Category: Eurozone

  • MIL-OSI: Banque Fédérative du Crédit Mutuel – 2025 half-year results press release

    Source: GlobeNewswire (MIL-OSI)

    Results for the period ended June 30, 20251 Press release
      Strasbourg, July 30, 2025

    First half of 2025:
    very strong business activity and solid results,
    penalized by the non-recurring income tax surcharge

    Results for the period ended June 30, 2025 06/30/2025 06/30/2024 Change
    Record net revenue €6.549bn €6.178bn         +6.0%        
    of which retail banking €4.427bn €4.159bn         +6.4%        
    of which insurance €822m €711m         +15.7%        
    of which specialized business lines 2 €1.532bn €1.491bn         +2.8%        
    General operating expenses reflecting investments -€3.405bn -€3.208bn         +6.1%        
    Stabilized cost of risk -€782m -€799m         -2.1%        
    Record income before tax €2.402bn €2.210bn         +8.7%        
    Net income down due to the corporate tax surcharge effect €1.638bn €1.714bn         -4.4%        
    of which income tax surcharge €192m N/A N/A
    RENEWED GROWTH IN FINANCING3: +1,8%
    Home loans Equipment loans Consumer credit
    €119.8bn €119.4bn €49.1bn
    A SOLID FINANCIAL STRUCTURE
    CET1 ratio4 Shareholders’ equity
    19.5% €46.7bn

    Press contacts:

    Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr

    Press relations – +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr

    Investor contact:

    Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr

    1.1. Financial results

    (in € millions) 06/30/2025 06/30/2024 Change
    Net revenue 6,549 6,178 +6.0 %
    General operating expenses -3,405 -3,208 +6.1 %
    Gross operating income/(loss) 3,144 2,970 +5.9 %
    Cost of risk -782 -799 -2.1 %
    cost of proven risk -733 -782 -6.3 %
    cost of non-proven risk -49 -17 n.s
    Operating income 2,363 2,171 +8.8 %
    Net gains and losses on other assets and ECC (1) 39 39 +0.8 %
    Income before tax 2,402 2,210 +8.7 %
    Income tax -764 -496 +54.0 %
    Net income 1,638 1,714 -4.4 %
    Non-controlling interests 191 189 +1.0 %
    GROUP NET INCOME 1,447 1,524 -5.1 %

    (1)ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.

    Net revenue

    At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.

    Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).

    The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).

    Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.

    Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.

    Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.

    Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.

    General operating expenses and gross operating income

    General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.

    To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.

    The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.

    Gross operating income rose by +5.9% to €3,144 million.

    Cost of risk and operating income

    In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.

    It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).

    The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.

    In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.

    Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.

    Other

    Net gains/(losses) on other assets and ECC amounted to €39 million.

    Income before tax

    Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.

    Net income

    Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.

    Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.

    1.2. Financial structure

    Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.

    BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%2.

    The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:

      LT/ST Counterparty** Issuer/LT preferred senior debt Outlook ST preferred senior debt Stand-alone rating*** Date of last publication
    Standard & Poor’s (1) AA-/A-1+ A+ Stable A-1 a 11/07/2024
    Moody’s (2) Aa3/P-1 A1 Stable P-1 a3 12/19/2024
    Fitch Ratings * (3) AA- AA- Stable F1+ a+ 06/17/2025

    * The Issuer Default Rating is stable at A+.
    ** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
    *** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
    (1) Standard & Poor’s: Crédit Mutuel group rating.
    (2) Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
    In terms of Moody’s ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
    (3) Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).

    Despite a start to 2025 still marked by action on France’s sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody’s), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.

    As a reminder, Moody’s downgraded France’s sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency’s methodology).

    The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale’s diversification, with an impact on CET1 that would not alter the agencies’ assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.

    1.3. Results by business line

    Retail banking

    Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.

    Insurance

    Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale’s long-standing partner in Canada).
    General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
    Net income was €495 million, up +0.5% compared with end-June 2024.

    Asset management and private banking

    Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
    Net income was €129 million, up by 14.3% compared with the first half of 2024.

    Corporate banking

    Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.

    Capital markets

    The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.

    Private equity

    In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.

    In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024

    1.4. Key figures

    Banque Fédérative du Crédit Mutuel3

    (in € millions) 06/30/2025 12/31/2024
    Financial structure and business activity    
    Balance sheet total 732,747 734,840
    Shareholders’ equity (including net income for the period before dividend pay-outs) 46,698 45,203
    Customer loans 343,888 342,285
    Total savings 670,633 665,478
    – of which customer deposits 287,627 295,099
    – of which insurance savings 55,168 53,650
    – of which financial savings (under management and in custody) 327,838 316,730
         
      06/30/2025 12/31/2024
    Key figures    
    Number of branches 2 2
    Number of customers (in millions) 22.4 22.2
         
    Key ratios    
    Cost/income ratio (at 06/30/2025 vs 06/30/2024)         52.0%                 51.9%        
    Loan-to-deposit ratio         119.6%                 116.0%        
    Overall solvency ratio2 (estimated for 06/2025)         21.8%                 21.0%        
    CET1 ratio2 (estimated for 06/2025)         19.5%                 18.8%        
         

    1.5 Banque Fédérative du Crédit Mutuel  financial statements

    Balance sheet (assets)

    (in € millions) 06/30/2025 12/31/2024
    Cash and central banks 75,012 86,190
    Financial assets at fair value through profit or loss 41,077 39,653
    Hedging derivatives 1,588 1,701
    Financial assets at fair value through equity 46,814 44,421
    Securities at amortized cost 5,952 5,680
    Loans and receivables due from credit institutions and similar at amortized cost 61,836 61,897
    Loans and receivables due from customers at amortized cost 343,888 342,285
    Revaluation adjustment on rate-hedged books 284 209
    Financial investments of insurance activities 140,977 135,472
    Insurance contracts issued – Assets 8 10
    Reinsurance contracts held – Assets 247 284
    Current tax assets 780 1,002
    Deferred tax assets 858 1,005
    Accruals and miscellaneous assets 7,077 8,682
    Non-current assets held for sale 0 0
    Investments in equity consolidated companies 929 911
    Investment property 56 36
    Property, plant and equipment 2,556 2,606
    Intangible assets 494 483
    Goodwill 2,315 2,315
    TOTAL ASSETS 732,747 734,840

    Balance Sheet – Liabilities and shareholders’ equity

    (in € millions) 06/30/2025 12/31/2024
    Central banks 15 18
    Financial liabilities at fair value through profit or loss 26,847 26,643
    Hedging derivatives 2,660 3,261
    Debt securities at amortized cost 158,853 163,710
    Due to credit and similar institutions at amortized cost 50,404 46,031
    Due to customers at amortized cost 287,627 295,099
    Revaluation adjustment on rate-hedged books -16 -15
    Current tax liabilities 425 450
    Deferred tax liabilities 478 481
    Accruals and miscellaneous liabilities 12,010 12,671
    Debt related to non-current assets held for sale 0 0
    Insurance contracts issued – liabilities 129,868 125,195
    Provisions 3,285 2,913
    Subordinated debt at amortized cost 13,593 13,180
    Total shareholders’ equity 46,698 45,203
    Shareholders’ equity – Attributable to the group 41,997 40,737
    Capital and related reserves 6,568 6,568
    Consolidated reserves 33,822 30,959
    Gains and losses recognized directly in equity 161 195
    Profit (loss) for the period 1,447 3,015
    Shareholders’ equity – Non-controlling interests 4,701 4,466
    TOTAL LIABILITIES 732,747 734,840

    At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.

    Income statement

    (in € millions) 06/30/2025 06/30/2024
    Interest and similar income 14,617 17,055
    Interest and similar expenses -11,235 -13,787
    Commissions (income) 2,389 2,332
    Commissions (expenses) -743 -698
    Net gains on financial instruments at fair value through profit or loss 839 497
    Net gains or losses on financial assets at fair value through shareholders’ equity 16 -13
    Net gains or losses resulting from derecognition of financial assets at amortized cost 2 0
    Income from insurance contracts issued 3,901 3,712
    Expenses related to insurance contracts issued -3,170 -3,085
    Income and expenses related to reinsurance contracts held -67 -51
    Financial income or financial expenses from insurance contracts issued -2,992 -3,073
    Financial income or expenses related to reinsurance contracts held 3 4
    Net income from financial investments related to insurance activities 3,115 3,189
    Income from other activities 659 371
    Expenses on other activities -784 -275
    Net revenue 6,549 6,178
    of which Net income from insurance activities 789 695
    General operating expenses -3,231 -3,041
    Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets -174 -166
    Gross operating income 3,144 2,970
    Cost of counterparty risk -782 -799
    Operating income 2,363 2,171
    Share of net income of equity consolidated companies 37 40
    Net gains and losses on other assets 0 -2
    Changes in the value of goodwill 1 0
    Income before tax 2,402 2,210
    Income taxes -764 -496
    Net income 1,638 1,714
    Net income – Non-controlling interests 191 189
    NET INCOME ATTRIBUTABLE TO THE GROUP 1,447 1,524

    At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.


    1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF).
    2 Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
    3 Change in outstandings calculated over twelve months.
    4 Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.

    2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.

    3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.

    2 Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.

    Attachment

    The MIL Network

  • MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

    Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

    Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system.  I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

    The energy and vitality of this movement continues to inspire.  This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

    At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).  Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

    Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

    Since then, Governments have continued to shift how they govern and shape policy for food systems.  A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

    In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

    More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices.  At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

    I am proud of what we have achieved.  We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

    And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

    The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

    These are powerful commitments to transform food systems for people and the planet that you have helped inspire.  Thanks to your collective work and efforts we are better equipped to meet our ambition.

    You are strengthening coalitions and launching new initiatives to help drive our work, including:

    • The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
    • Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
    • Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground.  These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
    • As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes.  The launch for this large-scale commitment will take place in New York this September 2025.
    • The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
    • Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
    • The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
    • The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.

    With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

    As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

    The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed:  hunger and malnutrition persist.  Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

    It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet.  Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

    People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death.  Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

    Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security.  Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital.  Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

    As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition.  Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices.  Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

    As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

    First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves.  The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

    Second, is to deepen the implementation of National Pathways for Food Systems Transformation.  The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

    Third, we must unlock finance and investment.  That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation.  It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

    And we have work to do to scale up private sector investment in agriculture and food systems.  This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

    Fourth, we must continue the drive for an integrated approach.  We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems.  Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

    Fifth, we must continue to leverage science, technology and knowledge.  Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies.  Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

    New technologies, such as artificial intelligence, are changing our economies and our societies.  The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet.  The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

    And, finally, we must connect with our future.  I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation.  Policies should enhance opportunities for young people to create, innovate and thrive.

    On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage.  These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

    UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

    The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners.  Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

    I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda.  Let’s continue to lead the way — together.

    MIL OSI United Nations News

  • MIL-OSI United Kingdom: expert reaction to study estimating the number of lung microplastics people inhale daily in homes and cars

    Source: United Kingdom – Executive Government & Departments

    A study published in PLOS One estimates human exposure to microplastics in homes and cars. 

