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Category: Science

  • MIL-OSI Submissions: How FDA panelists casting doubt on antidepressant use during pregnancy could lead to devastating outcomes for mothers

    Source: The Conversation – USA (3) – By Nicole Amoyal Pensak, Researcher of Caregiver Stress Management and Clinical Psychologist, University of Colorado Anschutz Medical Campus

    Research shows that the risks of untreated depression in pregnancy is much larger than the risks posed by SSRIs. RyanKing999/iStock via Getty Images Plus

    At a meeting held by the Food and Drug Administration on July 21, 2025, a panel convened by the agency cast doubt on the safety of antidepressant medications called selective serotonin reuptake inhibitors, or SSRIs, in pregnancy.

    Panel members discussed adding a so-called black box warning to the drugs – which the agency uses to indicate severe or life-threatening side effects – about the risk they pose to developing fetuses. Some of the panelists who attended had a history of expressing deep skepticism on antidepressants.

    SSRIs include drugs like Prozac and Zoloft and are the most commonly used medicines for treating clinical depression. They are considered the first-line medications for treating depression in pregnancy, with approximately 5% to 6% of North American women taking an SSRI during pregnancy.

    We are a psychologist certified in perinatal mental health and a reproductive psychiatrist and neuroscientist who studies female hormones and drug treatments for depression. We are concerned that many claims made at the meeting about the dangers of those drugs contradict decades of research evidence showing that antidepressant use during pregnancy is low risk when compared with the dangers of mental illness.

    As clinicians, we have front-row seats to the maternal mental health crisis in the U.S. Mental illness, including suicide and overdose, is the leading cause of maternal deaths. Like all drugs, SSRIs carry both risks and benefits. But research shows that the benefits to pregnant patients outweigh the risks of the SSRIs, as well as the risks of untreated depression.

    The panel did not address the safety of SSRIs following delivery, but numerous studies show that taking SSRI antidepressants while breastfeeding is low risk, usually producing low to undetectable drug levels in infants.

    The biology of maternal brain health

    Pregnancy and the months following childbirth are characterized by so many emotional, psychological and physical changes that the transition to motherhood has a specific name: matrescence. During matrescence, the brain changes rapidly as it prepares to efficiently take care of a baby.

    The capacity for change within the brain is known as “plasticity.” Enhanced plasticity during pregnancy and the postpartum period is what allows the maternal brain to become better at attuning to and carrying out the tasks of motherhood. For example, research indicates that during this period, the brain is primed to respond to baby-related stimuli and improve a mother’s ability to regulate her emotions. These brain shifts also act as a mental buffer against aging and stress in the long term.

    On the flip side, these rapid brain changes, fueled by hormonal shifts, can make people especially vulnerable to the risk of mental illness during and after pregnancy. For women who have a prior history of depression, the risk is even greater.

    Clinical depression interferes with brain plasticity, such that the brain becomes “stuck” in patterns of negative thoughts, emotions and behaviors.

    This leads to impairment in brain functions that are essential to motherhood. New mothers with depression have decreased brain activity in regions responsible for motivation, regulation of emotion and problem-solving. They are often withdrawn or overprotective of their infants, and they struggle with the relentless effort needed for tasks that arise with child-rearing like soothing, feeding, stimulating, planning and anticipating the child’s needs.

    Research shows that SSRIs work by promoting brain plasticity. This in turn allows individuals to perceive the world more positively, increases the experience of gratification as a mother and facilitates cognitive flexibility for problem-solving.

    SSRI antidepressants are thought to work by restoring healthy communication between brain cells.
    wildpixel/iStock via Getty Images Plus

    Assessing the risks of SSRIs in pregnancy

    Prescription drugs like SSRIs are just one aspect of treating pregnant women struggling with mental illness. Evidence-based psychotherapy, such as cognitive behavioral therapy, can also induce adaptive brain changes. But women with severe symptoms often require medication before they can reap the benefits of psychotherapy, and finding properly trained, accessible and affordable psychotherapists can be challenging. So sometimes, SSRIs may be the most appropriate treatment option available.

    Multiple studies have examined the effects of SSRIs on the developing fetus. Some data does show a link between these drugs and preterm birth, as well as low birth weight. However, depression during pregnancy is also linked to these effects, making it difficult to disentangle what’s due to the drug and what’s due to the illness.

    SSRIs are linked to a condition called neonatal adaption syndrome, in which infants are born jittery, irritable and with abnormal muscle tone. About one-third of infants born to mothers taking SSRIs experience it. However, research shows that it usually resolves within two weeks and does not have long-term health implications.

    The FDA-convened panel heavily focused on potential risks of SSRI usage, with several individuals incorrectly asserting that these drugs cause autism in exposed youth, as well as birth defects. At least one panelist discussed clinical depression as a “normal” part of the “emotional” experience during pregnancy and following birth. This perpetuates a long history of of women being dismissed, ignored and not believed in medical care. It also discounts the rigorous assessment and criteria that medical professionals use to diagnose reproductive mental health disorders.

    A summary of the pivotal studies on SSRIs in pregnancy by the Massachusetts General Hospital Center for Women’s Health discusses how research has shown SSRIs to not be associated with miscarriage, birth defects or developmental conditions in children, including autism spectrum disorder.

    Antidepressants such as SSRIs are thought to work by promoting brain plasticity.
    Cappi Thompson/Moment via Getty Images

    The risks of untreated mental illness

    Untreated clinical depression in pregnancy has several known risks. As noted above, babies born to mothers with clinical depression have a higher risk of preterm birth and low birth weight.

    They are also more likely to require neonatal intensive care and are at greater risk of behavioral problems and impaired cognition in childhood.

    Women who are clinically depressed have an increased risk of developing preeclampsia – a condition involving high blood pressure that, if not identified and treated quickly, can be fatal to both mother and fetus. Just as concerning is the heightened risk of suicide in depression. Suicide accounts for about 8% of deaths in pregnancy and shortly after birth.

    Compared with these very serious risks, the risks of using SSRIs in pregnancy turn out to be minimal. While women used to be encouraged to stop taking SSRIs during pregnancy to avoid some of these risks, this is no longer recommended, as it exposes women to a high chance of depression relapse. The American College of Obstetricians and Gynecologists recommends that all perinatal mental health treatments, including SSRIs, continue to be available.

    Many women are already reluctant to take antidepressants during pregnancy, and given the choice, they tend to avoid it. From a psychological standpoint, exposing their fetus to the side effects of antidepressant medications is one of many common reasons for women in the U.S. to feel maternal guilt or shame. However, the available data suggests such guilt is not warranted.

    Taken together, the best thing one can do for pregnant women and their babies is not to avoid prescribing these drugs when needed, but to take every measure possible to promote health: optimal prenatal care, and the combination of medications with psychotherapy, as well as other evidence-based treatments such as bright light therapy, exercise and adequate nutrition.

    The panel failed to address the latest neuroscience behind depression, how antidepressants work in the brain and the biological rationale for why doctors use them in the first place. Patients deserve education on what’s happening in their brain, and how a drug like an SSRI might work to help.

    Depression during pregnancy and in the months following birth is a serious barrier to brain health for mothers. SSRIs are one way of promoting healthy brain changes so that mothers can thrive both short- and long-term.

    Should the FDA, as a result of this recent panel, decide to place a black-box warning on antidepressants in pregnancy, researchers like us already know from history what will happen. In 2004, the FDA placed a warning on antidepressants describing potential suicidal ideation and behavior in young people.

    In the following years, antidepressant-prescribing decreased, while the consequences of mental illness increased. And it’s easy to imagine a similar pattern in pregnant women.

    I receive royalties for the sales of my book RATTLED, How to Calm New Mom Anxiety with the Power of the Postpartum Brain.

    Dr Novick has a career development award from the National Institute of Child Health and Development (K23HD110435) to study the neurobiology of hormonal contraception. This funding was not used to support the preparation or publication of this article. The views expressed here are those of the author and do not represent those of the National Institutes of Health or the University of Colorado School of Medicine.

    – ref. How FDA panelists casting doubt on antidepressant use during pregnancy could lead to devastating outcomes for mothers – https://theconversation.com/how-fda-panelists-casting-doubt-on-antidepressant-use-during-pregnancy-could-lead-to-devastating-outcomes-for-mothers-261825

    MIL OSI –

  • MIL-OSI Submissions: Strengthening collective labor rights can help reduce economic inequality

    Source: The Conversation – USA (2) – By Skip Mark, Assistant professor of political science, University of Rhode Island

    Only about 1 in 10 U.S. workers belong to unions today. champc/iStock via Getty Images Plus

    Despite the strength of the U.S. economy, the gap between rich and poor Americans is increasing.

    The wealthiest 1% of Americans have more than five times as much wealth as the bottom 50%, according to the U.S. Federal Reserve. That’s up from four times as much in the year 2000. In 2024 alone, the wealthiest 19 families got a total of US$1 trillion richer – the largest one-year increase on record.

    And yet 59% of Americans don’t have enough money saved up to cover an unexpected $1,000 expense.

    We are political scientists who study human rights and political economy.

    In a 2023 study, our team looked at 145 countries, including the U.S., to understand the link between labor rights and inequality. We found evidence that strengthening collective labor rights may reduce economic inequality.

    Empowering workers

    Collective labor rights include the rights to form and join a union, bargain collectively for higher pay and better working conditions, go on strike, and get justice if employers punish workers who exercise these rights.

    In the U.S., where less than 10% of workers belong to unions, union members typically earn higher wages than their nonunion counterparts.

    Through negotiations on behalf of their members, unions can pressure employers to provide fair wages and benefits. If negotiations break down, the union can call for a strike – sometimes winning better benefits and higher wages as a result.

    Some U.S. unions don’t have the right to strike, including air traffic controllers, teachers and those working on national security issues. But most unions have some ability to implement work stoppages and impose costs on employers to negotiate for raises and better benefits and conditions.

    Reducing inequality

    For our study, we analyzed the human rights in the CIRIGHTS dataset, which uses human rights reports from the U.S. State Department, Amnesty International and other sources to measure government respect for 24 human rights, including the rights to unionize and bargain collectively. The dataset is produced by the University of Rhode Island, Binghamton University and the University of Connecticut. One of us, Skip Mark, serves as a co-director of the project.

    Using a scoring guide, a team of researchers reads human rights reports and gives each country a score of zero if they have widespread violations, one point if they have some violations, or two if they have no evidence of violations. The team has assigned scores for all 24 rights from 1994 through 2022.

    Using this data, we created a measure of collective labor rights by adding scores for the right to workplace association and the right to collective bargaining. The resulting collective labor rights score ranges from zero to four.

    Countries where workers’ rights are routinely violated, such as Afghanistan, China and Saudi Arabia, scored a zero. The United States, Macedonia and Zambia, three countries with little in common, were among those that tended to get two points, placing them in the middle. Countries with no reported violations of the rights to workplace association and collective bargaining, including Canada, Sweden and France, got four points.

    According to the CIRIGHTS dataset, the strength of respect for collective labor rights around the world declined by 50%, from 2.06 in 1994 to 1.03 in 2022.

    At the same time, according to the World Inequality Dataset, the share of income earned by the 1% with the biggest paychecks increased by 11%.

    We used advanced statistical methods to figure out whether better worker protections actually reduce inequality or are just associated with it.

    Gaps between individuals and ethnic groups

    We also measured what’s been happening to economic inequality, using two common ways to track it.

    One of them is vertical inequality, the gap between what people earn within a country – the rich versus the poor. The more unequal a society becomes, the higher its vertical inequality score gets. We measured it using the disposable income measure from the Gini index, a commonly used indicator of economic inequality that captures how much money individuals have to spend after taxes and government transfers.

    We found that a one-point increase in collective labor rights on our four-point scale reduces vertical inequality by 10 times the average change in inequality. For the U.S., a one-point increase in collective labor rights would be about enough to undo the increase in inequality that occurred between 2008 and 2010 due to the Great Recession and its aftermath. It would also likely help stem the growing wealth gap between Black and white Americans. That’s because income disparities compound over time to create wealth gaps.

    We also assessed the connection between horizontal inequality, which measures income inequality between ethnic or other groups, and collective labor rights.

    Negative horizontal inequality measures the amount of a country’s income held by the poorest ethnic group. Higher scores for this metric indicate that the lowest-earning ethnic group has less income relative to the rest of society. Black Americans have the lowest median income of any racial or ethnic group, according to the U.S. Census Bureau.

    Positive horizontal inequality measures the income earned by the richest ethnic group. When positive horizontal inequality rises, that means the richest ethnic group has more income relative to the rest of society. According to the same Census Bureau report, Asian Americans had the highest median earnings.

    We found that stronger collective labor rights, both in law and in practice around the world, also reduce both types of horizontal inequality. This means they raise the floor by helping to improve the income of the poorest ethnic groups in society. They also close the gap by limiting the incomes of the richest ethnic group, which can reduce the likelihood of conflicts.

    That is, our findings suggest that when workers are free to advocate for higher wages and better benefits for themselves, it also benefits society as a whole.

    Stephen Bagwell is a researcher with the Human Rights Measurement Initiative, a charitable trust registered in New Zealand

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

    – ref. Strengthening collective labor rights can help reduce economic inequality – https://theconversation.com/strengthening-collective-labor-rights-can-help-reduce-economic-inequality-254258

    MIL OSI –

  • MIL-OSI: U.S. Drone Market Outlook and Competitive Landscape Becoming a Sector Poised for Prosperous Expansion

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Recently, drone market insiders, have issued very optimistic reviews on where the U.S. drone market is heading. Industry observers note that this legislative backing de-risks investment in defense and dual-use drone companies, making them more attractive to institutional investors and venture firms alike. The new funding is poised to expand domestic manufacturing capabilities, support R&D in autonomy and AI, and reward companies prepared to operate within the tightened regulatory and sourcing frameworks. On such report from Dronelife.com said: “Compare the U.S. surge in drone investment to the investment contraction and global market realignment that Drone Industry Insights (DRONEII), reported on just a few months ago. The earlier DRONEII report underscores the U.S. government’s legislative actions as especially impactful, setting the pace for global realignment and influencing investment priorities worldwide. The direct result of these policy moves has been an influx of both venture and public market investment into U.S.-aligned drone companies. Companies such as Firestorm Labs and Unusual Machines have openly referenced the “clear demand signals” coming from Washington in their fundraising releases. Meanwhile, market analysis on platforms like Nasdaq and Investing.com track a sector-wide uptick in share prices and capital-infused balance sheets in July 2025 alone.”   Active Companies in the drone industries include ZenaTech, Inc. (NASDAQ: ZENA), Teledyne Technologies Incorporated (NYSE: TDY), ParaZero Technologies Ltd. (NASDAQ: PRZO), Safe Pro Group Inc. (NASDAQ: SPAI), Arbe Robotics Ltd. (NASDAQ: ARBE).

    The article continued discussing how legislative backing is a growth catalyst saying: “The strengthened investment environment for U.S. drone companies in the summer of 2025 is a direct response to aggressive legislative and executive action. As enhanced procurement mandates and funding priorities solidify, companies with domestic manufacturing capabilities and compliance adherence are best positioned to benefit. This unique interplay of policy and market forces is not only revitalizing the American drone industrial base but is also driving a more resilient, innovation-focused sector poised for further expansion.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Initiates AUVSI Membership Upgrade, Enabling Leadership on Drone Policy and Strengthening US Defense and Government Engagement – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today announces its drone subsidiary ZenaDrone has initiated upgrading its membership to the Advocacy level with the influential Association for Uncrewed Vehicle Systems International (AUVSI), enabling it to join both the Defense Advocacy Committee and Air Advocacy Committee. This upgrade enables the company to engage alongside top US drone and defense innovators, such as Skydio, Anduril, Leidos and Shield AI, to elevate its leadership role in shaping critical drone policy and procurement as well as deepening relationships with important stakeholders and decisionmakers.

    “This is a clear investment in speed to market and long-term procurement success,” said Shaun Passley, Ph.D., ZenaTech CEO. “By joining AUVSI’s Defense and Air Advocacy Committees, ZenaDrone gains direct access to the policy, compliance, and acquisition conversations that shape Department of Defense agency procurement. It positions us alongside trusted defense leaders and innovators, accelerating our path to Green and Blue UAS certification by strengthening our ability to meet the security, interoperability, and regulatory expectations of federal buyers and leverage growth opportunities.”

    Through an upgraded Advocacy membership, ZenaDrone will be able to collaborate with AUVSI’s network of industry leaders and regulators to influence federal drone policies and shape the future of the drone industry in the US. This participation provides direct access to federal decision-makers, enabling influence on key policy areas such as BVLOS (Beyond Visual Line of Sight) regulation and streamlined procurement, while ensuring the company’s drone platforms remain aligned with the evolving operational needs and priorities of US defense and government agencies.

    This involvement comes at a pivotal time, as recent Executive Orders and policy directives from the White House and Department of Defense accelerate support for NDAA-compliant, secure, and domestically produced drone technologies. These directives now move toward implementation, requiring practical policy frameworks and procurement processes—an area where ZenaDrone aims to contribute meaningfully.

    Founded in 1972, AUVSI is the largest nonprofit advancing uncrewed and autonomous systems through innovation, policy, and collaboration. It connects government, industry, and academia to drive safe, efficient integration of emerging technologies. The Air Advocacy Committee shapes policies to expand drone operations in national airspace, while the Defense Advocacy Committee influences defense acquisition policies and promotes NDAA-compliant drone technology. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE: TDY), recently announced the winners of the 30th Annual ‘FLIR Vision Awards’ at the APSCON 2025 Conference in Phoenix, Arizona.

    The FLIR Vision Awards are presented to members of the airborne law enforcement community who have best demonstrated use of thermal imaging systems in carrying out their missions, whether conducting search and rescue efforts, pursuing suspects, or saving lives in other ways. The awards are divided into four categories, including the FANG Award for operations involving a K-9 support team.

    ParaZero Technologies Ltd. (NASDAQ: PRZO) recently announced the launch of its latest product, the SafeAir Raptor. This latest and innovative safety system is specifically engineered for compatibility with Anzu Robotics’ Raptor and Raptor T (thermal) drone models.

    The SafeAir Raptor offers performance capabilities akin to ParaZero’s acclaimed SafeAir Mavic 3 System, providing autonomous monitoring and real-time failure detection to ensure optimal safety during drone operations. Notably, the SafeAir Raptor complies with ASTM F3322-22 standards, making it eligible for operations over people in accordance with Federal Aviation Administration (FAA) regulations.

    Safe Pro Group Inc. (NASDAQ: SPAI), a leader in artificial intelligence (AI)-powered defense and security solutions, recently announced that it has been selected by the U.S. Army to participate in the Army Futures Command’s (AFC) Concept Focused Warfighting Experiment (CFWE) Maneuver (CFWE-M) 2026 event being held at Fort Benning, Georgia in March through April 2026.

    Army Futures Command, established in 2018, helps ensure the Army and its soldiers remain at the forefront of technological innovation and warfighting ability. The CFWE-M is a live and constructive simulation experiment held annually by the U.S. Army and serves as the primary venue for experimentation focusing on the small unit level. CFWE-M supports small unit modernization by providing Cross Function Teams (CFT), Centers of Excellence (CoE) capability developers, Science and Technology (S&T) community, and industry an opportunity to collaborate with the Army.

