Operation Grayskull Eradicated Four Dark Web Child Abuse Sites and Led to the Convictions of 18 Offenders to Date, Who Have Collectively Received More than 300 Years in Prison
Today, the Justice Department announced the results of Operation Grayskull, a highly successful joint effort between the Department of Justice and the FBI that resulted in the dismantling of four dark web sites dedicated to images and videos containing child sexual abuse material (CSAM). To date, the operation has led to the convictions of 18 offenders, including a Minnesota man who was sentenced yesterday to 250 months in prison and lifetime supervised release for his involvement with one of these dark web sites. He was also ordered to pay $23,000 in restitution.
“Today’s announcement sends a clear warning to those who exploit and abuse children: you will not find safe haven, even on the dark web,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “These offenders thought that they could act without consequences, but they were wrong. Thanks to the relentless determination of our prosecutors and law enforcement partners we have exposed these perpetrators for who they are, eliminated their websites and brought justice to countless victims.”
“This operation represents one of the most significant strikes ever made against online child exploitation networks,” said FBI Director Kash Patel. “We’ve not only dismantled dangerous platforms on the dark web, but we’ve also brought key perpetrators to justice and delivered a powerful message: you cannot hide behind anonymity to harm children.”
“Yesterday’s sentencing reaffirms our steadfast commitment to protecting our children, the most vulnerable among us, from those who exploit and harm them through the despicable trade in child sexual abuse material,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Thomas Peter Katsampes and his co-conspirators ran some of the darkweb’s most heinous networks, enabling horrific crimes against innocent victims, but Operation Grayskull has shut these sites down and delivered justice. We applaud the FBI and our international partners for their tireless work, and let this be a clear warning: we will relentlessly pursue and prosecute anyone engaged in such atrocities, no matter how they attempt to cover their tracks.”
Thomas Peter Katsampes, 52, of Eagan, Minnesota, pleaded guilty to conspiracy to advertise and conspiracy to distribute child pornography on Feb. 27. According to court documents, Katsampes joined a dark web site dedicated to CSAM in 2022, advertised and distributed CSAM over the website, including CSAM depicting prepubescent children, and eventually worked his way up to a staff position on the web site, which, among other things, involved moderating the site, enforcing the site’s rules for posting CSAM, and advising the site’s users about how to post CSAM.
In addition to Katsampes, eight individuals have been convicted and sentenced in the Southern District of Florida for their involvement in running the primary site targeted by Operation Grayskull.
Defendant
Residence
Case Status
Selwyn David Rosenstein
Boynton Beach, Florida
Pleaded guilty to conspiracy to advertise child pornography, five counts of advertisement of child pornography, and possession of child pornography.
Sentenced on Dec. 12, 2022, to 28 years in prison and ordered to pay $80,500 in restitution to victims of his offense.
Matthew Branden Garrell
Raleigh, North Carolina
Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography.
Sentenced on Aug. 1, 2023, to 20 years and 10 months in prison and ordered to pay $158,500 in restitution to victims of his offense.
Robert Preston Boyles
Clarksville, Tennessee
Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography.
Sentenced on Aug. 15, 2023, to 23 years and four months in prison and ordered to pay $7,500 in restitution to victims of his offense.
Gregory Malcolm Good
Silver Springs, Nevada
Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography.
Sentenced on Aug. 22, 2023, to 25 years and 10 months in prison and ordered to pay $93,500 in restitution to victims of his offense.
William Michael Spearman
Madison, Alabama
Pleaded guilty to engaging in a child exploitation enterprise.
Sentenced on Jan. 23, 2024, to life in prison and ordered to pay $123,400 in restitution to victims of his offense.
Joseph Addison Martin
Tahuya, Washington
Pleaded guilty to engaging in a child exploitation enterprise.
Sentenced on April 18, 2024, to 42 years in prison and ordered to pay $174,500 in restitution to victims of his offense.
Joseph Robert Stewart
Milton, Washington
Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography.
Sentenced on April 18, 2024, to 23 years and 9 months in prison and ordered to pay $19,500 in restitution to victims of his offense.
Keith David McIntosh
Grand Rapids, Michigan
Pleaded guilty to conspiracy to advertise child pornography and conspiracy to distribute child pornography, both as a person with a prior conviction for possession of child pornography.
Sentenced on Dec. 19, 2024, to 55 years in prison.
The website’s leaders advertised and distributed CSAM, promulgated rules for the website, enforced the rules by banning or scolding users who violated them, held staff meetings, recruited members to serve as staff members, recommended users for promotion, edited and deleted user posts, praised individuals for participating in and contributing to the website, kept records of CSAM posts made by individual members, and paid for and maintained the website servers, among other things.
Operation Grayskull resulted in the dismantling of a total of four sites dedicated to images and videos depicting child sexual abuse. These websites were some of the most egregious on the dark web, and they included sections specifically dedicated to infants and toddlers, as well as depictions of violence, sadism, and torture. The websites also contained detailed advice on how to avoid detection by law enforcement – for example, by using sophisticated technologies.
In other judicial districts around the country, nine additional individuals have been convicted for their involvement with these websites, including the following:
Charles Hand, of Aberdeen, Maryland, was prosecuted in the District of Maryland and was sentenced to 14 years in federal prison;
Michael Ibarra, of Wenatchee, Washington, was prosecuted in the Eastern District of Washington and was sentenced to 12 years in prison;
Clay Trimble, of Fordyce, Arkansas, was prosecuted in the Eastern District of Arkansas and was sentenced to 18 years in prison;
David Craig, of Houston, Texas, was prosecuted in the Southern District of Texas and was sentenced to nine years in prison;
Robert Rella of Chesapeake, Virginia, was prosecuted in the Eastern District of Virginia and was sentenced to five years and eight months in prison;
Samuel Hicks, of Fort Wayne, Indiana, was prosecuted in the Northern District of Indiana and was sentenced to 16 years in prison;
Richard Smith of Dallas, Texas, was prosecuted in the Eastern District of Texas and was sentenced to 14 years in prison;
Patrick Harrison, of Grand Rapids, Michigan, was prosecuted in the Western District of Michigan and was sentenced to five years and ten months in prison.
Thomas Gailus, of Webbers Falls, Oklahoma, was prosecuted in the Eastern District of Oklahoma, and his sentencing is pending.
Two other individuals in the United States died before being charged for their involvement with the websites. The operation also resulted in arrests in the United Kingdom, the Netherlands, Italy, Germany, Estonia, Belgium, and South Africa.
The FBI’s Child Exploitation Operational Unit and Miami Field Office, West Palm Beach Resident Agency investigated the cases.
Acting Deputy Chief Kyle P. Reynolds and Trial Attorney William G. Clayman of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and former Assistant U.S. Attorney Gregory Schiller of the Southern District of Florida coordinated the operation and prosecuted the defendants in the Southern District of Florida.
Substantial assistance for the cases prosected in the Southern District of Florida was provided by FBI Field Offices and Resident Agencies in Huntsville, Alabama; Reno, Nevada; Clarksville, Tennessee; Raleigh, North Carolina; Madison, Wisconsin; Tacoma, Washington; Grand Rapids, Michigan; and Minneapolis, Minnesota; CEOS’s High Technology Investigative Unit; and the U.S. Attorney’s Offices for the Northern District of Alabama, District of Nevada, Middle District of Tennessee, Eastern District of North Carolina, Western District of Wisconsin, Western District of Washington, Western District of Michigan, and District of Minnesota.
This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.
We are living in an age of anxiety. People face multiple existential crises such as climate change and conflicts that could potentially escalate into nuclear war.
So how do people cope with competing threats like this? And what happens to climate anxiety when wars suddenly erupt and compete for our attention?
Climate change affects our physical and mental health, directly through extreme climate-related droughts, wildfires and intense storms. It also affects some people indirectly through so-called “climate anxiety”. This term covers a range of negative emotions and states, including not just anxiety, but worry and concern, hopelessness, anger, fear, grief and sadness.
A team of researchers led by Caroline Hickman from the University of Bath surveyed 10,000 children and young people (aged 16 to 25 years) in ten countries (Australia, Brazil, Finland, France, India, Nigeria, Philippines, Portugal, the UK and the US). They found that 45% of respondents said their feelings about climate change negatively affected their daily lives. It was worse for respondents from developing countries.
Climate anxiety can potentially serve a positive function. Anger, for example, can push people to act to help mitigate the effects of climate change.
But it can also lead to “eco-paralysis”, a feeling of being overwhelmed, inhibiting people from taking any effective action, affecting their sleep, work and study, as a result of them dwelling endlessly on the problem.
Climate anxiety is not included in the American Psychiatric Association’s authoritative guide to the diagnosis of mental disorders. In other words, it is not officially recognised as a mental disorder.
Some say this is a good thing. The author and Stanford academic Britt Wray wrote: “The last thing we want is to pathologise this moral emotion, which stems from an accurate understanding of the severity of our planetary health crisis.”
But if it is not officially recognised, will people take it seriously enough? Will they just dismiss people who suffer from it as “snowflakes” – too sensitive and too easily hurt by the hard realities of life. This is a major dilemma.
I explore how climate anxiety relates to other types of clinical anxiety in my recent book, Understanding Climate Anxiety, recognising that there are adaptive and non-adaptive forms of anxiety.
According to Steven Taylor, a clinical psychologist from the University of British Columbia, adaptive anxiety can “motivate climate activism, such as efforts to reduce one’s carbon footprint”. Maladaptive anxiety, however, may “take the form of anxious passivity”, he warned, where the person feels anxious but utterly helpless.
Identifying different types of climate anxiety, understanding their precursors and how they interact with personality is a major psychological challenge. Identifying ways of alleviating climate anxiety and making it more adaptive, and focused on possible climate mitigation, is a major societal challenge.
But there’s another important issue. Some global leaders, including Donald Trump, don’t believe in human-induced climate change, claiming it’s “one of the great scams”. He seems to view climate anxiety as an overblown reaction to propaganda pumped out by a biased media.
This can make the experience much worse for those who feel anxious but then having their feelings dismissed.
Some psychologists argue that climate anxiety can be a form of pre-traumatic stress disorder. This hypothesis arose from observations of climate scientists and their growing feelings of anger, distress, helplessness and depression as the climate situation has worsened.
In 2015, researchers devised a new clinical measure to assess pre-traumatic stress reactions using items found in the diagnostic and statistical manual for post-traumatic stress disorder, but now focused on the future rather than the past, asking about “repeated, disturbing dreams of a possible future stressful experience”, for example.
They tested Danish soldiers before their deployment in Afghanistan and found that “involuntary intrusive images and thoughts of possible future events … were experienced at the same level as post-traumatic stress reactions to past events before and during deployment”.
They also found that soldiers who experienced higher levels of pre-traumatic stress before deployment had an increased risk of post-traumatic stress disorder after their return from the war zone. Their hypervigilance primed their nervous system to react more strongly when anything untoward occurred.
This would suggest that we need to take stress reactions to future anticipated events such as climate change very seriously.
The crisis response
But how important is climate anxiety in the context of these other threats? Researchers assessed the emotional state and mental health of people aged 18 to 29 years in five countries (China, Portugal, South Africa, the US and UK) focusing on three global issues: climate change, an environmental disaster (the Fukushima nuclear accident in Japan), and the wars in Ukraine and the Middle East.
They found the strongest emotional engagement was with the ongoing wars, with climate change a close second, and the radiation leak third. The strongest emotional responses to the wars were concern, sadness, helplessness, disgust, outrage and anger. For climate change, the strongest responses were concern, sadness, helplessness, disappointment and anxiety.
All three crises made young people feel concerned, sad, and very importantly helpless, but climate change has this burning level of anxiety added into the bubbling mix.
It seems that climate anxiety still has this undiminished power regardless of all the other awful things that are currently happening in the world, and I suspect the stigma of being dismissed as “snowflakes” makes this particular fear response all the more unbearable.
Don’t have time to read about climate change as much as you’d like?_
Geoff Beattie has received funding from the British Academy and the AHRC to investigate psychological barriers to climate change mitigation and the effects of climate change on emotional responses.
For the past few weeks the headlines about Gaza have focused on the hundreds of people who have been killed while queueing for food. The aid distribution system put in place in May, backed by the US and Israel and run by the Gaza Humanitarian Foundation, has proved to be chaotic and allegedly resulted in violence, with both Israel Defense Forces personnel and armed Palestinian gangs blamed for killing about 1,000 people in the two months the new system has been operating.
Now the headlines are focusing on the growing number of people dying of starvation.
Harrowing reports from the Gaza Strip report almost daily on the children dying of malnutrition in hospitals and clinics that simply don’t have the food to keep them alive. Writing in the Guardian this week, a British volunteer surgeon working in one of Gaza’s hospitals, Nick Maynard, described patients who “deteriorate and die, not from their injuries, but because they are too malnourished to survive surgery”.
The UK and 27 other countries this week has condemned the “drip feeding of aid and the inhumane killing of civilians” who are trying to get food and water. And yet, writes Simon Mabon, still the world’s leaders look on: “Most are apparently content to condemn – but little action has been taken.”
Mabon, a professor of international relations at Lancaster University, quotes the latest report from the IPC, which monitors food security in conflict situations. It estimates that 500,000 people in Gaza are considered to be facing “catastrophe”, while a further 1.1 million fall into the “emergency” risk category. Both categories anticipate a steadily rising death rate among civilians in Gaza.
So how can Israel’s allies apply pressure on Benjamin Netanyahu’s government to bring an end to the violence and allow Palestinian civilians access to the food, water and medical supplies they so desperately need?
Mabon canvasses a range of options. First of all, countries that have yet to recognise the state of Palestine can do so. It’s nonsense, Madon believes, to talk of a two-state solution – as the UK government does – when you haven’t actually recognised the second state in the equation.
Then they could stop selling arms to Israel. Many countries already have. But the US still issues export licenses for some weapons that are sold to Israel.
There are a plethora of other things world leaders could do to pressure Israel. Mabon recommends having a look at what the world did to isolate South Africa during the apartheid years, measures which eventually helped bring about meaningful change there.
As for Netanyahu, the Israeli prime minister is reported to be considering an early election. In previous months this looked like a move freighted with jeopardy. An election loss brought on by a disenchanted electorate, heartbroken at the hostage situation and exhausted by the conflict, would probably mean having to face the charges of corruption which have hung over him for more than five years.
But recent polls have suggested a bump in popularity following his 12-day campaign against Iran. Netanyahu is nothing if not a clever political manipulator. But Brian Brivati, a professor of contemporary history and human rights at Kingston University, believes that to have a chance of winning, the prime minister will need to fight a campaign on three narratives of his government’s success: securing the release of the hostages, defeating Hamas and delivering regional security. “It is a tall order,” Brivati concludes.
Anyone following the situation in Gaza over the past 18 months will have encountered Francesca Albanese, the UN’s special rapporteur for Palestine’s occupied territories. For three years she has monitored the human rights situation in Gaza and the West Bank, delivering trenchant criticism of Israel’s conduct and those who, by their inaction – and sometimes contrivance – have enabled it.
Earlier this months, the US government imposed sanctions on Albanese, because – as US secretary of state Marco Rubio insisted – she has engaged with the International Criminal Court (also subject to US sanctions) “in efforts to investigate, arrest, detain, or prosecute nationals of the United States or Israel”. Also she has written “threatening letters to dozens of entities worldwide, including major American companies”.
Alvina Hoffman, an expert in diplomatic affairs and human rights at SOAS, University of London, explains what a special rapporteur does and why their work is so valuable in the defence of human rights.
To Istanbul, where delegations from Russia and Ukraine met yesterday for their third round of face-to-face talks. All 40 minutes of them. There was another agreement of prisoner swaps and the two sides decided to set up some working groups to look into various political, military and humanitarian issues – but online rather in person.
The brevity of the talks came as no surprise to Stefan Wolff. Wolff, an expert in international security at the University of Birmingham who has provided commentary for The Conversation throughout the conflict in Ukraine, points out that both sides remain wedded to their maximalist war aims. For Russia, this is for Ukraine to accept Russia’s annexation of Crimea and four provinces of eastern Ukraine, a ban on Ukraine’s membership of Nato and a much reduced military capacity. For Ukraine, it is getting their territory back and Russian acceptance of their national sovereignty, meaning it gets to determine for itself what alliances it seeks.
Donald Trump has told Vladimir Putin that, if there’s no ceasefire in 50 days, he’ll apply harsh secondary sanctions on the countries buying Russian oil and that he plans to supply Ukraine with American weapons (via Nato’s European member states, that is). Wolff believes both sides will now play the waiting game. They will calculate their next move after September 2, when the 50 days run out, and when they know more about what the US president plans to do.
Volodymyr Zelensky, meanwhile, faces pressure from his own people. There have been days of protest at his decision to bring two formerly independent anti-corruption organisations under the direct control of the government. He argues that this was necessary to prevent Russian infiltration, while critics are saying that the Ukrainian president has launched a power grab designed to prevent independent investigation of alleged corruption against people close to him.
Jenny Mathers says these protests, which involve people from all political shades, including people who have fought in the defence of Ukraine since 2022, some with visible injuries, represents a fracture of the “informal agreement between the government and society to show a united front to the world while the war continues”.
Ukrainians protest after Zelensky signs law clamping down on anticorruption agencies.
It’s not as if Zelensky is in clear and present danger of losing his job. His party holds a majority of seats in the Ukrainian parliament, so he governs without having to depend on coalition partners. And the country’s constitution prohibits the holding of elections in wartime – whatever Putin, who regularly insists that Zelensky is an illegitimate leader because he is governing past his term limit, might think. Plus his approval rating sits at 65%.
Zelensky has been quick to soften his stance on this. Mathers says that political corruption is a very sore point in Ukraine, where there was decades of it until the Maidan protests of 2013-14 unseated the pro-Russian president Viktor Yanukovych. As she writes here, “the ‘Revolution of Dignity’ that rejected Yanukovych’s leadership and his policies was also a resounding demonstration of the strength of Ukraine’s civil society and its determination to hold its elected officials to account. Zelensky would be rash not to heed that.
He also knows it’s important for him to present a squeaky clean image to his supporters in the west. So while the protests may not present an immediate threat to his own position, he knows that unless he acts to root out corruption in Ukraine, it’ll be a threat to the future of the country itself.
But ethicist Marcel Vondermassen from the University of Tübingen believes another recent decision by the Ukrainian government is storing up trouble for the future. Ukraine has recently announced its decision to pull out of the Ottawa convention, the treaty that forbids the use of anti-personnel landmines.
In doing so, he’s following the example of Finland, Poland, Lithuania and Estonia which have all also quite the treaty in recent months for fear of Russian aggression.
