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Category: Ukraine

  • MIL-OSI USA: Rep. Jimmy Panetta’s Statement on President Trump’s First 100 Days

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    Washington, DC – United States Representative Jimmy Panetta (CA-19) released the following statement on the Administration’s first 100 days in office:

    “The first 100 days of the Trump Administration have been chaotic, costly, created economic uncertainty, challenged our constitution, and weakened our institutions, alliances, and credibility.  During the campaign, the President promised that on day one that he would reduce inflation, end the war in Ukraine, bring home the hostages from Gaza, and support America’s working families.  Instead, he has failed to fulfill any of those promises, overwhelmed us with a deluge of executive orders, and tried to distract us from his failures by talking about stealing Greenland, annexing Canada, running for a third term, and more.  Although the most successful part of the Administration’s agenda, increasing immigration enforcement, has significantly reduced the flow of crossings at the southern border, his deportation policy has become mired in legal challenges by disregarding due process, administrative carelessness, and defying courts of law.  The President’s self-imposed, short-sighted, and sweeping tariff policies have hurt our economy and are set to raise prices even higher with retaliation from our trading partners.  By giving Elon Musk unbridled power to cut federal programs and jobs, the Administration has jeopardized vital services like Social Security, Medicare, Medicaid, food assistance, and scientific research.  Without a clear strategy in the Administration’s trade and foreign policies, our nation has pushed away our allies and created strategic opportunities for our adversaries.

    “President Trump made his intentions abundantly clear during the campaign. However, his chaotic actions, including instituting massive tariffs, challenging our constitution and courts, continued cozying up to dictators, and pardoning January 6 rioters appear to have no long-term strategy, degraded our credibility, and led to a steady decline in his national polling numbers on all major issues over the past 100 days. 

    “As I said from day one of this Administration, America’s system of checks and balances must flex its muscles. The courts don’t act as fast as the executive branch, but they continue to be the bulwark against the Administration’s overreach and violations of our Constitution.  Although the President has shown little interest in working with Congress to pass any long-term legislation, we will continue to work on bills that constrain the Administration’s destructive actions, investigate any abuses of power, and serve our constituents.  Over the past few decades, Congress has relinquished its authority to the executive branch on trade, commerce, agency oversight, and even warfare.  However, the actions of this Administration must be a wake-up call for Democrats and Republicans to come together and take back our constitutionally mandated power. But ultimately, as we have seen throughout the history of our nation, our democracy isn’t about one person, one court, or one legislative body.  It’s about the collective power of Americans.  The President’s first 100 days will not be anywhere near as important as the remaining 1360 days of his term, and why our system of checks and balances must stay strong, and we the people must stay together in our fight for our shared democratic values.”

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    MIL OSI USA News –

  • MIL-OSI Global: China is reshaping central Asia’s energy sector as Russian influence fades

    Source: The Conversation – UK – By Lorena Lombardozzi, Senior Lecturer in Political Economy of Global Development, SOAS, University of London

    China has been developing closer ties with countries in central Asia over recent years. Trade between China and the central Asia region grew to US$89 billion (£69 billion) in 2023, an increase of 27% on the previous year. Chinese trade rose with every country there except Turkmenistan.

    In my paper from June 2024, which is part of a collection of studies looking at the impact of China’s sprawling belt and road initiative in low- and middle-income countries, I explored how Chinese investment is affecting Uzbekistan’s energy sector.

    Chinese investment in Uzbekistan has grown significantly since 2020. By the end of 2022, it had reached US$4.5 billion, up from US$2.8 billion one year before. There are now over 3,450 Chinese companies in Uzbekistan, accounting for roughly 20% of all foreign companies in the country.

    One of the main reasons for China’s expanding footprint in central Asia is to intensify energy cooperation. By becoming a major buyer, lender and investor in the region’s energy sector, China is hoping to reduce its dependence on countries such as Russia.

    Central Asia is a region of Asia consisting of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
    Peter Hermes Furian / Shutterstock

    Central Asia has been politically and economically dependent on Russia since the Soviet Union invaded the region in the 19th century. Much of its infrastructure was built to provide commodities like cotton and energy to Russia, with the latter selling it at high prices to Europe. This infrastructure has, until relatively recently, remained largely unchanged.

    However, some central Asian countries have been able to reduce their dependence on Russia over the past decade or so. China has become the main importer of Uzbek gas, with a peak share of more than 80%. And Uzbekistan exported almost US$2 billion worth of goods to China in 2022, matching its volume of trade with Russia.

    Investment in energy infrastructure is taking place in a reflection of these trade patterns. Central Asia boasts significant reserves of oil and gas. But most of the region’s pipelines were traditionally directed towards Russia and, to a lesser extent, south-west to Turkey.

    Pipelines have been built and maintained with China’s support that are directed towards the east. These pipelines have facilitated trade with China and have helped reduce operational waste in the energy sectors of Turkmenistan, Kazakhstan and Uzbekistan.

    In 2025, China plans to resume the construction of a pipeline stretching from Turkmenistan through Uzbekistan, Tajikistan and Kyrgyzstan, pending the finalisation of a gas supply contract with Turkmenistan. This will further strengthen China’s energy ties with the region.

    A few years ago, while I was carrying out fieldwork in Uzbekistan, I interviewed policy experts and those involved in the Uzbek energy industry. My interviewees saw deals with China as more reliable than Russia, which has in the past renegotiated the terms of long-term energy contracts with central Asian countries or has added unfair clauses in its favour.

    In 2018, for example, the Uzbek government needed additional gas to meet domestic demand. Russia’s Lukoil energy company agreed to sell the gas from a joint Lukoil-Uzbek production facility to Uzbekistan, but at a hefty price. The Uzbek government incurred debt to Lukoil worth US$600 million.

    A train transporting gas parked in Samarkand train station, Uzbekistan.
    Lewis Tse / Shutterstock

    Chinese involvement in the Uzbek energy sector is also having an indirect effect on Uzbekistan’s green economy. During the pandemic, Uzbekistan’s gas exports to China dropped significantly, exposing operators to the vulnerability of relying on a single energy source.

    Gas exports to China have recovered since 2021. But this shock prompted policymakers to explore ways of diversifying Uzbekistan’s energy production away from fossil fuels. Over the past few years, Uzbekistan has invested over US$4 billion in renewable energy production, with the technology and expertise often coming from China.

    With the support of Chinese companies, vast solar power plants have been planned and developed near the Uzbek capital, Tashkent, as well as other cities like Navoi. Wind turbines have been supplied by Chinese firms for projects in Ferghana, near the border with Kyrgyzstan.

    Chinese-led investment in the renewable energy sector has created further demand for skilled and semi-skilled labour, such as translators, logistics operators and engineers. My interviewees noted positive – albeit limited – effects on employment and wages in the sector.

    New challenges ahead

    There are, however, also drawbacks to Chinese involvement in central Asia’s energy sector. Uzbekistan’s gas trade with China is a possible source of political and economic vulnerability.

    The export price of Uzbek gas is more profitable for energy companies than the local subsidised price, so exports have taken priority over the domestic market. Uzbek consumers often have to contend with rationed gas supplies or no access to gas at all, especially during the winter when demand is at its highest.

    This has led to dissatisfaction among the Uzbek population, especially in rural areas where people have had to resort to burning alternative sources of fuel like coal, firewood and animal dung. These energy sources are harmful to health and the environment.

    Western sanctions on Russian oil and gas since 2022, when Russia launched its invasion of Ukraine, have also created further competition for Uzbek gas. Russian gas suppliers have sought alternative markets in Asia to circumvent the sanctions. Trade flow data shows that India, Turkey and even China have increased the amount of Russian fossil fuels they buy.

    But, by and large, the state of play in the global energy market seems to be changing. Central Asia is in a strong position to benefit.

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

    – ref. China is reshaping central Asia’s energy sector as Russian influence fades – https://theconversation.com/china-is-reshaping-central-asias-energy-sector-as-russian-influence-fades-245232

    MIL OSI – Global Reports –

  • MIL-OSI USA: Murphy Slams Trump’s First 100 Days: This Is A Story Of Incompetence, Theft, And Mind-Blowing Corruption

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy
    [embedded content]
    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) spoke on the U.S. Senate floor to deliver a scathing indictment of President Trump’s first 100 days in office. Murphy detailed the litany of corrupt acts that have defined this Administration, including the sale of White House access for the Trump family’s personal profit, manipulation of federal agencies for financial gain, and the systematic dismantling of anti-corruption safeguards.
    “This is not normal. None of this is normal. This is outlandish, this is illegal, this is unconstitutional, brazen corruption, and this is only the first 100 days. I just detailed 40 instances of mind-blowing corruption in just 40 days, capped off by an attempt to just sell access to the White House to people who put money in the pocket of Donald Trump’s personal businesses. Donald Trump wants to numb this country into believing that this is just how government works. That he’s owed this. That every president is owed this. That government has always been corrupt, and he’s just doing it out in the open. But this is not how government works. This has been the story of his first 100 days, but it’s our choice as a nation to allow it to be the story of the rest of his term. We need to expose what he is doing. We need to rally everybody, from the left to the right. Nobody in this country, whether you’re a hardened conservative or a hardened progressive, should root for the president of the United States to be enriching himself off of this position. We need to rally this nation against this corruption and bring it to an end, because if Donald Trump gets what he wants, and we just start allowing our government’s leaders to openly steal from us during the first 100 days or for the rest of his term, then I am telling you, American democracy is not going to survive.”
    Last month, he highlighted Trump’s first six weeks of corruption.
    A full transcript of his remarks can be found below:
    MURPHY: “Thank you, Mr. President. My colleagues, you’re going to hear a lot of stories about the first 100 days of President Trump’s second presidency, and indeed there are a lot of stories. There is a story of incompetence. We’re dealing with multiple measles outbreaks all across the country. There is the story about abdicating our responsibility to lead around the world – Vladimir Putin is laughing at us as Trump goes about the business of handing Ukraine to a brutal Kremlin dictator. There is the story of a transferring wealth from the poor and the middle class through massive cuts to Medicaid, to the very, very wealthy, who are asking for another massive tax cut. 
    “But I would argue, Mr. President, that the most important story to tell is a story of corruption. A story of mind-blowing, massive, scalable corruption. That story is important because we are watching the theft of taxpayer money by the decision of the Republican Party to look the other way as Donald Trump essentially monetizes at scale the White House and the powers given to him by the Constitution and the American people in order to enrich himself and his friends. And if we don’t tell this story, and if we don’t mount a national bipartisan, apolitical resistance to this thievery, to this corruption, and it becomes normalized as just a part of doing business in America, a normal facet of residents in the White House, then shame on us, because our democracy will not survive this level of corruption, grift, and graft. 
    “So I am going to try to tell the story really quickly. I’ve got two charts and it’s hard to read – these words are really small – because over the course of 100 days, there are 40, 50, 60 individual acts of precedent-breaking corruption. And that’s intentional because what President Trump is trying to do is engage in so much public corruption that you just become normalized to it, that you stop paying attention to the corruption because can it be corruption if it is just playing out in public? He’s trying to make you think that this kind of stuff happens all the time behind the scenes and now all that’s different is you are seeing it publicly. 
    “But that is not true. This is not actually how government works. And I refuse to accept that just because the corruption is happening in public, in front of the cameras for everybody to see, that we should accept it. 
    “Okay. I’m going to try to do this. I’m going to try to do this as quickly as possible. I’m just going to highlight for you maybe the 40 most egregious examples of corruption in the first 100 days, but this is just the tip of the iceberg. 
    “So, on January 6th – this is before Trump is even sworn in – Amazon, which has a ton of business before the incoming Trump White House, pays $40 million to the Trump family to license a documentary in a series about Melania Trump. Just a cash payment from a company that has huge interests before the incoming White House to the Trump family. 
    “On January 17th, a few days before Trump is sworn in – maybe the most corrupt act in the history of the White House – this is the creation of the Trump meme coin. This is just a backdoor way for anybody with business before the Trump administration to send him millions of dollars in total secret. Trump doesn’t disclose who buys the coin. He launders his income from the coin through an unregulated Chinese exchange. He promotes the coin on his social media feeds. In the first minute of trading, one buyer – and what we know is that this was likely a Chinese individual – purchases six million coins, sending the price through the roof and immediately making a ton of money for Trump, who makes money off of every transaction. Trump knows who this person is, no doubt, but American citizens do not. 
    “January 20th, he is now sworn in and he fulfills a campaign promise to the oil and gas industry. There’s a report from the campaign that says they came down to Mar-a-Lago, I think, and said ‘We’ll give you a billion dollars in campaign contributions.’ This is not me alleging this, this is an open report. The oil and gas industry says we’ll give you a billion dollars in campaign contributions if you do what we want when you are sworn in. And the day he’s sworn in, Trump issues an executive order gutting environmental rules so that the oil and gas industry can start making bigger amounts of money. 
    “On January 25th, Trump eliminates the Inspectors General, the ethics officials in government and whistleblower offices. It’s a late-night purge, so you know it’s fishy. On January 25th, 17 Inspectors General get fired, clearing the way for the president to engage in even more corruption because that’s what the Inspectors General do. They sit in these agencies and they look for corruption. Now the Inspectors General are gone. They’re just gone. 
    “But that’s not good enough because on that same day, Trump fires the head of the Office of Special Counsel. Why would you do that? Well, that office is an investigative and prosecutorial office that works to end government and political corruption and protects government employees who become whistleblowers. That office is gone now, along with all of the whistleblowers. 
    “Two days later, Trump illegally fires NLRB member Gwen Wilcox. This effectively shuts down, illegally, the NLRB for a period of time. Why is that important? Because the guys who were standing behind Donald Trump on Inauguration Day, people like Elon Musk and Jeff Bezos, they are being investigated at the moment by the NLRB for massive workplace violations. Now the NLRB is shut down, a big gift to the people who financed Donald Trump’s inauguration and stood behind him to give him political endorsement and cover on his inauguration day. 
    “On January 31st, a trend begins: enforcement actions are paused against Trump loyalists. This is Representative Andy Ogles from Tennessee. He was being investigated for illegal, or potentially illegal, loans made to his 2022 campaign. But right after Rep. Ogles introduces a bill to amend the constitution to allow Trump to serve for a third term, what happens? Trump makes the investigation go away. Because as you will see, Trump’s justice system will often look the other way if you cheat or steal but you are a friend of Donald Trump.
    “At the same time, another of Trump’s friends, his IRS nominee Billy Long, gets his donors – almost all of them have direct interest before the IRS – to pay off his six-figure campaign debt. It’s a fabulously corrupt thing to do, but it’s just all normal now. So when Trump is showing you the way, then the folks who work for him follow suit. 
    “Alright, we’ll jump to February now. February 4th. We’re into Week 2 of the Trump White House. Trump hauls the PGA and the Saudi government into the White House to broker an agreement between the two rival golf leagues so that Trump can make more money hosting golf tournaments. He’s in business with one of the entities, the Saudi-owned LIV league. In a normal world, the president of the United States wouldn’t be in business with any foreign government. But the president is, and not only is that okay, but it is also apparently okay for him to bring the golf league that he’s in business with into the White House and pressure the other golf league, the rival golf league, to cut a deal. And guess what happens? The PGA, which had long said they were not going to host events at Trump’s courses, after being hauled into the White House, looking the president of the United States in the eye – somebody they clearly have to do business with – they announce that they’re going to start allowing their tournaments to be held at Trump courses. Big benefit to Donald Trump’s personal bottom line. 
    “February 6th, two days later: Trump ends the criminal enforcement of the Foreign Agents Registration Act. Do you know what this is? You should. It requires people who are being paid by foreign governments to register. It’s no longer going to be enforced, so now members of the Trump administration can get backdoor payments from foreign governments and nobody is going to enforce the law. This isn’t theoretical. There were people who got arrested for doing this exact same thing, getting paid by foreign governments while working for the Trump administration, in term one. He wants to make sure it’s not a problem in term two, so he pauses enforcement of the actual act. 
    “Four days later, Trump eliminates the Consumer Financial Protection Bureau. This is just a magnificent present to all of his billionaire enablers because this is the agency that stops big businesses, banks, and other financial firms from ripping off consumers and now it is just shut down. 
    “The same day, DOJ drops charges against Eric Adams in a mind-blowingly public and brazen quid pro quo. Adams says he will pledge loyalty to Trump and support Trump’s political priorities in New York City, Trump drops the corruption charges against Adams. Just like the Ogles case, the door is now wide open to engage in corruption or criminality as long as you support Donald Trump. The thing that makes this one so egregious is that Adams and the White House go on TV to announce the corrupt deal. They don’t hide it. They just say that Adams is now supporting Donald Trump and we’re now going to drop the charges against him, and everybody gets the message. There’s a lot of stuff I can get away with as a corrupt official as long as I am in bed politically with Donald Trump. 
    “Same day, February 10th, DOJ pauses enforcement of the Foreign Corrupt Practices Act. This is the law that stops American companies from bribing foreign governments in order to get business. On February 10th, Trump suspends enforcement of an antibribery statute, paving the way for his friends in corporate America to start bribing foreign governments again. 
    “Two days later, the State Department forecasts that they are going to dramatically upscale the amount of money that they’re going to send to Tesla. This is the first time that Elon Musk shows up in this story. By February 12th, Elon Musk is pretty well embedded in the White House, and guess what? The State Department is now going to spend $400 million for armored Teslas – its largest expected contract in the upcoming year. 
    “February 12th, the same day, Musk infiltrates the Department of Labor and OSHA, giving him exclusive secret access to labor law violation data against him and his competitors. Unethical, corrupt, but this stuff is just happening every single day. A few days later, on February 15th and 16th, Musk now starts really testing the limits of what his boss will let him get away with. He fires a specific set of regulators at the FDA that are reviewing one of his medical products, Neuralink. The message is clear: you’ve got to do right by my applications or you risk getting the ax too. 
    “Three days later, on February 19th, Trump’s new U.S. Attorney for Washington, D.C., Ed Martin, starts to use his government power to harass Trump critics. He launches something called Operation Whirlwind and is pretty unapologetic about the fact that this is going to be an enforcement operation against anybody who just seeks to get in the way of DOGE. He doesn’t say he’s going after people who are acting illegally. He says anybody who tries to stop or protest or harass DOGE’s work is now going to be the subject of Operation Whirlwind, and he starts trolling critics of DOGE online. The U.S. Attorney for D.C. is now trolling DOGE critics online, obviously threatening criminal enforcement. 
    “You see what’s happening here? We’re 30 days into the administration, and everybody in Trump’s world, including the supposedly independent U.S. Attorneys, are getting the message: that it is now part of your job, if you work for Trump, to use your government powers to either enrich yourself or Trump or to help Trump politically. 
    “February 21st, two days later, the SEC drops a major investigation into a company called Robinhood. Why does this matter? You guessed it: this firm donated $2 million to Trump’s inauguration fund. 30 days later, the SEC drops an investigation into that firm. 
    “Put a pin in that, because you’re going to hear stories like it over and over again. 
    “Throughout February, we watched the rich guys that are surrounding Trump come up with new ways to monetize their positions. Kash Patel is a perfect example. He’s the nominee to head the FBI – maybe the most important independent bureau in the federal government – and while he’s going through that process, he is selling merchandise online ranging from T-shirts to playing cards, with the proceeds supposedly going to whistleblowers’ education and defamation cases. 
    “February 26th, news breaks that the FAA is considering giving a $2.4 billion contract to Elon Musk’s Starlink. But it’s not like a regular contract that’s up for bid. It’s a contract that was already awarded to one of Musk’s competitors, Verizon, and word leaks that the White House is thinking of just ripping the contract away from Verizon – because Verizon is not a political supporter of Donald Trump in the way Elon Musk is – and just giving it to Elon Musk. Now, that doesn’t happen. As reported, the contract has not been canceled yet. But there are regular reports of the administration still relentlessly attacking Verizon in a clear attempt to try to undermine their contract. 
    “February 27th, the next day, Trump drops a lawsuit against Capital One. Why does this matter? Capital One donated $1 million to Trump’s inauguration fund. It’s now just kind of automatic. You donate a big amount of money to Trump’s inauguration, and you can ask him for something. 
    “We’re not done. That same day, the SEC drops a lawsuit against Coinbase. You got the story now. Coinbase donated $1 million to Trump’s inauguration fund. They are now told it’s okay to keep cheating consumers. 
    “We’re not done. On February 28th, a day later, the DOJ announced that it would drop a complaint against SpaceX, Elon Musk’s SpaceX, for labor discrimination. Elon is like wait a second, all these other big donors to your inauguration are getting out of jail free, I want my get out of jail free card as well. He gets it from DOJ. 
    “We’re now into March. March 1st, a report breaks – this is maybe second to [the meme coin], the most stunning act of corruption. On March 1st, word breaks that Trump is selling meetings at Mar-a-Lago. On at least one occasion, Trump charged guests $1 million to dine with him at Mar-a-Lago. According to the same report, business leaders can secure a one-on-one meeting with the president of the United States for a $5 million payment to Donald Trump. 
    “If you were mayor of a medium-sized town and it was reported that you were selling meetings for like $200, you would be arrested. You would be run out of town. But not Donald Trump. He’s selling meetings for $5 million, according to this report. And because the corruption in this White House is daily and normal, he gets away with it. 
    “March 2nd, Trump launches a crypto reserve fund. This is going to involve government taxpayer dollars purchasing and holding a variety of digital assets in a strategic reserve fund –a move that definitely inflates and protects Trump’s investment portfolio, [which], by now, you understand, [is] very heavily dependent on crypto assets. This normally wouldn’t be a problem because normally when somebody takes a high position like president or governor or mayor, they divest from their own personal assets, or they put it all in a blind fund. Trump does none of that. He’s controlling his own assets, his family is controlling their own assets, while he makes policy that benefits himself and his family financially. 
    “On March 3rd, a really curious thing: DOJ intervenes in an obscure but open-and-shut 2020 Colorado elections case. This is the case of Tina Peters, who tampered with voting machines on Trump’s behalf in Mesa County, Colorado. She was convicted by a jury of her peers, open and shut. But because Peters is a MAGA loyalist, now DOJ, on March 3rd, said it’s going to step in and review the case because there are concerns about how it was prosecuted. This is just President Trump again clearly shielding those that violated the law to help him from consequences. 
    “Same thing, different day. No, not even a different day. This is actually still March 3rd. Yuga Labs, a blockchain company, donated $100,000 to the Trump inauguration fund. They now get in line. They get what everybody else is getting. The SEC closes an ongoing investigation into the company. 
    “On March 4th, DOGE lays off thousands of IRS employees. This is bad for a lot of reasons, but it certainly helps Trump’s Mar-a-Lago friends because the IRS now cannot enforce the law against the big, giant tax cheats in the way that it could have when it had those personnel on the books. Mar-a-Lago is celebrating. 
    “March 4th – same day – word breaks that the Commerce Department is considering changes to this very specific rural broadband program and who’s eligible. Why? Because Elon Musk wants to dominate that program. Under the program’s original rules, Starlink was capped at $4.1 billion. This curious change now will allow Elon Musk’s company, Starlink, to receive between $10 billion and $20 billion from the rural broadband program. 
    “This is like a broken record, but six days later, the CFPB – which is basically shut down but exists in name only – drops a lawsuit against the Bank of America and J.P. Morgan. Bank of America donated $500,000 to the inauguration. J.P. Morgan donated $1 million to the inauguration.
    “On March 11th, a day later, Trump and Musk hold this now very well-known advertisement for Tesla on the White House lawn. This is just taxpayer dollars used to support the personnel at the White House and the White House being used to sell cars for Elon Musk, and the message again is pretty simple here: if you are loyal to me, and you pay any kind of price for your loyalty to me, I will use government resources to help you, to get you out of trouble, even including free advertising. 
    “On March 19th – we’re eight days later – the GEO Group donated $500,000 for Trump’s inauguration fund. This is a private prison company, and the NLRB drops its investigation into this company. It’s really getting disgusting at this point. I don’t know that there’s anybody left that made a major donation to the inauguration fund that has not gotten their favor from Donald Trump. 
    “On March 24th, the Treasury Department guts something called the Corporate Transparency Act. This is the regulation that requires businesses to reveal their true owners to the government. These new rules now make it easier for billionaires to hide money, to avoid taxes, to engage in corruption – less accountability for corporations. 
    “March 25th, a day later, the SEC reduces, from $125 million to $50 million, an existing fine. So, this has already been litigated: this company, Ripple, it’s a blockchain-based digital payment company. It’s been fined, and Trump comes in and reduces the fine from $125 million to $50 million. You know the story by now. These guys made a big investment in the inauguration. Most of these companies that got a get-out-of-jail-free or had their investigations terminated were giving $500,000, $1 million. Ripple wanted to make sure they got it right. They made a $5 million donation to Trump’s inaugural fund, and they got their fine reduced by $75 million. 
    “March 28th, Trump pardons the founder of Nikola Autos, one of his campaign mega donors. Again, this is a pardon for one of his major campaign contributors. When asked about the pardon, Trump said ‘They say the thing they did was wrong, but he was one of the first people who supported me for president.’ He just tells you what he did. He said, ‘yeah, they said what he did was wrong, he did something that was probably pretty wrong, but he supported me for president, so I’m giving him a pardon.’ I’m not saying that there hasn’t been a lot of really bad stuff that’s happened in the pardon program under Democratic and Republican presidents, but let’s just name it when Donald Trump names it. 
    “April 8th, we’re into April. Trump issues an executive order to expand coal mining. This is part of his down payment on the promise he made to those oil executives. The shares of the company owned by Joseph Kraft, the billionaire coal magnate who helped lead those Trump fundraising efforts during the presidential campaign, immediately shoots up.
    “On April 9th, this really curious timeline of events plays out, in which Trump posts on his social media, ‘This is a great time to buy.’ A lot of his followers complied; they make investments in the market. There’s reports and speculation that many of his inner circle might have done the same thing, and then a couple hours later, he announces that he’s pausing most of his tariffs, and the market shoots up. People who followed his directions online make a lot of money, and potentially other people who had access to that insider information might have made a lot of money as well. 
    “On April 17th, Musk steers billions of taxpayer dollars to something called the Golden Dome. Reuters, on April 17th, reports that Elon Musk’s rocket and satellite company, SpaceX, has emerged as the frontrunner to develop Trump’s proposed Golden Dome. This is a really ill-defined, technologically unproven defense system. It supposedly has a price tag of hundreds of billions of dollars, money that now looks as if it will be funneled directly to Elon Musk. At this point it is just head-shaking.
    “On April 23rd, now it’s like he can do anything he wants. He has just blown the lid off of any expectations about what a president can and cannot do to enrich himself. On April 23rd, a message appears on the homepage of the website for Trump’s meme coin declaring that the top 220 meme coin holders would be invited for an exclusive dinner with Trump and the top 25 coin holders – these are private investors in Donald Trump’s financial empire–would get a special VIP tour of the White House. After the message went up, the price of Trump’s coin jumped by more than 50%. In the two days following the announcement of the special VIP tour in the people’s house, the White House, Trump and his allies made nearly a million dollars in trading fees alone. They are just selling access to the White House out in the open.
    “April 26th, Trump’s family, this is just last weekend, announces the launch of a private club called the Executive Branch, a new private club in Washington. The initiation fee is around half a million dollars. It is advertised as a place where you can hold secret audiences with the Trump administration, as long as you pay Donald Trump’s family and their financial backers over $500,000 in membership fees. It is apparently already sold out.
    “This is not normal. None of this is normal. This is outlandish, this is illegal, this is unconstitutional, brazen corruption, and this is only the first 100 days. I just detailed 40 instances of mind-blowing corruption in just 40 days, capped off by an attempt to just sell access to the White House to people who put money in the pocket of Donald Trump’s personal businesses. 
    “Donald Trump wants to numb this country into believing that this is just how government works. That he’s owed this. That every president is owed this. That government has always been corrupt, and he’s just doing it out in the open. But this is not how government works. This has been the story of his first 100 days, but it’s our choice as a nation to allow it to be the story of the rest of his term. We need to expose what he is doing. We need to rally everybody, from the left to the right. Nobody in this country, whether you’re a hardened conservative or a hardened progressive, should root for the president of the United States to be enriching himself off of this position. We need to rally this nation against this corruption and bring it to an end, because if Donald Trump gets what he wants, and we just start allowing our government’s leaders to openly steal from us during the first 100 days or for the rest of his term, then I am telling you, American democracy is not going to survive.
    “I yield the floor.”