    Arbe Robotics Ltd. (NASDAQ: ARBE) recently announced that Sensrad, a leading radar Tier-1 supplier based in Sweden, has begun delivering its first radar series powered by Arbe’s chipset to customers. These radars are destined for deployment in a defense sector autonomous off-road vehicle application and in an intelligent road infrastructure project.

    Sensrad recently placed a significant purchase order for Arbe chipsets, a key step toward the commercialization of its radar solutions. These chipsets will be used in multiple programs, including an initiative involving autonomous vehicles for off-road applications for a strategic US customer in the defense sector, the China-based Tianyi Transportation project, and several customer evaluations. Sensrad’s progress reflects its growing commitment to expanding radar adoption across diverse verticals beyond traditional passenger automotive markets.

    To accelerate the deployment Arbe and Sensrad have signed a comprehensive support and maintenance agreement to reinforce Sensrad’s 4D Imaging Radar program built on Arbe’s advanced chipset technology. Under the terms of the agreement, Sensrad will pay Arbe a recurring fee for continued support, maintenance, and professional services.

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

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    The MIL Network –

  • MIL-OSI Analysis: Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past

    Source: The Conversation – UK – By Ian Main, Professor of Seismology and Rock Physics, University of Edinburgh

    The earthquake in Russia’s Kamchatka peninsula on July 30 2025 may have been one of the most severe on record, with a magnitude of 8.8. But innovations in science and technology gave governments vital time to warn and evacuate their people from the resulting tsunami.

    Millions of people escaped to higher ground before the tsunami hit.

    The 2004 Boxing Day 9.3 magnitude earthquake and tsunami in Sumatra, which caused approximately 230,000 deaths, some as far away as Somalia on the other side of the Indian Ocean, shows how important these warnings are.

    Early warning systems were not in place for the Indian Ocean in time for the 2004 disaster. But there is now a system in place, with 27 countries participating in the group effort.

    The 2004 tsunami was particularly tragic because tsunami waves travel at a steady speed in the open ocean, about as fast as a jet plane. This means they can take several hours to reach shore across an ocean, with plenty of time for warning.

    An early warning system for the Pacific Ocean, based in Hawaii, was created in 1948 following a deadly tsunami two years before. On April 1 1946, the magnitude 8.6 Aleutian Islands earthquake in the northern Pacific Ocean generated a tsunami that devastated parts of Hawaii hours later, leading to 146 fatalities.

    The death toll was exacerbated by the leading wave being downwards. This happens in around 50% of tsunamis, and exposes the seashore in a similar way to when the tide goes out, but exposing a larger area than normal. People sometimes investigate out of curiosity, bringing them closer to the danger.

    The accuracy and response times of early tsunami warnings have significantly improved since 1948.

    How tsunamis happen

    To understand the work involved in protecting coastal communities, first you need to understand how tsunamis are generated.

    Tsunamis are caused by displacement of mass on the sea floor after an earthquake, landslide or volcanic eruption. This provides an energy source to set off a wave in the deep sea, not just near the surface like in the ocean waves we see whipped up by the wind and storms. Most are small. The Japanese word tsunami translates somewhat innocuously as “harbour wave”.

    Detailed global mapping of the sea floor, pioneered by US geologist Marie Tharpe between 1957 and 1978, helped establish the modern theory of plate tectonics. It also improved the physical models for how the tsunami will travel in the ocean.

    Wave height increases as it approaches the shore, and the topography of the sea floor can result in a complicated pattern of wave interference and concentration of the energy in stream-like patterns. The establishment of sea-floor observatories led to better data for the pressure at the sea floor (related to wave height) and satellite networks now directly monitor wave height globally using radar signals from space.

    One of the factors that has helped scientists predict the range of a tsunami includes the setting up of the worldwide standard station network of seismometers in 1963, which allowed better estimations of earthquake location and magnitude.

    These were superseded by the digital broadband global network of seismometers in 1978, which allowed more detail on the source to be calculated quickly. This includes a better estimate of earthquake size, the source rupture area and orientation in three dimensions.

    It also tells scientists about the slip, which controls the pattern of displacement on the sea floor. This data is used to forecast the time of landing, the amplitude of the wave on the shoreline, and its height in areas where the wave travels further inland.

    The Pacific Ocean warning system now has 46 countries contributing data. It also uses physical and statistical models for estimating tsunami height. The models developed as scientists learnt more about earthquake sources, mapped features on the sea floor and tested model forecasts against outcomes.

    Today’s technology

    The early warning systems we have today are due to a decades-long commitment to global research collaboration and open data. Scientists have also improved their forecast methods. Recently they started using trained AI algorithms which could improve the timeliness and accuracy.

    Pioneered by the US Geological Survey, rapid data sharing is now used routinely to estimate earthquake parameters and make them available to the public soon after the rupture stops. This can be within minutes for an initial estimate then updated over the next few hours as more data comes in.

    However, the forecast wave height is inherently uncertain, variable from place to place, and may turn out to be more or less than expected. Similarly, large earthquakes are rare, making it hard to estimate how likely they are on average, and therefore to design appropriate mitigation measures.

    The 2011 Tohoku earthquake and tsunami in Japan destroyed or overtopped the eight-metre high protective sea walls that had been put in place based on such hazard estimates. There were over 19,000 fatalities. As a consequence, their height has been increased to 12-15 metres in some areas.

    Early warning systems also rely on rapid communication to the public, including mass alerts communicated by mobile phone, coordination by the relevant authorities across borders, clear advice, and advance evacuation plans and occasional alarm tests or drills. Although tsunami waves slow down to the speed of a car as they approach the shore, it is impossible to outrun one, so it is better to act quickly and calmly.

    The effectiveness of warnings also means accepting a degree of inconvenience in false alarms where the tsunami height is less than that forecast, because this is inevitable with the uncertainties involved. For good reason, authorities issuing alerts will err on the side of caution.

    To give an example, nuclear power plants on Japan’s eastern seaboard were shut down on July 30.

    So far it looks like the Pacific early warning system – combined with effective levels of preparedness and action by service providers and decision makers – has worked well in reducing the number of casualties that might have happened without it.

    There will always be a level of uncertainty we will have to live with. On balance, it is a small price to pay for avoiding a catastrophe.

    Ian Main is professor of Seismology and Rock Physics at the University of Edinburgh. He receives funding from UK Research and Innovation Research Council, a member of the UK Office for Nuclear Regulation Expert panel on external hazards, and acts as an independent reviewer for the Energy Industry-funded SeIsmic hazard and Ground Motion Assessment research program SIGMA3.

    – ref. Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past – https://theconversation.com/pacific-tsunami-modern-early-warning-systems-prevent-the-catastrophic-death-tolls-of-the-past-262283

    MIL OSI Analysis –

  • MIL-OSI Analysis: Vasectomy, pain and regret: what online forum Reddit reveals about men’s experiences

    Source: The Conversation – UK – By Kevin Pimbblet, Professor and Director of the Centre of Excellence for Data Science, AI and Modelling, University of Hull

    Fabian Montano Hernandez/Shutterstock

    Vasectomy has long been regarded as a permanent, safe and effective form of contraception. Its benefits are often summarised as minimally invasive and largely risk-free.

    But that may not be the full story.

    In recent years, vasectomy rates in the UK have declined significantly. It’s a puzzling trend, given that the procedure’s efficacy hasn’t changed. What has arguably shifted is how men talk about it. Not in doctors’ offices, but online.

    As an AI researcher working with large-scale public data, I led a 2025 study using natural language processing (NLP) – a branch of artificial intelligence that analyses patterns in human language – to examine thousands of posts from r/vasectomy and r/postvasectomypain, which are subreddits (topic-specific discussion forums) on Reddit, a social media platform where users share and comment on content in themed communities.

    My goal wasn’t to weigh in on urology (I’m not that kind of doctor), but to explore the emotional tone and self-reported outcomes in digital spaces where users speak candidly and in real time.

    The findings are revealing and raise important questions about informed consent, online health discourse and the growing influence of social data on healthcare communication.

    Fear, regret and pain?

    The most common emotional response to vasectomy, whether being considered or already undergone, is fear. To assess this, we used a tool called NRClex, a crowd-trained emotion classifier. This is an AI model trained on thousands of labelled examples to detect emotional tone in text. It found that “fear” dominated more than 70% of user-generated content.

    This isn’t surprising. Men on Reddit ask questions like “How bad is the pain?” “How long does it last?” and “Will I regret this?” These are not rare concerns: they’re central to the conversation.

    While overall sentiment analysis shows that most users report positive outcomes, a significant minority express deep regret and ongoing pain – sometimes lasting for years after surgery.

    This pain is often described as post-vasectomy pain syndrome (PVPS), a relatively little-known condition defined by new or chronic scrotal pain that continues for more than three months after the procedure.

    PVPS is poorly understood and may have multiple causes, some anatomical, some neurological and some still unclear. Though some health authorities describe it as “rare,” our Reddit data suggests it could be more common, or at least more disruptive, than currently acknowledged.

    We analysed more than 11,000 Reddit posts and found that the word “pain” appeared in over 3,700 of them; roughly one-third. In many cases, the pain described persisted well beyond the expected recovery period. The word “month” appeared in nearly 900 pain-related posts, while “year” appeared in over 600.

    This is noteworthy. Post-surgical pain is typically expected to resolve within days or weeks. Yet our dataset suggests that 6%–8% of Reddit users discussing vasectomy report longer-term discomfort – a rate that aligns with the upper estimates in the urological studies. More recent research, including a large-scale postoperative study, argues that the incidence is likely much lower, perhaps under 1%.

    Of course, we must emphasise that these are self-reported experiences. Not all mentions of “pain” equate to a formal PVPS diagnosis. It’s also important to acknowledge that people who are dissatisfied with a medical procedure are generally more likely to post about it online – a well-recognised bias in social data. Even so, the volume, consistency and emotional intensity of these posts suggest the issue warrants closer attention from clinicians and researchers alike.

    Even more strikingly, around 2% of posts mention both “pain” and “regret”, implying serious, potentially life-altering consequences for a small but significant group of people.

    On r/postvasectomypain – a subreddit specifically dedicated to discussing PVPS – the tone is even more sobering. Unsurprisingly, 74% of posts describe persistent, long-term pain. Additionally, 23% mention pain during sex and 27% report changes in sensitivity.

    Posts on this forum also frequently reference vasectomy reversal surgery far more often than more specialised interventions such as microsurgical denervation: a complex nerve-removal procedure used in severe cases of chronic testicular pain, typically when other treatments have failed.

    From AI to andrology: an ethical crossroads

    Why is a professor of AI and physics analysing pain in urology forums?

    Because in today’s digital world, people increasingly turn to online platforms like Reddit for health advice, peer support and decision-making – often before speaking to a clinician. As an AI researcher, I believe we have a responsibility to examine how these discussions shape public understanding, and what they can teach us about real-world healthcare challenges.

    In this case, it’s possible that the drop in vasectomy uptake is linked, at least in part, to the open and emotional sharing of negative outcomes online. These posts are not scaremongering. They’re detailed, candid and often highly specific. They represent a type of real-world evidence that clinical trials and formal studies don’t always capture.

    So, what should we take from all this?

    Terms like “rare”, often used in consent forms and clinical conversations, can obscure the complexity and variability of patient outcomes. Pain following vasectomy, whether mild, temporary, chronic or debilitating, appears common enough to warrant more transparent and nuanced communication.

    This is not an argument against vasectomy. It remains a safe, effective, and empowering option in reproductive planning. But truly informed consent should reflect both the clinical literature and the experiences of those who undergo the procedure, especially when such experiences are now publicly available in large volumes.

    In a world where online forums double as health diaries, support networks and informal research registries, we must take them seriously. Medical language matters. Terms like “rare”, “uncommon” or “low risk” carry real emotional and moral weight. They shape expectations and influence decisions.

    If even a small percentage of men experience long-term pain after vasectomy, that risk should be communicated clearly, in plain English – ideally with a range of percentages drawn from published studies.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Kevin Pimbblet currently receives funding from STFC, EPSRC, The British Academy, The Royal Astronomical Society, The British Ecological Society, and The Office for Students. None are in direct relation to this work.

    – ref. Vasectomy, pain and regret: what online forum Reddit reveals about men’s experiences – https://theconversation.com/vasectomy-pain-and-regret-what-online-forum-reddit-reveals-about-mens-experiences-261633

    MIL OSI Analysis –

  • MIL-OSI Analysis: Who is Odysseus, hero of Christopher Nolan’s new epic?

    Source: The Conversation – UK – By Stephan Blum, Research associate, Institute for Prehistory and Early History and Medieval Archaeology, University of Tübingen

    Somewhere between hero and hustler, family man and philanderer, king and con artist, Odysseus is one of ancient literature’s most complex figures. In the Iliad, he is the mastermind behind the Trojan horse.

    In Homer’s Odyssey, he is the protagonist of a ten-year journey home – one that sees him encounter gods, monsters, temptations and profound moral dilemmas. Next year, he will be the hero of a new Christopher Nolan epic, and played by Matt Damon.

    Odysseus’s journey from Troy to Ithaca in the Odyssey is anything but a straight line. It’s an epic zigzag through storms, temptations, divine grudges and existential threats. Instead of returning in weeks, he spends a decade adrift.

    He is stranded by nymphs, resists sirens and watches his crew perish one by one. Every stop tests not only his wit but his very sense of self.

    The Odyssey isn’t a tale of noble perseverance. It’s a study in survival. Odysseus deceives, disguises and entangles himself in morally grey romantic liaisons with a sorceress (Circe), nymph (Calypso) and princess (Nausicaa). He does so often as strategist and sometimes as willing participant.

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

    In Homer’s world, infidelity is a tool of survival. Odysseus survives not through moral clarity, but through his moral agility. His loyalty to his wife Penelope (reportedly played by Anne Hathaway in the new adaptation) is longitudinal, not linear. His compass is always aimed at returning to Ithaca, if not always in a straight line.

    Would this flexibility pass modern ethical scrutiny? Probably not. But what made him successful wasn’t moral integrity – it was his ability to navigate each situation, even if that meant bending the rules.

    While Odysseus adapts, Penelope endures with strategic resilience. For 20 years, she fends off suitors with deft delay tactics. She avoids them by weaving and unweaving a funeral shroud for her husband’s father, Laertes. It’s a defiant, slow motion resistance campaign, waged with thread and silence.

    Penelope and the Suitors by John William Waterhouse (1912).
    Aberdeen Art Gallery

    If Odysseus navigates external monsters, Penelope masters the domestic battlefield. Her fidelity in her husband’s absence is deliberate, political and astute. In a patriarchal world, her power lies in pause. Her story is one of emotional labour and strategic survival.

    Narrative loops and non-linear journeys

    The Odyssey is an ancient masterpiece of non-linear storytelling. It begins in the middle of the action and uses nested narratives, flashbacks and shifting voices. Odysseus tells much of his own story, reframing events from his point of view and reshaping himself in hindsight. Memory becomes montage. Truth bends to necessity. Fact and fiction bleed into one another.

    Homer doesn’t just tell a story – he constructs a labyrinth. The Odyssey anticipates the fractured forms of modernist literature and cinema, where identity is unstable and time itself is malleable.

    Odysseus and Penelope by Johann Heinrich Wilhelm Tischbein (1802).
    Wiki Commons

    When Odysseus finally returns to Ithaca, disguised as a beggar and quietly assessing his ship’s wreckage, it’s no romantic climax. It’s a calculated risk. Penelope doesn’t swoon; she tests. Only when he passes her intimate knowledge test – he reacts with outrage when she suggests moving their bed, which he built around a living olive tree – does she relent. Their reunion is not a Hollywood embrace but a wary negotiation.

    It signals restoration, yes. But also mistrust, trauma and mutual testing. Homecoming, like survival, is complicated.

    Odysseus is not a flawless hero. He is a survivor who negotiates with monsters, debates with gods and crawls home disguised as a beggar. A man shaped as much by cunning as by consequence.

    Would Odysseus pass a modern ethics exam? Certainly not. Would he charm the professor, flip the question and still walk out with an A? Absolutely. Some stories endure not because they are true, but because they were told by survivors.

    This article features references to books that have been included for editorial reasons, and may contain links to bookshop.org. If you click on one of the links and go on to buy something from bookshop.org The Conversation UK may earn a commission.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. Who is Odysseus, hero of Christopher Nolan’s new epic? – https://theconversation.com/who-is-odysseus-hero-of-christopher-nolans-new-epic-261781

    MIL OSI Analysis –

  • MIL-OSI Analysis: England’s new free speech law comes into force – what it means for universities

    Source: The Conversation – UK – By Eric Heinze, Professor of Law and Humanities, Queen Mary University of London

    Matej Kastelic/Shutterstock

    The Higher Education (Freedom of Speech) Act 2023 comes into force throughout England on August 1 2025. Designed to stop universities from censoring controversial or unpopular ideas, the law gives the Office for Students responsibility for ensuring institutions comply.

    This law will mean that many universities will have to change the way they approach free speech.

    When it comes to adopting campus speech policies, educational establishments have always had three choices.

    One option has been to follow the law, permitting whichever messages the law already allows, while banning whichever messages the law already forbids. UK law prohibits, for example, certain core expressions of racism, anti-LGBTQ+ hatred, Islamophobia, antisemitism, or glorification of terrorism. I’ll call this the “legalist” option.

    Another approach is to allow more speech than the law allows. This would, for example, permit guest lecturers to advocate white supremacy or the belief that only heterosexual relationships and behaviour are normal. I’ll call this the “libertarian” option. It treats free speech as sacrosanct.

    But this option would never be adopted. Few institutions would welcome the torrent of parental complaints, media publicity, donor withdrawals, police investigations, or full-blown litigation that would follow.

    A third option is to permit less speech than the law allows. This would mean, for example, banning sexist speech, which is otherwise still permitted under UK law. We can call this the “communitarian” option. It views educational institutions as more than just places for exchanging ideas: they must also promote civic values, aiming to build an empathic society.

    Changing approaches

    In the past, British universities could choose option three, cancelling or avoiding events featuring messages that, although legal, risk stoking campus divisions.

    Some institutions have stopped controversial speakers through decisions by senior leadership. For example, in 2013 UCL’s senior administrators banned a group that advocated sex segregation. Other times, efforts to cancel events have been made by students or staff. In 2015, the University of York cancelled events for International Men’s Day after complaints from students and staff.

    The effect of the Higher Education (Freedom of Speech) Act will be to shift universities from the communitarian to the legalist model. Campus members wishing to stage events will still have to comply with routine guidelines on reserving campus venues, ticketing participants, ensuring security controls, and the like. However, under the act, universities may no longer impede the communication of otherwise legal messages solely on the grounds of their provocative content.

    For advocates of free speech, this act may still not go far enough since it keeps an escape hatch. Management can still cancel controversial events if the institution lacks the means to ensure adequate security, and such claims are often difficult to verify.

    Yet for others, the act will go too far. Some would argue that existing law in Britain does not adequately protect vulnerable groups, and that universities should stick to the communitarian ideal, creating a refuge that the law often fails to provide.

    These anxieties become ever greater in our internet era, when misinformation can proliferate. Some may fear that abandoning the communitarian ethos will turn the campus into a wild west of free speech, disproportionately affecting its most vulnerable members.

    The act aims to preserve free speech on university campuses.
    Gorodenkoff/Shutterstock

    However, online communications have also proved to be powerful mobilising tools for staff and students, so online power hierarchies may work in more complex ways than meets the eye.