But as Vondermassen points out, landmines don’t usually switch themselves off when a conflict ends and people are still being killed an maimed in former conflict zones around the world. Often it is farmers at work or children at play who are the victims. If other ways to protect countries from aggression aren’t pursued, as he puts it, in future decades we’ll still be “counting thousands of child casualties … from the landmines laid in the 2020s”.
Thailand-Cambodia: centuries-old dispute flares again
A dispute between the two south-east Asian countries that has been simmering since May flared into life yesterday when five Thai soldiers patrolling the border region were injured after stepping on a landmine – the second such incident in the past week. Both countries have sealed their border and there have been tit-for-tat ambassadorial expulsions.
Cambodia fired rockets and artillery into Thailand, killing 12 civilians. Thailand in turn has launched airstrikes against Cambodia. Both countries are blaming the other for starting it.
Petra Alderman, an expert in south-east Asian politics from London School of Economics and Political Science, traces the origins of this row, which go back to the colonial era in the 19th and early 20th centuries.
Source: The Conversation – UK – By Marc Fullman, Docotoral Researcher in Organisational Behaviour, University of Sussex Business School, University of Sussex
If your first task of the day is triaging a bulging inbox at 6am, you are not alone. A recent Microsoft report headlined “Breaking down the infinite workday” found that 40% of Microsoft 365 users online at this hour are already scanning their emails – and that an average worker will receive 117 emails before the clock rolls around to midnight.
But that’s not all. By 8am, Microsoft Teams notifications outstrip email for most workers, and the typical employee is hit with 153 chat messages during the day.
The report states that, while meetings swallow the prime 9am–11am focus window, interruptions arrive every two minutes throughout the day. This perpetual work overload means a third of professionals reopen their inbox to answer more emails at 10pm.
In short, Microsoft’s telemetry of this “triple-peak” day (first thing, mid-morning and late at night) paints a vivid picture of a work rhythm that never stops.
From an occupational psychology perspective, these statistics are more than curious trivia. They signal a cluster of psychosocial hazards.
Boundary Theory holds that recovery depends on clear and solid boundaries – both psychologically and in terms of time – between work and the rest of life. Microsoft’s findings show those limits dissolving. This includes 29% of users checking email after 10pm.
Similarly, a four-day diary study of Dutch professionals found that heavier after-hours smartphone use predicted poorer psychological detachment and exhaustion the next day.
This can have wider consequences. When people are busy, rushed or harried, one of the first things to suffer is their regulation of online behaviour. Large-scale survey research shows that ambiguous or curt digital messages occur when we are depleted. These can obviously sap wellbeing in recipients.
In a 2024 study of workers in the UK and Italy, incivility in emails between colleagues predicted work-life conflict and exhaustion via “techno-invasion”, as workers reported being exposed to an ongoing torrent of unpleasant messaging.
So-called ‘techno-invasion’ could lead to work-life conflict and emotional exhaustion. fizkes/Shutterstock
My ongoing doctoral research examines how workers respond to messages they receive, and exposes the nuance on different communication platforms. Among the 300 UK workers involved, identical messages were rated as more uncivil on email than on Teams, particularly when they were informal. Frustration on the part of a recipient (in terms of how they interpret a message) accounted for nearly 50% of perceived incivility on email, but only 30% on Teams.
These findings suggest that choice of platform significantly influences how messages are received and interpreted. Using these insights, organisations can make informed decisions about communication channels, and potentially reduce workplace stress and improve employee wellbeing in the process.
Microsoft suggests that AI “agent bosses” will rescue workers. These tools could summarise inboxes, draft replies and free up humans for higher-order work.
The data, however, exposes a cultural contradiction. Managers tell staff to switch off, yet their appraisal spreadsheets tell a different story. In one set of experiments, the same bosses who praised weekend digital detoxing also ranked the detoxers as less promotable than colleagues who were glued to their inboxes.
Little wonder Microsoft’s own data shows the same late-night peak, despite widespread wellbeing guidance to switch off after hours. Without changing how commitment is signalled and rewarded, faster tools risk accelerating the treadmill rather than dismantling it.
What organisations can do
1. Individual level – let people feel they have control
Encourage “quiet hours” and teach employees to disable non-urgent notifications. Boundary-control research shows that when workers feel they have control over connectivity, it creates a buffer against fatigue caused by after-hours email.
2. Team level – communication charters
Teams should agree explicit norms for communication. This could include capping the numbers invited to meetings and insisting on agendas. Simple charters along these lines restore predictability for workers and cut “decision fatigue”.
3. Organisational level – redesign metrics
Organisations could shift from visibility (green dots and instant replies) to outcome-based metrics for productivity. This removes the incentive for workers to stay online and aligns with evidence that autonomy is a key resource.
4. Technological level – AI for elimination, not acceleration
Workplaces should deploy AI assistants to remove low-value tasks (for example, sorting email or drafting minutes), not just speed them up. Then they should conduct workload audits to ensure the time saved is reinvested in deep work, not simply swallowed up by extra meetings.
The Microsoft dataset is enormous, but there are two important points to note. First, European jurisdictions with “right to disconnect” laws may be missing from the figures. Second, some metrics (for example, interruptions) are calculated on the most active fifth of users, potentially overstating a typical experience.
But if the numbers in Microsoft’s report feel familiar, that is precisely the point. The technology designed to liberate workers is now scripting their day minute-by-minute. Occupational psychology researchers warn that without deliberate boundary setting, rising digital job demands will continue to tax wellbeing and dull performance.
AI can be a circuit breaker, but only if it is accompanied by cultural and structural change that gives employees permission to disconnect.
The infinite workday is not a law of nature, it is a design flaw. Fixing it will take more than faster software – it will demand a collective decision to prize focus, recovery and civility as fiercely as workers currently prize availability.
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Marc Fullman does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Travis Van Isacker, Senior Research Associate, School of Sociology, Politics and International Studies, University of Bristol
On a cold, wet November evening, Issa Mohamed Omar and more than 30 other men, women and children set off from their informal camp near the northern French port city of Dunkirk. They walked through the darkness in near-silence for around two hours, until they reached the beach from where they hoped to start a new and better life.
As they arrived, five men were busy pumping up an inflatable dinghy and attaching an outboard engine. These people smugglers had charged each of their customers more than a thousand euros for a trip that costs someone with the right passport less than a hundred.
The travellers were given life-vests, arranged into rows and counted. “There are 33 of you,” one of the smugglers said. For many on board, this was not their first attempt at reaching England.
Most came from Iraqi Kurdistan, including Kazhal Ahmed Khidir Al-Jammoor from Erbil, who was travelling with her three children: Hadiya, Mubin and Hasti Rizghar Hussein, respectively aged 22, 16 and seven.
A father and son from Egypt were shown how the engine worked and provided a GPS device and directions to Dover, around 35 miles (60km) to the west across the Channel. Mohamed Omar would later recall:
The Egyptian man was put in charge of steering the boat by the smugglers. He was travelling with his son, who looked like he was in his late teens or maybe early 20s. I do not know how they came to be the driver and navigator.
There were also at least three Ethiopian nationals – one of whom, father-of-two Fikiru Shiferaw from Addis Ababa, sent his wife Emebet at home in Ethiopia a final WhatsApp voice message:
We have already boarded the boat. We are on the way. I will turn off my phone now. Goodnight, I will call you tomorrow morning.
These were the last words she would ever receive from her husband.
What happened to Fikiru Shiferaw and the other passengers on the night of November 23-24 2021 has been the subject of the UK’s Cranston Inquiry which, during March 2025, heard from 22 witnesses to the disaster, including officers involved in the UK’s search-and-rescue (SAR) response. Chaired by former High Court judge Sir Ross Cranston, the independent inquiry also heard from Mohamed Omar from Somalia – one of only two survivors – as well as family members of many of the dead and missing.
These hearings not only shed light on the actions of UK Border Force and His Majesty’s Coastguard officers during the failed rescue operation – designated Incident Charlie – in the early hours of November 24, but the agencies’ approach to “small boat crossings” in general dating back to 2017.
According to the testimonies, officers had been operating under extreme pressure in the months leading up to the disaster. Kevin Toy, master of the Border Force ship Valiant which was sent out to search for the missing dinghy that night, explained that in the run-up to the incident, “night after night” he could see his crew were “utterly exhausted” by the end of their shifts.
The evidence shows the British government was aware of the growing risk that Border Force and HM Coastguard could be overwhelmed by the rising number of small boat crossings – and that people might die as a result. In May 2020, a document produced by the Department for Transport acknowledged that “SAR resources can be overwhelmed if current incident numbers persist”. At least three senior HM Coastguard officers identified the same risk in August 2021.
Multiple communication failures have also been exposed by the inquiry – among British officers, with their opposite numbers in France, and between both countries’ emergency services and the increasingly desperate people aboard the sinking dinghy.
Despite numerous distress calls and GPS coordinates being shared via WhatsApp, a rescue boat failed to reach the travellers in time. Amid the confusion, when their calls stopped, the coastguard assumed Charlie’s passengers had been picked up and were safe. In fact, they were perishing in the cold waters of the Channel over more than ten hours.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
As part of my research into the digital transformation of the UK-France border, I attended the inquiry and have studied the many statements, call transcripts, operational logs, emails and meeting minutes it has made public. Initially, I wanted to understand how the November 2021 disaster became a watershed moment in the UK government’s response to people trying to cross the Channel by small boat or dinghy, catalysing the transformation of the UK’s maritime border into the hyper-surveilled space it is today.
But, after speaking to representatives for Mohamed Omar and the bereaved families as well as migrant rights organisations, larger questions have emerged. In particular, given the inquiry’s singular focus on this one catastrophic event in November 2021, those I spoke to are concerned that its recommendations will be unable to prevent further deaths from occurring in the Channel, which have risen dramatically over the last 18 months.
How ‘small boat crossings’ began
Since the UK and France began operating “juxtaposed” border controls in the early 1990s (meaning border checks occur before departure), asylum seekers trying to reach England have had to make irregular journeys across the Channel. Until 2018, these were typically aboard trains and ferries – after sneaking on to a lorry or through a French port’s perimeter security.
At the time of the “Jungle” camp near Calais in 2015-16, media coverage of collective attempts by its residents to enter French ports spiked UK government investment in the border. Between 2014 and 2018, it gave its French counterpart at least £123 million to “strengthen the border and maintain juxtaposed controls”. These funds paid for French police to patrol the ports and border cities, regularly evict migrants’ living sites, and finance detention and relocation centres.
As admitted by then-home secretary Sajid Javid in 2019, this increased security led people to find other ways across the Channel. Beginning in the winter of 2018, smugglers organised journeys in small, seaworthy vessels they had stolen from marinas along the French coast. These “small boats” continue to lend their name to this migration phenomenon – yet the unseaworthy inflatable dinghies used today, with no keel or rigid hull, are not worthy of the name.
Even in the context of the usual sensationalism surrounding irregular migration to the UK, small boat journeys were met with an especially intense response, both politically and in the media.
When 101 people crossed between Christmas and New Year in 2018, Javid declared it a major incident. Ever since, “stopping the boats” has been one of the UK government’s highest priorities. Despite small boat arrivals making up only 29% of UK asylum claimants in 2018-24, billions of pounds have been spent to try and control the route.
Frosty relations and the ‘pushback’ plan
As Channel crossings rose sharply over 2020-21, worsening relations between France and the UK due to Brexit complicated how the two governments worked together to respond. In his testimony, former clandestine Channel threat commander Dan O’Mahoney – appointed by Javid’s successor, Priti Patel, to “make small boat crossings unviable” – described relations between the two countries as already “very frosty” when he began in August 2020.
After France’s then-interior minister, Gérald Darmanin, axed a plan for UK vessels to take rescued migrants back to Dunkirk, O’Mahoney was tasked by senior ministers to come up with an alternative. The resulting “pushback” plan, called Operation Sommen, involved Border Force officers on jet skis driving into migrant dinghies to turn them back as they crossed the border line into UK waters. When France learned of the plan, O’Mahoney recalled:
They thought it went counter to their and our obligations around safety of life at sea … They objected to it very strongly, and it affected our already quite strained relationship with them further.
Operation Sommen was abandoned in April 2022 before having ever been used in anger. However, preparations were said to have taken up “a very considerable amount of time and resource” at both the Home Office and the Maritime and Coastguard Agency – and had “a detrimental effect” on the UK’s overall SAR response to small boat crossings.
At a meeting of senior officials in June 2021 to discuss Operation Sommen, ministers had made clear that the “numbers of people crossing [was] a political problem” – and that improving SAR capabilities did not “fit with [the] narrative of taking back control of borders”.
Although senior HM Coastguard officers recognised “it is extremely difficult to locate small boats or communicate with those onboard”, the inquiry heard that officers did not recall receiving “any small boat training before November 2021”, other than in the procedure to allow Border Force to push them back to French waters.
The head of Border Force’s Maritime Command, Stephen Whitton, told the inquiry he was under “a huge amount of pressure” to prevent small boat crossings, while also “providing the bulk of the support to search and rescue”. Despite carrying out 90% of all small boat rescues in the Channel and “regularly being overwhelmed”, Border Force Maritime Command received “no additional assets to manage the search and rescue response” before November 2021.
‘The pressure we were under’
When the decision was taken for Border Force – a law enforcement rather than search-and-rescue organisation – to be the primary responders to small boat crossings in 2018, only around 100 people were crossing each month. Yet by the time of the disaster three years later, according to an internal Home Office document, the total for 2021 was “already more than 25,000”.
At the inquiry, O’Mahoney stated: “As 2021 went on, it became much clearer that … frankly, we just needed more [rescue] boats.” Whitton admitted that before the disaster, Border Force, HM Coastguard, the Royal National Lifeboat Institution and other support organisations were all “on our knees in terms of the pressure we were under, and it was getting hugely challenging”.
The evidence shows this pressure was acutely felt inside Dover’s Maritime Rescue Coordination Centre, which sits atop the port’s famous white cliffs offering a commanding view of the Channel. Inside, Coastguard officers coordinate SAR operations and control vessel traffic in the Dover Strait – one of the world’s busiest shipping lanes.
On the night of November 23-24, three coastguard officers were on search-and-rescue duty: team leader Neal Gibson, maritime operations officer Stuart Downs, and a trainee – unnamed by the inquiry – who was officially only present as an observer.
HM Coastguard’s Maritime Rescue Coordination Centre at Dover overlooking the Channel. Travis Van Isacker, CC BY-NC-SA
Staffing appears to have been a longstanding issue at the Dover coastguard station where, according to divisional commander Mike Bill, there was “poor retention of staff” and “experience and competence weren’t the best”. Only the day before the disaster, during a migrant red days meeting – convened when, due to good weather, the probability of Channel crossers is considered “highly likely” – chief coastguard Peter Mizen had warned that only having two qualified officers at Dover on nights “isn’t enough”.
Over recent months, as the station had become busier responding to small boat crossings and in the wake of an unsuccessful recruitment drive, staff were having to work flat-out throughout their shifts, and were being asked to come in on scheduled days off.
On the night of November 23-24, owing to staff shortages, team leader Gibson told the inquiry he had to cover traffic control duties for three hours from 10.30pm. This meant he was away from the SAR desk at 00.41am, when a message arrived from the national rescue coordination centre along the coast in Fareham, stating that the Coastguard’s scheduled surveillance aeroplanes would not be flying over the Channel that night due to fog.
The officers were told they would be “effectively blind” – and should not allow themselves “to be drawn into relaxing and expecting a normal migrant crossing night”. The message warned: “This has the potential to be very dangerous.”
‘Their boat – there’s nothing left’
According to Mohamed Omar, the sea was calm when he and the other passengers departed the French beach around 9pm UK time. Giving his evidence to the Cranston Inquiry from Paris – he still cannot travel to the UK – a ship approached them around an hour into their voyage:
They came up to us to see what we were doing, and shone a light on us. I remember seeing a French flag on the boat. It was a big boat and I am certain it was the French coastguard. I had heard from people I met in the camp in Dunkirk that this happened sometimes, and that the French boat would follow until you reached English waters.
In fact, Mohamed Omar said, the French ship left the travellers again after about an hour. Shortly after this, the problems began.
A French warship patrols the shore of Mardyck in northern France, close to where Charlie is thought to have departed. Travis Van Isacker, CC BY-NC-SA
Around 1am, seawater began entering the dinghy. By now, it was in the vicinity of the Sandettie lightvessel, around 20 miles north-east of Dover. At first, passengers managed to bail out the 13°C water – but soon the flooding became uncontrollable. The dinghy’s inflatable tube began losing pressure, and a couple of the Kurdish men used air pumps to try to keep it inflated. Others tried to prevent panic spreading among the passengers.
Many onboard began to make frantic calls for rescue. What were reported to be leaked transcripts of some of these calls were published by French newspaper Le Monde a year after the sinking. They showed the first distress call from the dinghy was received by the French coastguard at 12.48am. Speaking in English, the caller said there were 33 people on board a “broken” boat.
According to Le Monde, three minutes later, another call was transferred to the French maritime rescue coordination centre at Cap Gris-Nez by an emergency operator who reported: “Apparently their boat – there’s nothing left.” Following procedure, the French coastguard officer asked the caller to send a GPS position by WhatsApp so she could “send a rescue boat as soon as possible”. At 1.05am UK time, the GPS position arrived.
Rather than send a French boat, Le Monde reported that the officer phoned her counterparts in Dover to warn them a dinghy 0.6 nautical miles from the border line would soon be crossing into UK waters. On the other end of the line was the trainee officer, who was handling routine calls that night despite officially only being an observer.
After the call finished, according to Downs’s evidence to the inquiry, the trainee mistakenly told him the dinghy was thought to be “in good condition” – information he recorded in the log for Incident Charlie. This miscommunication may have affected the urgency of the UK’s SAR response, preventing HM Coastguard and Border Force from appreciating the severe distress the “broken” dinghy was in.
Just before 1am, the French coastguard had sent its migrant tracker spreadsheet, containing information on all small boat crossings that night, to HM Coastguard for the first time. It showed four migrant dinghies at sea – which Gris-Nez had been aware of “for many hours”, according to Gibson.
The issue of the French coastguard appearing to withhold information about active small boat crossings had been raised by HM Coastguard’s clandestine operations liaison officer during a July 2021 review. And earlier that very evening, Gibson told one of his colleagues:
Sometimes they just seem to keep it quiet. Like we’ll not get anything – then we’ll get a tracker at three in the morning with 15 incidents, and they go: ‘Mostly these are in your search-and-rescue region.’ Wonderful.
At 1.20am, Downs phoned Border Force Maritime Command in Portsmouth to request a Border Force vessel search for the dinghy Charlie. He provided the GPS position received from his French counterpart and the number of people onboard – but also the incorrect information that “they think it’s in good condition”.