    Prof Oliver Jones, Professor of Chemistry, RMIT University, said:

    “The only thing this paper measured was the concentrations of microplastics in a limited set of environments. The authors tested the air in three apartments and two cars via a total of 12 samples (plus four blanks). This is simply not enough data to make generalisations about the cities in France where the work took place, let alone the rest of the world. The authors did not conduct any testing to determine whether the microplastics they found were associated with or caused any health effects. The results should thus be treated as preliminary at best.

    “But what if there were more samples? What would the results mean?

    “When we talk about air pollution, you often hear the terms PM10 and PM2.5. The PM stands for particulate matter, and the numbers stand for the diameter of the particle in micrometres (microns). PM10 means particulate matter 10 micrometres (0.01 mm) in diameter or smaller, while PM2.5 means particles of matter 2.5 micrometres (0.0025 mm) in diameter or smaller. They usually come from dust and smoke, and we know that very fine particulate matter, no matter the source, can be a health risk; that’s why air quality is regularly tested, and there are guidelines in place for total PM10 and PM2.5 concentrations in the air in many countries [1].

    “Particles at the top end of the PM10 range generally do not travel further into the lungs than the upper respiratory tract (nose and throat). Plastic particles in the PM2.5 range (or smaller) might travel further, but the keyword here is ‘might’; this is a relatively new area of research.

    “However, even if we assume plastic PM2.5 were an issue, their effects are already considered as part of the general impact of PM2.5 pollution, and any effect from plastics would likely be dwarfed by the contribution of PM2.5 particles from burning petrol oil and other fossil fuels, which are present in much greater abundance (while a figure like 2238 particles per cubic meter sounds like a large number, the particles themselves are very small, so the total physical amount of particles is also very small).

    “In short, while particulate pollution is an issue we should pay attention to, you don’t have to worry about breathing plastic air just yet.

    [1] Accredited official statistics, particulate matter (PM10/PM2.5), https://www.gov.uk/government/statistics/air-quality-statistics/concentrations-of-particulate-matter-pm10-and-pm25 accessed 30/06/25″

    Human exposure to PM10 microplastics in indoor air’ by Nadiia Yakovenko et al. will be published in PLOS One at 19:00 UK time Wednesday 30 July 2025, which is when the embargo will lift.

    DOI: 10.1371/journal.pone.0328011

    Declared interests

    Prof Oliver Jones: I am a Professor of Chemistry at RMIT University in Melbourne. I have previously published research on microplastics in the environment. I have no conflicts of interest to declare but I have received funding from the Environment Protection Authority Victoria and various Australian Water utilities for research into environmental pollution.

    MIL OSI United Kingdom

  • MIL-OSI Europe: Telephone conversation with the Prime Minister of the State of Israel, Benjamin Netanyahu

    Source: Government of Italy (English)

    30 Luglio 2025

    The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation this evening with the Prime Minister of the State of Israel, Benjamin Netanyahu.

    President Meloni insisted on the need to immediately cease hostilities given the situation in Gaza which, she underlined, is unsustainable and unjustifiable.

    The conversation also provided an opportunity to reiterate the urgent need to guarantee full and unhindered humanitarian access to the civilian population, reaffirming Italy’s efforts in this regard through the Food for Gaza initiative. Thanks to Italy’s commitment, another 50 Palestinian civilians will be welcomed, and aid drops will be organised for the population in Gaza.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Commission action to immediately compensate livestock farmers and address the economic impact of sheep pox – P-003129/2025

    Source: European Parliament

    Priority question for written answer  P-003129/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    Outbreaks of sheep pox are increasing significantly, affecting livestock farmers in many regional units of Greece, such as Aetolia-Acarnania, Larissa, Rhodope, Magnesia, Florina, Phocis and Xanthi.

    By way of illustration, 25 out of the 42 new outbreaks were recorded in the two prefectures of Thessaly (representing 60 % of all cases), while it is estimated that 35 000 sheep have been killed in the municipality of Kileler alone.

    It should be noted that since the first cases appeared, 638 outbreaks have been reported and 148 285 sheep and goats have been killed.

    This irreparably affects the income of livestock farmers and producers and the economic viability of entire regions.

    In light of the above, can the Commission say:

    • 1.What action will it take and what mechanisms will it activate to provide urgent financial support to the affected livestock farmers in order to cover their lost income?
    • 2.Does it intend to provide compensation for the affected farmers for the dead animals in accordance with the provisions of the Common Agricultural Policy? If so, how much?
    • 3.Is it looking into the reactivation of measure 5.2 with a view to fully replacing animal stocks and strengthening the resilience of the sector?

    Submitted: 29.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Spain: Regional Resilience Fund provides €230 million to finance agreement signed by EIB with A&G and Urbania Alpha to promote affordable housing, urban development and sustainable tourism

    Source: European Investment Bank

    EIB

    • The two financing agreements have been signed thanks to the backing of the Regional Resilience Fund financed by NextGenerationEU and implemented by the Spanish Ministry of Economy, Trade and Enterprise with EIB support.
    • The EIB will allocate €130 million to A&G and €100 million to Urbania Alpha (which holds the AEXX Capital brand) for investments throughout Spain.
    • These agreements mark a further step forward in rolling out the Regional Resilience Fund – specifically the instrument designed to promote urban development and sustainable tourism – with €640 million already signed to support investments under this instrument.

    The European Investment Bank (EIB) has signed agreements with A&G and Urbania Alpha (which holds the AEXX Capital brand) to channel a total of €230 million to new urban development projects (including those promoting affordable housing) and others related to sustainable tourism.

    The agreements were made possible by a contribution from the Regional Resilience Fund, part of Spain’s Recovery, Transformation and Resilience Plan, and financed by NextGenerationEU. More specifically, this was facilitated by the new instrument launched by the EIB to channel financing via financial intermediaries. Thanks to this instrument, agreements totalling €640 million have already been signed to back investments in urban development and sustainable tourism.

    As with the first agreements signed by the EIB under this instrument, A&G Banco and Urbania Alpha/AEXX Capital will assess investment opportunities across the country to promote projects in areas such as affordable housing, education, healthcare, social and cultural infrastructure, sustainable mobility, waste and water management, energy efficiency and sustainable tourism.

    A&G has been allocated €130 million by the EIB, which it will channel through A&G Real Estate Sustainable Developments, SICC SA. Urbania Alpha/AEXX Capital has been allocated €100 million to be channelled through AEXX Impact Investments I, SICC SA. Both are regulated vehicles set up specifically for this purpose. A&G will invest in equity, while Urbania Alpha/AEXX Capital will finance projects through equity and loans, or a combination of both. The maximum allocation per project is €22 million while maximum recovery periods are 15 years for equity investments and 20 years for debt. The investment period runs until December 2030.

    “With these two new financing agreements, the EIB continues to accelerate the deployment of the Regional Resilience Fund while boosting investment in urban development, affordable housing, and sustainable tourism in Spain. Public-private partnerships—such as those signed today with A&G and Urbania Alpha/AEXX Capital—help unlock the capital needed to make housing more accessible, foster an environmentally responsible tourism model, and adapt our cities to the evolving needs of citizens.” said EIB Director General – Head of Lending and Advisory Operations within the European Union Jean-Christophe Laloux

    “The signing of these agreements consolidates the implementation of the Regional Resilience Fund’s intermediated instrument, extending its scope to new specialised financial intermediaries. This is an important step in continuing to channel European funding towards projects with a real impact in key areas such as affordable housing, urban regeneration and sustainable tourism,’ said Inés Carpio, Director General of International Financing at the Treasury, Spanish Ministry of Economy, Trade and Enterprise

    Alejandro Nuñez, Managing Partner of Alternative Investments at A&G added, “We appreciate the trust placed in us by an investor of such exceptional prestige as the EIB to mobilize a significant portion of the Regional Resilience Fund. We believe that A&G is in a privileged position to manage public-private capital that effectively contributes to urban regeneration and sustainable tourism projects in Spain. Over the last few years, A&G has managed to create a highly regarded real estate investment platform in Spain. The mandate granted by the EIB gives us the opportunity to channel key resources into promoting affordable rental housing, while also supporting sustainable initiatives and local job creation.”

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in its Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the country’s green and digital transition, economic growth, competitiveness and improved services for residents.

    High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

    Regional Resilience Fund

    The Regional Resilience Fund (RRF) was created to facilitate access to NextGenerationEU loans from the Spanish Recovery, Transformation and Resilience Plan for the autonomous communities, with the aim of boosting investments and developing projects in eight priority areas: social and affordable housing; urban renewal; transport and sustainable tourism; the energy transition; water and waste management; the care economy; research, development and innovation; and the competitiveness of industry and SMEs.

    The fund is led by the Ministry of Economy, Trade and Enterprise, which takes input from the autonomous communities and cities for investment decision-making and looks to the EIB Group as a strategic management partner.

    The initial phase of the RRF includes the activation of up to €3.4 billion in financing via:

    • a direct financing mechanism, to co-finance EIB-supported operations in sectors like renewable energy, clean transport and sustainable infrastructure;
    • an intermediated mechanism managed by financial intermediaries selected by the EIB, to support projects in urban development and sustainable tourism;
    • two instruments intermediated by the European Investment Fund that will facilitate SME financing for innovation, sustainability and competitiveness.

    About A&G and A&G Global Investors

    A&G was founded in 1987 and is a leading independent financial services group with offices in Spain and Luxembourg. At the end of June 2025, the group’s total assets under management (AuMs) exceeded €15.5 billion. The group’s capabilities in alternative investments are focused on real estate, energy transition (with strategies dedicated to investing in infrastructure assets and growing technology companies) and private equity investments, grouped under the A&G Global Investors brand.

    www.aygglobalinvestors.com

    Urbania Alpha/AEXX Capital

    Urbania Alpha/AEXX Capital is a European alternative asset management platform. The firm provides debt, equity, and hybrid capital solutions to address a broad range of financing needs for real asset owners. To execute this strategy, AEXX has developed deep geographic and asset-class expertise across European markets through its offices in Spain, Italy, the UK, Germany, and Portugal.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Single rail booking tool – E-003070/2025

    Source: European Parliament

    Question for written answer  E-003070/2025
    to the Commission
    Rule 144
    Günther Sidl (S&D)

    In the hearing of 4 November 2024, the Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, announced that a single EU-wide rail booking tool would be developed as early as 2025.

    • 1.Can the envisioned timeline be met, that is to say, will the Commission present such an EU-wide booking tool before the end of 2025?
    • 2.When will rail travellers in Europe be able to access this tool?
    • 3.Will the tool be compatible with the Open Sales and Distribution Model tool currently under development, by means of which the Austrian, German and Swiss national railway companies (ÖBB, DB and SBB respectively) are currently working on harmonisation?[1]

    Submitted: 24.7.2025

    • [1] https://www.derstandard.at/story/3000000243574/eu-startet-neuen-anlauf-fuer-einheitliche-bahntickets-in-europa
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Pending EU infringement proceedings that the Sicily Region is involved in and the EU sanctions it is shouldering – E-002903/2025

    Source: European Parliament

    Question for written answer  E-002903/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    Article 258 TFEU provides for infringement proceedings against a Member State that does not comply with EU legislation.

