank has severely hindered access to healthcare and is part of a pattern of systemic oppression by Israel which has been described by the International Court of Justice (ICJ) as amounting to racial segregation and apartheid.

    “Inflicting harm and denying care” in the West Bank pdf — 13.7 MB Download

    The report which covers a one-year period from October 2023 and 2024, provides in-depth interviews from 38 MSF patients and personnel, hospital staff paramedics and volunteers supported by MSF who report prolonged and violent Israeli military incursions and stricter movement restrictions, all of which have severely hindered access to essential services, particularly healthcare.  The situation has further deteriorated since the ceasefire in Gaza and has exacerbated dire living conditions for many Palestinians who are paying an immense physical and psychological toll.

    “Palestinian patients are dying because they simply cannot reach hospitals,” says Brice de le Vingne, MSF emergency coordinator. “We’re seeing ambulances blocked by Israeli forces at checkpoints while carrying critical patients, medical facilities surrounded and raided during active operations, and healthcare workers subjected to physical violence while trying to save lives.”

    Every volunteer paramedic risks their life to provide life-saving treatment to the people living in the camp. Palestine, September 2024.
    Alexandre Marcou/MSF

    An increased number of attacks on medical personnel and facilities have been reported to MSF teams, including attacks on hospitals, destruction of makeshift medical sites in refugee camps, as well as the harassment, detention, injury, and killing of first responders and medical workers by Israeli forces.

    Between October 2023 and December 2024, WHO has recorded 694 attacks on healthcare in the West Bank, with hospitals and healthcare structures often besieged by military force. Healthcare workers express a feeling of insecurity as they are frequently harassed, detained, injured and even killed.

    “Israeli forces surrounded the stabilisation point [in Tubas], closing both its entrances, even though it was very clear that this was a medical building,” says a medic from the Palestinian Red Crescent Society, supported by MSF. “They ordered all the paramedics to exit the stabilisation point. There were around 22 of us paramedics there. Israeli soldiers shot inside and outside the building, damaging our supplies and the stabilisation point.”

    In case of medical emergency, restrictions of movement can have deadly consequences. Access to healthcare in this context has been severely impeded by the obstruction and targeting of ambulance movements and the escalation of violent military raids resulting in injuries, fatalities and the destruction of vital civilian infrastructure, including roads, healthcare, water pipelines and electrical systems, particularly in Tulkarem and Jenin refugee camps. In remote areas and outskirts of cities like Jenin or Nablus, the situation is especially dire, as patients with chronic conditions, such as those who need regular dialysis treatment, are forced to stay home due to the untenable obstacles to reaching healthcare.

    On top of the frequent Israeli military incursions, settler violence and the ever-increasing expansion of settlements has left many Palestinians vulnerable to violence and afraid to move across the West Bank. In total, 1,500 attacks by Israeli settlers against Palestinians have been reported by OCHA between October 2023 and 2024.

    As the occupying power, Israel has legal obligations under international law to ensure access to healthcare and protect medical personnel. The healthcare system in the West Bank is under immense strain and forced into a state of perpetual emergency.

    MSF calls Israel to stop the violence against healthcare workers, patients and health facilities and to stop obstructing medical personnel from performing lifesaving duties.

    MIL OSI NGO –

  • MIL-OSI USA: Senators Coons, Lankford, Kaine, and Tillis reintroduce bipartisan resolution supporting international religious freedom

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and James Lankford (R-Okla.) introduced a bipartisan resolution to express support for international religious freedom as a fundamental right and a cornerstone of U.S. foreign policy amid concern over increased attacks on religious freedom worldwide. This effort is cosponsored by Senators Tim Kaine (D-Va.) and Thom Tillis (R-N.C.). This bill was previously introduced in the 118th Congress.

    In just the past two years, there have been thousands of incidents where religious freedom was violated around the world, including violence against Rohingya Muslims in Burma, attacks on Uyghurs in China, and persecution of clergy by Russians in Ukraine, according to the U.S. Commission on International Religious Freedom (USCIRF). In 2023, USCIRF identified more than 2,200 individuals—Christians, Jews, Muslims, Buddhists, Hindus, and Sikhs alike—targeted by 27 different countries and entities for their religious beliefs. As of 2024, there are 96 countries with legislation criminalizing blasphemy used to enforce arbitrary limitations on religious freedoms. 

    The resolution urges the State Department to expand its support for religious freedom around the world as threats and violence worsen. This effort would leverage all diplomatic and sanctions tools available to hold violators of religious freedom accountable and would encourage the State Department to promote religious freedom as a central tenet of U.S. foreign policy implementation.

    “As Co-Chair of the Senate Human Rights Caucus, I have fiercely defended the religious freedom of all Americans, but our work can’t stop at home,” said Senator Coons. “Whether you’re a member of a religious minority or a non-believer, far too many people around the world are unfairly targeted and even persecuted for their beliefs and practices. I’m proud to once again lead this bipartisan effort to highlight the importance of promoting religious freedom for our nation’s foreign policy and standing.”

    “The fundamental right of every person to have a faith, live your faith, change your faith, or have no faith at all must be recognized throughout the world. Countries like China, Russia, and Iran continue to target and persecute citizens for living this most basic freedom. The United States must continue its international leadership to defend religious freedom, which is why we are reaffirming our commitment to fight for religious freedom around the world,” said Senator Lankford.

    “In 1786, the Virginia General Assembly passed a statute instituting religious freedom in the Commonwealth, establishing the basis of religious freedom for the whole of the United States. Today, individuals throughout the world who live in countries where religious freedom is threatened or non-existent see the U.S. as a beacon of hope that people of all beliefs can live in the same neighborhoods, attend the same schools, and work side by side,” said Senator Kaine. “Amid the horrifying rise in attacks on faith-based communities, I’m joining my colleagues in sending a clear message that we must work together to protect religious freedom in every corner of the globe.”

    “The United States must maintain our steadfast commitment to standing up for religious liberty,” said Senator Tillis. “This resolution expresses our unwavering support for victims of religious persecution and reaffirms our support for safeguarding religious freedom worldwide.”

    The full text of this resolution is available here.

    Senator Coons and Senator Tillis are Co-Chairs of the Senate Human Rights Caucus.

    MIL OSI USA News –

  • MIL-OSI China: US proposal to relocate Palestinians from Gaza condemned in Mideast

    Source: China State Council Information Office

    Displaced people are seen on their way home to the north of the Gaza Strip, near al-Nuseirat refugee camp in central Gaza Strip, on Jan. 28, 2025. [Photo/Xinhua]

    Middle East governments and regional leaders on Wednesday roundly rejected U.S. President Donald Trump’s suggestion that Washington could assume control of Gaza and relocate Palestinians, calling the proposal a breach of international law and a threat to longstanding efforts toward a two-state solution.

    Trump floated the idea during a joint press conference with Israeli Prime Minister Benjamin Netanyahu on Tuesday, stating that the U.S. would “take over the Gaza Strip” and redevelop it, though he offered no specifics on resettling Palestinians.

