NewzIntel.com

Category: Transport

  • MIL-OSI USA: On 60th Anniversary of Medicare & Medicaid, Reed Seeks to Repeal Health Care Cuts in Trump’s ‘Big, Ugly Betrayal’

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Today, on the 60th anniversary of the Medicare and Medicaid programs, U.S. Senator Jack Reed joined Democratic colleagues in introducing new legislation to repeal the health care cuts in President Donald Trump and Republicans’ ‘Big, Ugly Betrayal’ tax and budget law and permanently extend the Affordable Care Act’s (ACA) enhanced tax credits, which expire at the end of the year.

    The sweeping billionaires-first tax law, which Senator Reed strongly opposed, was passed using a legislative process known as reconciliation that only required a 50 vote majority to pass. The law includes nearly $1 trillion in Medicaid cuts over the next decade, with Rhode Island projected to lose $4 billion in federal Medicaid funding over that timeframe, according to projections from experts at health policy organization KFF.

    Nationwide, Trump’s law will result in an estimated 15 million people losing their health insurance under Medicaid and the Affordable Care Act. It will have significant repercussions for many health clinics, hospitals, patients, seniors and nursing homes.

    “Sixty years ago, President Johnson signed the landmark law establishing Medicare and Medicaid. These programs have helped save lives, but now they are under partisan attack and need protection. President Trump and Congressional Republicans enacted a law to kick millions of hardworking people off their health insurance under Medicaid and the Affordable Care Act, denying them coverage when they need it most,” said Senator Reed. “While billionaires get a bigger tax break, average Americans will be forced to pay more for health care and so will states. Democrats are offering a bill to reverse that trend, and expand access to health care. I am pleased to join my colleagues in introducing legislation to repeal the Medicaid cuts in the ‘Big Ugly Betrayal’ law and extend the Affordable Care Act’s enhanced tax credits so every American has access to affordable, cost-effective health insurance that meets their needs.”

    Studies show that people without health insurance are more likely to delay or forgo the care they need, which often leads to worse health outcomes that are more expensive in the long run. Hospitals will also face higher costs because federal law requires them to provide emergency care to patients who can’t afford it.

    While billionaires and millionaires reap trillions of dollars from the Trump tax bill, young workers will no longer have access to the enhanced premium tax credits that helped them afford health insurance under the ACA. Those credits made ACA health coverage more affordable for roughly 22 million Americans by lowering monthly premiums an average of $705 annually, according to KFF. Congressional Republicans refused to extend those credits, which are now set to expire at the start of 2026, and could force millions of Americans to be hit with higher health insurance premiums.

    The Providence Journal reported: “An additional 40,000 will see their insurance premiums balloon by an average of 85% when tax credits that expanded Obamacare coverage expire at the end of 2025, leading to more Rhode Islanders uninsured or underinsured.”

    In addition to taking away people’s health care, the Republican tax law makes massive cuts to nutrition assistance and other critical programs that Rhode Islanders rely on in order to provide a larger tax windfall for the ultra-wealthy. According to the Providence Journal, the Trump tax and budget law means: “An estimated 144,000 Rhode Islanders losing some form of SNAP benefits, according to the Center for Budget and Policy Priorities. More than two-thirds of SNAP recipients are children, the elderly or people with disabilities.” The budget package cuts federal SNAP funding by 20 percent through 2034 — the largest cut in SNAP history. Rhode Island could be required to contribute more than $51 million annually in state cost-share for benefits, which have always been fully federally funded.

    The law also jeopardizes clean energy jobs in Rhode Island by phasing out clean energy and energy efficiency tax credits and incentives that were passed in the Inflation Reduction Act.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Helps Reinstate FBI Whistleblower, Delivers Keynote Address During National Whistleblower Appreciation Day

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – At the National Whistleblower Day celebration on Capitol Hill Wednesday, Sen. Chuck Grassley (R-Iowa) announced he has succeeded in reinstating Federal Bureau of Investigation (FBI) whistleblower Michael DeBey’s clearance and employment with the agency. This is the sixth whistleblower Grassley has successfully restored so far this year.

    During his remarks, Grassley also spoke about his work to support patriotic whistleblowers and the important role they play in rooting out waste, fraud and abuse. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

    Remarks by Senator Chuck Grassley of Iowa
    “Whistleblower Appreciation Day”
    Wednesday, July 30, 2025

    It’s an honor to be among patriots here today.

    Today, nobody will be treated like a skunk at a picnic.

    Whistleblowers too often get the short end of the stick for simply telling the truth.

    Instead, whistleblowers ought to be recognized for what they are: patriots and the government’s most powerful tool to root out waste, fraud, and abuse.

    So, I’m proud to have introduced the National Whistleblower Appreciation Day resolution for the 12th year in a row.

    Throughout my career, I’ve fought for whistleblowers.

    I’m committed to ensuring that federal agencies treat whistleblowers fairly and are held accountable for retaliating against them.

    That goes for both Republican and Democratic administrations.

    When I first was elected to the Senate in 1981, I worked with brave whistleblowers like Ernie Fitzgerald.

    Ernie was fired in 1968 by President Nixon for blowing the whistle on waste and fraud in Defense Department contracts.

    I worked to pass laws to eliminate fraud that whistleblowers like Ernie told me about.

    Now, because of this work, I passed the False Claims Amendment Act in 1986.

    It’s helped recover more than $78 billion in fraud so far, and prevented countless billions more.

    My “anti-gag” provision also became law. It’s an important sword and shield to protect whistleblowers.

    Far too often, federal agencies tried to silence or intimidate whistleblowers through nondisclosure agreements.

    My anti-gag provision is designed to put a stop to that.

    I also championed laws and legislation to expand whistleblower protections for the Federal Bureau of Investigation (FBI).

    This Congress, I introduced much needed legislation to strengthen whistleblower protections for FBI employees.

    But just because we’ve introduced legislation and passed good laws doesn’t mean we can stop paying attention.

    I’ve worked hard to ensure individuals who retaliate against whistleblowers are held accountable. I’ve also pushed federal agencies to do right by whistleblowers.

    IRS whistleblowers Gary Shapley and Joseph Ziegler made legally protected disclosures about government misconduct.

    They were retaliated against and sidelined from doing their job.

    This year, at my urging, they were taken out of the shadows of retaliation and were promoted by the Treasury Department.

    I also pushed the Department of Homeland Security Secretary to end the seven-year nightmare for Customs and Border Protection whistleblowers Mark Jones, Mike Taylor and Fred Wynn.

    These brave whistleblowers faced years of retaliation for blowing the whistle on the government’s failure to collect DNA at the border.

    At my urging, this year the Department of Homeland Security promoted them and restored their law enforcement credentials.

    So, they got their guns and badges back to do their job.

    I’ve also worked to restore the security clearances of FBI employees who had them suspended or revoked.

    These FBI employees were retaliated against and, as we all know, the FBI’s illegal power move is to take away security clearances.

    And it’s not just government whistleblowers who are important.

    I’ve introduced legislation to protect private sector whistleblowers from retaliation for exposing waste, fraud, abuse and misconduct.

    I’m the lead cosponsor of the bipartisan Expanding Whistleblower Protections for Contractors Act.

    That bill increases whistleblower protections for employees of federal contractors and subcontractors.

    I also introduced the bipartisan Securities and Exchange Commission Whistleblower Reform Act of 2025.

    The bill protects corporate whistleblowers who report violations to the Securities and Exchange Commission.

    Additionally, I’m proud to have introduced the bipartisan Artificial Intelligence Whistleblower Protection Act.

    That bill is designed to increase transparency and provide whistleblower protections to employees who work in the Artificial Intelligence field.

    But like I said, there’s still a lot of work to be done.

    The task of supporting whistleblowers doesn’t start and stop with this day or depend on who’s in the White House.

    If you make legally protected disclosures, you’re a whistleblower and ought to be protected from retaliation.

    This administration has said Mr. Reuvini isn’t a whistleblower.

    I’ve publicly disagreed.

    The other two people who came forward about Mr. Bove are also whistleblowers.

    Here’s my message to all whistleblowers in this room: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

    And regardless of the content of the disclosure, every whistleblower must be protected from retaliation.

    That’s why last week, I wrote President Trump about the importance of protecting whistleblowers from retaliation.

    As this administration reduces the federal workforce, it must ensure terminations aren’t done because a protected disclosure was made. This administration, just like all the rest, has an obligation to comply with whistleblower laws.

    In my letter, I also reminded President Trump of my outstanding request that he hold a Rose Garden Ceremony for whistleblowers.

    I’ve asked every president since Ronald Reagan to have a Rose Garden ceremony honoring whistleblowers.

    I’m not giving up on that request just like I’m not giving up on any of you.

    Whistleblowers are some of the bravest people out there. It takes guts to stick your neck out and report misconduct.

    All of you here have put your careers, livelihoods and reputations on the line in service to our great country.

    God Bless you for your service and sacrifices.

    I’ll continue to fight for you.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Helps Reinstate FBI Whistleblower, Delivers Keynote Address During National Whistleblower Appreciation Day

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – At the National Whistleblower Day celebration on Capitol Hill Wednesday, Sen. Chuck Grassley (R-Iowa) announced he has succeeded in reinstating Federal Bureau of Investigation (FBI) whistleblower Michael DeBey’s clearance and employment with the agency. This is the sixth whistleblower Grassley has successfully restored so far this year.

    During his remarks, Grassley also spoke about his work to support patriotic whistleblowers and the important role they play in rooting out waste, fraud and abuse. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

    Remarks by Senator Chuck Grassley of Iowa
    “Whistleblower Appreciation Day”
    Wednesday, July 30, 2025

    It’s an honor to be among patriots here today.

    Today, nobody will be treated like a skunk at a picnic.

    Whistleblowers too often get the short end of the stick for simply telling the truth.

    Instead, whistleblowers ought to be recognized for what they are: patriots and the government’s most powerful tool to root out waste, fraud, and abuse.

    So, I’m proud to have introduced the National Whistleblower Appreciation Day resolution for the 12th year in a row.

    Throughout my career, I’ve fought for whistleblowers.

    I’m committed to ensuring that federal agencies treat whistleblowers fairly and are held accountable for retaliating against them.

    That goes for both Republican and Democratic administrations.

    When I first was elected to the Senate in 1981, I worked with brave whistleblowers like Ernie Fitzgerald.

    Ernie was fired in 1968 by President Nixon for blowing the whistle on waste and fraud in Defense Department contracts.

    I worked to pass laws to eliminate fraud that whistleblowers like Ernie told me about.

    Now, because of this work, I passed the False Claims Amendment Act in 1986.

    It’s helped recover more than $78 billion in fraud so far, and prevented countless billions more.

    My “anti-gag” provision also became law. It’s an important sword and shield to protect whistleblowers.

    Far too often, federal agencies tried to silence or intimidate whistleblowers through nondisclosure agreements.

    My anti-gag provision is designed to put a stop to that.

    I also championed laws and legislation to expand whistleblower protections for the Federal Bureau of Investigation (FBI).

    This Congress, I introduced much needed legislation to strengthen whistleblower protections for FBI employees.

    But just because we’ve introduced legislation and passed good laws doesn’t mean we can stop paying attention.