Ten minutes later, the Valiant, Border Force’s 42-metre patrol ship stationed at Dover, was tasked to proceed towards the Sandettie lightvessel. At the same time, the first direct call to the Dover rescue coordination centre came in from Charlie. The distressed caller said they were “in the water” and that “everything [was] finished”.
Around 15 minutes later, at 1.48am, Gibson took a call from 16-year-old Mubin Rizghar Hussein, who spoke good English. Despite the noise and commotion, he managed to provide Gibson with a WhatsApp number – in order to share their GPS position. The transcript of this call records voices shouting in the background: “It’s finished. Finished. Brother, it’s finished.”
A ‘grave and imminent threat to life’
Gibson told the inquiry that after his call with Rizghar Hussein, he had a “gut feeling that this doesn’t feel quite as usual”. By “usual” he meant what was, according to maritime operations officer Downs, a commonly held belief at the Dover coastguard station that with “nine out of ten”“ callers from small boats: “It would generally be overstated that the boat … was sinking, people were drowning … Whatever was going on would be overstated.”
Acting on his gut feeling, at 2.27am Gibson took the unprecedented decision to broadcast a Mayday Relay – denoting a “grave and imminent threat to life”. By maritime law, this alert required other vessels to offer their assistance.
Gibson told the inquiry he did this to get the French warship Flamant to respond. He could see on his radar screen that Flamant was closest to Charlie’s position and was the best vessel to rescue the people if the dinghy really was sinking.
Why the Flamant did not respond is at the centre of an ongoing criminal investigation in France into two of the warship’s officers and five coastguards from Gris-Nez, for “non-assistance of persons in distress”. This investigation’s strict confidentiality obligation means the inquiry was unable to access any information from the French side about their operations that night.
At 2.01 and again at 2.14am, HM Coastguard had received new GPS positions via WhatsApp showing the dinghy to be more than a mile inside UK waters.
Valiant, having been tasked at 1.30am, only exited the port of Dover at 2.22am and would need at least another hour to reach the Sandettie. Despite this, no other vessel was sent to join the search. At 3.11am, when asked during a call by Border Force Maritime Command whether Charlie was “still a Mayday situation”, Gibson replied: “Well, they’ve told me it’s full of water.”
With a total of four small boats being shown in the Channel that night by the French tracker spreadsheet, Gibson suggested there could be as many as 110 people on board these dinghies – beyond Valiant’s capacity for taking on survivors. Nevertheless, Border Force and HM Coastguard opted to “wait and see what the numbers are, and whether Valiant can deal with that … We don’t want to call any other assets out just yet.”
In a call with Christopher Trubshaw, captain of the Coastguard rescue helicopter stationed at Lydd on the Kent coast, aviation tactical commander Dominic Golden explained that Border Force was “not prepared to bring in their crews who are pretty knackered” unless “we can convince them there are people in real danger”. He then asked Trubshaw to search the Channel for the small boats shown in the French tracker, as the surveillance aeroplanes had been unable to take off.
In her closing submission to the inquiry, Sonali Naik, a legal representative of the survivors and bereaved families, highlighted Golden’s “dismissive attitude” towards Charlie’s distress when he gave Trubshaw the reason for the request, which included the following:
As usual, the catalogue of phone calls is beginning to trickle in … You know, the classic ‘I am lost, I am sinking, my mother’s wheelchair is falling over the side’ etc. ‘Sharks with lasers surrounding boat’ and ‘we are all dying’ type of thing.
Nevertheless, Golden asked the helicopter crew to pack a liferaft. “I can’t imagine we’re going to need it but … potentially you get to play with one of your new toys.”
While Golden described his words as “unwise” or “flippant”, Naik said they were “more than that” – suggesting they revealed rescuers’ general perceptions of the occupants of small boats and the widely held scepticism towards their distress calls.
‘We are dying. Where is the boat?’
With the water inside rising fast and their dinghy collapsing, Charlie’s increasingly desperate passengers kept trying to get rescuers to appreciate how dire their situation was.
At 2.31am in the Dover rescue coordination centre, Gibson received a second call from Mubin Rizghar Hussein, who pleaded: “We are dying, where is the boat?”
Gibson replied: “The boat is on its way but it has to get …” only to be interrupted by Rizghar Hussein saying: “We all die. We all die.”
“I get that,” Gibson told the terrified teenager, “but unfortunately, you’re going to be patient and all stay together, because I can’t make the boat come any quicker.” He ended the call saying:
You need to stop making calls because every time you make a call, we think there’s another boat out there – and we don’t want to accidentally go chasing for another boat when it’s actually your boat we’re looking for.
Gibson broke down briefly when recounting this second call during his evidence to the inquiry, explaining:
If you don’t understand what’s fully going on and you’re getting ‘we’re all going to die’, it’s quite a distressing situation to find yourself in, sitting at the end of a phone – effectively helpless. You know where they are, you want to get a boat to them, and you can’t.
Call records also show that coastguards on both sides of the Channel passed responsibility for rescuing the sinking dinghy off to one another. According to Le Monde, during one call a passenger told the French coastguard officer he was “in the water” – to which she replied: “Yes, but you are in English waters.”
The transcript of the last call before Charlie capsized, made at 3.12am, reveals that Downs asked “where are you?” 17 times – despite the caller being unable to answer anything beyond “English waters”. The maritime operations officer finished by instructing the caller to hang up and dial 999: “If it won’t connect on 999, then you’re probably still in French waters.”
In her closing submission, Naik pointed to “discriminatory stereotypes and attitudes towards migrants on small boats which fatally affected the SAR response” for Charlie – as rescuers, in her words, “jumped to premature conclusions”. According to survivor Mohamed Omar:
Because we have been seen as refugees … that’s the reason why I believe the rescue, they did not come at all. We feel like we were … treated like animals.
Fatal assumptions
At 3.27am, Border Force’s ship Valiant arrived at Charlie’s last recorded GPS position (from 2.14am) – but found nothing. Its master, Kevin Toy, decided to head north-easterly towards the Sandettie lightvessel, the way the tide was flowing.
En route, Valiant spotted two other dinghies in the darkness using its night vision – one still making its way towards the English coast, the other stopped in the water. The stationary dinghy was in greater danger from the Channel’s shipping traffic, so Valiant went to it and began rescuing those onboard – radioing back that it had “engaged unlit migrant crafts stopped in the water” with approximately 40 people onboard.
In the Dover rescue coordination centre, Gibson assumed this dinghy could be Charlie and gave Mubin Rizghar Hussein’s name and telephone number so Valiant’s crew could verify whether he was on board. At 4.16am, Gibson himself tried calling the WhatsApp number that Rizghar Hussein had shared, but the call failed.
At 4.20am, Valiant completed its first rescue of the morning. Two more followed after the Coastguard helicopter spotted two other dinghies in the Sandettie area – but nobody in the water. A near-capacity Valiant then returned to Dover just after 8am with 98 survivors on board.
None of the three rescued dinghies matched the description of Charlie. All were in good condition, differently coloured, and with disparate numbers of people onboard – yet the misplaced assumption Charlie had been rescued persisted amid the night’s murky information environment. Gibson stated that, while he had soon received additional information matching Valiant’s first rescue to a different dinghy, he was still “fairly certain Charlie had been picked up”.
“Once Valiant had picked up these [three] boats,” he explained, “we no longer received calls from Charlie, and a call to a known phone number on Charlie failed.” As a result, neither Valiant nor the Coastguard helicopter were sent back out to continue searching for the stricken dinghy.
In fact, Gibson’s call to Rizghar Hussein’s WhatsApp number did not fail because Charlie’s passengers had been rescued – nor because they had thrown their phones into the sea when Border Force arrived. Rather, it was because the dinghy had capsized and everyone had fallen into the Channel’s freezing waters.
‘No one came to our rescue’
In harrowing evidence to the inquiry, Mohamed Omar explained how, as one side of the dinghy deflated, the passengers – “hysterical and crying” – panicked and moved to the opposite side. This shift in weight caused the dinghy to capsize:
The screaming when the boat tipped and people fell in the water was deafening. I have never heard anything as desperate as this. I was not thinking about whether we were going to be rescued any more; it was all about how to stay alive.
As the passengers were thrown into the water, the dinghy flipped on top of them. Mohamed Omar described having to swim out from underneath to catch a breath: “It was dark and I could not really see. It was extremely cold and the sea was rough.”
As he surfaced, he saw Halima Mohammed Shikh, a mother of three also from Somalia and travelling alone, struggling as she couldn’t swim. She screamed his name for help, and he tried to get her back to what was left of the dinghy – but couldn’t. “I think she was one of the first people to drown,” he told the inquiry.
Others managed to cling to the broken inflatable, hoping rescue was on its way – but “no one came to our rescue”. Pushed and pulled by the waves, some lost their grip and drifted away before dawn. Mohamed Omar recalled:
All night, I was holding on to what remained of the boat. In the morning, I could hear the people were screaming and everything. It’s something I cannot forget in my mind.
By the time the sun finally rose at 7.26am, he estimated that no more than 15 people were left clinging to the broken dinghy – adrift on the tide in a busy shipping lane:
I do not recall speaking with anyone in the water. Those who were alive were half-dead. There was nothing we could do any more. I could see bodies floating all around us in the water. I presume most people were either already dead or were unconscious.
Shortly afterwards, Mohamed Omar said he let go of the dinghy and began to swim, thinking to himself: “I am going to die [but] I don’t want to die here. At least if I die whilst swimming, I won’t feel it.”
He swam towards a boat he could see in the distance and, as he got closer, began to wave his life jacket for attention. A French woman, out fishing with her family, saw him and jumped in the water to save him.
As he finished telling his story, Mohamed Omar told the inquiry: “I’m a voice for those people who passed away.”
Bodies are found
Around 1pm on the afternoon of November 24, 12 hours after the first distress calls from Charlie, a French commercial fishing vessel began finding bodies in the sea nine miles north-west of Calais. But as the news came in, no one at HM Coastguard or Border Force appears to have made the connection with Incident Charlie.
Days later, when the accounts of Mohamed Omar’s fellow survivor, Mohammed Shekha Ahmad from Iraqi Kurdistan, and a relative of two of the deceased emerged, the Home Office refuted their claims that the dinghy had sunk in UK waters as “completely untrue”.
However, five days after the disaster, Gibson contacted the small boats tactical commander to share his concerns that the reported deaths could be from Charlie. He had read a news article in which “the survivor states a male called Mubin called the emergency services, which could possibly be the ‘Moomin’ [sic] I spoke to”.
On December 1, clandestine Channel threat commander O’Mahoney responded to a question from the UK’s Joint Committee on Human Rights, as to whether the migrants whose bodies had been found in French waters had made distress calls to the UK authorities. O’Mahoney told the committee:
We are looking into that. To manage your expectation, though, it may never be possible to say with absolute accuracy whether that boat was in UK waters [and] I cannot tell you with any certainty that the people on that particular boat called the UK authorities.
Thanks largely to their grieving families tireless pursuit of the truth, however, it is now possible to say definitively that Charlie had been in UK waters – and that a number of its passengers spoke to HM Coastguard officers.
It was only after these families raised concerns that the disaster had involved the UK authorities that the Department for Transport commissioned a safety investigation into the incident in January 2022. A lawyer for the bereaved families suggested to me that without the threat of legal action, the Department for Transport “would likely not have done anything” – despite this being Britain’s worst maritime disaster for decades. Meanwhile, according to inquiry evidence, the Home Office is understood not to have conducted an internal review or investigation into its role in the disaster.
After a frustrating two years of waiting for the survivors and bereaved families, the Marine Accidents Investigations Branch published its report – which both confirmed most of their accounts and substantiated their criticisms of the SAR response.
Soon afterwards, the Cranston Inquiry was announced. Despite no bodies having been recovered in UK waters, it has been run almost like an inquest. In his final report – to be published by the end of 2025 – Sir Ross Cranston has promised to “consider what lessons can be learned and, if appropriate, make recommendations to reduce the risk of a similar event occurring”.
A ‘crucial and unique opportunity’
HM Coastguard and Border Force officers have repeatedly told the inquiry how the UK’s approach to small boat search-and-rescue has changed since the November 2021 disaster. More officers have been hired, Border Force has contracted additional boats to conduct rescues, information sharing has improved, and cooperation with French colleagues is better. Today, there are significantly more rescue ships on both sides of the Channel which can intervene faster when dinghies come to be in distress, and have undoubtedly saved many lives.
There has also been massive investment in drones, aeroplanes and powerful shore-based cameras to reduce the risk that HM Coastguard loses “maritime domain awareness” again if some of its surveillance aircraft are unable to fly. New technology automatically translates coastguard officers’ messages into different languages and extracts live GPS locations and images from travellers’ mobile devices.
Such investments make it unlikely that another dinghy could be lost in the middle of the Channel after its passengers call for help, in the way Charlie so catastrophically was.
Nevertheless, people continue dying while attempting to cross the Channel – with 2024 having been by far the deadliest year yet. At least 69 people lost their lives, according to the Refugee Council. So far in 2025, 24 people are documented as dead or missing at the UK-France border by Calais Migrant Solidarity, amid a record number of attempted crossings for the first half of the year.
Some migrants’ rights NGOs have suggested the UK’s “stop the boats” policies, and European efforts to disrupt the supply chain of dinghies and other equipment used in crossings, has driven such deadly overcrowding.
But it is also unlikely that the circumstances surrounding more recent deaths in the Channel will ever be investigated as thoroughly as Incident Charlie, if at all. Lawyers for the bereaved families have therefore been keen to highlight the Cranston Inquiry’s “crucial and unique opportunity” not only to look back and offer answers about one of Britain’s worst maritime disasters in recent decades – but to look forwards and “prevent the further loss of life at sea”.
The survivors, families and migrants’ rights organisations who contributed their evidence thus hope the inquiry’s recommendations go beyond purely operational and administrative improvements to search-and-rescue, to address the fundamental role that UK, France and European border policies play in why more people are dying in the Channel, despite the improvements to search-and-rescue strategies and resources.
Above all, they ask why only some people are able to travel to the UK in comfort and safety while others must make the journey in precarious, overcrowded inflatable dinghies – and thus entrust their lives to the search-and-rescue services whose success can never be guaranteed. As Halima Mohammed Shikh’s cousin, Ali Areef, told the inquiry:
It makes me feel sick to think about crossing the Channel in a ferry where others including a member of my family lost their lives because there was no other way to cross. I will never take a ferry across the Channel again.
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Travis Van Isacker gratefully acknowledges the support of the Economic and Social Research Council
(UK) (Grant Ref: ES/W002639/1).
The programme has been announced for Manchester’s role as Guest City at this year’s iconic La Mercè festival in Barcelona – which each year attracts hundreds of thousands of visitors into the city for a 6-day cultural festival that sets the very highest of bars for festivals everywhere, showcasing the very best of traditional Catalan culture, outdoor arts, and music.
Manchester was chosen last year by its Catalan counterparts to be the first-ever English guest city at this year’s event which takes place from 23 – 28 September.
A Memorandum of Understanding signed between Manchester and Barcelona last year, noted that the two cities share both a very similar industrial past with histories that are linked to workers’ movements, as well as a present and future with great cultural wealth linked to the creative industries.
The Memorandum kicked off a cultural collaboration between the two cities, providing a working framework for artists, organisations, and other partners, focusing initially on music and street arts events for this year’s La Mercè festival.
Since then the two cities have been working closely to put together a spectacular programme of Mancunian grown talent in outdoor arts and music for audiences in Barcelona to enjoy.
Councillor Garry Bridges, Deputy Leader, Manchester City Council, said: “Guest City status for Manchester at this year’s La Mercè festival is a huge honour for us and we’re enormously grateful to our partners, colleagues and friends in Barcelona for the opportunity to collaborate and play a part in their iconic festival.
“Culture and diversity are big deals for us in Manchester and play a vital part in helping strengthen and shape our communities, pride and prosperity. Thanks to our wonderfully diverse artists, venues, festivals, and creative workforce, culture has had a transformative effect on our city.
“The Manchester programme for La Mercè showcases the very best of our fantastically diverse cultural scene and our hugely talented artists and creators.
“We hope it gives a flavour of the vibrant and thriving cultural scene we have here in Manchester and look forward to further strengthening our ties with the great city of Barcelona and welcoming new visitors and audiences to our city off the back of this.”
The resulting programme is a celebration of fantastic outdoor work created by Manchester artists and organisations.
Highlights in the special cultural exchange include two unique new commissions from Manchester-based creators working with Barcelona-based performers, alongside new work created to celebrate Manchester and its people at La Mercè.
The programme for Manchester as Guest City has been led by XTRAX and Without Walls. It showcases the diverse cultural communities of Manchester and the rich diversity of the UK outdoor arts scene – including parades, dance, music, poetry, fire and installations.
Maggie Clarke, Director at XTRAX, said: “I’m delighted that Manchester will be Guest City at La Mercè 2025, which is the result of many years of collaboration between XTRAX and colleagues in Barcelona City Council and the Catalan arts scene. La Mercè is recognised as one of the greatest festivals of outdoor arts in the world, and it is an honour to present some of the fantastic work from Manchester at this prestigious event.
“XTRAX firmly believes in the importance of outdoor festivals, and their valuable role in bringing people and communities together. Our programme at La Mercè celebrates the diversity and quality of work from our region and we hope will inspire other global cities to seek collaborations with Manchester and the great artists from our city.
“I’m thrilled to have secured a great opportunity for UK artists in Barcelona and we look forward to continuing this exchange by hosting Barcelona artists in Manchester in 2026, and ongoing collaboration in years to come.”
Manchester at La Mercè has been produced by XTRAX, and co-curated by Without Walls.
Ralph Kennedy, Chief Executive at Without Walls, said: “We’re honoured to have collaborated with XTRAX as a strategic partner for Mercè Arts de Carrer (MAC), the La Mercè outdoor programme. Without Walls has been proudly based in Manchester since its founding, and we’re absolutely thrilled to be part of this exciting city to city partnership.
“Manchester is a vibrant hub for some of the best outdoor art being created in the UK today. The programme of shows curated by XTRAX and Without Walls for Barcelona, in partnership with the artistic director of MAC, stands as a testament to the city’s incredible creative energy.”
The Manchester at La Mercè programme features several major collaboration projects between Manchester and Barcelona artists, as well as new work created especially for this unique event.
Here are some of the highlights:
Bee for Barcelona
Carnival arts specialists Global Grooves (Manchester) team up with renowned Catalan artists Pau Reig and Dolors Sans (Barcelona) to create Bee for Barcelona– a striking new collaboration to create two Giant Bees, celebrating shared industrial heritage, cultural pride, and artistic exchange. These Giants will perform in front of thousands of people as part of La Mercè world famous Parades of Giants and Beasts.