    “We’re going to develop it, create thousands of jobs, and it’ll be something the entire Middle East can be proud of,” he said.

    In a statement, the Arab League (AL) rejected Trump’s proposal, saying it violates international law and threatens regional stability. The AL reaffirmed that the Palestinian issue remains subject to Arab consensus, emphasizing that one of its key principles is ensuring the Palestinian people’s legitimate right to establish an independent state based on the 1967 borders, with East Jerusalem as its capital.

    Trump’s proposal “does not contribute to achieving the two-state solution, which represents the only way to bring peace and security between Palestinians and Israelis, and in the entire region,” the pan-Arab body said.

    Turkey’s Foreign Minister Hakan Fidan called the Gaza proposal “unacceptable” and fundamentally flawed. “Even considering such a plan is wrong,” Fidan told the semi-official Anadolu Agency in an interview. “We oppose all initiatives that seek to exclude the people of Gaza from the equation in the region. The idea of displacement is neither acceptable for the region nor for us.”

    Fidan also emphasized Turkey’s firm stance on Palestinian rights, rejecting any efforts to remove Hamas from Gaza’s reconstruction and governance.

    The Saudi Foreign Ministry issued a statement Wednesday, reaffirming that Saudi Arabia’s position on the establishment of a Palestinian state is non-negotiable. “The country will continue its relentless efforts to establish an independent Palestinian state with East Jerusalem as its capital and will not establish diplomatic relations with Israel without that,” the statement read.

    “Achieving lasting and just peace is impossible without the Palestinian people obtaining their legitimate rights in accordance with international resolutions, as has been previously clarified to both the former and current U.S. administrations,” it added.

    In a meeting in Cairo, Egyptian Foreign Minister Badr Abdelatty and visiting Palestinian Prime Minister Mohammad Mustafa urged the continuation of efforts to recover Gaza without forcing Palestinians to leave the enclave, especially as they remain determined to stay. Abdelatty reiterated Egypt’s support for Palestinian rights, stressing the need for a fair, permanent political solution based on the two-state framework to end cycles of violence.

    Jordan’s King Abdullah II, in a meeting with Palestinian President Mahmoud Abbas in Amman, also rejected any attempts to annex land or displace Palestinians. “We reaffirm the necessity of achieving a just and comprehensive peace based on the two-state solution, which will lead to the establishment of an independent Palestinian state with East Jerusalem as its capital, based on the 1967 borders,” the statement from Jordan’s Royal Hashemite Court said. The king also reiterated Jordan’s support for the Palestinian people in securing their legitimate rights.

    The United Arab Emirates (UAE) announced Wednesday its strong rejection of the idea of forcibly relocating Palestinians. The UAE Foreign Ministry said in a statement that any efforts to displace Palestinians are unacceptable and violate their fundamental rights. The UAE reiterated its support for a two-state solution, emphasizing that the establishment of a sovereign and independent Palestinian state is essential for achieving long-term peace and stability in the region.

    Meanwhile, Hussein al-Sheikh, secretary general of the executive committee of the Palestine Liberation Organization, said the organization “categorically rejects all calls to displace our people from their homeland.” He stated that the two-state solution, based on international law, remains the only viable path to peace and stability. “We were born here, we have lived here, and we will remain here.”

    Strongly condemning and rejecting Trump’s remarks, Hamas said in a press statement that such rhetoric would escalate tensions in the region and aims to forcibly remove the Palestinian people from their land while justifying U.S. and Israeli control over Gaza. Hamas vowed that neither it nor the Palestinian people would allow any foreign power to impose guardianship over Gaza.

    MIL OSI China News –

  • MIL-OSI China: Russia, Ukraine swap 300 prisoners of war

    Source: China State Council Information Office

    Russia and Ukraine have swapped 300 prisoners of war in their latest swap mediated by the United Arab Emirates (UAE), the Russian defense ministry said Wednesday.

    The released Russian soldiers are receiving medical care in Belarus and will soon return to Russia, according to the ministry.

    Meanwhile, Ukrainian President Volodymyr Zelensky said that 150 Ukrainians had returned home from Russia as part of the swap.

    Zelensky thanked the UAE for its mediation.

    MIL OSI China News –

  • MIL-OSI China: UN chief rejects ‘any form of ethnic cleansing’ in Gaza

    Source: China State Council Information Office

    Palestinian children are seen next to a tent that serves as a temporary shelter at the Al-Yarmouk stadium in Gaza City, on Feb. 5, 2025. [Photo/Xinhua]

    It is vital to stay true to the bedrock of international law and “avoid any form of ethnic cleansing” in Gaza, UN Secretary-General Antonio Guterres warned on Wednesday.

    At its essence, the exercise of the inalienable rights of the Palestinian people is about the right of Palestinians to simply live as human beings in their own land, Guterres told a UN committee meeting.

    “We have seen the realization of those rights steadily slip farther out of reach. We have seen a chilling, systematic dehumanization and demonization of an entire people,” he said in remarks at the 2025 session of the committee on the exercise of the inalienable rights of the Palestinian people.

    “In the search for solutions, we must not make the problem worse,” Guterres warned. “It is vital to stay true to the bedrock of international law. It is essential to avoid any form of ethnic cleansing.”

    Guterres’ speech came one day after U.S. President Donald Trump proposed that Palestinians will resettle elsewhere and the United States will take over and gain “long-term ownership position” in the war-torn enclave. But the UN chief didn’t mention Trump or his proposal during his address.

    During the meeting, Guterres also called for a full ceasefire in Gaza following the first phase of a truce deal between Israel and Hamas.

    “First, we must keep pushing for a permanent ceasefire and the release of all hostages without delay,” he said. “We cannot go back to more death and destruction.”

    Highlighting the importance of the two-state solution, the UN chief said, “A viable, sovereign Palestinian State living side-by-side in peace and security with Israel is the only sustainable solution for Middle East stability.”

    Guterres also voiced his concern over the escalating situation in the West Bank, including East Jerusalem. “I am gravely concerned by rising violence by Israeli settlers and other violations,” he said.

    The UN chief stressed the violence must stop, and international law must be respected, and accountability ensured.

    Reiterating the UN’s full commitment to the inalienable rights of the Palestinian people, Guterres called on the international community to work toward preserving the unity, contiguity, and integrity of the occupied Palestinian territory and the recovery and reconstruction of Gaza.

    Trump floated his plan during a joint press conference with Israeli Prime Minister Benjamin Netanyahu on Tuesday, suggesting that the United States could take control of Gaza and relocate Palestinians, which has sparked widespread defiance and condemnation.

    At Wednesday’s noon briefing, when asked if Guterres believes Trump’s plan amounted to ethnic cleansing, Stephane Dujarric, spokesperson for the UN secretary-general, responded, “Any forced displacement of people is tantamount to ethnic cleansing.”