    MIL OSI USA News –

  • MIL-OSI Europe: Statements on Ukraine and Middle East by Jean-Noël Barrot, Minister for Europe and foreign Affairs, at the UN Security Council

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Ministers,

    Ladies and gentlemen,

    My European partners and I would have preferred not to have to convene this Security Council meeting on Ukraine, but Russia’s high-intensity war of aggression continues to ravage Ukraine, as reiterated by the Under-Secretary-General for Political Affairs and the Assistant Secretary-General for Humanitarian Affairs, with drastic humanitarian consequences in violation of international law and in violation of the Charter of the United Nations: our Charter.

    How did this happen?

    It started with the aspirations of the Ukrainian people to freedom and democracy, which Russia sought to repress in the 2014 Maidan Uprising.

    Ten years ago, a fragile ceasefire was agreed in Minsk. It was violated twenty times.

    Three years ago, Russia launched its large-scale invasion of Ukraine, a unilateral, brutal, unjustifiable war of aggression that must end now. A war that was not a defensive war, and that was not inevitable. A war that was not justified, and continues to be unjustifiable. It is quite simply the expression of an overt revisionist plan.

    Ladies and gentlemen,

    On 24 February this year, the Security Council adopted an American resolution, Resolution 2774, and I wish to cite it as a reminder: “the Security Council […] implores a swift end to the conflict”.

    What has Ukraine done since 24 February?

    On 9 March, Ukraine accepted the principle of a total and unconditional ceasefire, in accordance with Resolution 2774, showing its good faith and sincere desire to move towards peace.

    And what has Russia done since 24 February and the adoption of Resolution 2774?

    It has continued its war crimes and crimes against humanity by striking infrastructures and targeting civilians, women and children, and humanitarian workers.

    While it is totally violating international law, Russia would have us believe that is in within its right and that it may lay claim to the Ukrainian territories in the name of the principle of self-determination. But it is a diversion; it is false. What is true is that Russia is violating the sovereignty and territorial integrity of Ukraine, Russia is attacking its neighbour, and in this war of aggression, it is violating international law and international humanitarian law. Everyone can see that, and everyone knows it.

    And today, the only obstacle now to the ceasefire, the only obstacle to the implementation of Resolution 2774 adopted by the Council on 24 February, is Vladimir Putin.

    So why oppose the implementation of this resolution in this way?

    Vladimir Putin’s Russia most likely wants to push Ukraine to surrender. But France, like many other members of this Council, is opposed to this, and will continue to oppose it.

    First, because it is a security challenge for Europe and France, which Russia seeks to destabilize.

    Yes, ladies and gentlemen, France has already been targeted.

    Since the beginning of the conflict, our country, a supporter of Ukraine, has been targeted by Russian cyber attacks originating in the Russian military intelligence services, GRU, carried out by threat actor APT28. They targeted a dozen French entities including public services, enterprises, and sports organizations involved in the Paris 2024 Olympic and Paralympic Games. We condemn these cyber attacks in the strongest terms. They are unworthy of a permanent member of the Security Council and contrary to the framework set by the United Nations. They must cease immediately.

    But if France, like other members of this Council, is opposed to any form of surrender by Ukraine, it is not only for the sake of Europe’s and France’s security, it is also for the sake of global peace and security. Because such an outcome in this war would enshrine the concept of “might is right”, and inevitably lead the world into a frenetic arms race, and most certainly proliferation.

    I believe that quite simply we must return to some of the elementary principles of our Charter, which I would once again like to cite to refresh the memories of all members of this Council. In Chapter I, Article 2, Paragraph 4, it states that: “States shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any State, or in any other manner inconsistent with the Purposes of the United Nations (…)”.

    So let’s get back to simple principles: aggressors must not be rewarded at the victim’s expense; borders are intangible; and States, no matter which, are sovereign.

    I therefore call on President Putin to say to him:

    Cease fire!

    Cease fire!

    Cease fire!

    That is when peace will become possible again.

    A just and true peace.

    A peace that complies with the Charter of the United Nations and international law.

    A peace that respects the sovereignty, territorial integrity and security of Ukraine.

    We can succeed.

    That is why, while commending the mediation efforts undertaken by the United States of America and at the highest level, France wants this Council to unanimously demand a total, immediate and unconditional ceasefire, and by that I mean that weapons be laid down.

    Thank you.

    Open debate on the situation in the Middle East, including the Palestinain issue

    Statement by the Minister for Europe and Foreign affairs, Jean Noel Barrot

    Dear Secretary-General,

    Ministers,

    Ladies and gentlemen,

    I wanted to make the debate on the Middle East a focus of the French Presidency of the Security Council.

    The anti-Semitic massacres on 7 October 2023 and the ensuing military conflagration have upended the region.

    As we are speaking here today, Gaza has been devastated by war, Lebanon is struggling to recover, Syria is engaged in a fragile and uncertain transition, and Iran is pursuing its dangerous race towards nuclear weapons. This spiral of destabilization must not lead us to a situation that cannot be undone. That is why we must work together to find a path to peace and security for all.

    Our first priority is to stop the hostilities and end the suffering of civilian populations.

    In Lebanon, in close cooperation with our American partners, we managed to achieve a ceasefire agreement five months ago. Its implementation still needs to be fine-tuned, but it has brought about peace. It is crucial and must be upheld.

    In Gaza, war rages on. The fact that the ceasefire has been broken and Israel has resumed its military strikes should alarm us all. It is a huge step backwards for the Palestinian civilian population, for the Israeli hostages and their loved ones, and for the security of the entire region. Negotiations urgently need to resume and bring about a lasting ceasefire. We support mediators’ efforts to achieve that.

    This ceasefire must bring about the unconditional and immediate release of all the hostages being held arbitrarily by Hamas. I would like to take a moment to mention before this Council our fellow Frenchman, Ofer Kalderon, who was released after 484 days in captivity. I would also like to pay homage to the memory of another fellow Frenchman, Ohad Yahalomi, taken hostage on 7 October, arbitrarily held and murdered in Gaza. He has left behind a widow and three innocent children.

    The ceasefire must also bring about deliveries of massive amounts of humanitarian aid to Gaza. The situation in Gaza is catastrophic, as all humanitarian aid has been blocked for two months. I was able to see this for myself when I visited the Egyptian border and I testify before you that this situation is unacceptable. Because since the end of March, Israeli bombings have killed more than 1,300 people, including many civilians, women and children. And these military strikes have also killed humanitarian workers and UN staff members. The tremendous suffering of the civilian populations in Gaza has to stop. I call on Israel to remove all obstacles so that massive amounts of humanitarian aid can finally be delivered to Gaza.

    France is fully doing its part to address this humanitarian emergency. Since 2023, we have contributed €250 million in humanitarian aid to civilian populations. A portion of this aid was distributed via UNRWA and France supports UNRWA’s action and efforts of committed reform. In close cooperation with our regional partners, including Egypt and Jordan, we have also directly provided healthcare, food and shelter for people living in Gaza who are victims of the war.

    Our second priority is to help the territories ravaged by conflicts to recover.

    The International Conference in Support of Lebanon’s People and Sovereignty held in Paris on 24 October 2024 raised more than $1 billion. This aid went to the population and security forces. The new authorities have begun reform and reconstruction efforts that we support. When the time is right, we will hold an international conference in support of Lebanon’s economic recovery in Paris. The role of the United Nations throughout this process will be key.

    Lebanon needs to recover its sovereignty – its full sovereignty. We call on Israeli forces that are still in Lebanon to fully withdraw from Lebanese territory so that the Lebanese Armed Forces can be redeployed there. It is up to them to ensure the security and sovereignty of the State, assisted by UNIFIL and the supervision mechanism in which France participates alongside the United States, and which includes the United Nations. France is continuing its efforts with determination to ensure the full implementation of Council’s Resolution 1701.

    In Syria, a historic transition process has begun since Bashar al-Assad’s dictatorship was overthrown. France is prepared to provide support. With its European partners, it has started to lift the first sanctions under certain conditions. The transition process must respect and protect the rights of all Syrians, regardless of their ethnic background, religion or gender. It must also ensure effective and determined action to counter terrorism. I will say this before the United Nations General Assembly: the terrible crimes committed by Bashar al-Assad’s regime must not be forgotten. The UN has an important role to play against impunity and in Syria’s reconstruction.

    In Gaza, we will support our Arab partners’ efforts to build a robust and credible framework for the “day after”. This framework should enable the reconstruction, governance and security of the enclave. But these efforts can only produce their effects if they are carried out from a political standpoint.

    That is why our third priority is to work on political solutions ensuring a just and lasting peace

    There is only one solution to achieve a political settlement of the Israeli-Palestinian conflict: it is the two-state solution, the only solution that can ensure peace and security over the long term for both Israelis and Palestinians.

    This solution is now being threatened by the increasing settlement building in the West Bank, by the violence of extremist settlers, by the desire to weaken the Palestinian Authority and by discourse on an annexation and forced displacement of the population.

    Amid faits accomplis on the ground, the prospect of a Palestinian State has to be protected. That is why France is holding an international conference on the implementation of the two-state solution with Saudi Arabia here in New York in June. Our aim is clear: to advance the recognition of Palestine and the normalization of relations with Israel. That is how we will successfully ensure Israel’s security and regional integration, while responding to the legitimate aspirations of Palestinians to have a State. This roadmap for the effective implementation of the two-state solution also involves disarming Hamas, defining a credible governance from which it will be excluded, and reforming the Palestinian Authority. The UN and its agencies must have a full role in this process.

    Also, we are not toning down our efforts to find a diplomatic solution to the challenge related to the headlong pursuit of Iran’s nuclear programme. IAEA Director General Rafael Grossi explained the situation clearly yesterday during our meeting on non-proliferation.

    Amid destabilizing interference, we have to continue to work on reinforcing the sovereignty of the States in the region.

    Having just visited Iraq, I would like to stress how much headway this country is making. Destroyed recently by conflicts and power plays, it is now on the sidelines of regional tensions. Iraq has resumed its role as a hub for balance and stabilization. The third Baghdad Conference, which will be held at the end of 2025, testifies to this. It will provide an opportunity to work on regional cooperation and security, countering the fragmentation and confrontation approach at work today.

    Secretary-General,

    Ladies and gentlemen,

    France is working for peace and sovereignty; without them nothing is possible. We are deeply committed to the Middle East for historic and geographic reasons. Today, everyone’s security and stability depend on this region. We are therefore determined to build a path to peace there, for you and with you.

    MIL OSI Europe News –

  • MIL-OSI Global: How rising wages for construction workers are shifting the foundations of the housing market

    Source: The Conversation – USA – By Bahaa Chammout, Kummer I&E PhD Fellow in Civil Engineering, Missouri University of Science and Technology

    Construction costs have surged in recent years, pushing homeownership further out of reach for many Americans. But this isn’t a new concern: In 1978, the U.S. Government Accountability Office warned that rising costs were threatening the American dream – at a time when the median home price was just US$44,300, less than three times the median household income. Today, that figure has climbed past $419,000, more than five times what the median American makes.

    One often-overlooked factor behind this surge? Labor costs.

    We are engineering experts, and in our latest study, we analyzed wages and workforce trends across more than 20 occupations in construction from 1999 to 2023. Interestingly, we found that unskilled workers — those in the lowest-paid roles – saw the largest wage gains. And the effects of these gains have rippled across the entire construction industry.

    A changing construction landscape

    A lot can change in 25 years, which is the last time researchers analyzed construction labor trends at this scale. Back then, construction wages were declining, driven in part by the rise of affordable trade schools and in part by falling union membership.

    Today, the landscape looks very different. The construction industry is grappling with a persistent labor shortage, facing an annual shortfall of more than a half-million workers. At the same time, wage dynamics have shifted greatly.

    The biggest gains go to the lowest-paid roles

    Construction projects rely on a wide range of roles – from highly skilled professionals like engineers and electricians to lower-skilled or unskilled workers. Unskilled workers handle physically demanding tasks like trench digging, concrete mixing and site preparation, and earn lower wages. As a result, contractors often hire more of them.

    While contractors tend to focus on expensive skilled labor when estimating project costs, our recent study found that unskilled workers have seen the largest wage gains in recent decades. Their wages rose by 2.75% to 3.5% per year — compared with under 2.5% for most skilled roles.

    The size of the construction workforce is also changing, with 88% of U.S. construction firms reporting difficulty finding workers. The shortage is especially severe among unskilled labor. For example, half as many people work as unskilled helpers now than in 1999.

    Given these trends, to avoid budgeting shortfalls and project risks, we encourage contractors to plan for higher costs for low-skilled workers. Our study also offers a simple method to help forecast wage trends, which contractors can use to estimate future labor costs.

    Wage hikes have a ripple effect

    Interestingly, not only did unskilled occupations see the biggest wage jumps, but they also influenced wage changes in other trades.

    Using econometric models, we analyzed these occupations as part of an interconnected system. We found that trades typically involved early in a project tend to influence wages for trades that come later. In particular, unskilled construction laborers – who handle tasks like site preparation and material handling – emerged as the leading drivers of wage trends across the industry. When their wages rise, others’ tend to follow.

    These insights suggest that contractors should monitor early-stage wage trends closely. When wages start rising among early-trade or unskilled workers, that is often a signal that broader labor costs are about to rise too. Planning ahead can help firms manage costs more effectively.

    Recent world events — such as COVID-19, the Russia-Ukraine war and the 2018 steel and aluminum tariffs — brought major challenges to the construction industry, which is still dealing with their aftermath. On top of that, worsening labor shortages, new tariffs and global supply chain disruptions mean the industry will continue to face significant challenges.

    However, tracking market data offers a valuable opportunity to understand emerging trends and develop strategies to respond effectively. Our research team – working closely with major U.S. contractors through the Missouri Consortium for Construction Innovation – is exploring solutions across a range of issues, including construction material costs, cross-border material trade with Canada and Mexico, and persistent labor shortages, among other critical topics.

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

    – ref. How rising wages for construction workers are shifting the foundations of the housing market – https://theconversation.com/how-rising-wages-for-construction-workers-are-shifting-the-foundations-of-the-housing-market-255087

    MIL OSI – Global Reports –

  • MIL-Evening Report: Confirmed: Australian weapons sold to Israel, reveals Declassified Australia

    Report by Dr David Robie – Café Pacific. –

    SPECIAL REPORT: By Michelle Fahy

    The Australian counter-drone weapons system seen at a weapons demonstration in Israel recently is actually just one of a few that were sold by the Canberra-based company Electro Optic Systems (EOS) and sent through its wholly-owned US subsidiary to Israel, Declassified Australia can reveal.

    It was the ABC who broke the news of the EOS weapons system being provided for the demonstration trial. In response, Prime Minister Anthony Albanese continued to insist, as he has since the war in Gaza began, that Australia does not sell weapons to Israel.

    However the weapon displayed wasn’t just provided on loan for the demonstration – the weapon has been “sold” to the Israelis. Declassified Australia can reveal that EOS, by its own admission, sold more than one of its R400 weapons systems to the Israelis prior to the demonstration.

    • READ MORE: Other Declassified Australia reports

    An EOS company presentation, titled “2024 Full Year Results”, describes a “potential new customer” for the R400 weapon in the “Middle East” (page 36). The presentation, prepared for EOS shareholders and lodged with the Australian Stock Exchange, is dated 25 February 2025.

    EOS describes this potential new customer for its R400 as a “Preliminary” stage opportunity, valued at less-than-A$100 million, and states that more than one weapon was sold:

    “Sample products sold, demo held, discussions underway.” [Emphasis added]

    The company also points out a sense of urgency with the potential sale:

    “Potential to accelerate due to operational requirements.”

    In another section of the report (page 16), EOS reports a single entry in the “Preliminary” stage of a potential sale of R400 weapons, with the “Bid being prepared or submitted”.

    EOS states (page 36) the “estimated opportunity size” of the sale is up to “$100 million”. At a unit price per system of A$1.55 million that potential contract is enough to purchase 60 of the R400 counter-drone system.

    Under the heading “Notable Demonstrations” (page 15), EOS refers to “Counter Drone evaluation testing with New Customer”, held in January 2025, with an accompanying photograph of its R400 counter-drone cannon with five senior Israeli defence leaders posing beside it at the testing site.

    EOS itself has revealed that the new customer is clearly Israel.

    EOS states it had “supported a local prime [a major local weapons company] to demonstrate counter-drone capabilities in a high profile local demonstration”. EOS states that its R400 weapon system had “performed extremely well, earning high praise from the organisers.”

    An extract from the Electro Optic Systems (EOS) company document titled “2024 Full Year Results”, showing a photograph of the EOS R400 counter-drone weapon system that was demonstrated to gathered Israeli defence and industry officials in January 2025. Image: Electro Optic Systems

    The location of the demonstration of the Australian weapon is verified as being in Israel’s southern Negev Desert by a 5 February press release about the weapon testing, released by Israel’s Ministry of Defence.  [Note: Since publication of this article, the Press Release has been taken down from the Israeli Defense Ministry website, but is still available here, for now.]

    An Israel Defense Force photograph included with the press release, is the same photo of the R400 weapon and Israeli officials, as published in the EOS document. Israel’s Ministry of Defence also posted this video of the final demonstration event, with a firing of the EOS R400 weapons system appearing at 01:06.

    In the photograph standing behind the Australian company’s weapon are four senior Israeli defence officials, together with an Israeli defence industry CEO.

    A photo distributed with an Israel Ministry of Defense press release showing the EOS R400 counter-drone weapons system at operational trials testing advanced counter-drone technologies organised by the Directorate of Defence Research & Development in January 2025. Pictured: Acting director-general of the Israel Ministry of Defence, Itamar Graf (from left); Israeli Defence Minister, Israel Katz; CEO of Israel Aerospace Industries (IAI), Boaz Levy; Head of Israel Defence Force’s Planning and Force Build-Up Directorate, Maj.Gen. Eyal Harel; Head of the Israel Directorate of Defence Research & Development, Brig.Gen. (retd) Dr Daniel Gold. Image: Israel Ministry of Defense

    Countering drone attacks
     EOS’ powerful R400 remote weapons system has a 2km range and is renowned for its lethality and precision in targeting. Using a sophisticated gimbal, its accuracy is maintained even when the system is mounted and used atop a moving vehicle. The weapon can be seen in use on a moving vehicle here in this video clip.

    The EOS R400 is not solely a counter-drone weapons system. It can be configured to fire weapons ranging from machine guns, to 30mm cannons, automatic grenade launchers, anti-tank guided missiles and 70mm rockets, meaning it can be used against multiple types of targets in addition to drones — including people, buildings, armoured vehicles, and tanks.

    The R400 Slinger variation is marketed by EOS as a system designed solely to counter modern drone threats with a single, lethal shot.

    The Australian company’s customer in Israel is noted in the EOS company document as being an Israeli “local prime” arms manufacturer. Both Israel Aerospace Industries (IAI) and Elbit Systems participated in the demonstration trials, each demonstrating a Counter Unmanned Aerial System (C-UAS) that incorporated a 30mm cannon.

    EOS sees a big future for the R400 and its suite of remote weapons systems. The EOS 2024 Financial Report was lodged with ASX on 25 February 2025. In the “Market Overview”section, it discusses weapons contracts signed in 2024, and notes (page 8) that:

    “[EOS] Defence Systems is in active discussions and contract negotiations for the provision of RWS [Remote Weapons Systems] and related components with other potential customers.”

    “Assuming the evaluation of these systems progresses positively, EOS would hope to move to sell larger, commercial quantities to these customers.” 

    EOS R-400S Mk 2 30mm Remote Weapons Station being fired while mounted to a tactical vehicle. Image: Video screen shot/Defence Technology Review Magazine

    Australia obliged to act on defence transfers
     In October 2024, the UN’s Independent International Commission of Inquiry on the Occupied Palestinian Territory reported on the implementation of the International Court of Justice’s (ICJ) findings that Israel may be committing “genocide”.