Queen Bee Gigante, wears a costume reflecting Greater Manchester’s communities and cotton legacy. She transforms into a maypole, surrounded by 30 community dancers and musicians in a fusion of Morris and Classical Indian dance—re-imagining May Day and Carnival traditions.
Alongside her,Worker Bee, a 4-metre kinetic sculpture, shimmers with hand-painted silks encased in fibreglass, evoking stained glass. Copper legs and cog motifs nod to the textile mills and industrial histories of Manchester and Barcelona and the birth of the Industrial Revolution.
Blending Mancunian, Catalan, Pan-African, and South Asian influences, the project features 30 diverse performers from groups including Saddleworth Women’s Morris and Clog, and The Indian Association Oldham’s Dancing Diyas.
Leon Patel, CEO, Carnival arts organisation Global Grooves, said: “Queen Bee and Worker Bee tell a powerful story of how they earned their stripes.
“Queen Bee represents the evolution of that labour into opportunity, progress, culture, and celebration. She is not born of royal blood, but is Queen for a day, like the Cotton Queens of Greater Manchester’s mill towns, the Carnival Queens of the Afro-Brazilian tradition, and the flower-crowned May Queen. Work Bee honours the sweat and toil of workers wo build Manchester’s global industrial might.
“Both bees will be animated in parades and performances at La Mercè accompanied by an original musical score blending Mancunian, Catalan, Pan-African, and South Asian sounds.”
Both bees will be brought to life in parades and performances with an original multicultural musical score.
Global Grooves producers visited Barcelona in March 2025, with Pau Reig and Dolors Sans joining a Manchester residency from 21–27 July 2025.
Bee for Barcelonais commissioned by XTRAX for MCRxLaMerce2025. Supported by Manchester City Council, Arts Council England and XTRAX. Funded by Greater Manchester Combined Authority (GMCA), GM Arts, Oldham Council, and Tameside Metropolitan Borough Council.
Following its premiere at La Mercè 2025, Queen Bee Gigante and Worker Bee will return for Manchester Day in July 2026.
The Ultimate Player’s Handbook
Manchester’s leading contemporary dance companyCompany Chameleon has been commissioned to create a new dance performance, The Ultimate Player’s Handbook, for La Mercè with Barcelona dance duo Clémentine & Lisard
In the heart of a town’s square, a living handbook unfolds — one written not on paper, but in movement, strategy, and play.
The Ultimate Player’s Handbook is a vibrant street performance that explores the games we play every day – where rules are made and broken, roles shift between winner and loser, and cooperation is as vital as competition.
Co-directed by Company Chameleon (UK) and Clémentine & Lisard (CAT), the piece transforms public space into a playground where teams form, alliances shift, and every move asks us to reflect on the parts we play.
With music, dance, and celebration, this handbook in motion invites us to question: how do we navigate rules – and how do we bring a sense of playfulness in our everyday lives?
Barcelona-based Clémentine & Lisard have spent the last two weeks in Manchester (14-25 July) to create this new choreographed performance with two of Company Chameleon’s dancers and Artistic Director Kevin Turner, MBE, at Company Chameleon’s studios in Gorton.
Kevin Turner, MBE, Artistic Director of Company Chameleon said: “International collaboration has always been at the heart of Chameleon’s work, and we’re delighted to be working with Clémentine & Lisard. The commission allows us to work with a really exciting and innovative Barcelona based dance company and create something new and interesting. The collaboration gives us the chance to learn from each other, explore commonalities in our practice, and share and benefit from each other’s touring networks.”
Blending the athletic and emotionally rich movement styles of both groups, the work will debut at La Mercè in Barcelona on 24, 27, and 28 September 2025 and return for Manchester Day 2026.
The Ultimate Players’ Handbook is commissioned by XTRAX and the Institut de Cultura de Barcelona and funded by Arts Council England and Manchester City Council.
Barcelona Bee Hive
Another World Premiere, Barcelona Bee Hive will also be created especially for Manchester at La Mercè.
Artizani is a UK-based arts company specialising in spectacular theatre performed in unconventional spaces. One of Europe’s most stylish and striking street theatre acts, their work is accessible and thought-provoking, featuring high production values and a surreal twist.
The bee is the symbol of Manchester – historically representing its hard-working, unified community, and more recently serving as a powerful emblem of unity and resilience.
Audiences are invited to wander among the honey-perfumed colony, tended by ethereal beekeepers, and peer into surreal miniature worlds of ‘working’ wonder. In a specially commissioned new bee hive, created to celebrate Manchester at La Mercè, visitors can see Mancunian bees enjoying scenes from traditional Catalan festivities.
Barcelona Bee Hive is commissioned by XTRAX and funded by Arts Council England and Manchester City Council.
OUR CITY SPEAKS – poetry films from Manchester
Another unique project developed especially for Manchester’s programme at La Mercè that celebrates Manchester’s wealth of poets and spoken word artists working in a wide range of diverse styles and languages.
A captivating curated selection of short films featuring some of the city’s current leading poetry performers will take viewers on a journey through poetry that talks about identity, unity, resistance, and resilience.
Jo Flynn, Director of External Affairs, Manchester City of Literature said: “Barcelona and Manchester already share cultural ties as sister UNESCO Cities of Literature, and in many ways their dynamic cultural identity and literary boldness align too. We’re thrilled at Manchester City of Literature to be part of La Mercè programme celebrating this partnership with Manchester poetry films on stage for the festival in September. We can’t wait to see where the partnership between the cities will take us next, across all artforms.”
Manchester UNESCO City of Literature has curated this collection to share with Catalan audiences in Manchester’s sister UNESCO City of Literature during La Mercè.
The project builds on Manchester City of Literature’s strong relationship with Barcelona City of Literature which has seen a number of artistic exchanges. The partnership between the two UNESCO Cities of Literature has seen Manchester novelists, poets and performers featured at Barcelona Literary festivals throughout 2025, in celebration of La Mercè. Barcelona poets will be commissioned to help translate the work of the Manchester poets into Catalan, so the works can be understood by local audiences and a number of Catalan poets will be invited to share work about Barcelona in Manchester in 2026.
The project has been commissioned by XTRAX, funded by Manchester City Council and Arts Council England, and is delivered in partnership with Manchester City of Literature and Barcelona City of Literature.
Fire Garden by Walk The Plank
Walk the Plank, one of the UK’s leading outdoor arts specialists, will bring their acclaimed Fire Garden installation to Trinitat Park for La Mercè 2025. Known for creating ambitious public celebrations and immersive outdoor spectacles for over thirty years, the company will transform the park into a glowing landscape of metal, fire and music created by local musicians in Barcelona.
Liz Pugh, Creative Producer for the Fire Garden, said: “We’re delighted to be bringing some Mancunian magic to La Mercè, and particularly excited to see how our installation of kinetic fire sculptures animate Parc de la Trinitat in a new and different way. To be invited to bring UK work to the heart of the Catalan cultural festival is an honour indeed.”
Walk the Plank will be working with students recruited from local colleges, offering the opportunity for young people from Barcelona and elsewhere to work alongside the company’s professional fire technicians.
Liz added: “Investing in the talent of the next generation is important to us, and we seek to provide opportunities for young people to gain experience. The chance to work alongside international artists is valuable for young people: they can gain new skills and expand their ideas of what is possible through culture. We look forward to welcoming some of the Catalan artists, the musicians and the students to Manchester next year too – let’s find a way to repay the warm invitation which the city of Barcelona and MAC festival are offering to us.”
The Manchester Guest City music programme at La Mercè is presented by Manchester Music City, led by Brighter Sound.
Kate Lowes, Director, Brighter Sound (sector lead Manchester Music City) said: “We’re thrilled to announce such an exciting group of artists representing Manchester at La Mercè 2025 – Children of Zeus, Chloe Slater, Clara la San, Porij, Ríoghnach Connolly and Honeyfeet, and Space Afrika – a powerful showcase of the city’s rich and genre-defying music scene. We’re also proud to be supporting a brand-new musical collaboration between Manchester’s Werkha and Catalan artist Queralt Lahoz, which will premiere at the festival. As a member of the Music Cities Network, Manchester is proudly international in its musical outlook. This is a fantastic opportunity to deepen creative exchange between Manchester and Barcelona, and to celebrate our shared love of music on an international stage.”
International SpeakersPanel Discussions and Professional Networking Events
Alongside the outdoor performance programme at La Mercè there will also be a number of panel discussions and networking events exploring the importance of outdoor festivals in giving visibility to cultural communities and bringing people together.
These discussions will include international speakers and policy makers and will be attended by festival organisers, local authorities, artists and producers from across Europe. These events are a prelude to Mondiacult, the world’s biggest cultural policy conference for the member states of UNESCO taking place in Barcelona from 29 September – 1 October 2025.
This programme has been organised by XTRAX, Without Walls, La Mercè, ICEC Catalan Arts and Unlimited, with support from British Council and the British Embassy in Spain.
The Manchester guest city programme at La Mercè is being supported by Arts Council England through a grant to producers XTRAX.
Jen Cleary, Director North West, Arts Council England said: “We’re proud to be supporting Manchester’s Guest City programme at La Mercè in Barcelona this September. Not only will it create opportunities for talented Mancunian artists to showcase their work on an international stage, but it is a shining example of how arts and culture can support greater connections and dialogue between cities and communities across the world. La Mercè is a major event in the European outdoor arts calendar and we can’t wait to see Manchester take pride of place as the Festival’s Guest City.”
Second Quarter and First Half 2025 financial report available
Paris, July 24, 2025 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the Second Quarter and First Half of 2025 is available on the company’s website: www.lectra.com
It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com ).
Copy of this document was filed with the AMF.
About Lectra :
At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the Internet of Things.
The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.
Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.
Lectra – World Headquarters et siège social : 16–18, rue Chalgrin • 75016 Paris • France Tél. +33 (0)1 53 64 42 00 – lectra.com Société anonyme au capital de 37 966 274 €. RCS Paris B 300 702 305
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
*****
ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
*****
ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2
Revenues: 261.3 million euros (stable)*
EBITDA before non-recurring items: 40.4 million euros (-4%)*
Annual objectives are no more relevant, in the absence of visibility
(*) At actual exchange rates
April 1 – June 30
January 1 – June 30
2025
2024
Variation 2025/2024
2025
2024
Variation 2025/2024
(in millions of euros)
Actual exchange rates
Like-for-like(1)
Actual exchange rates
Like-for-like(1)
Revenues
126.8
132.7
-4%
-2%
261.3
262.3
0%
-1%
ARR (2)(3)
–
–
–
–
90.9
88.9
+2%
+6%
EBITDA before non-recurring items (3)
19.2
21.2
-9%
-3%
40.4
42.2
-4%
-4%
EBITDA margin before non-recurring items
15.2%
15.9%
-0.7 point
-0.2 point
15.4%
16.1%
-0.7 point
-0.7 point
Net income
5.3
4.4
20%
–
11.1
11.1
0%
–
Consolidated Shareholders’ Equity (2)
–
–
–
–
343.8
374.4
–
–
Net cash (+) / Net debt (-) (2)
–
–
–
–
-34.1
-20.6
–
–
(1) At constant exchange rates and comparable scope (2) As of June 30, 2025 and December 31, 2024 (3) The definition of performance indicators is included in the Financial report as of 30 June 2025
Paris, July 24, 2025. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2025, which have been subject to a limited review by the Statutory Auditors.
A PARADIGM SHIFT AT THE GLOBAL LEVEL
The deterioration in the global economic situation since early March continued throughout the second quarter, extending to all geographical areas and all sectors of activity. The US tariff announcements on April 2 came as a shock that increased the uncertainty weighing on the business climate, particularly for the Group’s customers, who are highly exposed to international trade.
While the direct impact of these measures is limited for Lectra, the indirect impacts, linked to the reactions of the customers concerned, together with the lack of visibility, have led to a pause in their investment decisions. The Group’s customers — brands and subcontractors alike — must adapt to this new economic situation, whether in terms of pricing policy, production, investment or future strategy, and are waiting for negotiations to be concluded before choosing their options.
The 90-day suspension of reciprocal tariffs, announced on April 9 and due to end on July 9 was followed by further announcements. The frequent changes in the decisions of the US administration and the negotiations still underway have contributed to persistent uncertainty.
The direct impacts of tariffs remain limited, and are under control
European and Chinese exports to the United States account for less than 10% of Lectra’s sales. Starting in April, Lectra has taken several measures to deal with the new commercial situation: the Group has reflected the full impact of customs tariffs on price lists in the United States for equipment, consumables and parts and maintenance contracts. It also rerouted some shipments to Mexico to avoid customs formalities and removed several products from the Chinese and American catalogs.
Indirect impacts are characterized by high customer wait-and-see position
Lectra’s three strategic markets are highly exposed to tariffs.
Particularly in the fashion and automotive sectors, the United States’ dependence on imports is very strong. Whatever the outcome of the negotiations, the need to diversify sources of supply and their countries of origin seems clear and will require additional production capacities and relocations.
In the Group’s three strategic markets, the turbulence of the last few months represents medium- and long-term development opportunities for Lectra, irrespective of the tariff rates ultimately decided, and will necessarily lead to structural changes in the industrial landscape and supply chains.
2. Q2 2025
The slowdown that affected the Americas and Automotive from mid-March onwards spread to all geographies and sectors. Indeed, the successive announcements, then the shock of “Liberation Day” on April 2, have led to a strong wait-and-see attitude from customers. New systems orders were accordingly 27% lower in the second quarter.
Q2 2025 revenues were down 4% on an actual basis and 2% on a like-for-like basis, reflecting the continued slowdown that began in mid-March.
EBITDA before non-recurring items (€19.2 million) declined 3%, resulting in a recurring EBITDA margin before non-recurring items of 15.2%, down 0.7 percentage point on an actual basis (0.2 percentage point like-for-like).
Considering the amortization of intangible assets (€5.7 million), income from operations before non-recurring items was down 6% on a like-to-like basis, to €8.9 million. Net income reached €5.3 million, up 20% on an actual basis, driven by a reduction in tax expense.
3. FIRST HALF 2025
To facilitate analysis of the Group’s results, the financial statements are compared to those published in 2024 that consolidated Launchmetrics as of January 23 (“actual”) and, for the analysis of variations, to the 2024 Proforma statements that consolidate Launchmetrics as of January 1, expressed at 2024 exchange rates (like-for-like”). Proforma revenues and EBITDA increased by €2.5 million and €0.3 million respectively compared to the reported financial statements.
H1 2025 revenues amounted to €261.3 million, down 1%. This breaks down into €69.3 million in non-recurring revenues, down 7%, and €192.0 million in recurring revenues (73% of revenues), up 2%, including €43.6 million in revenues from SaaS subscription contracts (17% of revenues, +13%).
The ARR at June 30, 2025 was €90.9 million, up 6% on a like-for-like basis (+2% on an actual basis) compared to the level at the end of 2024, confirming the relevance of Lectra’s strategy.
In a context of declining revenues, the gross margin reached €190.0 million, up 1%, and the gross margin rate stood at 72.7%, up 1 point, thanks to the favorable sales mix and strengthened cost control.
EBITDA before non-recurring items reached €40.4 million, down 4%, with an EBITDA margin before non-recurring items of 15.4%, down 0.6 point.
Income from operations before non-recurring items amounted to €19.2 million, down 9%.
Net income, following a tax expense of 3.6 million euros, was stable at 11.1 million euros.
Free cash flow before non-recurring items remained high in the first half of 2025 at € 33.0 million, reflecting good management of the working capital requirement, which was negative by €41.6 million, benefiting from lower receivables and a further reduction in inventories.
As of June 30, 2025, the Group’s balance sheet remained very strong: shareholders’ equity stood at €343.8 million and net debt at €34.1 million after disbursement of the second tranche of Launchmetrics’ share capital (€20.5 million), the acquisition of Glengo Turkey (€1.7 million), and dividend payments (€15.2 million). Net debt consisted in financial debt of €94.6 million and cash of €60.6 million, reflecting the continued deleveraging of the company.
4. OUTLOOK
In the Annual Financial Report 2024 published February 12, 2025, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap. The Group then underlined, in a deteriorating environment, its resilient nature, the quality of its fundamentals, and the pursuit of its strategy with a focus on the development of its SaaS business.
Following the series of announcements on tariffs, the 2025 outlook had not been updated when the first quarter 2025 results were published on April 24, 2025.
At the end of the second quarter, there were still no signs of significant improvement that would point to an upturn in activity. The economic and political context remains uncertain and continues to lead to a strong wait-and-see attitude on the part of the Group’s customers. In this context, the annual objectives announced by the Group in February 2025 are no more relevant.
The Company remains attentive to the evolution of the situation and relies on its solid fundamentals, notably its low net debt and high free cash flow generation, to pursue its strategy.
The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for H1 2025 are available on lectra.com. Q3 and the first nine months of 2025 earnings will be published on October 29, 2025 after market.
About Lectra
At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the internet of things.
The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.
Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.
Lectra – World Headquarters et siège social: 16–18, rue Chalgrin • 75016 Paris • France Tel. +33 (0)1 53 64 42 00 – lectra.com A French Société Anonyme with capital of € 37,966,274. RCS Paris B 300 702 305
Source: The Conversation – UK – By Alvina Hoffmann, Lecturer in Diplomatic Studies, Department of Politics and International Studies, SOAS, University of London
The United States has imposed sanctions against the UN’s special rapporteur in the Palestinian territories, Francesca Albanese. It’s an unprecedented situation. The US secretary of state, Marco Rubio, cited as the reason her direct engagement with the International Criminal Court “in efforts to investigate, arrest, detain, or prosecute nationals of the United States or Israel”.
The statement also described Albanese’s “threatening letters to dozens of entities worldwide, including major American companies” as an escalation of her strategies. The sanctions were framed as preventing “illegitimate ICC overreach and abuse of power” and as part of Trump’s Executive Order 14203 on imposing sanctions on the ICC.
This raises the question: who are special rapporteurs and why would Albanese’s performance of her role elicit such a strong reaction from the US? Special rapporteurs are independent human rights experts, part of the UN Human Rights Council’s special procedures system established in 1979. There are 46 “thematic mandates” on issues such as extrajudicial killings, enforced disappearances and the environment, and 14 “country mandates”, including in Palestine.
Experts on human rights from academia, advocacy, law and other relevant professional fields are appointed to fulfil a variety of tasks. These include undertaking country visits, sending communications to states about individual cases of human rights violations, developing international human rights standards, engaging in advocacy and providing technical cooperation based on their legal and thematic expertise.
In 1967, 22 years after it was set up, the United Nations established institutional provisions for independent experts on human rights. This happened first in 1967 when it appointed an ad hoc working group of experts on apartheid and racial discrimination in southern Africa. In 1968 the same group of experts was appointed to investigate “Israeli Practices Affecting the Human Rights of the Palestinian People and Other Arabs of the Occupied Territories”. This is still in place today.