    The cost of the financial penalties imposed by the Court of Justice of the European Union is indirectly borne by citizens and territories, effectively restricting their rights.

    Italy is among the Member States with the highest number of open infringement proceedings, a number of which specifically involve the Sicily Region and come with hefty financial sanctions.

    However, neither the Sicily Region’s official website[1] nor that of the competent Italian ministry provide a comprehensive and transparent list of the pending EU infringements and sanctions involving Sicily.

    The principle of transparency and the citizens’ right to information are laid down in the Treaty on European Union (TEU)[2], which provides for the active involvement of civil society in monitoring the implementation of EU law.

    Information on infringements and sanctions is crucial in enabling citizens to pressure regional and national institutions to take the measures needed to comply with EU law in a timely manner.

    In the light of the above:

    • 1.Could the Commission reveal all the pending infringement proceedings which the Sicily Region is party to, all the sanctions that have already been applied to Italy as well as their total value, which represents a burden for the region?
    • 2.How does the Commission assess the current level of transparency and information provided to citizens about EU infringements and their related sanctions? Does it think that it could take action in order to ensure that this information is shared in a transparent manner?

    Submitted: 15.7.2025

    • [1] https://pti.regione.sicilia.it/portal/page/portal/PIR_PORTALE/PIR_LaStrutturaRegionale/PIR_AssEnergia/PIR_Dipartimentodellacquaedeirifiuti/PIR_Areetematiche/PIR_Altricontenuti/PIR_Procedurediinfrazione.
    • [2] Articles 10 and 11 TEU.
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Extension and financing of the Euratom programme 2021-2027 – E-003019/2025

    Source: European Parliament

    Question for written answer  E-003019/2025
    to the Commission
    Rule 144
    Georg Mayer (PfE), Harald Vilimsky (PfE)

    The ongoing discussions about a possible extension of or increase in funding for the Euratom programme beyond 2027, the Austrian people’s longstanding clear opposition to nuclear power and the country’s constitutionally enshrined phasing out of nuclear energy raise the following questions.

    • 1.To what extent has the initial funding of EUR 1.38 billion changed in recent years, for instance by way of reallocation, additional resources or cuts to budgets for other EU priorities?
    • 2.How can the Commission ensure that Austria, as a Member State with a clear anti-nuclear stance, does not have to co-finance against its will projects that run counter to the basic tenets of its own energy policy and national bans?
    • 3.Why were separate categories not created for the public consultation to properly reflect opposition to nuclear power’s role in the energy mix by individual Member States and their populations?

    Submitted: 21.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI Security: International Fugitive Apprehended in the Madison County Area for Immigration Violations

    Source: US FBI

    FBI Birmingham Works with State, Local, and Federal Partners to Detain Illegal International Fugitive in Northern Alabama

    On July 25, 2025, FBI Birmingham, in collaboration with the FBI Legat Rome, ALEA, HSI, and local law enforcement partners, apprehended an international fugitive wanted for sexual abuse of a minor in Italy. During an authorized search of the subject’s residence in Madison, Alabama, multiple fraudulent identifications were also discovered. “The FBI is fully committed to crushing violent crime and we appreciate the remarkable work and strong partnerships in removing the worst of the worst from our communities,” said David R. Fitzgibbons, special agent in charge of the Birmingham Division. This operation is part of Summer Heat, the FBI’s nationwide initiative targeting violent crime during the summer months. As part of this effort, the FBI has launched a multi-pronged offensive to crush violent crime. By surging resources alongside state and local partners, executing federal warrant on violent criminals and fugitives, and dismantling violent gangs nationwide, we are aggressively restoring safety in our communities across the country.

    The Italian male is now being detained pending removal from the United States.

    MIL Security OSI

  • MIL-OSI USA News: Adjusting Imports of Copper into the United States

    Source: US Whitehouse

    class=”has-text-align-center”> BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1.  On June 30, 2025, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of copper in all forms (copper), including copper ores, copper concentrates, refined copper, copper alloys, scrap copper, and derivative products, on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended, 19 U.S.C. 1862 (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.

    2.  The Secretary found that the present quantities of copper imports and the circumstances of global excess capacity for producing copper are weakening our economy, resulting in the persistent threat of further closures of domestic copper production facilities and the shrinking of our ability to meet national security production requirements.  Because of these risks, and taking into account the close relation of the economic welfare of the Nation to our national security and other relevant factors, see 19 U.S.C. 1862(d), the Secretary found that the present quantities and circumstances of copper imports threaten to impair the national security as provided in section 232.

    3.  In reaching this conclusion, the Secretary found that copper is essential to the manufacturing foundation on which United States national and economic security depend.  Copper is the second most widely used material by the Department of Defense and is a necessary input in a range of defense systems, including aircraft, ground vehicles, ships, submarines, missiles, and ammunition.  Copper also plays a central role in the broader United States industrial base.  The metal’s exceptional electrical conductivity and durability also make it indispensable to critical infrastructure sectors that support the American economy, national security, and public health.  Alternatives to copper are insufficient substitutes for these vital industries and products in many circumstances.

    4.  The Secretary found that the United States was a world leader across the value chain of copper production (mining, refining, semi-finished goods, and finished goods containing copper) for most of the 20th century.  But despite copper being a crucial material in manufacturing and for the national and economic security of the United States, United States copper production has plummeted.  Today, a single foreign country dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.

    5.  The Secretary found that unfair trade practices abroad, exacerbated by overly burdensome environmental regulations at home, have hollowed out United States copper refining and smelting, caused the United States to be overly reliant on foreign copper imports, and prevent a path forward without strong corrective action.  Foreign competitors leverage state subsidies and overproduction to flood international markets with artificially low-priced copper products, driving United States producers out of business.  The United States is now dangerously dependent on foreign imports of semi-finished copper, intensive copper derivative products, and copper-containing products, and imbalances in the global markets make domestic investment increasingly unviable.

    6.  The Secretary found that United States dependency on foreign sources of copper is a national security vulnerability that could be exploited by foreign countries, weakens United States industrial resilience, exposes the American people to supply chain disruptions, economic instability, and strategic vulnerabilities, and jeopardizes the United States defense industrial base. 

    7.  In light of these findings, the Secretary recommended a range of actions to adjust the imports of copper so that such imports will not threaten to impair the national security.  For example, the Secretary recommended an immediate universal 30 percent import duty on semi-finished copper products and intensive copper derivative products.  The Secretary also recommended a phased universal tariff on refined copper of 15 percent starting in 2027 and 30 percent starting in 2028.  The Secretary further recommended a domestic sales requirement for copper input materials starting at 25 percent in 2027, a domestic sales requirement of 25 percent for high-quality copper scrap, and export controls for high-quality copper scrap. 

    8.  After considering the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I concur with the Secretary’s finding that copper is being imported into the United States in quantities and under circumstances that threaten to impair the national security of the United States.  In my judgment, and in light of the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I also determine that it is necessary and appropriate to impose tariffs, as described below, to adjust imports of copper and its derivatives so that such imports will not threaten to impair the national security of the United States.

    9.  To ensure that the tariffs on copper in this proclamation are not circumvented and that the purpose of this action to address the threat to impair the national security of the United States posed by imports of copper is not undermined, I also deem it necessary and appropriate to set up a process to identify and impose tariffs on certain derivatives of copper, as further described below.

    10.  In my judgment, the action in this proclamation will, among other things, help increase domestic production of semi-finished copper products and intensive copper derivative products, thereby reducing our Nation’s reliance on foreign sources.  It will ensure that domestic fabricators are able to supply sufficient quantities of copper products essential for infrastructure, defense systems, and advanced manufacturing.  This action will also promote investment, employment, and innovation in the domestic copper fabrication sector, strengthen supply chains, enhance industrial resilience, and generate meaningful economic benefits.  This action will adjust the imports of semi-finished copper products, intensive copper derivative products, and certain other copper derivatives and is necessary and appropriate to address the threat to impair the national security of the United States posed by imports of such articles.

    11.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security so that such imports will not threaten to impair the national security. 

    12.  Section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    13.  Consistent with the General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal (May 8, 2025), the United States intends to coordinate with the United Kingdom to adopt a structured, negotiated approach to addressing the national security threat in the copper sector.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 232; the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); section 101 of the Defense Production Act of 1950 (DPA), as amended, 50 U.S.C. 4511; section 301 of title 3, United States Code; and section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, do hereby proclaim as follows:
    (1)  Except as otherwise provided in this proclamation, all imports of semi-finished copper products and intensive copper derivative products, as set forth in the Annex to this proclamation, shall be subject to a 50 percent tariff.  This tariff shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 1, 2025, and shall continue in effect, unless such action is expressly reduced, modified, or terminated.  This tariff is in addition to any other duties, fees, exactions, and charges applicable to such imported semi-finished copper products and intensive copper derivative products, unless stated otherwise below.
    (2)  The Secretary, in consultation with the United States International Trade Commission and U.S. Customs and Border Protection (CBP), shall determine whether any modifications to the HTSUS are necessary to effectuate this proclamation and shall make such modifications through notice in the Federal Register if needed.
    (3)  Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative copper articles within the scope of the duties of this proclamation, consistent with the processes established pursuant to Proclamation 10895 of February 10, 2025 (Adjusting Imports of Aluminum Into the United States) and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).
    (4)  The non-copper content of all copper articles subject to this proclamation shall be subject to tariffs pursuant to Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), and any other applicable duties, including those imposed by Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended, Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended, and Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended.  The additional duties described in clauses 1 through 3 of this proclamation shall apply only to the copper content of articles subject to this proclamation.  CBP shall issue authoritative guidance mandating strict compliance with declaration requirements for copper content in imported articles and outlining maximum penalties for noncompliance, including that importers who submit underreported declarations may be subject to severe consequences, such as significant monetary penalties, loss of import privileges, and criminal liability, consistent with United States law.
    (5)  If any product is subject to tariffs under both this proclamation and Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), as amended, the product shall be subject to the duties imposed pursuant to Proclamation 10908, as amended, and not those imposed pursuant to this proclamation.
    (6)  Any product described in clause 1 of this proclamation, except those eligible for admission as “domestic status” as described in 19 CFR 146.43, that is subject to a duty imposed by this proclamation and that is admitted into a United States foreign trade zone on or after the effective date of this proclamation must be admitted as “privileged foreign” status as described in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading. 
    (7)  The Secretary shall continue to monitor imports of copper and its derivatives.  The Secretary shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of copper and copper derivative imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  By June 30, 2026, the Secretary shall provide the President with an update on domestic copper markets, including refining capacity and the market for refined copper in the United States, so that the President may determine whether imposing a phased universal import duty on refined copper of 15 percent starting on January 1, 2027, and 30 percent starting on January 1, 2028, as recommended by the June 30, 2025, report, is warranted to ensure that copper imports do not continue to threaten to impair the national security.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in this proclamation, or any actions modifying this proclamation, is no longer necessary.
    (8)  Separately, I find that copper input materials and high-quality copper scrap meet the criteria specified in section 101(b) of the DPA, 50 U.S.C. 4511(b).  Pursuant to the authority delegated to the Secretary in Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness), the Secretary shall take all appropriate action to implement the domestic sales requirements that he recommended in the June 30, 2025, report.
    (9)  The Secretary may issue regulations, rules, guidance, and procedures consistent with the purpose of this proclamation, including to address operational necessity.
    (10)  No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
    (11)  CBP may take any necessary or appropriate measure to administer the tariff imposed by this proclamation.
    (12)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  If any provision of this proclamation, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this proclamation and the application of its provisions to any other individuals or circumstances shall not be affected.