    MIL OSI China News –

  • MIL-OSI China: China opposes forced displacement of people in Gaza

    Source: China State Council Information Office 3

    China has all along believed that “the Palestinians governing Palestine” is the fundamental principle of post-conflict governance of Gaza, foreign ministry spokesperson Lin Jian said on Wednesday.

    The spokesperson made the remarks at a daily press briefing when asked to comment on U.S. President Donald Trump’s speech in which he said the U.S. will “take over” and “own” the Gaza Strip after resettling Palestinians living there to neighboring countries, like Jordan and Egypt.

    Lin noted that China has all along believed that “the Palestinians governing Palestine” is the fundamental principle of post-conflict governance of Gaza.

    “We oppose the forced displacement of the people in Gaza, and hope that relevant parties will take the opportunity of the ceasefire and post-conflict governance in Gaza to bring the Palestinian question back to the right track of a political settlement based on the two-State solution, so as to realize lasting peace in the Middle East,” Lin said.

    MIL OSI China News –

  • MIL-OSI USA: Secretary of Defense Pete Hegseth Greets Israeli Prime Minister Benjamin Netanyahu and Takes Questions From the Press

    Source: United States Department of Defense

    SECRETARY OF DEFENSE PETE HEGSETH: Well, Mr. Prime Minister, it’s great to see you. It was a pleasure to see you last night in the White House as well, and it is the truth that we have no greater ally than the state of Israel. We are honored to stand alongside you, stare down many of the same threats that you do. And under President Trump’s leadership, just like you, we are totally committed to achieving peace through strength through standing with Israel on our side, putting America first and never backing down from anything. That it has been and will continue to be an unbreakable bond between our countries.

    As you know, I’ve had a chance to visit Israel eight or nine times. Spent time with you at the Western Wall. Watched the IDF in action, visited terror tunnels. Understand the proximity, whether it’s the Golan Heights or Hezbollah or the Gaza Strip, the threat that Israeli citizens have been under. And it always struck me, the sense of purpose that permeates the state of Israel living under an existential threat. And have always had a great deal of respect for the response that country has had.

    And now destroying Hamas’s capabilities in Gaza, Hezbollah’s capabilities in the north, damaging the Houthi infrastructure in Yemen and things that are of great importance to America. Those are all of great importance to us, but in September of 2024, killing the man responsible for the 1983 bombing of the Marine Corps compound in Beirut, killing 241 Americans. You have a long memory. We have a long memory and may our relationship continue to endure.

    We’re going to continue to grow our defense industrial base. We’ve supplied munitions that were previously not supplied that are useful in eradicating radical enemies. And we are committed to continuing to do so. So, I hope you’ve noticed here at the Defense Department under President Trump, we are laser focused on reviving the warrior ethos, on rebuilding America’s military, and reestablishing deterrence, which is something you, Prime Minister, have done in your neighborhood in impressive, aggressive and important ways.

    So, it’s an honor to welcome you to the Pentagon on behalf of the Department of Defense. Thank you for spending the afternoon with us, sir.

    PRIME MINISTER BENJAMIN NETANYAHU: Well, thank you, Mr. Secretary. Pete, you’ve been a great and stalwart friend of Israel, and we see President Trump and the team that he’s put together is extraordinary friends, extraordinary patriots of America and therefore also champions of the American-Israel Alliance. I truly believe Israel obviously has no greater friend than the United States. And I think the United States has no better friend than Israel.

    It’s an ally that perhaps is different from any of your allies because we have no compunction about fighting our enemies by ourselves. We’re willing to shoulder the burden of our defense. But by confronting the forces of radicalism and terror and the forces that are anti-American at their core, they call you the Great Satan and they call us the small Satan. We just stand in their way, but you are their great enemy.

    By confronting these various enemies, we are not only defeating those who wish to attack us, but those who wish to attack you as well. And therefore, our victory is your victory, and we are well ahead and well advanced in the pursuit of our war goals that will give security and peace. And that’s the only way you get it in our region and perhaps in many other regions. The only way you get peace and an enduring peace is by being very, very strong.

    And with our alliance with your support, including the decision you just mentioned of supplying Israel the much-needed tools for our defense, we are a lot stronger than we’ve ever been. I thank you for this warm reception. It’s good to see you again and I look forward to our discussions away from the cameras.

    SECRETARY HEGSETH: Good to see you, sir. Welcome to the Pentagon.

    Q: Secretary Hegseth [crosstalk].

    Q: How do you feel about American involvement in Gaza considering your views and worldview?

    SECRETARY HEGSETH: I would just say to the question of Gaza; the definition of insanity is attempting to do the same thing over and over and over again. And as the president and prime minister pointed out last night, the president is willing to think outside the box, look for new and unique dynamic ways to solve problems that have felt like they’re intractable.

    So, we look forward to more conversations about that, creative solutions to that. And as the man tasked with leading the Defense Department here, we’re prepared to look at all options as we’ve said.

    Q: Including directly with [crosstalk]?

    Q: [Crosstalk] to Gaza, Mr. Secretary? Do you have a plan to send troops to Gaza?

    Q: Are you working on options for the president right now that would involve US troops in Gaza?

    SECRETARY HEGSETH: The president is involved in very complex and high-level negotiations of great consequence to both the United States and the state of Israel. And we look forward to working with our allies, our counterparts, both diplomatically and militarily

    to look at all options. But we certainly would not get ahead of the president or provide any details about what we may or may not do. That’s just bad military planning.

    MIL OSI USA News –

  • MIL-OSI Global: Palestinians have long resisted resettlement – Trump’s plan to ‘clean out’ Gaza won’t change that

    Source: The Conversation – USA – By Maha Nassar, Associate Professor in the School of Middle Eastern and North African Studies, University of Arizona

    U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu hold a news conference in the White House on Feb. 4, 2025. Andrew Caballero-Reynolds/AFP via Getty Images

    President Donald Trump’s suggestion that the U.S. should “take over” Gaza, displace its current population and turn the enclave into “the Riviera of the Middle East” is unsettling – in both a literal and, to Palestinians, a very personal sense.

    The remarks, which followed earlier comments in which the president expressed a desire to “clean out” Gaza, have been taken by some Middle East experts as a call to “ethnically cleanse” the strip of its 2.2 million Palestinian inhabitants. They worry that such talk will bolster the hopes of Israel’s far-right settlers and their supporters in government, who want to remove Palestinians from Gaza and build Jewish-only settlements on the enclave’s beachfront property.

    Following Trump’s remarks, Riyad Mansour, Palestinian envoy to the United Nations, stated: “Our homeland is our homeland.” He added, “I think that leaders and people should respect the wishes of the Palestinian people.”

    As a scholar of modern Palestinian history, I know that calls to remove the Palestinians from Gaza are not new – but neither is Palestinians’ determination to remain in their homeland. For almost 80 years, Palestinians in Gaza have resisted various proposals to displace them from the enclave. In fact, those plans have often spurred resistance to occupation and removal.