Neither South Africa nor Israel allowed experts to enter their territories to inspect their human rights record at the time. But in 2003, nearly a decade after it first held democratic elections, South Africa issued a standing invitation to all thematic special procedures, meaning they committed themselves, at least in theory, to always accept requests to visit from rapporteurs.
Attacks on individual rapporteurs
Albanese, a specialist in international human rights law, is the eighth rapporteur since the creation of her mandate in 1993. She was appointed to this pro bono position in 2022 for three years, and her mandate was recently renewed for another period of three years.
It was her most recent report from June 30 which led to her being sanctioned by the US. The report focused on the role of the corporate sector in “colonial endeavours and associated genocides” and named over 60 companies as “complicit”.
A host of institutions and leading human rights figures have come to her defence. Agnes Callamard, a former special rapporteur on extrajudicial killings, now the secretary general of Amnesty international noted the “chilling effects for all special rapporteurs” of the US decision. Top UN human rights officials denounced this dangerous precedent and called for its reversal.
In February 2024, the government of Israel declared Albanese persona non grata in response to her remark that “the victims of the October 7 massacre were not murdered because of their Jewishness, but in response to Israeli oppression”. As with the newly imposed sanctions, she called this step a distraction and called upon the world to keep their focus on Gaza.
Diplomatic immunity
Special rapporteurs are granted diplomatic immunity which, in theory, should enable them to speak up or write critical reports without the fear of reprisals. But in 1989 and 1999 the ICJ had to intervene with an advisory opinion on two cases when this status was jeopardised after the home countries of two special rapporteurs tried to restrict their freedom of speech. This involved Romanian national Dumitru Mazilu, tasked with writing a report on “Human rights and youth”, and Malaysian national Dato’ Param Cumaraswamy, special rapporteur on the independence of judges and lawyers.
Special rapporteurs wrote a collective letter denouncing the second case, when the Malaysian government filed several legal proceedings against Cumaraswamy. The body of experts called this “judicial harassment of a special rapporteur” and “a challenge to the status of the United Nations as a whole, its officials and its experts on mission”.
Special rapporteurs occupy an ambiguous institutional position. They take their mandate from the Human Rights Council, but they act in their personal capacity, and hence are not considered to be UN officials. In practice, they need to balance relations carefully between the UN secretariat, civil society, state representatives and, at times, their own countries.
The advisory opinions helped clarify that it was the secretary general, as the head of the United Nations, that entrusts them with the privileges of diplomatic immunity. The arrangement also leaves the door open for national courts to disagree with the secretary general. This enabled individual countries in some cases to exercise some form of control over their own nationals.
The recent attack on Albanese adds to the broader budgetary crisis of the UN, as the Trump administration is withholding funds of about US$1.5 billion (£1.2 billion) in addition to other countries such as China, Russia and Saudi Arabia. These are serious challenges for the UN human rights and humanitarian aid programmes. As past cases of attacks against individual rapporteurs have shown, it is important for all rapporteurs to stand together as one body and defend the integrity of the system as a whole.
Despite these attacks on her integrity and person, Albanese maintains faith in the human rights law instruments. As she stated during a public talk I attended at SOAS University of London in November 2024, we are yet to unlock the full potential of these instruments. This can only be done as a collective.
Alvina Hoffmann has previously been funded by the Economic and Social Research Council (UKRI).
Source: The Conversation – UK – By Petra Alderman, Manager of the Saw Swee Hock Southeast Asia Centre, London School of Economics and Political Science
There has been a dramatic escalation in a long-running border conflict between Thailand and Cambodia. On July 23, five Thai soldiers from a border patrol unit in Ubon Ratchathani province were seriously injured after stepping on a land mine – a second such incident in a week.
This prompted the Thai government to expel Cambodia’s ambassador from the country and recall its own ambassador from Cambodia. The following morning, Cambodia retaliated by expelling the Thai ambassador and recalling its embassy staff from Bangkok. Both sides have exchanged increasingly lethal fire.
Cambodia has fired rockets and artillery across the Thai border into several provinces, killing at least 11 civilians and one soldier. Thailand launched air strikes at Cambodia in return, reportedly targeting military bases in the disputed area around the Preah Vihear Hindu temple. Verified information is currently scarce as both sides are blaming each other for starting the fight.
The current flare-up started in late May, when a Cambodian soldier was killed in a exchange of fire between the two armies. But the roots of the conflict date back to the colonial era in the 19th and early 20th centuries.
Before European powers expanded their colonial interests to south-east Asia, the concept of a bordered nation-state was alien to local rulers. Life in pre-colonial south-east Asia was organised into loosely structured polities that had no clear boundaries.
There were several larger cities, which served as important centres of power and trade, and many smaller towns and villages that maintained relations with these cities. The further these towns and villages were from the cities, the less control and influence the cities had over them.
The British and French introduced the concept of nations with borders to mainland south-east Asia, drawing the first official maps of Thailand (then known as Siam) and Cambodia. In the case of Thailand, the only south-east Asian nation never to be formally colonised, the mapping was also done at the request of the Siamese kings.
Thailand’s current borders were shaped by several different maps and treaties that followed the 1893 Paknam incident, during which two French gunboats sailed up the Chao Praya River and blockaded Bangkok.
To preserve its sovereignty as an emerging nation, Siam ceded considerable territorial claims to France after this incident. This included several provinces in present-day Cambodia, which are home to ancient temples.
A 1907 map drawn by the French defined these territories, although with a considerable degree of vagueness. The map became a sore point in Cambodia-Thai relations following Cambodia’s independence in 1953, especially in regard to disputes over the Preah Vihear temple.
Preah Vihear temple
Following France’s withdrawal from south-east Asia in 1954, Thailand occupied Preah Vihear. Cambodia raised the issue of Thai occupation with the International Court of Justice (ICJ), which ruled in 1962 that the temple belonged to Cambodia based on the French map. Thailand reluctantly accepted the ruling, but continued to dispute the area surrounding the temple.
The conflict flared up again in 2008 when the UN world heritage body Unesco awarded the temple world heritage status. Cambodia’s application initially received support from the then new Thai government of prime minister Samak Sundaravej, a close ally of the recently ousted Thaksin Shinawatra.
Anti-Thaksin groups used the government’s support to drive an ultra-nationalist campaign against the Samak government. This eventually contributed to large-scale domestic political protests that saw Samak’s government and that of his successor, Somchai Wongsawat, both ousted from power in 2008 in a series of judicial coups.
The period from 2008 to 2011 was marked by high tensions between the two countries, with sporadic armed clashes between their respective armies in the areas surrounding the temple.
The newly appointed Thai government of Abhisit Vejjajiva was sympathetic towards the ultra-nationalist anti-Thaksin groups. So there was no de-escalation of the conflict from the Thai side. Hun Sen, who was then Cambodia’s prime minister, also benefited from the conflict as it helped buttress his nationalist credentials.
But a particularly violent round of armed clashes followed in February 2011, resulting in at least eight civilian fatalities, 20 injured soldiers and many displaced civilians on both sides. Hun Sen then raised the issue of Cambodian sovereignty over the temple and its surrounding area with the ICJ.
The ICJ issued a provisional ruling favouring Cambodia and ordered both sides to withdraw military personnel from the area. Despite the initial refusal of Thai troops to leave, the two countries agreed to withdraw their forces in December 2011.
The final ICJ ruling came in late 2013, again affirming Cambodia’s sovereignty of the area. It coincided with another period of domestic political instability in Thailand. The government of Yingluck Shinawatra, Thaksin’s younger sister, was facing mass public protests from anti-Thaksin groups.
While the ruling did not play a decisive role in the eventual downfall of her government, it added fuel to the already explosive political environment. The border conflict went largely dormant after the 2013 ICJ ruling, until the new round of clashes broke out in May 2025.
Thai and Cambodian troops have periodically clashed in the area surrounding the Preah Vihear temple. Kim Za / Shutterstock
Given the history of tensions and armed disputes over territory between Cambodia and Thailand, the recent escalation is not without precedent. What is new, though, is that this round is as much between two countries as it is between two ruling families.
Over the past 20 years, a close personal relationship formed between Hun Sen and Thaksin. But this relationship unravelled when Hun Sen, who remains a hugely influential figure in Cambodian politics, released a private audio recording of his call with Thaksin’s daughter, Paetongtarn. The leak put her premiership on the line.
Paetongtarn has since been suspended from office pending a court ruling, with Cambodia-Thai relations reaching new lows. Given the intermixing of personal animosities, a quick diplomatic resolution to the escalating conflict seems unlikely.
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Petra Alderman does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The logic behind these states withdrawing from the treaty is mostly because of the threat posed by Russia. At first glance landmines seem like a cost-effective way to deter or slow an invader. Proponents see them as a necessary evil to protect national sovereignty against the threat from a much larger conventional force deployed by an aggressive neighbour.
But this short-term thinking can be dangerous, because it doesn’t consider the long-term cost of putting explosive devices into the ground. According to the Landmine Monitor for 2024, more than 110,000 people were killed by landmines and explosive remnants of war in the past 25 years, and over 5,700 died just last year. Eight out of ten of those killed were civilians, many of whom were children.
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Although it is cheap to lay landmines, demining is expensive and creates a financial burden for future generations. The UN estimates that it can cost between five and 100 times more to clear a mine than to lay one, depending on the circumstances.
In Angola, for example, demining efforts continue nearly 50 years after the civil war broke out and 23 years after it ended. Encouragingly, Angola has reduced the threat with help of Halo Trust, a UK-based nongovernmental organisation. In 30 years they destroyed over 123,000 landmines. But to get Angola landmine free will require about US$240 million (£177 million) in additional funding.
While Angola aims to be landmine-free within a few years, the current scale of contamination in Ukraine will pose a deadly hazard to civilians for generations, as Sarah Njeri – a landmines expert at SOAS, University of London, wrote in 2023.
Looking through the prism of peace
What Europe needs today is better analysis and more public awareness of the current crisis and its long-term effects. This is a tricky task, especially for the media, because the violence is “asynchronous”. This means that mines can be laid years before anyone is harmed by them. It’s important to have open and honest conversations in public so that both politicians and the public have something clear and trustworthy to rely on when making these fateful decisions.
This means accepting that the concerns of the Baltic nations, Poland and Finland are valid. Their actions are a response the threat posed by Russia and the uncertainty surrounding America’s future role on the world stage. But there’s also an opportunity. Nobody in these countries takes the decision to use landmines lightly. This means, that if their European allies can provide credible security guarantees, these countries might change their plans.
Nevertheless, the Peace Report 2025, compiled by four leading German peace research institutes, highlights that this way of thinking remains rooted in a military mindset. The planned increase in military budgets among Nato countries should be complemented by greater investment in diplomacy, peace research and peace building.
The Peace Report lists nine recommendations for a more peaceful world, which are not pacifist. They recognise the need to close the gaps in European defence capabilities – but this is not enough. To create a peaceful Europe the legitimate security interests of all sides need to be considered. This includes Russia. At the same time, the report emphasises the need to strengthen, not weaken, the rules-based order. Abandoning the Ottawa treaty will further weaken that order.
Withdrawing from the landmine treaty is not just a military calculation, and it affects more than just eastern European countries. It’s an issue that presents a real challenge to Europe as a whole. Laying mines would litter future farmland and forests with an indiscriminate threat that recognises no ceasefire and cannot distinguish friend from enemy, combatant from civilian or adult from child.
If we don’t learn from the past, future reports will still be counting thousands of child casualties, but from the landmines laid in the 2020s.
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Marcel Vondermassen does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
In the past two months, more than 1,000 people seeking food have been killed, according to the UN Human Rights Office. While the figure has been disputed by Israel and the Gaza Humanitarian Foundation which was set up to distribute aid, 28 nations this week condemned the “horrifying” killing of Gazans trying to get food.
For all the talk of a ceasefire – one that is long overdue – there is little hope. Israeli military operations continue and Gazans must risk their lives in search of food and aid.
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Malnutrition is rife. According to the IPC’s report in May – the international organisation that monitors food security – “goods indispensable for people’s survival are either depleted or expected to run out in the coming weeks” with nearly 500,000 people considered to be facing “catastrophe”, with a further 1.1 million in an “emergency” risk category.
For the IPC, the catastrophe category is one of extreme food shortages, critical malnutrition leading to starvation and high death rates. The emergency category is one of severe food shortages, very high malnutrition and even death.
Israeli officials continue to speak of moving Gazans into what has been termed a “humanitarian city” but what former Israeli prime minister Ehud Olmert described as a “concentration camp”. In the same interview Olmert called decision to move Gazans into the camp as “ethnic cleansing”.
All the while, the world’s leaders look on. Most are apparently content to condemn – but little action has been taken.
The clamour for Israel’s allies to take a harder stance on its actions in Gaza is growing louder by the day. On July 23, a group of 38 former EU ambassadors published an open letter to EU heads of states and senior officials accusing Israel of taking “calculated steps towards ethnic cleansing” and calling out the EU’s failure to “respond meaningfully to these horrific events”.
But what do actions look like? Pressure must be applied to the Netanyahu government. In the UK, both prime minister Keir Starmer and foreign minister David Lammy have been quick to stress that the UK has urged Israel to respect international law.
They point to the sanctions the UK has imposed on Itamar Ben-Gvir and Bezalel Smotrich, two rightwing ministers in Benjamin Netanyahu’s coalition government, as a result of their repeated incitements of violence against Palestinians. While Lammy suggests that further sanctions could follow if Israel does not change its behaviour in Gaza and bring about an end to the suffering, the atrocities continue.
Practical steps to pressure Israel
Pressure is growing on the UK government to recognise Palestine as a state – something that I was told by a contact in the Labour government more than a year ago was on Labour’s agenda before October 7. Lammy insists the government is committed to a two-state solution, but this is not diplomatically viable given that the UK only recognises one state involved in these events.
The state of Palestine is recognised as a sovereign entity by 147 other members of the UN. That’s 75% of all members.
Other steps could be a full arms embargo, something that has long been called for but rejected by the UK government, which has banned some, but by no means all arms sales to Israel. A number of countries have properly banned arms sales to Israel since October 2023, including Italy, Spain, Canada, the Netherlands, Belgium and Japan.
There are other more incendiary options. One would be for the UK and others to properly adhere to their obligations under international law.
The International Criminal Court issued an arrest warrant for the Israeli prime minister Benjamin Netanyahu and his defence minister, Yoav Gallant, in November 2024. There are 125 countries that have signed up to the ICC (the US isn’t one of them). They could arrest Netanyahu if he enters their countries.
There are a range of other things that could be tried. A look at what the international community did to make South Africa a pariah during the later years of apartheid would be worthwhile.
EU should use its diplomatic muscle
As Israel’s biggest trading partner, the EU has the potential to wield considerable clout, so the question must be asked: why has so little been done, beyond mere words.
In June, the EU found Israel to be in breach of its human rights commitments under the terms of the EU-Israel association agreement. Yet to date there have been as yet no moves to suspend trade.
Kaja Kallas, the EU’s foreign policy chief declared that “all options remain on the table if Israel doesn’t deliver” on its pledges. These include full or partial suspension of the EU-Israel Association Agreement, sanctions on members of government, military or settlers, trade measures, arms embargoes, or the suspension of academic cooperation – including the prestigious Horizon Europe Research and Innovation programme.
Of course, getting all 27 member states to agree to such an approach is easier said than done. And national leaders will obviously have to consider that taking steps to put pressure with Israel could damage relations with the Trump administration in the US.
But all the while, the situation on the ground is deteriorating, with the world watching while Gaza burns. The failure by Israel’s allies to take meaningful steps to pressure Israel to prevent the wanton killing and displacement is a stain on humanity.
After the horrors of the second world war, Rwanda, Myanmar and Srebrenica, the world said “never again”. Without action, there’s a risk it will shrug its shoulders and say “never mind”.
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Simon Mabon receives funding from Carnegie Corporation of New York and The Henry Luce Foundation.
LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group
LCL and Crédit Agricole Assurances have entered into exclusive negotiations with AnaCap, a private equity fund investing in the European mid-market segment, for the joint acquisition of Milleis Group, a long-standing independent player in private banking and wealth management in France .
This joint project by LCL and Crédit Agricole Assurances encompasses the acquisition by LCL of the entire Milleis Group, namely Milleis Banque and its subsidiaries Milleis Vie and Cholet Dupont Oudart. This would be immediately followed by the sale of the life insurance company Milleis Vie by LCL to Crédit Agricole Assurances.
This acquisition would enable LCL to strengthen its position in the French wealth management market and develop synergies. It would also provide Crédit Agricole Assurances with the opportunity to reinforce the positioning of its subsidiary Spirica in the high net worth segment and to broaden its distribution channels.
The project will be subject to consultation with the employee representative bodies of the various entities involved, with a potential completion of the transaction in the first half of 2026. It would also remain subject to the usual condition precedents, including obtaining regulatory approvals.
This transaction would be in line with the Group’s return on investment objectives, and its impact on the CET1 ratio of Crédit Agricole S.A., the parent company of Crédit Agricole Assurances and LCL, would be limited.
About LCL
A subsidiary of Crédit Agricole S.A., LCL banque urbaine is one of the largest retail banks in France. Customer satisfaction is LCL’s top priority, and it aims to be the n°1 bank in terms of satisfaction. Combining human and digital approaches, LCL offers its 6 million individual clients, of which 220,000 private banking clients, 400,000 professionals and 31,000 corporates and institutions, an omnichannel relationship through its 1,400 branches located in the heart of towns, its remote customer service centers « LCL Mon Contact » with 400 advisors available by phone, and its websites and apps, including the highly rated « LCL Mes Comptes ». With a comprehensive range of banking, insurance, and non-banking solutions, LCL supports its clients on a daily basis and in their life projects. True to its urban banking strategy, LCL is also committed to supporting clients who want to take part in the fight against climate change. www.lcl.fr
About Crédit Agricole Assurances
A subsidiary of Crédit Agricole S.A., Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and corporate customers. Spirica is Crédit Agricole Assurances’ high-end life insurance subsidiary, dedicated to online distribution as well as distribution through networks of IFAs and private banks. At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros. www.ca-assurances.com
About Milleis Group
A long-standing player in private banking and wealth management in France, the Milleis Group, heir to Barclays France, is recognised for its expertise in the market. The Milleis Group has nearly 64,000 customers and manages €12.6 billion in assets under management. In 2024, it generated €150 million in net banking income and currently employs nearly 700 people. Cholet Dupont Oudart joined the Milleis Group in 2023 to form the third largest independent private bank in France. https://www.milleis.fr/
About AnaCap
AnaCap is a leading partner for founders and entrepreneurial management teams, investing within the European financial ecosystem. Since 2016, the company has grown its assets under management to over €2 billion, successfully completing around 100 transactions across Western and Northern Europe. AnaCap supports mid-market companies that need capital and expertise to implement their organic and external growth strategies. www.anacap.com
Over 100 exciting talks are free for the Bay Area tech community to attend
SAN FRANCISCO, July 24, 2025 (GLOBE NEWSWIRE) — Odoo, the leading provider of enterprise resource planning (ERP) and customer relationship management (CRM) open-source business management software, announced Google Cloud as a key technology partner for Odoo Connect 2025, taking place September 4–5 at Pier 27 on the Embarcadero in San Francisco. Google Cloud joins other partners including Avalara and the San Francisco Chamber of Commerce.