    IN WITNESS WHEREOF, I have hereunto set my hand this thirtieth day of July, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and fiftieth.
     
     
     
                                   DONALD J. TRUMP

    MIL OSI USA News

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

           
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

           
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

           
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

           

    Non-current liabilities

           
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552    
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

           
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

      3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   (2,211) (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) (1,848)
    Acquisition of subsidiaries, net of cash acquired   25,946 25,946
    Loan to joint ventures   (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) (27,264)
    Changes in non-controlling interests   (5) 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698)
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network

  • MIL-OSI USA: Committee Advances Senator Hassan’s Legislation to Speed Up FDA’s Sunscreen Approval Process

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    HELP Committee Also Advances Additional Hassan-Led Bills

    WASHINGTON – The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously voted today to advance a package that includes the SAFE Sunscreen Standards Act, bipartisan legislation led by U.S. Senators Maggie Hassan (D-NH) and Roger Marshall (R-KS) to modernize the U.S. Food and Drug Administration’s process for reviewing and approving new sunscreens. The FDA has not approved a new sunscreen active ingredient since 1999, while other countries, such as France and South Korea, have innovative sunscreen products on the market that often use newer, more effective UV filters. The SAFE Sunscreen Standards Act would require the FDA to improve its outdated approval process and will help American consumers access more effective sun protection options that have been safely used in other countries for years.

    “As Granite Staters head outside and enjoy summer, Congress needs to remove the outdated barriers that prevent Americans from being able to use modern sunscreen products,” said Senator Hassan. “This commonsense bipartisan legislation will modernize the FDA’s approval process to allow American manufacturers to make more up-to-date, effective sunscreens that people are already using safely around the world. I am pleased to see this important measure advance, and I will continue working to get this bill signed into law.”

    As part of the bipartisan package, the HELP Committee also advanced the bipartisan Prescription-to-OTC Process Act, led by Senators Hassan and Husted (R-Ohio), which directs the FDA to communicate more clearly with the health industry about the process and standards for switching medications from prescription to over-the-counter marketing. In addition, the committee voted unanimously to advance Senator Hassan’s Advocate for Employee Ownership Act, which establishes an Advocate for Employee Ownership position at the Department of Labor to promote and improve access to employee stock ownership plans, or ESOPs.

    MIL OSI USA News

  • MIL-OSI USA: Kennedy champions resolution encouraging NATO members to meet their five percent defense spending commitments

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Senator John Kennedy (R-La.), a member of the Senate Appropriations Committee, today introduced a resolution urging North Atlantic Treaty Organization (NATO) member countries to fulfill their commitments to spend five percent of their GDP on defense. He emphasizes the importance of sincerity in fulfilling these obligations, noting that some countries, such as Spain, have refused to meet the five percent commitment, demanding a carveout. Spain struggled to even meet their two percent defense spending target. All NATO members must take this commitment seriously to strengthen our collective security. 

    NATO is one of the greatest defensive alliances in all of human history. My resolution commends our allies for their commitment to allocate five percent of their GDP to our shared defense and strongly encourages them to fulfill their promises in good faith. If we want to deter our adversaries, we need real investments in our defense, not bridges that have little, if anything, to do with national security,” said Kennedy.

    Sens. Marsha Blackburn (R-Tenn.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), John Cornyn (R-Texas), Ted Budd (R-N.C.) and Cynthia Lummis (R-Wyo.) cosponsored the bill.

    Now more than ever, the New Axis of Evil is threatening the security of free nations, and every NATO member country needs to spend their fair share to keep our adversaries from accomplishing their goals. Our resolution urges all NATO members to fulfill their obligation to spend 5% of GDP on defense and address the security risks we are facing,” said Blackburn.

    It’s past time for NATO members to pony up. It’s not the job of the American taxpayers to pay to defend the entire world. Thank God for President Trump who is finally standing up for American taxpayers and fighting to put America First,” said Tuberville.

    NATO members agree: Deterrence is more important now than at any time in recent memory. The axis of aggressors is watching, hoping the West underestimates its threats. I am grateful for the Hague Summit Declaration’s spending commitment, and I will continue pressing member nations to follow through on their word. The free world can achieve peace through collective strength,” said Wicker.

    Conflicts in Europe and the Middle East and tensions in the Indo-Pacific threaten our global stability and security. It’s critical for NATO nations to honor their commitments on national defense, ensuring military readiness within the NATO alliance,” said Cornyn.

    Kennedy also penned an op-ed in Newsweek, arguing that Congress needs to hold NATO member countries to their five percent defense spending commitments.

    Background:

    • The Trump Administration secured a historic win by encouraging NATO member countries to move toward spending 5 percent of their GDP on collective defense. 
    • However, the Hague Summit Declaration allows countries to evade their commitments in two ways: (1) by not specifying that all allies must meet the five percent requirement, and (2) by permitting 1.5 percent of the total to include spending that is only loosely related to defense.  
    • Spain has recently said that it will not be meeting the five-percent commitment. Italy has said it may include a bridge to Sicily as part of its non-traditional defense total.

    The resolution:

    • Congratulates President Trump and NATO leadership on this historic agreement.
    • Strongly urges NATO leadership to compel its members to adhere to the five percent commitment.
    • Calls on NATO allies to ensure their non-traditional defense expenditures are legitimate defense spending.

    The full text of the resolution is available here.

    MIL OSI USA News

  • MIL-OSI United Nations: With Gaza smouldering, ministers renew push for two-State solution at UN

    Source: United Nations 4

    The High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution took place in New York from 28 to 30 July.

    The United States and Israel did not participate.

    France and Saudi Arabia, co-chairs of the Conference, called on all UN Member States to support a declaration urging collective action to end the war in Gaza and to achieve a just, peaceful and lasting settlement of the Israeli-Palestinian conflict.

    The New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution outlines political, humanitarian, and security steps to be taken on a timebound and irreversible basis.

    The co-chairs urged countries to endorse the declaration by the end of the 79th session of the General Assembly, in early September, should they so wish.

    Act before it is too late

    In his stark opening remarks on Monday, Secretary-General Guterres stressed that the two-State solution is the only viable path to ending the longstanding conflict and achieving lasting peace in the region, warning that there is no alternative.

    “A one-State reality where Palestinians are denied equal rights and forced to live under perpetual occupation and inequality? A one-State reality where Palestinians are expelled from their land? That is not peace. That is not justice. And that is not acceptable,” he said.

    He condemned both Hamas’ 7 October 2023 attacks and the scale of Israel’s military response, reiterating his call for an immediate and permanent ceasefire, the unconditional release of hostages, and unfettered humanitarian access.

    “This conflict cannot be managed. It must be resolved,” Mr. Guterres concluded. “We must act before it is too late.”

    UN Photo/Evan Schneider

    Secretary-General António Guterres addresses the high-level conference on the peaceful settlement of the question of Palestine and the implementation of the two-State solution.

    Calls for peace

    Over the three days, more than 125 speakers took the floor during the general debate, including high-level representatives from across the globe and major regional and international organizations such as the Organization of Islamic Cooperation (OIC) and the International Committee of the Red Cross (ICRC).

    Delegates underscored the urgency of concrete steps to realise a two-State solution, highlighting the need to empower and reform the Palestinian Authority, reconstruct Gaza and ensure accountability for violations of international law.

    France, which co-chaired the Conference, recalled its support for Israel as it joined the community of nations and affirmed that Palestinians deserve the same right to a homeland.

    “At a time where the two-State solution is more threatened than ever, France is ready to fully recognise the State of Palestine,” said Jean-Noël Barrot, Minister for Europe and Foreign Affairs. That recognition, he added, would come in September when leaders reconvene for the General Assembly’s 80th session.

    Co-chair Saudi Arabia’s Foreign Minister, Faisal bin Farhan al Saud, emphasised the suffering of thousands of civilians in Gaza under bombardment, while Israeli settlements expand in Jerusalem and the West Bank to alter the region’s demographic nature.

    “Peace and security do not take place through deprivation of rights or force,” he said, underscoring the need for a genuine and irreversible peace process.

    UN Photo/Loey Felipe

    Foreign Secretary David Lammy of the United Kingdom addresses the high-level conference.

    The United Kingdom’s Foreign Secretary, David Lammy, outlined recent UK actions – including the suspension of arms exports and sanctions on extremist settlers, and restoring of funding to the UN Relief and Works Agency for Palestine Refugees.

    “It is with the hand of history on our shoulders that His Majesty’s Government therefore intends to recognise the State of Palestine when the UN General Assembly gathers in September here in New York,” he declared.

    “We will do this unless the Israeli Government acts to end the appalling situation in Gaza, ends its military campaign and commits to a long-term sustainable peace based on a two-State solution.”

    MIL OSI United Nations News

  • MIL-OSI USA: McConnell Remarks at McCain Institute Russia Task Force Event

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C.U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Defense Subcommittee, delivered opening remarks at a McCain Institute event “Highlighting Policy Recommendations for Post-War Russia.” Below are his remarks as prepared for delivery:

    It’s hard to think of a more appropriate home for the Task Force’s important work than the McCain Institute, or a more fitting ringleader than a proud McCain alumnus like Dan Twining.  

    My good friend, John McCain, was so unapologetic and clear-eyed about the scope of America’s interests. And he relished being the speck in Vladimir Putin’s eye through his solidarity with the free peoples of eastern Europe…

    He supported the expansion of the greatest military alliance in the history of the world… And stood for the right of sovereign nations to choose their destiny.

    When Putin called the fall of the Soviet Union the “greatest political catastrophe of the 20th century,” John understood that he meant it, and urged our colleagues to take Russia’s neo-Soviet ambitions seriously.

    In the not-so-distant past, that sort of clarity – acknowledging that Russia still threatened America’s interests – could invite public scorn…

    …Like the sort of sanctimonious condemnation a certain former colleague of mine received from President Obama during a prime-time debate.

    We heard that Putin would moderate… That his ambitions were limited… And that anyone who suggested otherwise was a dusty Cold Warrior past his prime.

    Well, to that I say: It is so good to be among friends!

    ***

    Needless to say, the importance of grappling with Russia’s behavior and motivations can no longer be laughed away.

    Wake-up call is perhaps the most tired phrase of the past three years.

    And yet that’s exactly what Putin’s escalation in 2022 was: an urgent, overdue, uncomfortable, and undeniable alarm.

    It was a reminder that the realities of geopolitics don’t care which region we’d rather prioritize or what we’d rather spend our treasure on. The bravery of Ukraine’s defenders and the suffering of its civilians press us to remember that our enemies get a vote.

    There are, of course, promising signs that the West has managed to free itself from the delusion that hegemonic aggressors can be appeased.