    A people already uprooted

    Most people in Gaza are the product of displacement in the first place.

    In 1948, over 700,000 Palestinians fled or were expelled from their homes when the state of Israel was established and a war between the new country and its Arab neighbors erupted.

    These Palestinians became nationless refugees, placed under the care of the U.N. Relief and Works Agency. In the Gaza Strip, the agency set up eight refugee camps to care for over 200,000 Palestinians who had been forced out of over 190 towns and villages.

    Palestinian refugees are seen fleeing violence in 1948.
    Bettman/Getty Images

    In December 1948, the U.N. General Assembly adopted Resolution 194 stipulating that “the refugees wishing to return to their homes and live at peace with their neighbors should be permitted to do so at the earliest practicable date.”

    While Israeli leaders initially expressed a willingness to allow some refugees back, they rejected the refugees’ wholesale return. They argued that doing so would undermine Israel’s security and dilute its character as a “Jewish state.”

    As such, Israel’s first prime minister, David Ben-Gurion, looked for ways to “motivate the refugees to move eastward” toward Jordan. He hoped that by moving refugees further away from Israel, they would be less likely to return.

    At first, the United States called upon Israel to repatriate a substantial number of refugees. But with Israel consistently refusing to do so, leaders in Washington started turning to the idea of resettlement. They hoped that the promise of economic prosperity could induce large numbers of refugees to move to other Arab countries – and give up on the idea of returning home. For example, in 1953, Secretary of State John Foster Dulles drew up plans to resettle Palestinian refugees in Syria as part of a large water management project there.

    Likewise in 1961, the recently formed U.S. Agency for International Development began funding an irrigation project in Jordan, bringing in Palestinian refugees to work as farmers. U.S. officials hoped that the refugees would start to identify as Jordanians, rather than as Palestinians, and agree to permanently resettle in Jordan.

    But it did not work. A survey taken five years later found that the refugees still identified as Palestinians and wished to return to their homeland.

    Rejecting resettlement

    A further war between Israel and neighboring countries in 1967 resulted in Israel’s occupation of the West Bank and East Jerusalem, which had been under Jordanian rule, as well as the Gaza Strip, which had been previously administered by Egypt.

    It also sparked a renewed sense of Palestinian national identity, especially among younger generations who increasingly took up guerrilla-style tactics in a bid to force Israel, and the international community, to recognize their right to return.

    In response, Israel looked to resettlement as a way to reduce the Palestinian population in territories it now occupied. In 1969, the Israeli government drew up secret plans to permanently transfer up to 60,000 Palestinians from Gaza to Paraguay. The scheme came to an abrupt halt when two Palestinians confronted the Israeli ambassador in Asunción about being brought to Paraguay under false pretenses.

    Meanwhile, between 1967 and 1979, far-right Israeli Jewish settlers established seven settlements in Gaza. They hoped to see Palestinians removed from the strip so the land could be incorporated into their vision of a “greater Israel.”

    Throughout the 1970s and 1980s, Israeli officials proposed various plans to remove refugees from the camps and resettle them elsewhere. This included a 1983 plan to dismantle refugee camps in the occupied Palestinian territories and resettle their inhabitants in better housing in towns and cities.

    But Palestinian refugees firmly rejected the offer because it would have required them to give up their refugee status and relinquish their right of return.

    The Oslo negotiations of the 1990s rejected the notion of removing Palestinians from Gaza. In fact, keeping the refugees in Gaza was central to the premise of a two-state solution. At the same time, questions over the right of refugees to return to their original homelands in what is now Israel were shelved.

    No money can ‘replace your homeland’

    But with hopes of a two-state solution long since faded, resettlement plans have reemerged.

    Shortly after the Oct. 7, 2023, attack by Hamas gunmen in Israel that sparked the widespread bombing and siege of Gaza, the Biden administration asked Congress to fund “the potential needs of Gazans fleeing to neighboring countries.” The news outraged many Palestinians, who saw it as giving Israel a green light to carry out what many viewed as an attempt to ethnically cleanse Gaza.

    In October 2024, far-right Jewish settlers gathered on the border of Gaza and called for the reestablishment of Jewish settlements in Gaza that had been dismantled in 2005. National Security Minister Itamar Ben-Gvir called upon Israel to “encourage emigration” of Palestinians from Gaza. He proposed telling the Palestinians there: “We’re giving you the option, leave to other countries, the Land of Israel is ours.”

    Palestinians have responded with their feet. As soon the ceasefire went into effect on Jan. 19, 2025, hundreds of thousands of Palestinians who had been displaced to southern Gaza walked for hours to reach their homes in northern Gaza. Hundreds posted videos of cleaning out their damaged homes so they can live there once again.

    The road to recovery in Gaza will be long. The U.N. estimates that rebuilding Gaza will cost US$50 billion and take at least 10 years.

    I believe Palestinians want help rebuilding, not resettlement. Many of them have already vehemently rejected Trump’s call to move out. As one Palestinian told The Guardian newspaper: “We would rather die here than leave this land.” He insisted, “No amount of money in the world can replace your homeland.”

    Resettlement schemes have a long history, yet Palestinians have thwarted them at every turn. There is no reason to think that this time will be any different.

    Maha Nassar is affiliated with the Foundation for Middle East Peace.

    – ref. Palestinians have long resisted resettlement – Trump’s plan to ‘clean out’ Gaza won’t change that – https://theconversation.com/palestinians-have-long-resisted-resettlement-trumps-plan-to-clean-out-gaza-wont-change-that-249193

    MIL OSI – Global Reports –

  • MIL-OSI China: China opposes forced displacement of people in Gaza: Spokesperson

    Source: China State Council Information Office

    China has all along believed that “the Palestinians governing Palestine” is the fundamental principle of post-conflict governance of Gaza, foreign ministry spokesperson Lin Jian said on Wednesday.

    The spokesperson made the remarks at a daily press briefing when asked to comment on U.S. President Donald Trump’s speech in which he said the U.S. will “take over” and “own” the Gaza Strip after resettling Palestinians living there to neighboring countries, like Jordan and Egypt.

    Lin noted that China has all along believed that “the Palestinians governing Palestine” is the fundamental principle of post-conflict governance of Gaza.

    “We oppose the forced displacement of the people in Gaza, and hope that relevant parties will take the opportunity of the ceasefire and post-conflict governance in Gaza to bring the Palestinian question back to the right track of a political settlement based on the two-State solution, so as to realize lasting peace in the Middle East,” Lin said.

    MIL OSI China News –

  • MIL-OSI China: Cairo’s biggest book fair concludes with growing popularity of translated Chinese books

    Source: China State Council Information Office 3

    The annual Cairo International Book Fair (CIBF) wrapped up on Wednesday, witnessing a notable surge in interest in translated Chinese books as readers from across the Arab world sought deeper insights into China’s culture, history, and modernization.