    Note also that nothing in the act abolishes student welfare services. Individually targeted acts of bullying, threats, stalking and harassment will remain under the aegis of campus oversight as well as UK law. Staff or students exhibiting racist, sexist, homophobic, or transphobic conduct will remain as subject as they were before to disciplinary proceedings and even dismissal or expulsion.

    Finally, it is worth bearing in mind that the act’s most salient ingredients are procedural, placing considerable burdens on institutions to facilitate free speech and deal transparently with accusations of censorship. Yet whether this will lead to an explosion of complaints, and whether ideas exchanged on campus will really differ so much from those we already hear today, remains to be seen.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Eric Heinze has received funding for submitting a report to the UK Commission for Countering Extremism.

    – ref. England’s new free speech law comes into force – what it means for universities – https://theconversation.com/englands-new-free-speech-law-comes-into-force-what-it-means-for-universities-262080

    MIL OSI Analysis –

  • MIL-OSI Analysis: English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging

    Source: The Conversation – UK – By Richard Bale, Director of Academic Development and Research, Associate Professor, The University of Law

    Cast Of Thousands/Shutterstock

    The Higher Education (Freedom of Speech) Act, which comes into force on August 1 2025, means universities in England now have a new duty to uphold “robust” strategies to ensure freedom of speech on campus.

    To support universities in navigating the boundaries of lawful and unlawful speech, universities regulator the Office for Students appointed its first director for freedom of speech and academic freedom in 2023. Arif Ahmed, who is also a professor of philosophy at the University of Cambridge, has reportedly said that coming across views students might find offensive is part of a university education.

    It’s possible, though, that feeling offended comes up against the important concept of “belonging” at university. In the context of higher education, belonging is often defined as feeling at home, included and valued. It is linked to more students staying in their courses, having enhanced wellbeing, and being able to learn well at university.

    But feeling offended and feeling you belong at university don’t have to be contradictory. Some of our research has found that belonging can also mean being able to challenge the dominant culture at a university, which may exclude students who don’t fit a particular mould.

    Being able to challenge opinions is important.
    Matej Kastelic/Shutterstock

    Some students explained that they proactively resist the prevalent image of the “typical” student. For example, in highly selective universities, students are often extremely competitive and industrious with a tendency to overwork. But this culture may not align with the work-life balance prioritised by some students.

    This form of “positive not-belonging” often takes the form of friendship groups and communities that cultivate an alternative kind of belonging. These groups may well enable greater freedom of self-expression, without fear of being judged or feeling pressured to conform to pre-existing academic cultures.

    While some students are able to carve out these collective and alternative communities for belonging, many others feel their presence and sense of belonging is conditional – especially minority ethnic students. Clearer advocacy for free speech might help these students feel more comfortable speaking up and building a stronger sense of belonging.

    We must not forget that the idea of belonging carries power dynamics, and often has implications for what is perceived as up for debate – and what is not.

    Existing free speech

    What’s more, the views of students suggest that free speech is already part of their experience at university. In 2023, the Office for Students added a question about freedom of expression to the annual National Student Survey, which gathers final-year undergraduates’ opinions on their higher education experience. The question, added for students at English universities only, asked how “free” students felt to express their ideas, opinions and beliefs.

    The results showed that 86% did feel they had this freedom. This has remained stable in the latest survey, with a slight increase to just over 88% in the 2025 results.

    The Office for Students also commissioned YouGov to poll research and teaching staff at English universities about their perceptions of free speech in higher education in 2024.

    Some positive results mirrored the student data. For example, 89% of academics reported that they are confident they understand what free speech means in higher education. But the polling also found that 21% did not feel free to discuss controversial topics in their teaching.

    This lack of perceived freedom of expression does not only have a negative impact on staff. It is widely understood that a key purpose of higher education is to nurture students’ independent thinking and self-awareness. A key step toward this goal is not to be afraid of engaging in difficult conversations, including asking questions.

    However, this does not happen automatically. Universities need to provide clear scaffolding, guidance and practical steps to protect freedom of speech. It is also important to normalise and promote conversations about topics such as cultural differences and intercultural competence, which refers to the ability to interact with people from different cultural backgrounds effectively and appropriately.

    If addressed, these discussions can help to foster inclusion, and promote diversity of thought and expression.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging – https://theconversation.com/english-universities-now-have-a-duty-to-uphold-freedom-of-speech-heres-how-it-might-affect-students-sense-of-belonging-260867

    MIL OSI Analysis –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI Russia: Xi Jinping signs decree on awarding some military units and individuals /detailed version-1/

    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

    BEIJING, July 31 (Xinhua) — Chairman of the Central Military Commission Xi Jinping signed an order recognizing the achievements of two military units and five individuals.

    One of the organs of the People’s Liberation Army (PLA) Unit 63920 was awarded the First Class Merit Award. Ding Yang of the PLA Unit 92853 was awarded the First Class Merit Award in Defense Science and Technology.

    PLA Unit 96712 was awarded the Second Class Merit Award.

    Wang Haidou of the former Army Armored Academy, Gao Yuqi of the Army Medical University, Yang Zichun of the Naval Engineering University and Chen Wei of the Institute of Military Medicine under the Academy of Military Sciences were each awarded third-class merits in defense science and technology. -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 Russia: Xi Jinping signs decree on awarding some military units and individuals /detailed version-1/

    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

    BEIJING, July 31 (Xinhua) — Chairman of the Central Military Commission Xi Jinping signed an order recognizing the achievements of two military units and five individuals.

    One of the organs of the People’s Liberation Army (PLA) Unit 63920 was awarded the First Class Merit Award. Ding Yang of the PLA Unit 92853 was awarded the First Class Merit Award in Defense Science and Technology.

    PLA Unit 96712 was awarded the Second Class Merit Award.

    Wang Haidou of the former Army Armored Academy, Gao Yuqi of the Army Medical University, Yang Zichun of the Naval Engineering University and Chen Wei of the Institute of Military Medicine under the Academy of Military Sciences were each awarded third-class merits in defense science and technology. -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 Asia-Pac: Medical school proposals assessed

    Source: Hong Kong Information Services

    The Task Group on New Medical School convened its fourth meeting today to conduct an overall evaluation of the proposals for the establishment of the third medical school and discuss the next steps for the task group’s work.
     
    The task group is co-chaired by Secretary for Health Prof Lo Chung-mau and Secretary for Education Choi Yuk-lin.
     
    Previously, the task group had in-depth discussions with the three universities that submitted proposals, namely Baptist University, Polytechnic University and the University of Science & Technology. Subsequently, the expert advisors conducted a comprehensive review of the proposals.
     
    Apart from carrying out an overall assessment of the proposals today, the expert advisors also initiated the next phase of follow-up work involving a thorough study of the proposals’ funding arrangements and financial sustainability.
     
    A final recommendation on the establishment of the new medical school is expected to be provided to the Government later this year.
     
    Prof Lo said: “We will consolidate the views of all task group members and submit our recommendation to the Chief Executive as soon as possible.
     
    “The Government will thoroughly consider the task group’s report and announce the results in due course.”
     
    Ms Choi thanked the expert advisors and members of the task group for their efforts and valuable professional input throughout the evaluation process.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Weather News – Return to winter’s chill – MetService

    Source: MetService

    Covering period of Thursday 31st July – Monday 4th August – After a soggy start to the week for many across the motu, the end of the week brings sunnier skies and a return to chilly winter nights. 

    While folks in southern and eastern parts will still see a few showers, for the rest of the country the weekend is a great time for outdoor plans, whether you’re heading out for a stroll, off to a Saturday sports game, working in the garden, or taking the opportunity to hang the washing out.
     
    Today’s action is in the upper North Island: eastern parts of Auckland and Northland, as well as Taranaki, may hear a rumble of thunder or see a scattering of hail this afternoon as some beefier showers roll through. 
    MetService meteorologist Silvia Martino advises, “With heavier showers expected right around school run time and into rush hour, make sure to keep an eye on the rain radar to see if any pop up near you.”
    Luckily for those cleaning up after heavy rain and flooding in Bay of Plenty yesterday, just a few showers are forecast for the region today, although the odd shower might still be heavy.
     
    There’s one more month of meteorological winter, and the next few days will certainly feel like it. Overnight temperatures dip into the negatives for much of the country, and many in the South Island will be back to single-digit daytime highs.
    “Clear skies, cold air, and light winds are perfect conditions for frosty nights and mornings – watch out for icy roads, and bring any precious pot plants in out of the cold,” Martino suggests.
    There is light on the horizon, though, with longer days bringing more daylight hours. Today the country sees an average of 45 minutes more daylight than we did a month ago on the shortest day of the year, and during August we’ll add another hour and a quarter to that.
     
    All eyes (and ears) have been on the tsunami advisories issued by NEMA for coastal regions of Aotearoa New Zealand. MetService supports the distribution of this safety-critical messaging with a banner on our Marine forecast pages directing users to https://www.civildefence.govt.nz/ for the most up-to-date information, as well as advising people through individual coastal and recreational marine forecasts to expect strong and unusual currents and unpredictable surges at shore.
    Martino explains, “The wave models used by weather forecasting agencies capture waves produced by wind and weather, so the swell heights in our marine forecasts don’t include any contribution from tsunami waves. Tsunami modelling is carried out by specialists at Earth Sciences New Zealand (formerly GNS Science), and messages issued by NEMA represent the official warning status for New Zealand.”

    MIL OSI New Zealand News –

  • MIL-OSI China: Russia’s Klyuchevskaya Sopka volcano erupts after major earthquake

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

    A damaged kindergarten is pictured after earthquake in Petropavlovsk-Kamchatka, Russia, July 30, 2025. Russia’s Far Eastern Kamchatka Peninsula was hit by a magnitude 8.7 earthquake, the strongest since 1952, according to the Kamchatka branch of the Geophysical Service of the Russian Academy of Sciences. [Government of Kamchatka Territory/Handout via Xinhua]

    The Klyuchevskaya Sopka volcano is erupting in Kamchatka following a major earthquake in the region, the Kamchatka Branch of the Russian Academy of Sciences’ (RAS) Geophysical Service said in a Wednesday Telegram post.

    “Right now, the Klyuchevskaya Sopka is erupting,” the RAS branch reported, with the message accompanied by a photo of the volcanic eruption.

    Also, scientists are tracking flows of incandescent lava down the western slope. Currently, explosions and intense glowing are visible above the volcano. Footage has been published on the Geophysical Service’s Telegram channel.

    Earlier in the day, an 8.8-magnitude earthquake struck offshore Kamchatka, the strongest in the region since 1952.

    Klyuchevskaya Sopka stands 4,850 meters above sea level, making it Eurasia’s highest active volcano. It forms a symmetrical cone with a summit crater approximately 700 meters in diameter. Its slopes contain around 80 secondary explosion craters and cinder cones.

    The volcano lies 30 km from the settlement of Klyuchi in the Ust-Kamchatsky District, where roughly 4,500 people reside. Its last eruption was in April 2025.

    MIL OSI China News –

  • MIL-OSI Europe: Sweden and US strengthen cooperation on research, innovation and education

    Source: Government of Sweden

    To improve the conditions for cooperation between Swedish and American universities, research institutions and businesses on research, innovation and education, Vinnova and the Swedish Research Council have signed a five-year memorandum of understanding with the National Science Foundation (NSF) of the United States of America.

    MIL OSI Europe News –

  • MIL-OSI Europe: Life sciences conference in era of personalised medicine

    Source: Government of Sweden

    On 26–27 June, Europe’s key stakeholders in the life sciences sector will gather to highlight the importance of research and innovation in personalised medicine. The conference, organised within the framework of the Swedish Presidency of the Council of the EU, will be live-streamed.

    MIL OSI Europe News –

  • MIL-OSI: LIV Portfolio Management (LIVPM) Announces a Renewed Commitment to Philanthropy

    Source: GlobeNewswire (MIL-OSI)

    TIANJIN, China, July 31, 2025 (GLOBE NEWSWIRE) — LIV Portfolio Management (LIVPM) announces a renewed commitment to philanthropy, expanding its impact through a series of specific initiatives aimed at making a tangible difference in communities. These efforts will focus on areas like education, sustainability, and supporting those who need help the most, reflecting the company’s dedication to doing more than just managing wealth.

    LIV Portfolio Management has always been focused on helping clients grow and protect their wealth. Now, the company is putting its resources and expertise into projects that help improve lives. Whether through new partnerships with charities, donations, or the active involvement of its employees, LIVPM is working to empower individuals and provide solutions that will leave a lasting, positive impact.

    Giving Back in Tangible Ways

    • Partnership with Local Charities: LIV Portfolio Management has partnered with local organizations that focus on important causes, such as education and healthcare for underserved communities. The company will provide both financial support and employee time to help these organizations reach more people in need.
    • Employee Volunteer Program: LIV Portfolio Management is launching a volunteer program that lets employees give back by donating paid hours to community projects. In addition, the company will host volunteer days, allowing employees to work together on initiatives such as food banks, shelters, and environmental clean-ups.
    • Matching Donations: To encourage generosity within the company, LIV Portfolio Management is introducing a matching donations program for employees and clients. For every donation made to selected causes, LIVPM will match it, effectively doubling the positive impact. This program will support causes that align with the company’s values, like education and environmental conservation.
    • Environmental Sustainability: At LIVPM, we are actively working to protect the planet by supporting habitat restoration projects, improving biodiversity, and investing in clean energy solutions. Our efforts focus on reducing carbon footprints through the adoption of renewable energy, waste reduction programs, and the promotion of sustainable farming practices. We aim to make a lasting impact on the environment, creating a healthier, more sustainable future for generations to come.
    • Scholarships for Underserved Students: The company is creating a scholarship fund that will offer financial support to students from low-income backgrounds who are pursuing higher education. This fund will focus on students entering fields like environmental science, finance, and business, helping to create the next generation of leaders.

    A Culture of Giving Back

    “At LIV Portfolio Management, we believe that true wealth isn’t just about securing your financial future, it’s about enriching the lives of others,” said Adam Brooks, Chief Operating Officer. “These efforts go beyond just writing checks; they are about making a real difference. We want to empower our clients, employees, and partners to be part of this mission and create a positive, lasting impact.”

    Focused on Long-Term Impact

    “Philanthropy has always been a cornerstone of our values,” said Brooks. “We’re committed to making sure our efforts aren’t just about short-term help, but about creating real, lasting change, so our initiatives are designed to not only address immediate needs but also empower people and communities to thrive in the long term. We’re excited about the future and the difference we can make together.”

    About LIV Portfolio Management

    At LIVPM, we believe financial management should be clear, accessible, and always relevant to your life. Whether you’re just starting to build wealth or managing a substantial portfolio, we work alongside you to create strategies that evolve with your goals and needs. Our focus is on helping you make informed decisions that secure your future with confidence and clarity.

    We bring together years of experience, a steady approach, and a global perspective to help clients, so you get more than just a financial advisor; you get a true partner in your journey toward long-term security and success.

    For more information about LIV Portfolio Management, visit www.livpm.com

    Contact:

    Michael He, Media Relations Officer

    m.he@livpm.com

    +86 228 519 4314

    https://www.livpm.com/

    Disclaimer: This content is provided by LIV Portfolio Management. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3484ab9-5da7-4a31-97ff-b100deb52825

    The MIL Network –

  • MIL-OSI: Societe Generale: Second quarter and first half 2025 results

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 30 JUNE 2025

    Press release                                                         
    Paris, 31 July 2025, 6:25 a.m.

    GROUP NET INCOME OF EUR 3.1BN IN H1 25, UP +71% VS. H1 24

    UPGRADE OF 2025 TARGETS

    FIRST ADDITIONAL SHARE BUY-BACK OF EUR 1BN

    NEW INTERIM CASH DIVIDEND OF EUR 0.611 PER SHARE

    • Group revenues at EUR 13.9 billion in H1 25, up +8.6% excluding asset disposals vs. H1 24, exceeding 2025 annual target > +3%
    • Costs down -2.6% in H1 25 vs. H1 24, excluding asset disposals, ahead of our 2025 annual target of a decrease higher than -1%
    • Cost / income ratio at 64.4% in H1 25, below the initial annual target of <66% for 2025
    • Solid asset quality with a low cost of risk at 24bps in H1 25, below the 2025 annual target of 25 to 30 basis points
    • Group net income of EUR 3.1 billion in H1 25, up +71% vs. H1 24, ROTE at 10.3%, above the initial annual target of >8% for 2025
    • As in H1 25, strong performance in Q2 25, C/I ratio at 63.8% (vs. 68.4% in Q2 24), Group net income of EUR 1.5bn (+31% vs. Q2 24) and ROTE at 9.7%
    • Upgrade of the 2025 financial targets driven by better than guided revenues and costs:
      • Cost / income ratio now expected below 65% in 2025
      • ROTE target for 2025 increased to ~9% in 2025
    • First distribution of excess capital in the form of an additional share buy-back of EUR 1 billion (~-25 basis points of the CET1 ratio), to be launched as soon as 4 August 2025
    • CET1 ratio at 13.5% at the end of Q2 25 after additional share buy-back of EUR 1bn, around 330 basis points above the regulatory requirement
    • The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. For the first half of 2025, an interim dividend of EUR 0.611 per share will be paid on 9 October 2025

    Slawomir Krupa, Group Chief Executive Officer, commented:

    “We are once again reporting strong results this quarter with a solid commercial and financial performance in all our businesses. Revenue growth, cost reduction, cost income ratio and profitability improvement: we are ahead of all our annual targets for the first half of the year, and we have revised them upwards for the full year 2025. With a high capital ratio, well above our target, we decided to provide an additional distribution to shareholders in the form of a share buy-back and to introduce an interim dividend for the first half of 2025. I would like to thank all our teams for their commitment to our clients and to our Bank. We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders.”

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 6,791 6,685 +1.6% +7.8%* 13,874 13,330 +4.1% +8.8%*
    Operating expenses (4,331) (4,570) -5.2% -0.1%* (8,935) (9,550) -6.4% -2.6%*
    Gross operating income 2,460 2,115 +16.4% +25.3%* 4,939 3,780 +30.7% +37.8%*
    Net cost of risk (355) (387) -8.2% +0.7%* (699) (787) -11.1% -4.9%*
    Operating income 2,105 1,728 +21.8% +30.6%* 4,240 2,993 +41.7% +48.8%*
    Net profits or losses from other assets 75 (8) n/s n/s 277 (88) n/s n/s
    Income tax (477) (379) +25.8% +37.7%* (967) (653) +48.1% +58.3%*
    Net income 1,702 1,348 +26.3% +34.6%* 3,557 2,265 +57.1% +64.4%*
    o/w non-controlling interests 249 235 +5.8% +11.5%* 496 472 +5.0% +11.3%*
    Group net income 1,453 1,113 +30.6% +39.6%* 3,061 1,793 +70.8% +78.1%*
    ROE 8.6% 6.5%     9.1% 5.1% +0.0% +0.0%*
    ROTE 9.7% 7.4%     10.3% 5.8% +0.0% +0.0%*
    Cost to income 63.8% 68.4%     64.4% 71.6% +0.0% +0.0%*

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

    Societe Generale’s Board of Directors, at a meeting chaired by Lorenzo Bini Smaghi on 30 July 2025, reviewed the Societe Generale Group’s results for the second quarter and first half of 2025.

    Net banking income 

    Net banking income stood at EUR 6.8 billion, up +1.6% vs. Q2 24 and +7.1% excluding asset disposals.