    Reports of our European allies’ rebuilding their military strength are not exaggerated.

    Nearly all NATO members today are striving toward the Baltics’ example of investment and readiness… And those who are not should hear from all of us.

    In the process, allies are making overdue sacrifices to stamp out dependency on Russian energy…

    They’re placing enormous investments in cutting-edge American-made weapons…

    And they’re proving willing to break domestic political china – even changing a Constitution or two – to unlock deeper and more sustained commitments to collective defense.

    This transformation is real. It’s well underway. And it’ll be essential to securing America’s interests in the coming decades.

    What about here at home? As friends of Ukraine, we may be tempted to dwell on the ways we drag behind this progress… and overlook the ways we underpin it.

    We may rightly be frustrated by years of murky commitments, slow-walked assistance, fear of escalation, and confusion about who the aggressor is.

    But I would suggest that, on this, America has much to be proud of.

    Just consider the cascading benefits of U.S. assistance to Ukraine: a small fraction of our defense budget has helped Ukraine resist and degrade a more powerful military aggressor.

    After years of talk and little action to address the shortcomings of our own arsenal and defense industrial base, we’ve spurred massive investments in replenishing stocks and producing deterrent capabilities faster.

    By partnering with the world’s most experienced practitioners of drone warfare, we’ve tapped into a wealth of knowledge about the changing nature of the modern battlefield. Ukraine’s expertise is teaching America today what our forces will need to prevail tomorrow.

    And as NATO’s biggest spender, America has encouraged much of our allies’ transformation.

    ***

    Of course, I don’t mean to suggest that we’ve escaped the gravitational pull of complacency and short-sightedness for good. Our allies’ progress is not assured forever. European security – and trans-Atlantic security – is not some clock to be wound once and left alone.

    Perhaps the biggest lesson of 2022 – even bigger than the need to invest urgently today – is the importance of long-term commitments, and steady, annual investments in defense.

    And on this front, America must continue to lead by our example. We simply cannot expect allies to reach and sustain five percent if we’re only willing to spend three-and-a-half, ourselves.

    A strategy to lead from behind is no strategy at all. And as the Task Force makes perfectly clear, this goes beyond spending targets – it’s about presence, too.

    Even as our allies and partners build more lethal forces, there’s still no more credible deterrent than American commitment.

    No wonder European allies generously support rotational deployments of U.S. troops and invest in state-of-the-art training ranges for joint exercises. These commitments improve our collective readiness and interoperability, and they’re worth sustaining.

    The task of illustrating the strategic importance of Europe to America’s security interests is not ours, alone. In fact, for years now, there’s been no more effective communicator of what’s at stake in Ukraine – strategically and morally – than Putin, himself.

    As he continues to throw a generation into the meat-grinder of combat and target Ukrainian mothers and children at will, Putin is sending a clear message.

    And in the face of his brutal aggression and public revisionism, overwhelming majorities of Americans recognize Russia as our adversary… and see that the outcome of Putin’s war of conquest matters immensely to us.

    Much to the dismay of restrainers and isolationists who thought they’d get to freelance American foreign policy, the President of the United States increasingly sees Putin’s signals for what they are.

    The President has been right to recognize Putin’s play for time. He’s been right to entertain proposals for new, secondary sanctions. Most importantly, he’s been right to green-light further lethal assistance to Ukraine.

    I’ve said this before: Stopping the killing is a noble goal, but the price of peace matters. And there will be no enduring peace unless Ukraine is equipped to credibly deter further aggression from Russia.

    ***

    The appetite of neo-Soviet imperialism does not end with Ukraine. How do we know?

    Because Putin’s predecessors subjugated far wider swaths of Europe…

    Because he invaded Georgia…

    And because, as we speak, his troops are in Moldova, too!

    Nations that have spent centuries in Russia’s shadow do not stumble westward by accident.

    Finland and Sweden did not join NATO out of symbolic solidarity with Ukraine.

    They did it because they know that Putin wants more.

    So the Task Force is right to take the long view and grapple seriously with what comes next.

    What comes next for the trans-Atlantic alliance?

    What comes next for the increasingly aligned authoritarians working to undermine U.S. interests and influence?

    What comes next for America and our ability to defend these interests and preserve this influence?

    As you put it, our deterrence is not divisible. And I would add: this is because our credibility is not divisible.

    No U.S. ally in the Indo-Pacific has time to waste on the notion that the implications of deterrence in Europe are confined to a separate sphere of influence.

    No ally in Europe can afford to miss the crystal-clear connection between Russian aggression and support from China, North Korea, and Iran.

    The consequences of America’s strategic decisions still ripple across oceans and continents with equal speed.

    And a headline that reads “Russia Wins, America Loses” will read as clearly in Beijing, Tehran, and Pyongyang as it does here in Washington.

    Avoiding that outcome will take more work from all of us. Thank you for all you’re doing.

    MIL OSI USA News

  • MIL-OSI Security: Defense News in Brief: Army’s Project Flytrap Advances Defense Secretary’s Drone Dominance Agenda

    Source: United States Department of Defense

    U.S. and British soldiers conducted the fourth iteration of the Project Flytrap exercise at the Hohenfels Training Area in Germany and the Bemowo Piskie Training Area, near Elk, Poland, to better prepare to counter the threats posed by unmanned aerial systems on the battlefield.

    MIL Security OSI

  • MIL-OSI: Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    • Optus to utilize Nokia’s cloud-native Cloud Native Communication Suite (CNCS) to drive the deployment of new highly resilient 5G voice services and streamline network activities, enhanced automation and reduced manual interventions.
    • CNCS will be deployed on the Red Hat OpenShift.
    • Deal swaps out competitor and is the latest Nokia Core win in the Oceania region.

    31 July 2025
    Espoo, Finland – Optus, the second largest operator in Australia, is extending its existing partnership with Nokia and has contracted the company to refresh its Voice Platform (IP Multimedia Subsystem – IMS) and deliver highly resilient cloud-native voice services. Voice is an important service for Australia, and with this new platform Optus will deliver highly reliable and efficient 5G voice services to over 10 million customers.

    Nokia’s IMS platform (Cloud Native Communication Suite – CNCS) is cloud native, operationally efficient and has lower energy consumption, making it the right platform for addressing the needs of Australian consumers.

    “Reliability is the cornerstone of Optus’ Network strategy, and Voice is one of the most critical services provided by Optus. Nokia CNCS provides us with a new and highly flexible pathway that will allow us to improve network resiliency, security and enhance the subscriber experience with better and faster time-to-market services, through both on-premise and cloud deployment that assists in better quality and customer experience through a matrix of intelligent automation tools,” said Tony Baird, Chief Technology Officer at Optus.

    The containerized CNCS will be run on Red Hat OpenShift, the leading hybrid cloud application platform powered by Kubernetes, which is also Optus’ preferred CaaS provider.

    “We are pleased to further expand our Optus collaboration with Nokia’s cloud-native CNCS architecture and accelerate the delivery of new 5G services in multi-cloud environments with intelligent automation and intent-based operations. By simplifying network complexity, CNCS allows operators to respond faster to customer needs and deliver a superior, frictionless experience,” said Raghav Sahgal, President of Cloud and Network Services at Nokia. 

    The Nokia Core Network portfolio is fully cloud native which makes it much easier for operators to run their full 4G/5G Core in cloud-native network functions.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network

  • MIL-OSI China: Thomas Muller set to join MLS side Vancouver Whitecaps

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

    Bayern Munich veteran Thomas Muller is close to sealing a move to Major League Soccer (MLS).

    According to German and Canadian media reports, only minor details remain before the 35-year-old signs a two-year contract with the Vancouver Whitecaps as a free agent on August 1.

    The 131-time capped German international is expected to further boost the MLS’ profile alongside Argentine superstar Lionel Messi, who plays for Inter Miami. Reports say Muller’s debut for the Whitecaps could come on August 9 against the San Jose Earthquakes.

    Layvin Kurzawa (L) from Paris Saint-Germain competes with Thomas Muller from Bayern Munich during their match of Group B of the 2017-18 season Champions League at Parc des Princes in Paris, France on Sept. 27, 2017. Paris Saint-Germain won by 3-0 at home. (Xinhua/Chen Yichen)

    The Bavarian forward recently expressed a desire to gain international experience to round out a decorated career that includes two UEFA Champions League titles, 13 Bundesliga championships and six German Cup trophies.

    Muller has called the MLS an intriguing competition, noting that “we see a World Cup played in the United States, Canada and Mexico, in 2026.”

    German ties to the Canadian west coast club may have influenced his decision. Canadian international full-back Alphonso Davies joined Bayern from Vancouver in 2018, while Whitecaps managing director Alexander Schuster previously worked for German sides Mainz 05 and Schalke 04. In 2022, Nick Salihamidzic, son of former Bayern sporting director Hasan Salihamidzic, played for Vancouver.

    “I am looking forward to playing in the MLS and meeting figureheads such as Messi,” said Muller, who leaves Bayern after contributing 250 goals and 276 assists in 756 competitive appearances.

    He follows in the footsteps of fellow Bayern and German greats Franz Beckenbauer, Gerd Muller, Lothar Matthaeus and Bastian Schweinsteiger, who all played in the MLS after their European careers.

    The Whitecaps have won the Canadian Championship four times, including three in the past three years.

    Muller acknowledged the challenge of adapting to new surroundings, saying, “When you leave a club like Bayern, you meet different circumstances.” He added that he still feels “the desire for football burning in my chest.”

    Turning 36 in September, Muller saw his wish for a one-year contract extension turned down by Bayern as his playing time declined in recent seasons, when he primarily served as a substitute and mentor for younger players. 

    MIL OSI China News

  • MIL-OSI China: Barca defender Kounde agrees new contract until 2030

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

    Although the club has yet to make the news official, FC Barcelona defender Jules Kounde on Wednesday confirmed that he has agreed a new five-year contract.

    Barcelona’s Lamine Yamal (R) celebrates his goal with teammate Jules Kounde during the UEFA Champions League Round of 16 2nd leg football match between FC Barcelona and SL Benfica in Barcelona, Spain, on March 11, 2025. (Photo by Joan Gosa/Xinhua)

    Speaking from the club’s Asian tour in South Korea, the French international commented that “everything has been finished” in terms of a contract extension until the end of June 2030.

    He added it was “a question of days” before the contract was made official, saying he was “very happy” the negotiations had been “so fast.”

    “Barca and I had the same idea. I am very happy with the team and to be at such an ambitious club and happy we can fight for titles every year,” commented the player who scored a late winner as Barca beat Real Madrid in last season’s Copa del Rey final.

    26-year-old Kounde joined Barcelona from Sevilla in 2022 and has scored seven goals in 141 games for Barcelona. Although he was initially signed as a central defender, recent seasons have seen him adapt to play at right-back.

    MIL OSI China News

  • MIL-OSI United Nations: ‘Choose Transformation over Dependency’, With Scaled-Up, Coordinated Investment to Make Food Systems Resilience, Sustainable, Deputy Secretary-General Urges

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s keynote remarks, as prepared for delivery, on food systems transformation in complex settings, in Addis Ababa today:

    I am honoured to be here today.  I thank our co-hosts Ethiopia and Italy and the World Food Programme (WFP), United Nations Children’s Fund (UNICEF) and the HDP Nexus Coalition for organizing this important conversation.