    I’ve worked hard to ensure individuals who retaliate against whistleblowers are held accountable. I’ve also pushed federal agencies to do right by whistleblowers.

    IRS whistleblowers Gary Shapley and Joseph Ziegler made legally protected disclosures about government misconduct.

    They were retaliated against and sidelined from doing their job.

    This year, at my urging, they were taken out of the shadows of retaliation and were promoted by the Treasury Department.

    I also pushed the Department of Homeland Security Secretary to end the seven-year nightmare for Customs and Border Protection whistleblowers Mark Jones, Mike Taylor and Fred Wynn.

    These brave whistleblowers faced years of retaliation for blowing the whistle on the government’s failure to collect DNA at the border.

    At my urging, this year the Department of Homeland Security promoted them and restored their law enforcement credentials.

    So, they got their guns and badges back to do their job.

    I’ve also worked to restore the security clearances of FBI employees who had them suspended or revoked.

    These FBI employees were retaliated against and, as we all know, the FBI’s illegal power move is to take away security clearances.

    And it’s not just government whistleblowers who are important.

    I’ve introduced legislation to protect private sector whistleblowers from retaliation for exposing waste, fraud, abuse and misconduct.

    I’m the lead cosponsor of the bipartisan Expanding Whistleblower Protections for Contractors Act.

    That bill increases whistleblower protections for employees of federal contractors and subcontractors.

    I also introduced the bipartisan Securities and Exchange Commission Whistleblower Reform Act of 2025.

    The bill protects corporate whistleblowers who report violations to the Securities and Exchange Commission.

    Additionally, I’m proud to have introduced the bipartisan Artificial Intelligence Whistleblower Protection Act.

    That bill is designed to increase transparency and provide whistleblower protections to employees who work in the Artificial Intelligence field.

    But like I said, there’s still a lot of work to be done.

    The task of supporting whistleblowers doesn’t start and stop with this day or depend on who’s in the White House.

    If you make legally protected disclosures, you’re a whistleblower and ought to be protected from retaliation.

    This administration has said Mr. Reuvini isn’t a whistleblower.

    I’ve publicly disagreed.

    The other two people who came forward about Mr. Bove are also whistleblowers.

    Here’s my message to all whistleblowers in this room: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

    And regardless of the content of the disclosure, every whistleblower must be protected from retaliation.

    That’s why last week, I wrote President Trump about the importance of protecting whistleblowers from retaliation.

    As this administration reduces the federal workforce, it must ensure terminations aren’t done because a protected disclosure was made. This administration, just like all the rest, has an obligation to comply with whistleblower laws.

    In my letter, I also reminded President Trump of my outstanding request that he hold a Rose Garden Ceremony for whistleblowers.

    I’ve asked every president since Ronald Reagan to have a Rose Garden ceremony honoring whistleblowers.

    I’m not giving up on that request just like I’m not giving up on any of you.

    Whistleblowers are some of the bravest people out there. It takes guts to stick your neck out and report misconduct.

    All of you here have put your careers, livelihoods and reputations on the line in service to our great country.

    God Bless you for your service and sacrifices.

    I’ll continue to fight for you.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Schatz Denounces Starvation In Gaza, Criticizes Israeli Government’s Conduct Of War

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) today spoke on the Senate floor about the crisis of starvation in Gaza, which has resulted in almost a third of Palestinians going for several days without eating and at least 63 people dying from malnutrition this month alone. Schatz criticized the Netanyahu government’s decision to cut off aid into Gaza and later set up an entity that failed to distribute aid safely and effectively.

    “The fact that this catastrophe was preventable is precisely what makes it so indefensible,” said Senator Schatz, Ranking Member of the Senate Appropriations Subcommittee on State and Foreign Operations. “People have been warning for months that the Israeli government’s actions would result in exactly this kind of tragedy, where children are dying by the dozens and hundreds of thousands of people are starving for days. What possible explanation is there for letting infants and 2- and 3-year-olds starve? What tactical advantage is being gained?”

    Senator Schatz continued, “Standing up for our shared humanity, whatever our other differences and preferences, should not be a matter of controversy. The government of Israel is behaving terribly. Its conduct of the war is indefensible. And it is not in spite of my Jewishness and my Judaism that I feel this way – it is because of it.”

    A transcript of Senator Schatz’s remarks is below. Video is available here.

    The mass starvation and death sweeping through Gaza is a moral tragedy and a strategic abomination. What started as a war with a just cause – to go after Hamas for the unspeakable atrocities it committed on October 7th and bring home the hostages – quickly turned unjust and immoral.

    Everyone knows how complicated and fraught the Middle East is. Everyone knows that navigating this generations-long conflict requires nuance and depth and a historical understanding in order to try and get it right. Everyone knows that smart and sincere and decent people can disagree on this issue. But what is happening today is entirely different. There is no excuse for this horrific suffering. It’s not making Israel or Israelis or Jews any safer…nor is it helping to bring home the 50 remaining hostages who’ve been in brutal captivity for almost 2 years.

    The fact that this catastrophe was preventable is precisely what makes it so indefensible. People have been warning for months that the Israeli government’s actions would result in exactly this kind of tragedy…where children are dying by the dozens and hundreds of thousands of people are starving for days.

    The Gaza Humanitarian Foundation, which Israel scrambled to set up 2 months ago, has failed. According to the BBC, where there used to be 400 U.N. aid distribution sites, there are now just 4 run by the GHF. And as a result, a third of Gazans are going multiple days in a row without eating. The World Health Organization reports that at least 63 people, many of them children, have died from malnutrition this month alone. And more than a thousand Palestinians have been killed while seeking aid at GHF sites, according to the U.N.

    In May, the GHF’s first executive director resigned, saying, “It is clear that it is not possible to implement this plan while also strictly adhering to the humanitarian principles of humanity, neutrality, impartiality, and independence.”

    Whether you believe that this organization was set up to fail intentionally from the start, or more charitably, that the Israeli government established it without understanding that it wouldn’t succeed, it doesn’t matter. What is plainly obvious now is that it is not working. You don’t have to be some left-wing organization…or get your data from the Hamas government…to acknowledge that the GHF is failing at its fundamental mission of feeding people.

    Which raises the question: why? Here we have an Israeli security apparatus that can – and did – synchronize an attack of exploding pagers across an entire country. They can reach in and gather intelligence from the high command of their greatest adversaries. The IDF is widely viewed as punching way above its weight in almost every way. And yet, Israel is asserting that, given all of those capabilities, the one thing that they can’t do is facilitate aid distribution. That’s too hard for them.

    Food and medical assistance routinely get into conflict zones all around the world. Yemen, Sudan, Syria, Iraq, the Democratic Republic of Congo. Gaza should not be any different. What is different are the stated goals of the extremists in the Israeli government.

    “The only way to win the war and bring back the hostages is to completely stop the ‘humanitarian’ aid, conquer the entire Gaza Strip, and encourage voluntary migration.” That was the National Security of the government of Israel. Completely stopping humanitarian aid. Conquering the entire Gaza Strip. Encouraging migration. Those are their words – these are not my words.

    And as starvation takes hold, their response is to deny that is even happening. “There is no starvation in Gaza.” Who said that? The Prime Minister of Israel. Ben-Gvir added, “If they were hungry, they would have returned the hostages home.” If they were hungry, they would have returned the hostages home.

    It’s worth pausing on that for just a moment. Too many people in the Netanyahu government make no distinction between the actual enemy that is Hamas and innocent civilians. The idea that a desperate mother, malnourished herself, and out of breast milk for her infant; or a 7-year-old running to the front of an aid line to get whatever scraps he can for him and his siblings – the idea that these people are in charge of which hostages are released and when, and they suddenly are being held to account for the actions of Hamas on October 7th – is preposterous.

    It’s another example of the casual dismissal of civilian death and suffering as if it’s an inevitable consequence of having to go after the bad guys. War is hell and all of that. But what possible explanation is there for letting infants and 2 and 3-year-olds starve? What tactical advantage is being gained?

    Standing up for our shared humanity, whatever our other differences and preferences, should not be controversial. But too often, when someone is critical of Israel, and they’re a Jew, they’re characterized as a self-hating Jew. When someone is critical of Israel, and they’re not a Jew, they’re characterized as antisemitic.

    I want to be crystal clear. Antisemitism is among the oldest and most vile prejudices that exist. It is real, it is scary, and it is on the rise in the United States. It should be fought at every turn, left, right, and center. And anyone who simply waves it away or denies the urgency of addressing it is either not paying attention or lying.

    But criticizing the conduct of this war. Criticizing Minister Ben-Gvir who talks about ethnic cleansing. Criticizing the withholding of aid. Criticizing the excessive tolerance for civilian casualties. Criticizing Prime Minister Netanyahu’s apparent willingness to cling to power at the expense of Israel, Israelis, and Jews everywhere. That is a separate matter. Everybody gets to do that – just like Americans get to criticize their president without hating America or the people within it. People are more than their government. The government of Israel is behaving terribly. Its conduct of the war is indefensible. And it is not in spite of my Jewishness and Judaism that I feel this way – it is because of it.

    There are a lot of people – including people I know personally, and I believe this – who believe deeply in the sacred idea of Israel. They are good people, and this cannot be about vanquishing one side of the political spectrum – whether that’s the left and center left or right and alt-right. This is about grounding ourselves in the very basic principle, which is: whatever else we’re fighting about, can we please hold the children harmless?

    MIL OSI USA News –

  • MIL-OSI New Zealand: Victory for vintage vehicles and private motorhomes

    Source: New Zealand Government

    From 1 September, commonsense changes will see vintage light vehicles and private heavy motorhomes moving to annual vehicle inspections rather than six-monthly, Transport Minister Chris Bishop says.

    “Everyone loves spotting a beautifully kept vintage car out for a Sunday drive, and cruising around our beautiful country in a motorhome is a classic Kiwi dream,” Mr Bishop says.

    “There are about 128,000 vintage vehicles and 39,000 private motorhomes registered in New Zealand. Until now, their owners have had to front up for a Warrant or Certificate of Fitness inspection every six months – even though these vehicles are driven far less than your average modern car.

    “Evidence shows that vintage vehicles and motorhomes are half as likely to have a contributing fault in a serious crash – even after adjusting for how many of them are on the road. And when it comes to passing a WoF inspection, vintage vehicles actually perform better than vehicles under 40 years old.

    “In fact, once a vehicle hits 40, its pass rates go up – proof that hitting middle age isn’t all bad news.

    “Earlier this year, the Government consulted on reducing the frequency of those inspections to six-monthly. Public support was overwhelmingly in favour of making this change.

    “I’m pleased to confirm that from 1 September, vintage light vehicles and private heavy motorhomes will only require annual inspections instead of six-monthly.

    “Owners of these vehicles can now spend less time on bureaucracy and queueing for a vehicle inspection, and more time where they’d rather be – under the bonnet or out on the road. 

    “For drivers of modern cars, don’t worry, we haven’t forgotten about you. The Government will also be reviewing WOF/COF frequency and inspection requirements for other light vehicles as part of the Land Transport Rules Reform Programme. We’ll have more to say on this soon.”