    Revenues of French Retail, Private Banking and Insurance were up +6.5% vs. Q2 24 (+10.7% excluding asset disposals). They stood at EUR 2.3 billion in Q2 25. Net interest income grew strongly in Q2 25 by +14.8% vs. Q2 24, and by +2.4% when restating the disposals and the impact of short-term hedges recognised in Q2 24 (around EUR -150 million). Assets under management in Private Banking (excluding disposals of the Swiss and UK operations) and life insurance outstandings increased by +6% and +5% in Q2 25 vs. Q2 24 respectively. Lastly, BoursoBank continued its strong commercial development with ~424,000 new clients during the quarter, and has reached 8 million clients in July 2025, ahead of its initial 2026 guidance given at the Capital Markets Day in September 2023.

    Global Banking and Investor Solutions maintained a high level of revenues of EUR 2.6 billion in Q2 25, up +0.7% vs. Q2 24 owing to the continued sustained activity in Fixed Income and Currencies and in Financing and Advisory. Global Markets posted a revenue base up +0.8% in Q2 25, compared with a level that was already very high in Q2 24. The Equities business maintained a very high level of revenues, although this fell slightly by -2.9% in Q2 25, compared with an elevated level in Q2 24, mainly due to the positive commercial momentum in derivatives. Fixed Income and Currencies grew by 7.3%, driven by buoyant activity in flow and financing products. Securities Services posted a slight decrease in revenues of -3.1% due to the impact of the fall in interest rates. Global Banking & Advisory benefited from the strong performance of the acquisition finance, fund financing and project finance businesses, as well as from the solid momentum in loan origination and distribution. Lastly, despite robust commercial activity with corporate and institutional clients, Global Transaction & Payment Services recorded a fall in revenues of -4.7% compared with Q2 24, also due to the contraction of interest rates.

    In Mobility, International Retail Banking and Financial Services, revenues were down -5.6% vs. Q2 24 mainly due to a scope effect of around EUR -260 million in Q2 25. Excluding the impact of asset disposals, they were up +7.3%. International Retail Banking recorded a -12.1% fall in revenues vs. Q2 24 to
    EUR 0.9 billion, due to a scope effect related to the disposals completed in Africa (mainly Morocco and Madagascar). They rose +2.7% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up +0.4% vs. Q2 24 and up +11.7% excluding the disposal of SGEF. Ayvens’ revenues grew by +10.6% vs. Q2 24, with notably improved margins. Consumer Finance posted a revenue increase of +12.6%, notably driven by higher net interest income.

    The Corporate Centre recorded revenues of EUR -160 million in Q2 25.

    In the first half of the year, the Group’s net banking income increased by +4.1% vs. H1 24 and +8.6% excluding asset disposals.

    Operating expenses 

    Operating expenses came to EUR 4,331 million in Q2 25, down -5.2% vs. Q2 24 and -0.6% excluding asset disposals.

    The slight decrease in operating expenses in Q2 25 excluding asset disposals largely results from the accounting of an exceptional charge of approximately EUR 100 million2 related to the launch of a Global Employee Share Ownership Programme in June 2025. Restated from this non-recurring item, operating expenses were down -2.8% vs. Q2 24, confirming the strong cost control at Group level. In Q2 25, transformation charges fell by EUR -93 million vs. Q2 24.

    The cost-to-income ratio stood at 63.8% in Q2 25, down from Q2 24 (68.4%) and below the initial guidance of <66% for 2025.

    In the first half of the year, operating expenses fell significantly by -2.6% vs. H1 24 (excluding asset disposals). The cost-to-income ratio stood at 64.4% (vs. 71.6% in H1 24), also ahead of the initial 2025 guidance of <66%.

    Revenues and costs in H1 25 being ahead of the initial targets in H1 25, the C/I ratio target is now at <65% in 2025.

    Cost of risk

    The cost of risk remained low during the quarter at 25 basis points, or EUR 355 million and is still at the lower end of the target set for 2025 of between 25 and 30 basis points. This comprises a
    EUR 390 million provision for doubtful loans (around 27 basis points) and a reversal of a provision for performing loans for EUR 35 million.

    At end-June, the Group had a stock of provisions for performing loans of EUR 3,011 million, down by -3.8% from 31 March 2025, mainly driven by asset disposals and FX impact.

    The gross non-performing loan ratio amounted to 2.77%3,4 at 30 June 2025, down compared with its level at end-March 2025 (2.82%). The net coverage ratio on the Group’s non-performing loans stood at 81%5 at 30 June 2025 (after netting of guarantees and collateral).

    Net profits from other assets

    The Group recorded a net profit of EUR 75 million in Q2 25, mainly related to the accounting impacts resulting from the sale of Societe Generale Burkina Faso, completed in June 2025.

    Group net income

    Group net income stood at EUR 1,453 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 9.7%.

    In the first half of the year, Group net income stood at EUR 3,061 million, equating to a Return on Tangible Equity (ROTE) of 10.3%, higher than the target set for 2025 of >8%.

    Considering the performance in the first half of 2025, the Group is now targeting a ROTE of around 9% in 2025.

    Shareholder distribution

    The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. Based on the financial statements for the first half of 2025, the Board of Directors has decided the payment of an interim dividend of EUR 0.61 per share. The ex-dividend date will be on 7 October 2025 and the payment on 9 October 2025.

    In addition, as part of the first application of a possible option of the Group’s new distribution policy announced on 6 February 20256, a distribution of excess capital will be made in the form of an additional EUR 1 billion share buy-back. Authorisations, including the one from the ECB, have been obtained7 to launch this programme, which will start on 4 August 2025.

    1. ESG: PREPARING FOR THE FUTURE

    The Group announced the composition of its Scientific Advisory Council this quarter. The role of this body is to provide the General Management with ESG insights, taking a science-based approach to the key emerging trends that will influence the economic environment and the Group’s activities in the future. Composed of eight expert members with complementary skills, the Council will provide holistic views in order to identify long-term opportunities and challenges (for more details, see Societe Generale unveils the composition of its Scientific Advisory Council – Societe Generale).

    At the same time, Societe Generale is continuing to develop its actions for the energy transition, as well as innovative financing solutions to support its customers:

    • During the United Nations Ocean Conference (UNOC), Societe Generale recalled its efforts to protect marine ecosystems and its key role in the transition to a more sustainable maritime economy. It acted as the exclusive advisor to Eurazeo for the “Maritime Upgrade” debt fund (Eurazeo and Societe Generale to join forces to support the sustainable transition of the maritime sector – Wholesale Banking).
    • Through its subsidiary REED, Societe Generale has invested in Voltekko Tech, a platform specialising in energy-efficient data centres. A total of nine investments, mainly in the energy sector, have been made since the acquisition of REED.

    Lastly, Societe Generale received the Euromoney award for “The World’s Best Bank for ESG”, together with an excellent rating from Sustainalytics, at 15.4 – an improvement on the rating assigned by the agency in its last review, which positions it among the world’s best banks (top 12%).

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 30 June 2025, the Group’s Common Equity Tier 1 ratio stood at 13.5%, or around 330 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was also well above regulatory requirements at 148% at end-June 2025 (149% on average for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 117% at end-June 2025.

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

      30/06/2025 31/12/2024 Requirements
    CET1(1) 13.5% 13.3% 10.22%
    Tier 1 ratio(1) 15.8% 16.1% 12.14%
    Total Capital(1) 18.4% 18.9% 14.71%
    Leverage ratio(1) 4.4% 4.3% 3.60%
    TLAC (% RWA)(1) 29.9% 29.7% 22.33%
    TLAC (% leverage)(1) 8.3% 8.0% 6.75%
    MREL (% RWA)(1) 33.4% 34.2% 27.44%
    MREL (% leverage)(1) 9.2% 9.2% 6.13%
    End of period LCR 148% 162% >100%
    Period average LCR 149% 150% >100%
    NSFR 117% 117% >100%
    In EURbn 30/06/2025 31/12/2024
    Total consolidated balance sheet 1,551 1,574
    Shareholders’ equity (IFRS), Group share 68 70
    Risk-weighted assets 388 390
    O.w. credit risk 314 327
    Total funded balance sheet 923 952
    Customer loans 456 463
    Customer deposits 594 614

    8

    As of 30 June 2025, the parent company has issued EUR 13.5 billion of medium / long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at end-2024. The subsidiaries had issued EUR 1.8 billion. In total, the Group has issued a total of EUR 15.3 billion in medium / long-term debt since the start of the year.

    As of 30 June 2025, the parent company’s 2025 financing programme is around 80% complete for vanilla issuance.

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

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 2,269 2,131 +6.5% 4,568 4,146 +10.2%
    Of which net interest income 1,036 902 +14.8% 2,097 1,729 +21.3%
    Of which fees 1,013 1,027 -1.4% 2,069 2,045 +1.1%
    Operating expenses (1,477) (1,649) -10.4% (3,043) (3,377) -9.9%
    Gross operating income 791 482 +64.3% 1,525 770 +98.2%
    Net cost of risk (146) (173) -15.4% (317) (420) -24.5%
    Operating income 645 309 x 2.1 1,208 350 x 3.5
    Net profits or losses from other assets 20 8 x 2.6 27 8 x 3.3
    Group net income 488 240 x 2.0 909 271 x 3.4
    RONE 11.2% 5.7%   10.4% 3.3%  
    Cost to income 65.1% 77.4%   66.6% 81.4%  

    Commercial activity

    SG Network, Private Banking and Insurance 

    The SG Network’s average outstanding deposits amounted to EUR 227 billion in Q2 25, down -3% compared with Q2 24, and -1% vs. Q1 25.

    The SG Network’s average loan outstandings contracted by -2% on Q2 24 to EUR 194 billion and were stable excluding repayments of state-guaranteed loans (PGE). Mortgage loan production saw a sharp increase of +175% vs. Q2 24.

    The average loan to deposit ratio came to 85.5% in Q2 25, down -1 percentage point relative to Q2 24.

    Private Banking saw its assets under management9 grow by +6% vs. Q2 24 to EUR 132 billion in Q2 25. Net asset inflows totalled EUR 2.3 billion in Q2 25, with asset gathering pace (annualised net new money divided by AuM) standing at +6% in H1 25. Net banking income amounted to EUR 308 million for the quarter and EUR 669 million for the first half of the year.

    Insurance, which covers activities in and outside France, posted a strong commercial performance. Life insurance outstandings increased by +5% vs. Q2 24 to reach EUR 150 billion in Q2 25. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 4.8 billion in Q2 25.

    BoursoBank 

    BoursoBank reached 7.9 million clients in Q2 25, the threshold of 8 million clients being reached in July 2025. In Q2 25, the bank recorded a +22% increase in the number of clients vs. Q2 24, bringing growth in the number of clients to +1.4 million year on year. Onboarding remained high during the quarter (~424,000 new clients in Q2 25), while the attrition is very low, at less than 4%.

    BoursoBank once again confirmed its position as the French market leader, as shown by the award received from Euromoney for best digital bank in France10.

    Average outstanding savings, including deposits and financial savings, totalled EUR 69.8 billion, the average outstanding deposits increasing sharply by +16% vs. Q2 24. Average life insurance outstandings increased by +7% vs. Q2 24 (the share of unit-linked products was 48%) and gross inflows being up +12% vs. Q2 24. The brokerage activity recorded a strong increase in the number of market orders of +33% vs. Q2 24.

    Average loan outstandings rose +10% compared with Q2 24 to EUR 16.7 billion in Q2 25.

    Net banking income

    Revenues for the quarter amounted to EUR 2,269 million (including PEL/CEL provision) up +6.5% compared with Q2 24 and +10.7% excluding asset disposals. Net interest income grew by +14.8%
    vs. Q2 24 and +2.4% excluding asset disposals and the impact of short-term hedges in Q2 24. Fees were down -1.4% compared with Q2 24 and up +1.4% excluding asset disposals.

    First-half revenues came to EUR 4,568 million (including PEL/CEL provision), up +10.2% on H1 24 and +13.6% excluding asset disposals. Net interest income grew by +21.3% vs. H1 24. It is up +0.6% excluding asset disposals and the impact of short-term hedges in H1 24. Fee income rose +1.1% vs. H1 24 and +3.7% excluding asset disposals.

    Operating expenses

    Operating expenses came to EUR 1,477 million for the quarter, down -10.4% vs. Q2 24 and -5.7% excluding asset disposals. The cost-to-income ratio stood at 65.1% in Q2 25, an improvement of 12.3 percentage points vs. Q2 24.

    During the first half of the year, operating expenses amounted to EUR 3,043 million, down -9.9% compared with H1 24 and -6.2% excluding asset disposals. The cost-to-income ratio stood at 66.6%, an improvement of 14.8 percentage points vs. H1 24.

    Cost of risk

    The cost of risk amounted to EUR 146 million, or 25 basis points, for the quarter, which was lower than in Q2 24 and Q1 25 (29 basis points in both cases).

    In the first half of the year, the cost of risk totalled EUR 317 million, or 27 basis points.

    Group net income

    Group net income totalled EUR 488 million for the quarter. RONE stood at 11.2% in Q2 25.

    In the first half of the year, Group net income totalled EUR 909 million. RONE stood at 10.4% in H1 25.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EUR m Q2 25 Q2 24 Variation H1 25 H1 24 Change
    Net banking income 2,647 2,628 +0.7% +2.4%* 5,542 5,259 +5.4% +5.5%*
    Operating expenses (1,630) (1,647) -1.0% +0.2%* (3,385) (3,404) -0.5% -0.4%*
    Gross operating income 1,017 981 +3.6% +6.1%* 2,157 1,856 +16.2% +16.4%*
    Net cost of risk (81) (21) x 3.8 x 3.8* (136) (1) x 91.4 x 91.4*
    Operating income 936 960 -2.5% -0.1%* 2,021 1,854 +9.0% +9.2%*
    Reported Group net income 750 776 -3.4% -1.1%* 1,606 1,473 +9.0% +9.2%*
    RONE 16.8% 19.0% +0.0% +0.0%* 17.7% 18.2% +0.0% +0.0%*
    Cost to income 61.6% 62.7% +0.0% +0.0%* 61.1% 64.7% +0.0% +0.0%*

    Net banking income

    Global Banking and Investor Solutions reported solid results for the quarter, with revenues of
    EUR 2,647 million, remaining consistently high, slightly up +0.7% compared with Q2 24.

    In the first half of the year, revenues grew by +5.4% vs. H1 24 (EUR 5,542 million vs. EUR 5,259 million).

    Global Markets and Investor Services maintained a high level of revenues of EUR 1,753 million, stable (+0.4%) over the quarter compared with Q2 24. In the first half of the year, they amounted to EUR 3,674 million, up +5.2% vs. H1 24.

    Market Activities were slightly up during the quarter (+0.8%), with revenues of EUR 1,577 million. In the first half of the year, they rose +5.9% in comparison with H1 24 to EUR 3,336 million.

    The Equities business was resilient during the quarter, at -2.9% compared with a high level in Q2 24. Revenues stood at EUR 962 million for the quarter, driven by the positive commercial momentum in derivatives. In the first half of the year, they rose +8.7% in comparison with H1 24 to EUR 2,023 million.

    Fixed Income and Currencies rose sharply during the quarter, with revenues up +7.3% vs. Q2 24 to
    EUR 615 million, driven by a strong performance in flow and financing products. Commercial momentum remained strong during the quarter, despite an uncertain macroeconomic environment. In the first half of the year, revenues were up +1.9% from H1 24 to EUR 1,313 million.

    In Securities Services, revenues fell -3.1% compared with Q2 24 to EUR 176 million, due to the fall in interest rates. Excluding equity participations, revenues are down -2.4%. In the first half of the year, revenues were down -1.0% and -1.3% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 5,222 billion and EUR 638 billion, respectively.

    Revenues for the Financing and Advisory business totalled EUR 895 million for the quarter, slightly up +1.3% compared with Q2 24. In the first half of the year, they were up +5.7% in comparison with H1 24 to EUR 1,868 million.

    Global Banking & Advisory posted significant revenues for the quarter, up +3.6% compared with Q2 24, driven in particular by buoyant activity in acquisition finance, fund financing and project finance. In the first half of the year, revenues were up +7.1% versus H1 24.

    Global Transaction & Payment Services delivered good commercial performance during the quarter, particularly with corporate and institutional clients. However, revenues fell by -4.7% during the quarter due to the impact of lower interest rates. In the first half of the year, revenues were up +1.6% vs. H1 24.

    Operating expenses

    Operating expenses came to EUR 1,630 million for the quarter, down -1.0% vs. Q2 24. The cost-to-income ratio was 61.6% in Q2 25.

    During the first half of the year, operating expenses contracted by -0.5% compared with H1 24, while the cost-to-income ratio reached 61.1%, vs. 64.7% in H1 24.

    Cost of risk

    During the quarter, the cost of risk was EUR 81 million, or 19 basis points vs. 5 basis points in Q2 24.

    During the first half of the year, the cost of risk was EUR 136 million, or 16 basis points vs. 0 basis points in H1 24.

    Group net income

    Group net income fell -3.4% vs. Q2 24 to EUR 750 million. In the first half of the year, it rose +9.0% to
    EUR 1,606 million.

    Global Banking and Investor Solutions reported RONE of 16.8% for the quarter and RONE of 17.7% for the first half of the year.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income 2,036 2,157 -5.6% +7.2%* 4,036 4,318 -6.5% +4.1%*
    Operating expenses (1,059) (1,261) -16.0% -4.2%* (2,240) (2,611) -14.2% -4.5%*
    Gross operating income 977 896 +8.9% +22.9%* 1,796 1,707 +5.3% +17.4%*
    Net cost of risk (126) (189) -33.1% -18.4%* (250) (370) -32.4% -21.2%*
    Operating income 850 708 +20.1% +32.9%* 1,546 1,336 +15.7% +27.5%*
    Net profits or losses from other assets 0 (0) n/s n/s 0 4 -92.7% -92.7%*
    Non-controlling interests 246 211 +16.5% +23.5%* 458 406 +12.6% +20.6%*
    Group net income 404 321 +25.7% +41.3%* 722 599 +20.5% +33.7%*
    RONE 15.3% 11.4%     13.2% 10.7%    
    Cost to income 52.0% 58.4%     55.5% 60.5%    

    )()

    Commercial activity

    International Retail Banking

    International Retail Banking posted strong commercial momentum in Q2 25, mainly driven by loan outstandings, up +4.3%* vs. Q2 24 to EUR 61 billion. Deposit outstandings stabilised* vs. Q2 24 to EUR 75 billion.

    Europe continued to post strong growth in loan outstandings of 7.0%* vs. Q2 24 to EUR 46 billion in Q2 25. Deposits were stable* this quarter at EUR 56 billion in Q2 25.

    In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings were down -3.1%* vs. Q2 24 to EUR 15 billion. Deposit outstandings increased +1.9%* vs. Q2 24 to EUR 19 billion in Q2 25, mainly driven by sight deposits from retail and corporate clients.

    Mobility and Financial Services

    Overall, Mobility and Financial Services recorded a broadly stable commercial performance.

    Ayvens maintained earning assets of around EUR 53 billion at end-June 2025, broadly stable compared to end-June 2024.

    Consumer Finance posted loans outstanding of EUR 23 billion, still down -2.8% vs. Q2 24.

    Net banking income

    In Q2 25, Mobility, International Retail Banking and Financial Services delivered a good performance, with EUR 2,036 million in Q2 25, up 7.2%* vs. Q2 24.

    In the first half of the year, revenues grew by +4.1%* vs. H1 24 to EUR 4,036 million.