    As reported by Kellie Tranter in Declassified Australia in November, the Australian government’s international legal responsibilities extend to investigating and regulating individuals and corporate entities who act in and from Australia to support the legally proscribed conduct of the Israeli State.

    The Commission stated:

    “Thus, the Commission recommends that any State engaged in such transfer or trade to Israel shall cease its transfer or trade until the State is satisfied that the goods and technology subject to the transfer or trade are not contributing to maintaining the unlawful occupation or to the commission of war crimes or genocide and thereafter throughout any period when the State is not so satisfied.” [Emphasis added]

    The UN Commission makes clear what trade it refers to:

    “On the issue of arms and military transfer and trade relating to Israel’s military capability, States have a duty to conduct a due diligence review of all transfer and trade agreements with Israel, including but not limited to equipment, weapons, munitions, parts, components, dual use items and technology, to determine whether the goods or technology subject to the transfer or trade contribute to maintaining the unlawful occupation or are used to commit violations of international law.” [Emphasis added]

    If the government becomes aware of an impending military transfer of weapons or technology defined above, to Israel – as the stated intentions of EOS reported here make clear – it is obliged to investigate and if necessary intervene to halt the transfer:

    “This includes both preexisting agreements and future transfers to Israel. States are obliged to demonstrate that any transfer or trade relating to military capability is not being used by Israel to maintain the unlawful occupation or commit violations of international law.” [Emphasis added]

    Words are not enough
     The Australian government and the Defence Department have continued their obfuscation of Australia’s weapons trade with Israel, as Declassified Australia has been reporting repeatedly.

    ABC television has reported how the government continues to insist no weapons or ammunition had been supplied “directly to Israel” since its latest genocidal war on Gaza began. The addition of the word “directly” is a notable change to the government’s wording, since this EOS news emerged.

    In response to the ABC report, Prime Minister Albanese said: “We do not sell arms to Israel . . .  We looked into this matter and the company has confirmed with the Department of Defence that the particular system was not exported from Australia. Australia does not export arms to Israel.”

    Declassified Australia has previously reported on the Albanese Government’s repeated and misleading use of the phrase “to Israel”. Arms companies are known for exporting their weaponry, or parts and components thereof, via third party countries in an attempt to cover their tracks.

    A defence industry source told the ABC the Australian-made components of the EOS R400 remote weapons system were assembled at the company’s wholly-owned US subsidiary in Alabama USA, before being shipped to Israel without an Australian export approval.

    Military exports, including ammunition, munitions, parts and components, do not need to travel ‘directly’ to Israel to be prohibited under the Arms Trade Treaty.

    Governments are required to find out where their weapons will, or may, end up and then make responsible decisions that comply with the treaty. A government must consider and assess the potential ‘end users’ of its military exports.

    A UN expert panel has issued repeated demands that States and companies cease all arms transfers to Israel or risk complicity in international crimes, possibly including genocide. It stated:

    “An end to transfers must include indirect transfers through intermediary countries that could ultimately be used by Israeli forces, particularly in the ongoing attacks on Gaza.…” [Emphasis added.]

    Greens’ defence spokesperson, Senator David Shoebridge, has said, “What we might be seeing here is the impact of what’s called AUKUS Pillar 2, the removal of any controls for the passage of weapons between Australia and the United States, and then Australia permitting the United States to send Australian weapons anywhere”.

    The EOS R400 remote weapon system integrated with the Oshkosh Joint Light Tactical Vehicle. Image: US Army

    Not the first time
     EOS has a history of supplying its remote weapons systems to military regimes accused of extensive war crimes.

    During the catastrophic Yemen war which started in 2014, despite significant evidence of war crimes, EOS sold its weapons systems to both Saudi Arabia and the United Arab Emirates. EOS enjoyed the full support of the Turnbull coalition government and its defence industry minister Christopher Pyne.

    In early 2019, ABC TV reported, Saudi Arabia awarded Australian weapons manufacturer EOS a contract to supply it with 500 of its R400 Remote Weapons Systems.

    The company has also benefited from the government-industry ‘revolving door’. Former chief of army, Peter Leahy, was on the EOS board from 2009 until late 2022, encompassing the period of the Yemen war. He served as the company’s chair from mid-2021 until his departure.

    The two longest-serving current members of the EOS board are former chief of air force, Geoff Brown (joined 2016) and former Labor senator for the ACT, Kate Lundy (joined 2018).

    The release of a Human Rights Watch (HRW) report in 2023 raised serious concerns about EOS and its Saudi Arabian arms deals.

    HRW’s report revealed that hundreds, possibly thousands, of unarmed migrants and asylum-seekers had been killed at the Yemen-Saudi border in the 15 months between March 2022 and June 2023, allegedly by Saudi officers.

    Human Rights Watch says it identified on Google Earth what looks like “a Mine-Resistant Ambush Protected (MRAP) vehicle” near a Saudi border guard posts north of the Yemeni refugee trail in January 1, 2023.

    The vehicle has what appears to be “a heavy machine gun mounted in a turret on its roof”. This description closely matches the military equipment that Australia sold to Saudi Arabia a few years earlier.

    Declassified Australia put a number of questions to EOS, the Department of Defence, and the offices of the Prime Minister, the Defence Minister, and the Foreign Minister. None responded to our questions on this matter.

    Michelle Fahy is an independent writer and researcher, specialising in the examination of connections between the weapons industry and government, and has written in various independent publications. She is on X @FahyMichelle, and on Substack at UndueInfluence.substack.com. This article has been republished from Declassified Australia with permission.

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Ventotene manifesto: why European politicians are arguing over a 1941 document written by a group of imprisoned Italian antifascists

    Source: The Conversation – UK – By Edoardo Vaccari, PhD candidate in International History, London School of Economics and Political Science

    The Trump administration’s decision to distance itself from Nato obligations signals a potential dismantling of the historical transatlantic order – and not merely in military terms. As the United States disengages from European affairs and cuts ties with what secretary of defense Pete Hegseth called Nato’s “pathetic” freeloaders, it is abandoning the principle of international solidarity that had defined American leadership since the second world war and the signing of the Atlantic charter in 1941.

    European Commission president Ursula von der Leyen responded by declaring that “we urgently have to rearm Europe”. Her plan is to enable European Union member states to spend more on their militaries. This turn towards rearmament has revived a debate over the meaning of the European Union, with parties clashing over its foundational commitment to peace and cooperation.

    In Italy, a group of prominent leftwing intellectuals and activists recently organised a pro-European rally in Rome warning against the prioritisation of military rearmament over deeper political integration. The initiative drew around 30,000 people to the capital, with parallel demonstrations held in cities across the country.

    A recurring theme of the day was the invocation of a document published at the same time as the Atlantic charter and long symbolic of European internationalism: the 1941 Ventotene manifesto. Originally titled For a Free and United Europe, the manifesto was written by anti-fascist prisoners Altiero Spinelli and Ernesto Rossi. Contributions came from from fellow anti-fascists Ernesto Colorni and his wife, Ursula Hirschmann, during their internment on the island of Ventotene in the southern Tyrrhenian sea.

    The manifesto called for the creation of a supranational federal state. This, it asserted, was the only way to address the causes of fascism and prevent future wars. It condemned the nation-state system, urged a decisive break with existing political traditions and proposed a revolutionary vanguard to lead Europe toward a new constitutional order. Its authors saw political unification not as a distant ideal but as an urgent necessity in the aftermath of continental collapse.

    Although the postwar European project followed a more incremental path than that envisioned by Rossi and Spinelli, the Ventotene manifesto quietly endured as a touchstone for political federalism and as a seminal text for European integration. It has been invoked by EU leaders such as von der Leyen and former European Commission vice-president Josep Borrell as an ideological compass for the union’s identity.

    For the Italian left, the manifesto holds a dual symbolic significance. It is both a founding document of Europeanism and a symbol of anti-fascist resistance, whose memory is under attack from the right.

    A monument to Altiero Spinelli, author of the Ventotene manifesto, forms part of the the European Union Founders’ Monument in Bucharest.
    Shutterstock/brunocoelho

    This layered significance helps explain the repeated invocation of the manifesto at the Rome rally. Calls for a federal Europe were intertwined with a broader defence of the historical legacy of anti-fascism.

    In a flourish of nostalgic symbolism, the left-leaning newspaper La Repubblica even distributed free copies of the text. Days later, rightwing prime minister Giorgia Meloni denounced the document in parliament as an undemocratic, socialist relic incompatible with her vision of Europe.

    The backlash was swift and theatrical. The left erupted in defence of the manifesto and the president of the European parliament, Roberta Metsola, rushed to cement its place as a foundational text of the EU.

    The debate has taken a curiously historiographical turn. After years of vague and reverential invocation, Meloni’s intervention compelled members of the Italian parliament to publicly discuss the meaning of specific passages from the manifesto, probing their historical context and continued relevance.

    A flood of commentary followed from scholars and public intellectuals. Even oscar-winning director, Roberto Benigni chimed in and meanwhile proclaimed that the EU was “the greatest institutional, political, social, and economic construction of the last five thousand years”.

    However, both sides are getting it wrong. The left, cushioned by EU mythmaking, treats the manifesto like sacred scripture. This reading sidelines its radical ambitions, which went far beyond a generic pro-European stance. Rossi and Spinelli drew on Jacobin and Leninist revolutionary traditions and envisioned a vanguard party of committed federalists to lead a European revolution.

    Meloni, for all her opportunism, wasn’t wrong to highlight that. But she also distorts the manifesto. Her approach is to tear it from its wartime context in order to frame it as authoritarian and anti-democratic. This is part of a broader, ongoing effort to delegitimise the legacy of anti-fascism. Both camps weaponise history in service of their political concerns.

    Europe’s past and future

    The truth is both simpler and more inconvenient. The Ventotene manifesto was a product of its time. It was conceived in near-total isolation and drafted in secrecy on a remote detention island. Rossi and Spinelli envisioned a Europe on the brink of collapse, crushed under the machinery of the Axis powers. They believed that this destruction would create a “revolutionary situation” in which a complete political rebirth could be rapidly enacted.

    As the war drew to a close and the old parties reemerged, Rossi and Spinelli recognised that a swift revolutionary coup was unfeasible. They set the manifesto aside and instead launched the European Federalist Movement as an advocacy platform. What they did not renounce, however, was their ultimate goal: the creation of the “United States of Europe”. Spinelli, in particular, devoted the rest of his life to campaigning for this vision.

    Democracy in decline? The risk and rise of authoritarianism

    Democracy is under pressure around the world in 2025. But is this part of a larger historical cycle or does it signal a deeper, more fundamental shift? Join us for a free event in central London on May 8 to discuss these important questions. Come for a panel discussion and stay for food, drinks and conversation.

    Get tickets here

    Europe has moved toward deeper integration but not towards a full realisation of Spinelli’s federal dream. Leaders like von der Leyen and Borrell invoke the manifesto more for its symbolic weight than its ideas, repurposing it to suit current agendas.

    As a result, the manifesto is being diluted of its historical significance. Rather than continue to mythologise it, we should allow the manifesto to take its place alongside other historically significant texts. We should shift focus to actionable plans for the political challenges that lie ahead.

    This matters because the debate won’t stay in Italy. As Europe inches into a new era of rearmament, political unity is increasingly urgent. Beneath the quarrel lies a deeper question: should European rearmament proceed as a pragmatic response to security challenges, with individual nations acting alone, or should it be guided by a more ambitious internationalist vision?

    The Ventotene manifesto, for all its historical relevance and foresight, offers no roadmap for this moment. Paths to integration exist, from technical treaty reform to a more ambitious constitutional overhaul. That could involve drafting a new foundational charter for a federal union. But these paths require clarity, courage, and honesty – qualities Altiero Spinelli and Ernesto Rossi had in abundance.

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

    – ref. Ventotene manifesto: why European politicians are arguing over a 1941 document written by a group of imprisoned Italian antifascists – https://theconversation.com/ventotene-manifesto-why-european-politicians-are-arguing-over-a-1941-document-written-by-a-group-of-imprisoned-italian-antifascists-255237

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

    Source: Republic of China Taiwan

    Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

    Date：2024-12-14
    Data Source：Department of European Affairs

    December 14, 2024  
    No. 461  

    To assist Ukraine in revitalizing its domestic insurance market and to boost international investment interest in Ukraine, Taiwan has agreed to allocate €4 million from the TaiwanBusiness-EBRD Technical Cooperation Fund for the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) initiative led by the European Bank for Reconstruction and Development (EBRD). The donation agreement was signed in Taipei on December 2 at a ceremony witnessed by Deputy Minister of Foreign Affairs Tien Chung-kwang. It was signed on behalf of Taiwan by Jonathan C. Y. Sun, Director General of the Department of International Organizations at the Ministry of Foreign Affairs, and by Director for Donor Partnerships Camilla Otto on behalf of the EBRD. 
     
    The EBRD held a ceremony to launch the URGF in its London headquarters on December 12, which was attended by Taiwan Representative to the United Kingdom Vincent C. H. Yao. In his remarks at the event, Representative Yao said that Taiwan staunchly supported Ukraine and looked forward to working with like-minded democratic allies to assist in Ukraine’s reconstruction through the URGF mechanism.
     
    Due to the Russia-Ukraine war, international reinsurance companies have had reservations about providing coverage for businesses operating in Ukraine. The EBRD thus aims to raise €110 million via the URGF mechanism so as to provide additional guarantees for potential losses incurred by war-related risks. This will increase international investor confidence and, in turn, accelerate economic recovery and improve the lives of the Ukrainian people. France, the United Kingdom, Norway, the European Union, and Switzerland have also pledged to donate to the URGF. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome luncheon for Ukrainian delegation led by Lviv Mayor Sadovyy

    Source: Republic of China Taiwan

    Foreign Minister Lin hosts welcome luncheon for Ukrainian delegation led by Lviv Mayor Sadovyy

    Date：2024-12-28
    Data Source：Department of European Affairs

    December 28, 2024  
    No. 468  

    Minister of Foreign Affairs Lin Chia-lung on December 27 hosted a luncheon to welcome a Ukrainian delegation led by Lviv Mayor Andriy Sadovyy. During the event, the two sides exchanged views on the ongoing Russia-Ukraine war, the peaceful development of Ukraine, the strengthening of local municipal exchanges, the building of resilient cities, and other initiatives. In addition to sharing with the guests Taiwan’s experience and insights regarding economic transformation and high-tech industrial development, Minister Lin stressed that cities in Taiwan and Ukraine could engage in exchanges at the annual Smart City Summit and Expo held in Taiwan.
     
    The visiting delegation thanked the Taiwan government for its humanitarian assistance and support to Ukraine, adding that the Ukrainian people were deeply moved by Taiwan’s goodwill. They expressed the wish that the two countries could further engage in reciprocal support and cooperation on the basis of friendship and mutual trust. 
     
    Lviv is the largest city in western Ukraine. Following the outbreak of the Russia-Ukraine war, it has become an important hub for other countries to deliver humanitarian aid to Ukraine as well as a major medical base to which wounded soldiers and patients are transferred for follow-up treatment. On December 27, the Taipei Representative Office (TRO) in Poland, the Lviv city government, and the Multidisciplinary Clinical Hospital of Emergency and Intensive Care signed a memorandum on cooperation and partnership for the reconstruction of the UNBROKEN National Rehabilitation Center in Lviv. The virtual signing ceremony was witnessed by Deputy Minister of Foreign Affairs François Chihchung Wu. The government of Taiwan will fund the renovation of a rehabilitation facility, which will be named the Taiwan Friendship Building to accentuate Taiwan’s donation and friendship. 
     
    Speaking as Taiwan’s representative at the MOU signing ceremony, Deputy Minister Wu stated that postsurgery rehabilitation would be available to military personnel and civilians at the Taiwan Friendship Building in the UNBROKEN center and that the Taiwan government would continue to work with Lviv on the basis of mutual trust and support so as to help Ukraine work toward a brighter future amidst current adversity. Mayor Sadovyy presented a briefing on UNBROKEN’s operations and the recovery of those injured. Noting that the rehabilitation facility to be renovated with Taiwan government funding would benefit more Ukrainian patients, he expressed heartfelt appreciation to the government and people of Taiwan. 
     
    UNBROKEN is a national rehabilitation center supported by Ukraine’s Ministry of Health and overseen by the Lviv city government. The center includes a general hospital, a children’s hospital, a rehabilitation center, a surgery facility, a prosthetics manufacturing facility, and temporary housing. To date, more than 940,000 Ukrainian patients have received medical treatment at this nationally renowned center. The facility to be renovated with Taiwan’s assistance is a seven-story building located in the western part of the center. Once the project is completed, it will be home to specialized departments and provide such diverse medical and rehabilitation services as physical therapy, psychological consultations, and prosthetic fittings. It is expected to have the capacity to serve 13,000 patients simultaneously. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 2024 diplomacy review: building a new Taiwan of democracy, peace, and prosperity through integrated diplomacy

    Source: Republic of China Taiwan

    December 30, 2024  
    No. 471  

    In 2024, the global landscape underwent rapid changes; geopolitical turmoil continued unabated; democracy and authoritarianism remained starkly divided; the Russia-Ukraine war deadlocked; and instability prevailed in the Middle East, the South China Sea, the Korean Peninsula, and even in the first island chain. All of these events highlighted the increasingly formidable challenges that the world faces from the axis of upheaval. 
     
    Meanwhile, the Republic of China (Taiwan) successfully completed its eighth presidential election on January 13, another milestone in its democratic advancement. The situation across the Taiwan Strait continued to elicit a high level of international concern, while the Indo-Pacific became pivotal to global strategy. All of these developments were closely intertwined with Taiwan’s national security and interests.
     
    Diplomats at the Ministry of Foreign Affairs (MOFA) and its overseas missions showed resilience and self-confidence. They did their utmost to safeguard Taiwan’s sovereignty, dignity, and interests, as well as the Taiwanese people’s rights and interests. Building on the excellent foundation laid by steadfast diplomacy over the past eight years, MOFA implemented integrated diplomacy, which aims at realizing values-based diplomacy and transforming Taiwan into a thriving global economic powerhouse as envisioned by President Lai Ching-te. Based on the three pillars of democracy, peace, and prosperity, MOFA fostered cooperation and deepened partnerships. MOFA pursued mutual benefits and coprosperity with diplomatic allies and like-minded nations, demonstrating that Taiwan was a pivotal force for stability and prosperity in the Indo-Pacific and underscoring its value as a global model of freedom and democracy. 
     
    Democratic Taiwan neither yielded nor provoked, remaining calm and confident. It worked with the global democratic community to respond to threats posed by authoritarian regimes. Taiwan stood firm and resilient against authoritarian expansionism, actively provided international humanitarian assistance during times of crisis, and leveraged its strengths to share prosperity with diplomatic allies and like-minded countries. For its contributions, Taiwan gained worldwide acclaim and recognition from all sectors. 
     
    With the support of Taiwan’s people, MOFA and its overseas missions spared no effort to promote head-of-state diplomacy. In December, President Lai led a delegation to Pacific diplomatic allies the Marshall Islands, Tuvalu, and Palau under the theme “Smart and Sustainable Development for a Prosperous Austronesian Region.” He achieved the three main objectives of smart sustainability, sustainable democracy, and sustainable diplomatic ties while also making successful US transit stops in Hawaii and Guam. The tour was immensely productive and successfully consolidated international support for Taiwan. It both deepened Taiwan’s friendships with allies and launched a new era of values-based diplomacy. 
     
    In October, Minister of Foreign Affairs Lin Chia-lung, serving as special presidential envoy, attended celebrations marking the 45th anniversary of the independence of Saint Vincent and the Grenadines. He also visited Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis, where he witnessed the achievements of values-based diplomacy and economic and trade diplomacy. In addition, he deepened partnerships on the foundations already laid for bilateral cooperation. In November, Minister Lin visited Belgium, where the European Parliament is headquartered, as well as Lithuania and Poland, further enhancing democratic alliances and cooperation as well as economic and trade linkages between Taiwan and Europe. 
     
    International friendship and support for Taiwan reached new heights this year. Following the successful completion of Taiwan’s presidential and legislative elections in January, more than 1,600 prominent political figures from over 100 countries offered congratulations. Taiwan’s significant success in diplomacy was substantively reflected through its solid formal alliances, rock-solid partnership with the United States, growing ties with Europe, and steadfast friendship with Japan. Diplomatic allies and like-minded nations spoke in support of Taiwan’s international participation and reaffirmed the global consensus on maintaining peace and stability across the Taiwan Strait. They lauded Taiwan as a force for good that safeguarded democratic values, provided humanitarian assistance, and made concrete contributions. 
     
    Meanwhile, Taiwan has continued to deploy soft power, pursue public diplomacy, and seek international support. It has integrated resources across ministries, agencies, and departments to bolster its overall diplomatic strength. Furthermore, it has sought to have other countries implement consular measures addressing visas and digital governance to afford greater convenience to Taiwan’s people while also promoting closer people-to-people exchanges with other nations. 
     
    MOFA has devoted a maximum effort to the planning and implementation of the Diplomatic Allies Prosperity Project to deepen substantive relations with allies and like-minded countries. MOFA has formulated eight flagship projects concerning the Five Trusted Industry Sectors, covering semiconductor supply chain resilience, reliable networks and digital governance, new energy and carbon credit cooperation, smart demonstration parks overseas, smart medicine and healthcare, smart agriculture, sovereign AI, and sustainable tourism. Taiwan has brought its industrial strengths to play while integrating the resources of all ministries and agencies. Through the export of smart solutions, Taiwan has stimulated the prosperous development of allies and bolstered democratic supply chains. This has consolidated diplomatic ties and is helping allies enjoy greater prosperity. 
     
    Taiwan is greeting a new world and the world is greeting a new Taiwan. Not only is this MOFA’s mission in its diplomatic work, it is also the stellar outcome of coordinated efforts by the Taiwanese people and related agencies. MOFA has helped to promote the Executive Yuan’s economic diplomacy task force and has a strategic team conducting research and administrative work for the task force. This task force facilitates the efficient integration of resources from across ministries, enabling every citizen to be a diplomat and every ministry to serve as a foreign ministry. 
     
    MOFA will continue to improve the efficiency and quality of its public-facing services so that they have a tangible and positive impact on people’s lives. It will work diligently for the dignity, rights, interests, continuity, and development of the nation and people. MOFA will utilize Taiwan’s strengths as it connects to the world and work steadily to promote technology diplomacy, human rights diplomacy, cultural diplomacy, urban diplomacy, parliamentary diplomacy, medical and public health diplomacy, environmental diplomacy, sports diplomacy, indigenous diplomacy, religious diplomacy, and gender equality diplomacy. MOFA will help the international community better understand the important role that Taiwan plays. It will live up to the expectations of all sectors as concerns diplomatic efforts.
     
    In 2025, the world will usher in a new chapter in geopolitics. With confidence, resilience, and a professional and flexible approach, MOFA will maintain its footing in the new environment. It will leverage Taiwan’s strengths; overcome challenges; and amplify the values of democracy, peace, and prosperity. By integrating diplomatic momentum from all sectors, MOFA will continue to contribute to the international community and realize President Lai’s policy of values-based diplomacy and vision of Taiwan as a thriving global economic powerhouse. MOFA will demonstrate that Taiwan can help and that Taiwan can lead so that Taiwan continues to serve as a beacon shining far and wide across the globe. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: High Arctic Overseas Announces 2024 Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its financial and operating results for the quarter and year ended December 31, 2024. The Corporation’s audited consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the three months and year ended December 31, 2024, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s fourth quarter 2024 financial and operating results:

    “We have finished the spin-out transaction and have established High Arctic Overseas Holdings Corp. with dedicated Management and have trimmed our recurring G&A on a go forward basis. We have maintained the Corporation’s cash balance thanks to solid contribution from our manpower services & equipment rentals.

    The Corporation is now well placed to participate meaningfully in anticipated future drilling activity, with a resilient core business. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    We are heartened by announced LNG developments including key environmental approvals for Papua LNG and positive public statements by the PNG Prime Minister following meetings with senior executives from the major project participants in January.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    HIGHLIGHTS

    • Adjusted EBITDA for the Quarter and full year of ($482) and $4,290 as a result of low drilling activity and costs associated with the close out of the spin-out.
    • Significant adjustments to inventory carrying value as a result of confirmation of the terms of contracts which resulted in a one-time positive non-cash impact to earnings of $3.4 million;
    • Post the spin-out we have established independent management team and expect to see General and Administrative costs normalise moving forward; and
    • Exited the quarter with a strong liquidity position with a working capital balance of $20.6 million which includes a cash balance of $14.9 million and no debt.