    One of the main attractions of the fair was the Bayt Al-Hekma Cultural Group, a publishing house primarily dedicated to translating Chinese books into Arabic and providing Chinese language learning resources. Over the years, it has built a strong reputation among Arab readers, becoming a key destination for those eager to explore China’s development and cultural heritage.

    Saudi visitor Hussein Ismail was among the visitors who purchased several books from the booth. He explained that his deep interest in China’s modernization and economic success motivated him to explore Chinese literature.

    “Saudi Arabia is experiencing greater openness to China economically and politically, which has sparked increased cultural exchanges and translation efforts,” Ismail told Xinhua.

    He also emphasized a shift in reading preferences among Arab readers, who have traditionally been more exposed to Western literature and history.

    “Now, there is a greater need to explore other civilizations, with China being at the forefront,” he said.

    Egyptian translator Essam Ahmed, who began studying Chinese in 2016, shared a similar perspective.

    “When I first started learning the language, there weren’t many available resources,” he told Xinhua, adding that Bayt Al-Hekma was his primary source for books on Chinese history, culture, and language.

    Ahmed highlighted the increasing diversity of Chinese books at this year’s fair, covering topics such as literature, economics, politics, and history.

    “Bayt Al-Hekma plays a crucial role in introducing Arab readers to China’s rich civilization, as it remains the only specialized exhibitor of translated Chinese books at the fair,” he said.

    According to Amr Moghith, director of Bayt Al-Hekma, this year’s booth featured an extensive selection of translated Chinese books in political, economic, and cultural fields, as well as books written about China by Arab scholars and researchers.

    The newly translated works cover topics such as China’s energy resources, its role in the global economy, cultural identity, and China’s engagement with Africa through travel literature, he noted.

    “Apart from translations, we also focus on original books written in Arabic about China, offering deeper insights for researchers and academics,” Moghith told Xinhua.

    The publisher has also expanded into children’s literature, with more than 120 books translated from Chinese into Arabic for young readers aged 9 to 16. This year, several new titles have been introduced, offering engaging stories that blend adventure and problem-solving, appealing to young audiences.

    Beyond books, Bayt Al-Hekma’s booth featured cultural products from China, including traditional Chinese New Year items.

    “These cultural industries have become an essential part of Arab-Chinese cultural exchange, drawing significant interest from visitors,” Moghith pointed out.

    This year’s edition of CIBF, held under the theme “Read… In the Beginning Was the Word,” ran from Jan. 23 to Feb. 5. The event hosted 1,345 publishers and 6,150 exhibitors from 80 countries, including 10 countries participating for the first time. 

    MIL OSI China News –

  • MIL-OSI USA: Senator Murray Details Harm Caused By Trump’s Blanket Funding Freeze, Ongoing Chaos