    International Retail Banking revenues increased +2.7%* vs. Q2 24 to EUR 920 million in Q2 25. They rose +2.3%* in the first half vs. H1 24 to EUR 1,833 million in H1 25.

    In Europe, revenues amounted to EUR 528 million in Q2 25, strongly up +6.1%* vs. Q2 24. The increase was due to the high level of net interest income in both countries (+7.3%* vs. Q2 24).

    Overall, revenues in Africa, Mediterranean Basin and French Overseas Territories were slightly down -1.5%* vs. Q2 24 to EUR 392 million in Q2 25, compared with a high Q2 24 level. The net interest income was up +2.8%* vs. Q2 24.

    Mobility and Financial Services posted strong revenue growth in both businesses, at +11.1%* overall vs. Q2 24, to EUR 1,116 million in Q2 25. In the first half of the year, the increase was +5.7%* vs. H1 24 to EUR 2,203 million.

    The significant improvement in Ayvens’ revenues of +10.6% vs. Q2 24 (EUR 868 million in Q2 25) is due, as expected, to the reduced impact of depreciation adjustments and non-recurring items11 (-3% revenues vs. Q2 24, adjusted from those two items). Margins increased to 550 basis points in Q2 25 vs. 539 basis points in Q2 24, excluding non-recurring items. The depreciations were down vs. Q2 24 and the average results on sales of used vehicles per unit on the secondary market continued to normalise very gradually (EUR 1,23412 in Q2 25 vs. EUR 1,4802 in Q2 24). At company level, Ayvens had a cost-to-income ratio of 57.6%13 in Q2 25, in line with the 2025 guidance (57%-59% for the year).

    Revenues from the Consumer Finance business increased by +12.6% vs. Q2 24, to EUR 247 million in Q2 25. This significant growth reflects both an improvement in the margin on new production and the positive impact of an asset revaluation.

    Operating expenses

    Over the quarter, operating expenses for the quarter decreased by -4.2%* vs. Q2 24 to EUR 1,059 million in Q2 25 (including EUR 29 million in transformation charges). The cost-to-income ratio improved in Q2 25 to 52.0% vs. 58.4% in Q2 24. In the first half of the year, costs of EUR 2,240 million were down -4.5%* vs. H1 24, while the cost-to-income ratio stood at 55.5% vs. 60.5% in H1 24.

    International Retail Banking recorded a -5.2%* decrease in costs vs. Q2 24 at EUR 482 million, in a still inflationary local environment.

    Mobility and Financial Services costs reached EUR 577 million in Q2 25, down -3.3%* vs. Q2 24. Ayvens benefitted from the initial cost synergies related to the integration of Leaseplan.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 126 million or 35 basis points this quarter, which was considerably lower than in Q2 24 (45 basis points).

    In the first half of the year, the cost of risk stood at 33 basis points vs. 44 basis points in H1 24.

    Group net income

    Group net income came to EUR 404 million for the quarter, up +41.3%* vs. Q2 24. RONE improved to 15.3% in Q2 25 vs. 11.4% in Q2 24. RONE was 18.4% in International Retail Banking and 13.1% in Mobility and Financial Services in Q2 25.

    In the first half of the year, Group net income came to EUR 722 million, up +33.7%* vs. H1 24. RONE improved to 13.2% in H1 25 vs. 10.7% in H1 24. RONE was 16.3% in International Retail Banking and 11.1% in Mobility and Financial Services in H1 25.

    1. CORPORATE CENTRE
    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    Net banking income (160) (231) +30.8% +30.8%* (273) (394) +30.8% +30.8%*
    Operating expenses (164) (13) x 12.3 x 4.3* (267) (158) +68.3% +45.3%*
    Gross operating income (324) (245) -32.5% -20.2%* (539) (552) +2.4% +6.6%*
    Net cost of risk (2) (4) -55.7% -55.7%* 4 5 +16.7% +16.7%*
    Net profits or losses from other assets 57 (15) n/s n/s 250 (99) n/s n/s
    Income tax 83 67 -23.0% -12.2%* 143 157 +8.7% +12.3%*
    Group net income (188) (225) +16.1% +22.5%* (176) (551) +68.0% +69.1%*

    The Corporate Centre includes:

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

    Net banking income

    The Corporate Centre’s net banking income totalled EUR -160 million for the quarter, vs. EUR -231 million in Q2 24.

    In the first half of the year, the Corporate Centre’s net banking income totalled EUR -273 million, vs. EUR -394 million in H1 24.

    Operating expenses

    During the quarter, operating expenses totalled EUR -164 million, vs. EUR -13 million in Q2 24. They include around EUR 100 million in expenses related to the Global Employee Share Ownership Programme launched in June 2025.

    In the first half of the year, operating expenses totalled EUR -267 million, vs. EUR -158 million in H1 24.

    Net profits from other assets

    The Corporate Centre recognised EUR 57 million in net profits from other assets during the quarter, mainly related to the completion of the disposal of Societe Generale Burkina Faso in June 2025.

    Group net income

    The Corporate Centre’s Group net income totalled EUR -188 million for the quarter, vs. EUR -225 million in Q2 24.

    The Corporate Centre’s Group net income totalled EUR -176 million in the first half, vs. EUR -551 million in H1 24.

    8.   2025 FINANCIAL CALENDAR

       2025 and 2026 Financial communication calendar
    7 October 2025 Ex-dividend date
    9 October 2025 Payment of the interim dividend
    30 October 2025 Third quarter and nine months 2025 results
    6 February 2026 Fourth quarter and full year 2025 results
    30 April 2026 First quarter 2026 results
     
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

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

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

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

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

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

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

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

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

    9.   APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q2 25 Q2 24 Variation H1 25 H1 24 Variation
    French Retail, Private Banking and Insurance 488 240 x 2.0 909 271 x 3.4
    Global Banking and Investor Solutions 750 776 -3.4% 1,606 1,473 +9.0%
    Mobility, International Retail Banking & Financial Services 404 321 +25.7% 722 599 +20.5%
    Core Businesses 1,642 1,322 +24.2% 3,238 2,313 +40.0%
    Corporate Centre (188) (225) +16.1% (176) (551) +68.0%
    Group 1,453 1,113 +30.6% 3,061 1,793 +70.8%

    MAIN EXCEPTIONAL ITEMS

    In EURm Q2 25 Q2 24 H1 25 H1 24
    Operating expenses – Total one-off items and transformation charges (131) (127) (205) (479)
    Transformation charges (30) (124) (104) (476)
    Of which French Retail, Private Banking and Insurance (10) (45) (33) (127)
    Of which Global Banking & Investor Solutions 9 (29) (3) (183)
    Of which Mobility, International Retail Banking & Financial Services (29) (50) (68) (119)
    Of which Corporate Centre 0 0 0 (47)
    One-off items (101) (3) (101) (3)
    Global Employee Share Ownership Programme (101) (3) (101) (3)
             
    Other one-off items – Total 75 (8) 277 (88)
    Net profits or losses from other assets 75 (8) 277 (88)

    CONSOLIDATED BALANCE SHEET

    In EUR m   30/06/2025 31/12/2024
    Cash, due from central banks   148,782 201,680
    Financial assets at fair value through profit or loss   566,690 526,048
    Hedging derivatives   7,769 9,233
    Financial assets at fair value through other comprehensive income   103,297 96,024
    Securities at amortised cost   49,240 32,655
    Due from banks at amortised cost   81,711 84,051
    Customer loans at amortised cost   446,154 454,622
    Revaluation differences on portfolios hedged against interest rate risk   (330) (292)
    Insurance and reinsurance contracts assets   494 615
    Tax assets   4,198 4,687
    Other assets   73,477 70,903
    Non-current assets held for sale   4,018 26,426
    Investments accounted for using the equity method   442 398
    Tangible and intangible fixed assets   60,465 61,409
    Goodwill   5,084 5,086
    Total   1,551,491 1,573,545
    In EUR m   30/06/2025 31/12/2024
    Due to central banks   10,957 11,364
    Financial liabilities at fair value through profit or loss   406,704 396,614
    Hedging derivatives   13,628 15,750
    Debt securities issued   156,922 162,200
    Due to banks   100,588 99,744
    Customer deposits   518,397 531,675
    Revaluation differences on portfolios hedged against interest rate risk   (6,129) (5,277)
    Tax liabilities   2,261 2,237
    Other liabilities   94,155 90,786
    Non-current liabilities held for sale   3,526 17,079
    Insurance and reinsurance contracts liabilities   156,370 150,691
    Provisions   3,916 4,085
    Subordinated debts   12,735 17,009
    Total liabilities   1,474,030 1,493,957
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   20,657 21,281
    Other equity instruments   8,762 9,873
    Retained earnings   36,741 33,863
    Net income   3,061 4,200
    Sub-total   69,221 69,217
    Unrealised or deferred capital gains and losses   (928) 1,039
    Sub-total equity, Group share   68,293 70,256
    Non-controlling interests   9,168 9,332
    Total equity   77,461 79,588
    Total   1,551,491 1,573,545
    1. APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the second quarter and first half 2025 was examined by the Board of Directors on July 30th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The limited review procedures on the condensed interim statement at 30 June 2025 carried by the Statutory Auditors are currently underway.

    2 – Net banking income

    The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q2-25 Q2-24 S1-25 S1-24
    French Retail, Private Banking and Insurance Net Cost Of Risk 146 173 317 420
    Gross loan Outstandings 230,025 236,044 231,781 237,219
    Cost of Risk in bp 25 29 27 35
    Global Banking and Investor Solutions Net Cost Of Risk 81 21 136 1
    Gross loan Outstandings 171,860 164,829 172,321 163,643
    Cost of Risk in bp 19 5 16 0
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 126 189 250 370
    Gross loan Outstandings 144,329 166,967 151,727 167,429
    Cost of Risk in bp 35 45 33 44
    Corporate Centre Net Cost Of Risk 2 4 (4) (5)
    Gross loan Outstandings 26,404 24,583 25,998 23,974
    Cost of Risk in bp 3 6 (3) (5)
    Societe Generale Group Net Cost Of Risk 355 387 699 787
    Gross loan Outstandings 572,618 592,422 581,827 592,265
    Cost of Risk in bp 25 26 24 27

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

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Since Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q2-25 Q2-24 H1 25 H1 24
    Shareholders’ equity Group share 68,293 66,829 68,293 66,829
    Deeply subordinated and undated subordinated notes (8,386) (9,747) (8,386) (9,747)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) 23 (19) 23 (19)
    OCI excluding conversion reserves 512 705 512 705
    Distribution provision(2) (2,375) (718) (2,375) (718)
    ROE equity end-of-period 58,067 57,050 58,067 57,050
    Average ROE equity 58,579 56,797 58,743 56,660
    Average Goodwill(3) (4,174) (4,073) (4,182) (4,040)
    Average Intangible Assets (2,787) (2,937) (2,811) (2,947)
    Average ROTE equity 51,618 49,787 51,749 49,673
             
    Group net Income 1,453 1,113 3,061 1,793
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (200) (190) (387) (356)
    Adjusted Group net Income 1,253 923 2,674 1,437
    ROTE 9.7% 7.4% 10.3% 5.8%

    141516
    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q2 25 Q2 24 Change H1 25 H1 24 Change
    French Retail , Private Banking and Insurance 17,412 16,690 +4.3% 17,549 16,605 +5.7%
    Global Banking and Investor Solutions 17,894 16,313 +9.7% 18,109 16,162 +12.0%
    Mobility, International Retail Banking & Financial Services 10,535 11,247 -6.3% 10,955 11,250 -2.6%
    Core Businesses 45,841 41,180 +11.3% 46,613 40,955 +13.8%
    Corporate Center 12,738 12,544 +1.5% 12,130 12,644 -4.1%
    Group 58,579 56,797 +3.1% 58,743 56,660 +3.7%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
    1718

    End of period (in EURm) H1 25 Q1 25 2024
    Shareholders’ equity Group share 68,293 70,556 70,256
    Deeply subordinated and undated subordinated notes (8,386) (10,153) (10,526)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) 23 (60) (25)
    Book value of own shares in trading portfolio (46) (44) 8
    Net Asset Value 59,884 60,299 59,713
    Goodwill(2) (4,173) (4,175) (4,207)
    Intangible Assets (2,776) (2,798) (2,871)
    Net Tangible Asset Value 52,935 53,326 52,635
           
    Number of shares used to calculate NAPS(3) 776,296 783,671 796,498
    Net Asset Value per Share 77.1 76.9 75.0
    Net Tangible Asset Value per Share 68.2 68.0 66.1

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) H1 25 Q1 25 2024
    Existing shares 800,317 800,317 801,915
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 2,175 2,586 4,402
    Other own shares and treasury shares 12,653 7,646 2,344
    Number of shares used to calculate EPS(4) 785,488 790,085 795,169
    Group net Income (in EURm) 3,061 1,608 4,200
    Interest on deeply subordinated notes and undated subordinated notes (in EURm) (387) (188) (720)
    Adjusted Group net income (in EURm) 2,674 1,420 3,481
    EPS (in EUR) 3.40 1.80 4.38

    19
    8 – Solvency and leverage ratios

    Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.
    20

    9- Funded balance sheet, loan to deposit ratio

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

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

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

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

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

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

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

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

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

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

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

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

    1 Out of a total contemplated distribution accrual of EUR 1.77 per share at end H1 25 based on a pay-out ratio of 50% of the H1 25 Group net income restated from non-cash items (including GESOP) and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including H1 25 results and including interim cash dividend; the distribution policy being based on a balanced mix of the payout between cash dividend and share buy-back
    2 A non-cash item with no impact on the CET1 ratio, and therefore no impact on distributable net income
    3 Ratio calculated according to EBA methodology published on 16 July 2019
    4 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    5 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    6 6 February 2025 – Q4 2024 Financial Results – Presentation – Page 6
    7 Cf. Description of the share buy-back program of 17 May 2024 relating to the 22nd resolution of the Combined general meeting of shareholders of 22 May 2024, for which the authorisation for the company to purchase its own shares is valid until 22 November 2025
    8 Including Basel IV phasing
    9 Excluding asset diposals (Switzerland and the United Kingdom)
    10 France Best Digital Bank, Awards for Excellence, Euromoney July 2025
    11 Mainly hyperinflation in Turkey
    12 Excluding impacts of depreciation adjustments
    13 As disclosed in Ayvens Q2 25 earnings report, excluding revenues from used vehicle sales and non-recurring items
    14   Interest net of tax
    15    The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes, and including the additional share buy-back of EUR 1bn for Q1 25 and H1 25
    16    Excluding goodwill arising from non-controlling interests
    17    Interest net of tax
    18 Excluding goodwill arising from non-controlling interests
    19 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
    20 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)

    Attachment

    The MIL Network –

  • MIL-OSI USA: Warnock Statement on Joint Resolutions of Disapproval

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) issued the following statement on his intentions to vote “YES” on two joint resolutions of disapproval amid mass starvation in Gaza.

    “It is wrong to starve children and other innocent civilians to death.  Yet, whether through gross incompetence, woeful indifference, or some combination thereof, that is exactly what is happening right now in Gaza under the leadership of Benjamin Netanyahu and his government. It is a moral atrocity that cannot abide the conscience of those who believe in human dignity, freedom, and human thriving. That is why I will vote to support the Joint Resolution of Disapproval put before the Senate tonight. 

    “I’ve made clear I support the state of Israel and its right to defend itself. Today, I urge the state of Israel, the United States, and the world to move as quickly as possible to get the people of Gaza the same nourishment and care that we would want for our own children. 

    “I pray for a ceasefire and the return of the hostages home to their families, and look forward to resuming the work of securing peace and safety for all those in the region.”

    MIL OSI USA News –

  • MIL-OSI: Planisware: solid H1 2025 financial results despite softer revenue growth amid elongated sales cycles

    Source: GlobeNewswire (MIL-OSI)

    Solid H1 2025 financial results despite
    softer revenue growth amid elongated sales cycles

    • Revenue up +11.0% in constant currencies, led by +16% growth of recurring revenue
    • Adjusted EBITDA margin1up by +230bps to 35.8% of revenue reflecting continued operational discipline
    • Strong cash conversion* at 95.9% of adjusted EBITDA*
    • Macroeconomic headwinds and extended decision cycles impacting revenue growth are expected to continue into H2
    • Updated 2025 objectives:
      • Revenue growth in constant currencies now expected at c. 10% (vs. mid-to-high teens)
      • Adjusted EBITDA margin* raised to c. 36% (vs. c. 35%)
      • Cash Conversion Rate* of c. 80% (confirmed)

    Paris, France, July 31, 2025 – Planisware, a leading provider of B2B AI powered SaaS platforms serving the rapidly growing Project Economy, announces today its H1 2025 results. Revenue amounted to € 95.8 million, up by +10.6% in current currencies. In constant currencies, revenue growth reached +11.0% (€+9.1 million), mainly led by the continued success of the Group’s SaaS Model** up by +17.4% in constant currencies (€+11.7 million). In a context of a still challenging economic and geopolitical environment now having tangible impact on delayed customer decision making, recurring revenue amounted to €88.6 million (92% of total revenue) and was up by +16.0% in constant currencies, while non-recurring activities faced high comparison basis.

    Adjusted EBITDA* reached € 34.3 million (up +18.1% vs. H1 2024), representing 35.8% of revenue, higher than the objective of c. 35% adjusted EBITDA margin* for 2025. The year-on-year margin improvement of c. +230 basis points is the result of the translation of revenue growth and a positive mix effect, combined with further operational efficiencies resulting from the Group’s strict financial discipline.

    Current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024 and Profit for the period amounted to € 21.7 million, up by +35.5% compared to H1 2024 that was impacted by IPO costs.

    Cash generation was strong in H1 2025, with adjusted FCF* reaching € 32.9 million, representing a Cash Conversion Rate* of 95.9%, above the objective of c. 80% for 2025 but in line with the usual seasonality in H1 due to SaaS solutions cash collection at the beginning of the year. Net cash position* (excluding lease liabilities) was € 182.0 million as of June 30, 2025, compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

    Loïc Sautour, CEO of Planisware, commented: “In recent months, as uncertainties around global macroeconomic conditions intensified across our key markets, we have observed increased cautiousness from our customers. This has led to longer decision-making cycles weighing on our commercial momentum and revenue growth, primarily in our non-recurring activities and with new logos.

    At the same time, our recurring business lines have continued to deliver solid performance, particularly with existing clients, a testament to the strong demand for our solutions and their sustained business impact.

    Our commercial pipeline continues to expand, supported by a high volume of strategic engagements with both existing customers and new prospects, underscoring the strength and relevance of our competitive value proposition. This provides encouraging mid-term visibility for renewed momentum once market conditions stabilize.

    Despite the softer revenue growth trajectory, Planisware achieved a significant improvement in profitability in H1 2025. Our ongoing focus on operational efficiency and disciplined resource allocation enabled us to enhance margins and maintain best-in-class cash conversion rate, further strengthening the Group’s foundation for the future.

    In light of these dynamics and a more moderate growth outlook for the remainder of 2025, we have prudently revised our 2025 revenue objectives to c. 10%. We now target an adjusted EBITDA margin of 36%, up from 35% previously. This adjustment reflects our commitment to navigating the current environment with discipline while safeguarding profitability and preserving our ability to invest in long-term growth.

    As always, Planisware remains focused on supporting our customers’ strategic priorities and on reinforcing our leadership in project and portfolio management solutions, even in the face of heightened economic headwinds.”