    Notes to Editor: 

    Attached: Photo of Transport Minister Chris Bishop in a 1964 Austin Healey MkIII

    From 1 September 2025:

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Hongkong Post to issue “Giant Panda Twin Cubs” special stamps (with photos)

    Source: Hong Kong Government special administrative region

    ​Hongkong Post announced today (July 31) that a set of special stamps and associated philatelic products on the theme of “Giant Panda Twin Cubs” will be released for sale on August 15 (Friday).

    The Central Government gifted a pair of giant pandas, Ying Ying and Le Le, to the Hong Kong Special Administrative Region in 2007. The pair welcomed a pigeon pair of cubs on August 15, 2024. The twin cubs are the first giant pandas successfully bred and born in Hong Kong, and Ying Ying is the world’s oldest first-time giant panda mother.

    Their birth is especially meaningful as it helps advance the conservation and breeding efforts for giant pandas in Hong Kong. The twin cubs have since captured the hearts of the public, who have been keenly following their growth. On May 27, 2025, they received their official names, Jia Jia (Elder Sister) and De De (Little Brother). Hongkong Post will issue a set of six stamps, two stamp sheetlets and associated philatelic products themed on “Giant Panda Twin Cubs” to showcase the highlights of their daily lives at different stages and witness their growth journey.

    Official first day covers for “Giant Panda Twin Cubs” will be on sale at all post offices and Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) from tomorrow (August 1). This set of special stamps and associated philatelic products will be on sale at all post offices and ShopThruPost from August 15, while serviced first day covers affixed with the special stamps, postage prepaid picture cards (air mail) and collector packs will be available at philatelic offices only.

    A hand-back date-stamping service will be provided on August 15 at all post offices for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.

    In addition, Hongkong Post will specially launch a “Giant Panda Twin Cubs” cachet from August 15 for stamping by members of the public, until further notice. The cachet will be available at all post offices (except mobile post offices). An image of the cachet is in the Appendix.

    Information about this set of special stamps and associated philatelic products is available on the Hongkong Post Stamps website (stamps.hongkongpost.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China, U.S. should respect each other’s core interests, avoid conflicts: Chinese FM

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

    China, U.S. should respect each other’s core interests, avoid conflicts: Chinese FM

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with a delegation of the Board of Directors of the U.S.-China Business Council in Beijing, capital of China, July 30, 2025. [Photo/Xinhua]

    BEIJING, July 30 — China and the United States should respect each other’s core and major interests, and avoid falling into confrontation and conflict, Chinese Foreign Minister Wang Yi said in Beijing on Wednesday.

    He called on the two sides to establish more channels for communication and consultation, view each other with an objective, rational and pragmatic attitude, and foster correct strategic perceptions.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with a delegation of the Board of Directors of the U.S.-China Business Council (USCBC).

    He said that no matter how the situation changes, China has maintained the continuity and stability of its policy towards the United States, and China will handle and advance its relations with the U.S. in accordance with three principles: mutual respect, peaceful coexistence and win-win cooperation.

    China is willing to strengthen contact with the United States to avoid misjudgment, control differences, explore cooperation, implement the consensus reached between their two heads of state, and promote the stable, healthy and sustainable development of China-U.S. relations, he said.

    He also urged adhering to the principles of respect, equality and reciprocity and refraining from unilateral hegemony, calling for doing more big, practical and good things for the benefits of the two countries and the world.

    Wang noted that China will expand its high-level opening-up and build a first-class business environment that is market-oriented, law-based and internationalized. China hopes that U.S. companies will continue to be optimistic about China and invest in the country to achieve mutual benefits and common growth, he added.

    China hopes that the U.S. business community will take on the role of conveying correct perceptions of China, cultivate friendship between the Chinese and U.S. peoples, and practice mutually beneficial cooperation, making new and positive contributions to the development of China-U.S. relations and the friendship between the two peoples, he said.

    The delegation included USCBC Board Chair Rajesh Subramaniam; Thermo Fisher Scientific Chairman Marc N. Casper; Otis Worldwide Corporation Chair Judy Marks; Goldman Sachs President and COO John E. Waldron; Senior Vice President of the Boeing Company and President of Boeing Global Brendan Nelson; founder and Vice Chair of United Family Healthcare Roberta Lipson; Apple Inc. COO Sabih Khan; and USCBC President Sean Stein.

    They said that the U.S.-China relationship is the most important bilateral relationship in the world today, and that the good, far-sighted interaction between the two countries’ heads of state has provided guidance and impetus for the development of bilateral relations.

    The U.S. business community will continue to take root in China and deepen its presence, expanding cooperation in areas such as trade, investment, technological innovation, green development and health care, they said, noting that they will participate in China’s high-quality development and promote further connectivity between China and the world.

    USCBC is committed to actively leveraging its influence to expand bilateral economic and trade cooperation, strengthen people-to-people exchange, enhance mutual understanding, and advance the U.S.-China relationship towards a more vigorous, balanced and mutually beneficial direction, they said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: OZZY fans say final farewell as thousands line streets to witness cortege

    Source: City of Birmingham

    Birmingham City welcomed thousands of Ozzy Osbourne fans who flocked to watch an emotional cortege wind through the city in honour of the rock legend who died last Tuesday (July 22).

    Ozzy Osbourne’s family including wife Sharon followed a hearse and brass band along the route in memory of the Aston-born star.

    The public show of respect in his hometown has been arranged and funded by the Osbourne family and has been supported by partners, including Birmingham City Council.

    Ozzy and fellow Black Sabbath band members received Freedom of the City for their significant contribution to the musical and cultural identify of Birmingham, during a civic ceremony held at Council House on Saturday, June 28. He was therefore one of the city’s most recent Freeman.

    It was just weeks before Ozzy’s last charity gig on July 5 at Villa Park, a stone’s throw away from where Black Sabbath was originally formed.

    Today, thousands of fans lined the streets to watch as the musician’s hearse passed slowly through the city, along Broad Street, Black Sabbath Bridge, and the Black Sabbath bench, to the beat of a brass band.

    The Osbourne family were able to witness the flowers and tributes along the route laid by fans from all over the world ever since the news was announced last week.

    A book of condolence has been opened for people to sign at Birmingham City Museum and Art Gallery’s (BMAG) Round Room and which now contains thousands of signatures. The book will close on Sunday, August 3. Fans can also freely visit the exhibition ‘Ozzy Osbourne (1948 – 2025) Working Class Hero’.

    An online book of Condolence is also available for fans to send messages and can be accessed and signed here Book of condolence and will close on Friday, August 1.

    Birmingham City Council and BMAG will work behind the scenes to ensure that all messages are collected for the family to read, including cards and messages laid with flowers and other memorabilia.

    Birmingham’s Lord Mayor, Councillor Zafar Iqbal, said: “Once again, Ozzy has put Birmingham firmly on the map. His sad passing has evoked a sense of pain and pride in the city and the world has watched as we have said our final farewell.

    “We have been supporting the family with behind-the-scenes operations, such as ensuring the city is safe and secure for the fans who have made their way here for this sad occasion.

    “It was only right to honour Ozzy as our latest Freeman to the city and my thanks go to the staff at Birmingham City Council who have made this event possible with our partners in such a very short space of time.”

    Deputy Leader, Councillor Sharon Thompson, added: “Never before have I witnessed such passion from the people of Birmingham for a musician. They have lost their ‘Prince of Darkness’.

    “We all know that Ozzy was an exceptional human being who was driven to entertain and ensure his city of Birmingham was never forgotten, along with his passion for charitable causes. ‘Birmingham Forever’ as he would say.”

    The Osbourne family plan to hold a private funeral for the star.

    Birmingham City Council would like to thank all of its partners for their hard work in bringing together a team to ensure the event ran smoothly.

    Thanks in particular to: Opus Events, Brindley Place business community, West Midlands Police, West Midlands Fire and Rescue Service, West Side Business Improvement District, West Midlands Combined Authority, the Ambulance Service.

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Have your say on the proposal for a second toll point for Tauranga Eastern Link Toll Road

    Source: New Zealand Transport Agency

    What do you think of the proposal to add a second toll point on the State Highway 2 (SH2) Tauranga Eastern Link Toll Road?  NZ Transport Agency Waka Kotahi (NZTA) wants you to have your say.

    Public consultation is now live and runs through to 5pm Thursday 28 August 2025.

    NZTA is proposing an amendment be made to the toll scheme to allow for an additional toll point to be installed on the SH2 Tauranga Eastern Link Toll Road. This enables motorists travelling between Domain Road Interchange and the Pāpāmoa East Interchange to be charged a toll price, contributing toward debt repayment for the construction of this state highway. 

    “Tolling is an important tool in our kete to support accelerated growth and economic productivity in the region,” says Susan Collins, Regional Manager of System Design for NZTA.

    “It’s already been used effectively in Tauranga to bring forward the construction of new roads such as the State Highway 2 Tauranga Eastern Link and State Highway 29 Takitimu Drive toll roads.

    “It was the intention of the existing toll scheme to ensure all Tauranga Eastern Link Toll Road users make a direct contribution to the road they’re using. The location of the current toll gantry means users travelling between the Domain Road Interchange and the new Pāpāmoa East Interchange are not currently able to be tolled.

    By installing a new toll point, people travelling between the Domain Road Interchange and the new Pāpāmoa East Interchange would pay a lower toll price than the current toll, reflecting the shorter distance travelled. The proposed prices being consulted on are:

    • $1.10 for light vehicles 
    • $2.80 for heavy vehicles. 

    Vehicles travelling the full length of the Tauranga Eastern Link Toll Road, between Domain Road Interchange and Paengaroa Roundabout, would continue to pay current toll prices $2.30 for light vehicles and $5.60 for heavy vehicles.

    The new toll point is expected to save $1.7 million in interest payments on the Tauranga Eastern Link Toll Road loan and is estimated to bring the end date forward by 12 months.

    If you’d like to make a submission go to: nzta.govt.nz/teltolling

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: City centre footbridge to close temporarily for flood defence works

    Source: City of Derby

    A city centre footbridge will be closed to pedestrians to enable work to begin on the demolition phase of Our City, Our River (OCOR), Derby’s multi-million pound river flood defence project.  

    The swing footbridge to Cathedral Green will be taken off river on Tuesday 12 August, and will remain closed while works are carried out on the left (east) bank of the River Derwent.  

    Pedestrian access across the river during this time will be by Exeter Bridge on Derwent Street, or St Mary’s Bridge. 

    This phase of OCOR, known as Derby Riverside, will see the construction of a new flood wall, floodgates, and a riverside green area that will provide a controlled corridor for flood waters to pass through the city. It will provide significant flood resilience to properties and highways between Exeter Bridge and Causey Bridge.  

    Several office buildings on Stuart Street and Phoenix Street will be removed to make way for the green space and new flood wall, with demolition work starting on Peat House in mid-August. Piling works will also be carried out near the swing bridge during this phase of construction. 

    These works will be carried out by John Sisk & Son on behalf of Derby City Council, who were formally awarded the contract for the scheme in May 2025.  

    While the swing bridge is off river, Derby City Council will be carrying out a full inspection with a view to programming essential maintenance and refurbishment work. The bridge will remain closed while flood defence works are carried out in the area and is expected to reopen in Winter 2026. 

    Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability, said: 

    Work is really starting in earnest on the Derby Riverside phase of Our City, Our River, which has already delivered enhanced flood protection to over 2,000 properties. This next stage will deliver greater flood protection to areas of the city that were badly affected by Storm Babet in 2023, when the river reached its highest level since records began 90 years ago. 

    As with all major construction works, there will be disruption, and we’re working with our contractor to keep this to a minimum and ensure the works proceed safely and as quickly as possible. This means we have to take the swing bridge off river for the safety of the public while they are in progress. The benefits of the new flood defence wall and riverside space for water will make it worthwhile in the long run.

    The Our City, Our River programme is one of the Environment Agency’s largest local authority-led projects and has already delivered enhanced flood protection to over 2000 properties. Derby Riverside will extend this protection to the east bank of the Derwent and unlock the potential for regeneration in this part of the city. 

    MIL OSI United Kingdom –

  • MIL-OSI: Duos Technologies Group, Inc. Announces Pricing of $40 Million Upsized and Oversubscribed Public Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    With over $40 million in expected cash on hand, Duos is now fully capitalized to fulfill its $50 million revenue pipeline and advance deployment of an additional 65 Edge Data Centers

    Offering included primary participation from fundamental institutional investors, including a leading long-only mutual fund, several preeminent global investment managers, and existing investors

    JACKSONVILLE, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced the pricing of its upsized and oversubscribed underwritten public offering of 6,666,667 shares of its common stock at a public offering price of $6.00 per share, before deducting underwriting discounts, commissions, and offering expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 838,851 shares to cover over-allotments at the public offering price.

    With over $40 million in cash now expected on the balance sheet, Duos is now fully capitalized to fulfill its $50 million revenue pipeline and advance deployment of 65 additional Edge Data Centers. The offering included primary participation from fundamental institutional investors, including a leading long-only mutual fund, several preeminent global investment managers, and existing investors.

    The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business. With this funding, the Company is now fully capitalized to execute on its $50 million revenue pipeline and advance to Stage 2 of its EDC strategy, which is the development and deployment of 65 edge data centers.

    Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

    “We are excited to announce this offering and the strong support from both new and existing investors,” said Charles Ferry, CEO of the Company. “Their commitment reflects confidence in Duos’ future and the transformational growth we are now positioned to unlock, with a strong cash position and accelerating demand from our Edge Data Center customers.”

    The offering is expected to close on or about August 1, 2025, subject to customary closing conditions.

    The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-272603) filed with the Securities and Exchange Commission (“SEC”) on June 12, 2023, and declared effective by the SEC on June 21, 2023, and a registration statement on Form S-3 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on July 30, 2025.

    A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Duos Technologies Group, Inc.

    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

    Forward-Looking Statements
    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Any statements other than statements of historical fact contained herein, including statements as to the completion of the offering, the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering, are forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI United Nations: Cholera outbreak in West and Central Africa poses crisis for children

    Source: United Nations 2

    “The heavy rains, widespread flooding, and the high level of displacement are all fuelling the risk of cholera transmission and putting the lives of children at risk,” said UNICEF Regional Director for West and Central Africa, Gilles Fagninou.

    Cholera is an acute diarrheal infection caused by consuming food or water contaminated with bacteria. The disease can be treated with oral rehydration solution and antibiotics, but it can be fatal within hours if untreated.

    Young children are particularly vulnerable to cholera due to factors such as poor hygiene, inadequate sanitation and access to safe water, and a greater risk of severe dehydration.

    Regional hotspots

    Active outbreaks in the hotspots of the Democratic Republic of the Congo (DRC) and Nigeria are fuelling the risk of cross-border transmission to neighbouring countries.  

    The DRC is the hardest-hit country in the region, reporting more than 38,000 cases and 951 deaths in July. 

    Children under five now account for nearly 26 per cent of cases in the DRC, and without stronger containment measures, they may face the worst cholera crisis since 2017.

    The situation in capital Kinshasa is particularly critical, as intense rainfall and widespread flooding have caused cases to surge sharply over the past four weeks. Straining an already overwhelmed healthcare system, the city is now facing an alarming case fatality rate of 8 per cent.

    Nigeria is the second most affected country in the region, with 3,109 suspected cholera cases and 86 deaths as of the end of June. Cholera is endemic in the country, where major outbreaks have reoccurred in recent years.

    Region-wide crisis

    Chad, Republic of Congo, Ghana, Côte d’Ivoire and Togo are also facing ongoing epidemics.  

    612 cholera cases were reported in Ghana as of 28 April, 322 cases and 15 deaths were reported in Côte d’Ivoire as of 14 July, and 209 cases and five deaths were reported in Togo as of June 22.  

    Niger, Liberia, Benin, the Central African Republic and Cameroon are also under close surveillance due to their vulnerability.

    UNICEF response

    Urgent and scaled-up efforts are needed to prevent further spread and contain the disease across the region.

    Throughout the outbreaks, UNICEF has delivered lifesaving health, water, hygiene and sanitation (WASH) supplies to treatment facilities and communities.  

    The agency has also supported cholera vaccinations, scaled up preparedness and response efforts, and encouraged families to seek timely treatment and improve their hygiene practices.

    “We are in a race against time, working hand in hand with the authorities to deliver essential healthcare, safe water, and proper nutrition to children already at risk of deadly diseases and severe acute malnutrition,” said Mr. Fagninou.  

    “Together with an array of partners, we are strengthening community engagement and extending our reach to remote and underserved areas, making every effort to ensure that no child is left behind.”

    UNICEF West and Central Africa urgently requires $20 million over the next three months to scale up critical support in health, WASH, and risk communication and community engagement. 

    MIL OSI United Nations News –

  • MIL-OSI Australia: UPDATE #2: Concern for welfare – Alice Springs Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force continues to hold serious concerns for the welfare of 26-year-old Gach, who has not been seen or heard from since 5:30pm on Monday 28 July 2025.

    Gach is described as a 6-foot-tall male of Sudanese appearance with a lean build, short curly hair, and was last seen wearing a red or orange puffer jacket, cream-coloured tracksuit pants, and dark-coloured runners.

    The NT Police Search and Rescue Section (SRS) is leading an intensive search operation, now into its third day, approximately 21 km west of Alice Springs. The operation is being supported by over 50 personnel, including members from local police units and partner agencies such as NT Emergency Services, NT Fire and Rescue Service, and Parks and Wildlife NT.

    The coordinated search effort includes foot teams, all-terrain vehicles (ATVs), drones, and helicopter support, with more than 500 km² of challenging terrain already covered.

    Search Coordinator Acting Sergeant Chris Grotherr said, “Search efforts have been extensive, with significant contributions from local resources. These efforts will continue into day 3. However, forecasted sub-zero overnight temperatures over the coming days are increasing our concerns for Gach’s welfare.”

    Police are appealing to the public for any information that may assist search efforts.

    Anyone who may have seen Gach in the vicinity of Larapinta Drive, Standley Chasm, or Simpsons Gap on the evening of Monday 28 July, or who has any knowledge of his current whereabouts, is urged to contact police on 131 444.

    MIL OSI News –

  • MIL-OSI Canada: Investing in Accessible On-Demand Transit Across Grey and Bruce Counties

    Source: Government of Canada News (2)

    Grey and Bruce Counties, Ontario, July 30, 2025 — Residents will benefit from improved accessible transportation services and transit system efficiency after a combined investment of more than $1.4 million from the federal government, Saugeen Mobility and Regional Transit (S.M.A.R.T.) a not-for profit organization which provides day-to-day transportation to the residents of Bruce and Grey counties for residents who have a disability.

    S.M.A.R.T. will receive an investment to purchase four accessible vans, eight accessible cars, and booking software to improve their on-demand transit service. S.M.A.R.T. will also receive funding in partnership with Home and Community Support Services of Grey and Bruce to complete a feasibility study to explore more efficient transit software systems, which will support better service delivery of their services.

    MIL OSI Canada News –

  • MIL-OSI Canada: World Day Against Trafficking in Persons: Joint statement

    “Human trafficking is a horrific crime that robs individuals of their freedom and dignity, and victims are often left with deep emotional and psychological trauma. Alberta’s government is committed to fighting all forms of human trafficking, whether they involve sexual exploitation, forced labour or other forms of coercion and abuse. We recently invested $5.5 million through the Combatting Trafficking in Persons grant to support organizations that assist survivors and raise awareness across Alberta. We are also working closely with the Alberta Centre to End Trafficking in Persons to strengthen our province’s capacity to prevent, identify and respond to human trafficking. We will continue to forge strong partnerships across governments, law enforcement and community organizations to disrupt criminal activity and protect those at risk.”

    Mike Ellis, Minister of Public Safety and Emergency Services

    “Coercion, violence and exploitation have no place in Alberta. Our government is committed to eliminating all forms of gender-based violence, including human trafficking, through Building on Our Strengths: Alberta’s 10-Year Strategy to End Gender-Based Violence. Our actions focus on education, prevention and supporting front-line organizations across the province to put an end to gender-based violence in Alberta.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    “Many Albertans may not realize that human trafficking is happening right here in our province. It could be a neighbour, co-worker, classmate, or even a family member who is being victimized. That’s why Alberta’s government continues to invest in critical supports like women’s shelters, sexual assault centres, and child and youth advocacy centres so survivors of sexual violence and exploitation can access the help they need. By working together to learn how to recognize, report and prevent human trafficking, we can empower survivors and build safer communities for everyone.”

    Searle Turton, Minister of Children and Family Services

    “Human trafficking is happening in our cities, towns and communities, often in plain sight. On
    this World Day Against Trafficking in Persons, we are reminded that behind every statistic is a
    person: someone’s child, friend or loved one, exploited through force, fraud or coercion.
    At the Alberta Centre to End Trafficking in Persons, we’re working across sectors to disrupt
    trafficking networks, support survivors with dignity and care, and prevent future exploitation.
    This year’s global campaign highlights the critical role of law enforcement and the justice system in dismantling trafficking while supporting survivors.”

    Paul Brandt, co-chair, Alberta Centre to End Trafficking in Persons

    MIL OSI Canada News –

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

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

    30th July 2025

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

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

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

    Speaking today, Minister Burke said:

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

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

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

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

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

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI: GL Supports SIP and RTP Testing for Next-Gen Networks

    Source: GlobeNewswire (MIL-OSI)

    GAITHERSBURG, Md., July 30, 2025 (GLOBE NEWSWIRE) — GL Communications Inc., a global leader in telecom testing solutions, addressed the press regarding their SIP protocol emulation and testing solutions. In today’s dynamic telecom environment, ensuring the reliable operation of SIP-based VoIP devices and networks is essential. This powerful platform emulates all key SIP elements and generates real-time SIP and RTP traffic for thorough testing.

    [For illustration, refer to sip-architecture.jpg]

    Vijay Kulkarni, CEO of GL Communications, states “GL’s Message Automation & Protocol Simulation (MAPS™) is a flexible software program that can emulate a wide variety of telecommunications protocols. MAPS™ SIP is a specialized application within this platform that focuses on testing SIP-based communication systems. It emulates key SIP elements such as User Agent Client (UAC), User Agent Server (UAS), Registrar, and Redirect servers.”