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray shared many WA stories and concerns she heard following President Trump’s blanket funding freeze
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, is helping lead Senate Democrats in holding the Senate floor for a full 30 hours ahead of a final confirmation vote on Russell Vought to serve as Director of the Office of Management and Budget. Senator Murray delivered an hour-long floor speech and her remarks below touch specifically on last week’s Monday night OMB budget memo that froze virtually all federal grants and how communities and organizations across America still cannot access funds that are meant to be unfrozen and fully accessible by now.
    “The calls just keep coming—even now that OMB reversed course. The chaos has not died down—the questions, the uncertainty, the fear from families and communities that Trump will pull the rug out from under them is still there. 
    “Because even though—after the intense outcry from the American people—Trump has now admitted this was a colossal mistake by rescinding the guidance, the threat, the chaos, the panic cannot just be wiped away. Especially while some funds are still being blocked!
    “No one feels any sense of calm after this. People aren’t feeling lasting relief—they are still wondering ‘how could something like this happen’ and ‘what in the world is going to happen next?’
    “The Trump administration—through a combination of sheer incompetence, cruel intentions, and a willful disregard for the law—caused, and is still causing, real harm and chaos for millions of people over the span of just a mere 48 hours.
    “But we did learn something extremely important: when the American people speak out with one voice, when regular people stand up, it makes a real difference. That victory belonged to everyone who raised their voice. But make no mistake, the fight is far from over.
    “As I said before, we still have a lot of work to do right now, to make sure all the funding actually does get moving again—this is not like turning on a light switch.
    “We just saw through the chaotic roll out—this is complicated stuff. So, I will be watching closely to make sure funds get where they belong ASAP. I already know that in many cases this has not been what is happening at all—so this is a serious concern.”
    The full text of Senator Murray’s remarks on the chaos because of Trump’s blanket funding freeze can be found below, and video can be found HERE.
    “The chaos Vought and Trump caused last week alone was unlike anything I can recall. M. President, never in my time in the Senate have I seen a President cause as much chaos, panic, and damage in 48 short hours—chaos, panic, and damage which continues even now!
    “President Trump inflicted serious harm when he implemented Vought’s reckless vision to brazenly and illegally freeze federal grants across the government and across the country.
    “My phone has been ringing off the hook—because unlike billionaires like Trump and Musk, unlike hyper partisans like Vought, the American people actually have a painfully clear sense of how this will hurt our communities. After all, they are the ones who would actually suffer the consequences of a reckless policy like this.
    “And, let’s remember, the Trump administration’s first half-hearted attempt to clean up the massive mess they made with a new guidance, essentially boiled down to: ‘We’ll let some funding go, but we’re still going to hold up everything else.’
    “And while later, they finally admitted they were disastrously wrong and revoked the entire guidance, they are now, still today, illegally holding up other funds—which I will say more about later.
    “And the chaos alone they caused, with their cruelty and incompetence is utterly unacceptable. The explanations the Trump Administration offered throughout that saga—freezing seemingly trillions of dollars that families rely on—created no clarity or certainty for so many panicked families, businesses, nonprofits, towns, and states. And nothing they said changes the basic fact that Trump was—and is still—holding up funding our communities need, funding that is the law.
    “But let’s talk about the effect—let’s talk about the chaos and alarm they caused, the damage done to communities and families that all of us represent, and the collision course we were on before Americans spoke out and forced Trump to retreat.
    “Because, in terms of chaos, the Trump Administration was trying to say a lot of programs were not affected even when we had firsthand accounts making clear that was not what organizations across the country were experiencing.
    “I’ll give you one example: Head Start providers were locked out of their reimbursement portal, meaning folks taking care of our youngest kids were suddenly not sure how they were going to keep their doors open or pay their teachers and staff. And some providers in my state are still locked out, not getting the funding.
    “Let’s talk about rental assistance! The payment system for housing providers was down for over a day—with rents that were due at the end of the week!
    “Seniors who count on Meals on Wheels were left wondering whether they’d have dinner last week.
    “Grant programs to combat the fentanyl crisis, to get families health care, and so much more were—in an instant— put at risk of evaporating into thin air.
    “I mean, M. President, the panic and confusion were absolutely widespread. Because there was a long, long, list of programs President Trump tried to put on the chopping block here—programs that, by the way, help red states and blue states alike.
    “Funding to address the opioid use epidemic could have been paused. This is a long-standing bipartisan priority and Trump wanted funding frozen for an indefinite period—that would absolutely upend prevention efforts and cut people off from treatment that is helping them beat addiction.
    “Or COPS hiring grants which help our states and communities hire career law enforcement officers—Trump was freezing those, too. These investments increase community policing capacity and they prevent crime. Without this money, our streets and neighborhoods would be less safe.
    “And let’s not forget about other crucial DOJ grants—funding for the National Center for Missing and Exploited Children, for Amber Alerts, and for safe havens that support victims of human trafficking.
    “Or, in my state, there are 25 child advocacy centers that were trying to figure out how they would be affected by the freeze. Think about that.
    “And funding for firefighters—you know what doesn’t stop when federal funding stops? Fires! And speaking of fires—Trump’s move also threw funding for recovery and relief efforts into uncertainty. In Eastern Washington, my state, $44 million was announced weeks ago to help Spokane County rebuild from wildfires—we were left with big questions about the future of that badly needed funding last week.
    “And while it was just two weeks ago that Trump visited communities in both North Carolina and California still reeling from disaster, the very next week, he sent them reeling himself—throwing funds they were counting on into limbo with his initial OMB guidance. Because, for a while there, the system that all of our states use to get disaster relief funding was shut down!
    “And let’s not forget grants from the Violence Against Women Act—I heard from organizations in Washington state that support survivors of violence, they were trying to figure out what to do because their federal payments site went down. Without that vital funding, survivors would be left with no way to access the legal aid and services they deserve. Like so many other organizations, they were ringing the alarm bells—because they were not going to be able to pay staff or pay their bills. This illegal freeze left domestic violence centers wondering how long they could keep their doors open and pay their staff.
    “And our Tribes were thrown into chaos as well. The Puyallup Tribe was told they couldn’t move forward with a critical road project. And our Tribes in general were all concerned that housing, health care, education, and so much else were getting caught up in this funding freeze. One told me they were left trying to determine if they were going to have to lay off 400 people because of this. Causing layoffs with an illegal funding freeze would be a profound breach of the federal trust responsibility to our Tribes.
    “Or here’s another alarming one: one of Trump’s executive orders was set to cut funding used to help detain nearly 10,000 ISIS militants in Syria. That funding was about to be cut off altogether—potentially leading to prison guards leaving the job and risking ISIS militants getting out of jail—until this administration was alerted to how reckless that would be and carved out that funding.
    “But trust me when I say: there are many other funding streams that help keep us safe that are still at risk—especially because of the illegal executive orders that are, today, still blocking foreign assistance, and the absolutely lawless effort to dismantle USAID, which does lifesaving relief work around the world.
    “I will have a lot more to say on that later. And, by the why, how does undermining health, which will mean diseases run rampant—particularly at a time when Bird Flu is on the uptick and impacting many producers, workers and states—how does that make any sense?
    “Because when it comes to health care—this attempted freeze posed a huge threat to our families. Set aside the fact the Medicaid payment portal went down in my state and every state—something that we were told was a coincidence—that doesn’t change the fact all federal health care grant reimbursements stopped.
    “It doesn’t change the fact that community health centers were blocked from getting the funds they need to pay staff and continue providing care in our communities—including rural areas where they are often the only option for miles.
    “It doesn’t change the fact that Title X providers—who support care like family planning services, cancer screenings, and more—couldn’t draw down their funds.
    “I also heard from HopeSparks, a health care provider in my state. They warned that without federal support, kids in the South Puget Sound would lose access to mental health care and crisis services. 
    “And, biomedical researchers were suddenly left dealing with questions—not about how to save lives, but about grant freezes, and how these vague, broad actions might stop research programs and clinical trials across the country.
    “Chaos alone presents a huge risk of derailing crucial studies. Scientists at the University of Washington and Washington State University have told my office they were deeply alarmed—a freeze like Trump ordered would have meant research projects collapsing and staff being furloughed or laid off!
    “The Fred Hutchinson Cancer Center moved to bridge the gap to keep research from being derailed—but not getting this fixed would have meant putting them in the hole, to the tune of over $1 million a day. That sort of unexpected burden would have had a huge impact on lifesaving cancer research.
    “And agricultural research was faced with uncertainty as well! WSU is a national leader in this important work—research to help our farmers grow more crops, grow more resilient crops, and fight challenges like pests, and plant diseases. WSU was deeply concerned funding for that research could be cut off, undermining important work supporting our nation’s farmers.
    “And the threats didn’t stop there for those in food and agriculture. One organization, which works alongside local growers, told me losing funding would mean a reduced capacity to grow and distribute fresh, local food to communities. That would hurt both farmers and the families who rely on these programs to help put food on the table!
    “Meanwhile, a group in Washington addressing youth homelessness warned it would have to kick kids out if the funding issue was not resolved. Let me repeat that: a homeless youth group was pushed to the brink of having to kick kids onto the streets because of President Trump’s illegal freeze. 
    “I was also deeply concerned about how the freeze might halt the diaper pilot program.  As well as the reports I got from multiple housing providers in my state worried that tens of thousands of people would be at risk of homelessness thanks to this illegal freeze.
    “And don’t get me started on infrastructure! These are projects that take years to plan, build, and complete, and do a whole lot of good for our communities. In my state alone, there were big questions about what was going to happen to electrical grid upgrades happening in Okanogan and Pierce County, improvements planned at the Ports of Seattle, Everett, and Whitman County, or SeaTac Airport’s plans to deploy new trucks.
    “And some of these questions still remain! Because—as I will detail in a minute—there are still many other ways programs are being put at risk by Trump illegally blocking funds with his executive orders. I will continue fighting for the federal funding Congress already provided to keep all of these projects on track—but that can only get us so far if President Trump illegally blocks it all and our Republican colleagues help let it happen.
    “I mean the list goes on, and on, and on. The calls just keep coming—even now that OMB reversed course. The chaos has not died down—the questions, the uncertainty, the fear from families and communities that Trump will pull the rug out from under them is still there. 
    “Because even though—after the intense outcry from the American people—Trump has now admitted this was a colossal mistake by rescinding the guidance, the threat, the chaos, the panic cannot just be wiped away. Especially while some funds are still being blocked!
    “No one feels any sense of calm after this. People aren’t feeling lasting relief—they are still wondering ‘how could something like this happen’ and “what in the world is going to happen next?’
    “The Trump administration—through a combination of sheer incompetence, cruel intentions, and a willful disregard for the law—caused, and is still causing, real harm and chaos for millions of people over the span of just a mere 48 hours.
    “But we did learn something extremely important: when the American people speak out with one voice, when regular people stand up, it makes a real difference. That victory belonged to everyone who raised their voice. But make no mistake, the fight is far from over.
    “As I said before, we still have a lot of work to do right now, to make sure all the funding actually does get moving again—this is not like turning on a light switch.
    “We just saw through the chaotic roll out—this is complicated stuff. So, I want you to know, I will be watching closely to make sure funds get where they belong ASAP. I already know that in many cases this has not been what is happening at all—so this is a serious concern.
    “I actually spoke with a constituent last week, Mike from Edmonds–he runs a nonprofit supporting military families and helping servicemembers transition back to civilian life. And even days after the OMB guidance was reversed, they still couldn’t access federal funding. He’s using a personal line of credit to pay staff in the meantime. And if this doesn’t get fixed—his organization won’t be able to help military families or pay its employees.
    “The homeless shelter I mentioned at the top—short $5.1 million dollars because of Trump—also still has its funds frozen. It is still looking at reducing beds and facing layoffs.
    “And as I mentioned earlier, some Head Start programs are still not able to access their grant funding—so the chaos of this OMB saga is far, far from over.”