    And I thank all of you present today for your commitment to putting an end to hunger and transforming our food systems, making these work even in the most dire and complex circumstances.

    Communities are trapped around the world in relentless cycles of hardship.  Over 37 million children under five will face acute malnutrition this year — almost the entire population of Canada.  Of those, nearly 10 million will suffer severe wasting — the deadliest form of undernutrition.

    In many countries facing the greatest challenges, courage is on display at all moments.  But, we must ensure that the courage is matched with long term solutions that can result in resilience and sustainability.  Short-term interventions dominate, with little connection to longer-term development planning are not the solution we are seeking.  We must choose transformation over dependency.

    We have good examples.  Nations are embedding resilience into national strategies.  Leaders are refusing to accept hunger as inevitable. Instead, they are combining local, indigenous and traditional knowledge with science to accelerate action towards inclusive and resilient food systems while rebuilding their nations.  These Governments are not waiting for permission, they are leading.  But, leadership cannot succeed alone, it must be built on a solid foundation rooted in adequate finance, partnership and inclusion.

    First, finance.  We need finance that multiplies impact, catalytic investments that invest in local capacity, patient capital that waits for transformation, not quick returns.  The World Bank has committed to this approach, we must encourage others to follow.

    Second, we need coordination that serves people, not bureaucracies.  Humanitarian response linked to long-term development.  Climate action connected to food security.  Competing mandates replaced by shared purpose.

    Third, we need to place communities at the centre of our efforts.  Women grow 60 per cent of Africa’s food but own less than 20 per cent of the land.  Young people are at the vanguard of innovative agriculture but cannot access the financing that supports them.  This is especially the case in complex settings where perceived risk is higher and the options fewer.

    Yet, investing in the transformation of food systems is especially critical in complex settings where equitable and sustainable food systems do more than feed people — they drive food security, strengthen resilience, enable stability and promote inclusive economic growth.

    This transformation must be guided by local innovations and proven strategies, rooted in data and the lived realities of crisis-affected communities.

    We have the tools, and we have inspiring examples from countries leading change, many of which we will hear in this room today.  What we need now is accelerated action at scale.

    Food systems hold the key to sustainable development.  Let us use that key to unlock opportunity, stability, and hope for and with those who need it most.  And let us not forget that we need to strengthen our multilateral system to make peace and sustainable development a reality for all communities around the world.

    MIL OSI United Nations News

  • MIL-OSI Europe: Publication of CCPC Annual Report 2024

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    The Minister for Enterprise, Tourism and Employment, Peter Burke, has welcomed the publication of the Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024, highlighting the Commission’s vital role in safeguarding consumer rights and promoting fair competition in Irish markets.

    The report outlines a year of significant progress and impact, including: 

    • A 21% increase in merger notifications and a landmark decision to block the proposed acquisition of a car park at Dublin Airport by DAA, protecting consumer choice.
    • Over 178,000 unsafe products removed or prevented from reaching the Irish market.
    • Five successful prosecutions for breaches of consumer protection law, including action against misleading pricing practices.
    • The establishment of new enforcement units, including a Competition Adjudication Unit and a Surveillance Unit, under expanded legislative powers.
    •  A record 1.8 million visits to the CCPC website and 2.7 million views of the CCPC-sponsored RTÉ consumer rights series, The Complaints Bureau.

    Speaking today, Minister Burke said:

    “The CCPC continues to deliver for Irish consumers and businesses by ensuring our markets remain competitive, transparent, and safe. Their work in 2024—from blocking anti-competitive mergers to removing dangerous products and empowering consumers through education—demonstrates the importance of strong, independent enforcement. I particularly welcome the CCPC’s leadership in financial literacy and its commitment to protecting consumers in an increasingly digital economy. As Minister, I look forward to continuing our close collaboration to ensure the CCPC have sufficient powers and resources to effectively advocate for and enforce competition and consumer protection legislation benefitting our economy’s competitiveness and Irish consumers.”

    Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth, also welcomed the report, stating:

    “The CCPC’s work is fundamental to ensuring that consumers are protected and that businesses operate on a level playing field. I commend the CCPC’s achievements in 2024, particularly its proactive enforcement actions and its focus on emerging challenges in digital markets. As we look to the future, I aim to continue supporting the CCPC in its mission to uphold fairness, transparency, and consumer confidence across the economy”.

    The Annual Report also marks the CCPC’s 10th anniversary, reflecting on a decade of progress and outlining its evolving role in areas such as digital markets, data governance, and sustainability.

    The full report is available at www.ccpc.ie.

    MIL OSI Europe News

  • MIL-OSI Europe: Ireland joins the Equal Pay International Coalition (EPIC)

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    Minister of State for Small Business, Retail and Employment Alan Dillon has today announced Ireland’s accession to the Equal Pay International Coalition; a multilateral partnership working to reduce the gender pay gap at global, regional and national levels.

    Minister Dillon made the announcement on the margins of the G20 Labour and Employment Ministerial Meeting, taking place on 30-31 July in George, South Africa.

    Minister Dillon said: 

    “I am proud to announce that Ireland has officially become a member of the Equal Pay International Coalition. This marks a significant step forward in our commitment, as a nation, in ensuring that all individuals, regardless of gender, receive equal pay for work of equal value. Aligned with the vision of the United Nations Agenda for Sustainable Development, the Coalition works to accelerate progress toward this goal, recognising that sustained and collective efforts are needed to close the gender pay gap.” 

    EPIC is a global initiative that brings together governments, employer and worker organisations, academia, civil society and private sector entities to tackle the gender pay gap through coordinated action. It operates at global, regional and national levels, making it the only coalition of its kind to focus on equal pay.  

    Gilbert Houngbo, International Labour Organization (ILO) Director General, said:

    “On behalf of the ILO, I warmly welcome Ireland to the Equal Pay International Coalition. As a co-lead of EPIC, together with UN Women and the OECD, we are pleased to witness the growing momentum behind this global effort to redress pay inequalities. Ireland’s strong legal framework and commitment to social dialogue further strengthen the Coalition. We look forward to Ireland’s active engagement as we work together to advance equal pay for work of equal value everywhere.” 

    Maíra Lacerda, Head of the Special Advisory Office for International Affairs at the Ministry of Labor and Employment of Brazil and Chair of EPIC said: 

    “As the Chair of EPIC, I warmly welcome Ireland to the Coalition. Every new member brings valuable expertise and fresh momentum to our shared mission. Ireland’s longstanding commitment to pay equity and social dialogue strengthens our collective efforts to tackle persistent pay inequalities and promote fairer, more inclusive labour markets. Together, we grow stronger and closer to the goal of equal pay for work of equal value.”

    Minister Dillon went on to say: 

    “As an EPIC member, Ireland will benefit from membership including through access to a wealth of global resources. We will also have the opportunity to exchange best practices with international counterparts and tap into a dynamic network of policy and equality experts. Joining EPIC is a joint initiative between the Department of Enterprise, Tourism and Employment and the Department of Children, Disability and Equality, which leads on gender equality and gender pay gap policy.  This combined approach is designed to maximise the impact of Ireland’s membership of EPIC.” 

    ENDS

    Notes for Editors

    • The Equal Pay International Coalition (EPIC) is led by the International Labour Organization (ILO), UN Women, and the Organisation for Economic Co-operation and Development (OECD). 
    • It is currently the only multi-stakeholder partnership working to reduce the gender pay gap at global, regional and national levels.
    • The Coalition’s goal is to achieve equal pay for women and men everywhere. EPIC supports governments, employers, workers, and their organisations to make concrete and coordinated progress towards this goal. 
    • The Coalition comprises 67 members, including government entities from 28 countries, international and national employer and worker organisations, international organisations, academia, civil society organisations, as well as the private sector. 
    • The Irish Congress of Trade Unions is a member of the Coalition. 

    MIL OSI Europe News

  • MIL-OSI United Nations: Governments, Partners Mobilizing School Meals Coalition to Equip Youth with Nutrition, Health, Education They Deserve, Deputy Secretary-General Says at Stocktake Event

    Source: United Nations MIL OSI

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event:  “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:

    It is truly inspiring to witness how far the School Meals Coalition has come.  With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.

    First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.

    I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.

    Today’s speakers are excellent examples.  The progress we witness is being driven by Governments, but they are not walking alone.  Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.

    But, why is there so much momentum behind school meals?  Why are so many Governments and partners making this a priority?  Because school meals are more than just a plate of food.  They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.

    To truly pull that lever — to unlock its full power — we must focus on four key priorities.

    First:  Expand coverage and raise collective ambitions.  As we’ve just heard from our distinguished speakers, momentum is building.  Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.

    Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target:  to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year.  This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.

    Second:  Pull the lever — use procurement to transform food systems.  Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.

    Third:  Integrate school meals into climate finance.  When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity.  The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.

    Fourth:  Plug the financing gap.  The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means.  But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.

    We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General.  Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.

    Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign.  “Our job is not to scale our work.  It’s to scale what works.”  This is what we see across the School Meals Coalition:  Governments and partners coming together to expand a solution that works.

    So, let’s build on the progress we’ve made — and finish what we started in 2021:  by 2030, every child receiving a healthy, nutritious meal in school.  Let’s feed the future together.

    MIL OSI United Nations News

  • MIL-OSI Russia: Portugal questions fairness of EU-US trade deal

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    LISBON, July 29 (Xinhua) — Portugal has expressed concern over the recently concluded tariff deal between the EU and the United States, calling it a limited improvement that is not in line with genuine free trade principles and comes at a high cost to both sides.

    The country’s Ministry of Economy and Territorial Integrity acknowledged that the agreement, which sets US tariffs on European goods at 15 percent, could provide some predictability. However, “nothing can replace free trade,” and Portugal will continue to actively advocate for the gradual elimination of tariffs and other trade barriers, the ministry stressed.

    The Confederation of Portuguese Businesses (CPB) expressed only “relative relief” at the agreement, noting that the price to be paid was “high for both sides.”

    “When you were expecting a hurricane, you are glad that it is just a normal storm,” said CBP Director General Rafael Alves Rocha. However, he warned that the agreed duties were significantly higher than the current average of around 2.5 percent, representing a setback for exporters and highlighting the asymmetry of the EU and US tariff structures.

    The CPB said the agreement was unbalanced and put European producers at a disadvantage.

    The Portuguese government responded to the potential negative consequences with financial support measures for businesses.

    The Reforcar programme, aimed at protecting companies from adverse trade consequences, was launched in April. To date, 14,000 applications have been submitted for a total of €3.2 billion, of which €2.5 billion has been approved and €1.6 billion has already been spent.

    In addition, a special credit line has been created to support export-oriented small and medium-sized enterprises. The Ministry of Economy received 2.6 thousand applications for 1.3 billion euros, of which 600 million euros were approved.

    The new PT2030 incentive programme has launched a non-repayable grant pipeline to support internationalisation, targeting joint projects and cooperation strategies in foreign markets. The ministry announced that public applications for collective internationalisation initiatives will open on 31 July.