    MAPS™ SIP emulates complex SIP call flows and supports high-volume call generation with real-time transmission of voice, video, fax, and messaging traffic. With full support for SIP over UDP, TCP, and TLS, it ensures performance validation, resolves interoperability issues, and confirms compliance with industry standards across VoIP and IP multimedia networks.

    Key Features:

    • Scalable Bulk Call Generation and Load Testing
      MAPS™ SIP supports up to 2,000 concurrent media calls at 250 calls per second (CPS) and 70,000 signaling-only calls at 750 CPS. With the MAPS™ RTP High Density appliance, it scales to 160,000 calls at 800 CPS, making it ideal for testing network performance under heavy load in both lab and field setups.
    • Flexible SIP Emulation for VoIP and Air Traffic Control Networks
      A single instance of MAPS™ SIP can emulate multiple SIP entities and generate diverse SIP messages without extra hardware. It also supports EUROCAE ED-137C standards, allowing accurate emulation of Air Traffic Control communication systems.
    • SIP Testing for Gateway and Analog Telephone Adapter (ATA)
      MAPS™ SIP validates Gateway and ATA devices by testing connectivity, signaling behavior, and voice quality. It handles RTP traffic types including voice, tones, digits, and both pass-through and T.38 fax.
    • Remote Control and Integration
      The platform supports remote operation via a client-server Command Line Interface and APIs in Python or Java. This enables easy automation, integration with external systems, and distributed testing across different environments.
    • Fax over IP Emulation and Analysis
      Automates fax call generation and analysis for both T.30 and T.38 sessions. Users can assess transmission quality, protocol handling, and system performance across SIP networks.
    • Instant Messaging Support for NG9-1-1 over SIP
      MAPS™ SIP integrates Message Session Relay Protocol (MSRP) to support instant messaging in NG9-1-1 networks. It enables testing of IM-only sessions as well as mixed audio and messaging scenarios to ensure emergency communication reliability.
    • Multimedia Call Emulation with Audio, Video, and Text Messaging
      The tool can emulate SIP calls with audio, video, and text messaging in a single session. Each call includes separate RTP streams for comprehensive end-to-end multimedia testing.
    • Ensuring Protocol Compliance Across SIP Interfaces
      MAPS™ SIP supports standard SIP as well as SIP-I, SIP IMS, and SIP MSRP. It helps verify protocol conformance across diverse implementations.
    • End-to-End IP Multimedia Subsystem (IMS) Testing for VoLTE, VoWiFi, and 5G Services
      The MAPS™ SIP IMS Test Suite emulates core IMS nodes and supports SIP, RTP, and Diameter protocols. It’s ideal for testing VoLTE, VoNR, and 5G services, ensuring seamless session management and interoperability.
    • SIP Protocol Conformance Testing with ETSI Support
      With over 400 ETSI-based test cases (IETF RFC 3261, ETSI TS 102-027-2 v4.1.1 (2006-07)), MAPS™ SIP Conformance Suite ensures thorough validation of SIP implementations. It can be configured as a UAC to test UAS devices for registration, call control, proxy, and redirect functions.
    • Automated Interactive Voice Response (IVR) Testing
      MAPS™ SIP automates IVR testing by sending DTMF tones or voice inputs. This allows for seamless navigation through IVR prompts and validation of response accuracy.

    About GL Communications Inc.,

    GL Communications is a global provider of telecom test and measurement solutions. GL’s solutions verify the quality and reliability of Wireless, Fiber Optic, TDM and Analog networks.

    Warm Regards,

    Vikram Kulkarni, PhD

    Phone: 301-670-4784 x114

    Email: info@gl.com

    The MIL Network –

  • MIL-OSI: GL Supports SIP and RTP Testing for Next-Gen Networks

    Source: GlobeNewswire (MIL-OSI)

    GAITHERSBURG, Md., July 30, 2025 (GLOBE NEWSWIRE) — GL Communications Inc., a global leader in telecom testing solutions, addressed the press regarding their SIP protocol emulation and testing solutions. In today’s dynamic telecom environment, ensuring the reliable operation of SIP-based VoIP devices and networks is essential. This powerful platform emulates all key SIP elements and generates real-time SIP and RTP traffic for thorough testing.

    [For illustration, refer to sip-architecture.jpg]

    Vijay Kulkarni, CEO of GL Communications, states “GL’s Message Automation & Protocol Simulation (MAPS™) is a flexible software program that can emulate a wide variety of telecommunications protocols. MAPS™ SIP is a specialized application within this platform that focuses on testing SIP-based communication systems. It emulates key SIP elements such as User Agent Client (UAC), User Agent Server (UAS), Registrar, and Redirect servers.”

    MAPS™ SIP emulates complex SIP call flows and supports high-volume call generation with real-time transmission of voice, video, fax, and messaging traffic. With full support for SIP over UDP, TCP, and TLS, it ensures performance validation, resolves interoperability issues, and confirms compliance with industry standards across VoIP and IP multimedia networks.

    Key Features:

    • Scalable Bulk Call Generation and Load Testing
      MAPS™ SIP supports up to 2,000 concurrent media calls at 250 calls per second (CPS) and 70,000 signaling-only calls at 750 CPS. With the MAPS™ RTP High Density appliance, it scales to 160,000 calls at 800 CPS, making it ideal for testing network performance under heavy load in both lab and field setups.
    • Flexible SIP Emulation for VoIP and Air Traffic Control Networks
      A single instance of MAPS™ SIP can emulate multiple SIP entities and generate diverse SIP messages without extra hardware. It also supports EUROCAE ED-137C standards, allowing accurate emulation of Air Traffic Control communication systems.
    • SIP Testing for Gateway and Analog Telephone Adapter (ATA)
      MAPS™ SIP validates Gateway and ATA devices by testing connectivity, signaling behavior, and voice quality. It handles RTP traffic types including voice, tones, digits, and both pass-through and T.38 fax.
    • Remote Control and Integration
      The platform supports remote operation via a client-server Command Line Interface and APIs in Python or Java. This enables easy automation, integration with external systems, and distributed testing across different environments.
    • Fax over IP Emulation and Analysis
      Automates fax call generation and analysis for both T.30 and T.38 sessions. Users can assess transmission quality, protocol handling, and system performance across SIP networks.
    • Instant Messaging Support for NG9-1-1 over SIP
      MAPS™ SIP integrates Message Session Relay Protocol (MSRP) to support instant messaging in NG9-1-1 networks. It enables testing of IM-only sessions as well as mixed audio and messaging scenarios to ensure emergency communication reliability.
    • Multimedia Call Emulation with Audio, Video, and Text Messaging
      The tool can emulate SIP calls with audio, video, and text messaging in a single session. Each call includes separate RTP streams for comprehensive end-to-end multimedia testing.
    • Ensuring Protocol Compliance Across SIP Interfaces
      MAPS™ SIP supports standard SIP as well as SIP-I, SIP IMS, and SIP MSRP. It helps verify protocol conformance across diverse implementations.
    • End-to-End IP Multimedia Subsystem (IMS) Testing for VoLTE, VoWiFi, and 5G Services
      The MAPS™ SIP IMS Test Suite emulates core IMS nodes and supports SIP, RTP, and Diameter protocols. It’s ideal for testing VoLTE, VoNR, and 5G services, ensuring seamless session management and interoperability.
    • SIP Protocol Conformance Testing with ETSI Support
      With over 400 ETSI-based test cases (IETF RFC 3261, ETSI TS 102-027-2 v4.1.1 (2006-07)), MAPS™ SIP Conformance Suite ensures thorough validation of SIP implementations. It can be configured as a UAC to test UAS devices for registration, call control, proxy, and redirect functions.
    • Automated Interactive Voice Response (IVR) Testing
      MAPS™ SIP automates IVR testing by sending DTMF tones or voice inputs. This allows for seamless navigation through IVR prompts and validation of response accuracy.

    About GL Communications Inc.,

    GL Communications is a global provider of telecom test and measurement solutions. GL’s solutions verify the quality and reliability of Wireless, Fiber Optic, TDM and Analog networks.

    Warm Regards,

    Vikram Kulkarni, PhD

    Phone: 301-670-4784 x114

    Email: info@gl.com

    The MIL Network –

  • MIL-OSI Asia-Pac: DoIT MOEA AI-Enhanced Vaccines and Anti-Pulmonary Inflammatory Drugs Shine at BIO Asia-Taiwan 2025: Health Maintenance, Prevention, and Treatment-A Triple Strategy for a Resilient and Healthy Taiwan

    Source: Republic of China Taiwan

    The Department of Industrial Technology (DoIT) of the Ministry of Economic Affairs (MOEA) convened three research foundations-ITRI (Industrial Technology Research Institute), FIRDI (Food Industry Research and Development Institute), and the Development Center for Biotechnology (DCB)-to establish the DoIT pavilion, which held its opening ceremony at BIO Asia-Taiwan 2025. The pavilion showcases 12 innovative technological achievements in health maintenance, disease prevention, and treatment, highlighting Taiwan’s capabilities in biomedical research and development while injecting new momentum into the health industry. Key exhibit technologies include the “Smart Processing & Equipment Integration for Plant-Based Drinks,” designed for the elderly; the “Long-Lasting Immunity of CD40 Ligand Ribonucleic Acid Vaccine Adjuvant,” developed to extend vaccine effectiveness; and the “Novel Selective FPR1 Antagonist,” which reduces side effects while improving therapeutic outcomes.

    Senior Technical Specialist of the Department of Industrial Technology (DoIT), Mr. Tai Chien-Cheng , indicated that in the face of global political and economic uncertainties, pharmaceuticals have become essential strategic commodities vital to public well-being and safety. Taiwan’s strengths in research and development (R&D), regulatory frameworks, and manufacturing processes position it as a reliable partner for international pharmaceutical companies. To enhance global integration and expand cooperation, Taiwan should improve collaboration across both upstream and downstream industries, thereby increasing technical density and strengthening global competitiveness. He advocated for DoIT to continue connecting foundational resources and implementing supportive policies for R&D funding and tools to facilitate industrial advancement. The pavilion symbolizes the long-term commitment of research institutions to the “Three-Stage, Five-Level Prevention” framework, linking applications from “precision medicine” to “palliative care,” and showcasing the government’s proactive efforts in realizing the “Healthy Taiwan” policy.

    In addition, several breakthroughs driven by or related to artificial intelligence (AI) are highlighted among the 12 innovative technologies showcased in the pavilion.

    ITRI presents “Tumor-Derived Exosomes Enrichment and Detection Platform”, and “One-Stop Exosome Isolation and Characterization Services”. FIRDI showcases “Intelligent Preparation of Nutritional Beverages” in AI-powered biomedicine research and development.

    ITRI’s “In Vivo Delivery of mRNA Encoding CAR to Macrophages for Solid Tumor Therapy” and “An Eye Drop Product for Dry AMD Treatment”. DCB showcases “Rejuvenating CAR-T Cells Through the Secretion of Antibodies Targeting Immunosuppressive Axis” and “NTSR1-ADC: A Novel Therapeutics for Head and Neck Cancer” for cancer and ophthalmic conditions. These technologies highlight the progress in therapeutic drug development and the emergence of new treatment breakthroughs.