“Google Cloud’s sponsorship is a testament to the growing momentum behind Odoo and the value of open-source solutions in today’s business landscape,” said Wilfried Juncker, Managing Director of Americas at Odoo. “We’re excited to welcome the Bay Area tech community to join a broader conversation on how technology can better serve businesses of all sizes.”
Attendees can expect more than 100 talks led by Odoo experts, partners, and community members, covering a wide spectrum of topics from AI and automation to operations, marketing, and finance. The event will also feature over 40 exhibitors, creating space for collaboration, discovery, and meaningful networking. For those looking to deepen their skills, SmartClasses offer immersive, hands-on training with direct guidance from Odoo experts.
The event will also showcase real-world case studies that highlight Odoo’s impact. For instance, Bay Alarm Medical, a medical alert company, integrated all functions including accounting, reporting, eCommerce, billing and payments, into Odoo to provide a complete and transparent view of all ongoing business processes. With Odoo as a central platform, Bay Alarm transformed its internal operations, improving visibility and efficiency to better serve customers, support informed decision-making, and position the company for long-term growth.
Premium ticket holders will have access to exclusive benefits, including a private networking lounge, an invite-only dinner, and an after-party featuring a DJ and live band.
About Odoo Since its creation in 2002, Odoo has emerged as among the fastest growing integrated business solutions providers with more than 15 million users worldwide. With its range of integrated, scalable and functional applications, Odoo offers a comprehensive, modular suite that meets the specific needs of every business, making it a suitable solution for organizations of all sizes and sectors, from start-ups to large corporations.
Odoo employs more than 6,000 people worldwide, and has built a partner network of over 8,000 organizations. Headquartered in Belgium, Odoo serves a global community of 13 million users. For more information, visit www.odoo.com.
Media Contact Valeria Carrillo Public Relations for Odoo Odoo@upraisepr.com 415-397-7600
ATLANTA – Governor Brian P. Kemp today announced that Pilgrim’s, one of the world’s leading food companies, will invest $400 million to expand its footprint in Georgia. The company will build a new, multi-phase prepared foods facility in LaFayette, Walker County, supporting more than 630 new jobs at full capacity.
“Georgia’s No. 1 industry of agriculture continues to drive growth with companies like Pilgrim’s creating quality jobs in communities like LaFayette,” said Governor Brian Kemp. “As our state’s economy continues to advance, we are excited to see these continued innovations and the opportunities they will bring for hardworking Georgians.”
Pilgrim’s is a leading global provider of high-quality food products. Across the State of Georgia, the company currently supports an estimated 7,500 jobs and operates seven food production facilities, in addition to supporting facilities like feed mills and hatcheries.
“Expanding the Pilgrim’s footprint in Georgia highlights our ongoing commitment to the region and our company’s long-term growth strategy,” said Fabio Sandri, Pilgrim’s CEO. “This significant investment will allow further growth of our prepared foods business by expanding brands like Just Bare, Pilgrim’s, and Gold Kist, and supporting increasing demand in retail and foodservice channels. We are also proud of our role in creating jobs and being a strong community partner.”
The new facility, located at the Walker County Business Park in LaFayette, will produce a variety of fully cooked chicken products to support the growth of its fast-growing prepared foods business. The project is expected to get underway in the fall of 2025, and hiring is expected to begin in 2027, aligning with the expected completion of the first phase of construction. To learn more about Pilgrim’s, including where interested individuals can apply for jobs, visitjobs.pilgrims.com.
“We welcome Pilgrim’s to Walker County and LaFayette,” said LaFayette Mayor and Chairman of the Walker County Development Authority Andy Arnold. “Pilgrim’s has a wonderful history of positive community involvement, and the creation of up to 630 jobs for our area is a game changer for many families. We look forward to our partnership.”
“This is a tremendous opportunity for Walker County to provide stable jobs and long-term security for residents who want to work where they live,” said Chairwoman and CEO Angie Teems, Walker County Government. “Not only is this a well-respected company with a strong track record, but it already has a presence in our community through its partnerships with local poultry growers. Expanding their operations here is a natural next step that will strengthen our local economy and reinforce our county’s commitment to supporting hardworking families.”
Senior Regional Project Manager Lori Dowdy represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the Walker County Development Authority and Georgia Quick Start.
“We are excited that Pilgrim’s continues to grow its footprint and drive economic opportunities here in Georgia,” said GDEcD Commissioner Pat Wilson. “Agriculture has long been the backbone of our economy, laying the groundwork for today’s thriving food and beverage sector. Critical industries like cold storage and logistics build on that legacy, generating jobs and opportunities across the state. Congratulations to Walker County for helping bring these new investments and possibilities to LaFayette.”
About Pilgrim’s
Pilgrim’s employs over 61,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland, and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visitwww.pilgrims.com.
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced the availability to the public and the filing of its Half-Year Financial Report as of June 30, 2025 with the French Autoritédesmarchésfinanciers. The half-year condensed consolidated financial statements included in this report are established in accordance with the IFRS standards.
Hard Copies of the Half-Year Financial Report are also available upon request at Dassault Systèmes’ headquarters, 10 rue Marcel Dassault – CS 40501, 78946 Vélizy-Villacoublay cedex, France.
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ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com
Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues
74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:
Half-Year Key Income Statement Items
Half-year 2025
Half-year 2024 Proforma 6M AXW + 6M SBS
Half-year 2024 Reported Axway Standalone
€m
% of Rev.
€m
% of Rev.
€m
% of Rev.
TOTAL REVENUE
344.0
323.9
148.7
GROSS PROFIT
228.1
66.3%
206.8
63.9%
104.7
70.5%
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
17.1
11.5%
OPERATING PROFIT
19.5
5.7%
2.6
0.8%
8.3
5.6%
NET PROFIT
5.8
1.7%
-15.6
-4.8%
2.8
1.9%
EARNINGS PER SHARE
0.20 €
-0.54 €
0.13 €
Patrick Donovan, Chief Executive Officer, stated:
“Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”
Comments on H1 2025 activity
74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.
Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:
Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.
The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.
Comments on H1 2025 operational performance
Half-year Revenue Breakdown by Portfolio Brand
H1 2025
H1 2024 Proforma
H1 2024 Restated
Total Growth
Organic Growth
€m / %
Axway Scope
160.8
148.7
147.6
8.1%
8.9%
SBS Scope
184.2
175.2
175.4
5.1%
5.0%
Consolidation
-1.0
0.0
0.0
–
–
74Software
344.0
323.9
323.0
6.2%
6.5%
In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).
Half-year Revenue Breakdown by Type
H1 2025
H1 2024 Proforma
H1 2024 Restated
Total Growth
Organic Growth
€m / %
Product revenue
280.0
248.7
248.1
12.6%
12.9%
Recurring revenue
258.0
229.3
228.7
12.5%
12.8%
o/w Maintenance & Support
91.5
96.2
96.0
-4.9%
-4.7%
o/w Customer-managed Subscription
98.7
76.6
76.5
28.8%
29.0%
o/w Own-managed Subscription
67.8
56.5
56.2
20.0%
20.6%
License revenue
22.1
19.4
19.4
13.5%
13.7%
Services revenue
64.0
75.2
74.9
-14.9%
-14.6%
Total revenue
344.0
323.9
323.0
6.2%
6.5%
In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.
Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.
SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.
Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.
At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.
Comments on H1 2025 product line performance
Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:
Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.
SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:
Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.
Comments on H1 2025 profit on operating activities
Profit on Operating Activities – Group
H1 2025
H1 2024 Proforma
Change
€m
% of Rev.
€m
% of Rev.
€m
Basis Points
Product revenue
280.0
81.4%
248.7
76.8%
+ 31.3
+ 461
Services revenue
64.0
18.6%
75.2
23.2%
– 11.2
– 461
Total revenue
344.0
323.9
+ 20.1
Total costs of revenue
115.9
117.1
– 1.2
GROSS PROFIT
228.1
66.3%
206.9
63.9%
+ 21.2
+ 243
o/w product gross profit
217.9
77.8%
191.7
77.0%
+ 26.2
+ 75
o/w services gross profit
10.2
15.9%
15.2
20.2%
– 5.0
– 422
Operating expenses
186.8
54.3%
186.9
57.7%
– 0.1
– 341
o/w research & development
93.2
27.1%
95.0
29.3%
– 1.8
– 224
o/w sales & marketing
62.8
18.3%
62.3
19.2%
+ 0.5
– 96
o/w general & administrative
30.8
8.9%
29.6
9.1%
+ 1.1
– 20
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
+ 21.4
+ 585
Net Capitalisation of R&D
8.4
2.4%
9.1
2.8%
– 0.8
– 39
in % of gross R&D
8.2%
8.8%
-0.5%
In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.
Comments on H1 2025 net profit
Net Profit – Group
Half-year 2025
Half-year 2024 Proforma 6M AXW + 6M SBS
Half-year 2024 Reported Axway Standalone
€m
% of Rev.
€m
% of Rev.
€m
% of Rev.
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
17.1
11.5%
Share-based expenses
-6.7
-2.4
-2.9
Amortization of allocated intangibles
-6.2
-7.1
-1.7
PROFIT FROM RECURRING OPERATIONS
28.4
8.3%
10.5
3.2%
12.5
8.4%
Other operating income and expenses
-8.9
-7.9
-4.1
OPERATING PROFIT
19.5
5.7%
2.6
0.8%
8.3
5.6%
Cost of financial debt
-9.0
-8.9
-2.7
Other financial income and expenses
-2.2
-2.0
-0.9
Income tax expenses
-2.5
-7.2
-2.0
NET PROFIT
5.8
1.7%
-15.6
-4.8%
2.8
1.9%
Earnings per share
0.20 €
-0.54 €
0.13 €
Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.
Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.
After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.
Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.
Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).
Financial position on June 30, 2025
74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.
Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.
Change in the workforce
At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.
Targets & Ambitions
Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.
Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.
[ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):
Please note that the meeting will be held in English.
Financial Calendar
Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue
Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results
Glossary andAlternativePerformance Measures
Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.
SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.
NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.
Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.
Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.
Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.
Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.
Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.
About 74Software
74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com
Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues
74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:
Half-Year Key Income Statement Items
Half-year 2025
Half-year 2024 Proforma 6M AXW + 6M SBS
Half-year 2024 Reported Axway Standalone
€m
% of Rev.
€m
% of Rev.
€m
% of Rev.
TOTAL REVENUE
344.0
323.9
148.7
GROSS PROFIT
228.1
66.3%
206.8
63.9%
104.7
70.5%
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
17.1
11.5%
OPERATING PROFIT
19.5
5.7%
2.6
0.8%
8.3
5.6%
NET PROFIT
5.8
1.7%
-15.6
-4.8%
2.8
1.9%
EARNINGS PER SHARE
0.20 €
-0.54 €
0.13 €
Patrick Donovan, Chief Executive Officer, stated:
“Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”
Comments on H1 2025 activity
74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.
Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:
Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.
The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.
Comments on H1 2025 operational performance
Half-year Revenue Breakdown by Portfolio Brand
H1 2025
H1 2024 Proforma
H1 2024 Restated
Total Growth
Organic Growth
€m / %
Axway Scope
160.8
148.7
147.6
8.1%
8.9%
SBS Scope
184.2
175.2
175.4
5.1%
5.0%
Consolidation
-1.0
0.0
0.0
–
–
74Software
344.0
323.9
323.0
6.2%
6.5%
In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).
Half-year Revenue Breakdown by Type
H1 2025
H1 2024 Proforma
H1 2024 Restated
Total Growth
Organic Growth
€m / %
Product revenue
280.0
248.7
248.1
12.6%
12.9%
Recurring revenue
258.0
229.3
228.7
12.5%
12.8%
o/w Maintenance & Support
91.5
96.2
96.0
-4.9%
-4.7%
o/w Customer-managed Subscription
98.7
76.6
76.5
28.8%
29.0%
o/w Own-managed Subscription
67.8
56.5
56.2
20.0%
20.6%
License revenue
22.1
19.4
19.4
13.5%
13.7%
Services revenue
64.0
75.2
74.9
-14.9%
-14.6%
Total revenue
344.0
323.9
323.0
6.2%
6.5%
In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.
Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.
SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.
Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.
At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.
Comments on H1 2025 product line performance
Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:
Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.
SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:
Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.
Comments on H1 2025 profit on operating activities
Profit on Operating Activities – Group
H1 2025
H1 2024 Proforma
Change
€m
% of Rev.
€m
% of Rev.
€m
Basis Points
Product revenue
280.0
81.4%
248.7
76.8%
+ 31.3
+ 461
Services revenue
64.0
18.6%
75.2
23.2%
– 11.2
– 461
Total revenue
344.0
323.9
+ 20.1
Total costs of revenue
115.9
117.1
– 1.2
GROSS PROFIT
228.1
66.3%
206.9
63.9%
+ 21.2
+ 243
o/w product gross profit
217.9
77.8%
191.7
77.0%
+ 26.2
+ 75
o/w services gross profit
10.2
15.9%
15.2
20.2%
– 5.0
– 422
Operating expenses
186.8
54.3%
186.9
57.7%
– 0.1
– 341
o/w research & development
93.2
27.1%
95.0
29.3%
– 1.8
– 224
o/w sales & marketing
62.8
18.3%
62.3
19.2%
+ 0.5
– 96
o/w general & administrative
30.8
8.9%
29.6
9.1%
+ 1.1
– 20
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
+ 21.4
+ 585
Net Capitalisation of R&D
8.4
2.4%
9.1
2.8%
– 0.8
– 39
in % of gross R&D
8.2%
8.8%
-0.5%
In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.
Comments on H1 2025 net profit
Net Profit – Group
Half-year 2025
Half-year 2024 Proforma 6M AXW + 6M SBS
Half-year 2024 Reported Axway Standalone
€m
% of Rev.
€m
% of Rev.
€m
% of Rev.
PROFIT ON OPERATING ACTIVITIES
41.3
12.0%
19.9
6.1%
17.1
11.5%
Share-based expenses
-6.7
-2.4
-2.9
Amortization of allocated intangibles
-6.2
-7.1
-1.7
PROFIT FROM RECURRING OPERATIONS
28.4
8.3%
10.5
3.2%
12.5
8.4%
Other operating income and expenses
-8.9
-7.9
-4.1
OPERATING PROFIT
19.5
5.7%
2.6
0.8%
8.3
5.6%
Cost of financial debt
-9.0
-8.9
-2.7
Other financial income and expenses
-2.2
-2.0
-0.9
Income tax expenses
-2.5
-7.2
-2.0
NET PROFIT
5.8
1.7%
-15.6
-4.8%
2.8
1.9%
Earnings per share
0.20 €
-0.54 €
0.13 €
Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.
Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.
After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.
Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.
Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).
Financial position on June 30, 2025
74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.
Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.
Change in the workforce
At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.
Targets & Ambitions
Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.
Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.
[ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):
Please note that the meeting will be held in English.
Financial Calendar
Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue
Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results
Glossary andAlternativePerformance Measures
Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.
SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.
NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.
Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.
Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.
Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.
Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.
Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.
About 74Software
74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com
First-half financial information as of June 30, 2025 IFRS – Regulated information – Not audited
Cegedim: Like-for-like revenues grew 2.8% in the first half
Revenue grew 1.1% as reported and 2.8% LFL to €322.5 million in the first half of 2025.
The HR, marketing, health insurance, and digitalization businesses delivered the most solid growth.
Boulogne-Billancourt, France, July 24, 2025, after the market close
Revenue
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Life for like(1)(2)
Software & Services
144.4
152.1
(5.1)%
(1.5)%
Flow
53.4
49.5
+7.8%
+7.7%
Data & Marketing
63.4
59.3
+6.9%
+6.8%
BPO
43.2
39.9
+8.1%
+8.1%
Cloud & Support
18.2
18.1
+0.3%
+0.3%
Cegedim
322.5
319.0
+1.1%
+2.8%
Cegedim’s consolidated first-half 2025 revenues rose to €322.5 million, up 1.1% as reported and 2.8% like for like(1) compared with the same period in 2024.
The HR, marketing, health insurance, and invoice & procurement digitalization businesses delivered the most solid growth over the first half. The deconsolidation of INPS in the UK on December 10, 2024, following its voluntary placement in administration, weighed on reported growth at the Software & Services division and Group level.
Analysis of business trends by division
Software & Services
Software & Services
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Like for like(1)
Cegedim Santé
38.4
38.9
(1.3)%
(5.7)%
Insurance, HR, Pharmacies, and other services
87.5
86.7
+0.9%
+1.0%
International businesses
18.5
26.5
(30.3)%
(3.2)%
Software & Services
144.4
152.1
(5.1)%
(1.5)%
Revenues at Cegedim Santé fell 1.3% as reported in the first half, and 5.7% like for like. Visiodent contributed over the entire first half, vs just four months in 2024. Maiia software and the Claude Bernard database both performed well, whereas orders for more established offerings were somewhat subdued. Sales mainly slowed because a data service agreement came to an end in late 2024 and was renewed in the second quarter of 2025 at a lower rate.
The division’s other French subsidiaries saw revenue growth of 0.9% as reported and 1.0% like for like. The division was propelled by a surge in HR business across all client segments and by Health insurance, thanks to robust project-based sales, with new signings and the start of projects won in 2024. On the other hand, business with pharmacists in France was a drag on growth.
International businesses posted reported revenues down 30.3% owing to the deconsolidation of INPS in the UK from December 10, 2024, following its voluntary placement in administration. Like-for-like revenues fell 3.2%. The decline was again due to the UK: the Pharmacy First program in H1 2024 created a challenging comparison for pharmacy activities and a client of Activus, a UK subsidiary selling software for health and provident insurance for expats, went out of business. Even so, both businesses have clear prospects that will reverse the downward trend in the months ahead. Other international activities had a positive quarter—particularly in Spain—and remain on track.