    H1 2025 revenue by revenue stream

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 88.6 76.6 +15.5% +16.0%
    SaaS & Hosting 45.6 38.8 +17.6% +18.1%
    Annual licenses 0.1 – N/A N/A
    Evolutive support 27.2 22.9 +18.4% +18.9%
    Subscription support 5.9 5.6 +5.3% +6.1%
    Maintenance 9.7 9.3 +4.8% +5.2%
    Non-recurring revenue 7.2 10.0 -27.7% -27.5%
    Perpetual licenses 2.0 4.1 -52.3% -52.2%
    Implementation & others non-recurring 5.3 5.9 -10.6% -10.4%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

    Reaching € 95.8 million in H1 2025, revenue was up by +10.6% in current currencies and +11.0% in constant currencies. The exchange rates effect was mainly related to the depreciation of the US dollar versus the euro, partially compensated by the appreciation of the Japanese yen and the British pound. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying H1 2024 average exchange rates to H1 2025 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 92% of H1 2025 total revenue, up by c.+400 basis points versus 88% in H1 2024, recurring revenue reached € 88.6 million, up by +16.0%.

    Revenue growth was led by +17.4% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.4%.

    Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

    Non-recurring revenue

    Non-recurring revenue was down by -27.5% in H1 2025, mostly due to the decline by -52.2% in Perpetual licenses against a particularly strong H1 2024 comparison base and despite several extensions and upgrades sold to customers with specific on-premises needs.

    Implementation declined by -10.4% as a results of Planisware’s continues focus on shorter implementations and faster delivery to customers, combined with the lack of new logo signatures since H2 2024.

    H1 2025 revenue by region

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Europe 45.5 41.9 +8.6% +8.6%
    North America 41.6 37.6 +10.8% +12.0%
    APAC & ROW 8.6 7.1 +20.7% +20.4%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

    In H1 2025, all key geographies contributed to Planisware’s revenue growth:

    • Representing 43% of H1 2025 Group revenue, North America was the main contributor to H1 2025 Group revenue growth with +12.0% (€+4.5 million) and a steady performance in both Q1 and Q2 2025.
    • Revenue in Europe grew by +8.6% and represented 48% of H1 2025 Group revenue, with contrasted performances across countries. In particular, France recovered from its 2024 low points. This was compensated by softer performance in Germany (notably related to a strong H1 2024 performance in particular in Perpetual licenses) and in the UK.
    • Planisware’s growth in APAC & Rest of the World of +20.4% resulted from a strong commercial momentum in Singapore and the Middle East. Overall, this region represented 9% of H1 2025 Group revenue.

    H1 2025 revenue by pillar

    In € million H1 2025 H1 2024 Variation
    YoY    		 Variation
    in cc*
    Product Development & Innovation 50.5 48.3 +4.5% +5.1%
    Project Controls & Engineering 22.1 16.0 +38.2% +38.8%
    IT Governance & Digital Transformation** 16.3 15.6 +4.8% +5.1%
    Project Business Automation 6.8 6.6 +2.7% +2.7%
    Others 0.1 0.2 -37.1% -36.9%
    Total revenue 95.8 86.6 +10.6% +11.0%

    * Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
    ** Formally named Agility & IT Project Portfolios (A&IT).

    By Pilar, revenue growth in H1 2025 was quite concentrated in Project Controls & Engineering and, to a lesser extent Product Development & Innovation:

    • Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In H1 2025, it remained Planisware’s principal pillar with 53% of total revenue and grew by +6.9%, resulting from both new customer wins and the expansion of offerings to existing customers.
    • Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 23% of H1 2025 total revenue and was the main contributor to revenue growth. Supported by the successful roll-out of offerings in North America, PC&E grew by +38.8%.
    • IT Governance & Digital Transformation (“IT&DT)** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 17% of H1 2025 Group revenue and grew by +25.1% on the back of a strong growth delivered in H1 2024 (+27.3%).
    • Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 7% of H1 2025 total revenue and slightly contributed to Group revenue growth with +2.7%.

    H1 2025 key financial figures

    In € million H1 2025 H1 2024 Variation
    YoY
    Total revenue 95.8 86.6 +10.6%
    Cost of sales -25.7 -24.9 +3.2%
    Gross profit 70.1 61.7 +13.5%
    Gross margin 73.2% 71.3% +190 bps
    Operating expenses -43.0 -68.4 -37.2%
    Current operating profit 27.1 23.4 +15.8%
    Other operating income & expenses – -5.8  
    Operating profit 27.1 17.7 +53.6%
    Profit for the period 21.7 16.0 +35.5%
           
    Adjusted EBITDA* 34.3 29.0 +18.1%
    Adjusted EBITDA margin* 35.8% 33.5% +230 bps
           
    Adjusted FCF* 32.9 36.9 -11.0%
    Cash Conversion Rate* 95.9% 127.2%  
    Net cash position* 182.0 156.4 +16.4%

    * Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Gross profit and margin

    Reaching € 25.7 million in H1 2025, cost of sales was broadly stable year-on-year. As a percentage of revenue, cost of sales decreased by -190 basis points to 26.8% thanks to a continued strict monitoring of costs and further operational efficiency gains.

    This enabled Planisware to deliver a € 70.1 million gross profit in H1 2025 (+13.5% year-on-year), representing a 73.2% gross margin, a significant improvement of c. +190 basis points compared to 71.3% in H1 2024.

    Operating profit and profit for the period

    R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, represented 11.7% of revenue and reached € 11.2 million. Planisware intends to maintain a high level of R&D spending, as it believes that its ability to provide innovative products and software solutions, expand its offerings portfolio and promote its offerings in the project management market will have a considerable effect on its revenues and operating results in the future.

    Reaching € 17.4 million in H1 2025 (18.2% of revenue), Sales & marketing expenses increased by €+1.9 million, or +12.5%, compared to € 15.5 million in H1 2024, or +30 basis points, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to continue to increase in the future as Planisware plans on expanding its domestic and international selling and marketing activities in order to strengthen its leading market position.

    Representing 15.0% of revenue in H1 2025, General & administrative expenses reached € 14.3 million (€+2.4 million, or +19.6% compared to € 12.0 million in H1 2024). Two third of this increase was related to employee costs engaged to support the growth of the business, the strengthening of global support functions, and the international expansion of the Group. The remaining third was related to foreign exchange effects on operating assets and liabilities and share base compensation expenses accounted on a significantly higher share price in H1 2025 than in H1 2024 (partially pre-IPO). Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

    As a result, current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024.

    There was no Other operating income & expenses in H1 2025 while it amounted to a net expense of € 5.8 million related to IPO costs in H1 2024. As a results of the above, operating profit reached the same level as current operating profit at € 27.1 million in H1 2025 and showed a +53.6% (or €+9.5 million), compared to € 17.7 million in H1 2024.

    Representing a loss of € 0.8 million in H1 2025, financial results deteriorated compared to a € 1.9 million income recorded in H1 2024. This was primarily driven by foreign exchange losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies for € 2.5 million.

    Income tax expense amounted to € 4.7 million in H1 2025, +30.3% compared to € 3.6 million in H1 2024, slightly less than profit for the period increase.

    As a result of these evolutions, profit for the period reached € 21.7 million in H1 2025, up by +35.5% (€+5.7 million) compared to H1 2024.

    Adjusted EBITDA

    Adjusted EBITDA* reached € 34.3 million, a strong increase compared to H1 2024 (€+5.3 million, or +18.1%). It represented 35.8% of H1 2025 revenue, c. +230 basis points compared to 33.5% in H1 2024. The increase in adjusted EBITDA reflects the translation of revenue growth into profit as the business is fueled by the addition of new customers, a positive mix effect and further operational efficiencies on employee-related costs.

    Cash generation and net cash position

    Change in working capital was €+8.3 million thanks to subscription contracts billed in advance of the services rendered. Capital expenditures totaled € 2.4 million, representing 2.5% of revenue, compared to € 2.1 million in H1 2024 (2.4% of revenue) and in line with the usual c. 3% level targeted over the year. Finally, tax paid in H1 2025 amounted to € 7.5 million compared to € 4.1 million in H1 2024 due to the significant increase of 2024 taxable profit.

    In H1 2025, adjusted Free Cash Flow* reached € 32.9 million, representing a Cash Conversion Rate* of 95.9%. H1 2025 adjusted Free Cash Flow was down by 11.0% year-on-year due to a lower conversion rate related to delays in the collection of some invoices and earlier payment for social security contributions in France than in H1 2024. Nevertheless, it does not question the yearly objective of 80% level that the Group considers being the normative Cash Conversion Rate for the coming years.

    As of June 30, 2025, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.9 million (€ 17.0 million as of December 31, 2024 and € 14.0 million as of June 30, 2024) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* amounted to€ 182.0 million as of June 30, 2025 compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

    Headcount evolution

    Total number of employees by region 30.06.24 31.12.24 30.06.25
    Europe 395 403 429
    North America 167 174 183
    APAC & ROW 152 171 188
    Total 714 748 800

    Total headcount grew by +7.0% (+52 employees) over the first half of the year and by +12.0% (+86 employees) over 12 months.

    Hiring efforts mostly targeted the fastest growing region, APAC & ROW, with headcount net growth by +9.9% (+17 employees) in H1 2025 and by +23.7% (+36 employees) over 12 months.

    By function, besides support teams, the hirings mostly concerned Sales & Marketing with headcount net growth by +10.5% (+14 employees) in H1 2025 and by +18.5% (+23 employees) over 12 months, as part of Planisware’s growth strategy.

    Updated 2025 objectives

    Taking into account further elongation of sales cycles materializing since the start of the year leading to delays in the start of new contracts, Planisware updates its 2025 objectives:

    • c. 10% revenue growth in constant currencies (Mid-to-high teens priorly)
    • c. 36% adjusted EBITDA margin** (c. 35% priorly)
    • Cash Conversion Rate** of c. 80% (confirmed)

    Appendices

    Q2 2025 revenue by revenue stream

    In € million Q2 2025 Q2 2024 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 44.7 39.5 +13.2% +15.9%
    SaaS & Hosting 22.9 19.9 +15.1% +17.7%
    Annual licenses 0.09 – N/A N/A
    Evolutive support 14.0 12.1 +15.5% +18.0%
    Subscription support 2.9 2.8 +3.9% +8.2%
    Maintenance 4.8 4.7 +3.3% +5.2%
    Non-recurring revenue 3.6 6.2 -42.5% -41.6%
    Perpetual licenses 1.1 3.0 -62.8% -62.2%
    Implementation & others non-recurring 2.5 3.2 -23.8% -22.6%
    Total revenue 48.3 45.7 +5.6% +8.1%

    * Revenue evolution in constant currencies, i.e. at Q2 2024 YTD average exchange rates.

    Non-IFRS measures reconciliations

    In € million H1 2025 H1 2024
    Current operating profit after share of profit of equity-accounted investee 27.1 23.4
    Depreciation and amortization of intangible, tangible and right-of-use assets 4.2 3.5
    Share-based payments 3.0 2.1
    Adjusted EBITDA** 34.3 29.0
    In € million H1 2025 H1 2024
    Net cash from operating activities 36.2 35.2
    Capital expenditures -2.4 -2.1
    Other finance income/costs -1.0 -1.8
    IPO costs paid 0.0 5.6
    Adjusted Free Cash Flow** 32.9 36.9

    Investors & Analysts conference call

    Planisware’s management team will host an international conference call on July 31, 2025 at 8:00am CET to details H1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of AI powered Software-as-a-Service (“SaaS”) platforms serving the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 800 employees across 18 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, and “Net cash position”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.
    ** Planisware’s SaaS Model is composed of SaaS & Hosting, Annual Licenses, Evolutive support, and Subscription support reporting lines.

    Attachment

    The MIL Network –

  • MIL-OSI: SCOR – Second quarter 2025 results: EUR 226 million net income in Q2 2025, contributing to a EUR 425 million net income in H1 2025

    Source: GlobeNewswire (MIL-OSI)

    Press release
    31 July 2025 – N° 11

    Second quarter 2025 results
                    

    EUR 226 million net income in Q2 2025,
    contributing to a EUR 425 million net income in H1 2025

    • Group net income of EUR 226 million in Q2 2025 driven by all business activities
      (EUR 225 million adjusted1)
       
      • P&C combined ratio of 82.5% with benign natural catastrophe experience and excellent attritional loss performance allowing for additional buffer building
      • L&H insurance service result2 of EUR 118 million, with H1 experience variance in line with expectations
      • Investments regular income yield of 3.5%, with continued attractive reinvestment rates
    • IFRS 17 Group Economic Value3 of EUR 8.5 billion as of 30 June 2025, up +10.5%4 at constant economics5 (down -1.7% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 47 (vs. EUR 48 as of 31 December 2024)
    • Estimated Group solvency ratio of 210%6 as of 30 June 2025, in the upper part of the optimal solvency range of 185%-220%
    • Annualized Return on Equity of 22.6% (22.6% adjusted1) in Q2 2025 implying an annualized Return on Equity of 20.3% in H1 2025 (20.1% adjusted1)

    SCOR SE’s Board of Directors met on 30 July 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2025 financial statements.

    Thierry Léger, Chief Executive Officer of SCOR, comments: “After a strong first quarter, all our business activities continue to perform well, contributing to a Group net income of EUR 226 million in the second quarter of 2025. The excellent combined ratio in P&C is the result of our disciplined underwriting and of successful strategy to grow into profitable and diversifying lines of business. This allows us to build an additional level of prudence to our P&C reserves. L&H and Investments also deliver strong results. Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan.”

    Group performance and context

    SCOR records EUR 226 million net income (EUR 225 million adjusted1) in Q2 2025, supported by all business activities:

    • In P&C, the combined ratio stands at 82.5% in Q2 2025, including a natural catastrophe ratio of 3.8%, reflecting a benign quarter of low natural catastrophe activity. Over the first six months of 2025, the natural catastrophe ratio of 8.2% remains below the budget despite the LA wildfire impact in Q1. The excellent Nat Cat and attritional loss performance in the second quarter allow for additional buffer building.
    • In L&H, the insurance service result2 stands at EUR 118 million in Q2 2025, driven by a strong CSM amortization including some positive one-offs, a risk adjustment release and a H1 experience variance in line with expectations.
    • In Investments, SCOR benefits from still-elevated reinvestment rates in Q2 2025 and records a high regular income yield of 3.5%.
    • The effective tax rate stands at 28.3% for Q2 2025.

    The annualized Return on Equity stands at 22.6% (22.6% adjusted1) in Q2 2025 and the Group Economic Value over the first half of 2025 increases by 10.5%4 at constant economics5. Over the first half of 2025, SCOR reports a net income of EUR 425 million (EUR 420 million adjusted1), implying an annualized Return on Equity of 20.3% (20.1% adjusted1).

    The Group solvency ratio is estimated at 210% at the end of Q2 2025, in the upper part of the optimal range of 185%-220%, and stable versus FY 2024. This is supported by the strong operating capital generation from all business activities, net of capital deployment for business growth and the accrual of dividend for the first half of 2025, partly offset by unfavorable market variances.

    June-July P&C reinsurance treaty renewals

    During the June-July 2025 renewals, SCOR continues to grow in its preferred and diversifying lines, maintaining its underwriting discipline in a competitive context.

    EGPI7 on the business up for renewal in June-July stays flat, with continued growth in the diversifying lines (+11.8%8) driven by International Casualty and Marine, while Alternative Solutions declines by 3.8%, impacted by a large contract that was not renewed. Exposure to US Casualty is further reduced. As a reminder, premiums up for renewals in June-July represent c.14% of annual P&C reinsurance premiums up for renewals.

    Since the start of the year, SCOR has achieved gross premium growth of +6.2%8 for its renewed portfolio with a stable price evolution. On a year-to-date basis, the net technical profitability9 is expected to remain unchanged for the renewed portfolio compared to last year. SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way.

    Looking ahead, SCOR anticipates a continued trend of overcapacity in the reinsurance segment, which is expected to exert pressure on pricing. Nonetheless, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to maintaining stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its hurdle rates.

    Excellent P&C underlying performance

    In Q2 2025, P&C insurance revenue stands at EUR 1,833 million, down -6.6% at constant exchange rates (down -9.7% at current exchange rates) compared to Q2 2024, impacted by a large contract commutation effect of -6.4 points. Excluding this effect, P&C insurance revenue would decline by -0.2% at constant exchange rates. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in Agriculture and US Casualty reinsurance and in SCOR Business Solutions.

    New business CSM in Q2 2025 stands at EUR 225 million, down -6.4% at current exchange rates compared to Q2 2024, mainly driven by an unfavorable foreign exchange effect. New business CSM in H1 2025 stands at EUR 935 million, up +4.8% compared to H1 2024, reflecting the successful P&C strategy to grow into profitable and diversifying lines of business.

    P&C (re)insurance key figures:

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    P&C insurance revenue 1,833 2,031 -9.7% 3,692 3,868 -4.6%
    P&C insurance service result 241 201 19.6% 446 383 16.6%
    Combined ratio 82.5% 86.9% -4.4pts 83.7% 87.0% -3.3pts
    P&C new business CSM 225 240 -6.4% 935 891 4.8%

    The P&C combined ratio stands at 82.5% in Q2 2025, compared to 86.9% in Q2 2024. It includes:

    • A Nat Cat ratio of 3.8%, reflecting a benign quarter with low Cat activity, and translating into a H1 cat ratio of 8.2%;
    • An attritional loss and commission ratio of 77.4%, reflecting a strong underlying performance and additional buffer building;
    • A discount effect of -6.3%;
    • An attributable expense ratio of 7.7%.

    The P&C insurance service result of EUR 241 million is driven by a CSM amortization of
    EUR 286 million, a risk adjustment release of EUR 25 million, a negative experience variance of
    EUR -60 million and an impact of onerous contracts of EUR 10 million.

    L&H H1 experience variances in line with expectations

    In Q2 2025, L&H insurance revenue amounts to EUR 1,986 million, down -0.1% at constant exchange rates (-3.3% at current exchange rates) compared to Q2 2024. SCOR continues to build its L&H CSM through new business generation (EUR 136 million new business CSM10 in Q2 2025), notably from Protection business with positive true ups from Q1 2025.

    L&H reinsurance key figures:

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    L&H insurance revenue 1,986 2,054 -3.3% 4,191 4,330 -3.2%
    L&H insurance service result 118 -329 n.a. 236 -257 n.a.
    L&H new business CSM 136 145 -6.2% 212 257 -17.7%

    The L&H insurance service result amounts to EUR 118 million in Q2 2025. It includes:

    • A CSM amortization of EUR 105 million, higher than expected, and partly driven by some positive one-offs;
    • A Risk Adjustment release of EUR 29 million;
    • An experience variance of EUR -7 million;
    • A negative impact of onerous contracts of EUR -10 million.

    Investments delivering a return on invested assets at 3.6%

    As of 30 June 2025, total invested assets amount to EUR 23.2 billion. SCOR’s asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 3.9 years.

    Investments key figures:

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    Total invested assets 23,189 22,682 2.2% 23,189 22,682 2.2%
    Regular income yield 3.5% 3.6% -0.1pt 3.5% 3.5% 0pt
    Return on invested assets* 3.6% 3.3% 0.3pt 3.7% 3.3% 0.4pt

    (*) Fair value through income on invested assets excludes EUR 1 million in Q2 2025 and EUR 7 million in H1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.