    Additionally, FIRDI contributes its technical expertise through the development of “Plant-based animal fat alternative technology” and “Microorganisms in the Modification of Food Texture and Flavor”. These innovations aim to redefine the texture and quality of plant-based meats, infusing the plant-based industry with dynamic advancements.

    Spokesperson: Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Deputy Director General Chou Chung-Pin
    Telephone:02-23212200 extension 8121
    Email:cbjou@moea.gov.tw

    Contact person:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Technical Specialist Tai Chien-Cheng
    Telephone:02-23212200 extension 8180
    Email:cctai@moea.gov.tw

    Media contact:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Researcher
    Telephone:02-23212200 extension 8155,0910-660322
    Email:yschi@moea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: Questerre announces definitive agreement to acquire 100% of PX Energy

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

    CALGARY, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that it has entered into a definitive agreement (the “Definitive Agreement”) to acquire 100% of Parana Xisto SA (“PX Energy”), a privately held shale oil production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. (“F&M Resources”) and Forbes Participaҫões Ltda (the “Acquisition”).

    “This acquisition is a rare opportunity for us to gain the expertise and capacity to advance our multi-billion barrel oil shale resource in Jordan(1). I’m very pleased we were able to structure it to ensure the Quebec Assets are not affected by this deal.” said Michael Binnion, President and Chief Executive Officer of Questerre. “PX Energy has operated for over thirty years using technology developed by Petrobras. We believe the PX Energy platform will also provide us with the operational base, deep expertise, and capital foundation needed to advance the Red Leaf oil shale and biofuel technology to the next stage. We are in active discussions with potential co-investors for up to 50% of this acquisition.”

    Transaction Highlights

    Assets acquired: PX Energy currently produces approximately 4,500 boe per day, with a targeted increase to 6,000 boe per day by August 31, 2026, supported by growth capital projects currently underway.

    Purchase consideration: 65 million common shares of Questerre, structured as follows:

    • 15 million common shares issued upon closing, which will be subject to a voting and lock-up agreement;
       
    • 50 million common shares, released in two tranches based on the achievement of key performance milestones:
      • With respect to the first tranche of 25 million common shares, US$30 million Free Cash Flow achieved no later than September 30, 2027, with respect to the second tranche of 25 million common shares, US$40 million Free Cash Flow achieved no later than September 30, 2028; or
      • Equity financings completed at or above C$0.50 per share with respect to the first tranche for aggregate proceeds of at least C$25 million completed no later than September 30, 2027 and with respect to the second tranche, an equity financing at or above C$1.00 per share for aggregate proceeds of at least C$25 million no later than September 30, 2028.

    Quebec asset spin-out: It is anticipated that Questerre’s Quebec-based assets (the “Quebec Assets”) will be transferred into a separate sidecar subsidiary company (the “Quebec Spin-out”). Questerre anticipates either distributing preferred shares of Questerre or of the new entity to its existing shareholders ahead of the closing of the acquisition of PX Energy in order not to dilute its existing shareholders’ position in the Quebec Assets.

    Closing conditions: Completion of the Acquisition is subject to a number of conditions, including satisfactory due diligence review, board approval, standard regulatory approvals (including acceptance from the Toronto Stock Exchange and Oslo Stock Exchange (collectively, the “Exchanges”)) and third-party approvals including satisfactory waivers by the bond holders and convertible noteholders in favor of Questerre. Where applicable, the proposed Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all.

    The Company has retained Clarksons Securities AS, a Norwegian based investment banking firm as financial advisor to advise on the existing outstanding debt of PX Energy including US$80 million in senior secured bonds in Forbes Resources Brazil Holding SA (the parent company of PX Energy). The Company is anticipating that a stronger sponsor will be well received by the debt holders and the holders of US$8 million in convertible promissory notes in F&M Resources. Financial information on Forbes Resources Brazil Holding SA is available online at: https://investidores.pxenergy.com.br/.

    Strategic Rationale

    PX Energy is a vertically integrated refining and shale oil operation with established ESG performance, favorable cost structures, and a strong growth trajectory. Its operations generate US Dollar-linked revenues with Brazil reais-denominated costs, providing robust margin potential in a dynamic macroeconomic environment.

    The acquisition strengthens Questerre’s oil shale footprint and complements its commitment to advancing environmentally responsible hydrocarbon technologies through its investee Red Leaf Resources Inc.

    About Questerre Energy Corporation

    Questerre Energy Corporation is a Calgary-based energy technology company focused on the responsible development of oil and gas resources across the Americas. Questerre integrates leading-edge technologies with a disciplined capital strategy to unlock long-term value while maintaining strong environmental and social governance standards.

    About PX Energy Inc.

    PX Energy is a Brazilian shale oil and refining company operating since the 1990s. It employs advanced pyrolysis technology, integrates mining and refinery operations, and maintains some of the region’s lowest carbon intensity per barrel. With secured offtake agreements and robust infrastructure, PX Energy is a platform for scalable, sustainable energy production. More information about PX Energy is available online at https://pxenergy.com.br/

    All information contained in this news release with respect to PX Energy was supplied by the F&M Resources, for inclusion herein, without independent review by Questerre, and Questerre and its directors and officers have relied on F&M Resources for any information concerning the PX Energy.

    For further information, please contact:

    Questerre Energy Corporation
    Jason D’Silva, Chief Financial Officer
    (403) 777-1185 | (403) 777-1578 (FAX) 

    Advisory Regarding Forward-Looking Statements

    This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes, but is not limited to, statements in respect of:

    • anticipated benefits of the Acquisition to the Company and its shareholders, including any operational and economic synergies;
    • the timing and receipt of any required securityholder, third-party (including, satisfactory waivers by the bondholders and convertible noteholders), Exchanges, or regulatory approvals;
    • the ability of the Company and PX Energy to satisfy the conditions to, and to negotiate and execute a Definitive Agreement and to complete, the Acquisition;
    • the anticipated timing for executing a Definitive Agreement;
    • the form of the Quebec Spin-out, and any changes to the anticipated structure thereof;
    • the closing of the Acquisition and the Quebec Spin-out, including the timing thereof, if it is to close at all;
    • the application of the HCCO technology to, and the overall integration of, the PX Energy Platform being acquired, and any operational synergies or economic benefits that may result;
    • PX Energy’s predicted production rates, and its production at similar rates upon completion of the Acquisition; and
    • the achievement of the performance milestones attached to the consideration payable, and the timing thereof, if at all.

    The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to the Company’s experience and its perception of historical trend which have been used to develop such statements and information, but which may prove to be incorrect, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to:

    • the timely receipt of approval of the Acquisition by the Exchanges, third parties, and other regulatory bodies;
    • all closing conditions to the Acquisition being satisfied and the closing of the Acquisition occurring as anticipated;
    • all closing conditions to the Quebec Spin-out being satisfied and the closing of the Quebec Spin-out occurring as anticipated;
    • foreign currency exchange rates and interest rates;
    • future crude oil, natural gas liquids, and natural gas prices;
    • management’s expectations relating to the timing and results of its other exploration and development activities;
    • ability of management to execute on key priorities;
    • the effectiveness of various actions resulting from the Company’s strategic priorities;
    • the Company’s ability to integrate the PX Energy platform to advance its oil shale and biofuel technology to the next stage;
    • the Company’s ability to maintain PX Energy predicted rate of production; and
    • the Company’s ability to apply its HCCO technology to the assets being acquired.

    Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

    Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation, the following risk factors:

    • the Acquisition not being completed on the terms anticipated or at all, including due to a closing condition not being satisfied, including, the inability to obtain receipt of all necessary securityholder, third parties (including satisfactory waivers by the bond holders and convertible noteholders), Exchanges, and regulatory approvals or consents, lack of material changes with respect to the parties and their respective businesses;
    • the Quebec Spin-out not being completed on the terms anticipated or at all;
    • the synergies expected from the Acquisition not being realized;
    • loss of key personnel of PX Energy upon completion of the Acquisition;
    • the implementation of Bill 21 by the Government of Quebec;
    • additional funding requirements;
    • exploration, development and production risks;
    • volatility in the oil and gas industry;
    • prices, markets and marketing of crude oil and natural gas;
    • liquidity and the company’s substantial capital requirements;
    • prices, markets and marketing of crude oil and natural gas;
    • political uncertainty;
    • non-government organizations;
    • changing investor sentiment;
    • global financial market volatility;
    • adverse economic conditions;
    • alternatives to and changing demand for petroleum products;
    • environmental risks;
    • regulatory risks;
    • inability of management to execute its business plan;
    • competition from other issuers;
    • expiration of licenses and leases;
    • Indigenous claims;
    • possible failure to realize anticipated benefits of acquisitions; and
    • reputational risks.

    Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

    (1) There is no certainty that it will be commercially viable to produce any portion of the resources. In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the “Millcreek Report”). The Millcreek Report was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51-101 with an effective date of September 30, 2016. The assessment was prepared in accordance with NI 51-101 and the COGE Handbook. The assessment indicated a best estimate of discovered petroleum initially in place of between 7.8 billion barrels to 12.2 billion barrels. Given the preliminary nature of the Millcreek Report, it does not contain any estimates regarding the timing or cost to obtain commercial development nor has Questerre finalized the specific technology to be used. Please reference the Annual Information Form for the year ended December 31, 2016, and dated March 24, 2017, as filed under the Corporation’s profile on www.sedarplus.ca.

    The MIL Network –

  • MIL-OSI: SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion

    Source: GlobeNewswire (MIL-OSI)

    • SDHG market cap hit HK$100 billion for the first time, as stock price surged 200+ percent in 2025
    • From 2021 to 2024, SDHG’s total assets more than tripled, from RMB 21.43 billion to RMB 66.17 billion
    • Dazzling success attributed to SDHG’s two-pronged strategy of smart investing in new energy and computing power
    • Electricity-Computing Integration model places SDHG in unique position to lead industry
    • SDHG’s outstanding ability to align key businesses with national policy priorities wins dedicated government support

    HONG KONG, July 29, 2025 (GLOBE NEWSWIRE) — Shandong Hi-Speed Holdings Group Ltd. (00412.HK) shares rose to HK$17.26 at closing on Monday, July 28, sending the market cap of the strongly growing company to HK$103.9 billion. SDHG market cap exceeded HK$100 billion for the first time on July 11. The fact that it has since remained steadily above the HK$100 billion mark indicates the market’s unequivocal endorsement of SDHG as a leader in Electricity-Computing Integration and AI-ready infrastructure.

    SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion

    As global competition in AI innovation intensifies to a breakneck pace, the demand for computing power has skyrocketed, which led renewable energy and computing power to become critical battlegrounds for serious contenders in the field. SDHG, a pioneer strategic investor in Electricity-Computing Integration, is widely believed to lead the race.

    Pivot to AI infrastructure builder
    The demand for both computing power and the electricity to run the data centers in China is forecast to see exponential growth in the coming years. In 2025, data center electricity consumption is expected to account for 5 percent of China’s total electricity usage. The country’s intelligent computing power is projected to reach 1,037.3 EFLOPS in 2025 and to surge to 2,781.9 EFLOPS in 2028. The highly centralized GPU clusters required for intelligent computing centers will have to consume more power.

    On the eve of AI innovation booms, SDHG has made a strategic transition from primarily making financial investments toward becoming an investment holding platform focused on emerging industries. It has since emerged as China’s leading company owning premium assets in both renewable energy and computing power, creating a unique Electricity-Computing Integration model.