    2024 FOURTH QUARTER RESULTS

    • Drilling rig 103 remained suspended and drilling rigs 115 and 116 remained cold-stacked. Manpower services and rental services continued with other customers. Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024. The net result was a substantial reduction to revenue and the generation of a significantly lower EBITDA in the quarter:
      • Revenue for the quarter of $2,421, a decrease of $10,112 or 81% compared to Q4 2023 at $12,533, and
      • Adjusted negative EBITDA of $482, decrease of $3,418 or 116% compared to Q4 2023 at $2,936.
    • The reduced revenue generating activities in Q4 2024 were offset by the significant adjustments to inventory and reported obligations that were the result of renegotiated terms of contracts related to spares inventory, this resulted in:
      • Net income of $1,806 in Q4 2024 compared to net income of $1,907 realized in Q4 2023.

    2024 YEAR TO DATE RESULTS

    • Drilling Rig 103 operated through into Q2 2024 when drilling was suspended at which point it was cold stacked. Manpower services and rentals with other customers continued at similar run rates through the remainder of 2024. Operating margins improved from 2023 of 33.2% to 37.7% in 2024 as a result of reduced material and supply costs and higher proportional contribution from higher margin rentals.
      • Revenue for 2024 was $24,075, a reduction of $19,305 or 45% compared to 2023,
      • Adjusted EBITDA for 2024 was $4,290, a 60% reduction compared to 2023 as a result of general and administrative costs not reducing proportionally to revenue, and
      • General and administrative costs were impacted by additional expenses related to the Arrangement.
    • The reduced operating activities combined with the Q4 2024 significant adjustments to inventory and reported obligations drove the following results for the Corporation:
      • Net income of $2,857 for 2024 compared to a net loss of $8,623 for the same period 2023 which included an impairment charge of $15,200.
    • Improved liquidity with a working capital balance of $20.6 million, which includes a cash balance of $14.9 million.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three and twelve months ended December 31, 2024, including all comparative periods.

    In the above results discussion, the three months ended December 31, 2024 may be referred to as the “quarter” or “Q4 2024” and the comparative three months ended December 31, 2023 may be referred to as “Q4 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. Additionally, the twelve months ended December 31, 2024 may be referred to as “YTD” or “YTD 2024”. References to other twelve-month periods ended December 31 may be presented as “YTD 20XX” with XX being the year to which the twelve-month period ended December 31 commentary relates.

    FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

       Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD except per share amounts) 2024   2023   2024   2023  
    Operating results        
    Revenue 2,421   12,533   24,075   43,380  
    Net income (loss) 1,806   1,907   2,857   (8,623 )
    Per share (basic and diluted) (1) $0.14 $0.16 $0.23   ($0.69 )
    Operating margin (2) 693   4,037   9,069   14,416  
    Operating margin as a % of revenue (2) 28.6%   32.2%   37.7%   33.2%  
    EBITDA (2) 2,887   2,975   7,733   11,211  
    Adjusted EBITDA (2) (482)   2,936   4,290   10,797  
    Adjusted EBITDA as a % of revenue (2) (19.9%)   23.4%   17.8%   24.9%  
    Operating income (loss) (2) (1,264)   2,240   455   4,575  
    Per share (basic and diluted) (1) ($0.10 $0.18 $0.04   $0.37  
    Cash flow from operations:        
    Cash flow from operating activities 248   6,131   10,112   8,906  
    Per share (basic & diluted) (1) $0.02 $0.49 $0.81   $0.71  
    Funds flow from operating activities (2) 2,667   2,929   6,770   10,273  
    Per share (basic & diluted) (1) $0.21 $0.24 $0.54   $0.83  
    Capital expenditures 62   93   652   1,080  
         
    (thousands of USD)       As at Dec 31, 2024   As at Dec 31, 2023  
    Financial position:        
    Working capital (2)       20,602   20,335  
    Cash and cash equivalents       14,930   10,958  
    Total assets       35,287   43,374  
    Shareholder’s equity       30,953   33,112  
    Per share (basic) (1)     $2.48   $2.66  
    Per share (fully diluted) (1)     $2.47   $2.66  
    Weighted average common shares outstanding (000’s) (1)       12,448   12,448  
    Weighted average diluted shares outstanding (000’s) (1)       12,539   12,448  

    (1) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this MD&A and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
    (2) Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this MD&A for calculations of these measures.

    Operating Results

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD, unless otherwise noted) 2024   2023   2024   2023  
    Revenue 2,421   12,533   24,075   43,380  
    Operating expense (1,728)   (8,496)   (15,006)   (28,964)  
    Operating margin(1) 693   4,037   9,069   14,416  
    Operating margin (%) 28.6%   32.2%   37.7%   33.2%  

     (1)   See “Non-IFRS Measures”

    Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD except per share amounts) 2024   2023   2024   2023  
    Operating results        
    Revenue 2,421   12,533   24,075   43,380  
    Net income (loss) 1,806   1,907   2,857   (8,623)  
    Per share (basic and diluted) (1) $0.14 $0.16 $0.23 ($0.69)  
    Operating margin (2) 693   4,037   9,069   14,416  
    Operating margin as a % of revenue (2) 28.6%   32.2%   37.7%   33.2%  
    EBITDA (2) 2,887   2,975   7,733   11,211  
    Adjusted EBITDA (2) (482)   2,936   4,290   10,797  
    Adjusted EBITDA as a % of revenue (2) (19.9%)   23.4%   17.8%   24.9%  
    Operating income (loss) (2) (1,264)   2,240   455   4,575  
    Per share (basic and diluted) (1) ($0.10 $0.18 $0.04 $0.37  
    Cash flow from operations:        
    Cash flow from operating activities 248   6,131   10,112   8,906  
    Per share (basic & diluted) (1) $0.02 $0.49 $0.81 $0.71  
    Funds flow from operating activities (2) 2,667   2,929   6,770   10,273  
    Per share (basic & diluted) (1) $0.21 $0.24 $0.54 $0.83  
    Capital expenditures 62   93   652   1,080  
         
    (thousands of USD)       As at Dec 31, 2024   As at Dec 31, 2023  
    Financial position:        
    Working capital (2)       20,602   20,335  
    Cash and cash equivalents       14,930   10,958  
    Total assets       35,287   43,374  
    Shareholder’s equity       30,953   33,112  
    Per share (basic) (1)     $2.48 $2.66  
    Per share (fully diluted) (1)     $2.47 $2.66  
    Weighted average common shares outstanding (000’s) (1)       12,448   12,448  
    Weighted average diluted shares outstanding (000’s) (1)       12,539   12,448  

    (1) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this Press Release and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
    (2) Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for calculations of these measures.

    Operating Results

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD, unless otherwise noted) 2024   2023   2024   2023  
    Revenue 2,421   12,533   24,075   43,380  
    Operating expense (1,728)   (8,496)   (15,006)   (28,964)  
    Operating margin(1) 693   4,037   9,069   14,416  
    Operating margin (%) 28.6%   32.2%   37.7%   33.2%  

     (1)   See “Non-IFRS Measures”

    Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD) 2024   2023   2024   2023  
    Cash provided by (used in) operations:        
    Operating activities 248   6,131   10,112   8,906  
    Investing activities (62)   (93)   (652)   (1,080)  
    Financing activities (113)   (179)   (5,487)   (714)  
    Effect of exchange rate changes (1)   –   (1)   –  
    Increase (decrease) in cash 72   5,859   3,972   7,112  

    (thousands of USD, unless otherwise noted)  

    		 As at
    Dec 31, 2024    		   As at
    Dec 31, 2023    		  
    Current assets   24,706   30,090  
    Working capital(1)   20,602   20,335  
    Working capital ratio(1)   6.0:1   3.1:1  
    Cash and cash equivalents   14,930   10,958  

     (1)   See “Non-IFRS Measures”

    Liquidity and Capital Resources
    Cashflows from Operating Activities
    For the three months and year ended December 31, 2024, cash generated from operating activities was $248 (Q4 2023 $6,131) and $10,112 (YTD-2023 $8,906), respectively. The change in operating cash flow was largely driven by changes in working capital related to the timing of drilling activity in the respective years with a cash drawdown in 2023 as operations ramped up and a cash harvesting in 2024 as operations were ceased.

    Cashflows from Investing Activities
    For the three months and year ended December 31, 2024, the Corporation’s cash used in investing activities was $62 (Q4 2023 $93) and $652 (YTD-2023 $1,080), respectively. Cash outflows associated with investing activities were directed towards capital expenditures on rental assets. The reduction in capital expenditures in 2024 is due to reduced customer activity. The Corporation will continue to seek opportunities to invest in additional capital assets, in particular where it can do so under take-or-pay agreements.

    Cash flows from Financing Activities
    For the three months and year ended December 31, 2024, the Corporation’s cash used in financing activities was $113 (Q4 2023 $179) and $5,487 (YTD-2023 $714) respectively. Excluding the impact of a $5,000 dividend paid by HAES-Cyprus to HWO prior to the completion of the Arrangement transaction, cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook
    Consistent with the outlook provided by the Corporation in the third quarter of 2024, the outlook for the Corporation’s core business in PNG for 2025 remains subdued. The Corporation’s 2024 fourth quarter and annual results were impacted by the completion of customer drilling activity during the second quarter of 2024, with Rig 103 being relocated to the customer’s forward base location and cold-stacked. With no near-term drilling activity currently anticipated, the Corporation expects equipment rental and manpower to be the primary revenue generating activity for 2025. Quarterly revenues for 2025 are anticipated to be consistent with third and fourth quarters of 2024.

    The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings.

    The Corporation also continues to pursue business expansion opportunities in PNG, actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defence projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES
    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q3 2024 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire                                                
    Chief Executive Officer                                 
    1.587.320.1301                                        
                            
    High Arctic Overseas Holdings Corp.                        
    Suite 2350, 330–5th Avenue SW                        
    Calgary, Alberta, Canada T2P 0L4                                                           
    www.higharctic.com
    Email: info@higharctic.com                         

    Forward-Looking Statements

    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: future energy projects including drilling activity and LNG projects in PNG; the Corporation’s ability to participate in the energy industry in PNG; potential future contracts with existing or new customers of the Corporation; future infrastructure and defence projects in PNG and the ability of the Corporation to participate in same; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the ability of the Corporation to expand its geographic customer base outside of PNG; and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk, raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the Corporation’s ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. While the Corporation considers these assumptions to be reasonable, the assumptions are inherently subject to significant uncertainties and contingencies.

    A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

    Source: GlobeNewswire (MIL-OSI)

                                       INCREASED REVENUES, STRONG PROFITABILITY
                                             DESPITE EXCEPTIONAL HIGH TAX IMPACT    		  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
      Q1 2025 Var. Q1/Q1 Q1 2025 Var Q1/Q1    
    Revenues 7,256 +6.6% 10,048 +5.5%    
    Expenses -3,991 +8.8% -5,992 +7.2%    
    Gross Operating Income 3,266 +4.1% 4,056 +3.0%    
    Cost of risk -413 +3.4% -735 +12.9%    
    Net pre-tax income 2,900 +4.6% 3,399 +1.6%    
    Net income group share 1,824 -4.2% 2,165 -9.2%    
    C/I ratio 55.0% +1.1 pp 59.6% +1.0 pp    
    NET PRE-TAX INCOME UP

    • Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity
    • Stable cost of risk
    • Results impacted by additional corporate tax charge

    EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION

    • High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB
    • Loan production in France recovered compared with the low point in early 2024 without

    confirming the end-of-year momentum and consumer finance down, impacted by

    decreased activity in automotive financing; international credit activity at a high level.

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Creation of the GAC Sofinco Leasing joint venture
      • Partnership created between Amundi and Victory Capital
    • Stake in the capital of Banco BPM increased to 19.8%
      • Planned acquisition of Banque Thaler announced by Indosuez Wealth Management

    AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3.

    • Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and businesses
     

    Dominique Lefebvre,
    Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

    “Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“
     
     

    Philippe Brassac,
    Chief Executive Officer of Crédit Agricole S.A.

    “The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

    At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate1 rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

    In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

    Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%2 of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

    Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing3 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy4 totalled €6 billion at 31 December 2024.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition5 amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

    In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing6, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

    Group results

    In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

    -9.2% compared to the first quarter of 2024.

    Credit Agricole Group, Income statement Q1-25 and Q1-2024

    €m Q1-25 Q1-24 ∆ Q1/Q1  
    Revenues 10,048 9,525 +5.5%  
    Operating expenses (5,992) (5,589) +7.2%  
    Gross operating income 4,056 3,936 +3.0%  
    Cost of risk (735) (651) +12.9%  
    Equity-accounted entities 75 68 +9.5%  
    Net income on other assets 4 (7) n.m.  
    Change in value of goodwill – – n.m.  
    Income before tax 3,399 3,347 +1.6%  
    Tax (1,041) (755) +37.9%  
    Net income from discont’d or held-for-sale ope. (0) – n.m.  
    Net income 2,358 2,592 (9.0%)  
    Non controlling interests (193) (208) (7.2%)  
    Net income Group Share 2,165 2,384 (9.2%)  
    Cost/Income ratio (%) 59.6% 58.7% +1.0 pp  

    In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

    The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings7reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis8.

    Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

    Regional banks

    Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%9 over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.   
    Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance10 was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
    In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 202411. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect11). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
    Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect 11).
    The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect11).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

    Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

    En m€ T1-25 T1-24 ∆ T1/T1
    Revenues 7,256 6,806 +6.6%
    Operating expenses (3,991) (3,669) +8.8%
    Gross operating income 3,266 3,137 +4.1%
    Cost of risk (413) (400) +3.4%
    Equity-accounted entities 47 43 +9.2%
    Net income on other assets 1 (6) n.m.
    Change in value of goodwill – – n.m.
    Income before tax 2,900 2,773 +4.6%
    Tax (827) (610) +35.5%
    Net income from discont’d or held-for-sale ope. 0 – n.m.
    Net income 2,073 2,163 (4.1%)
    Non controlling interests (249) (259) (3.9%)
    Net income Group Share 1,824 1,903 (4.2%)
    Earnings per share (€) 0.56 0.50 +11.4%
    Cost/Income ratio (%) 55.0% 53.9% +1.1 pp

    In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

    In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam12. Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

    Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million13 and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

    The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

    Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

    As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio14 was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

    The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period15 and 30 basis points on an annualised quarterly basis16 (a decrease of one basis point, versus the first quarter of 2024).

    The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

    Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

    The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

    Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
    RoTE17, which is calculated on the basis of an annualised Net Income Group Share 18 and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

    Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

    Activity of the Asset Gathering division

    In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

    In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%19.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

    In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%20 compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million21 policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%22, an improvement of -0.6 percentage point year-on-year.

    In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty23. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets24(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

    For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion25, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

    Results of the Asset Gathering division

    In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

    In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

    Insurance results

    In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance26, €103 million from personal protection27 and €122 million from property and casualty insurance28.

    The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

    Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 202429, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments29. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capital30 integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France. 

    Wealth Management results31

    In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 202432. Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect32 and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

    Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.  

    Activity of the Large Customers division

    The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

    Financing activities consolidated its leading position in syndicated loans (#1 in France33 and #2 in EMEA33). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide33) and was ranked #1 in Green, Social & Sustainable bonds in EUR34. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

    Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

    Results of the Large Customers division

    In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

    The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

    Corporate and Investment Banking results

    In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

    Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

    Asset servicing results

    In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
    -€368 million, due to the decrease in ISB integration costs compared to the first quarter of 202435. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing36 in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%37, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

    The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

    Personal Finance and Mobility results

    CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points38, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

    Leasing & Factoring results

    CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points38, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

    Crédit Agricole S.A. Retail Banking activity

    In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

    Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

    Loan outstandings at CA Italia stood at €61.1 billion at end-March 202539, up +1.6% compared with end-March 2024, in a stable Italian market40, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

    Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

    French retail banking results

    In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

    Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

    The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

    In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

    In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

    International Retail Banking results41

    In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

    At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

    Results in Italy

    In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

    Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings42 stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

    International Retail Banking results – excluding Italy

    In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).  

    At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

    At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
    The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
    • Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

    The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

    At 31 March 2025, risk-weighted assets stood at €35.1 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

    Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

    The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

    For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        31/03/25 31/12/24 Requirements
    31/03/25    		   31/03/25 31/12/24 Requirements
    31/03/25
    Phased-in CET1 ratio43   17.6% 17.2% 9.8%   12.1% 11.7% 8.6%
    Tier1 ratio43   19.0% 18.3% 11.7%   14.3% 13.4% 10.4%
    Total capital ratio43   21.8% 20.9% 14.1%   18,4% 17.4% 12.8%
    Risk-weighted assets (€bn)   641 653     405 415  
    Leverage ratio   5.6% 5.5% 3.5%   4.0% 3.9% 3.0%
    Leverage exposure (€bn)   2,173 2,186     1,434 1,446  
    TLAC ratio (% RWA) 43,44   28.5% 26.9% 22,32%        
    TLAC ratio (% LRE)44   8.4% 8.0% 6.75%        
    Subordinated MREL ratio (% RWA) 43   28.5% 26.9% 22.57%        
    Subordinated MREL ratio (% LRE)   8.4% 8.0% 6.25%        
    Total MREL ratio (% RWA) 43   34.0% 32.4% 26.33%        
    Total MREL ratio (% LRE)   10.0% 9.7% 6.25%        
    Distance to the distribution restriction trigger (€bn)45   46 43     14 12  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger45, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements44. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

    The Group’s liquidity reserves, at market value and after haircuts46, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

    Liquidity reserves covered more than twice the short term debt net of treasury assets.

    This increase in liquidity reserves is notably explained by:

    • The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
    • The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
    • The increase in central bank deposits for €3 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

    Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

    • Senior secured debt of €89 billion, up +€5 billion;
    • Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
    • Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €24 billion, down -€1 billion.

    Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

    At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

    In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion47in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

    In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:  

    • Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market48,49.

    The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

    • €1.75 billion50,51;
    • 3.5 billion US dollars (€3.4 billion equivalent);
    • 0.8 billion pounds sterling (€1 billion equivalent);
    • 94.3 billion Japanese yen (€0.6 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent).

    At end-March, Crédit Agricole S.A. had issued 76%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

    The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

    The programme was 56% completed at 31 March 2025, with:

    • €3.8 billion in senior secured debt;
    • €1.3 billion equivalent in senior preferred debt;
    • €4.7 billion equivalent in senior non-preferred debt;
    • €1.4 billion equivalent in Tier 2 debt.

    Appendix 1 – Credit Agricole Group : income statement by business line

    Credit Agricole Group – Results by business line, Q1-25 and Q1-24

      Q1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,352 963 1,048 2,049 868 2,408 (640) 10,048
    Operating expenses (2,530) (625) (535) (936) (474) (1,360) 468 (5,992)
    Gross operating income 822 338 513 1,113 395 1,047 (172) 4,056
    Cost of risk (319) (92) (67) (11) (249) 25 (22) (735)
    Equity-accounted entities 6 – – 28 36 6 – 75
    Net income on other assets 3 1 (0) (0) 0 0 0 4
    Income before tax 511 247 445 1,130 182 1,078 (194) 3,399
    Tax (170) (112) (137) (351) (12) (305) 46 (1,041)
    Net income from discont’d or held-for-sale ope. – – 0 – – – (0) (0)
    Net income 341 135 308 779 170 773 (148) 2,358
    Non controlling interests 0 (0) (42) (101) (21) (36) 7 (193)
    Net income Group Share 341 135 266 679 148 738 (141) 2,165
      Q1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,314 954 1,081 1,793 846 2,266 (728) 9,525
    Operating expenses (2,484) (602) (524) (754) (454) (1,297) 527 (5,589)
    Gross operating income 830 351 556 1,039 392 969 (201) 3,936
    Cost of risk (247) (119) (84) (3) (219) 33 (13) (651)
    Equity-accounted entities 5 – – 29 30 4 – 68
    Net income on other assets 2 2 (0) (8) (0) 0 (2) (7)
    Income before tax 589 234 472 1,056 203 1,006 (216) 3,347
    Tax (147) (53) (143) (220) (42) (235) 85 (755)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 442 181 330 837 161 772 (131) 2,592
    Non controlling interests (0) (0) (51) (112) (19) (34) 7 (208)
    Net income Group Share 442 181 279 725 142 738 (123) 2,384

    Appendix 2 – Credit Agricole S.A. : Income statement by business line

    Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

      Q1-25
    En m€ AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,058 2,408 868 963 1,025 (67) 7,256
    Operating expenses (936) (1,360) (474) (625) (515) (81) (3,991)
    Gross operating income 1,123 1,048 395 338 511 (148) 3,266
    Cost of risk (11) 25 (249) (92) (66) (21) (413)
    Equity-accounted entities 28 6 36 – – (22) 47
    Net income on other assets (0) 0 0 1 (0) 0 1
    Income before tax 1,139 1,078 182 247 444 (191) 2,900
    Tax (352) (305) (12) (112) (137) 92 (827)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 787 774 170 135 308 (99) 2,073
    Non controlling interests (107) (50) (21) (6) (62) (3) (249)
    Net income Group Share 680 723 148 129 246 (102) 1,824
      Q1-24  
    En m€ AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,789 2,266 846 954 1,057 (107) 6,806
    Operating expenses (754) (1,297) (454) (602) (505) (56) (3,669)
    Gross operating income 1,035 969 392 351 552 (163) 3,137
    Cost of risk (3) 33 (219) (119) (82) (11) (400)
    Equity-accounted entities 29 4 30 – – (20) 43
    Net income on other assets (8) 0 (0) 2 (0) – (6)
    Income before tax 1,053 1,006 203 234 470 (194) 2,773
    Tax (220) (235) (42) (53) (142) 82 (610)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 834 772 161 181 328 (112) 2,163
    Non controlling interests (117) (50) (19) (8) (71) 5 (259)
    Net income Group Share 716 722 142 173 257 (107) 1,903

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

    (€m)

    Q1-2025
    Q1-2024

    Net income Group share

    1,824
    1,903

    – Interests on AT1, including issuance costs, before tax

    (129)
    (138)

    – Foreign exchange impact on reimbursed AT1

    –
    (247)

    NIGS attributable to ordinary shares

    [A]
    1,695
    1,518

    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,018

    Net earnings per share

    [A]/[B]
    0.56 €
    0.50 €

    (€m)

    31/03/2025
    31/03/2024

    Shareholder’s equity Group share

    77,378
    72,429

    – AT1 issuances

    (8,726)
    (7,184)

    – Unrealised gains and losses on OCI – Group share

    1,222
    1,021

    – Payout assumption on annual results*

    (3,327)
    (3,181)

    Net book value (NBV), not revaluated, attributable to ordin. sh.

    [D]
    66,546
    63,086

    – Goodwill & intangibles** – Group share

    (17,764)
    (17,280)

    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

    [E]
    48,783
    45,807

    Total shares in issue, excluding treasury shares (period end, m)

    [F]
    3,025
    3,026

    NBV per share , after deduction of dividend to pay (€)
    + Dividend to pay (€)

    TNBV per share, after deduction of dividend to pay (€)
    TNBV per sh., before deduct. of divid. to pay (€)

    [D]/[F]
    22.0 €
    20.9 €

    [H]
    1.10 €
    1.05 €

    [G]=[E]/[F]
    16.1 €
    15.1 €

    [G]+[H]
    17.2 €
    16.2 €

    * dividend proposed to the Board meeting to be paid
    ** including goodwill in the equity-accounted entities

    (€m)

    Q1-25
    Q1-24

    Net income Group share

    [K]
    1,824
    1,903

    Impairment of intangible assets

    [L]
    0
    0

    Additional corporate tax

    [LL]
    -123
    – 

    IFRIC

    [M]
    -173
    -110

    NIGS annualised (1)

    [N]
    8,111
    7,944

    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]
    -515
    -799

    Result adjusted

    [P] = [N]+[O]
    7,596
    7,145

    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

    [J]
    47,752
    44,671

    Stated ROTE adjusted (%)

    = [P] / [J]
    15.9%
    16.0%

    *** including assumption of dividend for the current exercice

    (1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
    (2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators54

    NBV Net Book Value (not revalued)
    The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

    NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
    One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

    Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

    EPS Earnings per Share
    This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

    Cost/income ratio
    The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

    Cost of risk/outstandings
    Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

    Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

    The calculation method for the indicator is specified each time the indicator is used.