    Total investment income on invested assets stands at EUR 21011 million in Q2 2025. The return on invested assets stands at 3.6%11 (vs. 3.8% in Q1 2025) and the regular income yield at 3.5% (vs. 3.5% in Q1 2025).

    The reinvestment rate stands at 4.1%12 as of 30 June 2025, compared to 4.3% as of 31 March 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.5 billion are expected over the next 24 months13, enabling SCOR to benefit from still-elevated reinvestment rates.

    New developments on arbitrations

    SCOR has been informed that Covéa just filed a request for arbitration to contest the validity of the settlement agreement drawn up and concluded in the presence of the French regulator ACPR on 10 June 202114. SCOR considers this request unfounded and will vigorously defend its rights. This request for a new arbitration comes in addition to the ongoing arbitration on the retrocession treaties, initiated by SCOR in November 2022 and which has now reached its final phase. In this context, Covéa has requested that the tribunal in charge of the 2022 arbitration stay its decision until the outcome of this new arbitration. SCOR opposes this request and remains firmly committed to keeping the current proceedings within the agreed timeline, for a decision to be rendered in the course of 2026. These latest developments have no impact on SCOR’s business and its ability to deliver its strategic plan Forward 2026.

    This update is an ad hoc disclosure pursuant to Article 17 of Regulation (EU) No 596/2014 of 16 April 2014.

    *

    *        *

    APPENDIX

    1 – SCOR Group Q2 2025 key financial details

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    Insurance revenue 3,819 4,085 -6.5% 7,883 8,198 -3.8%
    Gross written premiums1 4,661 5,076 -8.2% 9,569 10,029 -4.6%
    Insurance Service Result2 358 -127 n.a. 682 126 n.a.
    Management expenses -313 -318 1.6% -614 -612 -0.3%
    Annualized ROE3 22.6% -23.7% n.a. 20.3% -4.7% n.a.
    Annualized ROE excluding the mark to market impact of the option on own shares from Q2 2025 22.6% -21.9% n.a. 20.1% -4.5% n.a.
    Net income3,4 226 -308 n.a. 425 -112 n.a.
    Net income4 excluding the mark to market impact of the option on own shares from Q2 2025 225 -283 n.a. 420 -107 n.a.
    Economic value5,6 8,469 8,425 0.5% 8,469 8,425 0.5%
    Shareholders’ equity 4,129 4,500 -8.2% 4,129 4,500 -8.2%
    Contractual Service Margin (CSM)6 4,340 3,924 10.6% 4,340 3,924 10.6%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Includes revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder’s equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM.

    2 – P&L key figures Q2 2025

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    Insurance revenue 3,819 4,085 -6.5% 7,883 8,198 -3.8%
    • P&C insurance revenue
    		 1,833 2,031 -9.7% 3,692 3,868 -4.6%
    • L&H insurance revenue
    		 1,986 2,054 -3.3% 4,191 4,330 -3.2%
    Gross written premiums1 4,661 5,076 -8.2% 9,569 10,029 -4.6%
    • P&C gross written premiums
    		 2,250 2,438 -7.7% 4,759 4,865 -2.2%
    • L&H gross written premiums
    		 2,410 2,637 -8.6% 4,810 5,164 -6.9%
    Investment income on invested assets 210 184 14.3% 436 376 +15.8%
    Operating results 347 -227 n.a. 665 60 n.a.
    Net income2,3 226 -308 n.a. 425 -112 n.a.
    Net income2excluding the mark to market impact of the option on own shares from Q2 2025 225 -283 n.a. 420 -107 n.a.
    Earnings per share3(EUR) 1.26 -1.72 n.a. 2.38 -0.63 n.a.
    Earnings per share (EUR) excluding the mark to market impact of the option on own shares from Q2 2025 1.26 -1.58 n.a. 2.35 -0.60 n.a.
    Operating cash flow 395 134 194.2% 546 286 90.9%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax.

      
    3 – P&L key ratios Q2 2025 

    In EUR million

    (at current exchange rates)

    		 Q2 2025 Q2 2024 Variation H1 2025 H1 2024 Variation
    Return on invested assets 1,2 3.6% 3.3% +0.3pts 3.7% 3.3% +0.4pts
    P&C combined ratio 3 82.5% 86.9% -4.4pts 83.7% 87.0% -3.3pts
    Annualized ROE4 22.6% -23.7% n.a. 20.3% -4.7% n.a.
    Annualized ROE excluding the mark to market impact of the option on own shares 22.6% -21.9% n.a. 20.1% -4.5% n.a.
    Economic Value growth5 n.a. n.a. n.a. 10.5% -7.3% +17.8pts

    1: Annualized; 2: In Q2 2025 and H1 2025, fair value through income on invested assets excludes respectively EUR 1m and EUR 7m pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax; 5: Not annualized. Growth at constant economic assumptions, and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025. Economic Value defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.

      
    4 – Balance sheet key figures as of 30 June 2025

    In EUR million
    (at current exchange rates)    		 As of
    30 June 2025    		 As of
    31 December 2024    		 Variation
    Total invested assets 1 23,189 24,155 -4.0%
    Shareholders’ equity 4,129 4,524 -8.7%
    Book value per share (EUR) 23.09 25.22 -8.5%
    Economic Value2 8,469 8,615 -1.7%
    Economic Value per share (EUR)3 47.35 48.03 -1.4%
    Financial leverage ratio4 24.9% 24.5% 0.3pts
    Total liquidity5 2,362 2,466 -4.2%

    1: Excludes 3rd party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Includes cash and cash equivalents and short-term investments.

    *

    *        *

    SCOR, a leading global reinsurer

    As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

    The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

    For more information, visit: www.scor.com

    		 Media Relations
    Alexandre Garcia
    media@scor.com

    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

    Follow us on LinkedIn
     

    All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

      
    General

    Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

    This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

    Forward-looking statements

    This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

    These statements may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

    It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

    No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.

    In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.

    Accordingly, all assessments, assumptions, and figures presented in this press release should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.

    In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

    SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

    Financial information

    The Group’s financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

    Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

    The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.

    The financial results for the first half of 2025 have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

    Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods

    1 Adjusted by excluding the mark to market impact of the option on own shares.
    2 Includes revenues on financial contracts reported under IFRS 9.

    3 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
    4 Not annualized. The starting point is adjusted for the future payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025.
    5 Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as of 31 December 2024 and excluding the mark to market impact of the option on own shares.

    6 Solvency ratio estimated after taking into account the dividend accrual for the first six months based on the dividend paid for the fiscal year 2024 (EUR1.8 per share).
    7 Estimated Gross Premium Income (EGPI).
    8 Compared to the same period in 2024.
    9 Measured by net underwriting ratio, excluding Alternative Solutions.
    10 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).
    11 Excluding the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax.

    12 Reinvestment rate is based on Q2 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 30/06/2025.
    13  As of 30 June 2025. Includes current cash balances and future coupons and redemptions.
    14SCOR and Covéa announce the signing of a settlement agreement | SCOR

    Attachment

    The MIL Network –

  • MIL-Evening Report: The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan

    Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Australian National University

    When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian rule in Afghanistan – Arab and Muslim states have been staggeringly ineffective.

    Their chief body, the Organisation of Islamic Cooperation (OIC), in particular, has been strong on rhetoric but very short on serious, tangible action.

    The OIC, headquartered in Saudi Arabia, is composed of 57 predominantly Muslim states. It is supposed to act as a representative and consultative body and make decisions and recommendations on the major issues that affect Muslims globally. It calls itself the “collective voice of the Muslim world”.

    Yet the body has proved to be toothless in the face of Israel’s relentless assault on Gaza, triggered in response to the Hamas attacks of October 7 2023.

    The OIC has equally failed to act against the Taliban’s reign of terror in the name of Islam in ethnically diverse Afghanistan.

    Many strong statements

    Despite its projection of a united umma (the global Islamic community, as defined in my coauthored book Islam Beyond Borders), the OIC has ignominiously been divided on Gaza and Afghanistan.

    True, it has condemned Israel’s Gaza operations. It’s also called for an immediate, unconditional ceasefire and the delivery of humanitarian aid to the starving population of the strip.

    It has also rejected any Israeli move to depopulate and annex the enclave, as well as the West Bank. These moves would render the two-state solution to the long-running Israeli–Palestinian conflict essentially defunct.

    Further, the OIC has welcomed the recent joint statement by the foreign ministers of 28 countries (including the United Kingdom, many European Union members and Japan) calling for an immediate ceasefire in Gaza, as well as France’s decision to recognise the state of Palestine.

    The OIC is good at putting out statements. However, this approach hasn’t varied much from that of the wider global community. It is largely verbal, and void of any practical measures.

    What the group could do for Gaza

    Surely, Muslim states can and should be doing more.

    For example, the OIC has failed to persuade Israel’s neighbouring states – Egypt and Jordan, in particular – to open their border crossings to allow humanitarian aid to flow into Gaza, the West Bank or Israel, in defiance of Israeli leaders.

    Nor has it been able to compel Egypt, Jordan, the United Arab Emirates, Bahrain, Sudan and Morocco to suspend their relations with the Jewish state until it agrees to a two-state solution.

    Further, the OIC has not adopted a call by Malaysian Prime Minister Anwar Ibrahim and the United Nations special rapporteur on Palestinian territories, Francesca Albanese, for Israel to be suspended from the UN.

    Nor has it urged its oil-rich Arab members, in particular Saudi Arabia and the UAE, to harness their resources to prompt US President Donald Trump to halt the supply of arms to Israel and pressure Israeli Prime Minister Benjamin Netanyahu to end the war.

    Stronger action on Afghanistan, too

    In a similar vein, the OIC has failed to exert maximum pressure on the ultra-extremist and erstwhile terrorist Taliban government in Afghanistan.

    Since sweeping back into power in 2021, the Taliban has ruled in a highly repressive, misogynist and draconian fashion in the name of Islam. This is not practised anywhere else in the Muslim world.

    In December 2022, OIC Secretary General Hissein Brahim Taha called for a global campaign to unite Islamic scholars and religious authorities against the Taliban’s decision to ban girls from education.

    But this was superseded a month later, when the OIC expressed concern over the Taliban’s “restrictions on women”, but asked the international community not to “interfere in Afghanistan’s internal affairs”. This was warmly welcomed by the Taliban.

    In effect, the OIC – and therefore most Muslim countries – have adopted no practical measures to penalise the Taliban for its behaviour.

    It has not censured the Taliban nor imposed crippling sanctions on the group. And while no Muslim country has officially recognised the Taliban government (only Russia has), most OIC members have nonetheless engaged with the Taliban at political, economic, financial and trade levels.

    Why is it so divided?

    There are many reasons for the OIC’s ineffectiveness.

    For one, the group is composed of a politically, socially, culturally and economically diverse assortment of members.

    But more importantly, it has not functioned as a “bridge builder” by developing a common strategy of purpose and action that can overcome the geopolitical and sectarian differences of its members.

    In the current polarised international environment, the rivalry among its member states – and with major global powers such as the United States and China – has rendered the organisation a mere talking shop.

    This has allowed extremist governments in both Israel and Afghanistan to act with impunity.

    It is time to look at the OIC’s functionality and determine how it can more effectively unite the umma.

    This may also be an opportunity for its member states to develop an effective common strategy that could help the cause of peace and stability in the Muslim domain and its relations with the outside world.

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

    – ref. The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan – https://theconversation.com/the-muslim-world-has-been-strong-on-rhetoric-short-on-action-over-gaza-and-afghanistan-262121

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Unlock More Capital, Deputy Secretary-General Urges at AGFUND Event Citing Real Leadership across Africa to Achieve Sustainable Food Security, Resilience

    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) Arab Gulf Programme for Development (AGFUND) side event:  “Mobilizing Investment for Sustainable Development Goal (SDG) 2:  The Role of Public-Private Partnerships”, in Addis Ababa today:

    It is a pleasure to be with you today to confront one of the great injustices of our time, and to spotlight a response that offers hope.

    Let me start with the stark reality we all know too well.  Hunger is rising.  Over 800 million people are food insecure.  Climate shocks and conflict are battering food systems.  Inflation and instability are undermining livelihoods.

    Once again, those with the least are paying the highest price.  Behind the numbers are human potential being lost every single day.  Children whose growth is stunted, mothers who skip meals to feed their families and farmers trapped in cycles of debt when harvests fail.

    This is both a development emergency and a solvable failure.  We have the knowledge and the means, what we lack is the scale of investment needed to act decisively.  Food systems don’t stop at borders:  rivers flow across regions and markets stretch across continents. Our response must reflect that same interconnection grounded in shared responsibility. 

    We meet here in Addis Ababa, a city that has long embodied African cooperation and leadership.  There is no better place to recommit to food security and resilience.

    Food is more than a necessity.  It is also a foundation for peace and a force for unity.  In a divided world, food carries the promise of shared responsibility and shared survival.  It is with this understanding that I welcome the Global Flagship Initiative for Food Security.

    That is why I welcome the Global Flagship Initiative for Food Security.  Launched at the Sixteenth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP16) under Saudi leadership and supported by AGFUND and many others, this initiative offers a structured, forward-looking response to today’s urgent needs.

    The value of the Flagship lies in its design.  It brings together science and policy, local knowledge and institutional finance, Governments and field-based delivery.  Over 30 partners are already involved.

    With careful targeting and strong regional coordination, the Flagship is directing resources to the people and places that need them most — smallholder farmers, women producers and fragile ecosystems.

    This approach recognizes that sustainable food security cannot be achieved through top-down solutions alone.  It requires empowering local communities, strengthening Indigenous knowledge systems and ensuring that women — who produce the majority of the world’s food — have equal access to land, credit and decision-making power.

    This initiative is not just a vision on paper, it is already generating real momentum — through integration with the Global Drought Resilience Partnership and through collaboration with the Joint SDG Fund in countries like Ethiopia and Cameroon.  These efforts show that it’s possible to build practical, blended financing models that support action.

    We are seeing real leadership across Africa.  Countries are moving forward with national strategies, restoring land and linking action to results.  This is African leadership in motion rooted in local priorities, supported by global partners.

    Yet we must be clear-eyed about the obstacles that remain, particularly around financing.  The financing gap for food systems transformation is estimated at over $300 billion annually.

    Connected, is the fundamental inequity in how climate finance flows.  The countries most affected by climate change receive the least support, while those who have contributed least to the problem bear the greatest burden.

    The financing gap is felt most in the least developed countries and small island developing States.  We need to unlock more capital, not only from traditional sources, but also through environmental, social and governance bonds, responsible land investment and climate-aligned funds.

    Before I close, I want to acknowledge the partners who have made this possible.  Let me thank AGFUND and Dr. Nasser Al Kahtani for their leadership, the Crop Trust for hosting the Secretariat and the Arab Coordination Group for their financial and strategic backing.

    As we move forward together, we must remember what this work is really about. This initiative is a reminder that change comes from purpose, partnership and persistence.

    So, let us move forward with a shared determination.  Because food systems transformation is not only about agriculture.  It is about dignity.  It is about justice.  It is about the future we owe one another.

    MIL OSI United Nations News –

  • MIL-OSI Africa: 8 policies that would help fight poverty in South Africa’s economic hub Gauteng

    Source: The Conversation – Africa – By Adrino Mazenda, Senior Researcher, Associate Professor Economic Management Sciences, University of Pretoria

    Poverty goes beyond income. It often arises when health, education and opportunities fall short of meeting people’s needs.

    Individuals are classified as impoverished when they face deprivation in one-third or more of the indicators in a multidimensional poverty index. The index reflects the various influences on socioeconomic class. These include housing, sanitation, electricity, cooking fuel, nutrition and school attendance.

    The index is one of the most comprehensive measures of poverty. The fact that the multidimentional index captures multiple dimensions enables it to reflect overlapping disadvantages. And provides a fuller picture of well-being. Other monetary measures such as income aren’t as comprehensive.

    About 18% of the world’s population are poor by the definition of the multidimentional poverty index. Sub-Saharan Africa is especially affected, with a multidimensional poverty rate nearing 59%.

    In South Africa, it is at around 40%. This means it experiences four in 10 of the dimensions of poverty.

    The province of Gauteng is South Africa’s economic hub. Nevertheless it contains pockets of severe deprivation. About 4.6% of households are poor. In some wards up to 68% are severely deprived.

    We are social scientists with research histories in food systems and livelihoods, public policy and economics of human capital. We recently conducted a study focused on Gauteng. We wanted to determine what could enable poor and vulnerable households to move out of those categories.

    We used a modelling exercise that allowed us to isolate the most relevant factors for this transition.

    The study found six factors: education, age, income, working time, medical aid and being a recipient of a low income municipal support grant. We concluded from this that attending to these six variables was the foundation for upward mobility.

    Conversely, vulnerability to economic shocks, such as job loss or food insecurity, can trigger rapid downward mobility.

    Based on our findings we make eight policy recommendations. These include boosting education and skills training, better healthcare and affordable, reliable transport.

    Range of factors

    Multidimensional poverty intersects with socioeconomic class structures. It reinforces inequality by placing individuals into hierarchical groups. These range from the affluent and middle class to the transient, vulnerable, and chronically poor.

    These disparities shape access to resources, opportunities and upward mobility.

    Lower-class households differ from middle-class and affluent (non-poor) households across multiple dimensions. These differences include income stability, consumption patterns, access to services, asset ownership, social capital and vulnerability to shocks.

    In the light of this we adopted a multidimensional poverty approach to classify households. We used various dimensions and indicators of poverty to assess the extent of deprivation and associated poverty levels.

    We calculated the deprivation score and classified households into three levels: not poor, moderate poverty (vulnerable), and severe poverty (chronically poor).

    Working time had the strongest effect. Part- or full-time work greatly lowered odds of severe poverty (chronic poverty) and moderate poverty (transient poverty). Working time refers to the duration that a person is engaged in paid employment or work-related activities. This is usually between 35 and 45 hours per week for full-time employment. And fewer than 35 hours per week for part-time employment.

    Some factors only influenced certain groups. For severe poverty, transport access, household health, food parcel reliance, household size, and skipping meals were significant. For moderate poverty, gender, food parcel reliance and skipping meals mattered. And for the vulnerable non-poor (middle class), distance from public transport was the only additional factor.

    Social grants and being part of the black population group showed little influence. Transitions and the ability to transcend poverty classes were driven mainly by direct socio-economic factors.

    These dynamics underscore the precariousness of low-income households. They also highlight the importance of targeted interventions to break cycles of poverty.

    Higher education, stable income and access to full-time work, drastically reduce the odds of remaining in severe or moderate poverty or being vulnerable. Medical aid access and municipal assistance programmes that provide free or subsidised basic services, also serve as protective factors. These help households meet essential health and welfare needs.

    However, several structural and socio-economic constraints hinder transitions out of poverty. For example, living a greater distance from public transport increases the likelihood of severe poverty and vulnerability.

    Food insecurity, measured by skipping meals or dependence on food parcels, remains a persistent marker of entrenched deprivation.

    Gender disparities suggest underlying labour market or social vulnerabilities that require targeted policy interventions. For example, male-headed households are more likely than female-headed households to be moderately poor.

    What can be done

    Escaping multidimensional poverty in Gauteng requires targeted, practical and complementary interventions. Examples include subsidised transport, decentralised clinics, or housing closer to jobs.

    This will enable grants to be translated to improved well-being.