Flow
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Like for like(2)
e-business
32.1
30.0
7.1%
7.0%
Third-party payer
21.3
19.5
8.8%
8.8%
Flow
53.4
49.5
7.8%
7.7%
First-half growth in e-business, e-invoicing, and digitized data exchanges was 7.1% as reported and 7.0% like for like. Both of the division’s two main business lines contributed: “Invoicing & Procurement” (France and UK) and “Healthcare Flows” (notably in pharmaceutical supply chain security for hospitals).
The Third-party payer business experienced 8.8% growth in H1. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings, a trend that began in the second half of 2024 and continued in H1 2025 with the signing of a fourteenth client.
Data & Marketing
Data & Marketing
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Like for like(1)
Data
28.7
28.0
2.5%
2.3%
Marketing
34.7
31.3
10.8%
10.8%
Data & Marketing
63.4
59.3
6.9%
6.8%
Data businesses were up 2.5% in the first half on the back of a strong performance in France, which offset a mixed showing abroad.
The Marketing segment posted robust H1 growth of 10.8% owing to strong sales after new client wins and brisk business with existing clients.
BPO
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Like for like(1)
Insurance BPO
31.2
28.7
8.8%
8.8%
Business Services BPO
12.0
11.2
6.4%
6.4%
BPO
43.2
39.9
8.1%
8.1%
The Insurance BPO business grew by 8.8% over the first half, chiefly owing to its overflow business, which has been flourishing because it serves a critical need for clients.
Business Services BPO (HR and digitalization) reported growth of 6.4% in the first half, again on the back of a popular compliance offering, which is winning new clients.
Cloud & Support
Cloud & Support
First half
Change H1 2025 / 2024
in millions of euros
2025
2024
Reported
Like for like(1)
Cloud & Support
18.2
18.1
0.3%
0.3%
Cloud & Support division revenues grew 0.3% in the first half. The non-renewal of a significant outsourcing contract in the second quarter was a drag on growth and obscured the fact that an expanded range of products backed by Cegedim’s sovereign cloud has been very successful.
Highlights
SBTi validates Cegedim’s decarbonization targets
The Science Based Targets initiative (SBTi) officially validated Cegedim Group’s greenhouse gas emission reduction targets on June 12, 2025. SBTi is the global standard for measuring companies’ carbon footprints and certifying their stated action plans for reducing emissions in line with the ambitious goals of the Paris Climate Agreement. Cegedim is now part of the select group of about 8,000 companies whose plans have been validated. This major step reflects the strong commitment of Cegedim’s senior management, also mobilizing all subsidiaries, to the sustainable development of the Group’s activities.
Switch to Euronext Growth
At its meeting on June 13, 2025, the Board of Directors decided to move forward with the resolution approved that same day by the general shareholders’ meeting to transfer Cegedim’s shares to the Euronext Growth stock exchange. The Group is currently completing formalities so it can make the switch in early September 2025. The Group discussed the rationale for the move and its impacts in a press release dated June 13, 2025.
Conversion of the credit facility into a sustainability-linked loan
On June 16, 2025, the Group negotiated an addendum with all of the parties to its loan agreement to add performance clauses related to 2030 ESG commitments, making this a sustainability-linked loan. By adhering to the annual Scopes 1 & 2 and Scope 3 decarbonization trajectory validated by SBTi, and by making progress on gender equality in senior management, the Group will be able to lower interest rate by up to 0.05 percentage points for the bank portion and by 0.10 to 0.40 percentage points for the non-bank portion. Conversely, failure to respect those commitments will increase the interest rate by a commensurate amount. The first milestone for applying this arrangement will be the 2025 ESG performance as reported in 2026.
Significant transactions and events post June 30, 2025
Workforce restructuring at the pharmacy business
The Group has decided to restructure the workforce at its pharmacy management software business in France, which will result in making around 100 positions redundant. By rethinking its organization and reconfiguring to align with market trends and client needs, the company hopes to return to a level of performance that ensures a solid foundation for its employees and allows it to innovate for its clients. After the semester close, the Group received approval from France’s regional labor and economics agency, DRIEETS, for the collective agreement it negotiated in the second quarter of 2025 with employee representatives. The Group is now determining what level of provision will be earmarked in the H1 2025 financial statements.
To the best of the company’s knowledge, apart from the impact of the above items, there were no post-closing events or changes after June 30, 2025, that would materially alter the Group’s financial situation.
Outlook
Based on the currently available information, the Group expects 2025 like-for-like revenue(3) growth to be in the range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory as in 2024.
These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.
Disclaimer This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on July 24, 2025, no earlier than 5:45 pm Paris time. The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.
About Cegedim: Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly 6,700 people in more than 10 countries and generated revenue of over €654 million in 2024. Cegedim SA is listed in Paris (EURONEXT: CGM). To learn more please visit: www.cegedim.fr And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.
Aude Balleydier Cegedim Media Relations and Communications Manager
Revenue breakdown by geographic zone, currency, and division at June 30, 2025
as a % of consolidated revenues
Geographic zone
Currency
France
EMEA ex. France
Americas
Euro
GBP
Other
Software & Services
87.2%
12.7%
0.1%
91.0%
7.0%
2.0%
Flow
91.7%
8.3%
0.0%
94.2%
5.8%
0.0%
Data & Marketing
97.7%
2.3%
0.0%
98.2%
0.0%
1.8%
BPO
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
Cloud & Support
97.2%
2.8%
0.0%
97.2%
0.0%
2.8%
Cegedim
92.3%
7.6%
0.1%
94.5%
4.1%
1.4%
(1) At constant scope and exchange rates.
(2) The positive currency impact of 0.1% was mainly due to the pound sterling. The negative scope effect of 1.8% was attributable to the deconsolidation ofINPSas of December 10, 2024, which the consolidation ofVisiodentstarting March 1, 2024, only partly offset. (2)At constant scope and exchange rates.
Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez
From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.
But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?
In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?
We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.
The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.
Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.
These findings help settle a long debate about what it means to be cool today.
A brief history of cool
Early writing on coolnessdescribed it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.
Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.
Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.
This is what makes someone cool
Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.
Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).
This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.
We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.
What about South Africa and Nigeria?
One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.
In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.
Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.
Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.
Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.
Why does this matter?
The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.
Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.
So what can we learn from this?
For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.
Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.
And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.
– What makes a person cool? Global study has some answers – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266
Source: United Kingdom – Executive Government & Departments
Speech
Joint Statement on the Invocation of the OSCE Moscow Mechanism
UK and 40 other countries invoke the Moscow Mechanism to address ill treatment of prisoners of war by the Russian Federation
Thank you, Chair. I will deliver an abridged version of this statement this afternoon. The full statement will be circulated in writing and I request that it be attached to the Journal of the Day.
I am delivering this statement on behalf of the following participating States: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
Today, our delegations will send the following letter to ODIHR Director Maria Telalian, invoking the Moscow Mechanism, with the support of Ukraine, as we continue to have concerns regarding violations of international humanitarian law and international human rights law following Russia’s full-scale war of aggression against Ukraine, including with regard to ill treatment of Ukrainian Prisoners of War (POW).
Director Telalian,
With Russia’s war of aggression against Ukraine in its fourth year and as Russia’s illegal occupation of the Autonomous Republic of Crimea and the city of Sevastopol and certain areas of the Donetsk and Luhansk regions of Ukraine has entered its eleventh year, we continue to witness large scale human suffering and alarming reports of violations of international humanitarian law (IHL) and of international human rights law (IHRL), many of which may amount to the most serious international crimes.
Against the backdrop of the full-scale war of aggression against Ukraine, launched by the Russian Federation on February 24, 2022, a number of credible sources, including the Moscow Mechanism expert missions, the Office for Democratic Institutions and Human Rights, the Office of the High Commissioner for Human Rights and the UN Independent International Commission of Inquiry, as well as civil society organizations, have reported that the Russian Federation has consistently violated the rights of prisoners of war (POWs) throughout their detention and at multiple detention facilities within the temporarily occupied territories of Ukraine and the Russian Federation. There have been credible reports that the extensive and routine torture and ill-treatment of Ukrainian POWs throughout their detention constitutes a continued systematic pattern of state policy and practice by the Russian Federation. Torture follows common patterns across different locations, indicating it is a coordinated, deliberate, and systematic practice.
In 2022, 2023 and 2024, 45 OSCE Delegations, following bilateral consultations with Ukraine under the Vienna (Human Dimension) Mechanism, invoked Paragraph 8 of the Moscow (Human Dimension) Mechanism. The reports of the independent missions of experts, received by OSCE participating States, confirmed our shared concerns about the impact of the Russian Federation’s invasion and acts of war, its violations and abuses of IHRL, and violations of IHL in Ukraine.
We remain particularly alarmed by the findings of the expert missions that some of the violations may amount to war crimes and crimes against humanity as well as the identification of patterns of reported violations of IHL and IHRL regarding the treatment of prisoners of war.
The prohibition against torture in international law is absolute. Parties to an armed conflict are obliged to ensure the rights of POWs as set out in the Third Geneva Convention of 1949 relative to the Treatment of Prisoners of War and Additional Protocol I to the Geneva Conventions. Prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. No physical or mental torture, nor any other form of coercion, may be inflicted on prisoners of war to secure from them information of any kind whatever. Prisoners of war who refuse to answer may not be threatened, insulted or exposed to unpleasant or disadvantageous treatment of any kin Torture and inhuman treatment of POWs are grave breaches of the Geneva Conventions, and likewise war crimes under the Rome Statute of the International Criminal Court.
ODIHR’s Ukraine Monitoring Initiative has continued to identify patterns of reported IHL and IHRL violations related to the treatment of Ukrainian POWs including in their Sixth Interim Report of 13 December 2024 and their Seventh Interim Report of 15 July 2025. Interviews with survivors and witnesses attested to a continued practice of systematic torture and other IHL and IHRL violations perpetrated against Ukrainian POWs prompting serious concerns about the Russian Federation’s failure to comply with the fundamental principles that govern the treatment of POWs.
In equal measure, the OHCHR and the UN Human Rights Monitoring Mission in Ukraine (HRMMU) have reported on the systematic and widespread use of torture of Ukrainian POWs by Russian authorities. In its March 2023 report, the HRMMU documented violations of IHRL and IHL in 32 of 48 detention facilities in Russia and Russian-occupied territories of Ukraine, related to torture and other ill-treatment, dire conditions of internment including inadequate quarters, food, hygiene, and medical care, along with restricted communication, forced labor, and a lack of access of independent monitors. . Many were held incommunicado deprived of the possibility to communicate with family or the outside world. Russian authorities subjected Ukrainian POWs to unlawful prosecutions for mere participation in hostilities; using torture to extract confessions; and denying fair trials.
According to witness testimonies, there were numerous incidents whereby POWs died in captivity due to execution, torture, ill-treatment and/or inadequate medical attention as well as inhumane conditions during their captivity.
The OHCHR’s October 2024 Report on the Treatment of Prisoners of War further documented detailed and consistent accounts of torture or ill treatment in Russian Federation custody.
Survivors have described the wide-ranging methods of torture or ill-treatment of Ukrainian POWs including: severe physical beatings; electrocution (including the targeting of genitalia); excessively intense physical exercise; stress positions; dog attacks; mock executions (including simulated hangings); threats of physical violence and death; sexual violence, including rape; threats of rape and castration; threats of coerced sexual acts; and other forms of humiliation.
Since the end of August 2024, OHCHR also has recorded a significant increase in credible allegations of executions of Ukrainian servicepersons captured by Russian armed forces, involving at least 97 individuals.
The UN Independent International Commission of Inquiry on Ukraine (UN COI) stated on 23 September 2024 that it has evidence of widespread and systematic torture by Russian authorities against Ukrainian civilians and POWs in the temporarily occupied territories and in Russia. They concluded that torture follows common patterns across different locations, indicating it is a coordinated practice. In their March 2025 report, the UN COI again called on the Russian Federation to immediately end the widespread and systematic use of torture and other forms of ill-treatment committed against civilian detainees and prisoners of war
The Office of the Prosecutor General of Ukraine is investigating the reported execution of 273 Ukrainian POWs, including 208 who were reportedly executed on the battlefield and 59 in the ‘‘Olenivka’’ colony. However, the real number of those executed is likely much higher.
We are deeply concerned about the severity and frequency of these violations and abuses. We are particularly appalled by reported executions of Ukrainian POWs and Ukrainian soldiers rendered hors de combat upon their surrender and by the desecration/mutilation of bodies. We are also deeply concerned with the practice of filming and distributing images of these abhorrent incidents.
Following grave concerns over the ill-treatment of Ukrainian POWs, highlighted, inter alia, by the UN Human Rights Monitoring Mission in Ukraine, the Independent International Commission of Inquiry on Ukraine and the Office of the High Commissioner for Human Rights and the OSCE, we call on all parties to the armed conflict ensure that POWs are treated in full compliance with IHL.
We recall that OSCE participating States have committed themselves to respect IHL, including the Third Geneva Convention relative to the Treatment of Prisoners of War of 1949, bearing in mind that the willful killing, torture, inhuman treatment, causing great suffering, or serious injury to body or health of persons protected under the Geneva Conventions, including prisoners of war, constitutes a war crime. No prisoner of war may be subjected to physical mutilation or to medical or scientific experiments of any kind which are not justified by the medical, dental or hospital treatment of the prisoner concerned and carried out in his interest. Likewise, prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity.
We also recall that the prohibition of torture is a peremptory norm of international law without territorial limitation, which applies at all times and in all places. Measures of reprisal against POWs are prohibited.
We call on the Russia Federation to end the torture and ill-treatment of all detainees and ensure adequate conditions of detention including the provision of basic needs such as food, water, clothing, and medical care. We further call for providing timely and accurate information on detainees’ whereabouts and legal status, and for granting international humanitarian organizations, like the International Committee of the Red Cross, unfettered access to such persons.
Gravely concerned by the continuing impacts of Russia’s ongoing aggression against Ukraine, and gravely concerned by credible allegations of the torture, ill-treatment and executions of Ukrainian POWs, and soldiers hors de combat, the delegations of Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom, following bilateral consultations with Ukraine under the Vienna Mechanism, invoke the Moscow (Human Dimension) Mechanism under Paragraph 8 of that document.
We request that ODIHR inquire of Ukraine whether it would invite a mission of experts to build upon previous findings, and:
To establish the facts and circumstances surrounding possible contraventions of relevant OSCE commitments; violations and abuses of human rights; and violations of IHL, including possible cases of war crimes and crimes against humanity, related to the treatment of Ukrainian POWs by the Russian Federation ;
To collect, consolidate, and analyse this information including to determine if there is a pattern of widespread and systematic torture, ill-treatment and execution of Ukrainian POWs and soldiers hors de combat and/or at detention facilities by the Russian Federation in the temporarily occupied territories and in Russia and
To offer recommendations on relevant accountability mechanisms.
We also invite ODIHR to provide any relevant information or documentation derived from any new expert mission to other appropriate accountability mechanisms, including the UN Human Rights Monitoring Mission in Ukraine or the Independent International Commission of Inquiry on Ukraine, as well as national, regional, or international courts or tribunals that have, or may in future have, jurisdiction.
Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow WarriorIII last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.
Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.
Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.
“For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.
“While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.
“It is not the Pacific that we fought for going back all those years.
“So we need to be very concerned about these storm clouds gathering.”
Lessons for humanity Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.
She was also head of the United Nations Development Programme (UNDP) in 2009-2017.
“When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.
“Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.
“All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”
Nuclear-free Pacific reflections with Helen Clark Video: Greenpeace
In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.
“It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].
“These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.
Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report
Testing ground for ‘others’ “So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.
“Mind you, they regarded French Polynesia as France.
“David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.
“We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.
“I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”
New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.
“I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.
‘Absolutely shocking’ “It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.
“It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.
“Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.
“The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.
“And that governs the deployment of medium range missiles in Europe.
“The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”
With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.
Developments with Iran “We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.
“It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.
“There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.
“And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”
Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”
“It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”
Then Clark spoke about the “complications” facing New Zealand.
Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report
Teariki’s message to De Gaulle In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:
“No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”
“May you, Mr President, take back your troops, your bombs, and your planes.
“Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.
“Then, our future generations would not be able to blame you for the birth of monsters and deformed children.
“Then, you would give the world an example worthy of France . . .
“Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”
‘Emotional moment’ Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.
“It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.
“My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.
“French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”
He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.
“By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”
France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.
Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report
‘Poisoned gift’ Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.
He described how the compensation programme was inadequate, lengthy and complicated.
Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.
He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.
“It is a poisonous gift that will cost millions for the local government to fix.”
Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.
A Q and A session was also held to round off the stimulating evening.
A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report
Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow WarriorIII last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons.
Speaking on her reflections on four decades after the bombing of the original Rainbow Warrior on 10 July 1985, she said that New Zealand had a lot to be proud of but the world was now in a “precarious” state.
Clark praised Greenpeace over its long struggle, challenging the global campaigners to keep up the fight for a nuclear-free Pacific.
“For New Zealand, having been proudly nuclear-free since the mid-1980s, life has got a lot more complicated for us as well, and I have done a lot of campaigning against New Zealand signing up to any aspect of the AUKUS arrangement because it seems to me that being associated with any agreement that supplies nuclear ship technology to Australia is more or less encouraging the development of nuclear threats in the South Pacific,” she said.
“While I am not suggesting that Australians are about to put nuclear weapons on them, we know that others do. This is not the Pacific that we want.
“It is not the Pacific that we fought for going back all those years.
“So we need to be very concerned about these storm clouds gathering.”
Lessons for humanity Clark was prime minister 1999-2008 and served as a minister in David Lange’s Labour government that passed New Zealand’s nuclear-free legislation in 1987 – two years after the Rainbow Warrior bombing by French secret agents.
She was also head of the United Nations Development Programme (UNDP) in 2009-2017.
“When you think 40 years on, humanity might have learned some lessons. But it seems we have to repeat the lessons over and over again, or we will be dragged on the path of re-engagement with those who use nuclear weapons as their ultimate defence,” Clark told the Greenpeace activists, crew and guests.
“Forty years on, we look back with a lot of pride, actually, at how New Zealand responded to the bombing of the Rainbow Warrior. We stood up with the passage of the nuclear-free legislation in 1987, we stood up with a lot of things.
“All of this is under threat; the international scene now is quite precarious with respect to nuclear weapons. This is an existential threat.”
Nuclear-free Pacific reflections with Helen Clark Video: Greenpeace
In response to Tahitian researcher and advocate Ena Manuireva who spoke earlier about the legacy of a health crisis as a result of 30 years of French nuclear tests at Moruroa and Fangataufa, she recalled her own thoughts.
“It reminds us of why we were so motivated to fight for a nuclear-free Pacific because we remember the history of what happened in French Polynesia, in the Marshall Islands, in the South Australian desert, at Maralinga, to the New Zealand servicemen who were sent up in the navy ships, the Rotoiti and the Pukaki, in the late 1950s, to stand on deck while the British exploded their bombs [at Christmas Island in what is today Kiribati].