    Doubtful loan
    A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

    • a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
    • the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

    Impaired loan
    Loan which has been provisioned due to a risk of non-repayment.

    Impaired (or non-performing) loan coverage ratio 
    This ratio divides the outstanding provisions by the impaired gross customer loans.

    Impaired (or non-performing) loan ratio 
    This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

    Net income Group share
    Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

    Net income Group share attributable to ordinary shares
    The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

    RoTE Return on Tangible Equity
    The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

    This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

    Other information

    Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

    As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

    26 May 2025: ex-dividend date
    27 May 2025: Record date
    28 May 2025: Dividend payment

    Financial Agenda

    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         

    See all our press releases at: www.credit-agricole.com – www.creditagricole.info

               

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
    6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

    7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    9 Average rate of loans to monthly production for January and February 2025.
    10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share 
    12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
    13 Includes -€115 million in scope effect on Degroof Petercam

    14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
    19 In local standards
    20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

    21 Scope: property and casualty in France and abroad
    22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
    23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
    24 Excluding JV
    25 Excluding assets under custody for institutional clients
    26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    28 Net of reinsurance cost, including financial results
    29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
    30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
    31 Indosuez Wealth Management scope
    32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
    33 Refinitiv LSEG
    34 Bloomberg in EUR
    35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
    36 CA Auto Bank, automotive JVs and auto activities of other entities
    37 CA Auto Bank and automotive JVs
    38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    39 Net of POCI outstandings
    40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
    41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    42 Over a rolling four quarter period.
    43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.  
    44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
    45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
    46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    47 Gross amount before buy-backs and amortisations
    48 Gross amount before buy-backs and amortisations
    49 Excl. AT1 issuances
    50 Excl. AT1 issuances
    51 Excl. senior secured issuances
    52 Excl. AT1 issuances
    53 Excl. senior secured issuances
    54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI USA: WATCH: Senator Baldwin Calls Out Trump’s Broken Promises 100 Days In

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) today took to the Senate floor calling out Trump’s broken promises and what she’s been hearing from Wisconsin farmers, small businesses, veterans, seniors, and families throughout his first 100 days.
    Baldwin’s remarks, as prepared for delivery are below and can be watched here.
    M. President –
    I rise today to reflect on the last 100 days – and the unimaginable amount of havoc and harm President Donald Trump has caused for Wisconsinites. While on the campaign trail and even once in office, the President made a number of promises. Promises to end wars on Day One; promises to lower costs at the grocery store; promises to make health care more affordable; and the list goes on and on and on.
    Look, I was on the campaign trail and listening to Wisconsinites at the same time as Mr. Trump, and truly, I get why he was making some of these promises. Wisconsin families were facing high costs. Workers felt they were being ripped off by their big corporate employers. Democracy felt broken and voices were drowned out by special interest money. People were sick and tired of endless wars. Mr. Trump claimed he had the solution.
    Well, so far, he’s broken these promises and lied to the American people.
    But, here is the kicker: Donald Trump not only broke these promises, but many of the things he promised to fix, he has actively made worse. Grocery store bills are up. I have yet to even see a concept of a health care plan, while Medicaid coverage for 1 million Wisconsinites is on the chopping block to pay for tax breaks for billionaires. Wars are raging in Ukraine and Gaza. Corporations have a friend in the White House who has their backs.
    It is one of the greatest bait-and-switches of our time. And at the end of the day, it’s Wisconsin families paying the price.
    For the last 100 days, I’ve heard from constituents in all 72 Wisconsin counties who fear what this Administration’s actions will mean for them and their families.  
    I’ve heard from dairy farmers like Linda in Viroqua who barely survived Donald Trump’s last trade war. Family farms like hers are scared they will be put out of business entirely as punishing tariffs and a new trade war jack up the cost of fertilizer and farming equipment while cutting off their access to markets. 
    I’ve heard from seniors like Renee in Milwaukee who are scared that cuts to Medicaid will force them to choose between protecting their life’s savings and getting the lifesaving treatment they need to stay alive.
    I’ve heard from veterans like James in Southeastern Wisconsin who are out of a job because Donald Trump fired them from the only place they’ve ever felt like they belonged in civilian life: helping their fellow veterans at the VA.
    I’ve heard from businesses like Lakefront Brewery, local roofers, small retailers, and auto part sellers in Milwaukee who are considering raising their prices and laying off workers because President Trump’s trade war is tightening their margins and making it harder to plan for the future.  
    I’ve heard from families – from Ozaukee County to the St. Croix Valley – who have had their childcare or food assistance threatened because this president is choosing to prioritize tax breaks for his wealthy friends over working families.
    Dairy farmers saw millions in funding they were promised to grow their businesses frozen. Alzheimer’s researchers at Wisconsin’s universities are making do with less because of arbitrary cuts that threaten the next breakthrough for our loved ones. Seniors accessing their earned Social Security benefits now have fewer places to turn as field offices shutter and staff is let go. Public schools in Milwaukee with children who have been exposed to lead paint have fewer resources because President Trump fired the experts at CDC.
    I hear it every day from constituents calling into my office. Last year around this time, my office would get anywhere from 50 to 100 calls a day. Since January, we’ve regularly passed 1,000 calls a day from Wisconsinites. There isn’t a corner of my state that isn’t being impacted by this President’s often illegal overreach of his presidential powers. 
    These Wisconsinites are not alone. Poll after poll shows the same thing: this president is reaching historically low approval ratings. More Americans are giving him an F than any other grade.
    It’s hard to state all the ways President Trump’s second term is already impacting folks in Wisconsin. His actions have made things more expensive and the future less certain – whether you are a Wisconsin farmer, small business, veteran, senior, or just a family looking to make ends meet.
    In January, I said I’d work with anyone to deliver for Wisconsin. I also promised that I’d stand up to anyone who hurts Wisconsinites. Those things remain true. And right now, our country is not on the right course, and Americans agree.
    Wisconsinites want lower costs, our veterans and farmers to be respected, and working families to have a fair shot. Donald Trump’s chaos isn’t delivering any of that.  It’s about damn time Congress step up and act as a true check and balance on this President before it’s too late for our economy, working families, and the future of our nation.
    I yield. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Coons condemns President Trump’s disastrous first 100 days in speech on Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.) delivered a floor speech tonight criticizing President Donald Trump’s first 100 days in office, describing a period marked by weakened global alliances, harsh cuts to foreign aid, and an overhaul of key federal agencies. 
    Today marks the 100th day of President Trump’s second term, and Senator Coons’ early review of his presidency is that he has made Americans less prosperous and less secure, both at home and abroad. Trump has disrupted long-standing diplomatic relationships and global partnerships by recklessly imposing tariffs on nearly every country and asserting that he will take over Canada, Greenland, and the Panama Canal. Our closest allies and partners have responded with unease and outright resistance. In his speech, Senator Coons remarked on Prime Minister Mark Carney’s victory in Canada’s national election yesterday, an outcome viewed as a rejection of Trump’s policies. 
    He also expressed concern over the administration’s dismantling of foreign aid and health programs, warning that it makes Americans less safe and creates an opportunity for our adversaries like China. Additionally, Senator Coons highlighted his visit to Taiwan this month to bolster U.S.-Taiwan relations and stand against China’s attempts to limit Taiwan’s role on the global stage. 
    Senator Coons also called for Congress to reassert its constitutional responsibilities as Trump pushes the boundaries of executive power. 
    A video and transcript of Senator Coons’ comments are available below.
    WATCH HERE
    Senator Coons: In a hundred days – in a hundred days – what can a president accomplish?
    The last hundred days, President Trump has made Americans less safe, less prosperous, and less free.
    He has chosen to move us in a direction at home and abroad that is the opposite of what those who voted for him expected, and that is aligned with what those of us who worked against him feared. 
    What I’ve heard my whole life, whether in business or in foreign policy, as a lawyer or in my community as a local elected official – folks need trust, and they need predictability. Businesses say they need predictability in order to decide what to invest in, who to hire, where to grow. Other countries around the world say that they need to know they can trust us, that they can rely on us. And in the last hundred days, President Trump has shattered both of them. I’m going to speak for a few minutes about foreign policy because so many of my colleagues in my caucus have stood to talk about the disastrous cuts led by Elon Musk and DOGE, and the ways they’ve impacted Americans all over the country. 
    But if you think about our reputation globally –statement after statement, tweet after tweet by President Trump has puzzled, concerned, even alarmed our allies. He’s going to invade Greenland, a NATO ally. He’s going to take back the Panama Canal. He’s going to take over the Gaza Strip and make it ‘Mar-a-Gaza.’ He’s going to turn Canada into the 51st State. One of my Republican colleagues said, ‘don’t pay so much attention to what he says, look what he does.’ Well, lots of our partners and allies looked at what he has done by imposing tariffs on allies and partners, and recoiled. 
    In an election in Canada last night, where Trump was the issue, [they] elected a new prime minister, Mark Carney, who ran on a platform of standing up to America, of standing up to Donald Trump. Look, folks, the actions he’s taken, in slashing foreign aid, in abandoning decades-old bipartisan programs around the world that save lives, and that help other countries to trust and rely on us, have weakened us abroad and created openings for our pacing threat – the People’s Republic of China. I was recently in the Philippines, a nation that faces more natural disasters than any country on Earth – more typhoons, more earthquakes, more volcanoes. And for decades, they’ve relied on the United States and the help of USAID, volunteers, nonprofits – coordinated through our government – to respond to these disasters. It has built a long and close partnership of trust. Gone. 
    I was recently in Taiwan, a country looking to decide whether they can rely on us should China make real their threats to reunite Taiwan with the mainland by force. Can they trust us? Well, what I’m going to say is that in a hundred days, President Trump has shown weakness in Europe and created openings for China. We have long relied on a global network of allies and partners to keep us safe and strong, to make us prosperous, and to build our role in the world. China doesn’t have that. They have nervous neighbors and client states, countries that can’t count on them and view them as predatory. Yet, now through the actions of President Trump, Elon Musk and DOGE, and the silence and collaboration of Republicans in this chamber, even our closest, most trusted allies, like Canada, question whether they can count on us. 
    Back to the Reagan days, Republicans have talked about ‘peace through strength.’ What we’ve seen from Donald Trump in a hundred days: ‘weakness through chaos.’ A hundred days in, he’s not stopping Putin, he’s preparing to sell out Ukraine and Europe to Putin. A hundred days in, he’s not deterring Xi Jinping––he’s backing down every time he says he’s going to stand up to him. At the end of the day, these first hundred days have shown that we are weaker. The world is less stable. Americans are less safe.
    And I have to say, Madam President, a hundred days is more than enough time for my Republican colleagues to have seen enough, to stand up to this president, and to restore the role of this Senate and return our position of strength to the world. Thank you. 

    MIL OSI USA News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 30, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 30, 2025.

    Locked up for life? Unpacking South Australia’s new child sex crime laws
    Source: The Conversation (Au and NZ) – By Xanthe Mallett, Criminologist, CQUniversity Australia Melnikov Dmitriy/Shutterstock It’s election time, which means the age old “tough on crime” rhetoric is being heralded by many politicians aiming to score votes. Opposition leader Peter Dutton is pushing for a national public sex offender register. Currently only Western Australia has

    Why do dogs eat poo? A canine scientist explains
    Source: The Conversation (Au and NZ) – By Mia Cobb, Research Fellow, Animal Welfare Science Centre, The University of Melbourne nygi/Unsplash When miniature dachshund Valerie was captured after 529 days alone in the wilds of Australia’s Kangaroo Island, experts speculated she survived partly by eating other animals’ poo. While this survival tactic may have saved

    On ‘moral panic’ and the courage to speak – the West’s silence on Gaza
    Palestinians do not have the luxury to allow Western moral panic to have its say or impact. Not caving in to this panic is one small, but important, step in building a global Palestine network that is urgently needed, writes Dr Ilan Pappé ANALYSIS: By Ilan Pappé Responses in the Western world to the genocide

    Sick of eating the same things? 5 ways to boost your nutrition and keep meals interesting and healthy
    Source: The Conversation (Au and NZ) – By Clare Collins, Laureate Professor in Nutrition and Dietetics, University of Newcastle Loquellano/Pexels Did you start 2025 with a promise to eat better but didn’t quite get there? Or maybe you want to branch out from making the same meal every week or the same lunch for work

    Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine
    Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago GettyImages Getty Images Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to

    ‘A living collective’: study shows trees synchronise electrical signals during a solar eclipse
    Source: The Conversation (Au and NZ) – By Monica Gagliano, Research Associate Professor in Evolutionary Biology, Southern Cross University Zenit Arti Audiovisive Earth’s cycles of light and dark profoundly affect billions of organisms. Events such as solar eclipses are known to bring about marked shifts in animals, but do they have the same effect on

    Greenpeace slams deep sea mining bid as ‘rogue’ disregard for global law
    By Reza Azam Greenpeace has condemned an announcement by The Metals Company to submit the first application to commercially mine the seabed. “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus,” said Greenpeace International senior campaigner Louisa Casson. “This unilateral US

    State of the states: the campaign is almost over, so how has it played out across Australia?
    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3. So what’s happened across the country over the past five weeks? Here, six experts analyse how

    ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies
    Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University Kate Cashin Photography According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where

    Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role
    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University Christie Cooper/Shutterstock In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and

    Trump says diversity initiatives undermine merit. Decades of research show this is flawed
    Source: The Conversation (Au and NZ) – By Paula McDonald, Professor of Work and Organisation, Queensland University of Technology Pixel-Shot/Shutterstock US President Donald Trump declared earlier this year he would forge a “colour blind and merit-based society”. His executive order was part of a broader policy directing the US military, federal agencies and other public

    Housing affordability is at the centre of this election, yet two major reforms seem all but off-limits
    Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer This federal election, both major parties have offered a “grab bag” of policy fixes for Australia’s stubborn housing affordability crisis. But there are still two big policy elephants in the room, which neither side wants to touch. The first is negative gearing.

    The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities
    Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne Scene from Apocalypse Now (1979) Prime Video The Vietnam War (1955–1975) was more than just a chapter in the Cold War. For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt

    Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity
    Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago Hagen Hopkins/Getty Images Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions. It’s clear New Zealand is following a

    50 years after the ‘fall’ of Saigon – from triumph to Trump
    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate. After over a century of brutal colonial oppression

    Labor maintains clear lead in all polls and is likely to win election
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Labor leads by between 52–48 and 53–47 in four new national polls from Resolve, Essential, Morgan and DemosAU. While Labor’s vote slumped from a high 55.5–44.5 in

    Election Diary: Albanese will be encouraged by ‘Trump’ effect in helping Canadian Liberals to victory
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Labor will be encouraged by the Liberals’ victory in Canada’s election, undoubtedly much helped by US President Donald Trump. Trump’s extraordinary attack on the United States’ northern ally, with his repeated suggestion Canada should be the 51st American state, galvanised

    French Minister Valls warns New Caledonia is ‘on a tightrope’, pleads for ‘innovative’ solutions
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk French Minister for Overseas Manuel Valls, who is visiting New Caledonia this week for the third time in two months, has once again called on all parties to live up to their responsibilities in order to make a new political agreement possible. Failing that, he said

    Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon
    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday. The blackout caused chaos for tens of millions of people. It shut down traffic lights and

    Tarakinikini appointed as Fiji’s ambassador-designate to Israel
    By Anish Chand in Suva Filipo Tarakinikini has been appointed as Fiji’s Ambassador-designate to Israel. This has been stated on two official X, formerly Twitter, handle posts overnight. “#Fiji is determined to deepen its relations with #Israel as Fiji’s Ambassador-designate to Israel, HE Ambassador @AFTarakinikini prepares to present his credentials on 28 April, 2025,” stated

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Shaheen: Trump’s First 100 Days Marred by Chaos, High Costs and Global Retreat

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) released the following statement marking President Trump’s first 100 days in office:  
    “On the campaign trail, Donald Trump promised to ‘immediately’ bring prices down, starting on day one. One hundred days in, it is painfully obvious—to the Granite Staters I serve, to working families across this country, to manufacturers and small businesses getting crushed by sweeping tariffs, to organizations that facilitate life-changing programs that our communities rely on—that President Trump has done the exact opposite. The President choosing to raise prices on everyday Americans is bad enough, but it’s much more insidious that it’s part of a larger strategy to give the wealthiest among us tax breaks that shortchange our hardworking friends, loved ones and neighbors. And the fact that President Trump is pairing those tax giveaways to the wealthiest while planning sweeping cuts to Medicaid that working families rely on is unconscionable. 
    “The President’s sweeping, indiscriminate tariffs that are driving costs through the roof also have dire national security and defense consequences. The reckless tariffs targeting our trading partners are driving our allies right into China’s arms – and with the integration of our defense supply chains, American manufacturing companies that supply the Pentagon and bolster our military readiness are facing higher prices and uncertainty. It follows an alarming trend of this administration putting America last on the global stage – because when we retreat, our adversaries step up to fill the void. 
    “On many occasions President Trump also promised to bring Russia’s war in Ukraine to an end within ‘24 hours’ of assuming office. One hundred days later, he has not come close. Instead, he’s parroted Putin’s talking points and given away key leverage in negotiations that leaves Ukraine hanging in the balance. The President appears to be much more interested in meaninglessly changing the name of the Gulf of Mexico and flirting with purchasing Greenland than he is in strengthening America’s leadership and influence. He’s opted instead to dismantle our diplomatic infrastructure, treat our allies like our adversaries and undo decades of progress, which has made America less safe, less secure and less prosperous. 
    “Simply put, President Trump’s first 100 days in office have been marred by chaos, incompetence, high costs and global retreat. From Elon Musk—the richest man in the world—slashing programs and jobs he doesn’t know the first thing about, to the Secretary of Defense disclosing sensitive operations on military strikes, to the administration flagrantly ignoring court orders and flouting the rule of law, the American people deserve better than an individual who creates and encourages crises at the expense of our country’s wellbeing. 
    “I remain ready to work with anyone – including my Republican colleagues – to help make meaningful progress on the number of pressing challenges facing New Hampshire, America and the world. Here’s hoping the President soon joins us.” 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Wicker Commends President Trump for His Work Toward Peace in Ukraine, Condemns Putin for Attacks on Civilians

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    Watch Video Here
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today delivered a speech on the floor of the United States Senate commending President Trump and his administration for their work toward peace in Ukraine. In his speech, Sen. Wicker strongly condemned Russian dictator Vladimir Putin for his lack of good faith in peace negotiations and his attacks on civilians.
    Read Senator Wicker’s speech as delivered.
    I come to the floor today to add my voice to the many who are commending President Trump as he works toward peace in Ukraine.  The president has given the aggressor, Russian dictator Vladimir Putin, every chance to put down his guns and end the killing – and he’s done that over and over.  But our president is now showing that he will not wait on Mr. Putin forever.
    Every time Ukraine and the United States have extended the hand of peace, President Putin has responded with aggression.  With one hand, Vladimir Putin always makes a show of participating in peace talks.  With the other, he has repeatedly bombed civilians – a clear war crime – a war crime- including just on Sunday, of last week, Palm Sunday when he bombed worshipers and children playing on a public playground.
    On Saturday, day before yesterday, the president took Mr. Putin to task for this brutality, and I commend the President for doing that.  The President said and I quote, “There was no reason for Putin to be shooting missiles into civilian areas, cities, and towns, over the last few days.  It makes me think that maybe he doesn’t want to stop the war, he’s just tapping me along, and has to be dealt with differently.” End quote. Thank you, Mr. President for saying that.
    One of the president’s staunchest supporters in this body echoed that statement the just yesterday.  Senator Kennedy, of Louisiana said and I quote, “Putin thinks that America has taken the bullet train to Chump Town.”
    The president is right, and Senator Kennedy of Louisiana is right.  There is one man to blame for this war.  If Vladimir Putin put down his guns, there would be no more war.  If Volodymyr Zelensky and Ukraine put down their guns, there would be no more Ukraine.  That is a simple truth, and I appreciate the President for pressing that forcefully.
    And then today, General Jack Keane, a very respected observer, and an officer and official in the institute for the study of war expressed essentially the same sentiments as Donald Trump expressed the day before yesterday, and as Senator Kennedy expressed yesterday.
    On Fox News this morning, General Keane gave the president due credit for pursuing peace in Ukraine.  The general noted that President Trump understandably seems to be running out of patience with Putin’s intransigence.  I know that many members of this chamber are running out of patience too. General Keane then asked a simple question: Which side has shown that it wants a peace deal?  Both sides claim they want peace, but what is the evidence?
    And here is the truth. The truth is that Ukrainian President Volodymyr Zelensky has shown he is interested in peace.  He has negotiated at length with the administration.  Ukraine and its president agreed to a 30-day ceasefire.  Vladimir Putin rejected the idea.  Instead, Putin initiated an agreement to halt attacks on energy infrastructure, and then he immediately violated that agreement – Mr. Putin did. 
    Worst of all, throughout the so-called peace talks, Vladimir Putin has repeatedly taken the lives of non-combatant civilians and pummeled residential neighborhoods with bombs.  Every statement Mr. Putin makes should be viewed through that lens.
    President Trump is right: Too many people are dying.  And that includes the Russian people, who are also suffering.  The Russian people do not deserve to live under a vicious, larcenous, trillionaire president-for-life like Vladimir Putin.  So far, only one side has worked to end the violence.
    This weekend, the Trump administration set a timeline for Vladimir Putin to choose peace, and I commend them for it.  Secretary of State Marco Rubio who said the President will decide soon whether Putin is interested in actually working toward a just end to the war. 
    All signs indicate that the answer will be “no.”  The real answer, from Vladimir Putin will be “no.” . Just this morning, the Russian Foreign Ministry published words straight from the mouth of Russian foreign minister, Sergey Lavrov.  In no uncertain terms, this high-ranking Russian official rejected President Trump’s peace deal. 
    So this is a pivotal week.  I look forward to the president’s decision, and I would remind him, and my fellow colleagues:  Putin cannot be allowed to drag the United States along. 
    The United Staes Senate is ready to back President Trump as he stands up to Putin on a bipartisan basis.  Fifty senators – 25 Republicans and 25 Democrats – recently introduced a bill called the Sanctioning Russia Act of 2025. Who says there’s not bipartisanship in the Senate?
    25 Republicans and 25 Democrats have introduced legislation that will introduce primary and secondary sanctions against Russia and against actors supporting Russia’s aggression in Ukraine, imposing real consequences on Putin if he continues refusing to engage in good faith talks with Ukraine and the United States – and he’s never engaged in any talks that were of good faith.
    Putin repeatedly bombs civilians.  He has forged a trail of broken promise.  He, and only he, chose – unprovoked – to start the largest war in Europe since World War II.  Putin and only Putin did that.
    Where in any of this has there been a showing of good faith?  On Saturday, the president suggested that Putin quote “has to be dealt with differently.” Unquote.  I applaud this.  My Senate colleagues applaud this.  Experienced military professionals like General Keane applaud this.  The president has been exceedingly patient, but he is correctly stating that there should be an end.  It is time to treat Putin like the deceptive, cunning war criminal he is.

    MIL OSI USA News –

  • MIL-Evening Report: Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine

    Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago

    GettyImages Getty Images

    Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to think so.

    Starmer thanked New Zealand for its “support” for a “coalition of the willing” that would safeguard the implementation of a potential peace deal concluded by the Trump administration.

    But unless something drastically changes in the near future, all the signs point to the US president envisaging a Ukraine peace settlement on Russian president Vladimir Putin’s terms.

    According to that view, peace can only be achieved if Ukraine is prepared to accept that territories wholly or partially annexed by Russia now belong to Moscow.