    We suggest eight areas for improvement:

    • access to education, vocational training and digital skills. This will help to increase employment prospects

    • public works and youth entrepreneurship support. This will boost income generation

    • social protection like indigent benefits, food vouchers and subsidised medical aid

    • food security. This can be done through community gardens and nutrition programmes

    • support for female-headed households and young people

    • affordable, reliable public transport. Services also need to be decentralised

    • data-driven municipal planning to guide infrastructure and service investments

    • consistently tracking progress against defined objectives.

    The province implements multiple poverty-reduction initiatives. These include expanded public works, township economy support, food gardens, free basic services, subsidised housing, and public transport projects.

    These efforts address income, food security and mobility. But they have limited impact due to persistent barriers. This is because many, particularly young people, don’t have market-relevant skills. In addition, spatial inequality results in long, costly commutes. And housing shortages and rising food prices deepen vulnerability.

    Fragmented funding, weak coordination and inadequate data tracking also undermine progress.

    – 8 policies that would help fight poverty in South Africa’s economic hub Gauteng
    – https://theconversation.com/8-policies-that-would-help-fight-poverty-in-south-africas-economic-hub-gauteng-261388

    MIL OSI Africa –

  • MIL-OSI Analysis: Starmer’s move on Palestinian statehood is clever politics

    Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University

    Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.

    For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.

    Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.



    Read more:
    UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

    If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.

    This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?

    Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.

    At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.

    Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.

    As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.

    International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.

    These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.

    The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.

    Challenges ahead

    That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.

    Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.

    There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?

    Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?

    The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.

    Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.

    If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.

    But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.

    If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.

    For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains

    – ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239

    MIL OSI Analysis –

  • MIL-OSI Analysis: Why the Pacific tsunami was smaller than expected – a geologist explains

    Source: The Conversation – UK – By Alan Dykes, Associate Professor in Engineering Geology, Kingston University

    The earthquake near the east coast of the Kamchatka peninsula in Russia on July 30 2025 generated tsunami waves that have reached Hawaii and coastal areas of the US mainland. The earthquake’s magnitude of 8.8 is significant, potentially making it one of the largest quakes ever recorded.

    Countries around much of the Pacific, including in east Asia, North and South America, issued alerts and in some cases evacuation orders in anticipation of potentially devastating waves. Waves of up to four metres hit coastal towns in Kamchatka near where the earthquake struck, apparently causing severe damage in some areas.

    But in other places waves have been smaller than expected, including in Japan, which is much closer to Kamchatka than most of the Pacific rim. Many warnings have now been downgraded or lifted with relatively little damage. It seems that for the size of the earthquake, the tsunami has been rather smaller than might have been the case. To understand why, we can look to geology.

    The earthquake was associated with the Pacific tectonic plate, one of several major pieces of the Earth’s crust. This pushes north-west against the part of the North American plate that extends west into Russia, and is forced downwards beneath the Kamchatka peninsula in a process called subduction.

    The United States Geological Survey (USGS) says the average rate of convergence – a measure of plate movement – is around 80mm per year. This is one of the highest rates of relative movement at a plate boundary.

    But this movement tends to take place as an occasional sudden movement of several metres. In any earthquake of this type and size, the displacement may occur over a contact area between the two tectonic plates of slightly less than 400km by 150km, according to the USGS.

    The Earth’s crust is made of rock that is very hard and brittle at the small scale and near the surface. But over very large areas and depths, it can deform with slightly elastic behaviour. As the subducting slab – the Pacific plate – pushes forward and descends, the depth of the ocean floor may suddenly change.

    Nearer to the coastline, the crust of the overlying plate may be pushed upward as the other pushed underneath, or – as was the case off Sumatra in 2004 – the outer edge of the overlying plate may be dragged down somewhat before springing back a few metres.

    It is these near-instantaneous movements of the seabed that generate tsunami waves by displacing huge volumes of ocean water. For example, if the seabed rose just one metre across an area of 200 by 100km where the water is 1km deep, then the volume of water displaced would fill Wembley stadium to the roof 17.5 million times.

    A one-metre rise like this will then propagate away from the area of the uplift in all directions, interacting with normal wind-generated ocean waves, tides and the shape of the sea floor to produce a series of tsunami waves. In the open ocean, the tsunami wave would not be noticed by boats and ships, which is why a cruise ship in Hawaii was quickly moved out to sea.

    Waves sculpted by the seabed

    The tsunami waves travel across the deep ocean at up to 440 miles per hour, so they may be expected to reach any Pacific Ocean coastline within 24 hours. However, some of their energy will dissipate as they cross the ocean, so they will usually be less hazardous at the furthest coastlines away from the earthquake.

    The hazard arises from how the waves are modified as the seabed rises towards a shoreline. They will slow and, as a result, grow in height, creating a surge of water towards and then beyond the normal coastline.

    The Kamchatka earthquake was slightly deeper in the Earth’s crust (20.7km) than the Sumatran earthquake of 2004 and the Japanese earthquake of 2011. This will have resulted in somewhat less vertical displacement of the seabed, with the movement of that seabed being slightly less instantaneous. This is why we’ve seen tsunami warnings lifted some time before any tsunami waves would have arrived there.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. Why the Pacific tsunami was smaller than expected – a geologist explains – https://theconversation.com/why-the-pacific-tsunami-was-smaller-than-expected-a-geologist-explains-262273

    MIL OSI Analysis –

  • MIL-OSI Analysis: As climate change hits, what might the British garden of the future look like?

    Source: The Conversation – UK – By Adele Julier, Senior Lecturer in Ecology, University of Portsmouth

    Maria Evseyeva/Shutterstock

    Hosepipe bans in summer 2025 will mean many gardeners having to choose which of their plants to keep going with the watering can, and which to abandon. Are these temporary restrictions actually a sign we need to rethink British gardens altogether?

    Climate change will bring the United Kingdom warmer, wetter winters and hotter, drier summers. Britain has seen warm periods before, such as in the last interglacial period 130,000 years ago, but the current speed of change is unprecedented. This will have many effects, but it will also change one of the core parts of British life: our gardens.

    Rather than fighting the inevitable and trying to keep growing the same plants we have always grown, how might we adapt what we grow and how we grow it?

    The first to go, tragically for some, may be the classic British lawn. Already this year across the country, large areas of grass are looking parched and brown in the face of a long drought. The traditional lawn has just a few species of grass and is unlikely to be very drought-resistant. You can maintain a grass lawn that is more tolerant of dry weather by using drought-resistant fescue species of grass, and keeping the lawn well aerated (that means putting small holes in it to allow air, water and nutrients to reach the grass roots). But it may still suffer periods in which it looks unhealthy.

    Swapping a lawn for a meadow can increase drought tolerance and decrease maintenance such as regular mowing and watering, because meadows only need to be cut once a year and don’t need as much water. Perhaps instead of lawns we can embrace No Mow May all year round, creating a greater diversity of plant and animal life in gardens.

    Wildflowers such as yarrow and common knapweed can be great for pollinators and the birds that feed on them. These plants are drought-tolerant too.

    As well as challenges in the face of a changing climate, there will be opportunities. Grape vines were grown in Britain in Roman times, and British wine production is once again a growing industry. Regular British gardeners could also grow a wider variety of grape vines, and even make their own wine. Warmer, drier summers could make plants such as citrus and olive trees easier to grow, with fruits more likely to ripen and less likely to be lost to frost in winter. Sunflowers, while they already grow here, could also thrive in the new conditions.

    There will be a shift in the best types of decorative plants for gardens, with those needing lots of water, such as hydrangeas, delphiniums and gentians, becoming difficult to grow. We could look to the Mediterranean for inspiration, and choose shrubs such as thyme and lavender, or climbers like passion flowers, that need less water. It is also possible to grow a drought-tolerant garden with plants that are native to Britain, such as species of Geranium and Sedum. Coastal plants such as sea kale and sea holly that grow in harsh, rocky conditions can also make great garden plants in a drier climate.

    Sea holly doesn’t mind our changing climate as much as other garden plants.
    olko1975/Shutterstock

    Finally, the way we garden will need to change. Setting up water storage systems, from simple water butts to larger, more complex systems that could include grey water harvesting (used but clean water from baths and washing up) or underground water storage, will help gardeners to make the most of storms by storing the rainwater for use during droughts. You can set up a dispersion system to recycle lightly used household water, such as from a dishwasher or shower.

    Soil health is important too, as soils with more organic matter are better at holding water. Composting food waste to add to soil would be a great way of helping to increase the organic content and make watering more efficient. This has the added value of avoiding peat composts. Peat comes from wetlands and it will eventually run out. Peat harvesting also releases carbon dioxide into the atmosphere, contributing to climate change.

    The next few decades will be challenging for gardeners. Britain will probably experience an increase in prolonged droughts and other extreme weather, as well as overall warming caused by climate change. Our gardens may cover a small proportion of land in the UK. But we can use them to experiment and develop sustainable ways of existing, growing not just new plants but also hope in the face of adversity.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. As climate change hits, what might the British garden of the future look like? – https://theconversation.com/as-climate-change-hits-what-might-the-british-garden-of-the-future-look-like-261608

    MIL OSI Analysis –

  • MIL-OSI Analysis: Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds

    Source: The Conversation – UK – By Jo Wilding, Lecturer in law, University of Sussex

    The Windrush scandal has been one of the biggest miscarriages of justice in Britain, affecting tens of thousands of people. The government set up a scheme in 2019 to award compensation to those who had been wronged by racist immigration legislation over decades, left unable to prove their immigration status.

    But in a new report, I have found that how much victims receive through the scheme has little to do with how they were wronged, and more to do with whether they can access a lawyer. Those who applied without legal support were offered tens of thousands of pounds less than when they appealed with legal representation.

    The research, produced with law reform charity Justice and Dechert LLP’s pro bono team, provides empirical evidence of precisely what lawyers do that makes a difference.

    Our research participants, who were claiming compensation over the Windrush scandal were offered, on average, £11,000 when applying to the scheme without a lawyer. But when applying for review with legal representation, the award was more than £83,000. One of our participants was refused any compensation when he applied alone, but eventually received £295,000 with the help of a lawyer.

    Why lawyers are needed

    We conducted an in-depth review of ten files where a claimant first applied for compensation without a lawyer, received a refusal or a low offer of compensation, and then applied with a lawyer for review of that decision.

    We reviewed another seven files from people who could never have claimed alone, because of street homelessness, dementia or serious health conditions.

    The team interviewed each lawyer and (where possible) the claimant, to identify exactly what a lawyer does that makes a difference.

    The Home Office insists lawyers are unnecessary because the scheme’s own caseworkers will help find evidence. But our findings suggest serious failings in those efforts. One of the main contributions of lawyers was expertise in finding decades-old evidence and demonstrating how it meets the standard of proof for the Windrush compensation scheme.

    One of our claimants applied for compensation for having been refused housing assistance (leaving her homeless) based on a misunderstanding of her immigration status. The Home Office caseworkers emailed her local council and asked whether there was a record of her being refused housing assistance 20 years earlier. The council replied that there was not. The caseworker treated that as evidence that she had never made an application.

    When a lawyer got involved, he asked the council to confirm how long they kept housing application records. The answer was 12 years, so there was never any prospect of evidence existing from 20 years ago. The lawyer then managed to track down her housing file with the housing solicitors who represented her.

    Lawyers knew how to request files from public bodies, understood the references to statutes in those files and, most importantly, were able to spot when key documents were missing.

    The lawyers in the cases we reviewed took detailed witness statements from claimants. Those made by claimants alone averaged 1.5 pages, whereas those made by lawyers were at least 15 pages, containing far more relevant detail showing how the claimant met the scheme criteria.

    Lawyers acted as a “buffer” between claimant and Home Office. Claimants told our research team that they felt the Home Office spoke to them with more respect once they had a lawyer. Often, claimants were ready to give up and accept the refusal because they were exhausted and frustrated with fighting the Home Office.

    The Windrush scandal has affected tens of thousands of people.
    James Ivor Wadlow/Shutterstock

    The findings are consistent with other peer-reviewed research exploring what lawyers or representatives add to cases in the family courts and the tribunals: a 15%-18% “representation premium” in chances of success. In some cases, this can be achieved through pre-hearing advice.

    All of our participants had a lawyer either through Law Centres funded by a charity, a university law clinic, or private law firms doing the work pro bono. Some firms also do the work on a no-win-no-fee basis, typically taking 25%-30% of the claimant’s damages but on occasion up to 67%. Given that it takes 32-103 hours to prepare the case, the lawyer’s fee may still underrepresent the work they did.

    Compensation schemes and legal support

    Recent reports have revealed serious problems with the compensation schemes for both the Post Office and the infected blood scandals. The chairs of the respective public inquiries, Sir Wyn Williams and Sir Brian Langstaff, criticised gaps in the provision of access to legal advice and recommended funded legal advice for all claimants.

    The Post Office Horizon IT scandal has four compensation schemes for different categories of victim. In each, claimants can choose between a fixed payment (£75,000) or an individual assessment of loss. In three of those schemes, funded legal advice is available to help claimants choose between those options. In the Horizon Shortfall Scheme, though, it is not available unless and until they reject the fixed payment and opt for individual assessment.

    The infected blood compensation scheme includes funded legal representation for “core” route claimants – those directly affected. But the inquiry report says it should also be available for claims by affected family members.

    Only the Windrush scheme has no provision at all for funded legal representation at any stage. All representation is either a matter of charity, or paid for from the damages, which may leave very little for the claimant.

    Yet the Windrush scheme is arguably the most complicated, with a 44-page claim form compared with just eight for the Horizon Shortfall Scheme. The infected blood claim form is largely completed by medical personnel. The Windrush scheme has complex eligibility requirements compared with the other schemes, and often demands an immigration lawyer’s expertise.

    As our research found, lawyers were able to advise Windrush claimants on whether the offer of compensation was fair or whether they should apply for review. Our empirical evidence, along with the reports, suggest all compensation schemes involving state harm to citizens should include free legal representation for claimants.

    In response to the report, a Home Office spokesperson told the Guardian: “Earlier this year, we launched a £1.5m advocacy support fund to provide dedicated help from trusted community organisations when victims are applying for compensation. However, we recognise there is more to be done, which is why ministers are continuing to engage with community groups on improvements to the compensation scheme, and will ask the new Windrush commissioner to recommend any further changes they believe are required.”

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. Windrush scandal: those left to apply for compensation without legal help missed out on tens of thousands of pounds – https://theconversation.com/windrush-scandal-those-left-to-apply-for-compensation-without-legal-help-missed-out-on-tens-of-thousands-of-pounds-261046

    MIL OSI Analysis –

  • MIL-OSI Analysis: People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats

    Source: The Conversation – UK – By David Suber, Departmental Lecturer in Criminology, University of Oxford

    In the latest attempt to crack down on irregular migration, the UK government has announced a raft of international sanctions against people smugglers. The sanctions will use asset freezes, travel bans and other financial restrictions to go after businesses and individuals thought to be facilitating smuggling operations.

    The government has committed to treating irregular migration as a national security threat, to be tackled with tools drawn from the counter-terrorism playbook. But, given the supply and demand forces that drive the smuggling industry, sanctions may not be effective.

    Smuggling is, essentially, a service industry. Opportunistic entrepreneurs charge migrants a fee to enable them to cross borders they wouldn’t otherwise be able to.

    These operations rely on wide networks: suppliers of dinghies and vehicles, informal money transfer brokers, local guides skilled at avoiding detection. While the routes and logistics vary across regions, empirical research consistently shows that smuggling is usually low-skill and fragmented. It’s rarely the domain of organised, mafia-style cartels.

    This regime of sanctions and asset freezes adds a new tactic to a familiar policy toolbox. Previous Conservative governments and EU countries have treated smuggling as a form of organised crime that can only be defeated through security responses. They’ve invested in surveillance, border walls and policing at home and internationally. Evidence suggests this approach is not only ineffective – it can backfire.

    Why sanctions may miss the target

    Smugglers and migrants alike operate in highly hostile environments. Evading detection and minimising risk is essential. This has made migrant smuggling particularly adaptable to criminal justice responses.

    Take money transfers between migrants and smugglers. Smuggling fees are often handled through the informal “hawala” money transfer system. A migrant deposits funds with a broker in the departure country, who holds the money and issues a code. Only once the migrant has safely arrived at their destination is the code released to a second broker, who then pays the smuggler. Debts between hawala brokers are settled when future operations move money in the opposite direction.

    Hawala money transfers are legal in most countries. But as no funds cross borders directly, this type of informal banking lends itself well to transactions that are anonymous and untraceable. The UK’s new sanctions target hawala brokers involved in handling payments between smugglers and their clients. But, in the same way that the structures of smuggling groups have evolved and adapted in response to police or border enforcement, so will their systems to move money safely.

    Follow the money: the new sanctions take aim at the business of smuggling.
    Andrzej Rostek/Shutterstock

    On heavily policed borders such as those in the Balkans, small-scale smugglers, often migrants themselves, have formed more coordinated groups bonded by ethnicity or language. Many of the groups listed in the UK sanctions, such as the Kazawi and Tatwani groups, have been on Interpol’s radar for years.

    Even when key figures are arrested, these groups have demonstrated the ability to disband and regroup on a different border. Sometimes they go quiet while developing new strategies, only to resurface in the same areas, driven by unchanged demand in smuggling services. Hawala brokers hit by the new sanction regime are likely to close and restart operations under different names.

    How effective can UK sanctions be if the targets and their assets are not in the UK, and if their operations can quickly shift across borders and names? Unless other countries follow suit and enforce similar measures, these sanctions may amount to little more than politically symbolic.

    Supply and demand

    So long as migration policy focuses almost exclusively on “smashing the gangs” and targeting the supply side of irregular migration, smugglers and other entrepreneurs involved in facilitating it are likely to reinvent themselves and find new, more precarious ways to circumvent border restrictions.

    Unless implemented internationally, UK sanctions will do little to change this. But international counter-smuggling responses are highly dependant on the specific circumstances faced by the states involved.

    In Italy, right and left-leaning governments have pursued an anti-mafia approach to smuggling for years, with limited results. Earlier this year, Italian authorities arrested suspected trafficker Osama Elmasry Njeem, following a warrant by the International Criminal Court on charges of murder, rape and torture.

    They then released him and repatriated him to Libya, sparking a row with the ICC. Although Italy has made deals with with the Libyan government in Tripoli to stop irregular migrant boats, it appears there were concerns that his arrest could strain relations with Libyan counterparts and trigger a surge in boat arrivals from North Africa. This situation highlights the challenges that can arise with such tactics.

    The idea that cracking down on smugglers, through sanctions or criminal justice responses, will deter people from seeking their services is not supported by evidence. If anything, it increases the risks migrants must take, making journeys more dangerous but no less likely. Migration flows to Europe rise and fall in patterns driven far more by global instability and lack of legal alternatives than by changes in law enforcement.

    Including smugglers in a sanctions regime may create headlines, but it misses the bigger point: people smuggling exists because people need to move. It is a demand-led phenomenon, and it is the demand side – why people turn to smugglers in the first place – that remains largely unaddressed.

    To reduce the power and appeal of smugglers, governments need to open safe, legal pathways for migration. This would reduce reliance on illicit networks, protect vulnerable people and restore order to a system that is politically defined by routine crises.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    David Suber received funding from the UK’s Economic and Social Research Council for his PhD in 2020-2024.

    – ref. People smugglers adapt to attempts to shut them down – financial sanctions won’t stop the boats – https://theconversation.com/people-smugglers-adapt-to-attempts-to-shut-them-down-financial-sanctions-wont-stop-the-boats-261864

    MIL OSI Analysis –