    In 2022, SDHG acquired Shandong Hi-Speed New Energy Group Ltd. (SHNE, 01250.HK) and now owns 56.97 percent of the company’s stakes. In 2023, SDHG made a strategic investment worth US$299 million in VNET Group Inc. (NASDAQ: VNET). SHNE owns clean energy projects in more than 20 provinces in China and has been actively exploring international markets. VNET started focusing on selling data center services to retail clients in China and has grown to serve hyperscale customers including Alibaba Cloud, Tencent Cloud, and Huawei Cloud.

    These and other smart investment moves have helped the company gain a strong foothold in traditional infrastructure as well as in new infrastructure.

    Alignment with national policy priorities
    SDHG has shown outstanding ability to align its key businesses with major national policy priorities, namely renewable energy and computing power. As a result, SDHG enjoys full policy dividends from such national projects as “East Data, West Computing” and secures dedicated government support in energy-rich provinces, especially support for its Electricity-Computing Integration model.

    Partnering with local governments and companies, SDHG has been able to achieve great success in experimenting with innovative business models that hand the company a unique advantage in both Chinese and international markets. The Ulanqab Source-Grid-Load-Storage Integration Project in Inner Mongolia is one of SDHG’s flagship projects and epitomizes the innovativeness of Electricity-Computing Integration.

    SDHG is building power generation and storage facilities (solar and wind) right next to AIDC and other computing power centers in grassland town Ulanqab. The model breaks down traditional power grid constraints by enabling direct electricity trading (“selling electricity across the wall”). It thus establishes an ecosystem of power generation, transmission, and consumption in the same physical space. This self-contained green ecosystem, with tremendous environmental and economic value, operates on the principles of:

    – Instant Utilization (power consumed immediately upon generation)
    – On-Demand Availability (guaranteed supply for computing facilities)
    – Market-Based Pricing (dynamic cost optimization)
    – Mutual Benefit (win-win for energy producers and computing operators)

    Upon completion, the SDHG Ulanqab project will generate approximately 860 million kWh of electricity annually, supplying a significant part of the power to run VNET’s 150MW computing centers in Ulanqab. When the 1GW Ulanqab III is in full operation and powered by SDHG, an additional RMB 1.3 billion worth of economic benefits will be created for the company.

    The SDHG Ulanqab project with its pioneering Electricity-Computing Integration model is set to play a major role in AI’s transformation of Chinese tech industry, the same way as Stargate and other mega projects contribute to the building of AI infrastructure in their respective countries.

    Reliable financing toolkit
    SDHG’s solid background in licensed financial transactions and ability to leverage Hong Kong’s status as an international financial center have also been crucial in its success in financing the new energy and computer power projects with a reliable world-class toolkit.

    In May 2024, SDHG issued US$900 million worth of perpetual bonds — the largest USD senior perpetual bond issuing by any Chinese issuer since 2021, which were subscribed by 280 institutional accounts across Asia, Europe, the Middle East and Africa. In March 2025, SDHG’s portfolio company VNET Group Inc. completed a $430 million convertible preferred notes offering — the largest such issuance relative to market cap by a Chinese firm since early 2024 which secured foundational capital for its domestic expansion.

    Endowed with the above-mentioned advantages, SDHG has established itself as a market leader with proven operational excellence, attracting more and more major companies to become customers and partners.

    In May 2025, SDHG signed a strategic cooperation agreement with Chinese tech giant Huawei Technologies Co., Ltd. to build projects driven by “green computing power and clean energy”, develop “zero-carbon smart parks”, and collaborate in the field of intelligent transportation, including vehicle-road coordination and large-scale intelligent driving models.

    The capital market has also reacted to SDHG’s new strategy and remarkable business performance enthusiastically. In June 2025, multiple brokerages issued initiating coverage reports with “Outperform” ratings for SDHG, including Soochow Securities (Hong Kong), Zhongtai Securities, Tebon Securities, and SXC Securities.

    “Through smart strategic maneuvers, SDHG has managed to build a complete ecosystem in new energy and new infrastructure, greatly enhancing the company’s core competitiveness,” the Zhongtai Securities report states.

    SDHG was incorporated as China New Financial Group Limited. The company was acquired by Shandong Hi-Speed Group in 2017 and adopted its current name in 2022. It was listed on the Hong Kong Stock Exchange in the same year and is now a constituent stock of the Hang Seng Composite Index. The company currently holds an Fitch “A-” Issuer Default Rating (IDR) with an ESG Entity Rating of “2” (Sustainable Fitch).

    SHDG has been on a phenomenal growth trajectory in the last 4 years despite macroeconomic challenges in the world and in the region. From 2021 to 2024, its total assets more than tripled — expanding from RMB 21.43 billion to RMB 66.17 billion. Its stock price has soared over 200 percent in 2025, while annual revenues are forecast to grow to RMB 6.59 billion, RMB 6.77 billion, and RMB 7.37 billion for 2025, 2026, and 2027, respectively. Net profit attributable to parent company shareholders is expected to more than double in the period, from RMB 216 million in 2025 to RMB 555 million in 2027.

    “We expect SDHG to keep its growth momentum in the coming years, benefiting from and contributing to national policy initiatives in new energy and computing power. In particular, SDHG’s Electricity-Computing Integration model powering AIDC will cement the company’s lead in the industry and help realize its full potential as a market innovator,” the Zhongtai Securities report concludes.

    Media Contact
    Company Name: Shandong Hi-Speed Holdings Group
    Contact: Stanley Shi
    Website: https://www.sdhg.com.hk/en/
    Email: stanleyshi@sdhg.com.hk

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19edaee3-12ec-4982-8ee3-ecf0bfa533d8

    The MIL Network –

  • Gunman kills four, including police officer, in Manhattan skyscraper, then takes own life

    Source: Government of India

    Source: Government of India (4)

    A gunman opened fire on Monday inside a Midtown Manhattan skyscraper housing NFL headquarters and offices of several financial firms, including Blackstone, killing four people before fatally shooting himself, New York City officials said.

    One of the four victims slain in the gun violence was a 36-year-old New York Police Department officer who had been on the force for about 3 1/2 years. The three others killed by the suspect were civilians.

    New York Police Commissioner Jessica Tisch said the gunman, who resided in Las Vegas and drove cross-country to New York in recent days, fatally shot himself in the chest at the end of his shooting spree.

    Tisch said the gunman was believed to have acted alone, and investigators had yet to determine a possible motive for the shooting.

    A photo of the suspect that CNN said was shared by police showing a gunman walking into the building carrying a rifle was published by a number of major news media outlets. Preliminary checks of the suspect’s background did not show a significant criminal history, the report added, citing officials.

    The skyscraper at 345 Park Avenue houses offices of a number of financial institutions, including Blackstone and KPMG, along with the NFL headquarters.

    A large police presence converged on the area around the tower, according to Reuters journalists near the scene.

    “I just saw a lot of commotion and cops and people screaming,” said Russ McGee, a 31-year-old sports bettor who was working out in a gym adjacent to the skyscraper, told Reuters in an interview near the scene.

    The FBI said agents from its New York field office were also responding to provide support at the scene.

    (Reuters)

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

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

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

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

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

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

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

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

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

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

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

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

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

    .

    MIL OSI Russia News –

  • MIL-OSI: Bitget Launchpool Features GAIA with over 4.7M Tokens in Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, July 29, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the feature of Gaia (GAIA) on its launchpool as well as a listing for spot trading. Gaia is a decentralized computing infrastructure that enables everyone to create, deploy, scale, and monetize their own AI agents. Trading for the GAIA/USDT pair will begin on 30 July 2025, 09:00 (UTC).

    Bitget’s GAIA Launchpool campaign is offering 4,741,300 GAIA in total rewards. Eligible users can participate by locking BGB during the event, which runs from 30 July 2025, 09:00 to 1 August 2025, 09:00 (UTC). In the BGB locking pool, users can lock between 5 and 50,000 BGB, with maximum limits determined by their VIP tier, for a chance to earn a share of 3,858,300 GAIA.

    Alongside the listing, Bitget will launch a CandyBomb campaign with 633,000 GAIA available in rewards. Of this, 211,000 GAIA will be allocated to the GAIA, BTC and BGB trading pool for new users, while 422,000 GAIA will be up for grabs in the GAIA trading pool for existing users. The campaign will run from 30 July 2025, 9:00 till 6 Aug 2025, 9:00 (UTC).

    Bitget will also run an X Giveaway, where 750 qualified users will have the chance to win a share of 125,000 GAIA. The campaign runs from 30 July 2025, 9:00 to 1 August 2025, 9:00 (UTC). To participate, users must follow Bitget and Gaia on X, quote the giveaway post with the hashtag #GAIAxBitgetLaunchpool, tag a friend, sign up, deposit or trade GAIA on Bitget, and complete the form linked in the post.

    In addition, a community campaign will run from 30 July 2025, 9:00 to 6 Aug 2025, 9:00 (UTC), offering another 125,000 GAIA to be shared among 750 qualified users. To join, users need to become members of both the Bitget Discord and BGB Holders Group, sign up, make a net deposit of over 100 USDT, and complete any GAIA/USDT spot trade.

    Gaia is a decentralized AI network that enables users to host, own, and interact with autonomous AI agents in a secure and transparent environment. Built on blockchain technology, Gaia ensures each AI node operates independently while contributing to a broader, interconnected ecosystem. Users can deploy advanced models such as Qwen2 0.5B Instruct and customize them using personal or business data to create tailored AI services.

    By prioritizing data sovereignty and privacy, Gaia introduces a new model for decentralized AI development and monetization. Its user-friendly infrastructure allows individuals to easily install node software, configure models, and participate in domain-based AI collaboration, unlocking new possibilities for innovation in the Web3 space.

    Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem.

    With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of Gaia into Bitget’s portfolio marks a significant step toward expanding its ecosystem by embracing decentralized AI innovation, empowering users with greater control over data privacy, and supporting the next generation of AI-driven Web3 applications.

    For more details on Gaia, visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

    Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7730d634-b088-4a1c-b437-c1051b2dd570

    The MIL Network –

  • MIL-OSI Australia: Concern for welfare – Alice Springs Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force holds concerns for the welfare of 26-year-old Gach, who was last seen leaving his home in Alice Springs yesterday afternoon at 3:30pm.

    Gach last spoke to family later in the day at 5:30pm via phone, however he failed to attend work for a rostered shift that night.

    Gach was driving his red Mazda CX5 with NT registration CG05CH, which was located this morning by police 14.5km west of John Flynn’s Grave Historical Reserve on Larapinta Drive.

    He is described as being of Sudanese appearance, with dark skin and a slim build. He was last seen wearing cream tracksuit pants, a black t-shirt and black shoes.

    Police are urging anyone who may have been travelling along Larapinta Drive between 5:30pm Monday 28 July and 8:00am this morning that may have seen Gach or his vehicle, or has dash cam footage, to please contact police on 131 444 and quote reference number NTP2500075979.