    In 2014, Russia seized Crimea on the Black Sea. Following the illegal 2022 invasion, Russia claimed four parts of eastern and southern Ukraine as its own – Donetsk, Luhansk, Kherson and the Zaporizhzhia region.

    At the same time, Trump’s peace deal includes a provision that rules out NATO membership for Ukraine. This meets a key Russian demand that seeks to deny Ukraine’s sovereign right to choose its own security arrangements.

    According to Trump, Putin’s major concession is the promise that Russia will not annex the rest of Ukraine – something Moscow has been trying to do for the past three years.

    To accept this, however, liberal democracies such as New Zealand and Britain would be tacitly signalling they share common values and interests with the Trump administration and its apparent enthusiasm for a geopolitical partnership with Putin’s dictatorship.

    And in some ways, Trump’s Ukraine peace initiative is a bigger challenge for New Zealand than it is for Britain.

    Keir Starmer and Christopher Luxon speak to the media during a visit to a UK military base training Ukrainian troops, April 22.
    Getty Images

    Lessons of the past

    Like Britain, New Zealand fought in two world wars in the 20th century to advance, among other things, certain key international principles. These included state sovereignty and a prohibition on the use of force to change borders, principles subsequently enshrined in the United Nations Charter.

    But unlike Britain, New Zealand is a relatively small state that does not have a veto in the UN Security Council to protect its interests. Consequently, it is even more dependent on an international rules-based order for its security and prosperity.

    For New Zealand, Trump’s current Ukraine peace plan is a clear and present danger because it would set such a terrible precedent.

    Under the 1994 Budapest Memorandum, Ukraine gave up its nuclear weapons (left over from when it was part of the Soviet Union) in return for assurances from Russia, the US and UK that recognised Ukrainian independence and the inviolability of its existing borders.

    The Trump administration’s plan, however, insists Ukraine must accept the illegal and partial dismemberment of its territory to attain peace with Russia.

    Rewarding Russian aggression in this way is tantamount to a failure to learn the historical lessons of the 20th century. In particular, it seems to forget the period during the 1930s when Britain tried in vain to appease an expansionist Nazi regime in Germany.

    Trump’s peace plan basically endorses the idea that “might is right” and that it is fine for great powers or big countries to steal land from smaller countries.

    Adjusting NZ foreign policy

    In Trump’s top-down world view, multilateral institutions and international law are regarded as superfluous at best and an enemy at worst.

    In such a world, relatively small powers such as New Zealand, with “no cards to play” at the top table, must either submit to the dominance of great powers (including the US) or suffer the consequences.

    Moreover, there is a real risk that Trump’s stance toward Putin’s regime will be viewed as weakness by China, Russia’s most important backer. This could embolden Beijing to increasingly assert itself in the Indo-Pacific, including the Pacific Islands region, where New Zealand has core strategic interests.

    Trump’s plan for Ukraine brings into sharp focus what has already been evident from other recent trends: a domestic slide toward autocracy in Washington, the unilateral imposition of tariffs, and territorial threats against close allies Canada and Denmark.

    As European Union Commission President Ursula von der Leyen put it, “The West as we knew it no longer exists.”

    The transactional nature of Trump’s leadership – including that peace in Ukraine can be bought with mineral rights and territorial trade-offs – suggests the US can no longer be relied on to provide a security guarantee for liberal democracies in Europe or elsewhere.

    The current New Zealand government needs to find the self-confidence and resolve to admit Trump is backing Putin’s imperial project in Ukraine. And it needs to adjust its foreign policy accordingly.

    This does not mean Wellington should weaken its traditional friendship with the US.

    On the contrary, many Americans might expect and welcome the prospect of New Zealand clearly and publicly standing against their president’s dangerous alignment with an authoritarian regime at Ukraine’s expense.

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

    – ref. Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine – https://theconversation.com/peace-in-our-time-why-nz-should-resist-trumps-one-sided-plan-for-ukraine-255495

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Fischer Questions Michael Cadenazzi, Jr., Vice Admiral Scott Pappano at Senate Armed Services Committee Confirmation Hearing

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.), a senior member of the Senate Armed Services Committee, questioned the nominees for Assistant Secretary of Defense for Industrial Base Policy, Michael Cadenazzi, Jr., and Principal Deputy Administrator National Nuclear Security Administration, Vice Admiral Scott Pappano, USN, at their confirmation hearing.
    During the hearing, Fischer asked VADM Pappano about ensuring that the National Nuclear Security Administration (NNSA) weapons production remains on schedule. She emphasized the importance of modernized facilities capable of processing the materials necessary for nuclear weapons production.
    Fischer asked Mr. Cadenazzi about working with NNSA and the Department of Energy to grow our skilled manufacturing workforce and address broader industrial base concerns. She also asked about increasing munitions production and the Department of Defense’s National Defense Industrial Strategy.
    Click the image above to watch a video of Fischer’s questioning
    Click here to download audio
    Click here to download video
    Fischer Questions Nominees:Fischer: Thank you, Mr. Chairman, and thank you Ranking Member Reed. Thank you, gentlemen, for being here today and for your willingness to continue to serve this country. Admiral, thank you for coming in to visit. I appreciated you taking time in the conversation that we had. If confirmed, can you tell me how you will work to ensure that NNSA weapons production remains on schedule?
    VADM Pappano: Thank you, Senator. Yes, if confirmed, obviously, the production—shifting to production—is a key element for us to modernize the nuclear weapons stockpile right now. We’ve done a very good job of stockpile management in a science-based manner and kept up over the years. However, now, we have to transition that from the science-based stockpile management to actual production facilities and make sure we modernize the facilities, making sure that we don’t lose the science in the process and continue that going forward. I’ll look to do that by looking across at how we are modernizing our facilities right now and try to bring as much advanced manufacturing capabilities we can. As we look at the Manhattan Project era buildings that we’re dealing with: a lot of these facilities, how do we—as we modernize those—bring in modern technology so that we can be much more effective going forward in our production of nuclear weapons stockpile.
    Fischer: Thank you. We talked a little bit about NNSA’s 25-year Enterprise Blueprint, a roadmap to modernize the infrastructure there, and some of which, as you brought up in our discussion, dates back to the Manhattan Project. We won’t be able to produce the weapons that we need without the facilities needed to process materials like uranium, lithium, high explosives that go in those nuclear weapons. So, anything we can do as you look at that modernization process, please let us know.Fischer: Mr. Cadenazzi, both the Department of Defense and the NNSA have similar challenges with their industrial bases, and I believe that we have an opportunity now to address underlying issues in a way that strengthens both the nuclear industrial base and the defense industrial base. If confirmed, do you commit to working closely with NNSA and the Department of Energy on policies – like increasing our skilled manufacturing workforce – that would impact both of those industrial bases?
    Mr. Cadenazzi: Senator, appreciate the question and the significance of it, particularly in light of the workforce issues and access to materials that we’re facing across the industrial base. These are major challenges that both the NNSA and the broader defense industry face and are dealing with. And if confirmed, I’m thrilled to have the opportunity to speak to you about how and where the Industrial Base Policy office and I might be able to focus.
    Fischer: Great. What we’ve seen happen in the Ukraine war has shown us that militaries in modern conflicts, they expend munitions at a much faster pace than we ever expected before. And our stockpiles must be adjusted to account for this, and we must expend our munitions production capacity. We have to expand that. We’ve taken some steps to address it in recent years, and we have the opportunity to make those generational investments through the reconciliation process. In your opening statement, Sir, you said that production must be scaled now before conflict starts. I agree with that. If confirmed, what steps would you take to accomplish that goal?
    Mr. Cadenazzi: Appreciate the question again, Senator, the issue of munitions production is the top of the priority list, and something I’ve discussed with multiple Senators on this committee. I’m excited to work with the committee, if confirmed, on this topic. There are a couple of major things that I think will drive this. One is predictable and stable defense budget and program spend. So, the more we can stabilize that, the more industry will be able to align around it. A better understanding in industry of what the expectations for surge capacity are will make it clear what the potential opportunities are for them, and the level of capital required to increase facilities and workforce. That’s a major opportunity for the Department to articulate what would be a big, hairy, audacious goal in business school terms. And to go ahead and say, “we need a lot more capability from you, and we need to agree then on the investment required to meet that point.” We need to scale the workforce as well. There are many initiatives underway to improve workforce capabilities across the country. We need to grow those and take advantage of small businesses as well. If confirmed, these are all exciting opportunities for us to help address what is an obvious and well reported gap on this issue.
    Fischer: Are you familiar with the Department’s National Defense Industrial Strategy?
    Mr. Cadenazzi: I am, Senator, yes.
    Fischer: Do you have any concerns with that strategy or think that there are gaps there that still need to be addressed?
    Mr. Cadenazzi: Senator, I think the strategy is solid given the expectations of the previous administration and the goals they were looking to achieve. I’ve reviewed the external, open-source material for that and the associated implementation plan. If confirmed, I’m eager to work with the Industrial Base Policy office, the administration, and the committees to understand what changes we believe are necessary. I’m happy to work with you on that and to make sure that we tune that to meet the current needs of the moment, particularly in light of the changing requirements of the new administration.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Putin’s latest announcement for a temporary ceasefire rings hollow while Russia’s brutality continues: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Speech

    Putin’s latest announcement for a temporary ceasefire rings hollow while Russia’s brutality continues: UK statement at the UN Security Council

    Statement by Lord Collins of Highbury, Minister for Africa and the UN, at the UN Security Council meeting on Ukraine.

    Since Russia’s invasion over three years ago, this Council has met many times to discuss the death, destruction and misery Russia unleashed on Ukrainians.

    It has displaced over three and a half million people within the country, and almost seven million have sought refuge abroad leaving over a third of the population in dire need of humanitarian help.

    And its consequences have been felt far beyond Ukraine too, sending food and energy prices soaring which has hit the most vulnerable around the world the hardest.

    We welcome the US’s efforts to end this war, yet it is impossible not to reflect on the sheer scale of the crisis – including the shocking attack on Kryvyi Rih in which 20 people were killed earlier this month.

    Nine children lost their lives that day, and the UN reported that this was the largest number of children killed in a single strike since the start of the invasion.

    Civilian casualties have increased by 50% since February and over 10,000 missiles and drones have been fired into Ukraine since the start of the war.

    Such brutality has, sadly, continued – from the revolting strike in Sumy on Palm Sunday to the missiles raining upon Kharkiv and Kyiv, we do not need more evidence to prove that Putin is not serious about peace.

    Putin’s latest announcement for a temporary ceasefire, yet again, rings hollow.

    We need only look to the 30-hour pause in fighting over Easter as an example, during which there was no indication that a ceasefire on the frontline was observed.

    President, I think we can all see through this pretence.

    Russia must declare a ceasefire now.

    Not in a day, not in a week. Ukraine stands ready to go the whole way – a durable and full ceasefire – right now.

    So why wait? Why only for 72 hours?

    If Putin were truly serious, he would agree today to an immediate, full and unconditional ceasefire, just as Ukraine has done – not simply announce a short pause from May 8th.

    But Putin chooses not to.

    Compare that to Ukraine, which agreed to the US ceasefire proposal over 40 days ago.

    Make no mistake – the United Kingdom’s commitment to peace is clear.

    As is the United Kingdom’s commitment to stand by Ukraine in the face of Russian aggression.

    Together, with our allies and partners, we must continue to work with Ukraine and speak up with one voice in Ukraine’s support.

    Because that remains the best way of achieving a just and sustainable end to Putin’s selfish war.

    TWEET:

    Putin’s latest call for a temporary, 72-hour ceasefire rings hollow.

    As hollow as his call for a pause over Easter – throughout which Russian missiles and airstrikes continued to fall on Ukraine.

    Ukraine is ready for peace. Russia needs to get serious and stop playing for time.

    CLIP:

    Putin’s latest announcement for a temporary ceasefire, yet again, rings hollow.

    We need only look to the 30-hour pause in fighting over Easter as an example, during which there was no indication that a ceasefire on the frontline was observed.

    We can all see through this pretence.

    Russia must declare a ceasefire now. 

    cut

    Why wait? Why only for 72 hours?

    If Putin were truly serious, he would agree today to an immediate, full and unconditional ceasefire, just as Ukraine has done – not simply announce a short pause from May 8th.

    But Putin chooses not to. 

    Compare that to Ukraine, which agreed to the US ceasefire proposal over 40 days ago. 

    Make no mistake – UK’s commitment to peace is clear. 

    As is the United Kingdom’s commitment to stand by Ukraine in the face of Russian aggression.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excelencias:

    En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

    Él fue siempre un mensajero de esperanza. 

    Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

    En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

    Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.  

    Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

    Muchas gracias.

    ***
    [All-English]

    Excellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Throughout, Pope Francis was a clear voice of justice for people and planet.

    He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

    He also highlighted the clear ties between environmental degradation and the degradation of humanity.

    Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

    Excellencies,

    In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

    He was forever a messenger of hope. 

    Now it falls to all of us to carry this hope forward.

    At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
    Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.  

    As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

    Thank you.

    ***
    [All-French]

    Excellences, Mesdames et Messieurs,

    Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

    Il s’était fait le champion des personnes les plus marginalisées sur Terre.

    Il était une voix de solidarité dans un monde de clivages…

    Une voix de compassion dans un monde de cruauté…

    Une voix de paix dans un monde de guerre.

    C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

    Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

    Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

    Excellences,

    Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

    Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

    Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

    Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

    Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

    Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

    Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

    En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

    Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

    L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

    Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

    Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

    Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

    Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

    Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

    Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

    Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

    L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

    Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excellences,

    Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

    Il aura été jusqu’au bout un messager de l’espérance.

    Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

    À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

    Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

    Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

    Je vous remercie.
     

    MIL OSI Africa –

  • MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

    Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

    As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

    Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

    A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

    The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

    This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.


    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

    Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

    In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

    Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

    When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

    “Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

    Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

    The long and the short

    In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

    JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

    Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

    In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

    Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

    Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

    Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

    The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

    The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

    If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

    Steve Dunne receives funding from the Equality and Human Rights Commission.

    – ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

    Source: United Nations secretary general

    Excellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excelencias:

    En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

    Él fue siempre un mensajero de esperanza. 

    Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

    En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

    Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.  

    Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

    Muchas gracias.

    ***
    [All-English]

    Excellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Throughout, Pope Francis was a clear voice of justice for people and planet.

    He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

    He also highlighted the clear ties between environmental degradation and the degradation of humanity.

    Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

    Excellencies,

    In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

    He was forever a messenger of hope. 

    Now it falls to all of us to carry this hope forward.

    At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
    Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.  

    As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

    Thank you.

    ***
    [All-French]

    Excellences, Mesdames et Messieurs,

    Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

    Il s’était fait le champion des personnes les plus marginalisées sur Terre.

    Il était une voix de solidarité dans un monde de clivages…

    Une voix de compassion dans un monde de cruauté…

    Une voix de paix dans un monde de guerre.

    C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

    Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

    Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

    Excellences,

    Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

    Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

    Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

    Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

    Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

    Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

    Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

    En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

    Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

    L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

    Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

    Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

    Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

    Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

    Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

    Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

    Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

    L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

    Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excellences,

    Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

    Il aura été jusqu’au bout un messager de l’espérance.

    Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

    À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

    Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

    Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

    Je vous remercie.
     

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: The UK is committed to doing all we can to protect information integrity with a human rights-based approach: UK statement at the UN

    Source: United Kingdom – Executive Government & Departments

    Speech

    The UK is committed to doing all we can to protect information integrity with a human rights-based approach: UK statement at the UN

    Statement by UK Spokesperson to the UN Letisha Lunin at the UN Committee on Information General Debate.

    Thank you Chair, let me begin by congratulating you and the members of the Bureau on your election.

    I would also like to thank the Secretariat and Under-Secretary-General Fleming and the Department of Global Communications for its work, including on the UN’s Global Principles for Information Integrity, which we are proud to support.

    The UN’s footage and testimony from war zones shines a light on humanitarian crises. Its news and campaign services raise awareness of the Sustainable Development Goals, and equip us with accurate information on the climate and nature crisis. 

    As we mark the UN’s 80th anniversary, the Department’s work has never been more important.

    It is vital audiences understand the nature and magnitude of the current global challenges we face, and how the UN has made a difference, maintaining international peace and security, in accordance with the UN charter.

    Chair, I will make three points:

    First, the UK is extremely concerned at the rapidly growing threats to information integrity, fueled by artificial intelligence.

    Mis and disinformation operations are being used to exacerbate tensions and conflicts, and compromise the integrity of elections, undermining trust in democratic institutions. 

    The recent World Economic Forum Global Risks Report for 2025 lists mis and disinformation as the most severe global risks over the next two years.

    Mis and disinformation is being weaponised by state and non-state actors to deceive populations at scale.  

    Since Russia’s illegal invasion of Ukraine, Russia has been using disinformation to undermine global support for Ukraine. The UK has been proactive in identifying and acting against these malign information operations. This includes exposing and sanctioning the Russian state-funded Social Design Agency, whose sole purpose is to weaken international support for Ukraine by spreading false social media content.

    Recently, the UK shared information that Proxies, directed by the Russian state, have plans to interfere with elections in the Central African Republic, including through suppressing political voices and conducting disinformation campaigns to interfere in political debate. 

    Russia has also been exploiting the Security Council as a platform for disinformation. Russia has invited dozens of individuals as briefers to spread conspiracy theories about what has happened in Ukraine.

    Member States all have a responsibility to protect the integrity of the UN as a trusted source of information.

    The UK condemns disinformation about UN Peacekeeping operations. The spread of false allegations not only erodes trust between the Blue Helmets and the communities they serve, it is also damaging their ability to implement their mandate, and it is putting peacekeepers’ lives at risk.  

    We are proud to support the UN’s Mis and Disinformation in Peacekeeping Settings Project.

    Second, independent journalism reported freely, without fear, is essential in a democratic society.

    But in many parts of the world, the freedom of the media is under threat. 

    The Committee to Protect Journalists (CPJ) reports that more journalists were killed in 2024 than in any other year since it began collecting data over three decades ago.  

    The conflict in Gaza has become the deadliest ever recorded for media and journalist workers. 

    In Sudan, reporters are also taking significant risks to document the horrors of war.

    Journalists should be able to carry out their work safely and free from censorship and harassment. 

    The UK is proud to have co-founded the Media Freedom Coalition, with 51 countries as members, advocating for the safety of journalists. 

    And we also thank the Department of Global Communications for its work supporting journalists.

    This brings me to my third point, Chair. The UK is committed to doing all we can to protect information integrity with a human rights-based approach.  

    That is why we are proud to support the Global Digital Compact.

    The UK’s Online Safety Act ensures platforms tackle harmful content by requiring companies to take steps to remove illegal content, including illegal mis and disinformation.

    Finally, the UK supports multilingualism. 

    And while a third of the world’s population remains offline, the UK supports collective efforts to close the digital divide and ensure those who come online have access to accurate and reliable information.

    Thank you.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Liverpool launches landmark 2040 plan to create “framework for a better future”

    Source: City of Liverpool

    A detailed, data-led report looking at how to create a better future for Liverpool’s half a million residents over the next 15 years has been published.

    The Liverpool 2040 Plan, which has been published online, sets out a step-by-step framework to foster greater collaborations across dozens of key organisations to make Liverpool the UK’s leading city of opportunity – for all.

    This strategic vision, documented in a 37-page publication, has been launched with a commitment from city leaders “to work closer together than ever before” on a series of common issues and to influence and guide public sector reform on key areas such as education, employment, housing and health.

    Set out as “a framework for a better future”, the wide-ranging plan has been developed by the Liverpool Strategic Partnership, whose membership has been increased to include more than 20 organisations. Collectively the LSP has a combined workforce of more than 60,000 people and an annual spend of £10bn a year.

    The overall aim of the Liverpool 2040 Plan is to offer greater opportunities to the city’s residents, of all ages and backgrounds, in a united effort to make it a better city to live, learn, work and play in.

    The Liverpool 2040 plan also sets out how city partners will collaborate to improve life-long educational standards whilst addressing deep rooted socio-economic and health inequalities, as well as global challenges such as climate change.

    Work is already on some fronts, with Liverpool last week being awarded Marmot City status for its work in tackling health inequalities and has been appointed the world’s first UN Accelerator City for its work on reduce the carbon footprint in the entertainment industry.

    However, Liverpool, whose population is set to grow by 10% over the coming decade, is a city where a third of residents are classed as economically inactive and where one in five have a disability. And at a neighbourhood level, life expectancy can vary by up to 14 years for residents living just four miles apart.

    Such challenges, set against unprecedented pressures on public finances, has led city leaders to come together in a renewed effort to identify and align common priorities. This approach is underpinned by a commitment to analyse and share intelligence to inform and strengthen joint-working to identify and maximise opportunities presented by new government policies.

    The 2040 timeline also aligns with other key data-rich programmes as identified in the State of Health in the City: Liverpool 2040 report and the city region goal to achieve New Zero status also by 2040.

    This shared ambition is set around eight key priorities, each to be measured against five specific outcomes, with a clear intent to provide a long-term vision for the type of city the next generation should be inheriting.

    The eight pillars of the 2040 plan are:

    1. The Next Generation – key aim: For Liverpool to be UNICEF Child Friendly City.
    2. Healthy Lives – key aim: To improve life expectancy and reduce health inequalities in poorest communities.
    3. A Fair Transition to Net Zero – key aim: For Liverpool to be a zero-waste city.
    4. Safe, Cohesive and Clean Communities – key aim: To improve safety at neighbourhood level.
    5. Quality Homes – key aim: To work at eliminating homelessness and rough sleeping.
    6. Inclusive Economic Growth – key aim: To develop city-wide innovation and skills strategy.
    7. An Exciting and Distinctive City – key aim: For Liverpool to build on top 5 UK visitor city destination status.
    8. Vibrant Public Services – key aim: To be a leading innovator based on data-led evidence.

    The LSP, overseen by a board of chief executives, chaired by the chief executive of Liverpool City Council, has also been refreshed in response to the Strategic Futures Panel’s recommendations around strengthening the city’s approach to public service reform.

    The LSP has also been devised to enable Liverpool to speak with one voice to national government and its departments. It also provides a shared platform for the city to take advantage of any new government opportunities.

    The Liverpool 2040 Plan has also identified a priority focus on public service reform, with an emphasis on what makes sense for local areas to meet the needs of local people.  This will build on key initiatives including Liverpool City Council’s new neighbourhood model, the Health Determinants Research Collaboration (HDRC), the Complex Lives project, the North Liverpool Public Service Reform Prototype, and the development of an Office of Public Service Innovation.

    The Liverpool 2040 plan, which has been endorsed by Liverpool City Council’s cabinet, replaces the former City Plan that was published in 2020.

    This previous city plan was in need of a refresh to reflect on the lessons and consequences of Covid-19 pandemic, the commissioner-led intervention to improve Council performance, as well as recent socio-political issues like a new UK government, last summer’s civil unrest. It also needed to respond to wider issues like the global energy crisis caused by the Russian invasion of Ukraine as well as the rise of AI and understanding and identifying the challenges and opportunities it presents.

    Member of the Liverpool Strategic Partnership are:

    • Liverpool City Council
    • University of Liverpool
    • Liverpool John Moores University
    • Liverpool Hope University
    • Liverpool School of Tropical Medicine
    • City of Liverpool College
    • Liverpool Chamber of Commerce
    • Liverpool Charity and Voluntary Service
    • Torus
    • The Riverside Group
    • Onward Homes
    • Merseyside Police
    • Merseyside Fire and Rescue Service
    • HMPS – Liverpool Prison
    • Mersey Care NHS Foundation Trust
    • NHS Cheshire and Merseyside Health and Care Partnership
    • Liverpool University Hospitals NHS Foundation Trust
    • Alder Hey Children’s Hospital Trust
    • Liverpool Heart and Chest Hospital
    • Walton Centre NHS Foundation Trust
    • Department for Work and Pensions, North West

    Councillor Liam Robinson, Leader of Liverpool City Council, said: “The Liverpool 2040 Plan sets out the beginning of a 15-year journey to shape Liverpool as the UK’s leading city of opportunity – for all.

    “The Liverpool 2040 Plan sets out a clear vision of how to be a better city and sets the foundations to guide the changes needed well into the rest of the 21st century.

    “it’s clear our major organisations need to work much harder and smarter together. For Liverpool to be a better city, we need to do better on a lot of levels – and I’m heartened by the desire and commitment in so many of our partner organisations to do that.