    MIL OSI USA News –

  • MIL-OSI China: US withdraws from UN Human Rights Council

    Source: China State Council Information Office

    U.S. President Donald Trump on Tuesday signed an executive order withdrawing the United States from the UN Human Rights Council (UNHRC).

    The executive order also stops funding for the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), and requires the U.S. State Department to reevaluate the UN Educational, Science and Cultural Organization (UNESCO).

    Trump made his announcement on the same day he met with Israeli Prime Minister Benjamin Netanyahu, whose country has consistently criticized both the human rights body and UNRWA for alleged bias against Israel.

    During Trump’s first term, the United States withdrew from the UNHRC in June 2018. In February 2021, then Secretary of State Antony Blinken said in a statement that the Joe Biden administration would reengage with the council as an observer.

    Since 1950, UNRWA has been assisting Palestinian refugees in Jordan, Lebanon, Syria, the Gaza Strip and the West Bank, including East Jerusalem.

    MIL OSI China News –

  • MIL-OSI USA: Readout of Secretary of Defense Pete Hegseth’s Meeting With Israeli Prime Minister Benjamin Netanyahu

    Source: United States Department of Defense

    Department of Defense Spokesman John Ullyot provided the following readout:

    Today, Secretary of Defense Pete Hegseth met with Israeli Prime Minister Benjamin Netanyahu at the Pentagon. This was Secretary Hegseth’s first hosting of a foreign dignitary as Secretary of Defense in the Trump Administration. The Secretary emphasized the unbreakable bond that exists between the United States and Israel and praised Israel as a model ally in the Middle East. Secretary Hegseth stressed that the United States remains 100 percent committed to Israel’s security. 

    The Secretary and Prime Minister discussed Hamas’ October 7, 2023 terrorist attack on Israel that resulted in the deaths of some 1,200 civilians, including more than 40 Americans. Secretary Hegseth praised Prime Minister Netanyahu for his courage and leadership over the past 15 months, culminating in a ceasefire agreement that secured the release of Israeli, American, and other hostages. 

    The Secretary emphasized that this Administration will support Israel’s right to defend itself.  Prime Minister Netanyahu praised the Administration’s commitment to providing Israel with the munitions it needs.

    Secretary Hegseth also commended Prime Minister Netanyahu for Israel’s military operations that have significantly degraded Iran and its proxies.  Both leaders agreed that Iran remains a threat to regional security and agreed to work together on this challenge. Secretary Hegseth and Prime Minister Netanyahu also agreed that regional integration is critical to stability in the Middle East.

    The Secretary made clear that the United States, under President Trump’s leadership, will stand shoulder-to-shoulder with Israel to pursue peace through strength.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Executive Government & Departments

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Ricketts, Foreign Relations Committee Republicans Call for Sanctions on Communist China for Transferring Missile Propellants to Iran

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    February 5, 2025

    WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE), a senior member of the Senate Foreign Relations Committee, Senator Jim Risch (R-ID), Chairman of the Foreign Relations Committee, and six other Senators sent a letter to Secretary of State Marco Rubio encouraging the sanctioning of Chinese entities involved in transferring missile propellant ingredients to Iran. The letter comes in response to multiple reports that two Iranian cargo ships are set to deliver 1,000 tons of missile propellant ingredients from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). The critical ingredients would enable the IRGC to produce hundreds of midrange missiles.

    “Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China,” the senators wrote. “We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.”

    In addition to Ricketts and Risch, other signatories include Senators John Cornyn (R-TX), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Bill Hagerty (R-TN), and Rick Scott (R-FL). All are members of the Foreign Relations Committee. 

    Read the full letter here or below:

    Dear Secretary Rubio,

    We write to express our growing concern over recent reports that two Iranian cargo ships are set to deliver 1,000 tons of a critical ingredient for missile propellant – sodium perchlorate – from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). This amount of sodium perchlorate would enable the IRGC to produce hundreds of midrange missiles and bolster its efforts to sow discord, promote terrorism, and even directly attack our ally, Israel, once again.

    According to the Financial Times, the first Iranian vessel, the Golbon, departed from Communist China on January 21 and the second, the Jairan, is expected to leave in early February.[1] Both of these vessels are linked to the Islamic Republic of Iran Shipping Line (IRISL), which is sanctioned by the U.S.

    The last 15 months have clearly shown that Tehran’s missile program poses a direct threat to the United States, Israel and other allies and partners in the Middle East and Europe. Since October 7, 2023, the Houthis in Yemen have launched hundreds of missiles at Israel and at commercial cargo vessels and U.S. Navy warships in and around the Red Sea.[2] Hezbollah has fired over 8,000 missiles at Israel.[3] Most concerning, on April 13, Iran directly attacked Israel for the very first time firing over 120 ballistic missiles.[4] On October 1, Iran was even more belligerent, firing 180 ballistic missiles at Israel in the largest ballistic missile attack in history.[5]

    Today, however, Iran is weakened and vulnerable. Its missile inventories are depleted from its aforementioned attacks against Israel, its shipment of ballistic missiles to Russia, and Israeli Defense Force airstrikes that have degraded its missile production facilities. As a result, Tehran has turned to the partner that it has relied on for supplying solid-propellant for its missiles for decades—Communist China.[6]

    Communist China, Iran, Russia, and North Korea continue to increase their coordination as part of a growing axis of authoritarians. Not only is Communist China propping up Iran’s missile program, it also recently gave Tehran the go-ahead to begin drawing down and selling millions of barrels of Iranian oil that have been stored in onshore facilities in Chinese ports for years. Alarmingly, the revenue from these oil sales has already been earmarked for the IRGC.[7]

    Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China. We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.

    We appreciate your prompt attention to this matter. We stand ready to work with the administration to thwart Iran’s missile program and protect our allies.

    MIL OSI USA News –

  • MIL-OSI United Nations: Committee on Exercise of Inalienable Rights of Palestinian People Opens 2025 Session

    Source: United Nations General Assembly and Security Council

    (Note: Due to the financial liquidity crisis affecting the UN and the resulting constraints, the full press release will be published at a later date.)