    Despite these supportive measures, Lisbon’s cautious tone and criticism from the business community reflect significant doubts about the long-term benefits of the EU-US trade deal. –0–

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

    .

    MIL OSI Russia News

  • MIL-OSI New Zealand: Greenpeace: Governments must rise to the moment and vote in favour of a moratorium on deep sea mining

    Source: Greenpeace

    The 30th session of the International Seabed Authority (ISA) has ended with Greenpeace saying governments are continuing to fall short in protecting the deep sea.
    While high-level representatives from Palau, France and Panama attended to rally the international community, Greenpeace is calling for greater efforts from more governments to put a legal barrier between mining machines and the deep ocean.
    Upcoming ISA meetings must secure a moratorium and leave no room for rushed attempts to adopt a Mining Code. Recent developments have made it clear that outstanding political and scientific concerns cannot be hastily resolved under industry-driven pressure.
    Louisa Casson, Campaigner, Greenpeace International who attended the meeting, says: “Governments have yet to rise to the moment. They remain disconnected from global concerns and the pressing need for courageous leadership to protect the deep ocean. We call on the international community to rise up and defend multilateralism against rogue actors like The Metals Company. Leaders must respond by establishing a moratorium and reaffirming that authority over the international seabed lies collectively with all States-for the benefit of humanity as a whole.”
    Juressa Lee, Greenpeace Aotearoa seabed mining campaigner, says: “Deep sea mining is the latest form of colonisation and extraction. Pacific civil society is overwhelmingly opposed to deep sea mining and must not be ignored in the rush by companies and states based in the Global North to start plundering the ocean.”
    While calls for a moratorium on deep sea mining have not yet gained global consensus, they continue to gain momentum, supported by compelling arguments from a diverse group of countries. Croatia has just become the 38th government calling for a precautionary pause, moratorium or ban on deep sea mining.
    On Tuesday His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, addressed the Assembly, drawing attention to persistent efforts and intense pressure from the industry to rush the negotiations and finalise a Mining Code. He stated: “Exploiting the seabed is not a necessity – it is a choice. And it is reckless. It is gambling with the future of Pacific Island children, who will inherit the dire consequences of decisions made far from their shores.”
    In the first meeting of the ISA since The Metals Company (TMC) submitted the world’s first-ever application to commercially mine the international seabed, governments at the ISA Council responded by launching an investigation into whether mining contractors, including TMC’s subsidiaries Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML), are complying with contractual obligations to act in accordance with the international legal framework.

    MIL OSI New Zealand News

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

    Source: GlobeNewswire (MIL-OSI)

    Amundi: First half and second quarter 2025 results

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

    Inflows
    already at
    full year 2024
    level
      Assets under management1at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect

    Net inflows +€52bn in H1, of which +€20bn in Q2

    • +€48bn in medium-to-long-term assets2(MLT) in H1
    • Record half-year net inflows for Institutionals: +€31bn
         
    Growth in
    profit before tax
      First half 2025: profit before tax3,4€895m, up +4% H1/H14:

    • Driven by revenue growth (+5%)
    • Cost control, with a cost-income ratio at 52.5%3
         
    Continued success on strategic pillars   Partnership with Victory Capital finalised on 1 April
    Strong H1 inflows in strategic priorities:

    • Third-party distribution +€13bn, of which 40% with digital players
    • Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution
    • ETFs +€19bn, with success in European strategies and innovation
    • Responsible investment: wins of key institutional mandates

    Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo
    Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved

    Paris, 29 July 2025

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

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

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

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

    * * * * *

    Highlights

    Continued organic growth thanks to continued successes in the strategic pillars

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

    • Amundi, the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 105; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets6 in euro-denominated securities; this European expertise is a key differentiator for Amundi’s comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
    • The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People’s Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile’s sovereign wealth fund thanks to the index and ESG expertise;
    • Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn7 was in the first half of 2025, mainly in MLT assets8, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets8, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;
    • Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP9 license in Third-Party Distribution10, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
    • ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors’ renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
    • Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
    • Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
    • Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

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

    Activity

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

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

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

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

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

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

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

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

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

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

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

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

    First half 2025 results

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

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

    Profit before tax3+4% H1/H14

    Adjusted data3

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

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

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

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

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

    The increase in adjusted operating expenses3, €894m, is +5,3% compared to the first half of 2024 pro forma4 and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group’s operational efficiency.

    In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.

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

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

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

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

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

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

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

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

    Accounting data in the first half of 2025

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

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

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

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

    Second quarter 2025 results

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

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

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the second quarter of 2025

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

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

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

    A solid financial structure, €1.3bn in surplus capital 

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

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

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

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

    * * * * *

    APPENDICES

    Adjusted income statement3of the first half of 2025

    (M€)   H1 2025 H1 2024* % ch. H1/H1*
             
    Net revenue – adjusted   1,703 1,623, +4.9%
    Management fees   1,542 1,475 +4.6%
    Performance fees   58 66 -13.2%
    Technology   52 35 +48.0%
    Financial income and other revenues   52 47 +10.4%
    Operating expenses – adjusted   (894) (849) +5.3%
    Cost/income ratio – adjusted (%)   52.5% 52.3% +0.2pp
    Gross operating income – adjusted   808, 773, +4.5%
    Cost of risk & others   (6) (8) -28.7%
    Equity-accounted companies – JVs   66 61 +7.1%
    Equity-accounted companies – Adjusted Victory Capital   26 32 -16.8%
    Income before tax – adjusted   895 858, +4.2%
    Corporate tax – adjusted   (259) (192) +35.0%
    Non-controlling interests   2 1 +88.1%
    Net income group share – adjusted   638, 668, -4.5%
    Amortization of intangible assets after tax   (28) (32) -10.8%
    Integration costs and amortisation of the PPA after tax   (7) 0 NS
    Victory Capital adjustments (after tax, on a co-payment basis)   (7) 0 NS
    Victory Capital Capital Capital Gain, after tax   402 0 NS
    Net income group share   998 636 +56.9%
    Earnings per share (€)   4.86 3.11 +56.3%
    Earnings per share – adjusted (€)   3.11 3.26 -4.8%

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

    Adjusted income statement3of the second quarter

    (M€)   Q2 2025 Q2 2024* % var. T2/T2*   Q1 2025* % ch. Q2/Q1*
                   
    Net revenue – adjusted   790 799 -1.0%   823 -3.9%
    Management fees   717 709 +1.2%   737 -2.7%
    Performance fees   35 49 -28.9%   23 +53.5%
    Technology   26 17 +49.8%   26 +0.7%
    Financial income & other revenues   12 23 -47.2%   37 -66.9%
    Operating expenses – adjusted   (417) (410) +1.6%   (416) +0.2%
    Cost/income ratio – adjusted (%)   52,7% 51,4% +1.4pp   50.6% +2.2pp
    gross operating income – adjusted   374 388 -3.8%   407 -8.1%
    Cost of risk & others   (1) (8) -82.4%   (4) -67.4%
    Equity-accounted companies – JVs   38 33 +16.6%   28 +38.6%
    Equity-accounted companies – Adjusted Victory Capital   26 32 -16.8%   22 +21.2%
    Income before tax – adjusted   437 445 -1.8%   452 -3.3%
    Corporate tax – adjusted   (104) (95) +9.0%   (149) -30.6%
    Non-controlling interests   1 0 NS   1 +32.6%
    Net income group share – adjusted   334 350 -4.5%   303 +10.2%
    Amortization of intangible assets after tax   (15) (17) -13.7%   (14) +8.8%
    Integration costs and amortisation of the PPA after tax   (1) 0 NS   (3) -78.2%
    Victory Capital adjustments (after tax, on a co-payment basis)   (7) 0 NS   (4) +62.2%
    Victory Capital Capital Capital Gain, after tax   402 0 NS   0 NS
    Net income group share   715 333 NS   283 NS
    Earnings per share (€)   3.48 1.63 NS   1.38 NS
    Earnings per share – adjusted (€)   1.63 1.71 -4.8%   1.48 +10.2%

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

    Pro Forma Historical Series3Adjusted4– First semester

    (m€)   H1 2025   H1 2024 -Contrib. Amundi US
    T2 2024
    H1 2024
    pro forma
      % ch. 25/24 % ch. 25/24
    pro forma
                       
    Net management fees   1,542   1,560 85 1,475   -1.2% -1.4%
    Performance fees   58   67 1 66   -14.1% -13.6%
    Net asset management revenues   1,599   1,627 86 1 541   -1.7% -1.9%
    Technology   52   35 0 35   +48.0% +48.0%
    financial income & other revenues   12   6 3 3   NS NS
    Financial income & other revenues – adjusted   52   50 3 47   +4.1% +6.6%
    Net revenue (a)   1,663   1 667 89 1,578   -0.3% -0.3%
    Net revenue – adjusted (b)   1,703   1 711 89 1,623   -0.5% -0.6%
    Operating expenses (c)   (905)   (900) (51) (849)   +0.6% -1.4%
    Operating expenses – adjusted (d)   (894)   (900) (51) (849)   -0.6% -2.0%
    Gross operating income (e)=(a)+(c)   758   767 38 729   -1.2% +0.9%
    Gross operating income – adjusted (f)=(b)+(d)   808   811 38 773   -0.4% +0.9%
    Cost/income ratio (%) -(c)/(a)   54.4%   54.0% 57.2% 53.8%   0.44pp -0.56pp
    Cost/income ratio – adjusted (%) -(d)/(b)   52.5%   52.6% 57.2% 52.3%   -0.06pp -0.72pp
    Cost of risk & others (g)   397   (5) 3 (8)   NS NS
    Cost of risk & others – adjusted (h)   (6)   (5) 3 (8)   +16.4% -29.7%
    Equity-accounted companies – JV (i)   66   61   61   +7.1% +7.1%
    Equity-accounted companies – US operations (j)   20   0 (32) 32   NS +18.1%
    Equity-accounted companies – U.S. operations – adjusted (k)   26   0 (32) 32   NS +51.8%
    Income before tax (l)=(e)+(g)+(i)+(j)   1,240   824 9 814   +50.6% +51.8%
    Income before tax – adjusted (m)=(f)+(h)+(i)+(k)   895   868 9 858   +3.1% +3.5%
    Corporate tax (n)   (245)   (189) (9) (179)   +29.6% +33.8%
    Corporate tax – adjusted (o)   (259)   (201) (9) (192)   +28.8% +32.0%
    Non-controlling interests (p)   2   1 0 1   +88.1% +88.1%
    Net income group share (q)=(l)+(n)+(p)   998   636 0 636   +56.9% +56.9%
    Net income group share – adjusted (r)=(m)+(o)+(p)   638   668 0 668   -4.5% -4.5%
                       
    Earnings per share (€)   4.86   3.11   3.11   +56.3% +56.3%
    Earnings per share – adjusted (€)   3.11   3.26   3.26   -4.8% -4.8%

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

            