“These poor guys were still seeking compensation when I was PM with the illnesses you [Ena] described in French Polynesia.
Former NZ prime minister Helen Clark . . . “I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’.” Image: Asia Pacific Report
Testing ground for ‘others’ “So the Pacific was a testing ground for ‘others’ far away and I remember one of the slogans in the 1970s and 1980s was ‘if it is so safe, test them in France’. Right? It wasn’t so safe.
“Mind you, they regarded French Polynesia as France.
“David Robie asked me to write the foreword to the new edition of his book, Eyes of Fire: The Last Voyage and Legacy of the Rainbow Warrior, and it brought back so many memories of those times because those of you who are my age will remember that the 1980s were the peak of the Cold War.
“We had the Reagan administration [in the US] that was actively preparing for war. It was a terrifying time. It was before the demise of the Soviet Union. And nuclear testing was just part of that big picture where people were preparing for war.
“I think that the wonderful development in New Zealand was that people knew enough to know that we didn’t want to be defended by nuclear weapons because that was not mutually assured survival — it was mutually assured destruction.”
New Zealand took a stand, Clark said, but taking that stand led to the attack on the Rainbow Warrior in Auckland harbour by French state-backed terrorism where tragically Greenpeace photographer Fernando Pereira lost his life.
“I remember I was on my way to Nairobi for a conference for women, and I was in Zimbabwe, when the news came through about the bombing of a boat in Auckland harbour.
‘Absolutely shocking’ “It was absolutely shocking, we had never experienced such a thing. I recall when I returned to New Zealand, [Prime Minister] David Lange one morning striding down to the party caucus room and telling us before it went public that it was without question that French spies had planted the bombs and the rest was history.
“It was a very tense time. Full marks to Greenpeace for keeping up the struggle for so long — long before it was a mainstream issue Greenpeace was out there in the Pacific taking on nuclear testing.
“Different times from today, but when I wrote the foreword for David’s book I noted that storm clouds were gathering again around nuclear weapons and issues. I suppose that there is so much else going on in a tragic 24 news cycle — catastrophe day in and day out in Gaza, severe technology and lethal weapons in Ukraine killing people, wherever you look there are so many conflicts.
“The international agreements that we have relied are falling into disrepair. For example, if I were in Europe I would be extremely worried about the demise of the intermediate range missile weapons pact which has now been abandoned by the Americans and the Russians.
“And that governs the deployment of medium range missiles in Europe.
“The New Start Treaty, which was a nuclear arms control treaty between what was the Soviet Union and the US expires next year. Will it be renegotiated in the current circumstances? Who knows?”
With the Non-proliferation Treaty, there are acknowledged nuclear powers who had not signed the treaty — “and those that do make very little effort to live up to the aspiration, which is to negotiate an end to nuclear weapons”.
Developments with Iran “We have seen recently the latest developments with Iran, and for all of Iran’s many sins let us acknowledge that it is a party to the Non-Proliferation Treaty,” she said.
“It did subject itself, for the most part, to the inspections regime. Israel, which bombed it, is not a party to the treaty, and doesn’t accept inspections.
“There are so many double standards that people have long complained about the Non-Proliferation Treaty where the original five nuclear powers are deemed okay to have them, somehow, whereas there are others who don’t join at all.
“And then over the Ukraine conflict we have seen worrying threats of the use of nuclear weapons.”
Clark warned that we the use of artificial intelligence it would not be long before asking it: “How do I make a nuclear weapon?”
“It’s not so difficult to make a dirty bomb. So we should be extremely worried about all these developments.”
Then Clark spoke about the “complications” facing New Zealand.
Mangareva researcher and advocate Ena Manuireva . . . “My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.” Image: Asia Pacific Report
Teariki’s message to De Gaulle In his address, Ena Manuireva started off by quoting the late Tahitian parliamentarian John Teariki who had courageously appealed to General Charles De Gaulle in 1966 after France had already tested three nuclear devices:
“No government has ever had the honesty or the cynical frankness to admit that its nuclear tests might be dangerous. No government has ever hesitated to make other peoples — preferably small, defenceless ones — bear the burden.”
“May you, Mr President, take back your troops, your bombs, and your planes.
“Then, later, our leukemia and cancer patients would not be able to accuse you of being the cause of their illness.
“Then, our future generations would not be able to blame you for the birth of monsters and deformed children.
“Then, you would give the world an example worthy of France . . .
“Then, Polynesia, united, would be proud and happy to be French, and, as in the early days of Free France, we would all once again become your best and most loyal friends.”
‘Emotional moment’ Manuireva said that 10 days earlier, he had been on board Rainbow Warrior III for the ceremony to mark the bombing in 1985 that cost the life of Fernando Pereira – “and the lives of a lot of Mā’ohi people”.
“It was a very emotional moment for me. It reminded me of my mother and father as I am a descendant of those on Mangareva atoll who were contaminated by those nuclear tests.
“My mum died of lung cancer and the doctors said that she was a ‘passive smoker’. My mum had not smoked for the last 65 years.
“French nuclear testing started on 2 July 1966 with Aldebaran and lasted 30 years.”
He spoke about how the military “top brass fled the island” when winds start blowing towards Mangareva. “Food was ready but they didn’t stay”.
“By the time I was born in December 1967 in Mangareva, France had already exploded 9 atmospheric nuclear tests on Moruroa and Fangataufa atolls, about 400km from Mangareva.”
France’s most powerful explosion was Canopus with 2.6 megatonnes in August 1968. It was a thermonuclear hydrogen bomb — 150 times more powerful than Hiroshima.
Greenpeace Aotearoa executive director Russel Norman . . . a positive of the campaign future. Image: Asia Pacific Report
‘Poisoned gift’ Manuireva said that by France “gifting us the bomb”, Tahitians had been left “with all the ongoing consequences on the people’s health costs that the Ma’ohi Nui government is paying for”.
He described how the compensation programme was inadequate, lengthy and complicated.
Manuireva also spoke about the consequences for the environment. Both Moruroa and Fangataufa were condemned as “no go” zones and islanders had lost their lands forever.
He also noted that while France had gifted the former headquarters of the Atomic Energy Commission (CEP) as a “form of reconciliation” plans to turn it into a museum were thwarted because the building was “rife with asbestos”.
“It is a poisonous gift that will cost millions for the local government to fix.”
Greenpeace Aotearoa executive director Russel Norman spoke of the impact on the Greenpeace organisation of the French secret service bombing of their ship and also introduced the guest speakers and responded to their statements.
A Q and A session was also held to round off the stimulating evening.
A question during the open mike session on board the Rainbow Warrior. Image: Asia Pacific Report
From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.
But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?
In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?
We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.
The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.
Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.
These findings help settle a long debate about what it means to be cool today.
A brief history of cool
Early writing on coolnessdescribed it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.
Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.
Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.
This is what makes someone cool
Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.
Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).
This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.
We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.
What about South Africa and Nigeria?
One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.
In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.
Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.
Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.
Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.
Why does this matter?
The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.
Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.
So what can we learn from this?
For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.
Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.
And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.
Todd Pezzuti received funding from ANID Chile to conduct this research.
From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.
But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?
In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?
We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.
The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.
Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.
These findings help settle a long debate about what it means to be cool today.
A brief history of cool
Early writing on coolnessdescribed it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.
Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.
Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.
This is what makes someone cool
Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.
Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).
This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.
We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.
What about South Africa and Nigeria?
One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.
In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.
Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.
Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.
Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.
Why does this matter?
The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.
Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.
So what can we learn from this?
For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.
Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.
And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.
Todd Pezzuti received funding from ANID Chile to conduct this research.
England in Euro 2025 final against Spain on Sunday
Millennium Square will be the place to be on Sunday to support England’s Lionesses as they bid to make more history by retaining their title in the final of Euro 2025.
Following another amazing comeback victory in their semi-final on Tuesday night, Sarina Wiegman’s side now face rivals Spain in the final, with the action being screened live on the big screen in Leeds city centre.
Gates will open at 3:30pm ahead of the 5pm kick-off, with the match seeing England looking to retain the historic title they won in dramatic fashion at Wembley in 2022. To do so they will need to defeat Spain, the team they lost to in the last World Cup final in 2023.
Fans of all ages will be able to watch the final on Millennium Square, with free access to a fanzone ahead of the match starting and some limited seating available on a first-come first-served basis. A licensed bar and toilet facilities will be provided, with strictly no alcohol or glass permitted.
Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development Councillor Jonathan Pryor, said:
“After another remarkable comeback win in their semi-final, the Lionesses have shown they never give up and now they are within touching distance of making more history by retaining their European title. The final against Spain is sure to provide more drama as it is a repeat of the World Cup final, so hopefully England can come out on top this time and Millennium Square will be the place to be to watch all of the action unfold in a brilliant Leeds atmosphere.”
The screening forms part of the Summer Series of events currently taking place on Millennium Square. For more information on the Summer Series events visit https://www.millsqleeds.com/whats-on/.
Source: United Kingdom – Executive Government & Departments
News story
Honorary King’s Counsel nominations: deadline 19 September 2025
The Ministry of Justice is inviting nominations for the award of King’s Counsel Honoris Causa. Please submit nominations via the digital form below, before the deadline of 19 September 2025.
The Ministry of Justice (MOJ) is inviting nominations for the award of King’s Counsel Honoris Causa.
This is an honorary award unique to the legal profession. It is a dedicated opportunity, made by royal prerogative, to recognise those in the profession who have made a major contribution to, and impact on, the legal sector and the law of England and Wales outside the courtroom.
The award is not a working rank and is separate to substantive KC appointments administered by King’s Counsel Appointments. Where someone is eligible to apply for substantive KC in their role, we would not normally consider them for an Honorary KC award.
Please note that anyone nominated may be subject to criminal record checks with the ACRO Criminal Records Office.
What is the award for?
The award is for:
A significant, positive impact either on the shape of the law of England and Wales, or on the legal profession. This is for work outside the courtroom.
This criterion can be interpreted broadly, either as:
a major contribution to the development of the law of England and Wales (for example, by dedicated research, influencing case law/ legislation and promoting initiatives),
to how it is advanced (for example, by positively impacting the shape of the profession)
What is most important is that nominations clearly evidence the significant, positive impact an individual’s efforts have had.
It is not a long-service award. Honours may be awarded for a significant impact over a long period of time, but they may equally be awarded for such an impact over a shorter period – it is the scale of impact that is important.
We are keen to recognise diversity within the profession, with awards that reflect the range of different legal careers and different backgrounds that make up the profession. You can see examples of previous successful nominees by viewing their biographies via this link.
Examples of what these different contributions may look like
Influencing legislation
Making an impact on the law by influencing legislation or case law (e.g. through outcome of research, creating awareness or campaigning, pro bono work or other advocacy outside the courtroom).
Social mobility and diversity
Making a considerable impact on the legal profession (e.g. through initiatives that have an impact on social mobility or diversity and increase the competitiveness of the sector).
Innovation
Making an impact through a standout achievement or through innovation (e.g. by breaking through into new territory, such as making an impact through work on Lawtech, innovation in legal education, or on promoting UK legal services overseas).
Academic work
Making an impact through outstanding academic work that makes a positive contribution to the law and/or legal system.
Who is eligible?
To be eligible for the award, the individual must be a qualified lawyer or legal academic.
The nomination must be for achievement outside practice in the courts. In other words, an award would be made for non-advocacy work.
The award is open to foreign qualified professionals. There is no residency requirement.
Examples of those eligible may include (but are not limited to):
Solicitors without higher rights of audience
Legal executives
In-house lawyers, including Counsel
Non-practising lawyers
Legal academics
Holding a fee-paid judicial office in addition to practice would not exclude lawyers who meet the eligibility criteria above.
How are awards made?
The process is administered by the MOJ. Nominations are considered against the criterion by a panel of representatives from the legal profession, civil service, judiciary, and academia, which is chaired by an MOJ official.
The panel of representatives provide the Lord Chancellor with recommendations of appointable nominees. The Lord Chancellor will then consider and decide the final recommendations. The recommendations are then referred to the King, who grants the awards under the royal prerogative.
How is the information about nominees used?
To assess each nominee’s suitability for the award and support the selection process, we use the information provided to carry out:
Cross-Whitehall checks to confirm whether the individual or their work may be known by, or of interest to, another government department
Checks against nominees on the main honours system as per the eligibility criteria
Evaluation by the selection panel of the individual’s legal qualifications and evidence of their contribution and impact on the law of England and Wales
Shortlisted nominees will undergo a criminal record check
For more information on how we use and protect personal data, please refer to our privacy notice.
Nominees from outside the legal profession
Where someone from outside the legal profession has made a significant impact on the law of England and Wales, or how it is advanced, they would not qualify for this award. We would welcome those nominations as part of the main honours system.
Scotland and Northern Ireland
There is a separate Honorary King’s Counsel award in Scotland. There is no exact equivalent in Northern Ireland. However, this does not mean that achievements of a similar nature cannot be recognised. If you would like to nominate someone for an honour whose work is in Northern Ireland, you can contact the Honours Secretariat for Northern Ireland.
Nominees and recipients of national honours
Someone who has been honoured in the official UK honours system within the last two years, or who has been nominated for such an honour this year, would not be eligible to receive an Honorary KC award. Where someone was awarded an honour more than two years ago, the panel will consider the individual’s contribution to and impact on the law since that honour was awarded.
Please note that we will only accept nominations made via the digital form.
If you are unable to use our digital form, or have any other questions, please contact HonoraryKC@justice.gov.uk.
Frequently Asked Questions (FAQs)
1. What is the process and timelines?
July: Nominations open
September: Nominations close
November: Panel meet and shortlist nominees
November: ACRO Criminal checks are conducted
December: Lord Chancellor makes final recommendations to the King
January: Successful nominees are announced
March: Ceremony
These dates are provisional and subject to change
2.Who can make a nomination?
Anyone can make a nomination. You do not need to have a legal background or reside in the UK.
3.Do I need to be a practising barrister or solicitor to be nominated?
No. You do not need to be practising, although you do need to be a qualified lawyer or legal academic to be eligible. The award is for achievements outside the courtroom.
4.Can I make more than one nomination?
Yes. You may nominate as many people as you like, but please ensure that you submit separate nomination forms.
5.Is there a limit to the number of nominations for an individual?
No. An individual can be nominated by multiple people.
6.Can I nominate a foreign national?
Yes. There are no nationality or residence requirements for the award.
7.In order to be considered for the award, do I need multiple nominations?
No. The scoring is not based on how many nominations an individual has received.
8.Can I attach letters or statements in support of a nomination?
No. Letters or statements of support will not be accepted. If others wish to endorse the nomination, you can list their name(s) in the relevant section of the form.
9.What happens if I miss the deadline to apply?
Unfortunately, we cannot consider any nomination past the deadline. We encourage you to submit your application when the next round of nominations open.
President Cyril Ramaphosa has lauded BMW South Africa’s launch of the locally produced BMW X3 plug-in hybrid electric vehicle (PHEV) as a significant leap toward a low-carbon future and a boost for South Africa’s industrial and economic growth.
Speaking at BMW’s Rosslyn plant in Tshwane on Thursday, the President praised the milestone as a symbol of trust in the country, as well as a demonstration of BMW Group’s long-standing commitment to the South African market.
The President highlighted that this world-class facility was the first BMW plant to be built outside of Germany and has been at the centre of the group’s operations since 1973.
“A number of world-class vehicles are manufactured right here at this plant, including both ICE and hybrid models from the BMW X family. And now, we have reached another milestone with the production of the BMW X3 plug-in hybrid electric vehicle.
“The shift to green mobility and electrification in vehicle production is in line with commitments by countries to reduce emissions and support the transition to a low-carbon, climate resilient global economy. We are greatly encouraged by this milestone reached by the BMW Group,” the President said.
WATCH |
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President Ramaphosa said the Rosslyn plant remains a pillar of South Africa’s automotive sector, which contributes approximately 4.9% to the country’s GDP, sustains over 115 000 direct manufacturing jobs, and supports more than half a million jobs across its value chain.
BMW’s investment in local manufacturing comes at a time when South Africa is working to position itself as a globally competitive hub for future mobility.
“As the transition to battery electric vehicles, plug-in hybrids and hydrogen mobility gathers momentum, South Africa is perfectly positioned as a key global manufacturing base for the mobility of the future,” President Ramaphosa said.
He reaffirmed government’s commitment to enabling this shift, highlighting the recently released Electric Vehicle White Paper and an incentive programme under the Automotive Production and Development Programme (APDP).
These are aimed at creating a stable and predictable policy environment to attract investment, grow exports, and expand the local electric vehicle (EV) market.
“The production of the BMW X3 plug-in hybrid locally is a testament to the trust placed in our skills, our workers, our partnerships and our potential. Let us honour this achievement by staying the course, driving transformation, creating jobs and leading Africa’s industrial future,” he said.
President Ramaphosa also touched on the strategic opportunity presented by South Africa’s mineral wealth.
“The global shift to clean vehicles presents opportunities for the local component manufacturing sector, whose focus has been on ICE components. With our significant reserves of critical minerals, we must become a hub for processing and beneficiation.
“We are finalising targeted incentives for battery cell localisation, EV component manufacture, clean mobility research and design, and critical mineral beneficiation,” he said.
The President also acknowledged the changing global trade landscape – particularly the recent announcements on tariffs by the United States.
“The recent announcements on tariffs by the United States, an important market for our vehicle exports, further underscores the need to diversity our export base and accelerate domestic value creation,” he said.
Youth development
The President commended BMW’s commitment to youth development, including its training academy that produces 300 apprentices annually, its long-term support for the Youth Employment Service (YES), and its initiatives to develop young women leaders and black industrialists.
He also praised BMW’s investment in digital skills through its partnership with UNICEF and its Tshwane-based IT Hub, which employs more than 2 000 digital professionals.
“As a founding partner of the Youth Employment Service, BMW has supported over 3 500 youth, with placements across all provinces and in diverse sectors such as retail, IT, education and health.
“BMW’s roots may be in Bavaria, but its beating heart is South African. We are proud of your presence. We are greatly encouraged by your ongoing investment as we strive to build the low-carbon economies of the future,” the President said.
Looking ahead
Calling on BMW to continue its role as a flagship partner in the South Africa Investment Conference (SAIC), the President urged the company to deepen localisation, expand youth training, lead in EV battery development, and support township-based supplier development.
“As the Government of National Unity, we welcome the role you continue to play in supporting our drive for inclusive growth and job creation.
“BMW’s presence in the country is one of mutual interest and shared value. To the entire BMW team, you are building more than cars.
“You are building a legacy of excellence, inclusion and hope among South Africans. We look forward to continuing this partnership and supporting the next chapter of your journey,” the President said. – SAnews.gov.za