    The Committee on the Exercise of the Inalienable Rights of the Palestinian People opened its 2025 session today, hearing from António Guterres, UN Secretary-General; Riyad Mansour, Permanent Observer of the State of Palestine to the United Nations; and Philippe Lazzarini, Commissioner-General of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

    Michael Fakhri, Special Rapporteur on the right to food, and Hani Almadhoun, Senior Director of Philanthropy at UNRWA-USA and Co-Founder of the Gaza Soup Kitchen, also briefed.

    MIL OSI United Nations News –

  • MIL-OSI: LeddarTech Announces Listing Transfer to the Nasdaq Capital Market; Comments on Recent Positive Business Developments

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has received approval from the Nasdaq Stock Market (“Nasdaq”) to transfer the listing of its securities from the Nasdaq Global Market to the Nasdaq Capital Market. The Company’s Common Shares and publicly traded warrants will continue to trade under the symbols “LDTC” and “LDTCW,” respectively. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s securities. This transfer is expected to take effect as of the opening of trading on February 6, 2025.

    As previously disclosed, the Company received notifications from Nasdaq indicating the Company had failed to comply with certain continued listing requirements for the Nasdaq Global Market. In connection with the transfer of its listing to Nasdaq Capital Market, the Company had either cured such deficiencies or met the applicable standards on the Nasdaq Capital Market, and will be subject to robust Nasdaq Capital Market listing standards going forward.

    “We look forward to further growth and development of LeddarTech on the Nasdaq,” said Frantz Saintellemy, President and CEO of LeddarTech. “We are excited about our business momentum, as demonstrated by the selection of LeddarVision, our fusion and perception software solution, by one of the world’s leading commercial vehicle OEMs (original equipment manufacturers) for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We believe this win along with other recent announcements validate our commercial strategy and reflect the momentum that is building with our business.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Markets listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, projects, prospects and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI Submissions: Africa – Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan

    SOURCE: Islamic Corporation for the Development of the Private Sector (ICD)

    Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan. The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development

    CAIRO, Egypt, February 5, 2025/ — The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDB), has signed it’s the Country Work Program 2025 for Egypt, marking a significant milestone in its strategic partnership with the country.

    The signing ceremony took place in Cairo, in the presence of key government officials, including HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; and HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

    The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development.

    The 2025 country work program focuses on strengthening the private sector and driving economic growth in Egypt. Key initiatives include direct financing, investments, and financing tools aimed at boosting key sectors such as industry, infrastructure, energy, and agriculture.

    Additionally, the program seeks to enhance financial inclusion by providing lines of finance to Egyptian banks, particularly to support small and medium-sized enterprises (SMEs). ICD also plans to raise market awareness about the importance of Islamic finance as a tool for development and to facilitate access to capital markets by forming strategic alliances with international investors.

    One of the key components of the program is ICD’s intention to provide up to $100 million in new financing to support private sector projects in Egypt.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “The Islamic Corporation for the Development of the Private Sector has proven, over the past years, its vital role in supporting the member countries of the Organization of Islamic Cooperation (OIC) by providing innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth, creating job opportunities, and enhancing the role of the private sector, particularly small and medium-sized enterprises.”

    He added: “We recognize that the private sector plays a pivotal role in the economic development process, and therefore, a large part of this cooperation will focus on empowering entrepreneurs and supporting small and medium-sized industries, which are the cornerstone of any strong economy. Through this program, efforts will be made to provide the necessary financing for these industries, as well as encourage innovation and entrepreneurship. This support will contribute to creating new job opportunities, enhancing sustainable economic growth, and improving competitiveness in regional and international markets.”

    Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, praised the successful partnership with the Islamic Corporation for the Development of the Private Sector (ICD). She highlighted the continuation of this fruitful partnership through the ICD’s Country Work Program in the Arab Republic of Egypt for 2025, which includes supporting the private sector in various diverse aspects. The program will allocate $100 million to financial institutions to finance small and medium-sized enterprises, as well as providing funding for large private sector companies operating in strategic sectors that are crucial to economic development. This includes particularly the industrial and agricultural sectors, which are key components of the country’s structural reform plan aimed at enhancing their contribution to GDP.

    Eng. Hani Salem Sonbol, Acting CEO of ICD, commented: “We are proud of our long-standing strategic partnership with the Arab Republic of Egypt. In 2025, we aim to deepen this relationship further by supporting the Egyptian government’s development plans. Our focus will be on enhancing the capacity of Egypt’s private sector and financial institutions, especially in supporting SMEs. Additionally, we will leverage our expertise to provide advisory services in the sukuk sector, particularly in assisting Egypt with issuing foreign currency sukuk and attracting new international investments to bolster financial flexibility.”

    He further added, “Our efforts will also include supporting the Arab-African Trade Bridges (AATB) Program, which aims to increase investments in member states, including Egypt.”

    Since its inception, ICD has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors such as energy, food, and industry. This financing has played a crucial role in boosting economic growth, creating jobs, and fostering the development of Egypt’s private sector.

    About the Islamic Corporation for the Development of the Private Sector:
    ICD, a member of the Islamic Development Bank (IsDB) Group, is a multilateral financial institution established in 1999. ICD promotes economic development in member countries by financing private sector projects, fostering competition and entrepreneurship, offering advisory services, and encouraging cross-border investments. It holds strong credit ratings, including A2 by Moody’s, A+ by Fitch, and A- by S&P. ICD focuses on Shari’ah-compliant financing for projects like infrastructure and private equity funds, aiming to create jobs and boost exports.

    For more information, visit: www.ICD-ps.org.

    MIL OSI – Submitted News –

  • MIL-OSI Security: Steele County Man Sentenced to Over 17 Years for International Sexual Exploitation of Children

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – A Blooming Prairie man has been sentenced to 210 months in prison followed by ten years of supervised release, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, beginning in April 2022, Steven John Sokel, 61, began communicating over the internet with the mother of a pre-pubescent minor victim in Thailand. On September 1, 2022, Sokel traveled to Thailand and stayed with the victim and the mother for almost a full month. During his time abroad, Sokel produced images of the minor victim engaging in sexually explicit activity.

    According to court documents, on September 29, 2022, Sokel left Thailand and had a layover in Abu Dhabi, United Arab Emirates. The Abu Dhabi airport has a U.S. Customs and Border Protection (CBP) preclearance facility for passengers flying to the United States. After finding items like sexual pleasure devices, handcuffs, and condoms in Sokel’s luggage, CBP officers conducted a search and found the child sexual abuse material on Sokel’s password-protected laptop.

    Sokel was sentenced in U.S. District Court by Judge Eric T. Tostrud on one count of sexual exploitation of children.

    This case is the result of an investigation conducted by Homeland Security Investigations and U.S. Customs and Border Protection.

    Assistant U.S. Attorney Campbell Warner prosecuted the case.

    MIL Security OSI –