    “This is the city that delivered both the best-ever European Capital of Culture and Eurovision. Through a potent mix of imagination, inspiration and collaboration we saw mass participation on an unprecedented scale, delivering remarkable results with huge economic benefits. Under the biggest spotlight and phenomenal pressure, Liverpool performs. And excels. Like few cities can.

    “But on another level, too many of our residents are not living their best life. Opportunity is not knocking in the way it should in the world of education and employment. The health and wealth for a lot of our residents is below the national average. Much of our housing is poor quality, so many of our children are not benefitting from the best possible start in life. That is unacceptable. That needs to change.

    “This Liverpool 2040 plan provides the best possible platform for us to start that journey, informed by data every step of the way to ensure we all make the right decisions to ensure we create an environment that nurtures and fosters talent and opportunity.

    “We need to fully address the fundamental issues we face – in education, employment, health, housing, transport and employment – and its eight guiding priorities will shape how we respond to the challenges and maximise the opportunities over these next 15 years.

    “I’m deeply encouraged by how many partners right across the public, private and voluntary sector have signed up to a vision of offering greater opportunities than ever before to our residents. We all have a role to play in making Liverpool the best place to grow up, grow a family, and grow a business – where no-one is left behind.

    “Rest assured myself, my cabinet and this Council will work tirelessly with the Metro Mayor and the city region combined authority to make our case to the UK Government where and when it is needed. The Council cannot make these improvements alone. And not all the solutions are financial – reform and policy changes are just as vital to delivering the changes we need.

    “Lasting change takes time, which is why we have set a 15-year timeline for our vision. Despite this, we are determined that our residents will see immediate and incremental improvements in the here and now, and I am deeply optimistic about the progress we can make together on an ongoing basis.”

    Andrew Lewis, Chair of the Liverpool Strategic Partnership and Chief Executive of Liverpool City Council said: “Public services across the country, and particularly here in Liverpool, are facing unprecedented challenges, including rising demand for services, limited public funding and increasing complexity of needs. 

    “These challenges cannot be met by any one organisation acting alone. So it’s vital to have a strong strategic partnership across Liverpool.  Together we represent the full range of public services for our city, committing to work together on a shared strategy for Liverpool 2040, prioritising our investments, sharing data and evidence, and transforming services together.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. Smith Statement on Trump’s First 100 Days

    Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

    Today, Rep. Smith (D-Wash.) released the following statement as President Trump reaches the end of his first 100 days in his second presidency.

    “The first 100 days of Trump’s second presidency have been marked with illegal firings of federal employees, chaotic tariff policies, unconstitutional deportations without due process, and mindless cuts to essential federal programs.

    “As Commander-in-Chief, President Trump should be bringing the country together to face our current economic and global challenges. Instead, he has used the last 100 days in office to further divide the American people, commit retribution, cause more economic uncertainty, and threaten global stability. From firing nuclear safety employees to cutting cancer research funding, his choices have left Americans less safe.

    “As this Administration continues down this incompetent and unlawful path, it is incredibly important for citizens to remain engaged and involved in their communities. It will be equally important for Congress to stand against his policies and to build a coalition that fights for the working people. We must advocate for a better path forward and provide a reasonable alternative.”

    ###

    BACKGROUND

    • More than 280,000 United States federal civil services layoffs have been announced by the Trump Administration across 27 agencies.
      • 99 percent of USAID employees have been let go, reducing American investment in famine prevention, disease prevention, and global development and humanitarian initiatives.
      • More than 2,400 workers were fired from the Department of Veterans Affairs, including staff at the Seattle Veterans Affairs office.
      • The Trump Administration fired the employees who help make sure there are affordable, safe child care options across Washington State.
    • The Trump Administration disrupted $430 billion in federal funds from disease research to child care to veterans’ assistance.
      • Additionally, the Administration froze all disbursements of Inflation Reduction Act and Bipartisan Infrastructure Law funding with an executive order. This funding was going to projects to build new roads, fix bridges, replace lead pipes, expand broadband access, strengthen infrastructure against natural disasters.
      • The Trump Administration cut funds to the Head Start program, which provides early child care for more than 15,000 low-income children and their families.
    • President Trump boasted he would end the wars in the Middle East and Ukraine on day one, but both conflicts continue to rage on.
    • The Trump Administration has defied an order from the Supreme Court of the United States ordering that the Administration facilitate the release of a Maryland man from a mega-prison in El Salvador.
    • The Trump Administration faces more than 150 of lawsuits from state and local governments over their illegal firings, removal of promised funds, and illegal deportations.

    MIL OSI USA News –

  • MIL-OSI Global: Putin’s three-day ceasefire isn’t a genuine move towards peace, but Ukraine has to play along

    Source: The Conversation – UK – By Natasha Lindstaedt, Professor in the Department of Government, University of Essex

    The Russian leader, Vladmir Putin, has announced a three-day ceasefire in Ukraine to commence on May 8, coinciding with the 80th anniversary of the Soviet Union’s victory in the second world war. The Kremlin says “all hostilities will be suspended” during this period and has made it clear it expects Ukraine to follow suit.

    Ukraine responded by calling for an immediate month-long ceasefire and questioned Russia’s commitment to lasting peace. In a post on social media, Ukraine’s foreign secretary, Andrii Sybiha, wrote: “If Russia truly wants peace, it must cease fire immediately … Why wait until May 8th?”

    The ceasefire announcement followed two important developments. On April 18, the US secretary of state, Marco Rubio, claimed that President Donald Trump was growing impatient and was likely to abandon peace efforts within days if there was no progress.

    Trump then made a rare rebuke of Putin on social media, writing “Vladmir, STOP” after a Russian air attack on Kyiv on April 24 killed 12 people and injured more than 80 others.



    Read more:
    Why is Donald Trump failing to bring peace to Ukraine like he promised?

    A temporary ceasefire allows Putin to do just enough to keep Trump thinking he is committed to a peace deal, hoping this will lead to eventual sanctions relief. But it also has clear benefits for Russia on the battlefield.

    Many aggressors use ceasefires to regroup, rearm and improve their positioning. Analysts have warned that Russia will use the pause to reorganise in order to pursue larger territorial ambitions, particularly in southern and eastern Ukraine.

    According to Ukraine, the broken “Easter truce” helped Russian forces in the Lyman sector of Donetsk Oblast regroup and launch a large-scale infantry assault shortly after its end. The Ukrainian president, Volodymyr Zelensky, says the Easter ceasefire was violated by Russia around 3,000 times.

    While Trump appears frustrated by these recent developments, he has remained committed to maintaining a solid relationship with Putin. And in spite of the fact that only 2% of Americans are sympathetic to Russia, Trump has done little to hide his admiration for the Russian leader.

    Bloomberg news examined more than 300 of Trump’s public comments and over 3,000 social media posts since August 2024 and found that Trump has been echoing Russian talking points. The latest evidence of this occurred just days ago.

    When asked by a journalist on April 25 about what concessions Putin has made in the negotiation process, Trump claimed his Russian counterpart was making a “pretty big concession” by not taking over all of Ukraine.

    And while most western leaders condemned the Russian invasion of Ukraine in 2022, Trump referred to it initially as “genius” and “savvy”.

    Trump not only respects Putin but sees their relationship as mutually beneficial. Putin has enticed Trump with potential investment opportunities in Russia, such as a Trump Tower project in Russia, and has supported his administration’s desire to take over Greenland.

    Though Putin occasionally flatters Trump, this is mostly to manipulate him. It was easy to see through Putin’s intentions with his commissioning of a laudatory portrait of Trump in the aftermath of his assassination attempt, standing triumphantly with the Statue of Liberty and American flag in the background. But, apparently, Trump was touched by it.

    This flattery seems to be working. Trump has recently announced that he supported Putin’s claims on Crimea, which Russia seized in 2014, representing a huge departure from decades of US foreign policy.

    By doing so, Trump is reneging on the 1994 Budapest Memorandum, where the US committed to support Ukraine’s sovereignty. This constitutes a breach of international law and will also make peace in Ukraine harder to achieve.

    The recognition of Russian sovereignty over Crimea is considered a red line for Ukraine and would be politically unpopular. Zelensky has made it clear that Crimea belongs to Ukraine, and that Russian annexation violates Ukraine’s current constitution. The constitution cannot be changed when the country is at war and under martial law.

    Ukraine’s limited options

    In spite of the unfavourable terms of any looming peace agreement, Zelensky has little choice at this point but to support a ceasefire. Nearly 90% of Ukrainians polled have faced stress due to the war and another poll, published in March, showed that 77% of Ukrainians back a ceasefire.



    Read more:
    Are Ukrainians ready for ceasefire and concessions? Here’s what the polls say

    The other issue is that Zelensky can no longer count on the US. And research from 2023 shows that for parties that have lost international support, moving towards a ceasefire is much more likely.

    With the US making clear that long-term support for Ukraine is not guaranteed, and Trump not approving a single military aid package since taking office, Zelensky has few options but to support a ceasefire agreement.

    Ceasefires are fairly common occurrences in conflict – over 230 ceasefires have taken place since 1990. But they are frequently broken. Russia in particular, has not been the most trustworthy partner in peace. According to Zelensky, Putin has broken 25 peace agreements over the past decade.

    This doesn’t leave one with much confidence that the latest ceasefire is a genuine move towards peace for Putin, or that the ceasefire will lead to anything more substantial.

    With Trump impatient to get a deal done rather than address the root cause of the conflict (Russia’s imperial ambitions), Russia will continue to manipulate the peace process and block future security guarantees for Ukraine.

    Putin is an expert at committing to agreements that he will renege on. By doing so, he can exact more concessions in the process, all the while blaming Ukraine for the breakdown in peace.

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

    – ref. Putin’s three-day ceasefire isn’t a genuine move towards peace, but Ukraine has to play along – https://theconversation.com/putins-three-day-ceasefire-isnt-a-genuine-move-towards-peace-but-ukraine-has-to-play-along-255463

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Dialogue, negotiations, disarmament: the Church’s path to peace according to Pope Francis

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 April 2025

    Vatican Media

    Vatican City (Fides Agency) – Three chairs, which soon became two, placed in front of the baptistery in St. Peter’s Basilica. Facing each other, Presidents Donald Trump and Volodymyr Zelensky – for a quarter of an hour and on the sidelines of Pope Francis’ funeral- engaged in intense dialogue on the possibilities for ending the bloody conflict in Ukraine. It was an image that in its own way recalled the criteria that have inspired the Holy See’s contribution to attempts to resolve wars, conflicts, and international crises during the pontificate of Pope Francis. Fragments of what the Argentine pontiff himself had called the “world war in pieces.”The paths of dialogue, negotiation, and disarmament are those that the last bishop of Rome, with the help of Vatican diplomacy, repeatedly encouraged, describing them as the only viable ways to find solutions for everyone in ongoing conflicts.Starting with “tormented Syria,” which has always been close to the Argentine Pope’s heart. The Pontiff gave voice to refugees and displaced persons fleeing the violence of a war that, as the Pope himself said, has risked turning into “brutal persecution” for those who profess other religions. Appeals for Syria, which have become a constant feature of the Easter Urbi et Orbi blessings, have been made during several Angelus and Regina Coeli prayers, as well as at the end of Wednesday’s general audiences. Only a few years later, the same would happen with war-torn Ukraine.“How much blood has been shed! And how much suffering must still be endured before a political solution to the crisis can be found?” the Pope asked repeatedly, always calling for ‘courage’ and ‘determination’ to embark on the path of negotiations. He did so by proclaiming September 7, 2013, a day of prayer and penance for peace in Syria, the Middle East, and throughout the world, because, as he said during the Angelus prayer in which he announced this initiative, “Humanity needs to see gestures of peace and hear words of hope and peace!”The gestures were followed by further words, including letters to heads of state, and finally by his physical presence: in spring 2016, he told Syrian refugees housed in the Moria camp in Lesbos: “I want to tell you that you are not alone.” When he returned to Rome, he took three Syrian families with him.And that’s not all. During his apostolic journey to the Holy Land in May 2014, the Pope paused to pray in front of the separation wall built by Israel near Bethlehem, the city where Jesus was born. A few weeks later, the Pope brought together the then Israeli President Shimon Peres and Palestinian President Mahmoud Abbas at the Vatican to pray together for peace in the Middle East. On this occasion, an olive tree was planted in the Vatican Gardens in the presence of Patriarch Bartholomew I and a delegation of Christians, Jews, and Muslims from the Holy Land as a symbol of peace.“Yes to keeping agreements and no to provocation; this requires courage,” said the Bishop of Rome in June 2024 before saying the closing prayer: “Many times and over many years, we have tried to resolve our conflicts with our own strength and even with our weapons; so many moments of hostility and darkness; so much blood shed; so many lives broken; so many hopes buried… But our efforts have been in vain. Now, Lord, help us! Grant us peace, teach us peace, lead us to peace! Open our eyes and our hearts, and give us the courage to say: “Never again war!” … And may these words—division, hatred, war—be banished from the hearts of every human being! Lord, disarm our tongues and our hands, renew our hearts and minds, so that the word we use to address one another may always be “brother,” and our lives may be expressed in “Shalom, Peace, Salam!” Amen.Last year, on the tenth anniversary of this historic meeting, Pope Francis wanted to gather the entire diplomatic corps accredited to the Holy See around this olive tree, which has since grown, to commemorate the embrace between the two presidents. The ambassadors of Israel and Palestine to the Holy See sat next to the Pope.“Instead of pretending that war can solve problems and lead to peace, we must therefore be critical and vigilant toward an ideology that unfortunately prevails today, according to which ‘conflict, violence, and divisions are part of the normal functioning of society.’ It is always about power struggles between different social groups, about particular economic interests and about international political considerations that aim at an apparent peace and run away from the real problems. Instead, in a time marked by tragic conflicts, we need a new commitment to building a peaceful world. To all believers and people of good will, I say: Let us not cease to dream of peace and to build peaceful relationships!” These were the words spoken by the Pope in the early summer of 2024.A similar initiative was launched in spring 2019, when the Pope invited the civil and ecclesiastical authorities of South Sudan to a two-day spiritual retreat in the Vatican. Contrary to protocol, Pope Francis knelt before them and kissed the shoes of the South Sudanese leaders:“I implore that the fire of war may be extinguished once and for all.” Peace, according to the Bishop of Rome,“is the first gift that the Lord has given us, and it is the first duty that the leaders of nations must fulfill: peace is the fundamental condition for the respect of the rights of every human being and for the integral development of all peoples.” “Dear brothers and sisters, let us not forget that God has entrusted us, the political and religious leaders, with the task of guiding his people: he has entrusted much to us, and for this very reason he will demand all the more from us! He will ask us to give an account of our service and our office, of our commitment to peace and to the good we have done for the members of our communities, especially the poorest and most marginalised. In other words, he will ask us to give an account of our lives, but also of the lives of others.”“Peace is possible,” it is ‘a great gift from God,’ but it also requires a commitment from people “in dialogue, in negotiation, and in forgiveness.” After his words to the Sudanese leadership, Pope Francis said something similar in an interview regarding the war between Russia and Ukraine: “Stronger is the one who thinks of the people, who has the courage to raise the white flag,” and “when you see that things are not going well, you must have the courage to negotiate,” which does not mean surrender, “negotiating is never surrender.” In Gaza, too, he added on that occasion, there is a conflict that “is involves two, not one. The irresponsible ones are these two who are waging war. Today, with the help of the international powers, we can negotiate. The word negotiate is courageous. We need not be ashamed to negotiate before the situation gets worse.”Parallel to the path of dialogue runs the path of disarmament, from the demand for a ban on nuclear weapons to the condemnation of the arms race, the words of Pope Francis are in perfect continuity with those of his predecessors, from Benedict XV to Benedict XVI. The latter also advocated an end to the arms trade: “I would also say that the importation of arms must finally cease, because without the importation of arms, war could not continue. Instead of importing weapons, which is a grave sin, we should import ideas of peace and creativity; seek solutions that accept everyone in their otherness. We must therefore make visible in the world respect for religions, respect for human beings as creatures of God, and charity as fundamental to all religions.”Pope Francis took up this concept again in 2019 when he received participants at a meeting of relief organizations of the Eastern Churches and said: “Those who have nothing to eat, who have no medical care, who have no school, the orphans, the wounded and the widows raise their voices to heaven. Even if people’s hearts are insensitive, this is certainly not true of God’s heart, which is wounded by the hatred and violence that can erupt among his creatures, and which is always touched and concerned with the tenderness and strength of a protective and guiding father. But sometimes I also think of the wrath of God that will be unleashed on those responsible in countries that talk about peace and sell weapons to wage these wars. This hypocrisy is a sin.”Back in 2014, the Argentine pope had already said in his apostolic letter Evangelii gaudium: “There are economic systems that need to wage war to survive.” He repeated several times that the most profitable investments today are made in arms factories. On several occasions, especially in his Urbi et Orbi messages at Christmas and Easter, he called for weapons to be silenced and proposed the establishment of a world fund against hunger, to be financed with the money earmarked for arms. During the pandemic, while praying the Rosary in St. Peter’s Basilica, he proposed the creation of another fund, this time for research and studies: “Holy Mary, stir consciences so that the enormous sums spent on increasing and perfecting weapons may instead be used to promote adequate studies to prevent similar disasters in the future.”According to the latest figures from the Stockholm International Peace Research Institute (SIPRI) for 2023, global military spending will reach a record high of $2.44 trillion, representing an increase of 6.8% over the previous year.The US spent the most on weapons: $880 billion, followed by China ($309 billion) and Russia ($126 billion). If the military budget is divided by the number of inhabitants, the US spent an average of $2,694 per inhabitant. By comparison, Israel spent $29 billion in 2023, but achieved the highest per capita expenditure in the world: $2,997 per inhabitant.Pope Francis’ words on this subject are illuminating: “Certain decisions are not neutral: spending a large part of the budget on weapons means taking it away from something else, once again taking it away from those who lack the necessities. And that is a scandal. How much is spent on weapons is terrible. We must raise awareness that continuing to spend on weapons defiles the soul, the heart, humanity. What good is it if we all solemnly commit ourselves at the international level to campaigns against poverty, against hunger, against the destruction of the planet, if we then fall back into the old vice of war, into the old strategy of the power of arms, which sets everything and everyone back? War always leads to regression, always. We are going backwards.” (FB) (Fides Agency 29/4/2025)
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    MIL OSI Europe News –

  • MIL-OSI United Kingdom: The treasure of trusteeship

    Source: United Kingdom – Executive Government & Departments

    Speech

    The treasure of trusteeship

    David Holdsworth delivers speech at Trustee Exchange 2025.

    Good afternoon. 

    I’m delighted to join so many of you here today at the annual Trustee Exchange.  

    This is the event in the calendar dedicated to promoting and developing trustees, and I’d like to extend my thanks to Civil Society for once again bringing us all together.  

    Because, put simply, without you, there would be no charity sector.  

    What you achieve – individually and collectively – for society, is nothing short of staggering. 

    A figure used a lot is £94 billion.

    That’s the annual turnover of the charity sector in England and Wales.

    It’s a huge figure – so huge that it’s hard to really imagine what that means, on the ground, in people’s lives. 

    Well – it means game-changing medical trials – like the one recently funded by the charity Spinal Research – a paralysed woman regaining the use of her hands so that she can now brush her young daughter’s hair.

    It means that the osprey – that magnificent bird of prey – which was once driven to near extinction in the UK – is now thriving, with over 250 nesting pairs living in Britain today. 

    It means that 30 million more people across the world now have access to a safe, working toilet. 

    It means that families with seriously ill children in hospital can stay close by in free, purpose-built accommodation. 

    And it means that, on average, two lives are saved at sea every single day by RNLI volunteers.   

    These a just a few examples of what has been made possible by the charity sector, and the steadfast custodianship of its trustees.  

    So please, take a moment to reflect on your own contribution to the countless and varied achievements of charities across the years.  

    I can assure you, your work does not go unnoticed by us or the public. 

    So ensuring the Commission supports you as trustees in maximising your charities’ impact is vital – and that’s what I want to discuss today. 

    It won’t come as news to you that the entire charitable sector is scaffolded by the enthusiasm, generosity, and capability of its trustees. 

    So making trusteeship an attractive prospect – both for current trustees, and for new recruits – is absolutely vital for us. 

    I’ve been in post at the Charity Commission now for nine months, and in this time have had the pleasure of visiting a great range of charities in England and Wales.  

    I don’t need to tell anyone here today that times remain challenging for the sector as a whole. 

    Charities are on the front line, dealing with the fall out from unpredictable global politics and shifting world orders. 

    From providing aid in warzones such as Ukraine and the Middle East, to running vital services here in the UK, the sector consistently steps in to meet need – wherever it finds it. 

    All the while, charities continue to grapple with higher running costs, a challenging environment for fundraising and increasing demand for their services. 

    In the face of these challenges, many trustees are being forced to make difficult decisions about the future of their charity.  

    Against this backdrop, you might assume morale among the charities I’ve visited would be low.   

    But I’ve found the opposite to be true.  

    The trustees I’ve spoken to are realistic about the challenges they face, but overwhelmingly optimistic about the resilience of their charity to weather them.  

    They are the embodiment of public spirit.  

    Trustee research 

    Just today we have published the results our new research with ProBono Economics into the experience of trustees in England and Wales.  

    It found that the vast majority of trustees are immensely positive about their experience. Something that you and most of us who are or have been trustees of course already knew. 

    They reported multiple benefits from their role, ranging from professional benefits to a greater sense of personal connection, purpose and fulfilment.  

    Eight in ten trustees would be likely to recommend the role to others.

    Most trustees feel positive about board dynamics, and their relationships with staff. 

    Most report feeling that they are having a positive impact on the world, and that they’re more connected to their community as a result. 

    One in three said that their role expanded their social circle.  

    And the benefits don’t stop there. 

    Trustees who are still of working age found that the role supported their career development, while two thirds of trustees said they enjoyed the opportunity to use their skills in a new context. 

    More than half have served on their boards for four years or more, underlining the loyalty and dedication of many trustees.   

    The full report – which I’d encourage you to read on our website – gives us a detailed snapshot of the sector and includes useful information about the demographics of trusteeship. 

    We are seeing positive movement towards gender parity, with 43% of trustees now being female. 

    This represents a welcome shift from our last research in 2017, when just 36% were women. So more to do, but progress.  

    Over half of all trustees are retired, with the average age being 65.  

    Although there are proportionately fewer younger people involved in trusteeship, for those who do, there seem to be multiple benefits.

    Over half of trustees under 30 said that their role supported their career development.  

    White people are overrepresented on charity boards compared to their proportion of the overall population, and by that same measure, there are fewer trustees from ethnic minorities as compared with the national average.  

    This is a challenge we need to collectively address, but again, as with the gender breakdown, there are some positives to take away from the new research.  

    For example, there are proportionally more Black trustees aged under 60 than in the general under age 60 population (7% compared to 5%), indicating that we are seeing the green shoots of a move towards greater ethnic parity among trustees.  

    Which is not to say there isn’t active work the sector needs to undertake to address the challenge! 

    Reassuringly, of the trustees we spoke to, the vast majority reported feeling confident in their role. 

    More than nine in ten reported understanding their roles and responsibilities (95%) and feeling qualified to fulfil them (93%).    

    However, the findings suggest some boards could benefit from more people with certain skills or expertise.  

    A quarter of respondents reported accessing legal expertise externally, suggesting a possible lack of relevant skills at board level.   

    While most trustees report their board had significant finance skills and experience, this was also the skillset with the second greatest reliance on external sources.    

    Elsewhere, only a quarter of boards reported any significant experience in marketing, campaigning and anti-fraud skills. 

    Collectively, these findings demonstrate the importance of helping charities to recruit people with a broader range of skills, backgrounds and experience – ultimately strengthening their charity’s governance. 

    While we must always work collectively on ensuring the pipeline of trustees remains flowing, I don’t accept there is any kind of ‘crisis’ in trusteeship.  

    Of the 60 million people in England and Wales, more than 800,000 are trustees. 

    And this figure has remained broadly stable over time.   

    So, as the old saying goes, you really are never more than 6 feet away from a charity trustee.  