    MIL OSI News –

  • MIL-OSI New Zealand: Heathcare – NZ hosts first-of-its-kind course on life-saving heart technique that halves deaths

    Source: Kia Manawanui Trust | The Heart of Aotearoa New Zealand

    Patients are often told they are “in the best hands”, yet many New Zealanders with blocked arteries in the heart are treated using outdated techniques.
    Most stents are guided into place using angiography – a decades-old imaging method that provides a 2D black-and-white image of the arteries, but offers little detail from inside the vessel itself. Although widely used, it leaves cardiologists making critical decisions without the full picture.
    This week, 30 cardiologists from around New Zealand and Australia will attend a specific teaching course that certifies them in two cutting-edge cardiac imaging techniques – Optical Coherence Tomography (OCT) and Intravascular Ultrasound (IVUS). These techniques provide detailed 3D images from inside the coronary arteries, reducing the risk of thrombosis, and subsequent heart attacks and death.
    The course is being hosted by The Heart of Aotearoa – The Kia Manawanui Trust, alongside the Transcontinental Coronary Imaging and Physiology Club (TCIP) and Asian Pacific Society of Cardiology (APSC) and is the first course of its kind to be offered in New Zealand and Australia.
    The Heart of Aotearoa – The Kia Manawanui Trust Chief Executive Ms Letitia Harding says New Zealanders deserve access to the best-practice cardiac care, and this course is an important step toward delivering it.
    “For years, our heart patients have had stents placed using a technique that is technically adequate, but not optimal.
    “It is now clear that using IVUS or OCT imaging significantly improves patient outcomes and is strongly recommended internationally,” Ms Harding says.
    “We have some of the best cardiologists in the world, and this course draws on their expertise to teach a technique that should become the gold standard in New Zealand.”
    The evidence shows that using these imaging techniques leads to a 45 per cent reduction in cardiac death, she says.
    “The data is clear – these imaging techniques reduce complications, improve outcomes, and lower the risk of death. We can’t ignore that.”
    Trust Medical Director Dr Sarah Fairley – who is one of the course directors and a Wellington-based interventional cardiologist – says this training is an important moment for education in heart healthcare in New Zealand.
    “This isn’t about showcasing novel technology – the aim is to share knowledge and provide colleagues with the training to use intravascular imaging with confidence, so they can deliver the best possible heart healthcare throughout Aotearoa.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Economy – Job decline continues, wages not growing with inflation – CTU

    Source: NZCTU Te Kauae Kaimahi 

    NZCTU Te Kauae Kaimahi President Richard Wagstaff has said that today’s release of labour market data shows the continued economic pain that is being felt by workers.

    “This new data shows that unemployment is rising, wages are not keeping up with rising costs, and young people are bearing the brunt of the Government’s failure to protect jobs and grow the economy,” said Wagstaff.

    “According to Stats NZ, the number of filled jobs was down 27,850 from this time last year and is down by more than 30,000 over two years. There are 10% fewer 15–19-year-olds in work than this time last year. The Government doesn’t have a plan to tackle unemployment.

    “Total wages grew 1.2% last year. Inflation is currently 2.7%. We have had two years in a row where the minimum wage was cut in real terms, and the Government has cut the living wage from government contracts. Working people’s pay isn’t keeping up with the cost of living, and there is no relief in sight.

    “When we look at the data, there are 12,169 fewer people working in construction than this time last year, nearly 6,000 fewer in manufacturing and 5,000 fewer in professional, scientific, and technical services. It’s no wonder employment confidence is at near record lows.

    “The government’s plan for the economy isn’t working and is only compounding the cost-of-living crisis for working people. They are delivering tax cuts for businesses and the wealthy, and spending cuts for everyone else.

    “The longer that we leave unemployment to grow, the harder it will be to tackle.  It’s time we had policies like fair pay agreements to help deliver the strong working conditions needed right now, and social insurance to support workers in transition. It’s time we had a government that cared for working people and their families,” said Wagstaff.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Rural News – Practical safety reforms welcome news for farmers – Federated Farmers

    Source: Federated Farmers

    Federated Farmers is welcoming new Government proposals to make farm health and safety rules more practical and grounded in real-world farming.
    Workplace Relations and Safety Minister Brooke van Velden today announced targeted consultation with farmers and the wider agriculture sector on health and safety rule changes.
    Many of the proposed changes reflect what Federated Farmers and its members have been calling for, health and safety spokesperson David Birkett says .
    “We’re really pleased the Minister has announced a raft of changes, and that she’ll be consulting directly with our sector to make sure any new rules are fit for the realities of farm life.
    “This commitment to targeted consultation is a good sign farmers will be properly heard.”
    Minister van Velden has announced the development of two new Approved Codes of Practice (ACOPs) – one on the roles and responsibilities in agriculture, and one on the safe use of farm vehicles and machinery.
    “We’re very pleased to see WorkSafe will be developing an ACOP to provide clearer guidance on overlapping duties and PCBU responsibilities in agriculture.
    “Farms are dynamic workplaces and we need greater clarity around who on the farm – whether it’s farmers, contractors or someone else – is responsible for particular health and safety duties, and how they can work together to manage risks.
    “It’s also great to see movement on quad bike safety, because this is where most fatalities are happening. If we’re going to reduce harm, that’s the place to start.”
    The Minister confirmed the Government will strengthen the ACOP model so businesses that comply with them have confidence they’re meeting their legal duties.
    “This is something we’ve been calling for, and it will give farmers clarity and confidence,” Birkett says.
    “We’re committed to working closely with WorkSafe throughout the process to make sure these codes are developed with farmers, not prescribed by Wellington bureaucrats.”
    The Minister also announced a review of the rules around children carrying out light chores on family farms, such as feeding animals and watering plants.
    “We strongly support clarification around what kinds of farm activities children can safely take part in,” Birkett says.
    “Family farms are unique in that they are both a home and a workplace, and kids can learn a lot when they’re safely involved.”
    Federated Farmers has worked closely with Minister van Velden since she first announced the health and safety review at the organisation’s Rural Advocacy Hub at Fieldays 2024.
    Since then, the Minister has joined Federated Farmers for a national webinar and visited farmers to hear firsthand about the practical challenges they face.
    “We’re proud to have played a meaningful role in helping get this reform process off the ground,” Birkett says.
    “Farm safety is absolutely vital, but the rules need to be grounded in fairness, practicality and common sense.
    “These proposals show we’re finally moving in the right direction, with clearer and more workable expectations for farmers.
    “That said, we know there’s still work needed to lift the bar in our sector. Our priority now is helping farmers feel supported and confident to engage with health and safety in a way that genuinely reduces risk on-farm – not just ticks boxes.”

    MIL OSI New Zealand News –

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

    Source: GlobeNewswire (MIL-OSI)

    Amundi: First half and second quarter 2025 results

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

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

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

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

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

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

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

    Paris, 29 July 2025

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

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

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

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

    * * * * *

    Highlights

    Continued organic growth thanks to continued successes in the strategic pillars

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

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

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

    Activity

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

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

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

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

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

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

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

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

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

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

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

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

    First half 2025 results

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

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

    Profit before tax3+4% H1/H14

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the first half of 2025

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

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

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

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

    Second quarter 2025 results

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

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

    Adjusted data3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Accounting data in the second quarter of 2025

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

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

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

    A solid financial structure, €1.3bn in surplus capital 

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

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

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

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

    * * * * *

    APPENDICES

    Adjusted income statement3of the first half of 2025

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

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

    Adjusted income statement3of the second quarter

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

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

    Pro Forma Historical Series3Adjusted4– First semester

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

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

            

    Pro Forma Historical Series3Adjusted4– Quarters 2024-2025

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

    Definition of assets under management

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

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

    (€bn) Assets under management Collection

    Net

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

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

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

    Details of assets under management and net inflows by client segments20

    (€bn) AuM

    30.06.2025

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

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes20

    (€bn) AuM

    30.06.2025

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

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

    (€bn) AuM

    30.06.2025

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

    Details of assets under management and net inflows by geographic area20

    (€bn) AuM

    30.06.2025

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

    Methodological Annex – Alternative Performance Indicators (APIs)

    Accounting and adjusted data

    Accounting data – These include

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

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

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

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

    Partnership with Victory Capital

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

    Alternative Performance Indicators21

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

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

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

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

    Shareholding

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

    Average number of shares prorata temporis.

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

    Financial communication calendar

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

    About Amundi

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

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

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

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

    www.amundi.com          

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

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

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

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

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • Thailand-Cambodia border calm as military-level talks postponed

    Source: Government of India

    Source: Government of India (4)

    The Thailand–Cambodia border, where fighting has raged since last week, was calm on Tuesday following a ceasefire deal and military commanders from both sides are set to meet for talks later in the day, acting Thai Prime Minister Phumtham Wechayachai said.

    Phumtham and Cambodian Prime Minister Hun Manet met in Malaysia on Monday and agreed to halt their deadliest conflict in more than a decade following five days of intense fighting that killed at least 38 people, mostly civilians, and displaced over 300,000.

    The Thai army said in a statement there had been attacks by Cambodian troops in at least five locations early on Tuesday, violating the ceasefire that had come into effect from midnight, and Thailand‘s military had retaliated proportionately.

    Phumtham played down the clashes, and said he had spoken with Cambodia‘s defence minister ahead of the talks between military commanders.

    “There is no escalation,” Phumtham told reporters. “Right now things are calm.”

    Thai military officials in two areas had met with their Cambodian counterparts, but commanders along the stretch of the frontier that has seen the heaviest fighting during the conflict were yet to hold talks, Thai army spokesman Major Gen. Winthai Suvaree said in a statement.

    The parley had been scheduled for 10 a.m. local time (0300 GMT), but it was postponed and no new time had yet been set, he added.

    Maly Socheata, a spokesperson for the Cambodian Defence Ministry, said at a briefing on Tuesday that there had been no new fighting along the border.

    Vehicular traffic and daily activity resumed in the Kantharalak district of Thailand‘s Sisaket province on Tuesday, about 30 km (20 miles) from the frontlines, where Thai and Cambodian troops remain amassed.

    Cars and motorbikes returned to the streets, which had been largely empty since the border clashes began on Thursday, with military vehicles among civilian traffic.

    Chaiya Phumjaroen, 51, said he returned to town to reopen his shop early on Tuesday, after hearing of the ceasefire deal on the news.

    “I am very happy that a ceasefire happened,” he said. “If they continue to fight, we have no opportunity to make money.”

     

    TALKS AND TRADE

    The Southeast Asian neighbours have wrangled for decades over their disputed frontier and have been on a conflict footing since the killing of a Cambodian soldier in a skirmish late in May, which led to a troop buildup on both sides and a full-blown diplomatic crisis.

    Monday’s peace talks came after a sustained push by Malaysian Premier Anwar Ibrahim and U.S. President Donald Trump, with the latter warning Thai and Cambodian leaders that trade negotiations would not progress if fighting continued.

    Thailand and Cambodia face a tariff of 36% on their goods in the U.S., their biggest export market, unless a reduction can be negotiated. After the ceasefire deal was reached, Trump said he had spoken to both leaders and had instructed his trade team to restart tariff talks.

    Pichai Chunhavajira, Thailand‘s finance minister, said on Tuesday that trade talks with Washington are expected to be concluded before August 1, and that U.S. tariffs on the country are not expected to be as high as 36%.

    (Reuters)