    Pro Forma Historical Series3Adjusted4– Quarters 2024-2025

    (m€)   Q2 2025   Q2 2024 -Contrib. Amundi US
    Q2 2024
    Q2 2024
    pro forma
      % ch. T2/T2 % var. Q2/Q2
    pro forma
      Q1 2025* -Contrib. Amundi US
    T1 2025
    Q1 2025
    pro forma
      % ch. T2/T1 % var. Q2/Q1
    pro forma
    Net management fees   717   794 85 709   -9.7% +1.2%   824 88 737   -13.0% -2.7%
    Performance fees   35   50 1 49   -29.9% -28.9%   23 0 23   +52.0% +53.5%
    Net asset management revenues   752   844 86 758   -10.9% -0.8%   847 88 760   -11.2% -1.0%
    Technology   26   17 0 17   +49.8% +49.8%   26 0 26   +0.7% +0.7%
    Financial income and other revenues   (7)   3 3 (0)   NS NS   19 2 18   NS NS
    Financial income and other revenues – adjusted   12   26 3 22   -52.9% -43.7%   39 2 37   -68.4% -66.9%
    Net income (a)   771   864 89 775   -10.8% -0.6%   892 90 803   -13.7% -4.0%
    Net income – adjusted (b)   790   887 89 799   -10.9% -1.0%   912 90 823   -13.4% -3.9%
    Operating expenses (c)   (418)   (461) (51) (410)   -9.2% +2.0%   (486) (67) (419)   -14.0% -0.2%
    Operating expenses – adjusted (d)   (417)   (461) (51) (410)   -9.6% +1.6%   (478) (62) (416)   -12.8% +0.2%
    Gross Operating Income (e)=(a)+(c)   352   403 38 365   -12.6% -3.5%   406 22 384   -13.3% -8.2%
    Rross operating income – adjusted (f)=(b)+(d)   374   426 38 388   -12.4% -3.8%   434 28 407   -14.0% -8.1%
    Cost/income ratio (%) -(c)/(a)   54.3%   53.4% 57.2% 52.9%   0.95pp 1.38pp   54.5% 75.0% 52.2%   -0.20pp 2.08pp
    Cost/income ratio – adjusted (%) -(d)/(b)   52.7%   51.9% 57.2% 51.4%   0.79pp 1.37pp   52.4% 69.0% 50.6%   0.35pp 2.16pp
    Cost of risk & others (g)   401   (5) 3 (8)   NS NS   (4) (0) (4)   NS NS
    Cost of Risk & Other – adjusted (h)   (1)   (5) 3 (8)   -71.0% -82.4%   (4) (0) (4)   -67.9% -67.4%
    Equity-accounted companies – JV (i)   38   33 0 33   +16.6% +16.6%   28 0 28   +38.6% +38.6%
    Equity-accounted companies – US operations (j)   20   0 (32) 32   NS -37.7%   0 (18) 18   NS +11.7%
    Equity-accounted companies – U.S. operations – adjusted (k)   26   0 (32) 32   NS -16.8%   0 (22) 22   NS +21.2%
    Profit before tax (l)=(e)+(g)+(i)+(j)   811   431 9 421   +88.3% +92.5%   429 5 425   +89.0% +91.0%
    Profit before tax – adjusted (m)=(f)+(h)+(i)+(k)   437   454 9 445   -3.8% -1.8%   458 10 452   -4.5% -3.3%
    Corporate tax (n)   (97)   (98) (9) (89)   -0.5% +10.1%   (147) (5) (143)   -33.7% -31.6%
    Corporate tax – adjusted (o)   (104)   (105) (9) (95)   -0.8% +9.0%   (155) (6) (149)   -33.2% -30.6%
    Non-controlling interests (p)   1   0 0 0   NS NS   1 0 1   +32.6% +32.6%
    Net income group share (q)=(l)+(n)+(p)   715   333 0 333   NS NS   283 0 283   NS NS
    Net income group share – adjusted (r)=(m)+(o)+(p)   334   350 0 350   -4.5% -4.5%   303 0 303   +10.2% +10.2%
                                     
    Earnings per share (€)   3.48   1.63   1.63   NS NS   1.38   1.38   NS NS
    Earnings per share – adjusted (€)   1.63   1.71   1.71   -4.8% -4.8%   1.48   1.48   +10.2% +10.2%

    Definition of assets under management

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

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

    (€bn) Assets under management Collection

    Net

    Market and exchange rate effect Scope
    effect
      Change in assets under management
    vs. prior quarter
    As of 31/12/2021 2,064         +14%19
    Q1 2022   +3.2 -46.4    
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.7    
    As of 30/06/2022 1,925         -4.8%
    Q3 2022   -12.9 -16.3    
    As of 30/09/2022 1,895         -1.6%
    Q4 2022   +15.0 -6.2    
    As of 31/12/2022 1,904         +0.5%
    Q1 2023   -11.1 +40.9    
    As of 31/03/2023 1,934         +1.6%
    Q2 2023   +3.7 +23.8    
    As of 31/06/2023 1,961         +1.4%
    Q3 2023   +13.7 -1.7    
    As of 30/09/2023 1,973         +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037         +3.2%
    Q1 2024   +16.6 +62.9    
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +7.9  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5    
    30/09/2024 2,192         +1.6%
    Q4 2024   +20.5 +28.1    
    31/12/2024 2,240         +2.2%
    Q1 2025   +31.1 -24.0    
    31/03/2025 2,247         +0.3%
    Q2 2025   +20.4 +10.1   -10.6  
    30/06/2025 2,267         +0.9%

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

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

    Details of assets under management and net inflows by client segments20

    (€bn) AuM

    30.06.2025

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

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes20

    (€bn) AuM

    30.06.2025

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

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

    (€bn) AuM

    30.06.2025

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

    Details of assets under management and net inflows by geographic area20

    (€bn) AuM

    30.06.2025

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

    Methodological Annex – Alternative Performance Indicators (APIs)

    Accounting and adjusted data

    Accounting data – These include

    • the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
    • integration costs related to the transaction with Victory Capital and PPA amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 as operating expenses. No such costs were recorded in the first nine months of 2024.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2024: -€20m before tax and -€15m after tax
    • H1 2024: -€44m before tax and -€28m after tax
    • Q4 2024: -€38m before tax and -€28m after tax
    • Q1 2025: -€29m before tax and -€20m after tax
    • Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
    • H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)

    Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

    Partnership with Victory Capital

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

    Alternative Performance Indicators21

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

    The adjusted data can be reconciled with the accounting data as follows:

    = accounting data
    = adjusted data
    (M€)   H1 2025 H1 2024*   Q2 2025 Q2 2024 Q2 2024*   Q1 2025 Q1 2025*
                         
                         
    Net revenue (a)   1,663 1,578   771 864 775   892 803
    – Amortisation of intangible assets (bef. Tax)   (37) (43)   (18) (22) (22)   (18) (18)
    – Other non-cash charges related to Alpha Associates   (3) (1)   (1) (1) (1)   (1) (1)
    Net revenue – adjusted (b)   1,703 1, 623   790 887 799   912 823
                         
    Operating expenses (c)   (905) (849)   (418) (461) (410)   (486) (419)
    – Integration costs (bef. tax)   (7) 0   0 0 0   (7) (2)
    – Amortisation related to aixigo PPA (bef. Tax)   (4) 0   (2) 0 0   (2) (2)
    Operating expenses – adjusted (d)   (894) (849)   (417) (461) (410)   (478) (416)
                         
    Gross operating income (e)=(a)+(c)   758 729   352 403 365   406 384
    Gross operating income – adjusted (f)=(b)+(d)   808 773   374 426 388   434 407
    Cost / Income ratio (%) -(c)/(a)   54.4% 53.8%   54.3% 53.4% 52.9%   54.5% 52.2%
    Cost / Income ratio, adjusted (%) -(d)/(b)   52.5% 52.3%   52.7% 51.9% 51.4%   52.4% 50.6%
    Cost of risk & others (g)   397 (8)   401 (5) (8)   (4) (4)
    Cost of risk & others – Adjusted (h)   (6) (8)   (1) (5) (8)   (4) (4)
    Share of net income from JVs (i)   66 61   38 33 33   28 28
    Share of net income from Victory Capital (j)   20 32   20 0 32   0 18
    Share of net income from Victory Capital – Adjusted (k)   26 32   26 0 32   0 22
    Income before tax (l)=(e)+(g)+(i)+(j)   1,240 814   811 431 421   429 425
    Income before tax – adjusted (m)=(f)+(h)+(i)+(k)   895 858   437 454 445   458 452
    Corporate tax (m)   (245) (179)   (97) (98) (89)   (147) (143)
    Corporate tax – adjusted (n)   (259) (192)   (104) (105) (95)   (155) (149)
    Non-controlling interests (o)   2 1   1 0 0   1 1
    Net income group share (q)=(l)+(n)+(p)   998 636   715 333 333   283 283
    Net income group share – adjusted (r)=(m)+(o)+(p)   638 668   334 350 350   303 303
                         
    Earnings per share (€)   4.86 3.11   3.48 1.63 1.63   1.38 1.38
    Earnings per share – adjusted (€)   3.11 3.26   1.63 1.71 1.71   1.48 1.48
                         

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

    Shareholding

        30 June 2025   31 March 2025   31 December 2024   30 June 2024
    (units)   Number
    of shares
    % of capital   Number
    of shares
    % of capital   Number
    of shares
    % of capital   Number
    of shares
    % of capital
    Crédit Agricole Group   141,057,399 68.67%   141,057,399 68.67%   141,057,399 68.67%   141,057,399 68.93%
    Employees   4,398,054 2.14%   4,128,079 2.01%   4,272,132 2.08%   2,879,073 1.41%
    Self   1,625,258 0.79%   1,961,141 0.95%   1,992,485 0.97%   963,625 0.47%
    Floating   58,338,551 28.40%   58,272,643 28.37%   58,097,246 28.28%   59,747,537 29.20%
                             
    Number of equities at the end of the period   205,419,262 100.0%   205,419,262 100.0%   205,419,262 100.0%   204,647,634 100.0%
    Average number of equities since the beginning of the year   205,419,262   205,419,262   204,776,239   204,647,634
    Average number of equities quarter-to-date   205,419,262   205,419,262   205,159,257   204,647,634

    Average number of shares prorata temporis.

    • The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
    • A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
    • Amundi announced on 7 October 2024 a buyback program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.                                                

    Financial communication calendar

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

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players22, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets23.

    With its six international investment hubs24, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

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

    www.amundi.com          

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980. 

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion. 

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

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.


    1        See definition of assets under management p.14
    2        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
    3        Adjusted data: see p. 16
    4        For explanations of pro forma variations, see p. 12 and 13
    5        Source: IPE “Top 500 Asset Managers” published in June 2025
    6        Including JV and Victory Capital – US Distribution
    7        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
    8        Medium to Long-Term Assets, excluding JVs
    9        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
    10        See Third-Party Distribution Investor Workshop of 19 June 2025
    11        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
    12        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    13        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    14        Currently being estimated
    15        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
    16        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
    17        Net equity minus goodwill and intangible assets
    18        Long-Term Issuer Default Rating (IDR)
    19        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
    20        See definition of assets under management, p.14
    21        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
    22Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
    23Amundi data as at 30/06/2025
    24Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

    Attachment

    The MIL Network