    And, casting the Commission as Pied Piper – in this analogy that I’m beginning to regret – we want to lead trustees on the path to good governance. 

    Because, although trustees are plentiful, our work at the Commission does indicate that there are charities on the register with a smaller number of trustees on their board – around 11% of charities have fewer than three trustees, according to our 2023 Annual Returns.  

    Although this does not necessarily mean they are inquorate, very small trustee boards can have the potential to increase risk factors relating to dominance, lack of independence and conflicts of interest.     

    This, along with the skills gaps within existing boards, demonstrates the continued need for widening the base of trustees.  

    Along with the sector, it’s vital that we respond to these findings and help inspire a pipeline of people willing to serve as volunteer trustees into the future. 

    The big question, then, is how? 

    Widening access to trusteeship 

    In this space, it would be remiss of me not to mention the sad demise of Getting on Board last year.  

    For twenty years, the organisation played a vital role in encouraging new talent into trusteeship and its contribution will be sorely missed in the sector. 

    We must all take up this mantle, and work proactively to encourage others to become trustees. 

    Because, in fact, the very best advert for trusteeship is you.  

    Most of you tend to be quite shy about the amazing work you do – after all, it’s simply not very British to shout our achievements from the rooftops is it? 

    But one of the best ways to encourage trusteeship is by being a walking, talking advert for the role.  

    By being more open – talking more – and celebrating the amazing work you do, you can publicly demonstrate the opportunities trusteeship presents. 

    Don’t underestimate the power of your own story. 

    We also know that there is work to be done on improving trustee recruitment practices, so that new wells of talent can be tapped. 

    The new data from PBE suggests that most charities rely strongly on their existing networks to recruit trustees.  

    One in three charity trustees was asked to join the board directly by the Chair, while only 6% of trustee recruitment came from advertising. 

    Of course, informal networking and personal recommendations can be invaluable, especially when charities are stretched for time. 

    But this may come at the expense of casting the net wider, to recruit trustees who could bring different skills and perspectives to the board. 

    Looking beyond existing supporter bases, with fair and open recruitment practices, will help the sector engage a broader pool of trustee talent. 

    To help charities with this endeavour, we’ll be publishing refreshed guidance on finding new trustees – CC30 – in the coming months.  

    We’ll be providing updated advice around the recruitment process and how to recruit further afield. Reach Volunteering’s digital platform being a great tool, for example, especially as its services are offered free of charge for smaller charities.  

    Please, do take five minutes to read it and think about the ways in which you can apply the guidance in your own charity. 

    The Voluntary Principle 

    I know that for some, one solution to recruitment difficulties would be to pay trustees for their service, thereby attracting a wider range of candidates to roles. 

    In fact, our director of policy and communications, Paul Latham, took part in a panel discussion on the matter here at Trustee Exchange this morning. 

    One argument for paying for trustees is that it would broaden the role’s appeal, particularly amongst currently underrepresented groups. 

    But, according to research from the volunteer recruitment charity Reach, the data shows that for age, ethnicity, gender and sexuality this does not hold true.  

    Voluntary service has proven to be no barrier to diversity when it comes to trustee recruitment. 

    At this point, I would like to be clear, however, that no one should feel as though they can’t afford to participate in trusteeship.  

    And that is one reason we’ve also published a new, separate guide on trustee expenses. 

    The Commission is clear that expenses do not constitute trustee ‘payments’ and that trustees are entitled to have their reasonable expenses reimbursed by the charity. 

    This can include childcare, travel costs and meals when acting on behalf of their charity. 

    In this way, trustees can undertake their voluntary duties without worrying that that it will put them out of pocket.    

    But while we heard some cogent arguments in favour of paying trustees at the panel today, to my mind, none can truly stand up to what’s at stake here.  

    Which is why I want to be very clear – it’s the Commission’s belief that voluntary trusteeship underpins the public’s trust in charity. 

    And public trust is particularly important when you consider the fact that charities in England and Wales rely on public donations of almost 60 billion every year.

    The research consistently backs this up.  

    Charity trust is currently at a 10-year high – and time and again we are told that what matters most to people is knowing how their donation is spent. 

    Rightly or wrongly, the public’s positive perception of charity is intrinsically linked with the concept of voluntary service, of doing good for others, not to gain financially, but in return for the personal rewards I mentioned earlier. 

    In our research into public trust in charities in 2023, most people said they were more inclined to trust a charity run by volunteers, than one run by paid professionals.  

    Put simply, voluntary trusteeship is the lynchpin of the public’s trust in charity – and we must guard it fiercely.  

    We already know that the vast majority of trustees undertake their duties voluntarily.  

    There are an incredible 800,000 trustees on our register, filling almost a million trustee positions. Of those, only a very small proportion receive any kind of payment. 

    Last year, fewer than one in ten charities declared they were paying trustees, and in most of these cases, it was for providing goods or services. 

    But some charities will be faced with decisions about whether to pay one or more trustee, whether for the role itself or as payment for goods and services. It is vital that charities get these decisions right, and boards fulfil legal duties and responsibilities carefully. 

    We’ve recently refreshed and revised our guidance on the topic – CC11 – with the aim of making it easier for trustees to know what is expected of them when making this decision. 

    Conclusion  

    But as I draw to a close, I want to return my focus to the present – and to the three quarters of a million-strong community of trustees that we currently have on our register.   

    As our research released today has shown, it’s a role like no other – one that asks a lot of its incumbent – but also one that repays this effort with interest. 

    What you all have built, in your individual organisations, and as civic society – is truly remarkable. 

    It must be nurtured, cherished and defended. 

    And with your dedication, commitment and public spirit, I can’t think of a better group to do so.  

    Thank you.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    FISCAL Q4 2025 HIGHLIGHTS

           
    $1.1 Million $0.05 $6.33 0.01%
    Net Income Diluted Earnings per
    Common Share    		 Tangible Book Value per
    Share    		 NPAs to Total Assets
           
    Fiscal Quarter Comparison Highlights
    Net Interest Income and Net Interest Margin
    • $9.2 million net interest income for the quarter compared to $8.6 million in Fiscal Q4 2024
    • Net interest margin at 2.65% for the quarter compared to 2.32% in Fiscal Q4 2024
    		   Credit Quality
    • Non-performing assets at 0.01% of total assets and 0.01% of total loans – similar to year ago quarter
    • No provision booked for the quarter and net recoveries were minimal
             
    Non-Interest Income and Non-Interest Expense
    • Non-interest income of $3.7 million for the quarter compared to $494 thousand in Fiscal Q4 2024 (due to strategic investment restructure)
    • Non-interest expense of $11.4 million for the quarter compared to $13.1 million in Fiscal Q4 2024
    		   Shareholder Returns and Stock Activity
    • On April 25, 2025, the Company paid a cash dividend of $0.02 per share
    • $2.0 million stock repurchase plan completed during the quarter

    VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.

    For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.

    “We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.

    Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.

    Fourth Quarter Highlights (at or for the period ended March 31, 2025)

    • Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
    • Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
    • Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
    • Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
    • Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.

    Fiscal 2025 Highlights (at or for the period ended March 31, 2025)

    • Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
    • Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
    • Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
    • Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.

    Income Statement Review

    Riverview’s net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

    Riverview’s NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter’s loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.

    Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.

    Riverview’s yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

    Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.

    Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company’s assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.

    Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.

    Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.

    Balance Sheet Review

    Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.

    Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.

    The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.

    Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.

    FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.

    Shareholders’ equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.

    Credit Quality

    “Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.

    Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.

    Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.

    The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.

    Capital/Liquidity

    Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.

    Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.

    The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.

    On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.

    Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

    Tangible shareholders’ equity to tangible assets and tangible book value per share:            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Shareholders’ equity (GAAP)   $ 160,014     $ 158,270     $ 155,588          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible shareholders’ equity (non-GAAP)   $ 132,767     $ 130,998     $ 128,241          
                         
    Total assets (GAAP)   $ 1,513,323     $ 1,508,609     $ 1,521,529          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible assets (non-GAAP)   $ 1,486,076     $ 1,481,337     $ 1,494,182          
                         
    Shareholders’ equity to total assets (GAAP)     10.57 %     10.49 %     10.23 %        
                         
    Tangible common equity to tangible assets (non-GAAP)     8.93 %     8.84 %     8.58 %        
                         
    Shares outstanding     20,976,200       21,134,758       21,111,043          
                         
    Book value per share (GAAP)     7.63       7.49       7.37          
                         
    Tangible book value per share (non-GAAP)     6.33       6.20       6.07          
                         
                         
    Pre-tax, pre-provision income                    
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Include: Provision (credit) for income taxes     314       343       (1,095 )     1,335     802
    Include: Provision for credit losses     –       –       –       100     –
    Pre-tax, pre-provision income (loss) (non-GAAP)   $ 1,462     $ 1,575     $ (4,063 )   $ 6,338   $ 4,601
                         
                         
    Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense            
                         
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Exclude impact of securities loss restructure, net of tax     –       –       2,074       –     2,074
    Exclude impact of litigation expense, net of tax     –       –       1,748       –     1,748
    Net income excluding securities restructure and litigation expense (non-GAAP)   $ 1,148     $ 1,232     $ 854     $ 4,903   $ 7,621
                         
    Basic earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Basic earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
    Diluted earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Diluted earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
                         
    Allowance for credit losses reconciliation, excluding Government Guaranteed loans            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364          
                         
    Loans receivable (GAAP)   $ 1,062,460     $ 1,045,109     $ 1,024,013          
    Exclude: Government Guaranteed loans     (47,373 )     (49,024 )     (51,013 )        
    Loans receivable excluding Government Guaranteed loans (non-GAAP)   $ 1,015,087     $ 996,085     $ 973,000          
                         
    Allowance for credit losses to loans receivable (GAAP)     1.45 %     1.47 %     1.50 %        
                         
    Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)     1.51 %     1.54 %     1.58 %        
                         
                         
    Non-performing loans reconciliation, excluding Government Guaranteed Loans              
                         
        Three Months Ended        
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Non-performing loans (GAAP)   $ 155     $ 469     $ 178          
    Less: Non-performing Government Guaranteed loans     –       (301 )     (5 )        
    Adjusted non-performing loans excluding Government
    Guaranteed loans (non-GAAP)    		   $ 155     $ 168     $ 173          
                         
    Non-performing loans to total loans (GAAP)     0.01 %     0.04 %     0.02 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)     0.01 %     0.02 %     0.02 %        
                         
    Non-performing loans to total assets (GAAP)     0.01 %     0.03 %     0.01 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)     0.01 %     0.01 %     0.01 %        


    About Riverview

    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

    The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Balance Sheets              
                   
                   
    (In thousands, except share data) (Unaudited) March 31, 2025   December 31, 2024   March 31, 2024    
    ASSETS              
                   
    Cash (including interest-earning accounts of $14,375, $12,573, $ 29,414     $ 25,348     $ 23,642      
    and $12,164)              
    Investment securities:              
    Available for sale, at estimated fair value   119,436       124,874       143,196      
    Held to maturity, at amortized cost   203,079       212,295       229,510      
    Loans receivable (net of allowance for credit losses of $15,374,              
    $15,352 and $15,364)   1,047,086       1,029,757       1,008,649      
    Prepaid expenses and other assets   12,523       12,945       14,469      
    Accrued interest receivable   4,525       4,639       4,415      
    Federal Home Loan Bank stock, at cost   4,342       4,742       4,927      
    Premises and equipment, net   22,304       22,731       21,718      
    Financing lease right-of-use assets   1,125       1,144       1,202      
    Deferred income taxes, net   8,625       9,471       9,778      
    Goodwill   27,076       27,076       27,076      
    Core deposit intangible, net   171       196       271      
    Bank owned life insurance   33,617       33,391       32,676      
                   
    TOTAL ASSETS $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
                   
    LIABILITIES:              
    Deposits $ 1,232,328     $ 1,219,002     $ 1,231,679      
    Accrued expenses and other liabilities   14,777       17,634       16,205      
    Advance payments by borrowers for taxes and insurance   614       317       581      
    Junior subordinated debentures   27,091       27,069       27,004      
    Federal Home Loan Bank advances   76,400       84,200       88,304      
    Finance lease liability   2,099       2,117       2,168      
    Total liabilities   1,353,309       1,350,339       1,365,941      
                   
    SHAREHOLDERS’ EQUITY:              
    Serial preferred stock, $.01 par value; 250,000 authorized,              
    issued and outstanding, none   –       –       –      
    Common stock, $.01 par value; 50,000,000 authorized,              
    March 31, 2025 – 20,976,200 issued and outstanding;              
    December 31, 2024 – 21,134,758 issued and outstanding;   208       209       211      
    March 31, 2024 – 21,111,043 issued and outstanding;              
    Additional paid-in capital   53,392       54,227       55,005      
    Retained earnings   119,717       118,988       116,499      
    Accumulated other comprehensive loss   (13,303 )     (15,154 )     (16,127 )    
    Total shareholders’ equity   160,014       158,270       155,588      
                   
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Statements of Income              
      Three Months Ended   Twelve Months Ended  
    (In thousands, except share data) (Unaudited) March 31, 2025 Dec. 31, 2024 March 31, 2024   March 31, 2025 March 31, 2024  
    INTEREST INCOME:              
    Interest and fees on loans receivable $ 12,685 $ 13,201 $ 11,743     $ 50,621 $ 46,031    
    Interest on investment securities – taxable   1,484   1,589   2,145       6,918   8,971    
    Interest on investment securities – nontaxable   64   65   65       260   261    
    Other interest and dividends   261   272   338       1,163   1,292    
    Total interest and dividend income   14,494   15,127   14,291       58,962   56,555    
                   
    INTEREST EXPENSE:              
    Interest on deposits   3,910   4,101   3,021       15,313   8,285    
    Interest on borrowings   1,391   1,638   2,718       7,305   10,184    
    Total interest expense   5,301   5,739   5,739       22,618   18,469    
    Net interest income   9,193   9,388   8,552       36,344   38,086    
    Provision for credit losses   –   –   –       100   –    
                   
    Net interest income after provision for credit losses   9,193   9,388   8,552       36,244   38,086    
                   
    NON-INTEREST INCOME:              
    Fees and service charges   1,446   1,492   1,398       6,002   6,269    
    Asset management fees   1,472   1,443   1,408       5,906   5,328    
    Bank owned life insurance (“BOLI”)   226   225   222       941   891    
    BOLI death benefit in excess of cash surrender value   261   –   –       261   –    
    Loss on sale of investment securities   –   –   (2,729 )     –   (2,729 )  
    Other, net   302   181   195       1,146   483    
    Total non-interest income, net   3,707   3,341   494       14,256   10,242    
                   
    NON-INTEREST EXPENSE:              
    Salaries and employee benefits   6,763   6,471   6,225       26,099   24,204    
    Occupancy and depreciation   1,873   1,871   1,942       7,560   6,872    
    Data processing   746   743   686       2,948   2,782    
    Amortization of core deposit intangible   25   25   27       100   108    
    Advertising and marketing   284   317   326       1,278   1,276    
    FDIC insurance premium   170   174   178       688   708    
    State and local taxes   265   327   196       1,042   1,010    
    Telecommunications   62   54   50       215   211    
    Professional fees   577   429   414       1,800   1,375    
    Other   673   743   3,065       2,532   5,181    
    Total non-interest expense   11,438   11,154   13,109       44,262   43,727    
                   
    INCOME (LOSS) BEFORE INCOME TAXES   1,462   1,575   (4,063 )     6,238   4,601    
    PROVISION (CREDIT) FOR INCOME TAXES   314   343   (1,095 )     1,335   802    
    NET INCOME (LOSS) $ 1,148 $ 1,232 $ (2,968 )   $ 4,903 $ 3,799    
                   
    Earnings (loss) per common share:              
    Basic $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Diluted $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Weighted average number of common shares outstanding:              
    Basic   21,007,294   21,037,246   21,111,043       21,063,467   21,137,976    
    Diluted   21,007,294   21,037,246   21,111,043       21,063,467   21,139,322    
                   
                           
    (Dollars in thousands)   At or for the three months ended   At or for the twelve months ended  
        March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
    AVERAGE BALANCES                      
    Average interest–earning assets   $ 1,412,406     $ 1,436,130     $ 1,484,628     $ 1,433,071   $ 1,492,002  
    Average interest-bearing liabilities     1,011,116       1,019,265       1,047,712       1,010,592     1,028,042  
    Net average earning assets     401,290       416,865       436,916       422,479     463,960  
    Average loans     1,047,718       1,053,342       1,020,457       1,044,370     1,011,420  
    Average deposits     1,219,130       1,232,450       1,210,818       1,220,120     1,229,011  
    Average equity     159,766       160,532       158,776       158,570     156,137  
    Average tangible equity (non-GAAP)     132,506       133,245       131,413       131,271     128,733  
                           
                           
    ASSET QUALITY   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Non-performing loans   $ 155     $ 469     $ 178            
    Non-performing loans excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing loans to total loans     0.01 %     0.04 %     0.02 %          
    Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.02 %     0.02 %          
    Real estate/repossessed assets owned   $ –     $ –     $ –            
    Non-performing assets   $ 155     $ 469     $ 178            
    Non-performing assets excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing assets to total assets     0.01 %     0.03 %     0.01 %          
    Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.01 %     0.01 %          
    Net loan charge-offs (recoveries) in the quarter   $ (22 )   $ 114     $ (3 )          
    Net charge-offs (recoveries) in the quarter/average net loans     (0.01 )%     0.04 %     0.00 %          
                           
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364            
    Average interest-earning assets to average                      
    interest-bearing liabilities     139.69 %     140.90 %     141.70 %          
    Allowance for credit losses to                      
    non-performing loans     9918.71 %     3273.35 %     8631.46 %          
    Allowance for credit losses to total loans     1.45 %     1.47 %     1.50 %          
    Shareholders’ equity to assets     10.57 %     10.49 %     10.23 %          
                           
                           
    CAPITAL RATIOS                      
    Total capital (to risk weighted assets)     16.27 %     16.47 %     16.32 %          
    Tier 1 capital (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Common equity tier 1 (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Tier 1 capital (to average tangible assets)     11.10 %     10.86 %     10.29 %          
    Tangible common equity (to average tangible assets) (non-GAAP)     8.93 %     8.84 %     8.58 %          
                           
                           
    DEPOSIT MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Interest checking   $ 285,035     $ 257,975     $ 289,824            
    Regular savings     168,287       169,181       192,638            
    Money market deposit accounts     236,044       236,912       209,164            
    Non-interest checking     315,503       312,839       349,081            
    Certificates of deposit     227,459       242,095       190,972            
    Total deposits   $ 1,232,328     $ 1,219,002     $ 1,231,679            
                           
                       
    COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS          
                       
            Other       Commercial  
        Commercial   Real Estate   Real Estate   & Construction  
        Business   Mortgage   Construction   Total  
    March 31, 2025   (Dollars in thousands)  
    Commercial business   $ 232,935   $ –   $ –   $ 232,935  
    Commercial construction     –     –     18,368     18,368  
    Office buildings     –     110,949     –     110,949  
    Warehouse/industrial     –     114,925     –     114,925  
    Retail/shopping centers/strip malls     –     88,815     –     88,815  
    Assisted living facilities     –     358     –     358  
    Single purpose facilities     –     277,137     –     277,137  
    Land     –     4,610     –     4,610  
    Multi-family     –     91,452     –     91,452  
    One-to-four family construction     –     –     10,814     10,814  
    Total   $ 232,935   $ 688,246   $ 29,182   $ 950,363  
                       
    March 31, 2024   (Dollars in thousands)  
    Commercial business   $ 229,404   $ –   $ –   $ 229,404  
    Commercial construction     –     –     20,388     20,388  
    Office buildings     –     114,714     –     114,714  
    Warehouse/industrial     –     106,649     –     106,649  
    Retail/shopping centers/strip malls     –     89,448     –     89,448  
    Assisted living facilities     –     378     –     378  
    Single purpose facilities     –     272,313     –     272,313  
    Land     –     5,692     –     5,692  
    Multi-family     –     70,771     –     70,771  
    One-to-four family construction     –     –     16,150     16,150  
    Total   $ 229,404   $ 659,965   $ 36,538   $ 925,907  
                       
                       
                       
                       
    LOAN MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024      
    Commercial and construction   (Dollars in thousands)    
    Commercial business   $ 232,935   $ 224,506   $ 229,404      
    Other real estate mortgage     688,246     657,380     659,965      
    Real estate construction     29,182     49,956     36,538      
    Total commercial and construction     950,363     931,842     925,907      
    Consumer                  
    Real estate one-to-four family     97,683     97,760     96,366      
    Other installment     14,414     15,507     1,740      
    Total consumer     112,097     113,267     98,106      
                       
    Total loans     1,062,460     1,045,109     1,024,013      
                       
    Less:                  
    Allowance for credit losses     15,374     15,352     15,364      
    Loans receivable, net   $ 1,047,086   $ 1,029,757   $ 1,008,649      
                       
                       
    DETAIL OF NON-PERFORMING ASSETS                
        Southwest              
        Washington   Total          
    March 31, 2025   (Dollars in thousands)          
    Commercial business   $ 37   $ 37          
    Commercial real estate     88     88          
    Consumer     30     30          
    Total non-performing assets   $ 155   $ 155          
                       
                         
      At or for the three months ended   At or for the twelve months ended  
    SELECTED OPERATING DATA March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
                         
    Efficiency ratio (4)   88.67 %     87.63 %     144.91 %     87.47 %     90.48 %  
    Coverage ratio (6)   80.37 %     84.17 %     65.24 %     82.11 %     87.10 %  
    Return on average assets (1)   0.31 %     0.32 %     (0.76 )%     0.32 %     0.24 %  
    Return on average equity (1)   2.91 %     3.04 %     (7.52 )%     3.09 %     2.43 %  
    Return on average tangible equity (1) (non-GAAP)   3.51 %     3.67 %     (9.08 )%     3.74 %     2.95 %  
                         
    NET INTEREST SPREAD                    
    Yield on loans   4.91 %     4.97 %     4.63 %     4.85 %     4.55 %  
    Yield on investment securities   1.84 %     1.82 %     2.02 %     1.96 %     2.02 %  
    Total yield on interest-earning assets   4.17 %     4.18 %     3.88 %     4.12 %     3.80 %  
                         
    Cost of interest-bearing deposits   1.76 %     1.81 %     1.41 %     1.74 %     0.97 %  
    Cost of FHLB advances and other borrowings   5.21 %     5.43 %     5.87 %     5.70 %     5.80 %  
    Total cost of interest-bearing liabilities   2.13 %     2.23 %     2.20 %     2.24 %     1.80 %  
                         
    Spread (7)   2.04 %     1.95 %     1.68 %     1.88 %     2.00 %  
    Net interest margin   2.65 %     2.60 %     2.32 %     2.54 %     2.56 %  
                         
    PER SHARE DATA                    
    Basic earnings (loss) per share (2) $ 0.05     $ 0.06     $ (0.14 )   $ 0.23     $ 0.18    
    Diluted earnings (loss) per share (3)   0.05       0.06       (0.14 )     0.23       0.18    
    Book value per share (5)   7.63       7.49       7.37       7.63       7.37    
    Tangible book value per share (5) (non-GAAP)   6.33       6.20       6.07       6.33       6.07    
    Market price per share:                    
    High for the period $ 5.75     $ 5.88     $ 6.40     $ 5.88     $ 6.48    
    Low for the period   5.08       4.59       4.53       3.64       4.17    
    Close for period end   5.65       5.74       4.72       5.65       4.72    
    Cash dividends declared per share   0.0200       0.0200       0.0600       0.0800       0.2400    
                         
    Average number of shares outstanding:                    
    Basic (2)   21,007,294       21,037,246       21,111,043       21,063,467       21,137,976    
    Diluted (3)   21,007,294       21,037,246       21,111,043       21,063,467       21,139,322    
                         

    (1) Amounts for the periods shown are annualized.
    (2) Amounts exclude ESOP shares not committed to be released.
    (3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
    (4) Non-interest expense divided by net interest income and non-interest income.
    (5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
    (6) Net interest income divided by non-interest expense.
    (7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

    Contacts: Nicole Sherman
    David Lam
    Riverview Bancorp, Inc. 360-693-6650

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